10154 Hillhaven Ave
Tujunga, CA 91042
21 Unit Development Site | Unentitled Land · Land For Sale · 0.28 AC

The LAAA Team of Marcus & Millichap is pleased to present 10154 Hillhaven Ave located in Tujunga, California. Current improvements consist of a 4-unit building totaling 2,649 square feet of rentable area. This 12,009 square feet lot, zoned R3-1, allows a developer the opportunity to build 15 units by-right or up to 22 units with its allowable density bonus. The neighborhood lies between the Verdugo Mountains and the San Gabriel Mountains. It is contiguous on the east with La Crescenta- Montrose. Sunland and Tujunga are divided by Mount Gleason Avenue, with Sunland on the west and Tujunga on the east. Mount Lukens, located within Tujunga, is the highest point in Los Angeles. The site is zoned R3, allowing a developer many options when designing the project. By right, the zoning allows for 15 units with a 33-foot height limit and a building envelope of 24,500 square feet. A developer can build 22 units with the allowable density bonus and go as high as 44 feet and a building envelope of 33,971 square feet. The only requirement to receive this bonus is to designate at least 11% for very low income or 20% for low income. Lastly, this property generates over $4,500 per month in gross rental income, helping the buyer offset the carrying costs. Also, since this property has 4-units, it qualifies for residential financing. With today's historically low interest rates, the buyer would only need a 25% down payment to get a 5-year ARM mortgage with a rate as low as 3.25%.