12215 San Fernando Road
- TOC Tier 4 Density Bonus
- Executive Directive 1 Eligibility
- Collect income while pursuing entitlements
- Excess land can be used for short term vehicle and equipment storage income.
- Seller will consider carrying to qualified buyer
Property Description
Lee & Associates Apartment Advisors is pleased to present 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. Sylmar is a neighborhood in the city of Los Angeles, as such the property is subject to city of Los Angeles RSO. The property has easy access to I-210, I-5, and CA-118. Employment centers including Burbank, Pacoima, and Sun Valley are nearby. The Sylmar Metro Rail station is directly across the street. Bob Hope Airport is a 15 minute drive from the property. 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. The offering is a rare opportunity for an affordable housing developer to acquire a sizable residential parcel eligible for expedited entitlement processing and continue to earn income.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $2,900,000 |
| No. of Units: | 9 |
| Year Built: | 1937 |
| Lot Size: | 0.91 Acres |
| Opportunity Zone: | No |
| Price per unit: | $322,222 |
| Property Website | Click Here |
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