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Listed by Casey Picard • Keller Williams Realty
$ 3,495,000
Est. payment /mo
Active
11448 Cumpston Street North Hollywood (los Angeles), CA 91601
13,355 SqFt
UPDATED:
Key Details
Property Type Vacant Land
Sub Type Unimproved Land
Listing Status Active
Purchase Type For Sale
Square Footage 13,355 sqft
Price per Sqft $261
MLS Listing ID CRP1-23480
HOA Y/N No
Lot Size 0.307 Acres
Property Sub-Type Unimproved Land
Source Datashare California Regional
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
Interior
Fireplace No
Exterior
View None
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