5844 Colfax Avenue, North Hollywood, California 91601, North Hollywood, 91601 - 3 bed, 1 bath
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North Hollywood, California 91601
This property presents a High-Potential Investment Opportunity with a List Price of $1,499,000—positioned well below the $1,517,667 Fair Market Value by 1.2%. This valuation gap offers $18,667 in Instant Equity. Featuring RD3-zoning and RTI permits for a 4-unit development, the property is an ideal Asset for those looking to maximize land utility. Despite a Condition Rating of 6, the project is primed for immediate redevelopment. This is a strategic acquisition for Buy-and-Hold Investors or Developers seeking growth in the NoHo West corridor.
Property is land value only, full reconstruction required.
Built in 1940 (84 years old) with no evidence of major renovations, this property is marketed primarily for its land value and RTI permits for a 4-unit development. The existing structure shows significant age-related wear and is intended for replacement.
The property is delivered RTI (Ready-To-Issue) for a 4-unit project, significantly reducing the entitlement timeline and carrying costs for developers.
Situated near NoHo West and the Arts District, the property offers excellent proximity to major studios, the Metro Orange Line, and high-growth commercial hubs.
The RD3-zoned lot allows for a substantial 4,829 Sq Ft build-out, maximizing the land's utility and potential return on investment.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1031, other record living area = 962.
The list price reflects the value of the permits and development potential, making it a high-entry-cost investment compared to standard residential properties.
The current 1940s structure has only one bathroom and modest square footage, offering limited utility without proceeding with the proposed redevelopment.
Property will be delivered RTI (Ready-To-Issue) for a proposed 4-unit development project totaling approximately 4,829 Sq Ft, consisting of (2) 3 Bed + 2.5 Bath units and (2) 2 Bed + 2 Bath ADUs, creating a unique opportunity on this approximately 6,700 Sq Ft RD3-zoned lot near NoHo West. Whether for an investor, developer, or owner-user looking for future upside, the property offers outstanding potential in one of the Valley's fastest-growing neighborhoods.The existing single-story home features 3 bedrooms, 1 bathroom, and approximately 1,031 Sq Ft of living space, providing flexibility for immediate use, rental income, or redevelopment. The expansive backyard offers ample space for entertaining, outdoor enjoyment, or future possibilities.Centrally located, the property is moments from NoHo West, the NoHo Arts District, shopping centers, restaurants, television and movie studios, sound studios, freeway access, the Chandler Bike Path, Orange Line Metro access, parks, and Burbank Airport, offering convenience alongside strong long-term growth potential.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 1.0 | 2.0 | 8% |
| Square foot | 1,031 | 1,584 | 10% |
| Lot Size | 6,802 | 6,679.5 | 65% |
| Price | $1.50M | $1.23M | 75% |
| Price per sq ft | $1.5K | $754 | 98% |
| Built year | 1940 | 1941 | 43% |
| HOA | $0 | $0 | 50% |
| Days on market | 29 | 160 | 8% |
May 16, 2026
$1,499,000
Initial Listing
Jan 12, 2024
$1,200,000
Public Record
Jul 6, 2022
$950,000
Public Record
Mar 15, 2005
$460,000
Public Record
May 22, 2002
$243,500
Public Record