Executive Summary

⬘⬙⬘

The Neema Group is pleased to present an affordable housing development opportunity at 843 W 82nd St, located between S Vermont Ave and S Hoover S t in South Los Angeles. The 9,301 SF lot will be delivered fully entitled for 87 income-restricted housing units and 1 manager unit with no parking required

⬘⬙⬘

The project’s central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8

⬘⬙⬘

Plans call for an efficient five story project, utilizing Type III construction for a fully stacked design reducing construction costs for the developer. The existing duplex 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

⬘⬙⬘

The finished project totals 48 ,123 SF and has a desirable unit mix of 4 x singles, 79 x one-bedrooms, and 5 x two-bedrooms

⬘⬙⬘

The project is offered at a low 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 projects opens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details)

⬘⬙⬘

High Walk Score of 90, the property is walking distance to the Metro B & D Rail Lines, and multiple Metro Local Lines along Beverly Blvd, Vermont Ave, and 3rd St

⬘⬙⬘

The property is ideally located with a short commute to Westlake, Hollywood, Echo Park, and Downtown Los Angeles