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 · Updated August 2026 (original proposal February 2025) · 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 property as two components that can be sold together or separately: the motel as an operating hospitality / value-add asset priced on the room count and its oversized lot, and the restaurant plus rear land as a multifamily development site priced against nearby North Hollywood land sales and buildable-unit benchmarks.
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)
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 and the February 2025 LAAA analysis.
Component 1: The Silver Saddle Motel (6229-6235 Lankershim)
A 20-room economy motel on two parcels totaling 43,578 SF (1.00 acre), more than 60% larger than the lot of any comparable Valley motel sale. 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: all four land comparables in this analysis closed within about 1.25 miles of the subject.
Neighborhood context: Victory Blvd and the 170 Freeway.
North Hollywood location map.
Development Pathways
The unit counts below are from the February 2025 LAAA development analysis of the 36,150 SF restaurant and rear-land component (0.83 acres). The full 1.83 acre assemblage roughly doubles the land available to the same programs.
Pathway A · Hold / Reposition
Operating Motel + Land Bank
20 rooms, income in place
Keep the Silver Saddle operating; renovate rooms and lift ADR.
Hold the restaurant and rear land, or entitle it while the motel pays the carry.
No entitlement risk today; every redevelopment option stays open.
ExitHospitality / value-add
BuyerOwner-operator
TimelineImmediate
Pathway B · By-Right
By-Right Multifamily
67 units on the 0.83 ac land
Market-rate apartments under the existing [Q]R3-1 and [Q]C2-1VL zoning.
No discretionary entitlement; ministerial path.
$53,731 per buildable unit at a $3.6M land basis.
ExitMarket-rate rental
BuyerApartment developer
DensityBase zoning
Pathway C · Density Bonus
AB 1287 / TOC Tier 1
132 units on the 0.83 ac land
Stacked state density bonus with a modest affordable set-aside.
TOC Tier 1 verified: 35% density bonus, 40% FAR increase, reduced parking.
$27,273 per buildable unit at a $3.6M land basis.
ExitMixed-income rental
BuyerDensity-bonus developer
Density+ Bonus units
Pathway D · Max Density
ED1 100% Affordable
197 units on the 0.83 ac land
Executive Directive 1: ministerial approval, no density limit, minimal parking.
The buyer pool behind two of the four land comps, at $18,000 to $33,000 per unit.
$18,274 per buildable unit at a $3.6M land basis.
Exit100% affordable rental
BuyerED1 developer
DensityUnlimited
How to read these: Pathway A needs no approvals and keeps income in place. Pathways B through D are alternative buyer pools for the land: by-right buyers pay the most per unit for the fewest units, while density-bonus and ED1 buyers spread the land basis across two to three times the unit count. The strongest offer typically comes from whichever pool is most active at the time of marketing; all three land pathways are priced in the matrix below.
Motel Sale Comparables
San Fernando Valley motel sales, priced per room. All four are closed sales from the February 2025 analysis.
Property
Status
Price
Rooms
Lot Size
$/Room
Year Built
COE
S
Silver Saddle Motel 6235 Lankershim Blvd, North Hollywood
Subject
$4,250,000
20
43,578 SF (1.00 ac)
$212,500
1940
A
Redwood Lodge Motel 9029 San Fernando Rd, Sun Valley
Closed
$2,145,000
13
13,504 SF (0.31 ac)
$165,000
1921
05/01/2024
B
Villa Las Palmas 10225 San Fernando Rd, Los Angeles
Closed
$2,550,000
15
10,454 SF (0.24 ac)
$170,000
1975
04/18/2023
C
Good Knight Inn Motel 9247 Sepulveda Blvd, North Hills
Closed
$3,915,000
25
27,007 SF (0.62 ac)
$156,600
1945
04/14/2023
D
Oak Tree Inn 17448 Ventura Blvd, Encino
Closed
$7,300,000
26
25,700 SF (0.59 ac)
$280,769
1949
10/10/2024
Comparable Averages
$3,977,500
20
0.44 ac
$201,392
Comp set from the February 2025 LAAA analysis. Lot sizes converted to SF from the recorded acreage. The $/Room average is aggregate price over aggregate rooms across the four comparables.
Land Sale Comparables
North Hollywood development land sales, priced per acre, with the buyer's program noted where known. All four are closed sales from the February 2025 analysis, each within about 1.25 miles of the subject.
Property
Status
Price
Lot Size
$/Acre
Zoning
COE
Buyer Program
S
6223 Lankershim Blvd North Hollywood (land component)
Subject
$3,600,000
36,150 SF (0.83 ac)
$4,338,045
[Q]C2-1VL / [Q]R3-1
67 by-right / 132 AB 1287 / 197 ED1
A
6142 Hazelhurst Pl North Hollywood
Closed
$1,875,000
16,553 SF (0.38 ac)
$4,934,210
R3-1
11/18/2024
Sold to an ED1 developer, roughly $18,000 per ED1 unit
B
12409 Victory Blvd North Hollywood
Closed
$4,950,000
35,284 SF (0.81 ac)
$6,111,111
R4
11/08/2024
Buyer building an elementary and middle school
C
11303 Burbank Blvd North Hollywood
Closed
$1,650,000
10,454 SF (0.24 ac)
$6,875,000
C2
02/21/2024
27 units by right ($61,000/unit) or 48 with TOC bonus ($34,000/unit)
D
5625 Case Ave North Hollywood
Closed
$2,300,000
16,117 SF (0.37 ac)
$6,216,216
RD1.5
03/01/2024
ED1 buyer, 70-unit 100% affordable building ($33,000/unit)
Comparable Averages
$2,693,750
0.45 ac
$6,034,134
Comp set from the February 2025 LAAA analysis. Lot sizes converted to SF from the recorded acreage. The averages row averages the four comparables.
Key Takeaways
1North Hollywood development land closed between $4.93M and $6.88M per acre across the comp set (average $6.03M per acre). The subject land guidance of $4.34M per acre sits below every comparable on a per-acre basis, reflecting its larger size and the value of pricing to move.
2ED1 and density-bonus programs set the pace: three of the four land comps carried buildable-unit underwriting of $18,000 to $34,000 per unit. At $3.6M the subject prices at $27,273 per AB 1287 unit and $18,274 per ED1 unit, inside the range those buyers have already paid nearby.
3Valley motels traded between $156,600 and $280,769 per room. At $212,500 per room the Silver Saddle prices mid-band while carrying 43,578 SF of land, more than 60% larger than any comparable's lot (the largest was 27,007 SF), so the room price is backstopped by redevelopment value.
4All 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.
5The 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.
Pricing Recommendation
Combined Assemblage Guidance
$7,850,000
Approximately $98 per SF of land across the full 79,728 SF (1.83 acre) assemblage, with income in place from the operating motel.
Component 1: Silver Saddle Motel
$4,250,000
$212,500 per room · $372 per SF of building · 43,578 SF (1.00 ac) of land
Component 2: Restaurant + Rear Land
$3,600,000
$99.59 per SF of land · $4,338,045 per acre · 36,150 SF (0.83 ac)
Land Component Price Matrix
How each price point translates per SF of land and per buildable unit under the three development programs (February 2025 LAAA analysis):
Price
$/Land SF
$/Unit (67 By-Right)
$/Unit (132 w/ AB 1287)
$/Unit (197 w/ ED1)
$4,000,000
$110.65
$59,701
$30,303
$20,305
$3,900,000
$107.89
$58,209
$29,545
$19,797
$3,800,000
$105.12
$56,716
$28,788
$19,289
$3,700,000
$102.35
$55,224
$28,030
$18,782
$3,600,000
$99.59
$53,731
$27,273
$18,274
$3,500,000
$96.82
$52,239
$26,515
$17,766
$3,400,000
$94.06
$50,746
$25,758
$17,259
$3,300,000
$91.29
$49,254
$25,000
$16,751
$3,200,000
$88.52
$47,761
$24,242
$16,244
$3,100,000
$85.76
$46,269
$23,485
$15,736
Basis and timing: pricing guidance and the comparable set are from the February 2025 LAAA proposal for this property. Before going to market, the LAAA Team will refresh the comparable set and reconfirm pricing against then-current land and hospitality conditions.
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.
