Build 86 Affordable Units with Surface Parking - Not RTI

Highlights:

• 86 Unit, 4 Story, 100% Affordable Project - Delivered Entitled, not RTI
• Over an Acre of Land - Design w/ 72 Surface Parking Spaces
• Possibility for future ADUs
• LOC Issued - Type V Construction Design
• Property is in a Qualified Census Tract (QCT)
• Near Metrolink Station
• Half block to Ralphs Supermarket
• Very Walkable per Walk Score

Description:

Letter of Compliance - Administrative Determination Issued.

Partners CRE is proud to present for sale a rare Vacant Lot, measuring over an Acre, with Entitlements for an 86-Unit 100% Affordable Housing Project in Van Nuys! At around 45,700 SF of open land, this price pencils to around $100 PSF on the dirt!

Situated with an entrance on Sherman Way but sitting behind a duplex fronting the boulevard, this property will benefit from visibility on a busy road, but separation from the hustle and bustle of the street traffic. Sandwiched between Woodman Ave. and Hazeltine Ave., the property is under two miles from the Metrolink Station. The property is labeled as TOC 1. Walk Score calls this area Very Walkable, and future residents will benefit from restaurants, shopping and markets all around, including a Ralphs Supermarket and a Norms Restaurant half a block away.

The Entitlements were approved via a Density Bonus & Affordable Housing Incentives Program’s Letter of Compliance, approved as Affordable Housing without utilizing ED1. The Project will be delivered in its as-is condition, and will not be delivered RTI. Buyers to be solely responsible for continuing with the project and getting LADBS approvals.

The Entitlements designate 67 units as Very Low-Income Households, 18 units as Moderate Income Households, and 1 manager’s unit.

The Type V design consists of 53 one bedrooms, 14 two bedrooms and 19 studios, with laundry rooms on each floor, 72 surface level parking spaces open to the sky, an elevator and rooftop access.

There is a future possibility to convert part of the massive open-to-the-sky surface parking lot into ADUs. The Subject Property is in a Qualified Census Tract (QCT).

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