Full details for Other For Sale in Sylmar, California

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Description

Offered UNPRICED! Please submit your HIGHEST and BEST OFFERS! We are proud to exclusively present for sale a Ready-to-Issue 164 Unit 100% Affordable Residential Project! Consisting of 162 One Bedroom apartments and 2 Two Bedroom apartments, the design of the building has 5 floors of wood framing that are fully stacked in order to speed work and maximize savings on this construction project! The design includes 12 areas that have the potential for conversion to Additional Dwelling Units (ADU)! The project calls for one level of on-grade parking and one level of subterranean parking; the subterranean parking can potentially be eliminated if the new ownership chooses to do so. The design includes a spacious rooftop deck with potential for great views! The Letter of Determination and the SB 8 Replacement Unit Determinations were both issued in 2022. The recorded Covenant declares 128 units as Low Income, utilizing Schedule 1 rents, and 33 units as Moderate Income, utilizing Schedule 6 rentsor rent to Section 8 and charge (as of publishing) $2,096 for a 1 bedroom apartment. The property is currently a vacant lot, having already been cleared in preparation to begin construction. And get ready for the Metro expansion to Sylmar, with the planned Metro Station location steps to the property, in addition to the existing MetroLink Station within half a mile of the property. Being a 100% Affordable Housing Project, there are potentially no ULA nor Property Tax concerns for this project once construction has completed. Back to listing