Executive Summary
11841 Hart Street is a 6,447 SF (0.15 acre) R3-1 lot in North Hollywood carrying a fully designed 6-unit new-construction project. Plans by Eliad Dorfman Design call for three detached two-story buildings, each pairing a ground-floor one-bedroom flat with a larger upper unit, plus an attached rec room on each building, for a total of 4,977 SF of new living area per the plan title sheet. Four permit applications (two duplexes, one single-family dwelling with an ADU, and the demolition of the existing 996 SF house) were filed with LADBS on February 19, 2026 and are working through plan check, with electrical plan check already cleared quality review in August 2026.
The site checks every incentive box that matters in this cycle: TOC Tier 1, an ED1-eligible site, within a half mile of a major transit stop (AB 2097, so zero parking is required and zero is provided), no RSO on the new units, outside the flood zone, and no hillside or historic overlay. This analysis values the property as a development site in its current state, supported by comparable land sales and by what finished new-construction product is achieving in the surrounding blocks.
Subject Property
The parcel sits in the North Hollywood-Valley Village community plan area (Council District 2). The existing improvement is a 996 SF single-family home from 1950 that is fully depreciated relative to land value; the county carries the site at $720,000 following the December 12, 2025 arm's-length sale, and the project economics below treat the December basis as the market's most recent read on the dirt before entitlement work began.
The Project: 6 Units + 3 Rec Rooms in Plan Check
The design maximizes the R3 envelope with three detached two-story buildings running front to back along the 129-foot-deep lot. Each building pairs a ground-floor one-bedroom flat with a larger upper unit (the upper units include two-bedroom plans), plus an attached ground-floor rec room. Rec rooms of this type are commonly positioned for future conversion to additional dwelling units, subject to separate city approval, which would take the property from six to as many as nine doors over time.
Permit Status (LADBS, as of August 27, 2026)
| Permit No. | Scope | Filed | Status |
|---|---|---|---|
| 26010-20000-00606 | New duplex + attached rec room, south end of lot (11841-11841½) | Feb 19, 2026 | Verifications in Progress (Aug 11, 2026) |
| 26010-20000-00760 | New single-family dwelling + attached rec room + ADU, middle of lot (11843-11843½) | Feb 19, 2026 | Verifications in Progress (Aug 11, 2026) |
| 26010-20000-00761 | New duplex + attached rec room, north end of lot (11845-11845½) | Feb 19, 2026 | Verifications in Progress (Aug 11, 2026) |
| 26019-20000-00692 | Demolition of existing SFD and detached garage | Feb 19, 2026 | Verifications in Progress (Aug 11, 2026) |
| 26041-10000-29618 | Electrical plan check: 6 units + 3 rec rooms, new 600A service | Jul 21, 2026 | Quality Review Completed (Aug 20, 2026) |
Seller Options
- Monetize the design work and plan-check progress without carrying construction risk.
- Buyer pool: small developers and owner-builders hunting for near-shovel-ready R3 sites.
- Fastest exit; pricing anchored to the land comp set below.
- Complete plan-check corrections and clearances; sell with permits ready to pull.
- RTI sites command the strongest land pricing because the buyer's lender can underwrite a start date.
- Cost from here is plan-check fees and consultant time, not hard construction dollars.
- Deliver 4,977 SF of new, non-RSO product with zero required parking.
- Exit as a stabilized rental sale or long-term hold; rec rooms offer future ADU-conversion upside, subject to city approval.
- Highest gross outcome, highest capital requirement and duration.
Development-Site Comp Analysis
The subject competes in the market for small North Hollywood infill development sites: 6,000 to 8,000 SF multifamily-zoned lots bought for their buildable envelope, with or without plans. Closed sales below are verified against LA County assessor records; listing details are from the source listings.
Closed Sales
| Address | Status | Lot SF | Zoning | Entitlement | Price | $/SF Lot | Distance |
|---|---|---|---|---|---|---|---|
| 6857 Ben Ave, North HollywoodNearest twin: RTI for 6 units (two 4 BD duplexes + SFD + ADU, ~9,400 SF), house already demolished. $172,500 per buildable door. | Closed Dec 2024 | 7,904 | RD1.5 | RTI | $1,035,000 | $131 | 0.25 mi |
| 5327 Riverton Ave, North HollywoodVacant multifamily land carried by the assessor as apartment land; 5+ unit potential. | Closed Feb 2026 | 8,100 | R3 | Raw | $1,300,000 | $160 | 2.5 mi |
| 5922-5926 Lemp Ave, North HollywoodTwo adjacent lots sold together to one buyer as a development site; $1,087,500 per lot. | Closed Aug 2026 | 13,244 | RD2 | Raw | $2,175,000 | $164 | 1.4 mi |
| 4532 Tujunga Ave, Studio City adj.Teardown SFD with SB 8 clearance, marketed for a fourplex / townhome build; stronger submarket. | Closed Mar 2026 | 6,281 | RD1.5 | Raw | $940,000 | $150 | 3.2 mi |
| 11232 Tiara St, North HollywoodUninhabitable 676 SF house sold for land value. | Closed Jan 2026 | 7,001 | RD2 | Raw | $845,000 | $121 | 1.5 mi |
| 5716 Willowcrest Ave, North HollywoodTeardown purchase by a construction company. | Closed Jul 2026 | 6,758 | RD1.5 | Raw | $845,000 | $125 | 2.3 mi |
| 13148 Victory Blvd, Valley GlenVacant flat R3 lot marketed as 8 units by right or 2 duplexes + ADU. | Closed Oct 2024 | 6,790 | R3 | Raw | $1,050,000 | $155 | 1.8 mi |
| 11528 Emelita St, North HollywoodCorner R3 lot with a 1,376 SF house sold at land value; buyer recorded a $2.2M construction loan May 2026. | Closed Sep 2024 | 6,041 | R3 | Raw | $1,050,000 | $174 | 1.6 mi |
Active Competing Listings
| Address | Status | Lot SF | Entitlement | List Price | $/SF Lot | Distance |
|---|---|---|---|---|---|---|
| 11202 Oxnard St, North HollywoodRTI: existing duplex to 3-story triplex + 2 detached ADUs (5 units, 8,174 SF) on an RD2 corner. $195,000 per approved door. Already reduced $100,000. | Active | 7,065 | RTI | $975,000 | $138 | 1.6 mi |
| 10808 Hartsook St, North HollywoodRTI / fully entitled: four 4 BD townhomes + a 2 BD ADU (5 units). $259,000 per approved door. | Active | 6,730 | RTI | $1,295,000 | $192 | 2.8 mi |
| 6729 Babcock Ave, North HollywoodFully approved plans for a single 2,760 SF home; lighter program, useful as a price floor for approved plans nearby. | Active | 6,226 | Approved plans | $849,900 | $136 | 0.7 mi |
Closed prices, dates, lot sizes, and zoning verified against LA County assessor records August 27, 2026; listing details per Redfin, Zillow, and Homes.com. One cautionary datapoint: 5640 Case Ave (6,002 SF, marketed RTI for 4 units + ADU) was listed July 2025 at a reported ~$216/SF and was withdrawn without selling, marking the practical ceiling for small-site asks in this cycle.
What the Finished Product Is Worth
Development-site buyers underwrite backward from the exit. Below is what newly built (2025-2026 construction) small-unit product has actually closed for in North Hollywood and the adjacent Valley submarkets over the last 18 months, all sold or listed 2025-2026.
| Address | Status | Config | Bldg SF | Price | $/SF Bldg |
|---|---|---|---|---|---|
| 5622 Willowcrest Ave, North HollywoodClosest physical analog: 4 units in two 2-story duplex buildings (three 3 BD + one 2 BD), built 2025, delivered vacant. | Closed Jul 2026 | 4 units / 2 duplex bldgs | 5,095 | $2,100,000 | $412 |
| 5648 Cartwright Ave, North HollywoodSame recipe as the subject: two townhome-style units + freestanding home + JADU, built 2025. One of three sister buildings that each closed at $2,775,000 in December 2025. | Closed Dec 2025 | 4 units incl. JADU | 5,538 | $2,775,000 | $501 |
| 7726 Laurel Canyon Blvd, North Hollywood 91605Subject's own zip code: four 3 BD / 2 BA units, solar, separately metered, built 2025. | Closed Apr 2025 | 4 units | 5,010 | $2,515,000 | $502 |
| 11447 Cumpston St, North HollywoodFour gated townhome units, 15 BD / 14 BA total, 8 parking, built 2025. | Closed Dec 2025 | 4 townhomes | 6,600 | $3,350,000 | $508 |
| 5663 Case Ave, North HollywoodLarger 5-unit new-construction package (5 BD + 4 BD + three 3 BD townhome-style). | Closed Sep 2025 | 5 units | 9,722 | $3,900,000 | $401 |
| 6842 Cedros Ave, Van NuysThree separate residences: rebuilt main home + new 2-story ADU + new JADU. | Closed Jun 2026 | 3 residences | 3,287 | $1,500,000 | $456 |
| 6651 Camellia Ave, North HollywoodNear-complete (unfinished) triplex on a 6,750 SF lot, 9 BD / 6 BA, 6 garage spaces. | Active | Triplex | 4,324 | $2,950,000 | $682 |
| 8034-8038 Fair Ave, Sun ValleyCompleted December 2025: two 2-story 3 BD / 3 BA homes + a 2 BD / 2 BA ADU. | Active | 2 homes + ADU | 4,500 | $2,400,000 | $533 |
Key Takeaways
Small North Hollywood development lots (6,000 to 8,000 SF) closed between $121 and $174 per lot SF in 2024-2026, clustering around $150. The subject's R3 zoning with TOC Tier 1 sits at the strong end of that quality range; most of the cheaper prints are RD1.5 and RD2 dirt.
The nearest twin, 6857 Ben Ave (RTI for the identical 2-duplex + SFD + ADU program, two blocks away), cleared at $1,035,000, or $172,500 per approved door. Active RTI listings asking $195,000 to $259,000 per door are sitting: 11202 Oxnard has already cut $100,000 and 5640 Case was withdrawn unsold. Buyers pay for entitlement, but not at any price.
Finished 3-to-5-unit new construction is trading, not just listing: seven closed 2025-2026 sales between $401 and $508 per building SF support roughly $2.24M to $2.51M of finished value for the subject's planned 4,977 SF, and the closest configuration (two-duplex Willowcrest) sold vacant in July 2026.
The three attached rec rooms are positioned for future ADU conversion, subject to city approval, taking the project from 6 to as many as 9 doors. At the recommended pricing that is roughly $110,000 to $117,000 per potential door, a margin lever the competing RTI listings do not offer.
Pricing Recommendation
Basis of the recommendation. The band applies the closed land comp range to the subject's 6,447 SF lot, positioned above the $150 per SF cluster because of the R3 / TOC Tier 1 zoning and the design and plan-check work a buyer inherits, and cross-checked per door against the 6857 Ben Ave twin at $172,500 per approved door. The assumption is a buyer underwriting the approved program: 4,977 SF of new living area worth $401 to $508 per SF finished ($2.24M to $2.51M), with the rec rooms as conversion upside. Completing plan check before or during marketing (Option B) is the highest-leverage move available: RTI status moves the subject from competing with raw dirt to competing with 11202 Oxnard and 10808 Hartsook, and supports the $1.1M to $1.2M column above.
Against the December 2025 acquisition at $720,000, a sale inside the recommended band returns the design and entitlement spend plus a meaningful profit in under a year of ownership, without taking construction or lease-up risk.
The LAAA Team
filip.niculete@marcusmillichap.com
CA DRE #01905352
glen.scher@marcusmillichap.com
CA DRE #01962976
The LAAA Team · Marcus & Millichap · 16830 Ventura Blvd, Suite 100, Encino, CA 91436 · www.laaa.com
Also Marketed by the LAAA Team
Active land and development-site listings, several directly relevant to how the small-site development buyer pool is pricing entitled land today:
Active laaa.com land listings as of August 27, 2026, excluding properties in escrow.