11503 Burbank Boulevard

    North Hollywood, CA 91601
    • $2,750,000
    • STATUS: Active
    • ON SITE: 154 days
    • ID#: SR19257738
    UPDATED: 39 min ago
    $2,750,000
    • 0
      BEDS
    • 0.15
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 2,930
      SQFT
    • $939
      $/SQFT
    Neighborhood:
    Type:
    Commercial
    Built:
    1970
    County:

    School Ratings & Info

    Description

    The subject property is a 2,930 square foot commercially zoned single tenant building located in the densely populated North Hollywood area known as the NoHo Arts District. The property is situated in the North Hollywood (CRA) Redevelopment Area and is also within the Opportunity Zone. The property is currently leased to one tenant on a Modified Gross Lease. Landlord only pays the property taxes and exterior insurance. The Lease is fixed at $15,000 per month for 6 years with 3 five-year options to renew. The tenant, Sunset Herbal Corner, is a successful legal dispensary, and is one of only 144 Pre-ICO permits issued by the City of Los Angeles allowing for legal operation. This property has also been officially mapped and approved for dispensary use. North Hollywood is once again undergoing a massive redevelopment boom. There are many factors driving this influx in development, including the giant revitalization mixed use project set to transform North Hollywood+GGs Laurel Plaza Shopping Center into NoHo West, a walkable miniature neighborhood filled with 642 apartments, between 50-60 dining and shopping options, a grocery store, gym, a movie theater and plenty of pedestrian plazas scattered throughout the site. The City also approved the nearby Universal Studios $1.6 Billion Dollar Evolution Expansion which will include two 500 room hotels, three new theme park areas and much more.PLEASE DO NOT DISTURB TENANT.

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    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-04-07T22:25:12.643. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Cory Home Team | Your Home Sold Guaranteed. Licensed in the State of California, USA.

    www.searchcaliforniahomes.net/homes/100546486

    11503 Burbank Boulevard North Hollywood, CA 91601

    • Price: $2,750,000
    • Status: Active
    • Updated: 39 min ago
    • ID#: SR19257738
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.15
    Acres
    2,930
    SQFT
    $939
    $/SQFT
    1970
    Built
    Neighborhood:
    NHO - North Hollywood
    County:
    Los Angeles
    Area:
    NHO - North Hollywood
    Property Description
    The subject property is a 2,930 square foot commercially zoned single tenant building located in the densely populated North Hollywood area known as the NoHo Arts District. The property is situated in the North Hollywood (CRA) Redevelopment Area and is also within the Opportunity Zone. The property is currently leased to one tenant on a Modified Gross Lease. Landlord only pays the property taxes and exterior insurance. The Lease is fixed at $15,000 per month for 6 years with 3 five-year options to renew. The tenant, Sunset Herbal Corner, is a successful legal dispensary, and is one of only 144 Pre-ICO permits issued by the City of Los Angeles allowing for legal operation. This property has also been officially mapped and approved for dispensary use. North Hollywood is once again undergoing a massive redevelopment boom. There are many factors driving this influx in development, including the giant revitalization mixed use project set to transform North Hollywood+GGs Laurel Plaza Shopping Center into NoHo West, a walkable miniature neighborhood filled with 642 apartments, between 50-60 dining and shopping options, a grocery store, gym, a movie theater and plenty of pedestrian plazas scattered throughout the site. The City also approved the nearby Universal Studios $1.6 Billion Dollar Evolution Expansion which will include two 500 room hotels, three new theme park areas and much more.PLEASE DO NOT DISTURB TENANT.
    Exterior Features

    Lot Features Corner LotRectangular Lot Lot Size Source Assessor Lot Size Units Square Feet Parking Total 9.00 Topography Level

    Interior Features

    Condo Area Units Square Feet Laundry Features None

    Property Features

    Additional Parcels YN No Amperage 400 Building Area Units Square Feet Building Status Existing Cap Rate 5.11 Country Us Expense Year 2019 Gross Scheduled Income 180000.00 Insurance Expense 3200.00 Land Use Retail Laundry YN No Leasable Area Units Square Feet Max Total Area Units Square Feet Min Total Area Units Square Feet Net Operating Income 140500.00 Property Sub Type Retail Real Estate Tax Expense 36300.00 Special Listing Conditions Standard Voltage 120/180 Water Source Public Zoning Lac2

    Listing provided courtesy of Cynthia Burts of Burts & Associates


    Based on information from California Regional Multiple Listing Service, Inc. as of 2020-04-07T22:25:12.643. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or Cory Home Team | Your Home Sold Guaranteed. Licensed in the State of California, USA.

     
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