SoldBroker Activity · Entry № 39

North Hollywood Land Just Traded at $89/SF

Yes, it was a church. Yes, it was an owner-user. It's still $89/SF for the land.

PublishedJune 25, 2026
StatusSold · June 16, 2026
DatelineNorth Hollywood, Los Angeles
11022 Riverside Drive hero photo
FIG. 01, 11022 Riverside Drive, North Hollywood, CA 91602. Listing photo via NAI Capital.
Four takeawaysFour quick Takeaways
  1. The Land is the story.  Some investors will dismiss this as an owner-user purchase. That's fair.  But it still establishes a real transaction where nearly 2 acres traded at $89/SF.
  2. Owner-Users Are Becoming the Market.Investment sales remain slow, but owner-users are still buying. They're not waiting for lower interest rates, they're securing locations they may never have another chance to own.
  3. 149 Parking Spaces May Be the Hidden Asset.  I keep looking at the 149 parking spaces.  That opens the door for future users like schools, nonprofits, medical facilities, or other owner-users that need large parking fields.
  4. The Freeway Is the Discount.Yes, the freeway likely affected pricing. But someone still paid $7.75 million for nearly 86k SF because opportunities like this don't come around often.
Deal Stats · 11022 Riverside Drive
Sale Price
$7,750,000
closed June 16, 2026
Initial Ask
$7,750,000
no bid-ask delta recorded
Price / SF (Bldg)
$357/SF
21,689 SF building
Lot Size
86,564 SF
1.99 acres · 5 APNs
Price / Land SF
~$89.50/SF
implied land basis
Year Built
1952
RSO applicable
Zoning
R3-1-RIO
mixed residential overlay
ULA Tax Estimate
~$310,000
Parking
149 stalls
surface lot
Sale Type
Owner User
not an investment sale

What an Operator Sees

What caught my attention is that this wasn't an isolated transaction.

Just three days later, the same broker, David Knowlton of NAI Capital, sold another large church campus at 14001 Burbank Blvd. in Van Nuys. It was also an owner-user transaction on roughly 2 acres with more than 135 parking spaces.

I reached out to David to learn who the buyers are and whether these two transactions are related. If he shares additional insight, I'll update this article.

This property sits in the Studio City/Universal corridor, just minutes from Universal Studios and the North Hollywood Arts District. New townhomes nearby have been selling for around $500/SF, making this a site with long-term redevelopment potential.

7-1-2026

I found out after publishing that the buyer was Chabad, which makes the deal make a lot more sense. This wasn't an investor chasing a cap rate—it was an owner-user buying a long-term campus.

Nearly two acres with 149 parking spaces in the Studio City/Universal corridor is almost impossible to recreate today. When you look at it that way, the pricing becomes much easier to understand.

I track every sale in Los Angeles so you don't have to.  If you fund this useful, share it.

Send OMs to David@AtlasBrief.La

Brokers
Listing Broker
David W. Knowlton
NAI Capital
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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