5515 Calhoun Avenue, Sherman Oaks, California 91401, Sherman Oaks, 91401 - bed, bath
ACTIVE$2,990,000
5515 Calhoun Avenue, Sherman Oaks, California 91401
0Bed
0Bath
2,178Sqft
16,826Lot
Year Built
1950
Close
-
List price
$2.99M
Original List price
$2.99M
Price/Sqft
$1,373
HOA
-
Days on market
-
Sold On
-
MLS number
SR25004271
Home ConditionTear down
Features
View-
About this home
We found 3 Cons,6 Pros. Rank: price - $2.99M(98th), sqft - 2178(63th), beds - undefined(2th), baths - undefined(2th).
ATTN BUILDERS, DEVELOPERS AND INVESTORS! GREAT DEVELOPMENT OPPORTUNITY IN PRIME NEIGHBORHOOD OD SHERMAN OAKS! ORIGINAL HOME HAS BEEN DEMOLISHED.SUBDIVISION HAS BEEN COMPLETED, PLOT MAP IS OFFICIALLY RECORDED AS 2 SEPARATE LOTS. EACH LOT IS APPROX. 8411 SQ.FT. PRICE REFLECTS PURCHASE OF BOTH LOTS OR COULD BE PURCHASED PER LOT FOR 1,495,000
Condition Rating
Tear down
The MLS listing explicitly states that the 'ORIGINAL HOME HAS BEEN DEMOLISHED.' The provided images confirm the property is a vacant lot. Therefore, there is no existing structure, kitchen, or bathroom to assess. The property's value is based solely on the land and its potential for redevelopment, aligning with the criteria for a 'tear-down' property, even though the demolition has already occurred.
Pros & Cons
Pros
High Available Lot Utilization: The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 16826, living area = 2178.
Prime Development Opportunity: The property is explicitly marketed as a 'GREAT DEVELOPMENT OPPORTUNITY' for builders, developers, and investors in a highly desirable area.
Pre-Approved Subdivision: The subdivision process is completed, and the plot map is officially recorded as two separate lots, significantly streamlining future development.
Desirable Location: Located in a 'PRIME NEIGHBORHOOD OF SHERMAN OAKS,' ensuring strong demand and potential for high resale value for future developed properties.
Demolition Completed: The original home has been demolished, saving the buyer considerable time, cost, and effort associated with site preparation.
Flexible Purchase Options: The property offers the flexibility to purchase both lots or individual lots, catering to a broader range of investor strategies and budgets.
Cons
No Existing Structure/Income: With the original home demolished, there is no existing structure to generate immediate rental income or provide a dwelling, making it a pure land investment.
Significant Capital Outlay: The list price of $2.99 million (or $1.495 million per lot) represents a substantial initial investment, requiring significant capital beyond the land purchase for construction.
Time-Intensive Project: As a development opportunity, realizing the full value will require a considerable time commitment for planning, construction, and subsequent sales or leasing.