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6167 Sylmar Ave
0.52 Acres of Residential Land Offered at $4,000,000 in Van Nuys, CA 91401
Investment Highlights
- 6:1 FAR by Right, 9.3:1 FAR with DB
- Build 112 Units By-Right
- Next to Van Nuys Courthouse
- Zoned C2, TOC Tier 4
- Build 204 Units with TOC
- Located in Opportunity Zone
Executive Summary
Situated at 6167 Sylmar Ave, the property is currently a parking lot located on the northwest corner of the intersection of Sylmar St and Calvert St. The corner location, along with 150 feet of frontage on both Sylmar Ave. and Calvert St, offers tremendous flexibility in design and parking accommodation for future homes. The property takes advantage of the recently up-zoned TOC Tier 4 and the Qualified Opportunity Zone designation of this QC2-2D-CDO Lot, maximizing its potential for future development in this growing and improving area. A savvy developer could build 112 units by right or utilize TOC and density bonus benefits to build 204 units.
Data Room Click Here to Access
- Offering Memorandum
Property Facts
Price | $4,000,000 | Property Subtype | Residential |
Sale Type | Investment | Total Lot Size | 0.52 AC |
No. Lots | 1 | Opportunity Zone |
Yes
|
Property Type | Land |
Price | $4,000,000 |
Sale Type | Investment |
No. Lots | 1 |
Property Type | Land |
Property Subtype | Residential |
Total Lot Size | 0.52 AC |
Opportunity Zone |
Yes |
1 Lot Available
Lot 21, 22, 23
Price | $4,000,000 | Lot Size | 0.52 AC |
Price Per AC | $7,692,308 |
Price | $4,000,000 |
Price Per AC | $7,692,308 |
Lot Size | 0.52 AC |
22,529 SF Corner Parking Lot.
Description
The lot is near many government buildings, providing easy access to potential future tenants with good incomes. Furthermore, its proximity to the LA Sheriff's Department and LAPD offers a sense of safety. Downtown Van Nuys is experiencing growth with job opportunities and rapid transit options, including the potential Metro Light Rail Project along Van Nuys Blvd, connecting the Orange Bus Line to the south and the City of San Fernando to the north, and possibly linking to the Sepulveda Pass Transit Corridor. Metro staff are recommending a 9.2-mile light rail line between the Orange Line’s Van Nuys Station and the Sylmar/San Fernando Metrolink Station for the East San Fernando Valley Transit Corridor project. The Metro Board of Directors will consider adopting light rail as the “locally preferred alternative” at their next meeting. The new rail line would run mostly down the center of Van Nuys Boulevard and along the San Fernando railroad right-of-way, adjacent to San Fernando Road. The line would have 14 stations with an end-to-end travel time of 31 minutes. Metro staff determined that light rail was faster, offered more capacity and would better serve the community in the future than bus rapid transit (BRT), the other type of transit under study for the project. Van Nuys Boulevard is the second-busiest bus corridor in the San Fernando Valley and seventh-highest in the Metro system. The rail line would also offer transfers to/from the Orange Line, several busy Metro bus lines, Metrolink, Amtrak and two future Metro projects —the Sepulveda Transit Corridor rail line and the North San Fernando Valley BRT line.
PROPERTY TAXES
Parcel Number | 2240-005-008 | Improvements Assessment | $42,424 |
Land Assessment | $178,802 | Total Assessment | $221,226 |
PROPERTY TAXES
zoning
Zoning Code | C2 ([Q]C2-2D-CDO Tier 4 TOC) |
C2 ([Q]C2-2D-CDO Tier 4 TOC) |
Presented by
6167 Sylmar Ave
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