6223-6235 Lankershim Blvd, North Hollywood, CA 91606
The Silver Saddle Motel and the Adjacent Restaurant and Development Land: a 4-parcel, 79,728 SF (1.83 acre) assemblage on Lankershim Blvd
Prepared for Ownership · August 2026 · Marcus & Millichap | The LAAA Team with the Agnew/Serling Group
Executive Summary
The subject is a rare 4-parcel assemblage under common family ownership on the west side of Lankershim Blvd between Victory Blvd and Oxnard St in North Hollywood: the operating 20-room Silver Saddle Motel on two parcels, the adjacent free-standing restaurant building (vacant), and a large vacant land parcel behind it running back toward Colfax Ave. Together the four parcels total 79,728 SF (1.83 acres) of TOC Tier 1 land in one of the San Fernando Valley's most active redevelopment corridors.
This analysis values the assemblage as a single development offering, priced against the Valley's most recent land sales and buildable-unit benchmarks, with the operating motel providing income while a buyer entitles the site. The five development pathways below, from by-right through 100% affordable, define the buyer pools the offering will be marketed to.
Parcels
4
Common family ownership
Total Lot Size
79,728 SF
1.83 acres
Motel Rooms
20
Silver Saddle Motel
TOC Tier
Tier 1
Verified August 2026 (ZIMAS)
Opportunity Zone
OZ 2.0
Tract renominated
Zoning
[Q]R3-1 / [Q]C2-1VL
City of Los Angeles
Subject Property
The full assemblage from above: the Silver Saddle Motel fronting Lankershim (gold pin), the restaurant parcel to the south, and the vacant rear land running toward Colfax Ave.
The Four Parcels
APN
Address / Location
Current Use
Lot Size (SF)
Zoning
Improvements
2335-032-019
6235 Lankershim Blvd
Silver Saddle Motel
28,825
[Q]R3-1
8,294 SF, built 1940, pool
2335-032-004
6229 Lankershim Blvd
Motel (5 units)
14,753
[Q]C2-1VL
3,122 SF in 2 buildings, built 1924
2335-032-020
6223 Lankershim Blvd
Restaurant (vacant)
14,034
[Q]C2-1VL
1,856 SF, built 1968
2335-032-021
Rear land (no address)
Vacant commercial land
22,116
[Q]R3-1
None
Total Assemblage
79,728
1.83 acres
Sources: LA County Assessor and LightBox assessment records, pulled August 2026; zoning per ZIMAS.
Component 1: The Silver Saddle Motel (6229-6235 Lankershim)
A 20-room economy motel on two parcels totaling a full acre (43,578 SF) of Lankershim Blvd frontage. The 1940 main building (8,294 SF) and the 1924 two-building bungalow motel (3,122 SF) total 11,416 SF of improvements. The motel operates today, providing holding income while a buyer entitles the site or repositions the rooms.
Component 2: The Restaurant and Rear Development Land (6223 Lankershim)
A 1,856 SF free-standing former restaurant on the Lankershim frontage plus a 22,116 SF vacant parcel behind it, together 36,150 SF (0.83 acres) of development land. The restaurant has been vacant, and ownership has indicated interest in doing something with this portion of the site.
The Silver Saddle Motel from Lankershim Blvd.
The Lankershim Blvd frontage looking north along the site.
Location
The site sits on Lankershim Blvd, the spine of North Hollywood, about a mile north of the NoHo Arts District and the Metro B (Red) Line terminus, with the NoHo West mixed-use development and the 170 Freeway minutes away. The corridor has drawn sustained developer demand: the most recent land comparable in this analysis closed on Lankershim Blvd itself, less than half a mile north of the subject, in April 2026.
Neighborhood context: Victory Blvd and the 170 Freeway.
North Hollywood location map.
Development Pathways
The pathways below apply to the full four-parcel assemblage: 79,728 SF (1.83 acres) of TOC Tier 1 land. Unit capacities are LAAA planning estimates from lot area and zoning density (R3 at one unit per 800 SF of lot; C2-1VL at R4 density, one unit per 400 SF), before dedications and design review; a buyer's architect verifies final counts.
Pathway A · By-Right
By-Right Multifamily
~135 units on the full 1.83 ac site
Market-rate apartments under the existing [Q]R3-1 and [Q]C2-1VL zoning (C2 carries R4 density).
No discretionary entitlement and no affordability requirement.
Roughly $66,700 per buildable unit at the $9M guidance.
ExitMarket-rate rental
BuyerApartment developer
DensityBase zoning
Pathway B · TOC
TOC Tier 1
~203 units on the full 1.83 ac site
Transit Oriented Communities Tier 1, verified August 2026: up to a 50% density increase plus FAR, height, and parking incentives.
Modest on-site affordable set-aside unlocks the bonus.
Roughly $44,300 per buildable unit at the $9M guidance.
ExitMixed-income rental
BuyerTOC developer
DensityUp to +50%
Pathway C · State Density Bonus
AB 1287
~271 units on the full 1.83 ac site
Stacked state density bonus: up to a 100% increase over base density for mixed-income projects.
Moderate and low income set-asides earn the added bonus layer.
Roughly $33,200 per buildable unit at the $9M guidance.
ExitMixed-income rental
BuyerDensity-bonus developer
DensityUp to +100%
Pathway D · MIIP
CHIP Mixed Income
Site-specific, AB 1287-scale yield
LA's Mixed Income Incentive Program under the Citywide Housing Incentive Program ordinance.
City incentive menu (density, FAR, height, yards) for mixed-income projects on transit corridors like Lankershim.
An alternative local path to AB 1287-scale unit counts; capacity is confirmed site-specifically.
ExitMixed-income rental
BuyerCHIP/MIIP developer
DensityIncentive menu
Pathway E · AHIP (ED1)
100% Affordable
~434 units on the full 1.83 ac site
Affordable Housing Incentive Program, the ordinance codifying ED1's ministerial fast-track: no density limit, minimal parking.
The buyer pool behind four of the five land comps, at $9,400 to $37,900 per unit.
Roughly $20,700 per buildable unit at the $9M guidance.
Exit100% affordable rental
BuyerAffordable developer
DensityUnlimited
How to read these: five buyer pools for the same land. By-right buyers pay the most per unit for the fewest units; TOC, AB 1287, and MIIP buyers spread the basis across two to three times the count with mixed-income set-asides; AHIP buyers maximize the unit count with 100% affordable projects. The strongest offer typically comes from whichever pool is most active at the time of marketing. Per-unit figures use the $9M assemblage guidance; the matrix in the Pricing section shows the full price ladder.
Land Sale Comparables
The San Fernando Valley's most recent development land sales, all closed between September 2025 and April 2026, priced per acre with the buyer's program noted where known. The most recent, and the closest, is on Lankershim Blvd itself just north of Victory Blvd, less than half a mile from the subject. The four Western Valley sales show what affordable and mixed-use developers are paying per buildable unit today.
The subject and the April 2026 Lankershim Blvd sale (A), less than half a mile apart.
The 2025-2026 Western Valley affordable-land closings (B, C, D, E).
Property
Status
Price
Lot Size
$/Acre
$/SF
Zoning
COE
Buyer Program
S
6223-6235 Lankershim Blvd North Hollywood (full 4-parcel assemblage)
Two-parcel service station assemblage on Lankershim just north of Victory Blvd, less than half a mile from the subject
B
7008-7018 Baird Ave Reseda
Closed
$3,000,000
34,651 SF (0.80 ac)
$3,771,320
$86.58
(Q)R2-2D-CDO-RIO
03/25/2026
AMCAL Multi-Housing, planned 190-unit six-story affordable project (La Estancia), roughly $15,800 per buildable unit, backed by LIHTC and $34.4M in tax-exempt bonds
C
21010 Vanowen St Canoga Park
Closed
$12,700,000
93,218 SF (2.14 ac)
$5,934,605
$136.24
LAWC
11/07/2025
Meta Housing / Foundation for Affordable Housing JV: 395-unit six-story senior affordable community under ED1 and density bonus, roughly $32,200 per buildable unit, financed with tax credits and tax-exempt bonds
D
6648-6670 Reseda Blvd Reseda
Closed
$1,700,000
62,726 SF (1.44 ac)
$1,180,563
$27.10
(T)(Q)RAS4-1VL-CDO-RIO
10/02/2025
Lender disposition (Park Reseda Mortgage LLC) after 721 days on market: shovel-ready 180-unit mixed-use project with building permits paid, roughly $9,400 per buildable unit, bought by Pacific West Communities
E
7143 Tampa Ave Reseda
Closed
$9,250,000
95,340 SF (2.19 ac)
$4,226,243
$97.02
LARA
09/25/2025
Meta Housing: planned 244-unit six-story affordable development, roughly $37,900 per buildable unit; sold at the full $9.25M asking price, essentially the subject's guidance basis per SF
Comparable Averages
$5,890,000
1.43 ac
$4,001,069
$91.85
Comp set updated August 2026. The Lankershim sale is verified against the LA County Assessor transfer record; the Baird, Vanowen, Reseda Blvd, and Tampa sales are confirmed per CoStar. Lot sizes converted to SF from the recorded acreage where needed. The averages row averages the five comparables and includes the lender disposition.
Active Competing Listing
Property
Status
Asking Price
Lot Size
$/Acre
$/SF
Zoning
Time on Market
14920 Sherman Way Van Nuys
Active
$9,950,000
106,286 SF (2.44 ac)
$4,077,869
$93.61
P1-1VL
16 months
The one comparable large-site listing on the market (per CoStar, as of August 2026): a 2.44 acre transit-oriented redevelopment site at Sherman Way and Kester, marketed by Evanisko Realty since 2025.
The most recent North Hollywood hotel trade, relevant to the Silver Saddle's 20 operating rooms. The subject's value is driven by the land; the motel contributes income in place while a buyer entitles the site, or trades individually per the marketing approach above.
Property
Status
Price
Rooms
$/Room
COE
Notes
S
Silver Saddle Motel 6229-6235 Lankershim Blvd, North Hollywood
Subject
See Pricing
20
Operating 20-room motel on 43,578 SF (1.00 ac), built 1924/1940; offered within the $9M assemblage or individually
A
Studio Lodge 11254 Vanowen St, North Hollywood
Closed
$7,500,000
102
$73,529
09/09/2025
Economy hotel repositioning opportunity; owner operated weekly rental with Residential Hotel designation, sold in a trust owned court ordered sale; marketed for potential supportive housing conversion
Sale verified against the LA County Assessor transfer record (full DTT, recorded 09/09/2025). The court ordered sale conditions and Residential Hotel designation weigh on the per-room price.
1Every comparable closed within the last year (September 2025 to April 2026). The four conventional sales averaged $4.71M per acre, and April 2026's Lankershim Blvd sale, half a mile from the subject, printed $112.32 per SF of land, essentially the subject's $112.88 per SF guidance basis for the full assemblage. The subject's $4.92M per acre sits inside the band set by the two closest-in prints (Lankershim $4.89M and Vanowen $5.93M per acre).
2Affordable and density-bonus programs set the pace: four of the five land comps carried buildable-unit underwriting, from $9,400 per unit on the one lender disposition to $37,900 per unit on Meta Housing's Tampa Ave buy. At the $9M guidance the subject prices at roughly $33,200 per AB 1287 unit and $20,700 per AHIP (ED1) unit, inside the range those buyers have paid across the Valley.
3All four parcels sit under common family ownership: a contiguous 79,728 SF (1.83 acre) TOC Tier 1 assemblage on Lankershim Blvd, an offering size that essentially never reaches this corridor in one transaction.
4The components stand alone: the motel can sell to a hospitality operator while ownership develops the land, or the entire assemblage can go to a single developer as one of the largest sites in North Hollywood.
5Active supply moves slowly at aspirational pricing: the one comparable large-site listing (14920 Sherman Way, Van Nuys, 2.44 acres asking $93.61 per SF) has sat 16 months, and the two Reseda sales took 610 and 721 days to clear. Realistic day-one pricing is what separates the sales from the sitters.
6Opportunity Zone, again: the subject sits in federally designated Opportunity Zone census tract 1241.04, and the tract has been renominated for the renewed Opportunity Zone 2.0 program, extending the capital gains deferral and basis step-up incentives for a developer or long-hold buyer. Verify on the California OZ 2.0 nomination map.
Pricing Recommendation
Full Assemblage Guidance
$9,000,000
$112.88 per SF of land across the full 79,728 SF (1.83 acre) assemblage, with income in place from the operating motel.
Land Basis
$112.88 / SF
$4,917,219 per acre · in line with the $112.32 per SF printed on Lankershim in April 2026
Per Buildable Unit
$33,210
At ~271 AB 1287 units · $20,737 at ~434 AHIP (ED1) units
Marketing Approach
We would market the property first as one development offering across all four parcels, the full 79,728 SF (1.83 acre) site. In parallel, we would also offer the Silver Saddle Motel and the restaurant plus rear land as individual sales for buyers who do not need to place the entire amount, including 1031 exchange buyers matching a smaller requirement. Smaller purchase prices open the offering to a much deeper pool of buyers, and the property sells whichever way produces the strongest total outcome, whole or in parts.
Assemblage Price Matrix
How each price point translates per SF of land and per buildable unit under the development pathways:
Price
$/Land SF
$/Unit (~135 By-Right)
$/Unit (~203 TOC)
$/Unit (~271 AB 1287)
$/Unit (~434 AHIP)
$9,500,000
$119.16
$70,370
$46,798
$35,055
$21,889
$9,250,000
$116.02
$68,519
$45,567
$34,133
$21,313
$9,000,000
$112.88
$66,667
$44,335
$33,210
$20,737
$8,750,000
$109.75
$64,815
$43,103
$32,288
$20,161
$8,500,000
$106.61
$62,963
$41,872
$31,365
$19,585
$8,250,000
$103.48
$61,111
$40,640
$30,443
$19,009
$8,000,000
$100.34
$59,259
$39,409
$29,520
$18,433
Basis and timing: the comparable set reflects the Valley's most recent land closings as of August 2026, which support the guidance above. The LAAA Team will reconfirm final pricing with ownership before going to market.
Marketing Program
Every LAAA Team listing runs a full-coverage campaign: direct phone outreach to the developer and investor pools identified for each pathway, targeted email campaigns to our proprietary buyer database, and syndication across every major commercial listing platform.
Listing Platforms
10
Full syndication
Buyer Pools Targeted
4
Hospitality, by-right, density-bonus, ED1
Campaign
Calls + Email
Direct to active buyers
Advertised On
The MLSCoStar/LoopNetCrexiBrevitasZillowRedfinApartmentBuildings.comDuxreMarcusMillichap.comwww.laaa.com
The Listing Team
This assignment is a partnership between the LAAA Team, Marcus & Millichap's Encino-based multifamily and development land specialists, and the Agnew/Serling Group, the office's industrial, office, and retail specialists.
