820 S Lake Street

Description

The LAAA Team at Marcus & Millichap is pleased to present an exceptional opportunity to acquire 820 S Lake Street, a fully RTI affordable housing development project located in the heart of Westlake, Los Angeles. Situated on a 5,860-square-foot lot, the property is delivered with Ready-to-Issue (RTI) permits for a 33-unit, 100% affordable multifamily project. The rents for the 24 low-income units are based on the most recent Schedule I and Schedule 6 rent limits from HUD.The proposed six-story building will consist of five levels of Type IIIA construction over a Type IA concrete podium, maximizing density and long-term durability. Strategically located near the intersection of Lake Street and 8th Street, the site lies just two blocks from MacArthur Park and within close proximity to Downtown Los Angeles and Koreatown.The development will feature 33 well-appointed apartment units designed with modern finishes and high-quality amenities, including in-unit dishwashers, 35 bicycle parking stalls, on-site laundry facilities and a 2,000-square-foot rooftop deck featuring ample seating, tables, and lush greenery.Current ownership has secured approvals through AB 2334 and Executive Directive 1 (ED-1), streamlining the entitlement process and accelerating development timelines. Affordability covenants have been recorded under Schedule 1 and Schedule 6, corresponding to 30% of 80% AMI and 30% of 110% net AMI respectively, ensuring accessibility for a broad spectrum of income-qualified residents. The project also allows for Section 8 voucher participation, enhancing leasing flexibility and income stability.With a Walk Score of 94, residents will benefit from one of Los Angeles' most walkable neighborhoods. The property is well-served by public transit and offers high bikeability, placing key employers, educational institutions, and cultural destinations within easy reach. The Westlake neighborhood bridges the vibrant cores of Downtown LA and Koreatown, providing convenient access to iconic landmarks such as Echo Park, Dodger Stadium, and The Broad Museum.This is a rare opportunity to deliver a meaningful, high-impact affordable housing project in a supply-constrained submarket with strong long-term fundamentals.