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Multi-Family

8747 Van Nuys Blvd + 8720 Tobias Ave

8720 Tobias Ave, Los Angeles, CA 91402

Listing Price: $4,850,000

Lot Size
0.60 acres
Price/Acre
$8,148,180
Land Type
Land

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale two parcels of land in Panorama City totaling 25,928 square foot as a development opportunity located on Van Nuys Blvd and Parthenia St. The property is being offered at $187 ppsf blended and is located east of the 405 FWY, just north of Roscoe Blvd and directly across the street from the LA Kings Valley Ice Center. This well-located asset is very walkable, with a high walk score of 87, and is located within close proximity to transit with a good transit score of 51. The subject property is located just 1.2 miles from the newly improved Van Nuys Metrolink Station, part of the Ventura County Line connecting the site to Ventura County to the west and Downtown LA to the east; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area. With over 360,000 people within a three-mile radius, Panorama City is a highly desirable market in the central valley with high demand low residential vacancy rates. Preferential zoning allows for significant development potential. Based on the [Q]C2-1VL and R3 zoning and density increase benefits the development potential for the subject property is multi-family 42 buildable units by-right and up to 72 buildable units with increased density based on the Tier 3 TOC benefits.

Investment Highlights

  • A two parcel 25,928 square foot development opportunity located in prime Panorama City nestled between established San Fernando Valley cities like Van Nuys, North Hills & North Hollywood
  • Significantly sized development site in an established, gentrifying area with numerous new developments underway nearby
  • Located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z
  • Zoned C2 and R3 in a Tier 3 TOC area. The parcels feature access via Van Nuys Ave and Tobias Ave. 42 units by-right and 72 with density bonus based on Tier 3 TOC benefits
  • Located just 1.2 miles from the newly improved Van Nuys Metrolink Station, part of the Ventura County Line connecting the site to Ventura County to the west and Downtown LA to the east; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area.

Exclusively Listed By

Financing By

Multi-Family

8747 Van Nuys Blvd + 8720 Tobias Ave

Listing Price: $4,850,000

Lot Size
0.60 acres
Price/Acre
$8,148,180
Land Type
Land

Investment Highlights

  • A two parcel 25,928 square foot development opportunity located in prime Panorama City nestled between established San Fernando Valley cities like Van Nuys, North Hills & North Hollywood
  • Significantly sized development site in an established, gentrifying area with numerous new developments underway nearby
  • Located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z
  • Zoned C2 and R3 in a Tier 3 TOC area. The parcels feature access via Van Nuys Ave and Tobias Ave. 42 units by-right and 72 with density bonus based on Tier 3 TOC benefits
  • Located just 1.2 miles from the newly improved Van Nuys Metrolink Station, part of the Ventura County Line connecting the site to Ventura County to the west and Downtown LA to the east; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area.

Investment Overview

Marcus & Millichap has been selected to exclusively market for sale two parcels of land in Panorama City totaling 25,928 square foot as a development opportunity located on Van Nuys Blvd and Parthenia St. The property is being offered at $187 ppsf blended and is located east of the 405 FWY, just north of Roscoe Blvd and directly across the street from the LA Kings Valley Ice Center. This well-located asset is very walkable, with a high walk score of 87, and is located within close proximity to transit with a good transit score of 51. The subject property is located just 1.2 miles from the newly improved Van Nuys Metrolink Station, part of the Ventura County Line connecting the site to Ventura County to the west and Downtown LA to the east; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area. With over 360,000 people within a three-mile radius, Panorama City is a highly desirable market in the central valley with high demand low residential vacancy rates. Preferential zoning allows for significant development potential. Based on the [Q]C2-1VL and R3 zoning and density increase benefits the development potential for the subject property is multi-family 42 buildable units by-right and up to 72 buildable units with increased density based on the Tier 3 TOC benefits.

Exclusively Listed By

Financing By

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