957 Arapahoe St Los Angeles, CA 90006

Property Details for 957 Arapahoe St

Property type

Commercial real estate

Description

This exceptional opportunity presents a ready-to-issue (RTI) 109-unit mixed-income apartment development project in Los Angeles, California. Located at 957-967 Arapahoe St, this 25,658 square foot property, zoned R4-1, sits on three lots within the Wilshire Community Plan Area. The approved project encompasses approximately 66,040 square feet of residential space, distributed across a five-story building featuring 63 studio, 40 one-bedroom, and 6 two-bedroom units. This well-balanced unit mix caters to a diverse range of residents. Construction is planned as Type III-A over a Type I-A subterranean garage, incorporating 60 parking spaces, including EV charging stations and ADA-compliant spaces, although parking isn't mandated under AB 2097. Residents will enjoy amenities such as 3,178 square feet of rear-yard open space, a courtyard, roof decks, and a fitness center (with potential for ADU conversion). Private balconies further enhance the living experience. The property's convenient location, less than a mile from a Metro Subway Station, provides easy access to public transportation, schools, parks, and retail. The RTI plan checks significantly streamline the development process, presenting a rapid path to capitalize on Los Angeles's high housing demand. Two existing structures on the site offer additional flexibility and potential income streams during the pre-construction phase. Investors may explore re-entitlement options using ED1 or the new CHIP ordinance to potentially maximize density. The asking price is $5,995,000.