Description

A fully entitled affordable housing opportunity is available at 801–807 Waterloo Street in Echo Park, consisting of two adjacent parcels totaling 12,613 square feet. The site is approved for 131 income-restricted units, and a Letter of Compliance has already been secured. Plans call for a seven-story mid-rise building utilizing Type III over Type I construction, with approximately 65,000 buildable square feet. The proposed unit mix includes 84 studios and 47 one-bedroom apartments. The design incorporates a rooftop deck, multiple open recreation areas, and dedicated space for supportive services. A 50% design development package is included, and the project has already received Welfare Tax Exemption approval from the BOE—both of which represent meaningful savings in time and cost for a new owner. At $25,153 per buildable unit, the pricing stands out. This presents a rare opportunity for a mission-driven developer or nonprofit to acquire a fully entitled 131-unit affordable housing project in a highly connected Los Angeles neighborhood at a fraction of the typical cost required for land assembly and entitlements. The location further strengthens the opportunity. With a Walk Score of 89, the site is a six-minute walk to Sunset Boulevard, 1.3 miles from the Metro B Line, and 2.5 miles from Downtown Los Angeles. It falls within the Silver Lake–Echo Park–Elysian Valley Community Plan area, surrounded by strong neighborhood density including restaurants, transit, and employment centers—factors that support rapid lease-up for affordable housing. Demand for rentals in Echo Park is well established. Several new developments are underway nearby, including 176 units at 2225 W Sunset, 74 units at 3004 W Sunset, and 90 units at 355 Glendale. Despite this incoming supply, demand continues to outpace availability, particularly for income-restricted housing, positioning this project for strong absorption. The asking price is $3,295,000.