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.
The income description goes here to explain
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 | 13 |
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 |
Elham Khani an agent of Coldwell Banker Realty. Lic #01989596
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2708 Wilshire Blvd #197
Santa Monica, CA 90403
California ## 01956587
Florida #CQ1065233
Robert Crawford
REAL ESTATE AGENT