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$ 2,900,000
Est. payment | /mo
16 Beds
9 Baths
4,549 SqFt
$ 2,900,000
Est. payment | /mo
16 Beds
9 Baths
4,549 SqFt
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Square Footage 4,549 sqft
Price per Sqft $637
MLS Listing ID 26860729
Bedrooms 16
HOA Y/N No
Year Built 1937
Lot Size 0.908 Acres
Property Description
12215 San Fernando Road in Sylmar, CA. The property, originally constructed in 1937, is comprised of nine units with a mix of two x one bedroom/one bath, and seven x two bedroom/one bath apartments, situated on a 0.91 acre (39,537 SF) parcel. In 2018, the property was renovated and two new units were added. There is an on-site leased laundry room, and each unit has wall a/c units. Currently, some of the excess land is used for truck parking generating $500 per month in revenue; and the additional space on the excess can be rented should the opportunity arise. Currently, the property is generating almost $15,000 per month in income.The parcel is zoned LA C2-2D. City of Los Angeles Transit Oriented Communities qualifies the parcel as TOC Tier 4 due to its proximity to the Sylmar/San Fernando Metrolink Train Station. Tier 4 qualifies for an 80% bonus in unit density based on the underlying zoning. This is in exchange for setting aside a certain amount of low-income units. By right one could develop 86 units. With TOC Tier 4, one could develop 155 units. Please refer to the above link for specifics. Additionally, the city has implemented a local incentive program detailed in the City of Los Angeles Density Bonus Program which complements the TOC program and the Citywide Housing Incentive Program Ordinance or CHIP. Further, the site qualifies for Executive Directive 1 (ED 1) which expedites the processing of shelters and 100% affordable housing projects in the city of Los Angeles. The offering is a rare opportunity for an investor/developer to acquire a sizable developable parcel in a sub-market in critical need of new housing, and is also eligible for expedited entitlement processing.
Location
State CA
County Los Angeles
Area Syl - Sylmar
Zoning LAC2-2D
Interior
Heating Wall Furnace
Cooling Wall/Window Unit(s)
Fireplace No
Exterior
Parking Features Uncovered
Total Parking Spaces 16
Building
Story 1
Entry Level One
Level or Stories One
New Construction No
Others
Senior Community No
Tax ID 2611010012
Special Listing Condition Standard
Listed by Robert Leveen Robert Leveen #01476685