$6,000,000

11432 Vanowen Street

North Hollywood CA, 91605

Description

We very proud to present this extremely rare and exciting development opportunity in North Hollywood, CA. Stretching from Kraft Ave to Farmdale Ave, this development opportunity has 270 feet of frontage on Vanowen St and approximately 112 feet in depth on both sides, situated in an ideal rectangular shape.This development opportunity checks every box we can think of:Opportunity Zone, TOC Density Bonus, C2 Zoning, Block-to-Block 5-lot assemblage, and over 30,000 square feet of blank canvas to build up to 114 apartment units.With the C2 zoning, a multifamily developer can build up to 75 market-rate units by-right, or a developer could choose to utilize the TOC Tier 1 Density bonus and build up to 114 units, with 10 of those 114 units being set aside for very low income tenants.A couple of the main benefits of the TOC Tier 1 bonus is that a developer will be allowed an increased FAR and height limit, which will be 2.75-1 and 56 feet, respectively. The property is also located in an Opportunity Zone which allows a developer an array of tax advantages on both the purchase and the future exit.

Details

MLS#21745994
Listing TypeFor Sale
Sub-TypeResale
StatusPending
Days On Site140

Features

ZoningLAC2
Acreage0.74
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Area Information
StateCA
CountyLos Angeles
CityNorth Hollywood
Zip Code91605
AreaNHO - North Hollywood
Listing VS Median (in 91605)
Price:
$6,000,000
low | high
Med:
$750,000
100% of Average
On Site:
140
low | high
Med:
17
100% of Average
Sourced by Back At You
Listing Updated: September 2, 2021 3:49:02 PM PDT
Filip Niculete LogoMLS Number: 21745994
Listing Provided By:
Filip Niculete  of  Marcus & Millichap
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