11950 RIVERSIDE DR
Valley Village, CA 91607
Sold for $875,000
Beds: 0 Baths: 0 Structure Size: 0 sqft Lot Size: 6,287 sqft
MLS | 15894311 |
Year Built | |
Property Type | Residential |
Property Subtype | |
County | Los Angeles |
Status | Sold |
Sold | $875,000 |
Structure Size | 0 sqft |
Lot Size | 6,287 sqft |
Beds | 0 |
Baths | 0 |
Description
We are pleased to present a rare development opportunity in Valley Village, California. Located at 11950 Riverside Drive, the property is zoned R3 which will allow a developer to build seven apartment units and potentially more through a 30 percent density bonus. Also, there is currently a single family residence on the land so the investor can enjoy income while they go through the entitlement process. Valley Village is known as one of the best submarkets in the San Fernando Valley with rents increasing at a strong rate.Located a few doors down, recently developed IMT Valley Village - Phase II is receiving average rents of $2.30 per square foot. For one bedroom units, the rents range from $2,200 to $2,565, and for two bedroom units, the rents range from $2,245 to $3,475.
Listing information courtesy of: Izabell Manukyan, JohnHart Real Estate *Based on information from the Association of REALTORS/Multiple Listing as of 03/29/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property may have been sold while Agent was with another brokerage, and may have represented the buyer in this transaction.