6851 Woodman Avenue, Van Nuys, California 91405, Van Nuys, 91405 - bed, bath
ACTIVE$1,675,000
6851 Woodman Avenue, Van Nuys, California 91405
0Bed
0Bath
2,908Sqft
10,004Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Pre-Approved Development Plans: The property comes with completed plans to build 8 townhomes, significantly de-risking and accelerating future development for an investor.
Top Cons:
Below Market Rents: The current 'under market' rents limit immediate cash flow and yield, requiring active management or tenant turnover to maximize income.
Compared to the nearby listings
Price:$1.68M vs avg $1.45M (+$225,000)60%
Size:2,908 sqft vs avg 3,796 sqft40%
Price/sqft:$576 vs avg $38280%
More Insights
Built in 1947 (78 years old).
Condition: The property was built in 1947, making it 77 years old. The listing description explicitly states it is 'prime for development' and comes with 'completed plans to build 8 town homes,' indicating that the value is in the land and its redevelopment potential, not the existing structures. The absence of any interior images further suggests that the current fourplex units are not a selling point and are likely outdated or in a condition that warrants demolition rather than renovation. This aligns with the 'tear-down' criteria where the property's value is based solely on the land and its potential for redevelopment.
Year Built
1947
Close
-
List price
$1.68M
Original List price
$1.68M
Price/Sqft
$576
HOA
-
Days on market
-
Sold On
-
MLS number
AR25098247
Home ConditionTear down
Features
View-
About this home
CALLING ALL INVESTORS!!! Fourplex, fully occupied under market. Property is prime for development. Comes with completed plans to build 8 town homes. Please call for more details.
Nearby schools
4/10
Kittridge Street Elementary School
Public,•K-5•0.4mi
5/10
Hazeltine Avenue Elementary School
Public,•K-5•0.6mi
1/10
Andres And Maria Cardenas Elementary School
Public,•K-5•0.6mi
3/10
Andres And Maria Cardenas Elementary School
Public,•K-5•0.6mi
6/10
Erwin Elementary School
Public,•K-5•0.9mi
3/10
Van Nuys Elementary School
Public,•K-5•1.0mi
5/10
Ranchito Avenue Elementary School
Public,•K-5•1.4mi
4/10
Burton Street Elementary School
Public,•K-5•1.7mi
4/10
Valerio Street Elementary School
Public,•K-5•1.8mi
2/10
Columbus Avenue School
Public,•K-5•1.9mi
4/10
Sylvan Park Elementary School
Public,•K-5•1.9mi
3/10
Michelle Obama Elementary
Public,•K-5•2.1mi
9/10
Kester Avenue Elementary School
Public,•K-5•2.4mi
5/10
Noble Avenue Elementary School
Public,•K-5•2.5mi
4/10
Bassett Street Elementary School
Public,•K-5•2.5mi
3/10
Bassett Street Elementary School
Public,•PK-5•2.6mi
4/10
Cohasset Street Elementary School
Public,•K-5•2.8mi
3/10
Cohasset Street Elementary School
Public,•K-5•2.8mi
3/10
Langdon Avenue Elementary School
Public,•K-5•3.3mi
3/10
Gault Street Elementary School
Public,•K-5•4.1mi
3/10
Gault Street Elementary School
Public,•K-5•4.2mi
7/10
Stagg Street Elementary School
Public,•K-5•4.4mi
4/10
Parthenia Street Elementary School
Public,•K-5•4.4mi
5/10
James Madison Middle School
Public,•6-8•0.9mi
2/10
Van Nuys Middle School
Public,•6-8•2.1mi
3/10
Vista Middle School
Public,•6-8•2.4mi
5/10
William Mulholland Middle School
Public,•6-8•4.2mi
3/10
William Mulholland Middle School
Public,•6-8•4.3mi
7/10
Oliver Wendell Holmes Middle School
Public,•6-8•5.2mi
3/10
Northridge Middle School
Public,•6-8•5.7mi
6/10
Van Nuys Senior High School
Public,•9-12•1.4mi
6/10
Ulysses S. Grant Senior High School
Public,•9-12•1.5mi
3/10
Robert Fulton College Preparatory School
Public,•6-12•1.7mi
2/10
Panorama High School
Public,•9-12•1.8mi
6/10
John H. Francis Polytechnic
Public,•9-12•2.4mi
3/10
James Monroe High School
Public,•9-12•3.9mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•6.0mi
5/10
Valley Academy Of Arts And Sciences
Public,•9-12•6.1mi
7/10
Northridge Academy High
Public,•9-12•6.3mi
Condition Rating
Tear down
The property was built in 1947, making it 77 years old. The listing description explicitly states it is 'prime for development' and comes with 'completed plans to build 8 town homes,' indicating that the value is in the land and its redevelopment potential, not the existing structures. The absence of any interior images further suggests that the current fourplex units are not a selling point and are likely outdated or in a condition that warrants demolition rather than renovation. This aligns with the 'tear-down' criteria where the property's value is based solely on the land and its potential for redevelopment.
Pros & Cons
Pros
Pre-Approved Development Plans: The property comes with completed plans to build 8 townhomes, significantly de-risking and accelerating future development for an investor.
High Development Potential: A generous 10,004 sqft lot in a developing area like Van Nuys is prime for multi-unit construction, aligning perfectly with the existing development plans.
Existing Income Stream: As a fully occupied fourplex, the property provides immediate rental income, offering cash flow during holding periods or prior to redevelopment.
Investor-Ready Asset: Explicitly marketed to investors, this property offers a clear value-add strategy through redevelopment, appealing to a specific and motivated buyer pool.
Strategic Location: Van Nuys is a central San Fernando Valley location with ongoing revitalization, offering strong demand for new housing units.
Cons
Below Market Rents: The current 'under market' rents limit immediate cash flow and yield, requiring active management or tenant turnover to maximize income.
Age of Existing Structure: Built in 1947, the existing fourplex is likely dated, potentially requiring significant capital expenditure for maintenance, upgrades, or demolition if redevelopment is pursued.
Capital Intensive Redevelopment: While plans are complete, the actual construction of 8 townhomes represents a substantial financial undertaking, requiring significant capital investment and project management.