RTI Development Site Listed at 7005 Woodley Avenue

Marcus and Millichap is pleased to present an 11,314 square foot RTI development site located at 7005 N Woodley Avenue in Van Nuys, California. The subject property is situated in a solid Van Nuys location, south of Sherman Way and east of Hayvenhurst Avenue.
 
The most populous municipality in Los Angeles is Van Nuys. Located in central LA county, Van Nuys is close to many of the state’s major highways, making travel and day trips easy for those looking to experience many of Southern California’s premier attractions quickly. Van Nuys retains several old neighborhoods, original Spanish mission and art deco architecture that gives it more character than many nearby cities and towns. Van Nuys is home to many noteworthy food and entertainment spaces surrounding the subject property on Victory Boulevard, Woodman Avenue, Oxnard Street, and Van Nuys Boulevard. Van Nuys is also home to some of Los Angeles’ most sought-after outdoor amenities in Lake Balboa Park, including Woodley Park Archery Range, Japanese Garden, Sepulveda Basin Wildlife Reserve, Anthony C. Beilenson Park Van Nuys Golf Course, and Pedlow Skate Park. All of these outdoor spaces sit together, north of the -101 Freeway and west of the -405 Freeway. The subject property is also close to the -5, -170, and -134 Freeways.
 
 This offering is positioned a one (1) large corner lot totaling 11,314 square feet of land with a zoning ordinance of LAR3-1. This allows for fourteen (14) units by-right, a maximum height of 45 feet by-right, and a FAR of 3:1 by-right. Additionally, this offering is fully entitled utilizing the city Density Bonus incentive program, allowing for a 35% bonus to unit count and FAR, twenty-one (21) RTI units and 4.05:1 respectively, and a height increase to 56 feet. There are thirty-five (35) total parking spots in the plans, with ten (10) on-grade and twenty-five (25) on one level subterranean. The plans also include a rooftop deck common area, and four (4) recreation rooms with layouts that are nearly identical to their adjacent one-bedroom unit counterparts, making these recreation rooms a breeze to convert into ADU units. Totaling twenty-five (25) units after ADU conversion, the unit mix is great and consists of thirteen (13) one-bedroom / one-bathroom units, four (4) one-bedroom / one-bathroom ADU units, and eight (8) two-bedroom / two-bathroom units. In accordance with the Density Bonus program, one (1) one-bedroom and one (1) two-bedroom unit are set aside for very low income.
 
Situated in a solid Van Nuys location, this offering presents an excellent opportunity for any developer to capitalize on a fully RTI development site in one of the most populous municipalities in Los Angeles.