13840 Sherman Way - Build 86 Afford. Units on Acre - Not RTI 1.03 Acres of Residential Land Offered at $3,999,999 in Van Nuys, CA 91405

L A Developed Team proudly introduces a rare development opportunity in Van Nuys — a vacant lot of just over one acre with approved entitlements for an 86-unit, 100% affordable-housing project.
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Spanning approximately 45,700 square feet, this offering equates to about $100 per square foot of land.
Positioned with access from Sherman Way and tucked behind a duplex that fronts the boulevard, the site combines visibility on a major thoroughfare with a buffer from heavy street activity. Nestled between Woodman Avenue and Hazeltine Avenue, it lies under two miles from the Metrolink Station. Designated TOC Tier 1, the location earns a “Very Walkable” score, surrounded by restaurants, shops, and daily conveniences — including Ralphs Supermarket and Norms Restaurant just half a block away.
The entitlements were granted under the Density Bonus & Affordable Housing Incentives Program through a Letter of Compliance, securing approval for affordable housing without reliance on ED1. The property will be delivered as-is, not RTI, with buyers responsible for advancing the project through LADBS approvals.
The plan allocates 67 units for Very Low-Income households, 18 for Moderate Income households, and one manager’s unit. The Type V design includes 53 one-bedrooms, 14 two-bedrooms, and 19 studios, with laundry rooms on each floor, 72 surface-level parking spaces, an elevator, and rooftop access.
There’s also potential to convert a portion of the open surface parking area into ADUs in the future. The site is located within a Qualified Census Tract (QCT), offering added opportunities for funding incentives.