*SOLD FOR LAND VALUE*
Dana Coronado of KW Commercial Studio City presents a prime multifamily development opportunity. Rare opportunity to acquire an existing 14 unit building in the NoHo Arts District. This development opportunity is situated near numerous other multifamily and mixed use projects, including 297 units at 5101 Lankershim (upcoming), the 100 unit Avana (leased), and Studio 77 which is a 156 unit mixed use development on the corner of Otsego and Lankershim. With such a large and well positioned lot, the subject property is an ideal acquisition for any developer looking to grow their portfolio in the San Fernando Valley. The property is currently operating as an apartment building at 93% occupancy (1 unit being held vacant).
Prime Multifamily Development Opportunity for sale at $79,545 per buildable unit (by-right) and only $196/Lot SF. The existing LAR4-1VL zoning allows for a by-right development of 44 units, or 1 unit per 400 SF of land.
The subject property is comprised of nine 1Br + 1Ba units and five 2Br + 1Ba units.
Extremely prime location in the North Hollywood Art's District just two blocks from an upcoming Whole Foods 365 and numerous other retail and multifamily developments. The subject property is located on the corner of Otsego and Klump, just two blocks south of Magnolia and two blocks west of Lankershim Blvd - one of the most sought after corridor's in Los Angeles! The NoHo Art's District has been booming for many years now, and the area continues to demonstrate an appetite for rent growth and demand for new housing. Multiple development projects as close as across the street are under way, which will only improve the neighborhood and create and even more valuable opportunity for the subject property. Walk Score of 93 - Walker's Paradise!
