Located at 5879 Crenshaw Blvd, Los Angeles 90043, the site sits on an approx. 8,418 SF lot zoned LAC2-2D-SP. The property is conveniently situated on the heavily trafficked, major North-South artery of Crenshaw Blvd, surrounded by neighboring essential retail and directly adjacent to Metro Line - Hyde Park Station. Listed for sale at $1,995,000, with a price per buildable unit of approximately $52,500. The property falls under several strategic zoning designations: LAC2- 2D-SP, Transit Oriented Communities (TOC) Tier 4, RPA Crenshaw/Slauson, a Hubzone, and the Los Angeles State Enterprise Zone. Positioned at the intersection of Crenshaw Blvd and W. 59th St, it is just one block from the K Line station at Crenshaw and Slauson. According to Governmental Code 69515, any 100% affordable housing can have unlimited density if it is located 0.5 mile within a Major Transit Stop.
The development, submitted under Executive Directive 1 (ED1), proposes to demolish the existing structures on the site a 1,846 sq ft building constructed in 1946 and a 1,250 sq ft building from 1944. The new construction will feature 34 one- and two-bedroom apartments. This project is eligible for various development incentives like the elimination of the parking requirement, reduction in open space, increase in FAR (floor to area ratio), decrease in setbacks, and more. This property is part of the transformative developments along the Crenshaw Boulevard corridor, which have been spurred by the arrival of the K Line. It joins other affordable housing projects in the area, such as the Depot at Hyde Park and Hope on Hyde Park apartments.
Currently, the site has a small vacant church and vacant duplex, both are ready for demo. After completing our development analysis, we believe the development will feature 38 units with TOC tier 4 or even more units with 100% affordable. This offering presents a unique redevelopment opportunity for investors seeking a feasible project in one of South L.A.’s strongest rental pocket.
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