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12801 Barbara Ann Street

North Hollywood, CA 91605
  • $2,400,000
  • STATUS: Active
  • ON SITE: 4 Days
  • ID#: 24391191
New On Site 4 Days Ago
UPDATED: 97 min ago
$2,400,000
  • 0
    BEDS
  • 0.22
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Vacant Land / Lots
County:

School Ratings & Info

Listing Agent(s): Neema Ahadian of Marcus & Millichap (310-909-5500)


Description

12801 Barbara Ann St, located just south of Sherman Wayin the Valley Glen neighborhood of North Hollywood. The 9,433 SF lot willbe delivered fully entitled for 66 income-restricted housing units with noparking required. The project's central Valley location and proximity to major employmenthubs and the Hollywood Burbank Airport are prime for a high velocityworkforce housing lease up strategy, allowing a mission driven developerthe opportunity to support the missing middle segment given the project'sdiscount to surrounding market rents. Plans call for an efficient five story project, utilizing an all-wood Type IIIAconstruction. The lot currently consists of a single-family residence that willbe delivered vacant at the close of escrow, allowing a developer to breakground immediately. The finished project totals 28,774 SF and has a desirable unit mix of 65 singles(280-360 SF) and one three-bedroom (681 SF), allowing a developer to collectrents above $5 per SF. The lot is offered at a low $37,121 per buildable unit, allowing a privately fundeddeveloper the opportunity to develop a high yielding project and capture astrong return on cost with zero tax credits or government subsidies. The project also offers the unique opportunity to purchase an ED-1 projectin a qualified opportunity zone, taking advantage of potential tax benefitsincluding potential elimination of capital gains tax, greatly enhancing projectreturns. The project is located just west of the 170 Freeway accessible via ShermanWay and provides convenient access to most major neighborhoodsthroughout the Valley. The central location allows for an easy commute tonearby neighborhoods such as Sherman Oaks, Studio City, Panorama City,and Sun Valley, among others; the site is also close proximity to three metrolocal line bus stops on Sherman Way. Located in a densely populated, infill submarket of Los Angeles, the projectbenefits from retail amenities along Sherman Way & Coldwater Canyon Ave.The project is in close proximity to schools within a half mile, including JamesMadison Middle School and Coldwater Canyon Ave Elementary School.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-18T07:34:36.643. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or COMPASS. Licensed in the State of California, USA.
www.reiferhomes.com/homes/150484338
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12801 Barbara Ann Street North Hollywood, CA 91605

  • Price: $2,400,000
  • Status: Active
  • On Site: 4 Days
  • Updated: 97 min ago
  • ID#: 24391191
0
Beds
0
Baths
0
½ Baths
0.22
Acres
Neighborhood:
NHO - North Hollywood
County:
Los Angeles
Area:
NHO - North Hollywood
Property Description
12801 Barbara Ann St, located just south of Sherman Wayin the Valley Glen neighborhood of North Hollywood. The 9,433 SF lot willbe delivered fully entitled for 66 income-restricted housing units with noparking required. The project's central Valley location and proximity to major employmenthubs and the Hollywood Burbank Airport are prime for a high velocityworkforce housing lease up strategy, allowing a mission driven developerthe opportunity to support the missing middle segment given the project'sdiscount to surrounding market rents. Plans call for an efficient five story project, utilizing an all-wood Type IIIAconstruction. The lot currently consists of a single-family residence that willbe delivered vacant at the close of escrow, allowing a developer to breakground immediately. The finished project totals 28,774 SF and has a desirable unit mix of 65 singles(280-360 SF) and one three-bedroom (681 SF), allowing a developer to collectrents above $5 per SF. The lot is offered at a low $37,121 per buildable unit, allowing a privately fundeddeveloper the opportunity to develop a high yielding project and capture astrong return on cost with zero tax credits or government subsidies. The project also offers the unique opportunity to purchase an ED-1 projectin a qualified opportunity zone, taking advantage of potential tax benefitsincluding potential elimination of capital gains tax, greatly enhancing projectreturns. The project is located just west of the 170 Freeway accessible via ShermanWay and provides convenient access to most major neighborhoodsthroughout the Valley. The central location allows for an easy commute tonearby neighborhoods such as Sherman Oaks, Studio City, Panorama City,and Sun Valley, among others; the site is also close proximity to three metrolocal line bus stops on Sherman Way. Located in a densely populated, infill submarket of Los Angeles, the projectbenefits from retail amenities along Sherman Way & Coldwater Canyon Ave.The project is in close proximity to schools within a half mile, including JamesMadison Middle School and Coldwater Canyon Ave Elementary School.
Exterior Features

Parking Total 0 View None View YN No

Property Features

Association YN No Listing Agreement Exclusive Right To Sell Listing Service Full Service New Construction YN No Senior Community YN No Special Listing Conditions Standard Zoning LARD1.5



Based on information from California Regional Multiple Listing Service, Inc. as of 2024-05-18T07:34:36.643. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or COMPASS. Licensed in the State of California, USA.
 
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COMPASS
6930 Indiana Ave, Suite 1
Riverside CA, 92506
Listing Agent(s): Neema Ahadian of Marcus & Millichap (310-909-5500)