Land•Multifamily•For Sale

14728 Friar St, Van Nuys, California 91411

Sale Price $1,700,000
Sale Type Development
Zoning LAR3
Land Area .14 Acres
Land Use Multifamily Development
Market San Fernando Valley
Sub-Market Van Nuys
SVN is proud to present this OPPORTUNITY ZONE multifamily development property located on 14728 Friar St., Van Nuys, CA 91411. The site, which has an existing single family structure of 1384 ft.², shall be fully entitled by April for 12 units with a unit mix of 2 one bedrooms and 10 two bedrooms (10 market rate and 2 low income). Units average around 950 SF. Property is located just west of the intersection of Friar Street and Cedros Avenue, 1 block south of Victory Boulevard. It is in close proximity to the 405 Freeway, Van Nuys Airport, Golf course, Wildlife Reserve and major thoroughfares of the San Fernando Valley including Sepulveda Blvd., Victory Blvd., Oxnard St. and Sherman Way. The subject property is less than a 10 minute walk to Van Nuys High School and local retail, shops and restaurants on Victory Blvd. MOST NOTABLE BENEFIT: This brand new and turnkey property is located in an Opportunity Zone! Qualified Opportunity Funds and 1031 Exchange Buyers expect to be able to take advantage of unique tax advantages, including a step up in basis of 15% if held for at least seven years (10% if held for five years). In addition, if held for more than ten years, Investors may eliminate all capital gains accrued with the Ozone property from the day of purchase! **All buyers and investors must conduct their own due diligence of the opportunity zone regulations and consult their respective consultants. Our team can refer O-Zone specialists, if needed. Van Nuys is a neighborhood in the city of Los Angeles in the San Fernando Valley region of Los Angeles County. Bordering and nearby areas include Sherman Oaks, North Hollywood, North Hills, Panorama City, Valley Glen, Lake Balboa, Northridge, and the Sepulveda Basin. Within the Community Plan Area "Van Nuys - North Sherman Oaks," a wave of new multifamily  development has progressively moved north along the neighborhood, which provides an increasingly attractive location for Residents to live and for Developers to invest. Population is approximately 102,000 individuals with an average household income of $66,000. Van Nuys has historically been a stagnant multifamily submarket with little new development, but the pipeline is growing as robust rent growth earlier this cycle helped jump start development. Demand remains strong, keeping the submarket vacancy rate among the lowest in LA despite accelerated construction in recent years. Van Nuys rents rank among the lowest in LA, but low-priced submarkets are capturing the lion's share of rent growth in recent quarters. Van Nuys is traditionally one of the least expensive submarkets in LA to invest in, but investors have taken note of the improving fundamentals, and prices have risen steadily for most of the cycle. The February 2018 sale of the recently completed IMT Sherman Circle was the largest multifamily trade in submarket history.
  • Located in an Opportunity Zone! Potential step up in basis of approximately 15% (w/7 Year Hold) and possibly pay NO future Capital Gains Tax (10+ year hold)!
  • Entitlements for 12 Units Expected by April 2020.
  • Architectural and Structural Schematics Available Upon Request.
  • Walk Score of 81: "Very Walkable."
  • Conveniently located near the 405 Freeway, major thoroughfares of the SFV, and local eateries, nightlife entertainment and Van Nuys High School.
  • NOTABLE LANDMARKS OF VAN NUYS:
  • Van Nuys Airport: One of the busiest general aviation airports in the US, VNY averages over 260,000 takeoffs and landings annually.
  • Van Nuys Golf Course: Scenic and lighted golf course that has 27 holes as well as a driving range, a casual eatery & wildlife views.
  • Civic Center: Host several important civic buildings that serves the San Fernando Valley and nearby LA county regions.
  • Anheuser-Busch Brewery: First opened in the 1950s, this 95 acre facility produces 12 million barrels of beer annually.
  • Valley Presbyterian Hospital: One of the largest full-service facilities in San Fernando Valley, this 350 bed hospital marshals the resources and medical staff of 500 physicians and has been voted Best Hospital for 13 consecutive years by the Los Angeles Daily readers.
2/19/2020 7:48:56 PM 3/17/2020 1:06:46 AM
Alejandro Hinostroza
Advisor
SVN | Rich Investment Real Estate Partners
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