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$ 2,050,000
Est. payment | /mo
6,586 Sqft Lot
$ 2,050,000
Est. payment | /mo
6,586 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25607381
HOA Y/N No
Lot Size 6,586 Sqft
Property Description
KW Commercial is proud to present an exceptional ready-to-issue (RTI) 46-unit, 100% affordable housing ED 1 development opportunity located in the heart of North Hollywood's vibrant NOHO Arts District! Situated on a 6,591 sq. ft. corner lot, this 5-story apartment project is thoughtfully designed for maximum efficiency and minimal construction complexity. The unit mix includes 2 two-bedroom units, 27 one-bedroom units, and 16 studios, offering approximately 19,925 sq. ft. of rentable space. Located less than half a mile from the NOHO Metro Red Line Station, residents will enjoy easy access to public transportation and the abundance of shopping, dining, and entertainment that make the NOHO Arts District one of Los Angeles' most desirable neighborhoods. With a Walk Score of 87 and a Bike Score of 74, the property promises high tenant demand and stable occupancy for years to come. This 100% affordable housing community includes: 2 units reserved for very low-income households ( 50% AMI), 34 units reserved for low-income households ( 80% AMI), 8 units reserved for moderate-income households ( 110% AMI), and 1 market-rate manager's unit. Rents for the very low-and moderate-income units follow HCD Schedule VI, while the low-income units align with TCAC Schedule IX. Additionally, the property's location is ideal for attracting Section 8 voucher tenants, potentially increasing rental income by up to 20% per unit. The proposed design features zero parking spaces, significantly reducing construction costs for developers. The site is currently improved with a vacant duplex, eliminating the need for tenant relocation and ensuring a smooth path to construction. Don't miss this rare opportunity to develop a fully affordable housing project in a high-demand Los Angeles neighborhood, all at an exceptional value of just $45K per unit!! Contact the listing agent today for additional information or to request a full set of approved plans.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LARD1.5
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 2350009047
Special Listing Condition Standard
Listed by Daniel Shamooelian Keller Williams Beverly Hills
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
101 N Indian Hill Blvd STE C1-208, Claremont, California, 91711, United States