FOOTHILL 114 DEVELOPMENT
6931-6947 Foothill Boulevard
Tujunga, CA 91042
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.
±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)
Cal BRE #01921866