8000 S Broadway new Save Request In-Person Tour Request Virtual Tour
Los Angeles,CA 90003
Key Details
Property Type Condo
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR25047475
Year Built 2005
Lot Size 0.847 Acres
Property Sub-Type Apartment
Property Description
We are proud to present Broadway City Lights, located at 8000 S. Broadway in Los Angeles, CA. This affordable housing community is managed under the Low-Income Housing Tax Credit (LIHTC) program, offering units at affordable rents for families meeting specific income qualifications.
The project was completed in 2005 and consists of (49) 4-Bedroom + 2-Bath Units totaling 57,680± building square footage. Situated on a 0.84-acre lot, the property provides secured parking with (50) parking spaces, on-site laundry, and an impressive 2,500± SF unused community center located on the ground floor, which would be an ideal location for a wraparound services center, as well as a dedicated leasing office situated off the main lobby.
The property is a value-added opportunity that provides for tremendous upside through the implementation of a strategic capital improvement plan and stabilization of the asset while lowering operating costs. There are significant advantages of implementing a more voucher-centric approach that would allow for increased revenue by taking advantage of the Voucher Program Standard (VPS) as posted on HACLA for 2-bedroom units and applying those rents to the 4-Bedroom units as well as increasing the capacity of the current on-site laundry facility.
*The property is eligible for the Property Tax Welfare Exemption for those aligned with a 501(c) (3), reducing the property takes by over 90%. More information can be found at: California State Board of Equalization.
Broadway City Lights represents a rare and ideal opportunity for a savvy investor looking to acquire an Affordable Housing property, below replacement cost and that allows for significant upside potential.
South Los Angeles, often called “South LA,” is a region with a rich history, diverse population, and a unique cultural heritage. It encompasses numerous neighborhoods. This area is known for its community-driven initiatives, historical significance, and the challenges and opportunities it faces in terms of economic development, public safety, and housing.
Location
State CA
County Los Angeles
Area C37 - Metropolitan South
Zoning LAC2
Interior
Laundry Common Area
Exterior
Parking Features Gated
Garage Spaces 50.0
Garage Description 50.0
Pool None
Community Features Urban
Building
Story 3
Sewer Public Sewer
Water Public
New Construction No
Others
Acceptable Financing Cash,Cash to New Loan,Conventional,Contract
Listing Terms Cash,Cash to New Loan,Conventional,Contract
Special Listing Condition Standard
Virtual Tour https://youtu.be/p6weuQHS7Ic