4418 Cahuenga Boulevard

Toluca Lake, CA, United States
USD $1,599,000
Lots & Land
Active
MLS SR20137674

Description

NEW PRICE! THIS IS AN EXCLUSIVE OFFERING IN THE AFFLUENT NEIGHBORHOOD OF TOLUCA LAKE ON A GREAT VISIBILITY STREET. THIS IS A ONE OF KIND OPPORTUNITY FOR AN ASTUTE INVESTOR OR DEVELOPER WHO WANTS TO BUILD A NEW APARTMENT BUILDING ON A PRIME SITE SURROUNDED BY LOTS OF NEW CONSTRUCTION. THIS PROPERTY SITS ON A 6,600 SQUARE FOOT LOT WITH A 20 FOOT ALLEY IN THE REAR. IT IS ZONED R3-1 WHICH ALLOWS FOR UP TO 8 BRAND NEW UNITS TO BE BUILT ON THE SITE BY RIGHT. IN ADDITION THROUGH BONUS DENSITY YOU MAY BE ABLE TO BUILD UP TO 12 UNITS ON THE SITE. THERE IS A LOT OF NEW CONSTRUCTION IN THE AREA INCLUDING A BRAND NEW 10 UNIT APARTMENT BUILDING TWO DOORS DOWN AND ANOTHER 5 UNIT CONDOMINIUM BUILDING AROUND THE CORNER. THERE ARE PLANS FOR A NEW 57 UNIT APARTMENT BUILDING JUST DOWN THE STREET THAT IS GOING TO BEGIN CONSTRUCTION SOMETIME THIS SUMMER. THERE ARE NO ENTITLEMENTS FOR NEW CONSTRUCTION ON THIS SITE. THE PROPERTY IS CURRENTLY IMPROVED WITH A 4 UNIT APARTMENT BUILDING THAT IS UNDER RENT CONTROL AND FULLY OCCUPIED. DO NOT MISS OUT ON THIS GREAT OPPORTUNITY AS THIS IS THE ONLY APARTMENT DEVELOPMENT SITE ON THE MARKET IN TOLUCA LAKE. SUBMIT ALL OFFERS!

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