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$2,000,000
Est. payment /mo
10,798 Sqft Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 26720329
HOA Y/N No
Lot Size 10,798 Sqft
Property Description
We are pleased to present 5321 Riverton Avenue, a premier entitled multifamily development opportunity located in the heart of North Hollywood, one of Los Angeles' fastest-growing rental submarkets. Positioned within a federally designated Opportunity Zone and benefiting from Transit Oriented Communities (TOC) Tier 3 incentives, the project offers investors a rare opportunity to acquire a high-density, institutional-quality development with approvals in place, significantly reducing entitlement risk and accelerating the path to construction. The property is surrounded by significant ongoing development, strong rental demand, and continued public and private investment, making it an ideal long-term hold or build-to-core strategy.This prime 10,799 SF lot will be delivered entitled with approved plans for a 27-unit residential building offering an efficient and modern unit mix designed to capture strong market rents. All major entitlements have been secured, including LADWP approval to serve the project, and the development includes approved architectural plans and MEP designsubstantially de-risking the pre-construction and entitlement timeline. The project spans approximately 31,622 square feet (4.3:1 FAR) and is designed as a five-story building with a height of 56 feet, featuring subterranean parking with 23 on-site spaces. The unit mix includes 3 one-bedroom units, 16 two-bedroom units, 2 three-bedroom units, 4 penthouse two-bedroom units, and 2 ELI-designated affordable units, aligning with TOC requirements. The site offers approximately 80 feet of frontage along Riverton Avenue with a depth of ~135 feet and is currently improved with two residential structures and a garage/storage building.Located within the NoHo Arts District, the property benefits from exceptional walkability (84 Walk Score), strong transit accessibility, and proximity to major employment hubs including Universal Studios, the Burbank Media District, and Hollywood. The surrounding area has experienced a surge in new multifamily and mixed-use development driven by transit infrastructure, including the Metro B (Red) Line and Orange Line, positioning North Hollywood as a premier live-work-play destination. With continued rental growth, strong demographic trends, and a limited supply of fully entitled development opportunities, 5321 Riverton Avenue represents a compelling opportunity to develop a high-density asset in one of Los Angeles' most dynamic and evolving neighborhoods.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LAR3
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 2416011026
Special Listing Condition Standard
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Listed by Filip Niculete Marcus & Millichap #01905352
NEARBY SCHOOL & BUSINESS
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Sharlotte Blake
Broker Associate | License ID: 02035876
Broker Associate License ID: 02035876
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