12215 San Fernando Road, Sylmar, CA 91342

$3,000,000 Approx. USD 16 beds, 9 baths
4,549 sqft

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Brochure

Photo of Alexander Varney

Marketed By Alexander Varney REALTOR® - Sales Associate 805-640-5660 m
805-640-5660 o
Lic#: 01939679
NRDS ID: 211513725
AlexanderVarney@bhhscal.com Ventura Office
789 S. Victoria Ave., Suite 100
Ventura, CA 93003
Phone: 805-677-7300
Fax: 805-644-8278

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Agent Remarks

The property, originally constructed in 1937, is comprised of nine units with a mix of two x one bedroom/one bath, and seven x two bedroom/one bath apartments, situated on 0.91 acres (39,537 SF) parcel. In 2018, the property was renovated and two new units were added. Additional income is derived from truck parking. The parcel is zoned LA C2-2D-CPIO. City of Los Angeles Transit Oriented Communities qualifies the parcel as TOC Tier 4 due to its proximity to the Sylmar/San Fernando Metrolink Train Station. Tier 4 qualifies for an 80% bonus in unit density based on the underlying zoning. This is in exchange for setting aside a certain amount of low-income units. By right one could develop 86 units. With TOC Tier 4, one could develop 155 units. Please refer to the above link for specifics. Additionally, the city has implemented a local incentive program detailed in the City of Los Angeles Density Bonus Program which complements the TOC program and just adopted the Citywide Housing Incentive Program Ordinance or CHIP. Further, the site qualifies for Executive Directive 1 (ED 1) which expedites the processing of shelters and 100% affordable housing projects in the city of Los Angeles. The offering is a rare opportunity for an affordable housing developer to acquire a sizable residential parcel eligible for expedited entitlement processing and continue to earn income.

Listing Details

Property type: (Multi-Family)

Status: Active

MLS# 26639141

Price: $3,000,000

Beds: 16

Baths: 9

Built in 1937

4,549 sqft

1 story

0.91 acres

Lot size: 0.9076