6833 SIMPSON AVENUE, NORTH HOLLYWOOD CA 91605
- 7,905 sq.ft. lot
Property Description
A near-RTI development opportunity in the heart of North Hollywood. Situated on a 7,905 square foot LARD1.5-zoned lot with generous dimensions of 131.75 feet by 60 feet, the property currently features a vacant duplex (2+1, 1+1) and is in the final stages of approval for a 52-unit affordable housing development. The project has already secured Zoning (RD1.5), Fire Department, DAS and PZA approvals. Planning Department, Building & Safety and LID review are pending making it an almost RTI opportunity ideal for developers seeking a near-immediate path to construction. In addition to the nearly approved affordable housing plan, the property also qualifies for alternative development options under current zoning, including nine market-rate apartment units with parking, or seven townhomes plus two ADUs also with parking (Buyer to verify). A new owner also has the option to renovate and rent the existing vacant duplex as an income producing rental property. This flexibility allows investors to tailor the project to their investment goals, whether delivering mission-driven affordable housing or pursuing a market-rate strategy in a high-demand area. Offered at $1,400,000, or just $177.10 per square foot of land, the property presents an attractive land basis for a development site with entitlement momentum in one of Los Angeles' most connected neighborhoods. North Hollywood continues to grow as a major residential and employment hub, supported by access to the Metro Red Line, the revitalized NoHo Arts District, and close proximity to major entertainment and creative industry employers.
Listing Courtesy of Jake Glaser, Lyon Stahl Investment Real Estate, Inc.
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