Marcus & Millichap is pleased to present 7008-7018 N Baird Avenue, a unique multifamily development opportunity located in Reseda, one of the most centrally located neighborhoods in the San Fernando Valley. This development opportunity is comprised of three existing residential units on 34,651 square of foot of land zoned LA[Q]R2-2D-CDO-RIO. The site also falls under "Community Commercial" General Plan Land Use, allowing for a potential developer to rezone the site to RAS4 (corresponding zone) and build up to 87 units, without the need for a "General Plan Amendment". The opportunity is ideal for affordable multifamily housing developers who are unrestricted by the constraints of Measure JJJ.
7008-7018 N Baird Avenue is ideally located in the center of the San Fernando Valley, which boasts upper middle class demographics, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer landlord favored market conditions with significant growth potential. Centrally located within short walking
distance of Sherman Way and Reseda Boulevard, 7008-7018 N Baird Avenue is surrounded by local boutique retailers, grocery stores, employment, and major mixed use developments underway, including the Reseda Town Center (proposed 2021), which will include a $26M LA Kings Ice Rink Project, retail, and residential units.
The immediate area is on a path of major capital infusion and population growth. Historically, Reseda has been a predominantly single family home neighborhood with the major commercial corridors along Reseda Boulevard and Sherman Way. With some of the local retail properties becoming aged and underutilized, developers have seen an opportunity to recreate Reseda into the walkable urban suburbia that it once was. With the Metro Light Rail coming to Van Nuys Boulevard in the coming years, central and west Valley residents will now have transit access to LAX, Westside Los Angeles, and Downtown.
