$5,200,000
Active
25 Days Online
0 Beds0 Baths0 SQFT
Active

1322 Maryland Street Los Angeles, CA 90017

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We are excited to present 1322 Maryland St, a 100% affordable, RTI (Ready-to-Issue) development project to build 121 units located in the Westlake neighborhood of Los Angeles, which is just a few minutes South of Echo Park and West of Downtown.The project consists of 119 one-bedroom units, 2 two-bedroom units, and 8 stories. The building is made up of 5 stories of Type III-A over 3 levels of Type I-A, and there are no parking requirements. This will help reduce both the time and cost to build. The developer has the option to rent to Section 8 tenants, which could result in higher rents.Upon completion, the building is projected to generate $230, 603 per month, amounting to $2, 767, 236 annually, from the scheduled covenant rents. If all units are rented to Section 8 tenants, the monthly revenue is expected to increase to $292, 130, resulting in an annual income of $3, 505, 560.The offering is located in Central Los Angeles and combines residential and commercial living. It is surrounded by Silver Lake to the north, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west. The area has a rich history, having developed primarily in the 1920s. The area has since undergone a transformation, with many of its historic mansions now converted into apartments. As a result of high demand for housing in this dynamic and ever evolving part of the city, new multi-family buildings have been constructed.

  • Property TypeLand
  • NeighborhoodN/A
  • CountyLos Angeles
  • Taxes$0
  • HOA/Condo/Coop Fees$0
  • Days on Site24 Days
  • MLS StatusActive
  • MLS ID Number24394763
  • Home Size Source N/A
  • Year BuiltN/A
  • Lot Size0.1863 Acres
  • Full BathsN/A
  • Partial BathsN/A

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General Features

  • Parking Spaces 0
  • Acreage 0.1863
  • Zoning LACW
  • Listing Conditions Standard

Exterior Features

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Community Features

  • Senior Community No
  • MLS Area C42 - Downtown L.A.

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Monthly Payment (Est.)

$27,537
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