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$1,800,000
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9,433 Sqft Lot
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Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID CL25488293
HOA Y/N No
Lot Size 9,433 Sqft
Acres 0.22
Property Sub-Type Unimproved Land
Property Description
We are pleased to present an affordable housing development opportunity at 12801 Barbara Ann St. Located just south of Sherman Way in the Valley Glen neighborhood of North Hollywood. The 9,433 SF lot will be delivered fully entitled for 45 income-restricted housing units with no parking required. The project's central Valley location and proximity to major employment hubs and the Hollywood Burbank Airport are prime for a high velocity workforce housing lease up strategy, allowing a mission driven developer the opportunity to support the missing middle segment given the project's discount to surrounding market rents. Plans call for an efficient five story project, utilizing an all-wood Type IIIA construction. The lot currently consists of a single-family residence that will be delivered vacant at the close of escrow, allowing a developer to break ground immediately. The finished project totals 28,774 SF and has a desirable unit mix of one single (386 SF), 43 one-bedrooms (434-455 SF), and one three-bedroom (903 SF), allowing a developer to collect rents above $5 per SF. The lot is offered at a low $40,000 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 governme
Location
State CA
County Los Angeles
Zoning LARD
Interior
Fireplace No
Exterior
View Y/N false
View None
Building
New Construction No
Others
Tax ID 2324006055
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Listed by Neema Ahadian • Marcus & Millichap