6311 Hazeltine Avenue,Van Nuys,Los Angeles,Land

Property Description

We are proud to present 6311 Hazeltine Ave, Van Nuys, CAa unique investment opportunity with a range of possibilities for astute investors and developers.This expansive 10,621-square-foot corner lot currently hosts a duplex on the northern half, with two 900+ square foot, two-bedroom, one-bathroom units that generate $3,450 in monthly rental income. Each unit enjoys its own private garage, with a shared driveway between them.The southern half of the lot, comprising over 5,000 square feet of raw, undeveloped land, is primed for new development.The property’s zoning, (Q)RD1.5, allows for various development strategies. One option is to demolish the existing duplex and capitalize on the zoning to construct up to 5 units by right. Alternatively, leveraging the TOC Tier 1 density bonus, a developer could create up to 8 units, with just one unit designated for low-income housing. This plan could be further enhanced with the addition of ADUs, resulting in a total of up to 10 units.For those considering affordable housing, the property is also an excellent candidate for ED1 100% affordable development, potentially accommodating over 40 units.Alternatively, a buyer might choose to retain the existing duplex and develop the vacant portion of the lot. Options include constructing two large detached ADUs, resulting in a 4-unit property, or developing three additional units by right plus the two ADUs, culminating in a 7-unit property.This property offers a rare combination of current income and significant development potential, making it an ideal opportunity for a wide range of investment strategies.With the existing duplex in place, a developer has the opportunity to secure an attractive residential loan, likely requiring only a 25% down payment. This financing option can provide significant savings during the planning phase with LA City, as the buyer explores the various development paths available.