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Drake Cruz

drake@drake4homes.com +1(562) 884-9016

$ 1,147,500

Est. payment | -/mo

7 Beds

4 Baths

2,230 SqFt

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$ 1,147,500

Est. payment | -/mo

Save

7 Beds

4 Baths

2,230 SqFt

Key Details

Property Type Single Family Home

Sub Type Single Family Residence

Listing Status Active

Purchase Type For Sale

Square Footage 2,230 sqft

Price per Sqft $514

MLS Listing ID 26875703

Bedrooms 7

Full Baths 4

HOA Y/N No

Year Built 1953

Lot Size 6,751 Sqft

Property Sub-Type Single Family Residence

Property Description

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 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.

Location

State CA

County Los Angeles

Area Vn - Van Nuys

Zoning LAR1

Rooms

Other Rooms Gazebo

Interior

Heating Wall Furnace

Cooling Wall/Window Unit(s)

Flooring Laminate

Fireplaces Type None

Furnishings Unfurnished

Fireplace No

Exterior

Parking Features Uncovered

Pool None

View Y/N No

View None

Private Pool No

Building

Entry Level One

Architectural Style Ranch

Level or Stories One

Additional Building Gazebo

New Construction No

Others

Senior Community No

Tax ID 2217025013

Special Listing Condition Standard

CRMLS Full IDX Feed (MAIN Website Search)

Listed by Sevak Keshishian Marcus & Millichap #01887505

"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "

+1(562) 884-9016

drake@drake4homes.com

6621 E Pacific Coast Hwy #150, Long Beach, CA 90803, USA

7222 Tyrone AVE Los Angeles, CA 91405

Drake Cruz

Key Details

Location

Rooms

Interior

Exterior

Building

Others

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7222 Tyrone AVE