VAN NUYS – Good ROI on Non-Rent Controlled 50 Unit Development Project,

Currently For Sale$2,500,000 w/ Plans or $2,000,000 w/o
30,000+ Sq. Ft. 50 Bedrooms 50 Bathrooms
ADDRESS AVAILABLE UPON REQUEST, Van Nuys, CA 91405
C2 | 14,544 SQ FT. LOT SIZE | PLANS FOR 50 UNIT DEVELOPMENT | 30,000+ SQ FT. OF LIVEABLE SPACE
NON-RENT CONTROL BUILDING | 8 UNITS ARE LOW INCOME | SINGLES & 1 BEDROOMS
CURRENTLY OFF-MARKET</strong> | <strong>$2,500,000 w/ Plans or $2,000,000 w/o
Good ROI on Non-Rent Controlled 50 Unit Development Project - Seller is Motivated!

Project now available Off-Market only on a highly trafficked street and in an up and coming neighborhood. Seasoned Valley developer has plans for a 50 Unit development with a unit mix of ⅓ singles and ⅔ 1 bedrooms. This building will be non-rent control and will have 8 low income units. 32 parking spaces are ground level (no podium). Plans are ready for submission to the city and are expected to take 4-5 months for RTI. Exist property is vacant and a MTM tenant is using parking lot for storage.

Based on very conservative calculations, a proforma Cap of 5.6% and a GRM of 15.99 can be achieved for a develop and hold investor. Or build and sell for a 20%+ ROI. Can also be sold with or without plans.

Any reasonable offer will be considered and seller is open to partial carry back under the correct terms.This property can be purchased as art of a three development portfolio with a discount.

A Plans and Full Financial Profile Are Available Upon Request
Contact Bethany: 310.927.8072 or bethany@californianestates.com

 

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