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Listed by Cameron Samimi • Lyon Stahl Investment Real Estate, Inc.
$ 1,250,000
Est. payment /mo
New
11234 Hatteras North Hollywood, CA 91601
3,893 SqFt
UPDATED:
Key Details
Property Type Single Family Home
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
Square Footage 3,893 sqft
Price per Sqft $321
MLS Listing ID SB-26124609
Year Built 1924
Lot Size 0.300 Acres
Property Sub-Type Apartment
Source California Regional Multiple Listing Service (CRMLS)
Property Description
11234 Hatteras Street presents a rare opportunity to acquire a 5-unit multifamily asset on an expansive 13,077 SF lot in the heart of North Hollywood, one of the San Fernando Valley's most active and evolving rental submarkets. The property consists of 3,893 SF of existing improvements and features a desirable mix of 1, 2, and 3-bedroom units. With in-place rents below projected market levels, the asset offers immediate and long-term upside through rent growth, improved operations, and strategic repositioning.
The property's most compelling value-add opportunity is its significant ADU development potential. The large vacant side yard may provide the opportunity to construct up to five new ADUs, creating substantial additional rental income and long-term value.
Illustrative development projections indicate the potential construction of five new 850 SF ADUs, resulting in a projected stabilized 7.0% cap rate and an estimated exit value of approximately $2,650,000, representing roughly $400,000 in potential value creation before any additional upside achieved through repositioning the existing units. Based on the seller's preliminary assumptions, the project could potentially generate a 156% return on equity over an estimated 18-month period utilizing 90% LTV financing. Buyer to independently verify all development costs, financing assumptions, rental projections, cap rates, timelines, and projected returns.
The location further strengthens the investment story. The property is positioned near the NoHo Arts District, North Hollywood Metro Station, NOHO West, and the planned District NoHo development, a transformative transit-oriented mixed-use project expected to bring new housing, retail, office space, public open areas, and enhanced transit infrastructure to the neighborhood. As North Hollywood continues to attract new investment, residents, employers, and entertainment venues, 11234 Hatteras Street offers investors a unique combination of stable in-place income, rental upside, and exceptional ADU-driven development potential.
The property's most compelling value-add opportunity is its significant ADU development potential. The large vacant side yard may provide the opportunity to construct up to five new ADUs, creating substantial additional rental income and long-term value.
Illustrative development projections indicate the potential construction of five new 850 SF ADUs, resulting in a projected stabilized 7.0% cap rate and an estimated exit value of approximately $2,650,000, representing roughly $400,000 in potential value creation before any additional upside achieved through repositioning the existing units. Based on the seller's preliminary assumptions, the project could potentially generate a 156% return on equity over an estimated 18-month period utilizing 90% LTV financing. Buyer to independently verify all development costs, financing assumptions, rental projections, cap rates, timelines, and projected returns.
The location further strengthens the investment story. The property is positioned near the NoHo Arts District, North Hollywood Metro Station, NOHO West, and the planned District NoHo development, a transformative transit-oriented mixed-use project expected to bring new housing, retail, office space, public open areas, and enhanced transit infrastructure to the neighborhood. As North Hollywood continues to attract new investment, residents, employers, and entertainment venues, 11234 Hatteras Street offers investors a unique combination of stable in-place income, rental upside, and exceptional ADU-driven development potential.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Interior
Laundry None
Exterior
Parking Features Garage, Garage Faces Front, Paved, Private, Assigned, Driveway
Garage Spaces 4.0
Pool None
Community Features Curbs, Sidewalks, Street Lights, Urban
Building
Lot Description Corner Lot, Front Yard, Lot 10000-19999 Sqft, Near Public Transit, Paved, Value In Land, Yard, 0-1 Unit/Acre
Sewer Public Sewer
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