1322 Maryland Street Los Angeles, CA 90017
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
- View None
Community Features
- Senior Community No
- MLS Area C42 - Downtown L.A.