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- LoopNet Team
5909 Crenshaw Blvd
Los Angeles, CA 90043
65 Res., 2 Retail & Poss. 3 ADUs Project · Land For Sale
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0.33 AC
INVESTMENT HIGHLIGHTS
- Approved Letter of Determination for 65 Residential Units + 2 Retail Units
- Across the street from the new Metro Crenshaw Line that will connect to LAX and the rest of the City!
- Walking distance to Markets, Shops, Dining and more!
- Possibility to convert project square footage to 3 ADUs
- Possibility to Charge Section 8 Rents on Affordable Units
- 3 Floors of Stacked Design to maximize savings
PROPERTY FACTS
DESCRIPTION
Partners CRE are proud to exclusively present for sale a Redevelopment Opportunity in Hyde Park, South LA. Situated on Crenshaw Blvd. between W. 59th St. and W.59th Pl., This 14,397 SF C2-2D-SP Tier 4 double-lot has 100 feet of frontage. The property will be delivered vacant, with Demolition Plan Check in progress. The Project was issued a Letter of Determination in 2021 with Plans already submitted to Building and Safety, currently working on Plan Check Corrections. The building design consists of twenty Studios, twenty-three 1 Bedrooms, sixteen 2 Bedrooms and six three Bedroom Units. The Rec Room and Tenant Storage Room on the 1st level can potentially be converted to 3 ADUs in the future. Ten of the units will be dedicated to Affordable Housing. The design only features 3 parking spaces (two for commercial and one for residential), but the property is across the street from the Hyde Park Light-rail Metro Station. Future residents will enjoy a rooftop that will have expansive views looking far out to the rest of Los Angeles. Affordable Units can be rented to Section 8 tenants for increased rents, which have increased as of 11/1/2022 (see Section 8 page in OM). The Crenshaw/LAX Transit Project (K Line) Hyde Park Station across the street from the property will allow future tenants to commute between El Monte, Downtown LA, San Pedro and the rest of the Los Angeles Metropolitan Area. The property is a short 7 minute drive to The Kia Forum, a 10 minute drive to the Sofi Stadium and Intuit Dome (future home of the LA Clippers), and much more. This listing includes two APNs: 4005-002-011 & 4005-002-012.
