Excellent development opportunity in the heart of Lake Balboa, California. This corner lot property is zoned R3-1 on approximately 11,316 SF (approximately .26 acres) lot. With current zoning, a developer can potentially build 14 units "By Right. " By taking advantage of Los Angeles' Density Bonus program, which allows more residential units with reduced parking requirements, up to 21 units can be potentially be built with no RSO, Ellis, or relocation issues. The existing 1,207 SF structure is a single-family house located in the high-demand rental market of Lake Balboa with close proximity to the 405 and the 101. Convenient to the Metro Orange Line, the Van Nuys FlyAway Bus Terminal, Sepulveda Basin Wildlife Reserve, Woodley Park Archery Range, the Japanese Garden, and of course, Lake Balboa Park, the property is also a short distance to the newest Vallarta mega-supermarket scheduled to open this summer. 7005 Woodley Avenue is ideally located in the epicenter of the San Fernando Valley, with investor/landlord prime market conditions, heightened demand for multi-family housing and growth potential. CONTACT LISTING AGENT FOR BRICK+WORK REPORT. Buyer to verify square footage, by-right and potential construction opportunities including TOC, Density Bonus and Enterprise Zone incentives. DO NOT DISTURB TENANTS, DRIVE BY ONLY. This is a rare opportunity for the right investor.