11151 Morrison St is a triplex on 7,767 square feet of land that is zoned R4 in a Tier 1 Transit Oriented Community. This is one of the last developable LAR4 lots in the NoHo Arts District, meaning that this is just about the rarest land deal you’ll find.

What does LAR4 with Tier 1 TOC mean? You can obtain a 50% density bonus and by right, you can build one unit per 400 square feet of land! That comes out to 29 units (buyer must do their own due diligence, seller and agent make no guarantees). Additionally, the current triplex is a whopping 3,997 SF, which makes it a great deal ($344 per SF) for those of you looking to own a triplex rather than build!

11151 Morrison St is located in the heart of the outrageously trendy NoHo Arts District. It is steps away from the neighborhood’s hub of Lankershim Blvd. A new Whole Foods market is currently being constructed 0.3 miles from this building– a great sign that this is a dream development opportunity. Additionally, this parcel is one door away from “The Hesby”, an apartment complex where 3 bedrooms start at $4,139, 2 bedrooms start at $2,995, and 1 bedrooms start at $2,362.

The triplex in place is made up of three 2 bedroom units (two 2 bathrooms and one 1 bathroom). The building is generating $5,213 monthly. None of the tenants are qualified. The pro forma cap rate is at 4.59%!