SAN BENITO LOS ANGELES, CA 90033

Features

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Facts

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Sale Type

This is a HUD Home that the Government has foreclosed on because the owner couldn't meet their payments. This home is sold via an auction process whereby the highest bidder wins the home, typically at prices affordable for lower-income families.

Description

PartnersCRE is proud to present for sale a fully RTI 17 Unit 100% Affordable Housing Development on a 6,514 SF in a gentrifying neighborhood of Boyle Heights. Designed with low-cost efficiencies in mind, this 3-story stacked on-grade design featuring 17 x 1 Bedroom units(for a total of around 11,360 SF of rentable space), along with bike storage. Zero parking spaces will allow a developer to avoid the high cost of on-grade or Subterranean parking in this Very Walkable neighborhood with Excellent Transit (according to Walk Score of 81 "Very Walkable"). The future potential income from this project will benefit from access to the HCD Schedule 6 extremely low income and HUD Schedule 1 low income, which are currently standard in Los Angeles for 100% Affordable Projects. Additionally, the location of this property may attract Section 8 voucher tenants increasing the potential income by around 20% for each unit. Boyle Heights is one of the more centrally located parts of LA within close proximity to Echo Park, Silverlake, Downton LA, Chinatown, and the Arts District, and many more prominent locations.