Description

First time on the market since 1977. Located in a Federal Opportunity Zone, this unique multifamily property includes a 7-unit free-standing apartment house with two additional vacant & contiguous LAR3-1 zoned parcels in Tier 3 of the Transit Oriented Communities bonus density district. The apartment building is a two-story walk-up configuration built in 1954 with soft-story retrofit work completed. Units are all one bedroom / one bath floorplans. There is major upside in the rents & this opportunity provides income during the entitlement process. Currently offering laundry facilities and 10 parking spaces. Total lot area encompasses 17,192 square feet with the continuous lots included. 7539 Hollywood Way is a few blocks north of the Burbank Airport placing it amongst a major employment cluster including dozens of aviation support & high technology companies, several major motion picture studios and multiple regional retail shopping districts. The close proximity to the Interstate 5 Freeway provides quick access to the communities of the eastern and western San Fernando Valleys, the Santa Clarita Valley, Downtown Los Angeles and via the 134/101 Freeway the Glendale, Pasadena and the Ventura Boulevard corridor communities. Please do not walk on property or disturb the tenants.