Entitled Affordable Multifamily
3556 Chesapeake Avenue Los Angeles, CA 90016
3556 Chesapeake Avenue, Los Angeles, CA, 90016
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For Sale
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Entitled 61-unit, 5-story affordable housing project on a double lot, delivered fully entitled and ready to finalize documents.
Property Size35,781 SF
Lot Size0.29 Acres
Price / SF$78.11
Days on Market14
Property Features for 3556 Chesapeake Avenue
General Information
- Standard status
- Active
- Size
- 35,781 SF
- Lot size
- 0.29 Acres
- Property subtype
- Multifamily
Listing agency
Partners CRE
(310) 432-6400
Listed by
Jordan Petito · License #CA 02023714
Source
Crexi
Added: Jul 9 Updated: Jul 22 at 1:42PM Checked: Jul 22 at 1:42PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Partners CRE
Investment Insights
Based on property information with market context.
Entitled 100% privately funded affordable housing project for sale featuring a double lot at 3556 & 3562 Chesapeake Avenue. The offering is a 5-story residential building with 61 units comprising 55 one-bedrooms, 4 two-bedrooms, and 2 three-bedrooms, totaling approximately 26,071 SF of rentable square footage and 35,781 SF of gross floor area. The property is an R3-1 lot of 12,814 SF. The project is entitled under Executive Directive 1 (ED1), leveraging incentives referenced in the offering including AB 1763, AB 2345, and AB 2334, with a zero on-site parking requirement due to proximity to a major transit stop. The seller states the project will be delivered fully entitled, and it will not be submitted to plan check by the seller, allowing the incoming developer to complete construction documents to their specifications.
The site is described as located in the West Adams / Jefferson Park neighborhood, with immediate access to the Metro E Line and the Exposition business corridor. The property is positioned near the Rancho Cienega Recreation Center and Dorsey Senior High School.
The architect has stated the project is scalable to 79 units and 6 floors without impacting the approval timeline. The offering also notes the possibility of rehabbing existing units on site (delivered vacant) to potentially generate cash flow while awaiting the right time to build.
The site is described as located in the West Adams / Jefferson Park neighborhood, with immediate access to the Metro E Line and the Exposition business corridor. The property is positioned near the Rancho Cienega Recreation Center and Dorsey Senior High School.
The architect has stated the project is scalable to 79 units and 6 floors without impacting the approval timeline. The offering also notes the possibility of rehabbing existing units on site (delivered vacant) to potentially generate cash flow while awaiting the right time to build.
Key Highlights
- Entitled 61‑unit, 5‑story affordable housing development on double lot at 3556 & 3562 Chesapeake Ave.
- Unit mix includes 55 one‑bedrooms, 4 two‑bedrooms, and 2 three‑bedrooms, totaling approximately 26,071 SF RSF.
- Site totals 12,814 SF on R3‑1 zoning with approximately 35,781 SF gross floor area.
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FAQs
What type of property is this?
Apartment building - Entitled 61-unit, 5-story affordable housing project on a double lot, delivered fully entitled and ready to finalize documents.
Where is this apartment building located?
The property is located at 3556 Chesapeake Avenue Los Angeles, CA.
What is the asking price?
The asking price for this property is $2,795,000.
What are key features of this property?
This property features: Entitled 61‑unit, 5‑story affordable housing development on double lot at 3556 & 3562 Chesapeake Ave.; Unit mix includes 55 one‑bedrooms, 4 two‑bedrooms, and 2 three‑bedrooms, totaling approximately 26,071 SF RSF.; Site totals 12,814 SF on R3‑1 zoning with approximately 35,781 SF gross floor area.
