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    North Hollywood Affordable Housing Development Title is generated by Realmo AI

    5444 Camellia Ave, North Hollywood, CA 91601

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    For Sale
    $1,449,000

    LAND - North Hollywood, CA

    Property size:
    19,925 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $72/SF
    Added:
    Oct 22, 2025
    Days on Market:
    221
    Last Refresh:
    May 30 at 9:06 pm

    Property Features for 5444 Camellia Ave

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    LARD1.5
    Standard status
    Active
    APN
    2350-009-047
    Size
    19,925 SF
    Lot size
    0.15 Acres

    We can help!

    Listing Contact
    Daniel Shamooelian

    Listing agent Daniel Shamooelian License #01984269

    Listing office Keller Williams Beverly Hills 439 N Canon Dr. Suite 300, Beverly HIlls, CA

    Listing date Oct 22, 2025

    MLS# 25607381 Listing URL

    Copyright © 2026 The MLS/CLAW. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Ready‑to‑issue (RTI) permits for a 46‑unit affordable housing development.
    • Located in the highly desirable NOHO Arts District, near the Metro Red Line.
    • Significantly reduced construction costs due to zero parking spaces.
    • Priced at approximately $30,000 per unit, representing exceptional value.
    • High Walk Score (87) and Bike Score (74) indicating strong tenant demand.
    • Vacant duplex on‑site eliminates tenant relocation issues.

    Overview

    Located in the vibrant NOHO Arts District of North Hollywood, this is a ready-to-issue development opportunity for a 46-unit, 100% affordable housing project. The property is situated on a 6,591 sq. ft. corner lot. The proposed 5-story apartment project is designed for efficiency. The unit mix includes 2 two-bedroom units, 27 one-bedroom units, and 16 studios, offering approximately 19,925 sq. ft. of rentable space. The location is less than half a mile from the NOHO Metro Red Line Station, providing access to public transportation, shopping, dining, and entertainment. The property has a Walk Score of 87 and a Bike Score of 74. The affordable housing community includes 2 units reserved for very low-income households (50% AMI), 34 units reserved for low-income households (80% AMI), 8 units reserved for moderate-income households (110% AMI), and 1 market-rate manager's unit. Rents for the very low- and moderate-income units follow HCD Schedule VI, while the low-income units align with TCAC Schedule IX. The location is suitable for attracting Section 8 voucher tenants. The design features zero parking spaces. The site is currently improved with a vacant duplex. The property may be delivered as a vacant lot if desired. The lot size is 0.1512 acres.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    North Hollywood
    County
    Los Angeles
    State
    California
    Longitude
    -118.382039
    Latitude
    34.169916

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    FAQs

    What type of property is this?
    Apartment building - Ready-to-issue 46-unit affordable housing development opportunity in North Hollywood.
    Where is this apartment building located?
    The property is located at 5444 Camellia Ave North Hollywood, CA.
    What is the asking price?
    The asking price for this property is $1,449,000.
    What are key features of this property?
    This property features: Ready‑to‑issue (RTI) permits for a 46‑unit affordable housing development.; Located in the highly desirable NOHO Arts District, near the Metro Red Line.; Significantly reduced construction costs due to zero parking spaces.
    (310) 651-1800
    We can help!
    Listing Contact
    Daniel Shamooelian
    Real Estate License ID: 01984269
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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