The Owner of this property originally purchased it in 1977. This unique multifamily property includes a 7-unit free standing apartment house with two additional vacant & contiguous LA-R3-1 zoned parcels in Tier 3 of the Transit Oriented Communities bonus density district. This property is located in a Federal Opportunity Zone. The apartment building is a two-story walk-up configuration built in 1954 with soft-story retrofit work completed. Units are all one bedroom / one bath floorplans. There is major upside in the rents & this provides an opportunity for income during the entitlement process. The building currently offers laundry facilities and 10 parking spaces. Total lot area encompasses 17,192 square feet with the two contiguous lots included. 7539 Hollywood Way is a few blocks north of the Burbank Airport placing in amongst a major employment cluster including dozens of aviation support & high technology companies, several motion picture studios and multiple regional retail shopping districts. The close proximity to the Interstate 5 Freeway provides quick access to the commumities of the eastern and western San Fernando Valleys, the Santa Clarita Valley, Downtown Los Angeles and via the 134/101 freeways the Glendale, Pasadena and the Ventura Blvd corridor communities. Please do not walk on the property or disturb the tenants. OM attached to the MLS Profile Page may be accessed in the "documents" tab.