Property listed by Marcus & Millichap, Sevak Keshishian 818-212-2700
$1,147,500
7222 Tyrone Ave, a 2,200 square foot 7-bedroom/4-bathroom residence sitting on a 6,750 square foot lot in the high rental demand neighborhood of Van Nuys, California. The property has been split into 3 separate units and will be delivered vacant at the close of escrow. The offering presents investors and… Read More developers with a unique opportunity to pursue multiple potential investment strategies, including continued operation and improvement of the existing residence, potential reconfiguration of the home into separate living areas subject to applicable zoning and permitting requirements, or development of the fully entitled multifamily project. The property is currently a fully entitled multifamily development site with approvals in place for an 11-unit modern apartment building spanning four stories above grade, consisting of 10 market-rate units and 1 unit designated for a Very Low-Income tenant. The approximately 13,333 square foot project will feature a unit mix consisting of (6) 1-bedroom/1-bathroom units, (3) 2-bedroom/1-bathroom units, (1) 2-bedroom/2-bathroom unit, and (1) 3-bedroom/1-bathroom unit reserved for a Very Low-Income tenant. The development will provide 10 on-grade parking spaces. With the existing 7-bedroom/4-bathroom residence providing substantial square footage and bedroom count, buyers also have the flexibility to evaluate the property as a residential investment while determining the timing of future development. This combination of an existing improvement, a fully entitled multifamily project, and multiple potential investment strategies provides buyers with flexibility rarely available in a development opportunity of this size. The property's proximity to a major thoroughfare provides excellent accessibility, while strong rental market fundamentals support robust demand for quality single family and multifamily housing in Van Nuys. Read Less
Listing Snapshot
Days Online
49
Last Updated
Property Type
SingleFamilyResidence
Beds
7
Full Baths
4
Square Ft.
2,230
Lot Size
0.16 Acres
Year Built
1953
MLS Number
26875703
Additional Details
Building
Built in 1953, Living area: 2230.0, Levels: One
Cooling
WallWindowUnits
Fireplaces
None
Floors
Laminate
Heating
WallFurnace
Lot
0.155 acres, Dimensions: 50x135
Parking
Uncovered
Pool
None
Property
Other structures: Gazebo
Taxes
Parcel Number: 2217025013, Zoning: LAR1
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Based on information from California Regional Multiple Listing Service, Inc. as of and/or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
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