45-Unit Affordable Multifamily Development | North Hollywood (91606)
A fully entitled, transit-oriented, 4-story apartment community delivering 45 modern affordable units designed for the workforce and car-free urban renter. The project is 100% privately funded, allowing faster execution, lower costs, and immediate market capture.
- Location
- 6645 N. Lemp Ave, North Hollywood, CA 91606
Walk Score (Very Walkable)
0
Transit Score
0
- Minutes to Universal Studios, Disney, Warner Bros.
- Near Metro B Line & G Line
- Close to NoHo Arts District, retail, and daily essentials
Development Snapshot
45 Units
4 Stories
33 One-Bedrooms
12 Studios
No Resident Parking
(Transit-Oriented Design)
7,800 SF
Infill Site
RD1.5-1
Zoning
Vested &
Fully Approved Entitlements
42 Bike
Spaces
Construction
16–18 months
Financial Highlights
Year 1 Performance (Projected)
Potential Rental Income:
$1.19M
Effective Gross Income:
$1.05M
Net Operating Income:
$824,177
Net Cash Flow:
$349,650
Cost to Build:
$6.0M
Projected Value:
$16.48M
Lean operating model + low vacancy assumptions = strong, stable cash flow.
Market Opportunity
High Demand. Limited Supply. Immediate Need.
500,000+
affordable unit deficit across LA County
~4%
North Hollywood vacancy
70%
of low-income renters severely rent-burdened
$2,000-$2,200
Target rent range
500,000+
affordable unit deficit across LA County
~4%
North Hollywood vacancy
70%
of low-income renters severely rent-burdened
$1,800–$2,200
Target rent range
Media & studio workforce
Young professionals
Seniors downsizing
Car-free renters
Why This Project Wins
- Transit-Oriented
Steps from Metro, designed for walkable living.
- No Parking = More Units
Higher density, lower construction costs, stronger NOI.
- Faster Timeline
Private funding avoids subsidy delays.
- New Construction Advantage
Modern finishes at attainable rents.
Investment & Exit
Capital deployed in phases to reduce idle exposure
Planned refinance at stabilization (18-month term)
Alternatives: sale or recapitalization
Stable affordable housing fundamentals support predictable valuations and lender demand