12035 Runnymede St. 15,048 sq ft parcel, zoned LAC2, LARD1.5, R3. The City of Los Angeles is in desperate need of affordable housing for 62+. This project, 4 years in predevelopment, represents a plan to assist in the city’s effort to house the elderly. Located in North Hollywood in the Eastern San Fernando Valley this is one of the most densely populated neighborhoods in the Valley. It is home to the NOHO arts district and the Academy of Television Arts and Sciences. It is a major transportation hub with a nearby international airport and freeway accessibility and the Orange line busway and the Red Line subway. The property is a few steps away from a bus stop on Laurel Canyon Blvd.

The development will be delivered 72 units RTI fully entitled, 66 1’s and 6 studios with 4 story construction and is located in an opportunity zone. The permit fees will be paid by the Buyer. The property is entitled with no parking. There are no off site requirements, no school fees, no linkages, and no relocation fees. Due diligence through the cloud box includes, Blueprints and plans, HACLA guidance, GC bids, Soils reports, Developers Proforma analysis, Brokers Development analysis, Methane report, Letter of Determination, Preliminary Zoning Assessment from City with approval for 72 units, and the Prelim. Understanding the orientation of the land is critical as the overhead power lines run away from the development site and there are fully occupied apartments nearby which are much closer to these overhead lines. The total yearly forecasted rent is 2.05 mil per yr. on an estimated projected cost basis of 15 mil including the land and entitlement and hard and soft construction costs. The brokers analyze properties on a day to day basis and this development proforma return is one of the best we have been party to. Exclusively listed by Michael Fukushima, Stephen Watson and Brendan Watson of Keller Williams Commercial DTLA and Total Realty Group. Please contact Michael at 818.321.6490 or Brendan at 213.321.0999 with any questions.