Michelle Esquivel
michelle@michellehomesellingteam.com
Michelle Esquivel
michelle@michellehomesellingteam.com0.37 Acres Lot
0.37 Acres Lot
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
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
michelle@michellehomesellingteam.com
515 S Myrtle Ave, Monrovia, CA, 91016, USA