Multi-Family
1322 Maryland
1322 Maryland St, Los Angeles, CA 90017
Listing Price: $5,200,000
Investment Overview
Marcus & Millichap is excited to present 1322 Maryland St, a 100% affordable, RTI (Ready-to-Issue) development project to build 121 units located in the Westlake neighborhood of Los Angeles, which is just a few minutes South of Echo Park and West of Downtown.
The project consists of 119 one-bedroom units, 2 two-bedroom units, and 8 stories. The building is made up of 5 stories of Type III-A over 3 levels of Type I-A, and there are no parking requirements. This will help reduce both the time and cost to build. The developer has the option to rent to Section 8 tenants, which could result in higher rents.
Upon completion, the building is projected to generate $230,603 per month, amounting to $2,767,236 annually, from the scheduled covenant rents. If all units are rented to Section 8 tenants, the monthly revenue is expected to increase to $292,130, resulting in an annual income of $3,505,560.
The offering is located in Central Los Angeles and combines residential and commercial living. It is surrounded by Silver Lake to the north, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west. The area has a rich history, having developed primarily in the 1920s. The area has since undergone a transformation, with many of its historic mansions now converted into apartments. As a result of high demand for housing in this dynamic and ever evolving part of the city, new multi-family buildings have been constructed.
Investment Highlights
- ED-1 - 100% Affordable Project
- Fully RTI for 121 Units
- No Parking Requirements
- Potential to Rent to Section 8
- Zoned RC5(CW)
- Walk Score of 92
Exclusively Listed By
Financing By
Listing Price: $5,200,000
Investment Highlights
- ED-1 - 100% Affordable Project
- Fully RTI for 121 Units
- No Parking Requirements
- Potential to Rent to Section 8
- Zoned RC5(CW)
- Walk Score of 92
Investment Overview
Marcus & Millichap is excited to present 1322 Maryland St, a 100% affordable, RTI (Ready-to-Issue) development project to build 121 units located in the Westlake neighborhood of Los Angeles, which is just a few minutes South of Echo Park and West of Downtown. The project consists of 119 one-bedroom units, 2 two-bedroom units, and 8 stories. The building is made up of 5 stories of Type III-A over 3 levels of Type I-A, and there are no parking requirements. This will help reduce both the time and cost to build. The developer has the option to rent to Section 8 tenants, which could result in higher rents. Upon completion, the building is projected to generate $230,603 per month, amounting to $2,767,236 annually, from the scheduled covenant rents. If all units are rented to Section 8 tenants, the monthly revenue is expected to increase to $292,130, resulting in an annual income of $3,505,560. The offering is located in Central Los Angeles and combines residential and commercial living. It is surrounded by Silver Lake to the north, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west. The area has a rich history, having developed primarily in the 1920s. The area has since undergone a transformation, with many of its historic mansions now converted into apartments. As a result of high demand for housing in this dynamic and ever evolving part of the city, new multi-family buildings have been constructed.
Exclusively Listed By
Financing By
![MM Texture Background](https://www.marcusmillichap.com/-/media/Images/MM/MM%20Hero%20Images/mm-news-research-hero-background.jpg?h=1030&iar=0&w=2880&rev=1569e23dd24a4ecea0b588f7ee537310&hash=B6D3CA35A0504F883C2C5068EE8436C0)
![MM Textured Background Lower](https://www.marcusmillichap.com/-/media/Images/MM/MM%20Hero%20Images/mm-property-footer-background%20jpg.jpg?h=1030&iar=0&w=2880&rev=f3ed593e923445f38df9f1c32d8d190f&hash=323A48081850EDAAE5E1F61061CADFD9)