16
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$1,850,000
Est. payment /mo
7,898 Sqft Lot
Price Dropped by $350K
1156 N Kingsley Dr Los Angeles, CA 90029
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25607383
Lot Size 7,898 Sqft
Acres 0.1813
Property Description
KW Commercial is proud to present for sale a Ready-to-Issue (RTI) 49-unit, 100% affordable housing ED 1 development opportunity in the heart of Hollywood! Situated on a 7,895 SF lot, this five-story project has been thoughtfully designed for maximum efficiency, featuring 48 one-bedroom units and 1 studio for a total of approximately 21,753 rentable square feet. Perfectly positioned less than a mile from the Vermont/Santa Monica Metro Red Line Station and close to premier shopping, dining, and transit options, this location earns a Walk Score of 92 ("Walker's Paradise"). Affordability is at the core of this development, with: 10 units reserved for moderate-income households (110% AMI or below), 38 units reserved for low-income households (80% AMI or below), and 1 market-rate manager's unit. Applicable rent schedules include HCD Schedule VI (for very low and moderate-income units) and TCAC Schedule IX (for low-income units). The site's affordability mix may also appeal to Section 8 voucher tenants, potentially increasing income by up to 20% per unit. Designed with zero parking spaces, this project minimizes construction costs and streamlines development. The vacant lot offers a clear path to construction no tenant relocation or demolition required, allowing you to build immediately. Located within a Qualified Opportunity Zone, investors may benefit from additional tax incentives (buyer to verify). Don't miss this rare opportunity to build a brand-new, fully affordable multifamily community in one of Los Angeles' most dynamic neighborhoods, all at an exceptional value of just $37,000/unit!! Contact the listing agent for additional details and a complete set of approved plans.
Location
State CA
County Los Angeles
Area Hollywood
Zoning LARD1.5
Exterior
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Listed by Keller Williams Beverly Hills
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