
Van Nuys, California 91411
This property presents a High-Potential Investment Opportunity with a List Price of $1,250,000—positioned above the $1,094,673 Fair Market Value. While priced at a premium, the asset offers significant upside through its RTI-ready LAR3 zoning for a 24-30 unit development. Featuring a Condition Rating of 6, the existing structure is intended for demolition to maximize density. With no parking requirements and approved expansion feasibility, this is a strategic acquisition for Real Estate Developers or Institutional Investors seeking high-yield, multi-family development projects in Van Nuys.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 14717 Victory Boulevard Subject | $1,250,000* List Price | 3 | 2 | 1,166 | $939 | - |
A 5839 Tobias Sold | $965,000 | 3 | 1 | 974 | $991 | 0.7 mi |
* Subject property listed price vs sold prices of comps.
Property is land value only, full reconstruction required.
Built in 1925 and over 100 years old with no recorded renovations, the property is being marketed strictly as a development opportunity. The listing focuses on land value and RTI plans for a 24-30 unit apartment building, indicating the existing structure is intended for demolition.
The project is nearing Ready-to-Issue (RTI) status for a 24-unit apartment building, significantly shortening the pre-construction timeline and reducing entitlement risk for investors.
Strategic utilization of affordable housing initiatives allows for a high-density 5-story build with no parking requirements, dramatically increasing the usable square footage and potential ROI.
Feasibility has already been approved to increase the unit count from 24 to 30, providing a clear path for a developer to further enhance the asset's yield and density.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
The existing 1925 structure provides no long-term value and will necessitate additional costs for demolition and site clearing before development can commence.
The project's reliance on affordable housing initiatives and high-density plans requires a buyer with specialized development expertise and specific financing structures to execute successfully.
This is a fantastic equity opportunity offering a fast track to development with plans for a 24-unit, 5-story apartment building (LAR3 zoning) anticipated to be Ready-to-Issue (RTI) very soon! The project is strategically designed for maximum profitability, featuring 1-bedroom, 1-bathroom units—each with a private balcony and access to floor-level trash chutes—that qualify under an affordable housing initiative. Crucially, the absence of parking requirements dramatically maximizes usable space and return on investment. For the savvy buyer looking to push boundaries, the city has already approved the feasibility to increase the unit count from 24 to 30 units. Seize this moment to acquire a high-yield asset in a prime development corridor. Contact us immediately for full plans and to secure your stake in this exceptional venture! Buyer to independently verify all information.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 2.0 | 2.1 |
| Square foot | 1,166 | 1,570.106 |
| Lot Size | 6,502 | 6,738.636 |
| Price | $1.25M | $941.1K |
| Price per sq ft | $1.1K | $602 |
| Built year | 1925 | 1952 |
| HOA | $0 | $52 |
| Days on market | 114 | 55 |
May 18, 2026
$1,250,000
Initial Listing
May 20, 2024
$850,000
Public Record
Aug 1, 2012
$219,500
Public Record
Apr 27, 2001
$158,000
Public Record