Canoga Park | 15 Unit Development Site | Sold at List Price
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LAAA Team of Marcus & Millichap is pleased to announce the closing of a potential 15 unit development site at 7403 Topanga Canyon.
Property Description
The property is located on 4,979 square feet of land and it benefits for alley access behind it and its corner lot location. An investor may be able to utilize TOC Tier 1 incentives to maximize the lot’s development potential and build 15 units. The property has conceptual drawings for a 15 unit apartment building with on grade parking and 4 stories above it. The proposed unit mix will include (4) Studios, (8) One Bedroom Units and (3) 2 Bedroom Units. Two units will be Low Income and three units will be ADU’s which will be converted into legal units after certificate of occupancy. With the lowest price per buildable unit of any multifamily development sites available to purchase in the San Fernando Valley, this project allows a developer to make a healthy profit. We estimate the future value of the project to be around $5,000,000.
Deal Story
We were introduced to the Seller in July by another agent in our office when the Seller had this property in escrow to purchase it as a single family house. We quickly realized that this client was buying this house on a lot that had more land value, and we were able to show this client that he could make a good profit on a quick flip if he sold this house to a developer.
LAAA Team of Marcus & Millichap is pleased to announce the closing of a potential 15 unit development site at 7403 Topanga Canyon.
Property Description
The property is located on 4,979 square feet of land and it benefits for alley access behind it and its corner lot location. An investor may be able to utilize TOC Tier 1 incentives to maximize the lot’s development potential and build 15 units. The property has conceptual drawings for a 15 unit apartment building with on grade parking and 4 stories above it. The proposed unit mix will include (4) Studios, (8) One Bedroom Units and (3) 2 Bedroom Units. Two units will be Low Income and three units will be ADU’s which will be converted into legal units after certificate of occupancy. With the lowest price per buildable unit of any multifamily development sites available to purchase in the San Fernando Valley, this project allows a developer to make a healthy profit. We estimate the future value of the project to be around $5,000,000.
Deal Story
