Commercial For Sale | Multifamily | Apartment building / Low Rise / Garden Style / 1-3 stories high
7403 Topanga Canyon Boulevard . Canoga Park , CA 91303
A development opportunity for 15 units apartment building located at Warner Center Canoga Park, Ca. For more information contact the listing agent , Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Posted: 12/14/2021 1:53 pm
| On HOMEiZ: 862 days |
Updated: 2 years ago
| Views: 458
Location Map
Property Type
Sold
Property Price
$800000
$800000
12/10/2021
4,979.00
Sq. Ft.
$847
945
2.5%
0%
$0
$0
0.00
$0
1.25%
$10000
Property Location & Description
A development opportunity for 15 units apartment building located at Warner Center Canoga Park, Ca. For more information contact the listing agent , Glen Scher 818-212-2808 Glen.Scher@marcusmillichap.com
Non Rent Control
The property is located on 4,979 square feet of land and it benefits for alley access behind it and its corner lot location. An investor may be able to utilize TOC Tier 1 incentives to maximize the lots development potential and build 15 units. The property has conceptual drawings for a 15 unit apartment building with on grade parking and 4 stories above it. The proposed unit mix will include (4) Studios, (8) One Bedroom Units and (3) 2 Bedroom Units. Two units will be Low Income and three units will be ADUs which will be converted into legal units after certificate of occupancy. With the lowest price per buildable unit of any multifamily development sites available to purchase in the San Fernando Valley, this project allows a developer to make a healthy profit. We estimate the future value of the project to be around $5,000,000. There is currently a vacant single family home located on the property, which can be rented, but more importantly there is no relocation of tenants or any rent control restrictions on the redevelopment. Should a developer not want to build the proposed project, the lot allows for 13 units by right and 21 units with the density bonus and as many as 26 units by designing for ADU conversion. Another development option would be to build 4 units and expedite the permitting process and break ground in a few months, since it would be classified as a residential project.
Topanga Canyon Blvd is one of the busiest streets in the San Fernando Valley. Approximately 40,000 cars pass by this property as it connect many residents to the 101 Freeway to the south and the 118 freeway to the north. The San Fernando The San Fernando Valley consists of approximately 260 square miles, making it the largest geographic in the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area that as a standalone city, would be the seventh largest city in the United States. With the barrage of new hotels, residential buildings, Westfield Promenade, Westfields The Village, Westfield Topanga, and others still in the planning phase, nearby Warner Center is expecting a significant population increase between 2018 and 2025.
15
$53333
No.
Description
No. Units
Sq. Ft.
Avg. Mo. Rent
1.
2.
3.
4.
5.
2023-004-015
LARD1.5
No Data%
Wood & Stucco
1
1951
Fair
Development Site for 15 Units
Property Information
Sewer
Sewer System (Public)
Parking
On-street
No Data
Investment Overview
Investor
Energy Efficiency
No
No Data
N/A
N/A
No
No
No
No
Neighborhood lifestyle
Urban Core
More information
Listing Presented by
Disclimer: Any information relating to a property referenced on HOMEiZ.com comes from
the listing provider who wishes to post a listing on HOMEiZ.com. The accuracy of all
information, regardless of source, including but not limited to square footages and lot
sizes, is deemed reliable but not guaranteed and should be personally verified through
personal inspection by and/or with the appropriate professionals. HOMEiZ does not verify
the property information submitted in HOMEiZ.com and cannot guarantee the accuracy of
the information. No warranties or representations are made of any kind. Any
dissemination of this information is in violation of copyright laws and is strictly
prohibited.
Copyright © 2016 HOMEiZ A Media Group LLC. All rights reserved. TOLL FREE 1-818-857-8255