$1,375,000
$1,375,000
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7,840 Sqft Lot
SOLD DATE : 10/26/2018
Key Details
Sold Price $1,375,000
Property Type Multi-Family
Listing Status Sold
Purchase Type For Sale
MLS Listing ID BB18262346
Sold Date 10/26/18
HOA Y/N No
Year Built 1939
Lot Size 7,840 Sqft
Acres 0.18
Property Description
11151 Morrison St is a triplex on 7,767 square feet of land that is zoned R4 in a Tier 1 Transit Oriented Community. This is one of the last developable LAR4 lots in the NoHo Arts District, meaning that this is just about the rarest land deal you’ll find.
What does LAR4 with Tier 1 TOC mean? You can obtain a 50% density bonus and by right, you can build one unit per 400 square feet of land! That comes out to 29 units (buyer must do their own due diligence, seller and agent make no guarantees). Additionally, the current triplex is a whopping 3,997 SF, which makes it a great deal ($344 per SF) for those of you looking to own a triplex rather than build!
11151 Morrison St is located in the heart of the outrageously trendy NoHo Arts District. It is steps away from the neighborhood’s hub of Lankershim Blvd. A new Whole Foods market is currently being constructed 0.3 miles from this building– a great sign that this is a dream development opportunity. Additionally, this parcel is one door away from “The Hesby”, an apartment complex where 3 bedrooms start at $4,139, 2 bedrooms start at $2,995, and 1 bedrooms start at $2,362.
The triplex in place is made up of three 2 bedroom units (two 2 bathrooms and one 1 bathroom). The building is generating $5,213 monthly. None of the tenants are qualified. The pro forma cap rate is at 4.59%!
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LAR4
Rooms
Ensuite Laundry Inside
Interior
Laundry Location Inside
Fireplace No
Laundry Inside
Exterior
Garage Spaces 3.0
Garage Description 3.0
Pool None
Community Features Curbs, Street Lights, Sidewalks
Total Parking Spaces 3
Private Pool No
Building
Lot Description Value In Land
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2353011006
Acceptable Financing Submit
Listing Terms Submit
Financing Cash to New Loan
Special Listing Condition Standard
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Bought with Elizabeth Maddox • The 2-4 Unit Specialists
"Molly's job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "