17709 vanowen st
PRICE
BUILDING SIZE
Reseda, CA 91335
$7,000,000
24,322 SF
PRICE/SF
$288
LOT SIZE
1.36 Acres (59,278 SF)
PRICE/SF (LAND)
CURRENT CAP RATE
PROFORMA CAP RATE
ZONING
$118
2.04%
8.45%
C2-1VL
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 17709 Vanowen Street, a unique covered land opportunity consiting of a 24,322 square foot value-add multi-tenant retail center currently 91.89% occupied with existing rents averaging $0.83 per SF situated on 1.36 acres of land (59,278 SF) zoned C2, allowing the development of 149 units “by-right” or 202 units utilizing a 35% California State Density Bonus, and ED1 eligible, allowing for a significant affordable housing development of approximately 350 units, in the Western San Fernando Valley submarket of Reseda, CA.
1.36 Acre Covered Land Opportunity in Reseda with Significant Development Potential
91.89% Occupied Value Add- Multi-Tenant Retail Center with Tremendous Rental Upside; Current Rents Average $0.94 per SF
ED-1 Elegible Development Site; The site is eligible to build a total of approximatley 240,000 square feet and +/- 350 affordable housng units, benefiting from an expedited 60 day approvals process for 100% affordable housing developments; 100% affordable housing projects are allowed, among other incentives, unlimited density, increased height and FAR requirements, and four development incentives per the City’s on or off menu development standards table
OFFERING MEMORANDUM
BRANDON MICHAELS
(818) 212-2794
bmichaels@marcusmillichap.com
License # 01434685