8000 S Broadway,Los Angeles, CA 90003
Los Angeles, CA 90003
Description
We are proud to present Broadway City Lights, located at 8000 S. Broadway in Los Angeles, CA. This affordable housing community is managed under the Low-Income Housing Tax Credit (LIHTC) program, offering units at affordable rents for families meeting specific income qualifications. The project was completed in 2005 and consists of (49) 4-Bedroom + 2-Bath Units totaling 57,680± building square footage. Situated on a 0.84-acre lot, the property provides secured parking with (50) parking spaces, on-site laundry, and an impressive 2,500± SF unused community center located on the ground floor, which would be an ideal location for a wraparound services center, as well as a dedicated leasing office situated off the main lobby. The property is a value-added opportunity that provides for tremendous upside through the implementation of a strategic capital improvement plan and stabilization of the asset while lowering operating costs. There are significant advantages of implementing a more voucher-centric approach that would allow for increased revenue by taking advantage of the Voucher Program Standard (VPS) as posted on HACLA for 2-bedroom units and applying those rents to the 4-Bedroom units as well as increasing the capacity of the current on-site laundry facility. *The property is eligible for the Property Tax Welfare Exemption for those aligned with a 501(c) (3), reducing the property takes by over 90%. More information can be found at: California State Board of Equalization. Broadway City Lights represents a rare and ideal opportunity for a savvy investor looking to acquire an Affordable Housing property, below replacement cost and that allows for significant upside potential. South Los Angeles, often called South LA, is a region with a rich history, diverse population, and a unique cultural heritage. It encompasses numerous neighborhoods. This area is known for its community-driven initiatives, historical significance, and the challenges and opportunities it faces in terms of economic development, public safety, and housing.
Details
| MLS# | SR25047475 |
|---|---|
| Listing Type | For Sale |
| Style | Town House |
| Sub-Type | Resale |
| Status | Active Under Contract |
| Year | 2005 |
| Days On Site | 56 |
| Listing Provided By | Equity Union 805-892-8119 | Raymond Rodriguez |
Features
| SQ Feet | 57,680 |
|---|---|
| Story(s) | 3 |
| Units | 49 |
| Building(s) | 1 |
| Zoning | LAC2 |
| Acreage | 0.85 |
Market Activity 90003
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Learn More About This Property
| State | CA |
|---|---|
| County | Los Angeles |
| City | Los Angeles |
| Zip Code | 90003 |
| Area | C37 Metropolitan South |
| Listing VS Median (in 90003) | |
Price: $11,000,000 low | high Med: $699,000 SqFt: 57,680 low | high Med: 884 $ / SqFt: $191 low | high Med: $791 On site: 56 low | high Med: 42.000000 | |