5554 KLUMP Avenue, North Hollywood, CA 91601
Property · 2 recorded sales since 2015
Sold August 2022
Listing Agent: Filip Niculete (DRE #01905352) · Listing Office: Marcus & Millichap · Contact: 818-212-2700 · Bought with: Filip Niculete · Marcus & Millichap · MLS #22148339 · Source: CRMLS
About this property
We are proud to present this rare triple-lot assemblage development opportunity in the North Hollywood Arts District. The offering sits on 21,761 square feet of land zoned C2-1 & R4 with a TOC Tier 3 bonus, and it is located in a qualified opportunity zone. With the 3 lots' combined zoning, a developer can build 54 market-rate units by-right, or a developer could choose to utilize the TOC Tier 3 Density bonus and build up to 96 apartment units.With the TOC Tier 3 bonus, a developer will be allowed an increased FAR and height limit to 4.5:1 and 97 feet, respectively. The property is also located in an Opportunity Zone which comes with significant tax incentives. To learn more about the TOC program and/or the Opportunity Zone tax law, please contact us today.Currently, there are 12 apartment units on two of these lots that bring in almost $220,000 in gross annual income. With the current rents from these apartment units, the buyer will be able to receive attractive financing and also will be able to cash flow positive while going through the entitlement process with the City. Additionally, there is a single family house on the third lot in this offering. A savvy developer could purchase this lot in a separate escrow in order to receive very attractive residential financing which will minimize the down payment required.The NoHo Arts District is a community that is home to theaters, cafes, art galleries, eateries, shopping, entertainment and much more. The area has recently seen a surge of new developments to add to its already lively scene. The NoHo Arts District is being transformed into a regional hub in the San Fernando Valley with the construction of Metro Stations connection neighboring cities. High density developments are being constructed around these Stations, creating a walkable urban village unlike an other.
Listing description from the August 2022 sale, as reported to CRMLS.
Sale history
