$ 2,800,000
5315 Riverton AVE North Hollywood, CA 91601
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$ 2,800,000
Est. payment | /mo
10,798 Sqft Lot
$ 2,800,000
Est. payment | /mo
10,798 Sqft Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID OC24229901
HOA Y/N No
Lot Size 10,798 Sqft
Property Description
Soon to be RTI development opportunity in North Hollywood – approximely 10,803 SF Lot with Approved Plans for 22 plus 5 recreation units for ADU development
This prime 10,805 square foot property (0.248 acres) is located in North Hollywood, offering approximately 80 feet of frontage along North Riverton Avenue and a depth of about 135 feet. Currently improved with two residential buildings and a garage/storage structure.
Zoned R3-1VL, TIER 3, the site is within a designated State Enterprise Zone, providing potential incentives for development.
The approved project plans call for the construction of a 22-unit residential building, plus 5 recreation units for ADU development, one in each floor, with a total building height of 56 feet. The project will feature five residential levels above one subterranean parking level, comprising approximately 31,622 square feet of space with a Floor Area Ratio (FAR) of 4.3:1. The mix of units will include 3 one-bedroom units, 17 two-bedroom units, and 2 three-bedroom units, along with 23 on-site parking spaces.
As part of the affordable housing requirements, the project will include (1) two-bedroom unit designated for Extremely Low Income Households and (1) one-bedroom unit designated for Very Low Income Households, as per (HCD). Additionally, One (1), one (1) bedroom unit on the Existing Project was verified by the Department to be occupied by a Very Low Income Household who is entitled to the right of first refusal to a comparable unit of the same bedroom type at the completed Project.
This property offers an exciting opportunity for a developer looking to capitalize on the growing North Hollywood market, with an approved plan for high-density residential development in a prime location.
This prime 10,805 square foot property (0.248 acres) is located in North Hollywood, offering approximately 80 feet of frontage along North Riverton Avenue and a depth of about 135 feet. Currently improved with two residential buildings and a garage/storage structure.
Zoned R3-1VL, TIER 3, the site is within a designated State Enterprise Zone, providing potential incentives for development.
The approved project plans call for the construction of a 22-unit residential building, plus 5 recreation units for ADU development, one in each floor, with a total building height of 56 feet. The project will feature five residential levels above one subterranean parking level, comprising approximately 31,622 square feet of space with a Floor Area Ratio (FAR) of 4.3:1. The mix of units will include 3 one-bedroom units, 17 two-bedroom units, and 2 three-bedroom units, along with 23 on-site parking spaces.
As part of the affordable housing requirements, the project will include (1) two-bedroom unit designated for Extremely Low Income Households and (1) one-bedroom unit designated for Very Low Income Households, as per (HCD). Additionally, One (1), one (1) bedroom unit on the Existing Project was verified by the Department to be occupied by a Very Low Income Household who is entitled to the right of first refusal to a comparable unit of the same bedroom type at the completed Project.
This property offers an exciting opportunity for a developer looking to capitalize on the growing North Hollywood market, with an approved plan for high-density residential development in a prime location.
Location
State CA
County Los Angeles
Area Nho - North Hollywood
Zoning LAR3
Interior
Fireplace No
Exterior
Community Features Curbs
View Y/N No
View None
Building
Water Public
New Construction No
Others
Senior Community No
Tax ID 2416011026
Acceptable Financing 1031 Exchange
Listing Terms 1031 Exchange
Special Listing Condition Standard
Listed by Ramin Favakehi • Ramin Favakehi, Broker • 949-929-2630