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0.29 Acres Lot
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0.29 Acres Lot
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CL26667183
HOA Y/N No
Lot Size 0.290 Acres
Acres 0.2896
Property Sub-Type Unimproved Land
Property Description
801-807 Waterloo Street is a fully entitled affordable housing development site in the heart of Echo Park. Two adjacent parcels totaling 12,613 square feet. Approved entitlements for 131 income-restricted units and letter of Compliance already in hand. The plan calls for a seven-story mid-rise using Type III over Type I construction. At roughly 65,000 buildable square feet, the unit mix breaks down to 84 singles and 47 one-bedrooms. A rooftop deck, multiple open recreation areas, and space for supportive services are built into the design. The 50% design development plan package is included, and the Welfare Tax Exemption is already BOE-approved. Both are significant time and cost advantages for a buyer ready to move. On pricing, $23,091 per buildable unit is the number that stops people. A mission-driven developer or nonprofit can acquire a fully entitled 131-unit affordable project in one of the most transit-connected neighborhoods in LA for a fraction of what it costs to assemble and entitle from scratch. The location supports it. Walk Score of 89. Six-minute walk to Sunset Boulevard. 1.3 miles to the Metro B Line. 2.5 miles to Downtown LA. The site sits within the Silver Lake-Echo Park-Elysian Valley Community Plan area, surrounded by the kind of neighborhood density (restaurants, transit, employment) that drives lease-up velocity for affordable housing. The rental demand picture in Echo Park is not speculative. New developments are moving in the corridor right now: 176 units at 2225 W Sunset, 74 units at 3004 W Sunset, 90 units at 355 Glendale. Supply is coming but it is not catching up. Income-restricted product at this location will not sit.
Location
State CA
County Los Angeles
Zoning LARD1.5
Interior
Fireplace No
Exterior
View Y/N true
View City Lights
Building
Sewer Other
New Construction No
Others
Tax ID 5402028022
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Listed by Benjamin J. Hsiang • Realty Investment Advisors, Inc.
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