$989,000
Rare semi-approved development opportunity in prime Sherman Oaks, south of the Boulevard, just minutes from Beverly Hills and near Mulholland Drive. This is one of the last remaining projects of its kind in the area, offering exceptional city-light and mountain views. The current owner has spent over 10 years and significant funds on the subdivision process, and a buyer can now pursue the creation of 3 separate view lots of approximately 43,680 SF, 45,450 SF, and 55,364 SF (buyer to verify). Each lot has the potential for an impressive custom estate, subject to the requirements and approvals of the City of Los Angeles. A new buyer will need to complete grading/flattening of the property and construct an access road in order to finalize the subdivision and move forward with development. Once completed, the site could accommodate three luxury homes of roughly 5,000–10,000 SF or more per residence, depending on city regulations and buyer’s design (buyer and buyer’s architect to verify). Based on current estimates, the land value for each finished lot without plans is projected in the range of approximately $1,350,000 to $1,500,000 per lot (subject to market conditions and buyer’s own analysis). For full details, due diligence materials, and to discuss the subdivision status, please contact the listing agents directly.
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Listed by Arthur Mangassarian with Re/Max Tri-City Realty (818) 409-0040
Property Type
Land
Status
Active
MLS Number
GD26056753
Year Built
N/A
Lot Size
3.30 acres