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$6,500,000
Est. payment /mo
0.43 Acres Lot
UPDATED:
12/05/2024 02:35 AM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24414477
HOA Y/N No
Lot Size 0.429 Acres
Property Description
We are proud to present for sale 726-740 Hartford Ave, a rare high-density development opportunity perfect for a developer utilizing LA City and State Incentives like ED1 and AB 2334. Project density is only limited by construction type choice, as AB 2334 allows for unlimited density, and the base zoning has no height limitation. The City of Los Angeles requires 100% affordable projects to be approved via a ministerial path, without a lengthy entitlement process. As a 100% affordable project, rents are limited to approximately $1,777 for Studios and $1,920 for 1 Beds which allows a developer to achieve a compelling rent per square foot if units are efficiently designed. No parking is required as the project is located close to transit. The location is within a half mile of LA Live/Crypto Area, and DTLA. Koreatown is a short 5 minute drive to the east, and is in close proximity to the 110, 10 and 101 freeways. The project can offer residents a unique urban lifestyle with access to cultural amenities, employment, entertainment, and education opportunities without the need to rely on automobiles. Downtown LA remains city's largest employment cluster, providing 16% of its jobs, and 47% of its office space. Downtown is home to over 90,000 residents, making it one of LA's most populous neighborhoods, with over 25,000 new residential units delivered since 2010. The immediate area around the project is home to many USC students and young professionals and is walkable to two popular concert venues. This is an ideal location to purse an ED1 project, a developer can deliver a product affordable to residents who benefit from Downtown LA amenities and access to transit.
Location
State CA
County Los Angeles
Area C42 - Downtown L.A.
Zoning R5(CW)-U/6
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 5143009005
Special Listing Condition Standard
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Listed by Oron Maher • Maher Commercial Realty