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This ready-to-issue (RTI) project offers an excellent chance to Develop 17 Affordable Housing units, Type VA construction, three story on-grade with a total area of 12,915 sqft, no parking, very low cost construction estimated at $2,100,000. Great Mix of units, 9 X 2 bedroom and 8 X 1 bedroom, Proforma monthly rent $34,069 or yearly $ 408,828 which will bring the value of the property around $5,682,000 with GRM 13.9 providing around $2,000,000 profit potential on the Development, price per unit of $334,000 resale value. Additional space possible for Leasing/Management office or ADU. Conveniently located close to public transportation, offering easy access to entertainment and events providing recreational opportunities for future residents, start construction immediately, saving time and reducing the hassle of lengthy approval processes. This project presents a unique opportunity to contribute positively to the community by providing much-needed affordable housing, addressing a critical need in Los Angeles. The city's incentives for affordable housing projects enhance the viability and potential returns on this investment. Los Angeles has a significant demand for affordable housing, ensuring a strong market for these units and benefiting from the long-term appreciation potential in one of the most sought after real estate markets in the country. Minutes away from Noble Ave early Education center, Nobel Ave Elementary school, vista middle school, panorama high school, walmart and mission community hospital. This offering is priced to sell! No Demo fee required.
Property Type(s):
Lot/Land/Acreage
| Last Updated | 10/9/2024 | Community | Panorama City |
|---|---|---|---|
| County | Los Angeles |
Additional Details
| AREA | Panorama City |
|---|---|
| LOT | 7423 sq ft |
| LOT DIMENSIONS | 53x140 |
| VIEW | Yes |
| ZONING | LAR3 |
Location
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Listed with Keller Williams Realty Westside
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