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23236853 MLS Active Under Contract Status
We are pleased to exclusively present for sale a rare R3 DOUBLE LOT development opportunity located in the high rental demand neighborhood of North Hollywood! Address of both parcels is 7633-7639 Simpson Ave (APN's: 2317-007-037 & 2317-007-038). Asking price for each lot is $650,000 for a combined asking price of $1,300,000 for both lots. Located within a qualified OPPORTUNITY ZONE, this combined lot size of ~11,917 affords a developer the opportunity to build 14 units by right or up to 21 units using the state density bonus program. Further potential to add additional ADU's! (buyer to verify). Also an excellent opportunity for double-duplex/townhouse style units. Could also be great for Section 8 Housing or non-profit/low income housing development. 7633 Simpson is a Single Family Residence that is owner occupied (no tenant relocation required!), with the next door lot on 7639 Simpson being vacant land (SB 8 RUD's in hand for both lots, both lots will be EXEMPT from SB 8 Replacement Requirement!!!). The site is located on a quiet Cul-De-Sac street within close proximity to the 170 Freeway, Costco, and ~2 miles from the NOHO West Shopping Mall Complex & much more!! Low $P/SF, only ~$110/SF on the existing lot size. Lots of new development nearby. Do not miss this opportunity to build on a RARE R3 double lot, within an OPPORTUNITY ZONE, in a high rental demand area of Los Angeles! Contact listing agent for more details!

7639 Simpson Avenue, North Hollywood

22181189 MLS Active Status
The property is located on the corner of Camellia Ave and Victory Blvd. There is currently a vacant single family residence, which was constructed in 1940, totaling 945 SF on the property. The property enjoys 114.9 feet of frontage on Victory Blvd, and frontage on Camellia Ave. The property is zoned [Q]R3-1 and is located in an Opportunity Zone. The property is entitled for a 30-unit, 13,700 SF, eldercare housing development. Plans call for 6 senior independent units, 18 assisted living care with guest room, and 6 Alzheimer care with guest room units. Plans also call for 3,310 SF of open spaces and 9 parking stalls. The building would be 4 stories with Type V-A construction. Demand among developers and operators for new senior living projects is higher in 2022 than in the prior year. Driving that increase in demand are favorable demographics, an expectation that construction prices will level off in 2023 and a shift in mindset from the Covid-19 pandemic to planning for the future. (Source: Senior Housing News) The subject property is located minutes away from NoHo Arts District, as well as minutes away from the Bob Hope / Burbank Airport. North Hollywood is on the rise, with 2 brand new mixed-used developments, NoHo West, and District NoHo. District NoHo will consist of approximately 1,500 multifamily units, 100,000 SF of retail space, and 500,000 SF of office space. The property has easy access to the 170 Freeway to the west, the 5 Freeway to the east, and the 101 and 134 Freeways to the south.

6401 Camellia Avenue, North Hollywood

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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