REDUCED! We are proud to present for sale a Ready-to-Issue ED1-vested 133 Unit Affordable Housing Project on a massive 32,681 SF corner lot in a low-density area. Designed with efficiencies in mind, this fully stacked on-grade design features 107 1+1 and 26 2+1 units (for a total of around 73,277 SF of rentable space), along with large Recreation Rooms (one of which could be used as a Fitness Room), a large PATH Office space, a Leasing office, large Bike Storage, additional rentable storage areas, and 35 side-by-side parking spaces inside the project with potential for 10 more spaces behind the building. The design features garage access exclusively from the alley. The property is located in a residential neighborhood with a storage business next door, which should keep things on the quiet side. The area is on a schedule to bring massive changes, with the coming arrival of the East San Fernando Valley Light Rail Transit Project, with a planned station at Woodman and Van Nuys, potentially less than half a mile away! The Light Rail will connect to the Orange / G Line, which connects to the Red / B Line as well as MetroLink, opening access to the greater Los Angeles area without the need of a car! Close to the 405 and the 5 freeways, this property is directly north of the Primestor High-Rise Complex Project at Panorama Mall, which will bring 4.5 million square feet of housing, hotel and commercial uses to the area, which already has many jobs and a high demand rental market! The property is also walking distance to parks, supermarkets, restaurants and Arleta High School. Listing includes two APNs: 2650-021-004 and 2650-021-005.
This ready-to-issue (RTI) project offers an excellent chance to Develop 17 Affordable Housing units, Type VA construction, three story on-grade with a total area of 12,915 sqft, no parking, very low cost construction estimated at $2,100,000. Great Mix of units, 9 X 2 bedroom and 8 X 1 bedroom, Proforma monthly rent $34,069 or yearly $ 408,828 which will bring the value of the property around $5,682,000 with GRM 13.9 providing around $2,000,000 profit potential on the Development, price per unit of $334,000 resale value. Additional space possible for Leasing/Management office or ADU. Conveniently located close to public transportation, offering easy access to entertainment and events providing recreational opportunities for future residents, start construction immediately, saving time and reducing the hassle of lengthy approval processes. This project presents a unique opportunity to contribute positively to the community by providing much-needed affordable housing, addressing a critical need in Los Angeles. The city's incentives for affordable housing projects enhance the viability and potential returns on this investment. Los Angeles has a significant demand for affordable housing, ensuring a strong market for these units and benefiting from the long-term appreciation potential in one of the most sought after real estate markets in the country. This offering is priced to sell! No Demo fee required.
Panorama City is located in California.
