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- LoopNet Team
6931 Foothill Blvd
Tujunga, CA 91042
$300K Price Reduction! Foothill 114 Dev Site · Land For Sale
·
0.92 AC
INVESTMENT HIGHLIGHTS
- ±32,590 Lot SF of LAC2 and ±7,656 Lot SF of LARD3 zoning
- Potential for an Assembly Bill Number 1763 density bonus which allows a developer to gain an 80% increase in density. 100% Affordable-BUYER TO VERIFY
- Nearby schools include Pinewood Avenue Elementary, Mountain View Elementary, Mt Lukens High School, and Skyward Christian School
- Within walking distance to CVS, Chase Bank, World Gym, Smart & Final, and many more national retailers and local businesses
- Existing improvements include retail and garages used as storage with an approximate income of $17,800 per month-Owner (Property Tax & Insurance)
- Easy Access to 210, 118, and 2 Freeways
PROPERTY FACTS
| Property Type | Land | Total Lot Size | 0.92 AC |
| Property Subtype | Commercial | No. Stories | 1 |
| Proposed Use | Apartment Units | ||
| Zoning | LAC2 & LARD3 - ±32,590 SF of LAC2 & ±7,656 SF of LARD3 | ||
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 0.92 AC |
| No. Stories | 1 |
| Zoning | LAC2 & LARD3 - ±32,590 SF of LAC2 & ±7,656 SF of LARD3 |
DESCRIPTION
AGGREGATE INVESTMENT PARTNERS is pleased to present the opportunity to acquire this development asset, located on Foothill Boulevard in Tujunga, that is best suited for a planned development for multi-family dwellings. With a combined approximate size of 40,246 (32,590 square feet of LAC2 and 7,656 square feet of LARD3) square feet from seven parcels, the lot has a slight slope and rests North of the 210 Freeway. The existing buildings consist of a main retail building along with two rear garage/storage structures. With a zoning of LAC2 and LARD3, a builder will have the by-right allowance to build a total of 81 apartment units. With the usage of the California State density bonus program, a builder will have the opportunity to build 114 units (Buyer to Verify). Along with the increase in unit allowance, a builder will be allowed other “on-menu” incentives that may be confirmed with the City of Los Angeles. Currently, there are multiple tenants with gross monthly rents of approximately $17,800. The owner is responsible for property taxes and insurance. With the current income, a potential buyer will have a vehicle to offset a small portion of their development costs.
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $167,669 | |
| Land Assessment | $1,086,674 | Total Assessment | $1,254,343 |
PROPERTY TAXES
