1627 Oak St - Affordable Housing Site Near Downtown LA 0.16 Acres of Commercial Land Offered at $1,450,000 in Los Angeles, CA 90015

Daniel Shamooelian of Keller Williams Commercial is pleased to present for sale a rare ED1 100% affordable housing RTI development opportunity in the heart of Pico Union, just minutes from Downtown Los Angeles. The project is fully entitled for 39 units and is located within a Section 8 Tier 4 submarket (the highest Section 8 payment tier!), offering enhanced revenue potential and a streamlined path to construction. Approved plans include 30 one-bedroom units, 5 studios, and 4 ADUs, totaling approximately 23,771 square feet of building area. The unit mix consists of 27 units reserved for low-income households, 7 units reserved for moderate-income households, and 5 market-rate units. The subject property is vacant land, eliminating any tenant relocation requirements and further reducing development risk. With RTI permits secured and ED1 advantages in place, the project is truly shovel-ready, allowing a developer to break ground immediately without the time and uncertainty of the entitlement process. Ideally located just minutes from LA Live, Convention Center, and a wide range of shopping and dining amenities, the property sits in one of LA's most active and supply-constrained rental corridors. With strong demand for affordable housing, premium voucher levels, and favorable ED1 incentives, this offering presents a compelling opportunity to deliver a high-density project in a prime infill location. Contact listing agent for more details or set of approved plans!