QOZ AREA DEVELOPMENT-DELIVERED RTI
14715-14721 Blythe Street
Panorama City, CA 91402
Located on Blythe Street in the ever improving Panorama City portion of the San Fernando Valley, this development opportunity stands as a cost-effective construction project for those looking to capture the tax saving benefits of the Qualified Opportunity Zone program. With the project serving as a Type-V construction 26 unit apartment complex with on-grade parking, the development will be delivered ready-to-issue at the Close of Escrow.
With easy access to the approved Van Nuys Boulevard Light Rail (estimated completion of construction in 2027), a builder will have the opportunity to hold and cash-flow the investment per the QOZ guidelines or sell the project to a buyer looking for new construction product. With an ever increasing push for expanded California rent control laws, the asset will prove a desirable investment for buyers looking for less government restriction on their management practices.
Along with the development's location near the future Van Nuys Boulevard Light Rail Line, the property is within close proximity to Walmart, Home Depot, Ross Dress for Less, Smart & Final, PetSmart, Regency Theaters, and Kaiser Permanente.
The Seller is open to multiple structures of transacting the property including a possible joint venture and/or a building the project for the Buyer. As an experienced general contractor of 20 years, the Seller has a proven track record of building apartment buildings throughout Los Angeles County including his own apartment investments.
Listing Price: $ 2,199,000
Price per buildable unit: $84,577
Price per SF (Lot): $145.27
Six units are set aside for affordable housing with a fifty-five (55) year affordability restriction along with two of the units serving as rent controlled market rate rentals
Type V construction and on-grade parking
Within walking distance to the newly approved Metro Light Rail. Construction begins in 2021 with passenger service slated for 2027
Project shall be delivered Ready-to-Issue at the Close of Escrow
26 units located in an opportunity zone. Huge tax savings upon proper execution of investment and hold strategy
Within proximity to many retailers including Walmart, Home Depot, Ross Dress for Less, Smart & Final, PetSmart, Regency Theaters, and Kaiser Permanente
The Seller is a licensed professional contractor with experience of 20 years in building residential dwellings. Will consider building the project for a potential buyer and/or joint venture