1050 S Norton Ave
LOS ANGELES, CA 90019

Property

Ownership: For Sale
Area: 18533 sq ft
Lot Size: 0.4 Acres

Financials

Price:$4,200,000
271 North Canon Drive Beverly Hills, CA 90210
Listing Courtesy of Keller Williams Beverly Hills

1050 S Norton Ave La

Description

We are pleased to present the opportunity to acquire 1050 & 1056 S Norton Avenue, a 102-unit, 100% affordable apartment development site located in Los Angeles' Mid-Wilshire / Olympic Park submarket within the Country Club Park HPOZ. The project is situated on an approximately 18,533 SF lot in a central Los Angeles infill location near Mid-Wilshire, Koreatown, Hancock Park, and the greater Wilshire corridor. The proposed development is designed as a 5-story, Type III-A residential apartment building consisting of 102 total units, approximately 33,833 SF of rentable area, and approximately 42,908 SF of proposed building area. The project is being developed under Executive Directive 1 as a 100% affordable housing project pursuant to AB 1763 and AB 2345, allowing for unlimited density and zero parking within proximity to a major transit stop. The planned unit mix includes 27 studio units, 71 one-bedroom units, and 4 two-bedroom units. The affordability mix shown in the plans includes 21 moderate-income units, 73 low-income units, 6 very-low-income units, and 1 extremely-low-income unit, plus 1 manager's unit. The project benefits from significant development incentives, including zero parking, additional height allowances, and an FAR increase from 3:1 to approximately 3.46:1, with the proposed FAR shown at approximately 3.44:1. The plans also reference off-menu incentives for a 100% reduction in open space and tree reduction subject to approval. Located within an established residential neighborhood, the site provides strong access to transit, employment centers, retail, and daily amenities throughout Central Los Angeles. With a large combined lot, 102-unit affordable housing program, and ED1 entitlement pathway, this offering presents a strong opportunity for developers seeking scale in a supply-constrained Los Angeles market.

CLAW

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. International currency conversions where shown are estimates based on recent exchange rates and are not official asking prices.

All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer.