14658 Gilmore St - RTI Site to Build 48 Units

The LAAA team at Marcus & Millichap is excited to present 14658 Gilmore St, a 100% affordable development project in Van Nuys, California. The 9,225 square foot (0.21 acre), corner lot is RTI (ready-to-issue) for a 5-story building with 48 affordable units. Being RTI allows developers to start building as soon as they close escrow. The project consists of a total of 48 units: 1 studio, 43 one-bedroom, 3 two-bedroom, and 1 three-bedroom. Additionally, the first floor features an office and a recreation room. Zero parking is required since major transit is within a half mile, but plans include 10 parking spaces (3 standard and 7 compact) for added convenience. Furthermore, there is potential to create an additional 12 accessory dwelling units (ADUs) by eliminating the parking spaces.
The offering is located in a qualified Opportunity Zone which presents a wide range of benefits for an investor. Investors can take advantage of significant tax incentives, including deferral, reduction, and potential elimination of capital gains taxes, which can greatly enhance overall returns. With Opportunity Zones set to expire at the end of 2026, this project affords an investor the extraordinary opportunity to buy, build, and refinance before its expiration. This project will benefit from current and future developments in the area resulting in rent growth and gentrification.