PRICE: $3,350,000

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RTI Development opportunity.

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Ethan Donel, Alex Reyhan, and Daniel Hirth have been exclusively selected to market for sale 14557 Friar Street. The development site is uniquely situated in the traffic-generating and highly diverse submarket of Van Nuys.  The subject property is located on the corner lot of Friar Street and Vesper Avenue. This property is currently in the final approval stages of RTI allowing a developer to build a 42-unit multifamily development, less than $80,000 per buildable unit!  

 

The subject property is zoned [Q]C2-1L-CDO TOC Tier 4 with a FAR of 3.49:1, allowing ±37,032 of buildable square footage. With a plethora of new developments around the subject property, this opportunity is ideal for a developer looking to start construction right away for a brand-new multifamily development in the heart of Downtown Van Nuys!

 

The property is also located within an opportunity zone which will allow a developer to receive federal tax incentives by investing their capital.

 

Van Nuys is in the central San Fernando Valley region of Los Angeles and is strategically located near pockets of economic and development activity. It is home to the Van Nuys Airport and the Valley Municipal Building and is the only neighborhood in the San Fernando Valley with a population exceeding 100,000 residents. Downtown Van Nuys is growing daily with many jobs opening back up and plenty of Rapid Transit options, including a very-likely-to-happen Metro Light Rail Project down the center of Van Nuys Blvd. that is meant to run from the Orange Bus Line to the south and the City of San Fernando to the north and with a possible connection to the Sepulveda Pass Transit Corridor.