13840 Sherman Way
- 86 approved units under the AB 2334 density bonus, delivered Ready-to-Issue at close of escrow
- 1.05-acre split-zoned site, [Q]RD1.5-1 and R1-1, averaged across both zones for a four-story Type V-A building
- 57 on-site parking spaces where none are required under AB 2097
- Family-sized covenant mix: 21 studios, 50 one-bedrooms, 12 two-bedrooms and 3 three-bedrooms
- $40,698 per approved unit and $76.49 per land SF, 67% below the entitled-land comp average per land SF
- Future East San Fernando Valley Light Rail station at Sherman Way and Van Nuys Blvd, 0.8 miles west
Property Description
The LAAA Team of Marcus & Millichap is pleased to present 13840 Sherman Way, an 86-unit 100% affordable development site on 1.05 acres in Van Nuys, delivered Ready-to-Issue at close of escrow. The AB 2334 density bonus approval is ministerial, the LAHD affordability covenant recorded in October 2025, and the plan set is fully engineered. The approved building is four stories of Type V-A wood frame with 57 on-site parking spaces and a family-sized mix through three bedrooms. Offered at $3,500,000, $40,698 per approved unit and $76.49 per land square foot. Delivered RTI: Seller delivers the site Ready-to-Issue at close of escrow. The AB 2334 density bonus approval is ministerial and the LAHD affordability covenant recorded in October 2025, so no hearings, appeals or discretionary exposure remain. 86 Units on a Split-Zoned Acre: Base zoning alone would have capped the site near 28 dwellings. AB 2334 unlimited density and on-menu site averaging across the RD1.5 and R1 zones unlocked 86 units of four-story Type V-A wood frame. Parking Where Most Have None: 57 on-site spaces, including accessible and EV-ready stalls, with none required under AB 2097. A leasing and lender advantage over the zero-parking 100% affordable stock coming to market. Family-Sized Unit Mix: 21 studios, 50 one-bedrooms, 12 two-bedrooms and 3 three-bedrooms. The two- and three-bedroom units carry covenant rents of $2,528 to $3,465 per month on the current LAHD schedules. $76 per Land SF: $3,500,000 is $40,698 per approved unit and $76.49 per land square foot, 67% below the average of five closed entitled and RTI land sales across Los Angeles on a per-land-SF basis. Light Rail Coming to Sherman Way: The East San Fernando Valley Light Rail brings a Sherman Way station to Van Nuys Boulevard, 0.8 miles west of the site, on the property's own corridor.
Key Property Information
| Listing Status: | Available |
|---|---|
| Property Types: | Land/Development |
| Price: | $3,500,000 |
| No. of Units: | 86 |
| Cap Rate: | 91356% |
| Lot Size: | 45,755.00 Acres |
| Zoning Code: | [Q]RD1.5-1/R1-1 |
| Opportunity Zone: | No |
| Price per unit: | $40,698 |
Additional contacts
| Full name | Phone number | Email address |
|---|---|---|
| Filip Niculete | 818-212-2748 | [email protected] |
| Glen Scher | 818-212-2808 | [email protected] |
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