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3444 Hillcrest Drive

Los Angeles, CA 90016

$2,695,000

List Price

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Property Description

We are proud to present for sale a ready-to-issue (RTI) 48-unit, 100% affordable housing development on a 9,863 SF lot in the gentrifying neighborhood of West Adams, with the potential to add 3+/- ADUs after completion. The proposed development features a 27,409 SF, 5-story, TypeIII-A Construction slab on grade with a primarily stacked design. All 48 units are 1 bedroom, 1 bath with an average unit size of approximately 475 SF, plus hallways, elevators, and stairs. The restricted rent levels for the project are 2 very low-income units, 38 low-income units, 7 moderate-income units, and 1 manager's unit. The rent for the very low and moderate-income units can be found on HCD Schedule VI, while the rent for the low-income units can be found on TCAC Schedule IX. Additionally, the location of this property may attract Section 8 voucher tenants, increasing the potential income by around 20% for each unit. West Adams is known for its rich cultural history and vibrant community. Nearby parks include Vineyard Recreation Center, Jim Gilliam Recreation Center, and Baldwin Hills Recreation Center. Zero parking spaces will allow developers to avoid the high cost of on-grade parking. The property is conveniently located in a Metrohub off of Exposition Blvd, providing easy transportation running east and west from Downtown to Santa Monica. The Walk Score for this property is 79, indicating it is "Very Walkable" with "ExcellentTransit." The subject property is located within the Qualified Opportunity Zone (QOZ).

Listing Information

List Price $2,695,000
Status Active
MLS 24427273
Type Land
Lot Size 9,866
Structure Size N/A
DOM 8
Courtesy Of Keller Williams Beverly Hills
Listing Agent Jordan Petito DRE#02023714
Co-Listing Agent Dario Svidler DRE#01884474

Interior Features

Total Bedroom
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Exterior Information

Maps

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$1,150,000

king_bed N/A
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$14,950,000

king_bed N/A
shower N/A
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Listing information courtesy of: Jordan Petito, Dario Svidler, Keller Williams Beverly Hills . *Based on information from the Association of REALTORS/Multiple Listing as of Aug 21st, 2024 at 12:05 PM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.