*SOLD FOR LAND VALUE*Prime multifamily development opportunity. Rare opportunity to acquire an existing 14 unit building in the NoHo Arts District. This development opportunity is situated near numerous other multifamily and mixed use projects, including 297 units at 5101 Lankershim (upcoming), the 100 unit Avana (leased), and Studio 77 which is a 156 unit mixed use development on the corner of Otsego and Lankershim. With such a large and well positioned lot, the subject property is an ideal acquisition for any developer looking to grow their portfolio in the San Fernando Valley. The property is currently operating as an apartment building at 93% occupancy (1 unit being held vacant). Prime Multifamily Development Opportunity for sale at $79,545 per buildable unit (by-right) and only $196/Lot SF. The existing LAR4-1VL zoning allows for a by-right development of 44 units, or 1 unit per 400 SF of land. The subject property is comprised of nine 1Br + 1Ba units and five 2Br + 1Ba units.
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