12801 Barbara Ann Street, North Hollywood
North Hollywood Home For Sale
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.
Property Details
Additional Information
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- City:
- North Hollywood
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- County:
- Los Angeles
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- Zip:
- 91605
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- MLS® #:
- 24391191
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- Lot Size:
- 0.22
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- HOA Dues:
- $
Based on information from California Regional Multiple Listing Service, Inc. as of July 14th, 2024 at 7:15pm PDT. 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 usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.