Description

Located at 5879 Crenshaw Blvd, Los Angeles 90043, the site sits on an approx. 8,418 SF lot zoned LAC2-2D-SP. The property is conveniently situated on the heavily trafficked, major North-South artery of Crenshaw Blvd, surrounded by neighboring essential retail and directly adjacent to Metro Line - Hyde Park Station. Listed for sale at $2,500,000, with a price per buildable unit of approximately $65,789. After completing our development analysis, we believe the development will feature 38 units with TOC tier 4 or even more units with 100% affordable. The property falls under several strategic zoning designations: LAC2- 2D-SP, Transit Oriented Communities (TOC) Tier 4, RPA Crenshaw/Slauson, a Hubzone, and the Los Angeles State Enterprise Zone. Positioned at the intersection of Crenshaw Blvd and W. 59th St, it is just one block from the K Line station at Crenshaw and Slauson. According to Governmental Code 69515, any 100% affordable housing can have unlimited density if it is located 0.5 mile within a Major Transit Stop. This property is part of the transformative developments along the Crenshaw Boulevard corridor, which have been spurred by the arrival of the K Line. It joins other affordable housing projects in the area, such as the Depot at Hyde Park and Hope on Hyde Park apartments.Currently, the site has a small vacant church and vacant duplex, both are ready for demo. This offering presents a unique redevelopment opportunity for investors seeking a feasible project in one of South L.A.'s strongest rental pocket.Buyer to verify all information.