3812 W Adams Blvd - Commercial LAND FOR SALE


Los Angeles, CA 90018- West Adams15,337 SF
$3,400,000 USD
818-212-2694
3812 W Adams Blvd, Los Angeles, CA for Sale
$3,400,000 USD
Commercial LAND - FOR SALE
1/7
15,337 SF

3812 W Adams Blvd
Los Angeles, CA 90018
West Adams


HIGHLIGHTS

  • ED-1 | 100% Affordable Project
  • Delivered RTI for 85 Apartment Units
  • 21 ADUs Designed into Project
  • Avoids New Higher Ellis Act Eviction Relocation Fees
  • Within 2025 Qualified Census Tract
  • Close to Expo/Crenshaw Rail Station and Bus Lines

OVERVIEW

Marcus & Millichap is pleased to present 3812 West Adams Blvd, a 100% affordable 106-unit multifamily development project sitting on a 15,325 square foot R3-1-O zoned lot, located in the Jefferson Park neighborhood of Los Angeles. The proposed development features a 6-story structure with Type III-A over Type I-A construction that spans a total floor area of 55,120 square feet. The project will be delivered with RTI (Ready to Issue) plans for 85 affordable units and 17 on-grade parking spaces. The plans for the 21 ADUs can be submitted to plan check to be approved with the only condition being the certificate of occupancy for the original project. This process can be initiated by the Seller during escrow or by the Buyer after the sale. The parking lot can also be restriped to accommodate for 25 parking spaces. The parcel currently features an existing 8-unit multifamily property that will be delivered vacant at the close of escrow, a HUGE bonus for developers looking to avoid new higher mandatory relocation fees for Ellis Act evicted tenants. The project will include a total of 43,952 rentable square feet spread across 101 one-bedroom units and 4 two-bedroom units. Of these 106 units, 85 units will be reserved for low-income tenants (80% AMI or lower), 15 units will be reserved for moderate-income tenants (120% AMI or lower), 4 units will be reserved for very low-income tenants (50% of AMI or lower), and 1 unit will be reserved for an extremely low-income tenant (30% of AMI or lower). There will be 1 unit reserved for an on-site manager. Rents will follow the parameters of HCD Schedule IV and TCAC Schedule IX. 3812 West Adams Blvd is located just east of Crenshaw Blvd. along one of the active thoroughfares in Los Angeles and boasts a walk score of 81. The property is located within a half mile of multiple bus stops and about 1 mile from the Expo/Crenshaw Metro rail stations which will provide tenants with access to from East to West LA, Downtown LA, Santa Monica, Inglewood, and LAX via the E and K lines. The property is also within a half mile of freeway access in either direction.

FOR SALE DETAILS

PRICE

$3,400,000 USD

PRICE/ACRE

$9,656,018/AC

PRICE/SF

$222 USD /SF

# OF LOTS

-

LAND DETAILS

PROPERTY TYPE

Land

PROPERTY SUBTYPE

Commercial

LAND PROPOSED USE

Multi-Family, Apartment Units

LAND ACRES

0.35 AC

LAND SF

15,338 SF

OFFSITE IMPROVEMENTS

Sewer, Water, Electricity, Gas, Streets, Curb/Gutter/Sidewalk, Cable, Telephone, Irrigation

ZONING

R3-1-O

APN/PARCEL ID

5051-003-002

ASK ABOUT THIS PROPERTY

Sevak KeshishianThe SK Group of Marcus & MillichapMore Info
818-212-2694

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Sevak KeshishianThe SK Group of Marcus & MillichapMore Info
818-212-2694

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.