Property Details


Units: 40
Price per Buildable Unit: $42,375
Lot Size: 7,286 SF

Executive Summary


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The Neema Group is pleased to present an affordable housing development opportunity at 11151 S Broadway, located just off of the 110 & 105 Freeways on the corner of Broadway & W 111th Pl. The 7,286 SF lot will be delivered fully entitled for 40 income-restricted housing units with no parking required.

 

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The project’s central infill location and proximity to major employment hubs in the vicinity such as Martin Luther King Community Hospital support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8. The project is also walkable to the Harbor Freeway Metro C Line Station, connecting tenants to the employment hubs in the South Bay and Silicon Beach, including LAX and ~500 technology companies.

 

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Plans call for an efficient four-story project, utilizing Type V-A construction for a stacked design reducing construction costs for the developer. The lot 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.

 

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The finished project totals 21,858 SF and has a desirable unit mix of nine singles, thirty one bedrooms, and one two-bedroom.

 

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The project is offered at a low $42,375 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 project opens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details).

 

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Located in a dense location of South Los Angeles, walking distance to multiple Metro local lines along Broadway. The access to the 110 & 105 Freeways allow for a convenient commute throughout Los Angeles, the South Bay, and throughout the Mid-Counties.

 

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