8733 Reading Avenue,Los Angeles,Los Angeles,Land

Property Description

REDUCED! We are proud to present for sale a Fully Ready-to-Issue Development Opportunity for 45 Units in Prime Westchester! Near LAX and just off the Metro K Line Expansion (aka Crenshaw Line) and the coming LAX People Mover / Airport Metro Connector, the lot is near the existing Westchester / Veterans Metro Station. The property is in a Very Walkable location (per Walk Score) with Good Transit and is Bikeable, deep in a highly sought-after area surrounded by jobs and everything that your future tenants could desire. The 45 unit design includes around 28,528 SF of rentable square footage, with 9 ADUs and 8 restricted affordable units (or avoid the restricted affordable units and place the building under Rent Control), but mostly market rate units. The Project Design focused on efficiencies, forgoing internal parking (which is mitigated by the Metro K Line – there should be ample space on the alley-side of the building that may be able to fit up to 14 spaces), to be built on grade, with a very stacked layout. The majority of the units will be two bedrooms, with some one and three bedroom units throughout. The corner lot location and alley should also make for an easier time during construction. The property sits near the beach, Sofi Stadium, LAX, Santa Monica, Venice and so much more! The area is a strong rental marker with high income earners, but the property also qualifies for Tier 2 SAFMR, perfect for Section 8 tenants for the Affordable Units. The area has a neighborhood feel, close to major streets, but off the car-beaten path, with a lot of smaller developments all around! Listing includes two APNs: 4125-015-001 and 4125-015-002.