The property is located on the corner of Camellia Ave and Victory Blvd. There is currently a vacant single family residence, which was constructed in 1940, totaling 945 SF on the property. The property enjoys 114.9 feet of frontage on Victory Blvd, and frontage on Camellia Ave. The property is zoned [Q]R3-1 and is located in an Opportunity Zone. The property is entitled for a 30-unit, 13,700 SF, eldercare housing development. Plans call for 6 senior independent units, 18 assisted living care with guest room, and 6 Alzheimer care with guest room units. Plans also call for 3,310 SF of open spaces and 9 parking stalls. The building would be 4 stories with Type V-A construction. Demand among developers and operators for new senior living projects is higher in 2022 than in the prior year. Driving that increase in demand are favorable demographics, an expectation that construction prices will level off in 2023 and a shift in mindset from the Covid-19 pandemic to planning for the future. (Source: Senior Housing News) The subject property is located minutes away from NoHo Arts District, as well as minutes away from the Bob Hope / Burbank Airport. North Hollywood is on the rise, with 2 brand new mixed-used developments, NoHo West, and District NoHo. District NoHo will consist of approximately 1,500 multifamily units, 100,000 SF of retail space, and 500,000 SF of office space. The property has easy access to the 170 Freeway to the west, the 5 Freeway to the east, and the 101 and 134 Freeways to the south.
Courtesy of Roderick ''Rick'' Raymundo, Marcus & Millichap
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Data last updated 10/4/22