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14136 Tiara Street, Van Nuys, California 91401, Van Nuys, 91401 - 3 bed, 2 bath

14136 Tiara Street, Van Nuys, California 91401 home-pic-0
ACTIVE$1,200,000
14136 Tiara Street, Van Nuys, California 91401
3Beds
2Baths
1,408Sqft
6,755Lot

Price Vs. Estimate

The estimated value ($970,974.395) is $229,025.605 (19%) lower than the list price ($1,200,000). This property may be overpriced.

Key pros and cons

Top Pros:
Ready-To-Issue (RTI) Plans: The property comes with Ready-To-Issue (RTI) plans for three modern luxury townhomes, significantly accelerating the development timeline and reducing pre-construction costs and risks.
Top Cons:
Significant Price Reductions: The property has undergone substantial price reductions from an initial $1.6M to the current $1.2M, potentially indicating initial overpricing or market resistance.

Compared to the nearby listings

Price:$1.20M vs avg $1.30M ($-100,000)37%
Size:1,408 sqft vs avg 1,947 sqft16%
Price/sqft:$852 vs avg $70080%

More Insights

Built in 1944 (81 years old).
Condition: The property, built in 1944, is explicitly marketed as a 'DEVELOPMENT OPPORTUNITY' with 'READY-TO-ISSUE (RTI) PLANS' for new townhomes. The listing's own analysis notes the 'Demolition of Existing Structure' as a weakness, indicating the current house is intended to be removed. The provided images are renderings of the proposed new construction, not the existing 1944 residence. Therefore, the value is based on the land and its redevelopment potential, aligning with the 'tear-down' criteria.
Year Built
1944
Close
-
List price
$1.2M
Original List price
$1.6M
Price/Sqft
$852
HOA
-
Days on market
-
Sold On
-
MLS number
25579395
Home ConditionTear down
Features
View-

About this home

INCREDIBLE DEVELOPMENT OPPORTUNITY IN PRIME SHERMAN OAKS! Property is will be sold with READY-TO-ISSUE (RTI) PLANS for THREE MODERN LUXURY TOWNHOMES a total of 9 bedrooms and 9 bathrooms. The lot is FULLY SUBDIVIDED in three APNs. There's an opportunity to ADD an ADU for additional income potential. Start building right away PERMITS ARE almost READY TO PULL. Each townhome is thoughtfully designed with CONTEMPORARY ARCHITECTURE, OPEN FLOOR PLANS, and PREMIUM FINISHES. Projected future value is $1,200,000+ PER UNIT, making this an ideal opportunity for BUILDERS, DEVELOPERS, or INVESTORS looking to live in one unit and sell or rent the others. Located in a HIGHLY DESIRABLE NEIGHBORHOOD close to top schools, shopping, dining, and easy freeway access.

Condition Rating
Tear down
The property, built in 1944, is explicitly marketed as a 'DEVELOPMENT OPPORTUNITY' with 'READY-TO-ISSUE (RTI) PLANS' for new townhomes. The listing's own analysis notes the 'Demolition of Existing Structure' as a weakness, indicating the current house is intended to be removed. The provided images are renderings of the proposed new construction, not the existing 1944 residence. Therefore, the value is based on the land and its redevelopment potential, aligning with the 'tear-down' criteria.
Pros & Cons

Pros

Ready-To-Issue (RTI) Plans: The property comes with Ready-To-Issue (RTI) plans for three modern luxury townhomes, significantly accelerating the development timeline and reducing pre-construction costs and risks.
Fully Subdivided APNs: The lot is fully subdivided into three separate Assessor's Parcel Numbers (APNs), streamlining the individual sale or financing of each future townhome.
High Projected ROI: With a projected future value of $1,200,000+ per unit, this opportunity offers substantial potential return on investment for developers and investors.
Desirable Location: Positioned in a highly desirable neighborhood marketed as 'Prime Sherman Oaks,' offering excellent proximity to top schools, shopping, dining, and freeway access.
Additional ADU Potential: The opportunity to add an Accessory Dwelling Unit (ADU) provides an avenue for increased rental income or enhanced property value.

Cons

Significant Price Reductions: The property has undergone substantial price reductions from an initial $1.6M to the current $1.2M, potentially indicating initial overpricing or market resistance.
Demolition of Existing Structure: The presence of a 1944-built single-family residence implies the need for demolition, adding to the overall development cost and project timeline.
City Boundary Discrepancy: While marketed as 'Prime Sherman Oaks' and listed in the 'SO - Sherman Oaks' MLS area, the official address is Van Nuys, which could affect buyer perception or appraisal.

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