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14717 Victory Boulevard, Van Nuys, California 91411, Van Nuys, 91411 - 3 bed, 2 bath

14717 Victory Boulevard, Van Nuys, California 91411 home-pic-0
ACTIVE$1,375,000
14717 Victory Boulevard, Van Nuys, California 91411
3Beds
2Baths
1,166Sqft
6,502Lot

Price Vs. Estimate

The estimated value ($1,259,422.02) is $115,577.98 (8%) lower than the list price ($1,375,000). This property may be overpriced.

Key pros and cons

Top Pros:
Development Ready (Nearly RTI): This property is a prime development opportunity with plans for a 24-unit apartment building that are 'nearly RTI' (Ready to Issue), significantly reducing pre-construction timelines and risk for developers.
Top Cons:
Demolition Required: The presence of an existing 1925 single-family residence implies additional costs and time for demolition before new construction can commence.

Compared to the nearby listings

Price:$1.38M vs avg $1.14M (+$237,250)69%
Size:1,166 sqft vs avg 1,432.5 sqft22%
Price/sqft:$1.2K vs avg $74597%

More Insights

Built in 1925 (100 years old).
Condition: This listing is explicitly marketed as a 'Prime Development Opportunity' for a new 24-30 unit apartment building, with plans 'nearly RTI'. The existing structure was built in 1925, making it 99 years old. The provided images are architectural renderings of the proposed new development, not photos of the current single-family residence. The description and the nature of the offering strongly indicate that the value is in the land and its redevelopment potential, implying the existing structure is intended for demolition, aligning with the 'tear-down' criteria.
Year Built
1925
Close
-
List price
$1.38M
Original List price
$1.5M
Price/Sqft
$1,179
HOA
-
Days on market
-
Sold On
-
MLS number
SR25146607
Home ConditionTear down
Features
View-

About this home

Prime Development Opportunity – Plans for 24 Units Nearly RTI! Unlock the potential of this exceptional development site with LAR3 zoning and approved plans in progress to build a 5-story, 24-unit apartment building under Type V-B construction. This project is nearly RTI (Ready to Issue)—a rare and strategic opportunity for immediate equity growth. Each unit is thoughtfully designed as a 1-bedroom, 1-bathroom with private balconies and trash chutes on every floor, aligning with affordable housing initiatives. With no parking requirements, the project maximizes building efficiency and profitability. As an added value, city approval has already been granted to modify the plans and increase the unit count from 24 to 30 units, allowing even greater upside potential. (Note: Units would be slightly smaller.) Located in a prime, high-demand area, this offering is perfect for savvy developers looking to break ground with minimal delay. Don’t miss out on this rare opportunity—contact us today for more details and to schedule a property tour! Buyer to independently verify all information.

Condition Rating
Tear down
This listing is explicitly marketed as a 'Prime Development Opportunity' for a new 24-30 unit apartment building, with plans 'nearly RTI'. The existing structure was built in 1925, making it 99 years old. The provided images are architectural renderings of the proposed new development, not photos of the current single-family residence. The description and the nature of the offering strongly indicate that the value is in the land and its redevelopment potential, implying the existing structure is intended for demolition, aligning with the 'tear-down' criteria.
Pros & Cons

Pros

Development Ready (Nearly RTI): This property is a prime development opportunity with plans for a 24-unit apartment building that are 'nearly RTI' (Ready to Issue), significantly reducing pre-construction timelines and risk for developers.
Significant Upside Potential: City approval has already been granted to modify plans and increase the unit count from 24 to 30 units, offering substantial additional profitability and density.
Maximized Building Efficiency: The project benefits from no parking requirements, which allows for greater building efficiency, reduced construction costs, and maximized usable space for units.
Favorable Zoning: The property is zoned LAR3, specifically designated for multi-family residential development, aligning perfectly with the proposed project.
Strategic Location: Located in a prime, high-demand area within Van Nuys, enhancing the potential for strong rental demand and investment returns for the future apartment complex.

Cons

Demolition Required: The presence of an existing 1925 single-family residence implies additional costs and time for demolition before new construction can commence.
Verification of 'Nearly RTI' Status: While a major strength, 'nearly RTI' means the plans are not fully approved and issued, requiring the buyer to conduct thorough due diligence on the remaining steps and potential delays.
Smaller Units for Higher Density: The option to increase the unit count to 30 comes with the caveat that units would be 'slightly smaller,' which could potentially impact market appeal or rental rates for some prospective tenants.

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