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5950 Cedros AVE Van Nuys, CA 91411
0.71 Acres Lot
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Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID SR25172430
HOA Y/N No
Lot Size 0.706 Acres
Property Description
Evanisko Realty & Investment, Inc., as exclusive advisor, is pleased to present the opportunity to acquire fee simple interest in 5950 N. Cedros Ave. (et. al. addressees) AKA the “Valley Metro” development site; a 30,735 SF transit-oriented development opportunity. The site is just steps from the intersection of the new East Valley Metro line stop AND the Orange Line at Van Nuys Blvd. and Oxnard St.
In addition to its transit-oriented location, the values appurtenant to the base zoning couldn't be any more enticing for the permitting and funding of affordable housing. The site's yield will be dictated by the taste of the developer and their capital constraints and not by zoning policy as virtually all entitlement pathways under CHIP ( DB, MIIP, or AHIP) will allow unlimited density, more FAR than is needed, and likely more height than needed all without a planning case!
It may be a logical use of the site worthy of consideration to develop five stories across the 21,568 rectangular portion and use the current parking lot for parking, trash enclosure, and amenities. By our calculations this could produce, conservatively, about 59,655 SF of leasable area within five stories Type IIIA. Assuming an average unit size of 500 SF, this would produce a yield of about 120 units.
In addition to its transit-oriented location, the values appurtenant to the base zoning couldn't be any more enticing for the permitting and funding of affordable housing. The site's yield will be dictated by the taste of the developer and their capital constraints and not by zoning policy as virtually all entitlement pathways under CHIP ( DB, MIIP, or AHIP) will allow unlimited density, more FAR than is needed, and likely more height than needed all without a planning case!
It may be a logical use of the site worthy of consideration to develop five stories across the 21,568 rectangular portion and use the current parking lot for parking, trash enclosure, and amenities. By our calculations this could produce, conservatively, about 59,655 SF of leasable area within five stories Type IIIA. Assuming an average unit size of 500 SF, this would produce a yield of about 120 units.
Location
State CA
County Los Angeles
Area Vn - Van Nuys
Zoning LAC1.5
Interior
Fireplace No
Exterior
Community Features Storm Drain(s), Street Lights, Sidewalks, Urban, Valley, Park
View Y/N Yes
View City Lights, Mountain(s), Neighborhood, Panoramic, Valley
Building
Lot Description 36-40 Units/Acre, Corner Lot, Irregular Lot, Level, Near Park, Rectangular Lot
Water Public
New Construction No
Others
Senior Community No
Tax ID 2244006039
Acceptable Financing Cash, Cash to Existing Loan, 1031 Exchange
Listing Terms Cash, Cash to Existing Loan, 1031 Exchange
Special Listing Condition Standard
Listed by Francis Evanisko Evanisko Realty & Investment 213-200-6957