12323-12335 Osborne Pl - ED1 Development | Delivered RTI for 293 Units 1.06 Acres of Residential Land Offered at $4,995,000 in Pacoima, CA 91331

The LAAA Team at Marcus & Millichap is excited to present 12335 Osborne Place, a 100% affordable development project located in Pacoima, California. This 46,035 square foot (1.06 acre) lot will be delivered with RTI (Ready to Issue) plans for a 5-story building that will include 293 affordable units. The project plans feature a great unit mix of 281 one-bedroom units, and 12 two-bedroom units. Additionally, zero parking is required per AB 2345.

This offering is situated within a quali?ed Opportunity Zone, providing a range of bene?ts for investors. Investors can take advantage of signi?cant tax incentives, including the deferral, reduction, and potential elimination of capital gains taxes, which can greatly enhance overall returns. With Opportunity Zones set to expire at the end of 2026, this project presents an extraordinary opportunity for investors to buy, build, and re?nance before the expiration date. Furthermore, the project will bene?t from ongoing and future developments in the area, leading to rent growth and gentri?cation.

The city of Pacoima is undergoing revitalization by developing a pedestrian-friendly and community-oriented downtown along Van Nuys Blvd, stretching between Laurel Canyon Blvd and San Fernando Rd. Phase 1 of this initiative has already been implemented, which included measures to slow down traf?c along Van Nuys Blvd. The city is collaborating with the County of Los Angeles to secure funding for the next stage of revitalization. This next phase aims to enhance the facades of existing structures in the area with the goal of establishing a vibrant city center focused on the arts, shopping, dining, and new nightlife opportunities.