11143 - 11153 Acama Street Los Angeles, CA 91602
27,000 Sq. Ft Development Opportunity in Prime Studio City
SOLD: $5,300,000 CAP RATE: 4.25% GRM: 14.50 PRICE PER SQUARE FOOT: $363
We are pleased to announce the sale of 11143–11153 Acama Street a rare triple lot development opportunity located in a prime AAA Studio City pocket adjacent to Toluca Lake and Sherman Oaks. The property consists of three identical six unit buildings totaling eighteen existing units generating $30,707 per month in rental income allowing the buyer to maintain strong cash flow during the entitlement phase.
The combined site spans over 27,000 square feet of land zoned LA R3 with generous dimensions of approximately 150 feet wide by 180 feet deep. Plans have been proposed under the ED1 program for a future 131 unit development making this a highly attractive covered land play in an exceptional infill location.
The property sold for $5,300,000 which reflects a 4.25% cap rate a 14.50 GRM a $363 price per square foot of land a $196 price per buildable unit and approximately $40,000 per existing unit. The combination of strong in place income and significant development potential makes this one of the most compelling opportunities in the Studio City and Toluca Lake submarket.
David Saghian represented both the buyer and the seller in the transaction.
Investment Highlights
Prime AAA Studio City location positioned between Toluca Lake and Sherman Oaks
Rare triple lot totaling more than 27,000 square feet of LA R3 land with generous 150 foot width and 180 foot depth
Plans proposed through the ED1 program for a 131 unit development
Existing eighteen units generating $30,707 per month across three identical six unit buildings providing covered land income during entitlements
Sold for $5,300,000 reflecting a 4.25% cap rate a 14.50 GRM a $363 price per square foot a $196 price per square foot on land and a $40,000 price per proposed buildable unit
Excellent long term development upside in one of the strongest multifamily corridors in Los Angeles
Buyer and seller represented by David Saghian
Exclusively Listed & Sold By:
David Saghian
(310) 401-1559
dsaghian@lyonstahl.com