6142 Hazelhurst PL, North Hollywood, CA 91606 - MLS#SR24095212

Key Details

Property Type Vacant Land

Listing Status Pending

Purchase Type For Sale

MLS Listing ID SR24095212

HOA Y/N No

Lot Size 0.375 Acres

Property Description

Existing burned duplex sold for land value only.

There are ten reasons why we believe you’ve just stumbled upon what could be a near-perfect affordable housing development land acquisition opportunity.

The site possesses the optimal zoning and economic incentives in place like Opportunity Zone/ED-1 Eligible/TOC/AB 2334 Very Low VMT/AB 2097 Reduced Parking Areas, etc. etc. etc.

The site is not in a specific plan or in a Redevelopment Area.

The site is located next to a swath of R1 zoned property (free parking?).

The site is located a block from grocery, and CVS and, of course, Starbucks…essentially a stone’s throw from every “critical” amenity.

The site is walking distance (1-mile) from NoHo station (both rail and bus transportation) making it viable to live at the property and not own a car.

The site is an uncommonly large single lot consisting of 16,316 SF of land with 60’ of frontage. It’s not too big of a project yet formattable enough to be compelling for a wide spectrum of investment and development organizations.

The site is flat.

The site will not require the displacement of tenants as the duplex on site has been vacant for over 5+ years (abatement filed by City in 2019) after fires burned the property. The demo is not complete. Hence, the lookback period is 5 years. The likelihood of zero replacement units also opens of conversation for less dense development typologies.

The site is 1,800 feet from NoHo west; the perfect market rate rent barometer demonstrating rental rates for 1 beds about 30% higher than the deed restricted amounts mandated for 1 bed units under ED-1.

The site enjoys immediate adjacency to a 10 unit building and 12 unit building to the north and south respectively. Hence, views from the proposed new project will not be affected likely for many years into the future (the likelihood of demolition of such buildings is low in the near term).

Location

State CA

County Los Angeles

Area Nho - North Hollywood

Zoning [Q]R3-1

Interior

Fireplace No

Exterior

Community Features Curbs,Storm Drain(s),Street Lights,Sidewalks,Urban,Valley

View Y/N Yes

View City Lights

Building

Lot Description 16-20 Units/Acre,11-15 Units/Acre,21-25 Units/Acre,26-30 Units/Acre,36-40 Units/Acre,31-35 Units/Acre

Water Public

New Construction No

Others

Senior Community No

Tax ID 2338006014

Acceptable Financing Cash,Cash to New Loan,1031 Exchange

Listing Terms Cash,Cash to New Loan,1031 Exchange

Special Listing Condition Standard