2
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$3,495,000
Est. payment /mo
0.31 Acres Lot
New
11448 Cumpston ST North Hollywood, CA 91601
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-23480
HOA Y/N No
Lot Size 0.307 Acres
Property Description
Located in the heart of the NoHo Arts District, 11448 Cumpston Street presents a rare opportunity to acquire a multifaceted asset on a +/-13,355 SF lot with immediate value-add potential and long-term development upside. Currently operating as a 15-unit apartment complex, the property features a unit mix of (12) 1-bed / 1-bath units, (2) studio / 1- bath units, and (1) 2-bed / 2-bath unit, totaling +/-8,991 SF of rentable space. Originally built in 1963, the building offers copper plumbing and a newer roof (buyer to verify).With one current vacancy, an investor who leases up the unit can achieve a projected monthly gross rental income of approximately $19,733.08. Additionally, the lot's zoning andlocation offer the potential for up to 60 new units through ground-up development--positioning this as a compelling play for either repositioning or redevelopment.The property qualifies for Tier 6 Section 8 rents and is situated within a Highest Resource Area, which maximizes incentives and density for affordable and mixed-income housing. Whether you're seeking a value-add multifamily investment with upside, exploring ADU additions, or planning a larger multifamily build, this property is strategically positioned in one of Los Angeles' most dynamic rental submarkets.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LAR4-1VL
Interior
Fireplace No
Exterior
Fence None
Community Features Street Lights, Sidewalks
View Y/N No
View None
Building
Lot Description Sprinklers None
Water Public
Others
Senior Community No
Tax ID 2350010035
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Special Listing Condition Standard
Listed by Casey Picard Keller Williams Realty