Commercial

11042 La Maida St

11042 La Maida St, Los Angeles, CA 91601

Listing Price: $2,000,000

Lot Size
0.20 acres
Price/Acre
$10,220,554
Land Type
Redevelopment

Investment Overview

A rare vacant 17-unit TOC development site in prime North Hollywood, CA. Marcus & Millichap is pleased to present 11042 La Maida Street, a prime fully entitled ten unit multifamily development opportunity located in the highly sought after NoHo Arts district. This unique development opportunity is currently comprised of a vacant 1940 construction 2,131 square foot duplex and sits on approximately 8,524 square feet of land zoned LAR3-1. 11042 La Maida Street is ideally located in center of the high demand submarket of North Hollywood, which boasts rapid gentrification, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/ developer landlord favored market conditions with significant growth potential. Centrally located just off Lankershim Boulevard and Camarillo Street within short walking distance to the NoHo Arts District Theatres and the Metro Red Line Station, and convenietly positioned in the center of a broad range of employment and retail options, the opportunity is surrounded by affluent high-end neighborhoods, boutique bars/restaurants, and numerous high profile office towers and mixed use developments. The proposed project consists of a “by right” ten unit apartment building with three stories above one level of parking. The plans have been submitted to building and safety and is currently in last stages of approval. A potential buyer will be saving approximately a year of time moving forward with the current plans, or may elect to redesign the project and build a 17 unit apartment building, utilizing Transit Oriented Communities (TOC) Affordable Housing incentives. The property falls under TOC Tier 1, which allows for a 50% density bonus, 40% floor area ratio (FAR) bonus, 11 additional feet of allowed height, and as low as 0.5 required parking spaces per bedroom. North Hollywood has experienced a major influx of development over the last couple years. With dozens of large-scale projects now in the pipeline, North Hollywood is well on its way to becoming one of the most thriving and walkable places to live, work and play in greater Los Angeles. Smart development, increasing economic activity and transportation improvements are transforming NoHo into one of the most desirable neighborhoods in the region. Retail development also continues to improve. Lankershim Boulevard is emerging as a artistic destination as several new theatres, bars, and boutique restaurants joined the Arts District’s historically mom n’ pop retailers. Whole Foods, The Federal Bar, NoHo Commons and HAHA Comedy Club each bring something unique to the boulevard and attract a wide range of tourists and night-life vistors. Due to the city’s sought after dining, nightlife and artistic lifestyle...demand for housing has reached an all time high. In order to meet the demand for housing, developers have flocked to North Hollywood to build close to $3 billion in mixed use projects from 2015 - 2020. North Hollywood has experienced a dramatic transformation over the past decade with a steady migration of higher income residents attracted to the area’s urban amenities, improved schools, and convenient location near key employment and entertainment centers.

Investment Highlights

  • 8,524 square feet of land zoned R3-1
  • TOC Tier 1, allowing for up to 17 apartment units
  • Plans also available for a proposed 10 unit project that is in final stages of approval
  • Should a buyer move forward with the proposed 10 unit project, they would be exempt from the Affordable Housing Linkage Fee. Buyer to verify.
  • Approximately 55 feet of frontage along La Maida Street
  • Proximate to Burbank, NoHo Arts District, Studio City, Hollywood, Van Nuys, and Sherman Oaks
  • Easy access to the 134, 101, 170 and 405 Freeways

Exclusively Listed By

Listing Price: $2,000,000

Lot Size
0.20 acres
Price/Acre
$10,220,554
Land Type
Redevelopment

Investment Highlights

  • 8,524 square feet of land zoned R3-1
  • TOC Tier 1, allowing for up to 17 apartment units
  • Plans also available for a proposed 10 unit project that is in final stages of approval
  • Should a buyer move forward with the proposed 10 unit project, they would be exempt from the Affordable Housing Linkage Fee. Buyer to verify.
  • Approximately 55 feet of frontage along La Maida Street
  • Proximate to Burbank, NoHo Arts District, Studio City, Hollywood, Van Nuys, and Sherman Oaks
  • Easy access to the 134, 101, 170 and 405 Freeways

Investment Overview

A rare vacant 17-unit TOC development site in prime North Hollywood, CA. Marcus & Millichap is pleased to present 11042 La Maida Street, a prime fully entitled ten unit multifamily development opportunity located in the highly sought after NoHo Arts district. This unique development opportunity is currently comprised of a vacant 1940 construction 2,131 square foot duplex and sits on approximately 8,524 square feet of land zoned LAR3-1. 11042 La Maida Street is ideally located in center of the high demand submarket of North Hollywood, which boasts rapid gentrification, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/ developer landlord favored market conditions with significant growth potential. Centrally located just off Lankershim Boulevard and Camarillo Street within short walking distance to the NoHo Arts District Theatres and the Metro Red Line Station, and convenietly positioned in the center of a broad range of employment and retail options, the opportunity is surrounded by affluent high-end neighborhoods, boutique bars/restaurants, and numerous high profile office towers and mixed use developments. The proposed project consists of a “by right” ten unit apartment building with three stories above one level of parking. The plans have been submitted to building and safety and is currently in last stages of approval. A potential buyer will be saving approximately a year of time moving forward with the current plans, or may elect to redesign the project and build a 17 unit apartment building, utilizing Transit Oriented Communities (TOC) Affordable Housing incentives. The property falls under TOC Tier 1, which allows for a 50% density bonus, 40% floor area ratio (FAR) bonus, 11 additional feet of allowed height, and as low as 0.5 required parking spaces per bedroom. North Hollywood has experienced a major influx of development over the last couple years. With dozens of large-scale projects now in the pipeline, North Hollywood is well on its way to becoming one of the most thriving and walkable places to live, work and play in greater Los Angeles. Smart development, increasing economic activity and transportation improvements are transforming NoHo into one of the most desirable neighborhoods in the region. Retail development also continues to improve. Lankershim Boulevard is emerging as a artistic destination as several new theatres, bars, and boutique restaurants joined the Arts District’s historically mom n’ pop retailers. Whole Foods, The Federal Bar, NoHo Commons and HAHA Comedy Club each bring something unique to the boulevard and attract a wide range of tourists and night-life vistors. Due to the city’s sought after dining, nightlife and artistic lifestyle...demand for housing has reached an all time high. In order to meet the demand for housing, developers have flocked to North Hollywood to build close to $3 billion in mixed use projects from 2015 - 2020. North Hollywood has experienced a dramatic transformation over the past decade with a steady migration of higher income residents attracted to the area’s urban amenities, improved schools, and convenient location near key employment and entertainment centers.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower