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4635 Tujunga Avenue

North Hollywood, CA 91602

$2,950,000 $12,437/Mo

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Overview

13,805

Sqft(Lot)

Description

We are pleased to present 4635-4639 Tujunga Avenue, a fully entitled affordable housing development opportunity located in the highly desirable Studio City / Valley Village corridor of North Hollywood. Situated on a 13,805 square foot site, the property is approved for a 58-unit income-restricted apartment community and qualifies for Tier 3 Section 8 rents. Positioned within a High Resource Area under the TCAC/HCD Opportunity Map and designated as a High Opportunity Area by HUD, the project offers developers meaningful advantages for tax credit scoring while enhancing long-term investment fundamentals. Delivered vacant and fully Ready-to-Issue (RTI), the project allows a developer to commence construction immediately without entitlement risk. All discretionary approvals have been completed , eliminating years of processing time, carrying costs, and approval uncertainty, allowing investors to focus on execution rather than entitlement. The approved plans feature a highly efficient six-story Type III-A building totaling approximately 37,930 square feet of residential area. By utilizing special code provisions that eliminate the need for a costly concrete podium, the design significantly improves construction efficiency and project economics. The thoughtfully designed unit mix consists of 55 one-bedroom units, 2 two-bedroom units, and 1 three-bedroom unit, maximizing efficiency while addressing the strong demand for affordable housing throughout the San Fernando Valley. Ideally positioned at the intersection of Studio City, Valley Village, and Toluca Lake, the property offers immediate access to some of Southern California's largest employment centers, including NBCUniversal, Warner Bros. Studios, Walt Disney Studios, and the broader Burbank Media District. The surrounding neighborhoods are characterized by predominantly higher-income single-family housing with limited affordable inventory, creating sustained demand from employees seeking quality workforce housing in a high-opportunity location. Recent updates to TCAC rent schedules, effective July 1, 2026, further strengthen the investment profile. Schedule IX now permits rents of up to $2,499 for one-bedroom units, while approximately 20% of the project's units designated under Schedule VI are eligible for rents of up to $2,247. These enhanced payment standards narrow the gap between restricted and market rents, improving project underwriting and supporting stronger long-term valuations. Additionally, developers pursuing maximum yield may realize further upside through Section 8 voucher participation. Combined with HACLA's continued support for voucher mobility into high-opportunity neighborhoods, the project offers a compelling opportunity to maximize stabilized income while delivering much-needed affordable housing in one of the Valley's strongest rental markets.

Property Details

Property Type : Land

Price : $2,950,000

AD Id : 87655079

MLS Id : 26856035

Lot Size : 13,805 Sqft(Lot)

County : Los Angeles

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Bathroom Information

Total Baths: 0 Full Baths: 0 Half Baths: 0

Lot Details

Lot Dimensions Source: Vendor Enhanced Lot Size Acres: 0.3169 Lot Size Dimensions: 50x129
Lot Size Source: Builder Lot Size Square Feet: 13805

Listing Price Information

Original List Price: 2,950,000 Listing Contract Date: 2026-07-06
Lease Information

Listing Agreement: Exclusive Right To Sell

Tax Information

Parcel Number: 2354008031

Other Property Info

Source Listing Status: Active Source Neighborhood: VVL - Valley Village Postal Code Plus 4: 1101 Directions: From the 101, exit Tujunga Ave and head north. Property is on Tujunga Ave between Moorpark St and Riverside Dr, south of Riverside Dr and north of Moorpark St. Zoning: R3-1 Source Property Type: Land Area: VVL - Valley Village

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