Presented for sale are 3 large properties within a block of each other, all At a Glance Van Nuys prime for re-development.
The first property, located at 14519-14539 Sylvan Street, is an approximately 28,000 SF (Q)C2-1L-CDO with an existing 39k SF office building. The property sits at the intersection of 2 alleys, providing for additional density and countless design possibilities…not to mention the recently up-zoned Tier 4 TOC along with the Qualified Opportunity Zone designation. If the aim is to build housing, 143± units is very doable! Or make it a mixed-use property.
The other 2 properties for sale are currently used as parking lots that service the office building on Sylvan St. Zoned R3-1, both lots are also situated in a Qualified Opportunity Zone. The first of the two lots at 14606-14610 Sylvan St. is approximately 16k SF and Tier 3, while the other lot at 14602-14606 Friar St. is just under 14k SF and recently upzoned to Tier 4.
Build your 3 different projects in different phases or figure out an overall strategy for economies of scale and build all at once and see if there are any additional benefits that can be had with density or parking.
Utilizing TOC and alley-density benefits, a combined project could yield 210± units.
Downtown Van Nuys is growing daily with many jobs opening back up and plenty of rapid transit options, including a likely-to-happen Metro Light Rail Project on Van Nuys Blvd. that is meant to run from the Orange Bus Line to the City of San Fernando and the possible Sepulveda Pass Transit Corridor.
Properties are currently tied together through parking covenants for office building.
At a blended $47k per buildable door, this property is priced to sell with no RSO, Ellis or relocation issues. Fast terms will get a stronger deal. Submit and build a neighborhood defining project!