We are proud to present 6311 Hazeltine Ave, Van Nuys, CAa unique investment opportunity with a range of possibilities for astute investors and developers.This expansive 10,621-square-foot corner lot currently hosts a duplex on the northern half, with two 900+ square foot, two-bedroom, one-bathroom units that generate $3,450 in monthly rental income. Each unit enjoys its own private garage, with a shared driveway between them.The southern half of the lot, comprising over 5,000 square feet of raw, undeveloped land, is primed for new development.The property’s zoning, (Q)RD1.5, allows for various development strategies. One option is to demolish the existing duplex and capitalize on the zoning to construct up to 5 units by right. Alternatively, leveraging the TOC Tier 1 density bonus, a developer could create up to 8 units, with just one unit designated for low-income housing. This plan could be further enhanced with the addition of ADUs, resulting in a total of up to 10 units.For those considering affordable housing, the property is also an excellent candidate for ED1 100% affordable development, potentially accommodating over 40 units.Alternatively, a buyer might choose to retain the existing duplex and develop the vacant portion of the lot. Options include constructing two large detached ADUs, resulting in a 4-unit property, or developing three additional units by right plus the two ADUs, culminating in a 7-unit property.This property offers a rare combination of current income and significant development potential, making it an ideal opportunity for a wide range of investment strategies.With the existing duplex in place, a developer has the opportunity to secure an attractive residential loan, likely requiring only a 25% down payment. This financing option can provide significant savings during the planning phase with LA City, as the buyer explores the various development paths available.
Property Details
Price:
$995,000
MLS #:
24432117
Status:
Pending
Baths:
0
Address:
6311 Hazeltine Avenue 2240015014
Type:
Land
City:
Van Nuys
Listed Date:
Aug 26, 2024
State:
CA
ZIP:
91401
Lot Size:
10,604 sqft / 0.24 acres (approx)
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- Address6311 Hazeltine Avenue 2240015014 Van Nuys CA
- CityVan Nuys
- CountyLos Angeles
- Zip Code91401
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Courtesy of Marcus & Millichap. Disclaimer: All data relating to real estate for sale on this page comes from the Broker Reciprocity (BR) of the California Regional Multiple Listing Service. Detailed information about real estate listings held by brokerage firms other than include the name of the listing broker. Neither the listing company nor shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. The Broker providing this data believes it to be correct, but advises interested parties to confirm any item before relying on it in a purchase decision. Copyright 2024. California Regional Multiple Listing Service. All rights reserved.
6311 Hazeltine Avenue 2240015014
Van Nuys, CA
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