7311 South Figueroa Street

Los Angeles, CA 90003

$4,995,000
Price
12,480 / 0.29
Lot Size / Acres
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Description

This is an affordable housing development opportunity at 7311 S Figueroa St, located just south of W Florence Ave in South Los Angeles. The 12,480 SF lot will be delivered fully entitled for 144 income-restricted housing units and 1manager unit with no parking required. The project's central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8....This is an affordable housing development opportunity at 7311 S Figueroa St, located just south of W Florence Ave in South Los Angeles. The 12,480 SF lot will be delivered fully entitled for 144 income-restricted housing units and 1manager unit with no parking required. The project's central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8. Plans call for an efficient seven story project, utilizing Type III over Type IA construction for a stacked design reducing construction costs for the developer. The existing 7 units/retail will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projects. The finished project totals 62,735 SF and has a desirable unit mix of 141 x one-bedrooms and 4 x two-bedrooms. The project is offered at a low price per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. In addition, the affordability of the projectsopens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details)Located in a dense location of South Los Angeles with an easy commute throughout the city with access to the 110 Freeway from W Florence Ave; walking distance to multiple Metro local lines on S Figueroa St. The subject property is walking distance to retail amenities, specifically three retail strip centers at the corner of W Florence Ave & S Figueroa St; nearby to the Childrens Institute Inc., Sixty-Eighth Stree Elementary School, and Loren Miller Elementary School. Parcel numbers 6020-025-014 & 6020-025-015.
  1. Listed by Neema Ahadian • DRE #01346750 • Brokerage DRE #01238010 • Marcus & Millichap

Property Details for 7311 South Figueroa Street

Zoning
LAC2
Parcel Number
6020025014
Area
Metropolitan Southwest (C36)
Lot Size Area
12480
Source Lot Size Area
Owner
Assessor Parcel Number
6020-025-014
Directions
Located just south of W Florence Ave in South Los Angeles.
LISTING UPDATED: 10/04/2024 03:08 PM

Property Details for 7311 South Figueroa Street

StatusActive
MLS #24-359177
Days on Market260
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeLand
MLS TypeLand Lot
Year Built-
Lot Size0.29 AC
CountyLos Angeles County

Building Information for 7311 South Figueroa Street

Lot Size0.29 AC

Property Information for 7311 South Figueroa Street

Community / Development
Community / Development
  • Senior Community: No
Structure Info
Structure Info
  • View: No
  • View Description: None
  • View: None
Contract Info
Contract Info
  • Disclosures: None
  • Listing Type: Exclusive Right To Sell
  • Service Level: Full Service
Land / Lot Info
Land / Lot Info
  • Special Zoning: None
  • Lot Acreage: 0.1433
  • Lot Size Square Feet: 12480
  • Telephone: 0.0
  • Cable: 0.0
Parking Details
Parking Details
  • Total Parking: 0
Exterior Features
Exterior Features
  • New Construction: No
Lease Terms
Lease Terms
  • Entry Date: 02-16-2024

Property History for 7311 South Figueroa Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 7311 South Figueroa Street

Taxable ValueLand$390,000Additions$140,000Total$530,000
Tax Record2018$4,544 ($379 / month)
Home Facts
Beds4Total Finished SqFt2,178 SqFtAbove Grade Finished SqFt2,178 SqFtLot Size6,240 SqFtStyleDuplexYear Built1921ZoningLAC2CountyLOS ANGELESAPN6020025014

Schools near 7311 South Figueroa Street

This home is within Los Angeles Unified School District.
Rating
School
Type
Grades
Distance
Gil Garcetti Learning Academy
Public - K to 6
Mary Mcleod Bethune Middle School
Public - 7 to 8
Academy For Multiligual Arts And Science At Mervyn M. Dymally High
Public - 9 to 12
KIPP Empower Academy
Charter - K to 4
Rating
School
Distance
Gil Garcetti Learning Academy
PublicK to 6

Mary Mcleod Bethune Middle School
Public7 to 8

Academy For Multiligual Arts And Science At Mervyn M. Dymally High
Public9 to 12

KIPP Empower Academy
CharterK to 4

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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More information about 7311 South Figueroa Street, Los Angeles, CA 90003

7311 South Figueroa Street is a 0.29 ac of land for sale in Los Angeles, CA 90003. This property was listed for sale on January 22, 2024 by Marcus & Millichap, it's currently listed at $4,995,000. It has been on the market for a total of 260 days and was last sold on January 14, 2022. This listing's school district is Los Angeles Unified School District. Nearby schools include Gil Garcetti Learning Academy, Mary Mcleod Bethune Middle School and Academy For Multiligual Arts And Science At Mervyn M. Dymally High. 7311 South Figueroa Street is a 0-bed, 0-bath, 0.29 ac of land on a 12,480 sq. ft. / 0.29 acres lot.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, Neema Ahadian, DRE #01346750

Based on information from one of the following Multiple Listing Services: CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS. Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by CRMLS, CLAW, I-Tech, ROWMLS, GPSMLS, SDMLS, VCRDS/PFAR, Idyllwild Association of Realtors, Ojai Valley Board of REALTORS and/or AVMLS is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.