Daniel Hirth, Ethan Donel and Alex Reyhan of the Hirth Group have been exclusively selected to market for sale 11470 Vanowen Street, North Hollywood, CA 91605. The asset is comprised of a built to suit auto/boat repair shop with ±2,475 SF of building, two boat bays on the ground floor and an owner office suite of ±650 SF on the second floor. Phenomenal corner lot of ±12,308 SF in the highly sought-after North Hollywood submarket. This property is located within a State Enterprise Zone and an Opportunity Zone, which incentivizes investors and business owners with a variety of tax benefits provided certain conditions are met.
11470 Vanowen Street provides the opportunity to acquire a fully operating auto/boat repair shop with high ceilings, two (2) bays for boats located directly in front of the building which is currently occupied by Ermond’s Speed and Marine. The upstairs office space is equipped with a full kitchen and shower. The building is secured by an automatic gate and features ample on-site parking. Additionally, the property benefits from passive income via the billboard that has five (5) years remaining on the current lease term with below market rent. This is an ideal opportunity for a multitude of buyers, ranging from owner users, investors, and a back-door development opportunity. A developer has the potential of building thirty-one (31) units by right and forty-seven (47) units with TOC Tier 1 incentives including five (5) of those units to low-income housing.
As one of the most lucrative submarkets in the San Fernando Valley, North Hollywood has seen an influx of new developments and multi-unit housing, especially after breaking ground at the new NoHo West, a mixed-use lifestyle center. 11470 Vanowen Street is located within the North Hollywood Arts District, which in the last two decades has emerged as the intersection of an ever-evolving vibrant urban community filled with small theaters, arts-related activities and classes, restaurants and bars, apartments, and mixed-use buildings.
