$ 1,600,000
7005 Woodley AVE Van Nuys, CA 91406
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$ 1,600,000
Est. payment /mo
Price Dropped by $150K
7005 Woodley AVE Van Nuys, CA 91406
0.26 Acres Lot
UPDATED:
11/18/2024 06:08 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24445861
HOA Y/N No
Lot Size 0.260 Acres
Property Description
We are pleased to present an 11,314 square foot RTI development site located at 7005 N Woodley Avenue in Van Nuys, California. The subject property is situated in a solid Van Nuys location, south of Sherman Way and east of Hayvenhurst Avenue. This offering is positioned a one (1) large corner lot totaling 11,314 square feet of land with a zoning ordinance of LAR3-1. This allows for fourteen (14) units by-right, a maximum height of 45 feet by-right, and a FAR of 3:1 by-right. Additionally, this offering is fully entitled utilizing the city Density Bonus incentive program, allowing for a 35% bonus to unit count and FAR, twenty-one (21) RTI units and 4.05:1 respectively, and a height increase to 56 feet. There are thirty-five (35) total parking spots in the plans, with ten (10) on-grade and twenty-five (25) on one level subterranean. The plans also include a rooftop deck common area, and four (4) recreation rooms with layouts that are nearly identical to their adjacent one-bedroom unit counterparts, making these recreation rooms a breeze to convert into ADU units. Totaling twenty-five (25) units after ADU conversion, the unit mix is great and consists of thirteen (13) one-bedroom / one-bathroom units, four (4) one-bedroom / one-bathroom ADU units, and eight (8) two-bedroom / two-bathroom units. In accordance with the Density Bonus program, one (1) one-bedroom and one (1) two-bedroom unit are set aside for very low income. Situated in a solid Van Nuys location, this offering presents an excellent opportunity for any developer to capitalize on a fully RTI development site in one of the most populous municipalities in Los Angeles.
Location
State CA
County Los Angeles
Area Lkbl - Lake Balboa
Zoning LAR3
Interior
Inclusions RTI Plans for 21 Units and 4 Rec Rooms to be Converted to ADUs.
Fireplace No
Exterior
View Y/N Yes
View City Lights
Building
Lot Description Value In Land
New Construction No
Others
Senior Community No
Tax ID 2224010009
Special Listing Condition Standard
Listed by Jason Tuvia • Marcus & Millichap