48 Units 100% Affordable Housing Development, Fully RTI

Highlights:

• 48 Unit 100% Affordable Housing Development, Fully RTI
• Type VA Construction
• Cost Effective Stacked Design to maximize efficiency
• 59± FT of frontage on Avalon and 140± FT depth.
• Zoning is C2-IVL-CPIO located in Tier 2 Transit Oriented Communities
• Rent Schedules: Schedule VI and Schedule IX
• Walk Score of 79 ‘Very Walkable”
• Around 2 Miles to USC
• Around 1.5 Miles to Exposition Park and Museums

Description:

PartnersCRE is proud to present a ready-to-issue (RTI) 48-unit, 100% affordable housing project available for sale on an 8,199 square foot lot. This 4-story apartment development is designed with efficiency in mind, featuring a recreation room that has the potential to be converted into an Accessory Dwelling Unit (ADU). The project includes 14 studios, 33 one-bedroom units, and 1 studio manager's unit, with a total gross buildable space of approximately 23,323 square feet and a total rentable space of approximately 17,126 square feet. The focus on housing affordability is highlighted by the allocation of 10 units for moderate-income households (110% AMI or below), 37 units for low-income households (80% AMI or below), and 1 market-rate manager's unit. Rent amounts for the very low and moderate-income units are available on HCD Schedule VI, while rent for the low-income units can be found on TCAC Schedule IX.Additionally, the property's location may attract Section 8 voucher tenants, potentially increasing income by around 20% for each unit. Situated in a primarily residential neighborhood near a hospital and park, the property offers ample access to street parking within a walkable radius. Despite having zero parking spaces, which reduces construction costs, the neighborhood is very walkable with excellent transit options, as reflected by a Walk Score of 79. The property is currently used as car storage, rented on a month-to-month basis for $1,800.

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