We are pleased to present an affordable housing development opportunity at 12801 Barbara Ann St. Located just south of Sherman Way in the Valley Glen neighborhood of North Hollywood. The 9,433 SF lot will be delivered fully entitled for 45 income-restricted housing units with no parking required. The project's central… Read More Valley location and proximity to major employment hubs and the Hollywood Burbank Airport are prime for a high velocity workforce housing lease up strategy, allowing a mission driven developer the opportunity to support the missing middle segment given the project's discount to surrounding market rents. Plans call for an efficient five story project, utilizing an all-wood Type IIIA construction. The lot currently consists of a single-family residence that will be delivered vacant at the close of escrow, allowing a developer to break ground immediately. The finished project totals 28,774 SF and has a desirable unit mix of one single (386 SF), 43 one-bedrooms (434-455 SF), and one three-bedroom (903 SF), allowing a developer to collect rents above $5 per SF. The lot is offered at a low $40,000 per buildable unit, allowing a privately funded developer the opportunity to develop a high yielding project and capture a strong return on cost with zero tax credits or government subsidies. The project also offers the unique opportunity to purchase an ED-1 project in a qualified opportunity zone, taking advantage of potential tax benefits including potential elimination of capital gains tax, greatly enhancing project returns. The project is located just west of the 170 Freeway accessible via Sherman Way and provides convenient access to most major neighborhoods throughout the Valley. The central location allows for an easy commute to nearby neighborhoods such as Sherman Oaks, Studio City, Panorama City, and Sun Valley, among others; the site is also walking distance to three metro local line bus stops on Sherman Way. Located in a densely populated, infill submarket of Los Angeles, the project benefits from retail amenities along Sherman Way & Coldwater Canyon Ave. The project is in close proximity to schools within a half mile, including James Madison Middle School and Coldwater Canyon Ave Elementary School. Read Less
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