This is an affordable housing development opportunity at 7311 S Figueroa St, located just south of W Florence Ave in South Los Angeles. The 12,480 SF lot will be delivered fully entitled for 144 income-restricted housing units and 1manager unit with no parking required.The project's central infill location and proximity to major employment hubs such as Downtown LA, Vernon, Commerce, and Huntington Park support multiple lease-up strategies including filling units through PATH, LAHSA or Section 8.Plans call for an efficient seven story project, utilizing Type III over Type IA construction for a stacked design reducing construction costs for the developer. The existing 7 units/retail will be delivered vacant at the close of escrow, allowing a developer to break ground immediately, without navigating the planning process or taking on additional risk through pending ordinances that are limiting the development of similar high density affordable projects.The finished project totals 62,735 SF and has a desirable unit mix of 141 x one-bedrooms and 4 x two-bedrooms.The project is offered at a low price per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. In addition, the affordability of the projectsopens avenues of mission driven financing through CDFIs or mission driven lenders (contact agent for details)Located in a dense location of South Los Angeles with an easy commute throughout the city with access to the 110 Freeway from W Florence Ave; walking distance to multiple Metro local lines on S Figueroa St.The subject property is walking distance to retail amenities, specifically three retail strip centers at the corner of W Florence Ave & S Figueroa St; nearby to the Childrens Institute Inc., Sixty-Eighth Stree Elementary School, and Loren Miller Elementary School. Parcel numbers 6020-025-014 & 6020-025-015.
Property Details
Property Features
Listing Office:
Office Name: Marcus & Millichap
Office Phone: (310) 909-5500
Listing Agent: Neema Ahadian
Exterior Features
Exterior Information:
View: None
Lot Features
Lot Information:
Lot Size: 0.29 Acres
Other
Directions Information:
Directions: Located just south of W Florence Ave in South Los Angeles.
Price Information
Listing Price Info
Price Summary:
List Price: $4,995,000
Tax Information:
Annual Amount: $6,830
Tax Year: 2021
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Housing Market Comparison
See how this home compares to others in Los Angeles, CA.
This property is $3.9M more than the Median Sold Price in Los Angeles, CA.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: CRMLS
MLS Number: #24359177
Listing Office:
Office Name: Marcus & Millichap
Office Phone: (310) 909-5500
Listing Agent: Neema Ahadian
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Last updated on: 12/22/2024, 7:20:58 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
Property Sales & Tax
Listing History
DATE
EVENT
PRICE
Aug 02, 2018
Aug 02, 2018Home Sold
$530,000
Dec 28, 2016
Dec 28, 2016Home Sold
$345,000
Sep 15, 2009
Sep 15, 2009Home Sold
$189,000
Aug 23, 2004
Aug 23, 2004Home Sold
$300,000
Apr 12, 2002
Apr 12, 2002Home Sold
$90,000
Tax History
YEAR
PROP. TAX
ASSESSMENT
2021
$6,830
$546,200
2020
$6,632
$540,600
2019
$4,544
$530,000
2018
$4,452
$351,900
2017
$4,452
$345,000
History based on county public records data.
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Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
6
/10
Gil Garcetti Learning Academy
612 W 68th St
Distance between this listing and this school0.34 miles
Public District Grades KG-6
4
/10
Loren Miller Elementary School
830 W 77th St
Distance between this listing and this school0.40 miles
Public District Grades KG-6
3
/10
75th Street Elementary School
142 W 75th St
Distance between this listing and this school0.42 miles
Public District Grades KG-6
Nearby Schools
4
/10
Bethune Middle School
155 W 69th St
Distance between this listing and this school0.56 miles
Public District Grades 7-8
3
/10
Kipp Academy of Opportunity
8500 S Figueroa St
Distance between this listing and this school0.84 miles
Public Charter Grades 5-8
2
/10
John Muir Middle School
5929 S Vermont Ave
Distance between this listing and this school1.06 miles
Public District Grades 6-8
Nearby Schools
3
/10
John C. Fremont High School
7676 S San Pedro St
Distance between this listing and this school0.84 miles
Public District Grades 9-12
2
/10
Augustus F. Hawkins High School - Critical Design and Gaming
825 W 60th St
Distance between this listing and this school0.95 miles
Public District Grades 9-12
1
/10
Augustus F. Hawkins High School - Community Health Advocates
825 W 60th St
Distance between this listing and this school0.95 miles
The neighbors living near this home have an average income of $41,357. Most Los Angeles, CA residents have annual incomes between $35k-100k. The majority of families are single, with kids. Most residents in this area have high school diploma education.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 7311 S Figueroa St
What is the listing price of this property?
The listing price of 7311 S Figueroa St property is $4,995,000.
What type of property is this?
The property 7311 S Figueroa St is land located in Los Angeles, California, 90003.
Is this property for sale now?
Active Listing: 7311 S Figueroa St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $6,830 (source: MLS/based on county public records data).
When was this property sold last time and for how much?
The last sale was on August 2, 2018 for $530,000. (source: MLS/tax record).
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This home is located at 7311 S Figueroa St in Los Angeles, CA and zip code 90003 in the South LA neighborhood. This home sits on a 0.29 acre lot. It has been listed on Rocket Homes since February 16, 2024 and is currently priced at $4,995,000.
While more than 512 listings in Los Angeles, CA in November 2024 were sold above asking price, there were more than 177 listings sold at asking price, and more than 657 were sold below. Between October 2024 and November 2024, Los Angeles, CA real estate market has seen decrease in the number of listings by 0.6%. In November 2024, listings were on the market for 38 days. During the same period, the median list price in this real estate market was $1,021,532.
From Rocket Homes Real Estate and based on county public records data.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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