All Forum Posts by: Frank Nolan

I have a property not on the MLS in North Hollywood available that has the potential for a huge payday.

6055 Craner Ave. is currently 4 units in good condition, consisting of a 3bed 2bth house, (tenant pays own elec and gas) a detached 2 car garage plus storage room and a separate building with 3 single units (tenants pay own elec). Total income is presently $4300 a month. Best scenerio is to demolish all buildings and construct 6 two story townhouses each around 1600sq. ft. The lot is 70ft wide x 144.5 ft deep with rear alley access and is zoned RD1.5 which allows for 1 unit per 1500 sq.ft. of land. The lot next door is only 60 ft wide and it has 10 units on it, so there could be a possiblity for a varience and add more units. Collect $4300 a month while getting plans and entitlements approved.

This area of North Hollywood is in high demand now with the opening of the LA Metro subway station 1 mile to the south in the NoHo Arts District. 

Purchase price  $825,000

Construction costs Approx $1M

ARV approx $2.85M (6 units at $475 each)

Check the comps at 6546, 6548 and 6550 Vineland ave, which is 1/2 mile north of property. Each Sold between $460k and $506k

Also 10947 Hartsook st. is a SFR on a 9000 sq.ft. lot asking $1.275M

I am willing to possibly JV. or sell outright.

Call if you have any questions. Frank (323) 620-5608

Owner is a CA licensed RE agent