17709 vanowen st
Reseda, CA 91335
PRICE
$6,350,000
BUILDING SIZE
24,322 SF
ZONING
PRICE/SF
$261
C2-1VL
CURRENT CAP RATE
2.36%
PROFORMA CAP RATE
9.35%
LOT SIZE
59,278 SF
PRICE/SF (LAND)
$107
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