Great Redevelopment opportunity in North Hollywood, CA - located at 12040 W Stagg St., currently zoned (T)R3-1-CUGU and consisting of 8,936 square feet. This single-parcel, corner lot is just one block east of Laurel Canyon Boulevard. Redevelopment Opportunities: This site offers multiple redevelopment options, providing flexibility for investors and developers:1. By-Right Development: Build up to 11 units in a 4-story structure(limited to 45 feet in height) without the need for any entitlements.2. State Density Bonus Program (AB1287): Take advantage of the state's density bonus, allowing for a 100% increase in density resulting in up to 24 units in a 5-story structure.3. 100% Affordable Housing: Pursue a 100% affordable project utilizing either the State Density Bonus or the LA City ED1 programs, potentially unlocking additional benefits and incentives for affordable housing development. The current ownership has preliminary plans for a new 11,974 SF multifamily building spanning four stories. The proposed unit mix includes: (7) one-bedroom, one-bathroom units (4) two-bedroom, one-bathroom units ADU unit (Accessory Dwelling Unit) Current Tenancy: The property is currently occupied by a tenant on a month-to-month lease.