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… Read More 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. Read Less
Property listed by Lyon Stahl Investment Real Estate, Inc., Cameron Samimi 310-259-7556
Listing Snapshot
Days Online
1
Last Updated
Property Type
Apartment
Lot Size
0.3 Acres
Year Built
1924
MLS Number
SB26124609
Additional Details
Building
Built in 1924, 2 buildings, 2 stories, Entry level: 1, Entry location: Ground Level
Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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