NAI Capital completed the sale of a 10,040 square-foot mixed-use development site in North Hollywood for $3.7 million (or $349 per square foot), according to the firm.
NAI Capital Vice Presidents Emmanuel Ndu and Sam Monempour at the brokerage’s Encino office, along with Vanguard Investments Inc. President Arthur Arejian, represented seller Napa Industries. Senior Vice Presidents Ziv Kozaski and Michael Dixon with NAI Capital’s Multifamily Housing Group represented buyer California Landmark Group of West Los Angeles.
The 11430 W. Hatteras St. site has been zoned for high-density residential and has full entitlement for a 28-unit, four-story mixed-use build. Plans proposed for the NoHo Arts District- and Red Line-adjacent property include 28 two-bedroom, two-bathroom units, and two 750-square-foot ground-floor storefronts.
“Short supply coupled with demographic and lifestyle preferences are fueling strong demand for multifamily,” Ndu said in a statement. “This is a home run project for the new owner to develop.”
Monempour added, “Low vacancy rates and healthy rent growth for multifamily product continue to fuel these rare opportunities because land is virtually nonexistent for ground-up development projects.”
NAI Capital, the largest independently owned full-service commercial real estate brokerage in Southern California, is one of the largest members of the 400-office NAI Global network.