The LAAA team at Marcus & Millichap is excited to present 1322 Maryland St, a 100% affordable, RTI (Ready-to-Issue) development project to build 121 units located in the Westlake neighborhood of Los Angeles, which is just a few minutes South of Echo Park and West of Downtown.

The project consists of 119 one-bedroom units, 2 two-bedroom units, and 8 stories. The building is made up of 5 stories of Type III-A over 3 levels of Type I-A, and there are no parking requirements. This will help reduce both the time and cost to build. The developer has the option to rent to Section 8 tenants, which could result in higher rents.

Upon completion, the building is projected to generate $230,603 per month, amounting to $2,767,236 annually, from the scheduled covenant rents. If all units are rented to Section 8 tenants, the monthly revenue is expected to increase to $292,130, resulting in an annual income of $3,505,560.

The offering is located in Central Los Angeles and combines residential and commercial living. It is surrounded by Silver Lake to the north, Downtown to the southeast, and Pico-Union to the southwest, with Koreatown to the west. The area has a rich history, having developed primarily in the 1920s. The area has since undergone a transformation, with many of its historic mansions now converted into apartments. As a result of high demand for housing in this dynamic and ever evolving part of the city, new multi-family buildings have been constructed.