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Key Details
Sold Price $1,000,000
Property Type Vacant Land
Listing Status Sold
Purchase Type For Sale
MLS Listing ID SR19053511
Sold Date 04/05/19
HOA Y/N No
Lot Size 0.303 Acres
Acres 0.3029
Property Description
ATTN BUILDERS! DEVELOPERS! RD 1.5 zoning, Massive lot over 13,000 sqft & HUGE frontage of 100 FEET! Build 8 units!
Situated in the desirable Valley Glen neighborhood with close proximity to public schools, shopping, Sherman Oaks, Valley College, and the 170, 405 & 101 Freeways - allowing residents easy access to the Valley & Los Angeles. Partnership is dissolving thus property is being sold. One partner has plans to build 8 unit premier development consisting of 8 BRAND NEW luxury Townhomes with 3 bedrooms, 3.5 baths, double attached garage at 1560 sqft each, survey is complete too, partner will turn those over to new buyer. Front photo is a rendering of the new project. Upon completion of development, you have two options, keep property for cash flow - Market Projected rents for each complete unit are $3000-$3200 per unit, thats a 5.5 CAP at $4 Million for a brand new development! Option 2: SMALL LOT DEVELOPMENT subdivision, once the property is built, sell each unit separately for approximately $600K-$625 each, sell out would be $4.8M! Current use is SFR, approximately 3350 sqft with 3 units, bringing in an income of approximately $4000 per month. This is the deal you have been looking for so don't delay! DRIVE BY ONLY, NO SIGN, DO NOT DISTURB TENANTS.
Location
State CA
County Los Angeles
Area Vg - Valley Glen
Zoning LARD1.5
Interior
Fireplace No
Exterior
Community Features Curbs, Street Lights, Sidewalks, Valley
View Y/N No
View None
Building
Lot Description 6-10 Units/Acre, Back Yard, Front Yard, Yard
Sewer Public Sewer
Water Public
New Construction No
Others
Senior Community No
Tax ID 2329011006
Acceptable Financing Cash, Cash to New Loan
Listing Terms Cash, Cash to New Loan
Financing Cash
Special Listing Condition Standard
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Bought with Poupee Komenkul • Rodeo Realty