Multifamily For Sale

$1,699,000

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500 W Alondra Street

Los Angeles, CA 90248

  • beds
  • baths
  • sqft
  • ~1/2 acre lot
  • on site

This project is Fully RTI, Shovel Ready!!! Best priced RTI development deal in L.A. There are NO linkage fees (grandfathered), so permits are 200K instead of 500K. Most L.A. projects are not grandfathered from linkage fees. Every return on investment metric shot way higher now that the price has gone from 3M to 1.75M!!! Fast Close Wanted! 36-Unit Apartment Entitlement • 500 W Alondra Blvd Los Angeles 90248 (New Address) • 16101 S Figueroa St Los Angeles 90248 (Former Address) • Southwest Corner of Alondra and Figueroa (L.A. City Proper, not in Gardena) • APN: 6120-023-033 (Proposed Building Site) • APN: 6120-023-034 (Park and Picnic Site; small strip of land) • Lot Size: 20,366 SF (19,417 SF + 949 SF) • Units: 36, All 3 Bed, 2 Bath • Market Units: 33 • Restricted Units: 3 (VLI Rent as Part of CA Bonus Density Program) • Residential Stories: 4 (Staggered 2 to 4 stories) • Parking Levels: 2 • Parking Stalls: 54 • Building Size: 36,000 SF roughly • Roof Deck: 6300 SF roughly • Expenditures Already paid over 800K including Sewer Fee • Market Rent $2735 (33x) – Matches L.A. Section 8 Amount (2020) • Restricted Rent $914 (3x) – Allowable Rent by HUD (2019) • Gross Annual Rent: $1,115,964 (100% Occupancy) • Annual Expenses Total: $200,195 • Net Operating Income $915,769 (98.5% Occupancy) • Cost of Construction: $8M Estimated • Equity: 9.55M • Equity Percentage: 50% Roughly • Market Value of New Building: $19.3M Estimated (4.75% Cap Rate)

CRMLS_CA logo Listing courtesy of CRMLS_CA / Bret Lewis / Bret Lewis, Broker

Last checked: Checking… • Last updated Nov 26, 2020 • Source: CRMLS_CA

MLS# PW20190223 —

This property is listed in more than one place. See it here.

Amenities & Taxes

The Building

Year Built:
2021
Year Built Source:
See Remarks
New Construction:
Yes
Common Walls:
2+ Common Walls
Building Area Total:
36000.00
Building Area Units:
Square Feet
Number Of Buildings:
1
Total Number Of Units:
36
Stories Total:
4
Number Of Separate Water Meters:
37
Number Of Separate Electric Meters:
37

Interior

Laundry:
Inside
Laundry:
1

Location

Directions:
Figueroa and Alondra: SW Corner
Latitude:
33.88511000
Longitude:
-118.28309400

The Property

Sub Type:
Apartment
Zoning:
LAC2
Lot Features:
Corner Lot, Lot 20000-39999 Sqft, Yard
Lot Size Area:
20366.0000
Lot Size Acres:
0.4675
Lot Size Square Feet:
20366.00
View:
1
View:
Neighborhood
Property Attached:
1
Additional Parcels Description:
6120-023-033, 6120-023-034
Additional Parcels:
No

Listing Agent

Contact info:

Taxes

Tax Census Tract:
2912.10
Tax Tract:
22156
Tax Lot:
1

The Listing

Special Listing Conditions:
Standard
Parcel Number:
6120023033

Utilities

Sewer:
Public Sewer
Water Source:
Cistern, Public

The Community

Subdivision:
Harbor Gateway Neighborhood
Senior Community:
No
Features:
Curbs, Gutters, Sidewalks, Urban
Pool:
None
Private Pool:
No
Association:
No

Parking

Parking Spaces:
54.00
Garage Spaces
54.00

Extra Units

Average 3 Bed Area:
1000

Schools

Rating Details
4

Gardena Elementary School

  • Public
  • K-5
  • 0.3 mi
3

Robert E Peary Middle School

  • Public
  • 6-8
  • 1.0 mi
2

Gardena Senior High School

  • Public
  • 9-12
  • 1.5 mi

GreatSchools scores are based on a scale from 1 to 10, where 10 is above average.

The school service areas are not definitive and should only be used as guidance. GreatSchools Ratings provided by www.greatschools.org

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Sale history

Date Event Source Price % Change
10/20/20
Price Changed CRMLS_CA $1,699,000 -2.9%
10/14/20
Price Changed CRMLS_CA $1,749,000 -0.1%
9/22/20
Price Changed CRMLS_CA $1,750,000 -12.5%

Finding records…

No additional history available

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