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6948 N Woodman AVE
For Sale $2,980,000
$2,980,000
- 100 Units
- Unknown Sq Ft
- 19,961 Sq Ft
- Unknown Cap Rate
Description
Consider the opportunity to develop a new nursery or residential project in Valley Glen, a prime area within Van Nuys, popular for both multifamily and office developments. This presents an outstanding investment opportunity for seasoned investors and developers. The lot, spanning 19,961 square feet, is zoned R3 (16,817.33 sq. ft.) and R1 (3,151.3 sq. ft.). There are three development options to explore:1. **Unlimited Density**: A request can be made for unlimited density if the project is 100% affordable housing for senior citizens (55+), potentially allowing for 100+ units with no parking requirements. 2. **49 Units**: A plan that includes 49 units, with 7 units designated for low- and moderate-income tenants. 3. **RTI Ready**: The property is already entitled and RTI ready, with plans for a luxury apartment complex featuring 23 units over 31,150 square feet, along with a 1,200-square-foot ADU. Each option provides a unique opportunity for significant returns in this sought-after location.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $2,980,000 |
| Property Type | Multi-Family |
| Usable Sqft | 0 |
| Number of Stories | 0 stories |
| Parking Spots | 0 spots |
| Year Built | 2024 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 2328010025 |
| MLS # | 24443865 |
| Property ID | 320883368 |
| Lot Sqft | 19,961 |
| Zoning | LAR3 |
| Total Units | 100 |
| Days on Market | 88 |
| Original List Price | $2,980,000 |
| Date Updated | October 02, 2024 |
| Date Created | September 24, 2024 |
| Unit # | Beds | Baths | Current Rent | Proforma Rent |
| Unit #1 | 1 | 1.00 | $1,950 | $195,000 |
| Gross Income (Yr) | $ 0 |
| Operating Expenses | $ 0 |
| Net Income (Yr) | $ 0 |
Listing Provided By
Elham Khani an agent of Coldwell Banker Realty. Lic #01989596
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