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5067 Bakman Avenue, North Hollywood, California 91601, North Hollywood, 91601 - bed, bath

5067 Bakman Avenue, North Hollywood, California 91601 home-pic-0
ACTIVE$1,750,000
5067 Bakman Avenue, North Hollywood, California 91601
0Bed
0Bath
11,974Sqft
5,788Lot
Year Built
1938
Close
-
List price
$1.75M
Original List price
$17.5M
Price/Sqft
$146
HOA
-
Days on market
-
Sold On
-
MLS number
SR25274578
Home ConditionTear down
Features
View-

About this home

We found 4 Cons,5 Pros. Rank: price - $1.75M(72th), sqft - 11974(97th), beds - undefined(3th), baths - undefined(3th).

Prime location Investment Rare Opportunity in the Heart of NoHo – RTI Plans for 25 Units! Attention investors and developers: an exceptional opportunity awaits to acquire an 11,974 sq ft R4-1VL lot in the coveted NoHo Arts District. This prime location offers unparalleled convenience, situated just steps from the Metro station, renowned dining, vibrant bars, and premier entertainment options that define North Hollywood’s dynamic lifestyle. This property will be delivered with RTI plans, fully approved for the construction of a 25-unit development—offering a streamlined path for development in a high-demand area. Complete project documentation will be available to serious buyers with qualifying offers. Additionally, the property can be delivered vacant, ensuring immediate access for development. Don’t miss the chance to capitalize on this rare offering in one of Los Angeles’s most sought-after neighborhoods.

Price History

Date
Event
Price
12/12/25
Price Change
$1,750,000
12/11/25
Listing
$17,500,000
01/14/19
Sold
$975,000
09/06/01
Sold
$225,000
10/23/98
Sold
$217,000
03/30/95
Sold
$118,000
Condition Rating
Tear down
The property, built in 1938, is explicitly marketed as a development opportunity with 'RTI Plans for 25 Units,' and the listing analysis states the existing structure 'will likely require demolition.' The provided images are renderings of the proposed new building, not the current structure. This indicates the value is in the land and its redevelopment potential, not the existing, unpictured, and likely dilapidated building, which is beyond repair and intended for demolition.
Pros & Cons

Pros

Approved Development Plans (RTI): The property comes with fully approved 'Ready-To-Issue' (RTI) plans for a 25-unit development, significantly streamlining the development process and reducing time-to-market and associated risks.
Prime NoHo Arts District Location: Situated in the highly coveted NoHo Arts District, the location offers unparalleled convenience, being steps away from the Metro station, renowned dining, vibrant bars, and premier entertainment, ensuring high demand for future residential units.
High-Density Zoning (R4-1VL): The R4-1VL zoning designation allows for high-density residential development, perfectly aligning with the approved 25-unit project and maximizing the land's potential.
Delivered Vacant: The property can be delivered vacant, providing immediate access for development without the delays or costs associated with tenant relocation or eviction.
Rare Investment Opportunity: Positioned as a rare investment opportunity in one of Los Angeles's most sought-after neighborhoods, it offers a chance to capitalize on a high-demand market for multi-family housing.

Cons

MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 11974, other record living area = 1422.
Significant Price Discrepancy/Reduction: The listing price history shows a drastic reduction from an initial $17.5 million to the current $1.75 million, which warrants thorough investigation into the reasons behind such a substantial price adjustment and potential underlying issues.
Lot Size Discrepancy: There is a notable contradiction in the provided data regarding the lot size (11,974 sq ft in description vs. 5,788 sq ft in lot_size field), which requires immediate clarification for accurate development planning and valuation.
Demolition Costs & Potential Environmental Concerns: The existing structure, built in 1938, will likely require demolition, incurring additional costs and potentially necessitating environmental assessments for materials like asbestos or lead paint.

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