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$9,000,000
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25626591
HOA Y/N No
Property Description
The LAAA Team of Marcus & Millichap is pleased to present 5511 Ethel Avenue, a 199-unit, 100% affordable, in-entitlement multifamily development opportunity in the heart of Sherman Oaks. This scale of affordable housing in such a high-barrier to entry Sherman Oaks location is exceptionally rare. In a submarket where new construction one-bedroom rents exceed $3,000, this project delivers urgently needed workforce and affordable housing, directly addressing the region's acute supply constraints for cost burdened renters.PropertyDesigned by JZA Architecture, one of Los Angeles' leading firms specializing in large scale ED1 and 100% affordable housing projects, the proposed six-story community features an efficient stacked design that maximizes unit yield, constructability, and long-term operating efficiency. JZA's deep experience with Executive Directive 1 (ED1) and entitlement driven affordable housing ensures a thoughtfully executed plan that aligns with both policy requirements and modern design standards.The project delivers a highly efficient unit mix of 175 one-bedroom units, 14 two-bedroom units, five three-bedroom units, and five studios, creating a versatile and modern housing tailored for affordable and workforce households. While the development qualifies for no parking requirement, the project provides 147 on-site subterranean and 1st floor parking stalls, offering a significant competitive advantage in tenant convenience.LocationStrategically located within walking distance of major transit routes, the site benefits from High Quality Transit Corridor status and direct access to Ventura Boulevard's retail and employment centers. Importantly, the property sits within walking distance of Los Angeles Valley College (LAVC), a major regional institution serving more than 30,000 students annually, with no on-campus housing. This proximity positions the project to capture strong everyday demand, while also benefiting from LAVC's steady daytime population, workforce pipeline, and multi-year campus modernization investment. The presence of a large, stable educational anchor enhances the site's long-term relevance for affordable and workforce housing, supporting occupancy resilience and broad-based tenant demand.The surrounding submarket of Sherman Oaks continues to exhibit strong fundamentals for affordable and workforce housing, supported by diverse employment anchors, transit connectivity, and limited new supply due to zoning constraints. With new-construction one-bedroom rents now exceeding $3,000 per month, demand for attainable, income-restricted housing remains exceptionally high, further reinforcing the long term stability and absorption strength of this project.
Location
State CA
County Los Angeles
Area So - Sherman Oaks
Zoning R1
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 2345005016
Special Listing Condition Standard
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Listed by Filip Niculete Marcus & Millichap
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