FOOTHILL 114 DEVELOPMENT

6931-6947 Foothill Boulevard

Tujunga, CA 91042

OFFERING METRICS

LISTING PRICE

$5,700,000

PRICE PER BUILDABLE UNIT

$50,000

PRICE PER SF (LOT)

$141.63

TOTAL LOT SF

±40,246

COUNCIL DISTRICT

CD-7 MONICA RODRIGUEZ

PROPERTY OVERVIEW

AGGREGATE INVESTMENT PARTNERS is pleased to present the opportunity to acquire this development asset, located on Foothill Boulevard in Tujunga, that is best suited for a planned development for multi-family dwellings. With a combined approximate size of ±40,246 (±32,590 square feet of LAC2 and ±7,656 square feet of LARD3) square feet from seven parcels, the lot has a slight slope and rests North of the 210 Freeway. The existing buildings consist of a main retail building along with two rear garage/storage structures. With a zoning of LAC2 and LARD3, a builder will have the by-right allowance to build a total of ±81 apartment units. With the usage of the California State density bonus program, a builder will have the opportunity to build ±114 units (Buyer to Verify). Along with the increase in unit allowance, a builder will be allowed other “on-menu” incentives that may be confirmed with the City of Los Angeles. 

Currently, there are multiple tenants with gross monthly rents of approximately $17,800. The owner is responsible for property taxes and insurance. With the current income, a potential buyer will have a vehicle to offset a small portion of their development costs. 

 

OPPORTUNITY HIGHLIGHTS

  • ±32,590 Lot SF of LAC2 and ±7,656 Lot SF of LARD3 zoning
     

  • Within walking distance to CVS, Chase Bank, World Gym, Smart & Final, and many more national retailers and local businesses
     

  • Nearby schools include Pinewood Avenue Elementary, Mountain View Elementary, Mt Lukens High School, and Skyward Christian School 
     

  • Located along vibrant Foothill Boulevard corridor

  • Easy Access to 210, 118, and 2 Freeways 
     

  • Existing improvements include retail and garages used as storage with an approximate income of $17,800 per month (Owner is responsible for property taxes and insurance
     

  • Potential for an Assembly Bill Number 1763 density bonus which allows a developer to gain an 80% increase in density through the development of a 100% lower income development, excluding the manager's unit (buyer to verify)

 

LOCATION MAP

 

CONTACTS

CASEY PICARD
Managing Partner

626.376.9224

Casey.Picard@AggregateIP.com

Cal BRE #01921866

 

STEVE CHANG
Senior Partner

626.381.9885

Steve.Chang@AggregateIP.com

Cal BRE #02028509