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7317 Tujunga Avenue, North Hollywood, California 91605, North Hollywood, 91605 - 5 bed, 3 bath

7317 Tujunga Avenue, North Hollywood, California 91605 home-pic-0
ACTIVE$1,065,000
7317 Tujunga Avenue, North Hollywood, California 91605
5Beds
3Baths
1,915Sqft
6,504Lot
Year Built
1947
Close
-
List price
$1.06M
Original List price
$1.06M
Price/Sqft
$556
HOA
-
Days on market
-
Sold On
-
MLS number
SR24194516
Home ConditionGood
Features
Patio
View-

About this home

Possibly Over-Priced:The estimated price is 7% below the list price. We found 3 Cons,5 Pros. Rank: price - $1.06M(84th), sqft - 1915(73th), beds - 5(89th), baths - 3(69th).

Welcome to a great opportunity to own 2 homes on one lot in the heart of North Hollywood! The front unit is a Fully remodeled property with 3 bedrooms and 2 bathrooms. A generously sized living space that goes right into a beautiful kitchen, plus a nice private backyard with a covered patio. There is a detached ADU with its own address (7315 Tujunga) and separate meters. It is a 2 bedroom 1 bathroom property with a large private backyard. Both units have their own entrances and are split by a newly installed vinyl fence. This could be the perfect situation to live in one and rent the other. Your lot size is just over 6,500 SF, perfect to build a 3rd unit in the future. North Hollywood is known for its great rental market! Each unit has separate electrical and gas meters which makes this a seamless purchase for a multi-generational family or for someone who wants to create rental income. This property sits just a couple minutes away from the new NOHO west mall and a ton of restaurants.

Price History

Date
Event
Price
09/18/24
Listing
$1,065,000
Condition Rating
Good
The property, built in 1947, consists of two units. The front unit has been 'fully remodeled' with modern white shaker cabinets, stainless steel appliances, quartz countertops, subway tile backsplash, new flooring, and updated bathrooms, placing it in excellent condition. However, the detached ADU, as seen in its kitchen and bathroom images, features older, dated cabinets, countertops, and fixtures, indicating it has not undergone a similar recent renovation. While the ADU appears functional and move-in ready, its dated condition prevents the overall property from achieving an 'Excellent' score. The significant renovation of the main unit, combined with the functional but older ADU, results in an overall 'Good' condition.
Pros & Cons

Pros

Dual Income & Multi-Generational Potential: The property features two distinct homes on one lot with separate entrances and utility meters, offering excellent potential for rental income or accommodating multi-generational living arrangements.
Remodeled Front Unit: The front unit has been fully remodeled, providing modern amenities and reducing immediate renovation needs for a prospective owner or tenant.
Development Opportunity: With a generous lot size of over 6,500 SF, there is significant potential to build a third unit, enhancing future value and income streams.
Prime North Hollywood Location: Located in North Hollywood, an area known for its strong rental market and close proximity to amenities like the NOHO West Mall and numerous restaurants.
Separate Utilities: Each unit benefits from separate electrical and gas meters, simplifying tenant billing and management for investors.

Cons

Age of Property: Built in 1947, the property's age may suggest potential for older infrastructure or systems that could require future maintenance or upgrades beyond the stated remodels.
ADU Condition Ambiguity: While the front unit is fully remodeled, the description does not explicitly state the condition or recent updates of the detached ADU, which might require investment.
Listing Price vs. Market Estimation: The current listing price is approximately 4% higher than the property's estimated value, potentially indicating it is priced above current market expectations.

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