7655 S San Pedro Street

REDUCED to $1,990,000! We are proud to exclusively present for sale a Ready-to-Issue 40 Unit 100% Affordable Residential Project!Situated on San Pedro St. between E. 76th Pl. & E. 77th Pl., this 11,050 SF C2-1VL-CPIO Tier 1 double lot has 85 feet of frontage and backs up to an alley. The building design consists of one Studio, twenty-six 1 bedrooms, and thirteen 2 bedroom apartments. While all units (except for the Manager's Unit) are dedicated to Affordable Housing, all but two units are Low Income Units, with one unit being reserved for Very Low Income and another for Extremely Low Income residents. The design features zero parking spaces but will have a total of 48 Bicycle Spaces. The Ground Floor features a spacious Lobby, Community Room, Manager's Office and Courtyard. There is the potential to convert the Community Room to an Accessory Dwelling Unit. The Project features approximately 16,851 SF of rentable space with units averaging around 421 SF. The property is a short distance to the Florence/San Pedro Bus Station and the highly anticipated Florence Av Bus Priority Lanes Project is set for Implementation in the Fall of 2023. The project is across the street from John C. Fremont High School, which brings more pedestrian movement and more supervision to the area. Affordable Units can be rented to Section 8 tenants for increased rents which have increased as of 11/1/2022 (see Section 8 page in OM). Being a 100% Affordable Project, there is potential for mitigated Property Taxes and likely no ULA concerns for this project once construction has completed.