5th St Apartments
For Sale / JV / Build-To-Suit | Rare Development Opportunity | PSH Skid Row Site
Marketing description
Cushman & Wakefield of California, Inc. as exclusive advisor, is pleased to present the opportunity to acquire the fee simple interest or joint venture or build-to-suit for the 5th Street Apartments (the “Property”), a proposed 149-unit permanent supportive housing development on Skid Row in Downtown Los Angeles. The offering is a shovel-ready project, complete with full entitlements and RTI plans for modular construction.
Comprehensive development budgets, encompassing both on-site and off-site expenditures, along with hard construction bids and favorable financing options, serve to minimize upfront capital requirements. The all-inclusive hard and soft costs, which include on-site prevailing wages, are estimated at $248,000 per unit, excluding land carry cost - development fees.
The site is fully prepared for immediate development, having completed all necessary due diligence. Ideal for both non-profit and for-profit developers, the project benefits from specific local incentives designed to address housing shortages in Los Angeles. Furthermore, the Property is well-positioned for the next application round for the super NOFA, providing additional funding opportunities. This investment offers a unique opportunity to address critical housing needs while delivering a viable economic return.
Investment highlights
Situated in Skid Row, Downtown Los Angeles, the 5th Street Apartments project addresses a critical need for permanent supportive housing in a high-demand area. The project is a new-construction, 149-unit permanent supportive housing building, 8-stories in height including the roof-deck. The project uses incentives from the City of LA affordable housing density bonus program.
The Property is currently a paved parking lot with an existing commercial structure and is in plan check. Development budgets and pro formas are meticulously prepared, with hard construction bids secured, enabling immediate project due diligence.
The plans features essential amenities such as multipurpose rooms, bike storage and maintenance spaces, shared laundry rooms, a rooftop amenity space, and private offices. Onsite ICSMO service personnel and a 24-hour onsite manager will provide continuous support for residents.
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