Metropolitan South (C37) Homes with Three Or More Levels Stories

Welcome to the vibrant and diverse Metropolitan South region of Los Angeles, California, where urban sophistication meets the charm of suburban living. This thriving area is known for its eclectic neighborhoods, rich cultural heritage, and a dynamic lifestyle that appeals to all walks of life. From trendy eateries to lush parks, Metropolitan South offers a little something for everyone.

When it comes to housing, this region boasts a remarkable selection of homes, particularly those with three or more stories. These multi-level residences not only provide ample living space but also offer stunning views of the city skyline and the picturesque surrounding hills. Imagine waking up to the sun rising over the iconic Los Angeles landscape, all from the comfort of your own home.

These spacious homes are perfect for families seeking room to grow, or for professionals looking for a stylish, modern space to entertain guests. Many of these properties feature open floor plans, gourmet kitchens, and luxurious master suites, ensuring that comfort and elegance go hand in hand.

Living in Metropolitan South means you’ll be just minutes away from the bustling heart of Los Angeles, with easy access to major freeways, public transportation, and a plethora of shopping and dining options. Whether you’re exploring the vibrant art scene, enjoying a day at the beach, or taking in a live performance, the excitement of LA is never far away.

Discover the charm and convenience of life in Metropolitan South, where your dream home awaits among the stunning multi-story residences that define this dynamic region.

Newest Metropolitan South (C37) Homes with Three Or More Levels Stories

$2,800,000

12 Beds ⋅ 12 Baths ⋅ 26843201 MLS ⋅ Active Status

We are pleased to present 142 East 84th Street, a brandnew,12-unit 100% affordable multifamily asset located in South Los Angeles, offered at $2,800,000 ($233,333/unit | $475/SF). Being brought out to market vacant, the property consists entirely of one-bedroom/one-bath units across three stories on a 5,199 SF lot and requires no deferred maintenance or capital investment. The asset is subject to a recorded Rental Covenant Agreement Running with the Land administered by the Los Angeles Housing Department under the City's TOC Tier 2 Affordable Housing Incentive Program, restricting all 12 units as deed-restricted affordable for a 55-yearterm from Certificate of Occupancy. The covenant structure functions a s along-term, government-supported income guarantee, delivering a current caprate of 7.69% and NOI of $215,402, with a pro forma cap rate of 8.45% and NOI of $236,651 as rents adjust to prevailing AMI levels. The covenant is fully assumable and transferable, with a straightforward LAHD assignment process required at close of escrow. The property is ideally situated within the 90003 zip code of South Los Angeles, a densely populated and fundamentally supply-constrained submarket. With over64,000 residents within one mile, an average household size of 3.6 persons, and a renter-occupied housing rate exceeding 74% within a three-mile radius, the submarket presents persistent and deep demand for quality affordable housing. The surrounding area benefits from proximity to major employment centers including SpaceX, Nike, LADWP, Charles R. Drew University of Medicine, and the broader LA Metro network, driving a stable and consistent renter base across economic cycles. Median household income within one mile is approximately$51,000; well within the qualifying thresholds for Low Income restricted tenancy and further supporting strong occupancy fundamentals. For impact investors, CDFIs, affordable housing operators, and mission-aligned capital seeking predictable, low-volatility income with 55-year hold certainty, 142 East 84th Street represents a rare, turnkey opportunity into Los Angeles's regulated affordable housing market at a competitive basis relative to comparable new-construction product trading in the immediate submarket.

142 E 84th Street, Los Angeles

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