6
See all 6 photos
$4,250,000
Est. payment /mo
0.3 Acres Lot
New
11031 Aqua Vista ST North Hollywood, CA 91602
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25562481
HOA Y/N No
Lot Size 0.304 Acres
Property Description
We are pleased to present an affordable housing development opportunity at 11031-11035 Aqua Vista St, located in a prime North Hollywood neighborhood. The 13,236 SF double lot can be delivered fully entitled for 89 income-restricted housing units and qualifies for Tier 7 Section 8 rents. The project's prime location minutes from Studio City and Universal Studios offers immediate access to major employment centers, transit, and lifestyle amenities, making it ideal for a high-velocity lease up strategy. This presents a rare opportunity for a mission-driven developer to provide high-quality affordable housing in a market with strong demand and a significant supply gap. Plans call for a highly efficient five-story mid-rise building, utilizing Type IIIA construction to optimize cost-effectiveness. The completed project will span ~45,000 SF, featuring a well-balanced unit mix of nine Singles, 75 one-bedrooms, and five two-bedrooms. The site can be delivered RTI, allowing a developer to break ground immediately without entitlement risk. Please contact agents about pricing and to review plans.11031-11035 Aqua Vista St is located a half-mile from the Metro Red Line and walking distance to multiple Metro Local Line bus stops along Vineland Ave. Central location just off the 101 Freeway with a plethora of high-end amenities nearby such as Universal Studios, Lakeside Golf Club, and retailers along Ventura Blvd and Lankershim Blvd. Effective July 1st, 2025, updated rent schedules bring subsidized rents closer to market. Schedule 6 (Moderate 110% AMI) now allows up to $1,927 for studios, $2,202 for one-bedrooms, and $2,477 for two bedrooms. Schedule 9 (Low 80% AMI) permits $2,120 for studios,$2,272 for one-bedrooms, and $2,726 for two-bedrooms. These increases materially improve underwriting and support long-term valuation for fully restricted projects in strong rental submarkets. For developers pursuing maximum yield, Section 8 vouchers may even exceed current LAHD rent limits unlocking a potential path to higher stabilized income. HACLA has also actively encouraged voucher mobility into high-opportunity areas, further supporting this strategy.
Location
State CA
County Los Angeles
Area Stud - Studio City
Zoning LAR3
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 2366019003
Special Listing Condition Standard
Listed by Neema Ahadian Marcus & Millichap
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