11151 S Broadway Los Angeles, CA 90061

• August, 2024

• Aug 12, 2024

  Date

  Expired

  CRMLS: 24360921

  $1,800,000

  Price

• Feb 21, 2024

  Date

  Active

  CRMLS: 24360921

  $1,800,000

  Price

• Listing provided courtesy of CRMLS

  Excellent opportunity to acquire, 11151 S Broadway, a 40-unit Ready-to-Issue (RTI) 100% affordable housing (low-income) project in prime South Los Angeles. The property is situated on a 7,286 SF lot zoned C2-2D-CPIO. The zoning department has approved and stamped the plans, and all of the architectural, structural and MEP (mechanical, electrical, plumbing) plans are completed. The property will be delivered RTI. The proposed project consists of 16,479 square feet, 4 stories, and a unit mix of (9) studios, (30) 1+1 units, and (1) 2 bedroom unit.The existing improvements consist of four detached buildings with two tenants in place. The commercial buildings at 11151 S Broadway are occupied by a church tenant, which can be vacated with a 60-day notice. The 1 bedroom, 1 bath home at 310 W 111th Place is currently occupied by a tenant and either an attorney will be reaching out to them regarding a move-out, or they will file under Ellis Act. The two-story, 2 bedroom, 1 bath home is currently vacant. The Property is conveniently located on the major thoroughfare of Broadway with easy access to the 110 and 105 Freeways. The Property is located nearby amenities, community centers, local businesses, restaurants, and shops. There is a significant shortage of affordable housing units available, and the demand for this type of housing in Los Angeles is strong. 11151 S Broadway is an excellent opportunity for developers to acquire a 100% affordable housing project in a rapidly developing and supply constrained market.

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• July, 2024

• Jul 11, 2024

  Date

  Withdrawn

  CRMLS: 24404977

  $1,695,000

  Price

• May 15, 2024

  Date

  Active

  CRMLS: 24404977

  $1,695,000

  Price

• Listing provided courtesy of CRMLS

  11151 S Broadway is an affordable housing development opportunity located just off of the 110 & 105 Freeways on the corner of Broadway & W 111th Pl. The 7,286 SF lot will be delivered fully entitled for 40 income-restricted housing units with no parking required. The project's central infill location and proximity to major employment hubs in the vicinity such as Martin Luther King Community Hospital support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8. The project is also walkable to the Harbor Freeway Metro C Line Station, connecting tenants to the employment hubs in the South Bay and Silicon Beach, including LAX and ~500 technology companies. Plans call for an efficient four-story project, utilizing Type V-A construction for a stacked design reducing construction costs for the developer. The lot will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projects. The finished project totals 21,858 SF and has a desirable unit mix of nine singles, thirty one bedrooms, and one two-bedroom. The project is offered at a low $42,375 price per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. In addition, the affordability of the project opens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details). Located in a dense location of South Los Angeles, close to multiple Metro local lines along Broadway. The access to the 110 & 105 Freeways allow for a convenient commute throughout Los Angeles, the South Bay, and throughout the Mid-Counties.

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• November, 2023

• Nov 18, 2023

  Date

  Expired

  CRMLS: 23275863

  $1,250,000

  Price

• May 31, 2023

  Date

  Active

  CRMLS: 23275863

  $1,250,000

  Price

• Listing provided courtesy of CRMLS

  11151 S Broadway is a 7,286 SF development site located in prime South Los Angeles. Ownership has plans to build a 40-unit, 100% affordable housing (low-income) development project. The zoning department has approved and stamped the plans, and all of the architectural, structural and MEP (mechanical, electrical, plumbing) plans are completed. All of the plans have been submitted to the planning department, and the Sellers are awaiting comments. The project is expected to be RTI in the next few months. LOW Price/Unit for a property with approved plans - $31,250/unit. The proposed project consists of 16,850 SF of total zoning area, 4 stories, and a unit mix of 5 studios and 35 (1+1) units. The existing improvements consist of four detached buildings with two tenants in place. The commercial buildings at 11151 S Broadway are occupied by a church tenant, and the 1 bedroom, 1 bath home at 310 W 111th Place is occupied. The two-story, 2 bedroom, 1 bath home is currently vacant. The Property is conveniently located on the major thoroughfare of Broadway with easy access to the 110 and 105 Freeways. The Property is located nearby amenities, community centers, local businesses, restaurants, and shops. There is a significant shortage of affordable housing units available, and the demand for this type of housing in Los Angeles is strong. 11151 S Broadway is an excellent opportunity for developers to acquire a 100% affordable housing project in a rapidly developing and supply constrained market.

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• January, 2023

• Jan 6, 2023

  Date

  Sold

  CRMLS: 22175691

  $875,000

  Price

• Jul 22, 2022

  Date

  Active

  CRMLS: 22175691

  $1,100,000

  Price

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