Description

We are proud to present for sale a Ready-to-Issue 53-Unit, 100% Affordable Housing Development located at 1926 Eastlake Ave in the thriving neighborhood surrounding the USC Keck School of Medicine, just south of Lincoln Heights. Of the 53 units, 41 are restricted for Low-Income tenants, 11 for Moderate-Income tenants, and 1 unrestricted unit for an on-site manager. The rent levels for the project follow Schedule 1-HUD for Low-Income units and Schedule 6-HCD for Moderate-Income units. The project is set on a 14,097 SF lot and will be privately funded, with no tax credits or public funds required and not subject to prevailing wage and is in an Opportunity Zone. The development features a new four-story, Type V-A Construction totaling 26,905 SF of Zoning Floor Area. The design consists entirely of one-bed, one-bath units with an average unit size of approximately 444 SF, plus hallways, elevators, stairs, and shared laundry on each floor. Rentable Square Footage, per the LAHD Table of Rental Units adds up to 23,530 SF. The project, already designated as Ready-to-Issue, is ready for issuance of Permits. Amenities will include a Management Office, Lobby with a Package / Mailbox area, Bike Storage Room, spacious Rooftop Open Spaces, and some units with Balconies. The project provides 4 on-site parking stalls (not required by code under AB 2345) and robust bike parking (44 long-term, 6 short-term spaces). Over 5,300 SF of open space is included via balconies and common areas.Lincoln Heights and the greater area are rapidly developing neighborhoods known for their connectivity to Metro Rail, Rio de Los Angeles State Park, and the LA River Path. The site benefits from close proximity to major transportation corridors (the 5, 110, and 2 freeways) and Downtown LA, with quick access to shopping, dining, schools, and parks. The project should have views of DTLA from the roof. The property has been Ellised and includes a Housing Crisis Act of 2019 (SB 8) Replacement Unit Determination indicating all existing residential dwelling units are exempt from Affordable Replacement (RSO Exemption). All current improvements are planned for demolition, with Demolition Plan Checks on LADBS listed as "Issued" in 2022. The property is offered with fully Ready-to-Issue plans and is ready for immediate development upon close of escrow.