Los Angeles, CA 90003
$1,050,000
59 Units Using CHIP Density Bonus
48 Units Using the TOC Menu
49 Units Utilizing ED1
11,064 SF
ABOUT THE PROPERTY
Maher Commercial Realty is pleased to present an exceptional opportunity to acquire an approximately 11,064-square-foot parcel zoned C2-1VL-CPIO, TOC Tier 3, in South Central Los Angeles. The site is currently underutilized, featuring a 1,857-square-foot church structure and an additional bungalow that does not appear to be affixed to the land.
With significant development potential, the CHIP Ordinance density bonus rules estimate a maximum of 59 units, though required open space and bicycle parking provisions reduce the total buildable units to 56. Using the TOC Tier 3 density rules, the site allows for up to 48 units, providing another viable option for maximizing density. Using ED1 100% affordable housing density rules, the maximum allowable units are 49, with open space and parking requirements limiting the total to 46. At less than $100 per square foot of land and just $18,750 per buildable door, this offering presents an exceptional value for developers.
With Los Angeles facing a persistent housing shortage and strong rental demand, this property is well-positioned for a high-impact development that aligns with the city's urgent need for more housing. The property is also conveniently located near several parks and recreation centers, including the Green Meadows Recreation Center, which offers a variety of sports facilities and community programs, and the Mary McLeod Bethune Park, featuring playgrounds and picnic areas, both within a mile of the site.
DEVELOPMENT SUMMARY
SALE PRICE:
LOT SIZE:
PRICE PER SQ.FT.:
DEVELOPMENT POTENTIAL:
TOC TIER:
APN:
$1,050,000
11,064 Sq.Ft.
$94.90
59 Units Using CHIP Density Bonus
48 Units Using the TOC Menu
49 Units Utilizing ED1
3
6053-017-014
PROPERTY FEATURES
Approximately 11,064-square-foot parcel zoned C2-1VL-CPIO, TOC Tier 3
The site consists of a 1,857 Sq.Ft. church structure and an additional bungalow that does not appear to be affixed to the land
CHIP Ordinance density bonus rules estimate a maximum of 59 units, though required open space and bicycle parking provisions reduce the total buildable units to 56
Using the TOC Tier 3 density rules, the site allows for up to 48 units
Using ED1 100% affordable housing density rules, the maximum allowable units are 49, with open space and parking requirements limiting the total to 46
Less than $100 per square foot of land and just $18,750 per buildable door
This property is well-positioned for a high-impact development that aligns with the city's urgent need for more housing
Conveniently located near several parks and recreation centers, including the Green Meadows Recreation Center and Mary McLeod Bethune Park are within one mile of the site.
Proven Track Record of Success
In addition to the successful sale of 1906 Malcolm Avenue, Maher Commercial Realty has a proven track record of selling high-value apartment buildings throughout Los Angeles. Recent transactions include the sale of 541-545 Glenrock Avenue, 542 Glenrock Avenue, 534 Glenrock Avenue, 1411 Armacost Avenue and 461 & 467 Midvale Avenue and 10954 Robling Avenue. Each of these properties presented unique challenges which our team skillfully navigated to deliver top-notch results for our clients.
Los Angeles, CA 90024
Los Angeles, CA 90024
Los Angeles, CA 90024
Los Angeles, CA 90024
Los Angeles, CA 90024
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