5303 S Broadway, Los Angeles, CA 90037

Property Description

Attention all affordable housing developers or first time homeowners! We are pleased to offer this 5,711 lot size corner lot. This mixed use property is located south of DTLA and the Los Angeles Memorial Coliseum and LAFC soccer stadium, while not being far from USC (University of Southern California). Currently, the property is being used as a business and rear unit is a residential 2 bedroom, 1 bathroom, being a total of 2 units. Commercial unit in front rents for $3100 while residential unit in the rear rents for $1400 while paying for water, gas, and electricity. This property is in the redevelopment project area District Council for the Land Use Affordability Covenant and ED1 Executive Directive for Housing with a zoning C2-1VL-CPIO with ED1 Eligibility and Tier 2 TOC Affordable Housing incentive program (verify with LADBS). All new developments can exercise the density bonus for the Los Angeles Affordable Housing developments. This is a developmental opportunity under executive order from the Los Angeles Mayor as it is aimed to speed the approval of affordable housing. Do not let this opportunity pass by yourself or your buyers! Please contact listing agent for any questions or additional information. Submit all offers with proof of funds and pre-approval letter. Buyers and buyers agents to do own due diligence on property.