8
See all 8 photos
$1,147,500
Est. payment /mo
7 Beds
4 Baths
2,230 SqFt
New
7222 Tyrone AVE Los Angeles, CA 91405
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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
Listed by Sevak Keshishian Marcus & Millichap #01887505
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