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120 W 87th Pl 0.12 Acres of Residential Land Offered at $649,888 in Los Angeles, CA 90003
Investment Highlights
- RTI Permits for 11 Units: Building permits are Ready to Issue; Grading permit is already issued.
- Shovel-Ready / Cleared Lot: Site is level, fenced, and previous structure demolished—start work immediately.
- Full Technical Package: Sale includes Soils Report, City Soils Approval, and complete Architectural Plans.
- ED1 & TOC Tier 3 Optimized: 100% Affordable project (9 ELI, 2 LI) with Zero Parking requirements.
- Rare Alley Access: Features rear alley access, simplifying construction logistics and waste management.
Executive Summary
Rare opportunity to acquire a "Ready to Issue" (RTI) development project in a rapidly transitioning area of Los Angeles. This 5,362 SF lot is delivered vacant and cleared (previous triplex demolished) with full architectural plans for a 3-story, 11-unit residential building (100% Affordable Housing).
Project Highlights:
Unit Mix: 11 Spacious 1BR/1BA units (~8,226 total GBA).
Expedited Path: Fully entitled under ED1; Building permits are RTI, and Grading permit is issued.
Cost Efficiency: No parking requirements (TOC Tier 3) and significantly reduced carry time.
Construction Ready: Soils report, City approval letters, and recorded covenant are all in place.
Logistics: Rear alley access provides a major advantage for construction staging and future tenant ease of use.
Location:
Situated between Main and Broadway, just minutes from USC, DTLA, and major transit corridors (110 & 105 Freeways).
Financial Summary (Pro Forma - 2026) Click Here to Access |
Annual | Annual Per AC |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
-
|
-
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per AC | - |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per AC | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per AC | - |
Property Facts
1 Lot Available
Lot
| Price | $649,888 | Lot Size | 0.12 AC |
| Price Per AC | $5,415,733.33 |
| Price | $649,888 |
| Price Per AC | $5,415,733.33 |
| Lot Size | 0.12 AC |
RTI development site for an 11-unit apartment building. Site is flat, cleared, and ready for immediate construction. Features rare alley access and is optimized for ED1/TOC Tier 3 incentives.
Description
FULLY RTI 11-UNIT DEVELOPMENT SITE – 100% AFFORDABLE (ED1) THE OPPORTUNITY: 118 W 87th Place is a shovel-ready development project located in an Opportunity Zone in South Los Angeles. This project is "Ready to Issue" (RTI), allowing a developer to bypass the typical 24-month entitlement delay and begin construction immediately. PROJECT SPECS: Units: 11 Total (100% Affordable: 9 ELI, 2 LI). Configuration: 3-Story building featuring (11) 1BR/1BA units. Building Size: Approx. 8,226 Gross SF. Parking: 0 Spaces Required (TOC Tier 3 / ED1 Incentive). Lot Size: 5,362 SF (38' x 141'). DELIVERABLES INCLUDED IN SALE: Full Architectural Plans (RTI Building Permit Application). Issued Grading Permit. Recorded Affordable Housing Covenant. Soils Report & City Approval Letter. Site delivered vacant and cleared (Demolition complete). LOCATION HIGHLIGHTS: Strategically located between Main Street and Broadway with a rear alley providing superior construction and trash logistics. Rated "Very Walkable" (78) and "Good Transit" (63), providing future tenants easy access to DTLA and the USC campus via the 110 Freeway.
Property Taxes
| Parcel Number | 6040-021-018 | Improvements Assessment | $176,868 (2025) |
| Land Assessment | $416,160 (2025) | Total Assessment | $593,028 (2025) |
Property Taxes
Contact the Sale Advisor
120 W 87th Pl