5067 Bakman Avenue, North Hollywood, California 91601, North Hollywood, 91601 - bed, bath

5067 Bakman Avenue, North Hollywood, California 91601 home-pic-0
ACTIVE$1,850,000
5067 Bakman Avenue, North Hollywood, California 91601
0Bed
0Bath
11,974Sqft
5,788Lot
Year Built
1938
Close
-
List price
$1.85M
Original List price
$2.08M
Price/Sqft
$155
HOA
-
Days on market
-
Sold On
-
MLS number
SR25061339
Home ConditionTear down
Features
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $1.85M(77th), sqft - 11974(97th), beds - undefined(3th), baths - undefined(3th).

PRICE IMPROVEMENT/Motivate Sellers- Prime location Investment Opportunity in the Heart of NoHo – RTI Plans for 25 Units! Attention investors and developers: an exceptional opportunity awaits to acquire an 11,974 sq ft R4-1VL lot in the coveted NoHo Arts District. This prime location offers unparalleled convenience, situated just steps from the Metro station, renowned dining, vibrant bars, and premier entertainment options that define North Hollywood’s dynamic lifestyle. This property will be delivered with RTI plans, fully approved for the construction of a 25-unit development—offering a streamlined path for development in a high-demand area. Complete project documentation will be available to serious buyers with qualifying offers. Additionally, the property can be delivered vacant, ensuring immediate access for development. Don’t miss the chance to capitalize on this rare offering in one of Los Angeles’s most sought-after neighborhoods. All projected figures, including potential income and expenses, are estimates based on future possibilities and are subject to change. These numbers are not guaranteed and should be independently verified. Buyer to conduct their own due diligence to confirm all information provided.

Condition Rating
Tear down

The property was built in 1938 and is explicitly marketed as a development opportunity with 'RTI Plans for 25 Units,' indicating the existing structure is intended for demolition. The single exterior image shows a dilapidated house with peeling paint and an old roof, and the absence of interior photos further suggests the current residence is not considered habitable or valuable, with the property's value solely based on the land and its redevelopment potential.
Pros & Cons

Pros

Prime Development Location: Situated in the highly desirable NoHo Arts District, offering unparalleled convenience to Metro, dining, and entertainment, appealing to future residents.
Approved RTI Plans: Delivered with fully approved 'Ready-To-Issue' plans for a 25-unit development, significantly streamlining the development process and reducing time-to-market.
High-Density Zoning: The R4-1VL zoning on an 11,974 sq ft lot maximizes development potential in a high-demand urban area.
Immediate Development Access: The property can be delivered vacant, allowing for immediate commencement of development without delays from existing tenants or structures.
Recent Price Improvement: A significant price reduction from the original list price enhances the investment appeal and potential return for developers.

Cons

Extensive Buyer Due Diligence Required: The property is presented with estimates and requires the buyer to conduct thorough independent verification of all figures and development specifics.
Specialized Buyer Pool: This is a niche investment opportunity primarily for experienced developers, limiting the potential buyer market compared to standard residential properties.
Development Costs & Risks: While RTI plans are approved, the buyer will still incur substantial development costs (demolition, construction, permits, etc.) and assumes all associated project risks.

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