7222 Tyrone Ave, Van Nuys, CA 91405

7222 Tyrone Ave, a 2,200 square foot 7-bedroom/4-bathroom residence sitting on a 6,750 square foot lot in the high rental demand neighborhood of Van Nuys, California. The property has been split into 3 separate units and will be delivered vacant at the close of escrow. The offering presents investors and developers with a unique opportunity to pursue multiple potential investment strategies, including continued operation and improvement of the existing residence, potential reconfiguration of the home into separate living areas subject to applicable zoning and permitting requirements, or development of the fully entitled multifamily project. The property is currently a fully entitled multifamily development site with approvals in place for an 11-unit modern apartment building spanning four stories above grade, consisting of 10 market-rate units and 1 unit designated for a Very Low-Income tenant. The approximately 13,333 square foot project will feature a unit mix consisting of (6) 1-bedroom/1-bathroom units, (3) 2-bedroom/1-bathroom units, (1) 2-bedroom/2-bathroom unit, and (1) 3-bedroom/1-bathroom unit reserved for a Very Low-Income tenant. The development will provide 10 on-grade parking spaces. With the existing 7-bedroom/4-bathroom residence providing substantial square footage and bedroom count, buyers also have the flexibility to evaluate the property as a residential investment while determining the timing of future development. This combination of an existing improveme