0.3 Acres Lot
0.3 Acres Lot
Key Details
Property Type Apartment
Sub Type Apartment
Listing Status Active
Purchase Type For Sale
MLS Listing ID SB26124609
HOA Y/N No
Year Built 1924
Lot Size 0.300 Acres
Property Sub-Type Apartment
Property Description
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
Fireplace No
Laundry None
Exterior
Parking Features Assigned, Driveway, Garage Faces Front, Garage, Paved, Private
Garage Spaces 4.0
Garage Description 4.0
Pool None
Community Features Curbs, Street Lights, Sidewalks, Urban
Total Parking Spaces 4
Private Pool No
Building
Lot Description 0-1 Unit/Acre, Corner Lot, Front Yard, Near Public Transit, Paved, Value In Land, Yard
Story 2
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2337033001
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition Standard
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
3020 Old Ranch Parkway Suite 250, Seal Beach, CA, 90740, US