10
See all 10 photos
$4,575,000
Est. payment /mo
1.05 Acres Lot
New
13840 Sherman Way Van Nuys, CA 91405
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UPDATED:
01/14/2025 12:49 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 25-482263
Lot Size 1.053 Acres
Acres 1.0527
Property Description
We are proud to present for sale a rare Vacant Lot, measuring over an Acre, with Entitlements for an 85-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. Entitlements are approved as Affordable Housing without utilizing ED1. The Project will be delivered in it's 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 call for 80% of the units (67 units) designated as Low Income / Schedule 9, 20% of the units (18 units) as Moderate Income / Schedule 6, and one 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.
Location
State CA
County Los Angeles
Area East Van Nuys
Zoning [Q]RD1.5-1, R1-1
Exterior
View Y/N Yes
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Others
Special Listing Condition Standard
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Listed by Keller Williams Beverly Hills