25-Unit Multi-Family Site
Located in the Los Angeles San Fernando Valley, a region with over 1.8M residents, this RTI development project is ideally positioned to capitalize on normalizing economic times. ±15,048 sq. ft. RTI development site in Opportunity Zone in highly desirable North Hollywood with entitlements and plans for 25 units w/ combined 3-bed , 1-bed+den and 1-bed units (±21,057 sq. ft. rentable area). Convenient access to Burbank Airport, I-5, Hwy 170, Hwy 101, Universal Studios and Downtown LA. Just minutes to ‘District NoHo’ꟷa planned 2 million sq. ft. mixed-use development at the junction of the Metro B Line (Red) subway and Metro G Busway. Offered well below nearby land sales on a Price/Unit basis (Comparison with nearby land sales: 11714 ArchwoodSt (37 units) sold Apr-2021 @$96,486/approved unit; 8405 Glenoaks Bl (19-units) sold Feb 2021 @ $94,737/approved unit.
RTI is in process and will be received prior to COE (close of escrow). COE 14 days after RTI received by Owner. Purchaser will be responsible for applying for and obtaining building permits, bonds, insurance, utility meters and activation, school fees, on- and off-site improvements and all other costs associated with construction. The property is currently rented MTM at $2,750/month for storage use. Owner will deliver the property vacant and free of personal property. Owners are real estate agents.
Prospective buyers, upon execution of a confidentiality agreement, may access an online data vault containing Owner provided due diligence materials. Available due diligence materials include plans and engineering, entitlements, Ph-I, soils report, renderings, survey and current title report. Click DATA ROOM below to access the due diligence materials.
|Starting Bid Price||$1,795,000|