1156 N Kingsley Dr, Los Angeles, CA 90029

Property Description

PRICE REDUCED! Under $34,000 per unit!! KW Commercial is proud to present for sale a Ready-to-Issue (RTI) 49-unit, 100% affordable housing ED 1 development opportunity in the heart of Hollywood! Situated on a 7,895 SF lot, this five-story project has been thoughtfully designed for maximum efficiency, featuring 48 one-bedroom units and 1 studio for a total of approximately 21,753 rentable square feet. Perfectly positioned less than a mile from the Vermont/Santa Monica Metro Red Line Station and close to premier shopping, dining, and transit options, this location earns a Walk Score of 92 ("Walker's Paradise"). Affordability is at the core of this development, with: 10 units reserved for moderate-income households (110% AMI or below), 38 units reserved for low-income households (80% AMI or below), and 1 market-rate manager's unit. Applicable rent schedules include HCD Schedule VI (for very low and moderate-income units) and TCAC Schedule IX (for low-income units). The site's affordability mix may also appeal to Section 8 voucher tenants, potentially increasing income by up to 20% per unit. Designed with zero parking spaces, this project minimizes construction costs and streamlines development. The vacant lot offers a clear path to construction no tenant relocation or demolition required, allowing you to build immediately. Located within a Qualified Opportunity Zone, investors may benefit from additional tax incentives (buyer to verify). Don't miss this rare opportunity to build a brand-new, fully affordable multifamily community in one of Los Angeles' most dynamic neighborhoods, all at an exceptional value of just under $34,000/unit!! Contact the listing agent for additional details and a complete set of approved plans.