3329 Whittier Boulevard

Description

The Neema Group is pleased to present a development opportunity at 3329 Whittier Blvd in the Boyle Heights neighborhood of Los Angeles, located just west of Lorena St. The vacant lot totals 8,037 SF and is zoned C1.5-1-CUGU in a Tier 3 TOC. The property is RTI for 32 units, featuring a unit mix of 28 one-bedrooms (approximately 470 SF) and four two-bedrooms (approximately 515 SF); four of the one-bedroom units will be set aside as deed-restricted extremely low income units. Opportunity to acquire a RTI TOC project with only four deed-restricted units with the ability to benefit from the affordable housing landscape in Los Angeles by capturing Section 8 rents and utilize no parking requirements via AB 2097. Offered at a low $38,281 per buildable unit and $152 per square foot at the asking price; no tenant relocation required. Close proximity to schools including Lorena Street Elementary and Robert Louis Stevenson Middle School, employment in the Arts District, Vernon, and Downtown Los Angeles, and transit options such as the Metro L Line and Metro Local Line stops at Lorena & Whittier; this location makes it convenient for residents to commute throughout the city even without a vehicle. The Boyle Heights neighborhood remains a desirable area to invest and build as approximately 75% of the 95,000 residents choose to rent.