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7311 S Figueroa St, Los Angeles, CA 90003
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7311 S Figueroa St Los Angeles, CA 90003

$5,200,000
  • -- Beds
  • -- Baths
  • -- Sq.Ft.
For Sale
$5,200,000 Get Pre-Qualified
Map preview of 7311 S Figueroa St, Los Angeles, CA 90003

Property Overview: 7311 S Figueroa St Los Angeles, CA has -- bedrooms, -- bathrooms, -- living square feet and 12,480 square feet lot size. Call an Ardent Real Estate Group agent to verify current availability of this home or with any questions you may have.

Agent Remarks: This is an affordable housing development opportunity at 7311 S Figueroa St, located just south of W Florence Ave in South Los Angeles. The 12,480 SF lot will be delivered fully entitled for 144 income-restricted housing units and 1manager unit with no parking required.The project's central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8.Plans call for an efficient seven story project, utilizing Type III over Type IA construction for a stacked design reducing construction costs for the developer. The existing 7 units/retail 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 62,735 SF and has a desirable unit mix of 141 x one-bedrooms and 4 x two-bedrooms.The project is offered at a low 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 projectsopens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details)Located in a dense location of South Los Angeles with an easy commute throughout the city with access to the 110 Freeway from W Florence Ave; walking distance to multiple Metro local lines on S Figueroa St.The subject property is walking distance to retail amenities, specifically three retail strip centers at the corner of W Florence Ave & S Figueroa St; nearby to the Childrens Institute Inc., Sixty-Eighth Stree Elementary School, and Loren Miller Elementary School. Parcel numbers 6020-025-014 & 6020-025-015.

Listed by Neema Ahadian | BRE #01346750 | Marcus & Millichap
Last checked: 3 minutes ago | Last updated: February 16th, 2024 | Source CRMLS | DOM: 84
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Home details

Lot Sq. Ft
12,480
HOA Dues
$0/mo
Year built
--
Garage
--
Property Type:
Land
Status
Active
MLS#
24359177
City
Los Angeles
County
Los Angeles
Time on Site
75 days

Open Houses for 7311 S Figueroa St

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Property Details for 7311 S Figueroa St

Lot Details / Garage and Parking
Lot Information
  • Lot Size Source: Owner
Property Information
  • No View
  • View: None
  • Parcel Number: 6020025014
Homeowners Association, Utilities, Taxes / Assessments
Homeowners Association
  • Is Not Part of Association
Assessment Information
  • No Assessments
Location / Neighborhood
Location Information
  • Directions: Located just south of W Florence Ave in South Los Angeles.
View more facts & features

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Sale History for 7311 S Figueroa St

Last sold on December 31st, 2020

  • January, 2024

  • Jan 22, 2024

    Date

    Active

    CRMLS: 24359177

    $5,200,000

    Price

  • December, 2020

  • Dec 31, 2020

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • December, 2020

  • Dec 31, 2020

    Date

    Sold (Public Records)

    Public Records

    --

    Price

  • December, 2019

  • Dec 26, 2019

    Date

    Expired

    CRMLS: 19482146

    $2,126,000

    Price

  • Nov 1, 2019

    Date

    Withdrawn

    CRMLS: 19482146

    $2,126,000

    Price

  • Jun 26, 2019

    Date

    Active

    CRMLS: 19482146

    $2,126,000

    Price

  • Listing provided courtesy of CRMLS

    TOC Approved! Develop 53 Units with on Grade parking (no Subterranean) in the midst of Fast developing South LA. Build 3 stories residential above 2 story parking for potential gross income of $851,000/Year. Currently going through entitlement- plans and approval available upon request. This is a double lot- 12,480 sq feet. 7311 + 7315 S. Figueroa. APN: 6020-025-014, 015. 7311 S. Figueroa- Currently property is a duplex. 7315 S. Figueroa- currently a Store Front and residential. 7408 S. Figueroa- is also available as a separate 45 unit Development, also with TOC approval.

  • December, 2019

  • Dec 25, 2019

    Date

    Expired

    CRMLS: 19482202

    $2,126,000

    Price

  • Aug 28, 2019

    Date

    Withdrawn

    CRMLS: 19482202

    $2,126,000

    Price

  • Jun 26, 2019

    Date

    Active

    CRMLS: 19482202

    $2,126,000

    Price

  • Listing provided courtesy of CRMLS

    TOC Approved! Develop 53 Units with on Grade parking (no Subterranean) in the midst of Fast developing South LA. Build 3 stories residential above 2 story parking for potential gross income of $851,000/Year. Currently going through entitlement- plans and approval available upon request. This is a double lot- 12,480 sq feet. 7311 + 7315 S. Figueroa. APN: 6020-025-014, 015. 7311 S. Figueroa- Currently property is a duplex. 7315 S. Figueroa- currently a Store Front and residential. 7408 S. Figueroa- is also available as a separate 45 unit Development project with TOC approval.

  • August, 2018

  • Aug 8, 2018

    Date

    Sold

    CRMLS: DW18070466

    $530,000

    Price

  • Jul 23, 2018

    Date

    Pending

    CRMLS: DW18070466

    $499,000

    Price

  • Jun 29, 2018

    Date

    Hold

    CRMLS: DW18070466

    $499,000

    Price

  • Apr 24, 2018

    Date

    Pending

    CRMLS: DW18070466

    $499,000

    Price

  • Mar 28, 2018

    Date

    Active

    CRMLS: DW18070466

    $499,000

    Price

  • Listing provided courtesy of CRMLS

    Excellent income producing property with a detached-two car garage and plenty of additional parking. Both units are spacious and 2 bedrooms 1 bath. Centrally located to all major transportation means and schools, "Available Today."

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Tax History for 7311 S Figueroa St

Assessed Value (2020): $540,600
Year Land Value Improved Value Assessed Value
2020 $397,800 $142,800 $540,600

Home Value Compared to the Market

This property vs the competition

7311 S Figueroa St is listed 324.49% higher than the median list price for the city of Los Angeles which has a median list price of $1,225,000.

About 7311 S Figueroa St

Detailed summary of property

7311 S Figueroa St is a land located in Los Angeles, CA 90003 and is currently for sale. This land offers -- bedrooms, -- bathrooms, roughly -- living square feet, and sits on an approximately 12,480 square foot lot. 7311 S Figueroa St was first listed on ArdentRealEstateGroup.com on February 16, 2024. The homeowner is currently asking $5,200,000. The median priced home in Los Angeles is $1,225,000 with a median price per square foot of $774. Based on Ardent Real Estate Group's Los Angeles Market Data, this home is listed 324.49% higher than the median priced home. Local competing homes currently for sale include 2004 Sunset Plaza Dr, 1633 Blue Jay Way and 9443 Sierra Mar Pl. While the average home in Los Angeles, CA is selling in 96 days, 7311 S Figueroa St has a days on market of 84 days. There are currently 3485 homes for sale in the Los Angeles real estate market and 2372 of them are single family homes while 1013 of them are condos and 94 are townhomes. For more information on this home for sale at 7311 S Figueroa St Los Angeles, CA 90003 contact Ardent Real Estate Group and we will put you in touch with one of our Los Angeles agents.

Public Facts for 7311 S Figueroa St

Public county record property details
Beds
4
Baths
2
Year built
1921
Sq. Ft.
2,178
Lot Size
6,240
Stories
--
Type
Duplex (2 Units, Any Combination)
Pool
No
Spa
No
County
Los Angeles
Lot#
75
APN
6020-025-014

The source for these homes facts are from public records.

90003 Real Estate Sale History (Last 30 days)

Last 30 days of sale history and trends
Median List Price
$575,000
Median List Price/Sq.Ft.
$582
Median Sold Price
$540,000
Median Sold Price/Sq.Ft.
$534
Total Inventory
37
Median Sale to List Price %
100%
Avg Days on Market
66
Loan Type
Conventional (0%), FHA (66.67%), VA (0%), Cash (0%), Other (16.67%)

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Based on information from California Regional Multiple Listing Service, Inc. as of 2019. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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