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$1,850,000
Est. payment /mo
0.43 Acres Lot
UPDATED:
12/21/2024 01:06 PM
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID 24473415
HOA Y/N No
Lot Size 0.425 Acres
Property Description
We are pleased to present a premier development opportunity at 9938 Commerce Ave in Tujunga. Positioned on the corner of Tujunga Canyon Blvd and Commerce Ave, this vacant lot spans 18,530square feet and is zoned C2-1, making it a prime candidate for residential development. It offers the potential to construct up to 47 units directly or expand to 64 units by leveraging the California density bonus. Furthermore, this site qualifies for an ED-1 100% affordable housing project, providing an exceptional chance for developers to enhance density and streamline the entitlement process. Offered at a competitive price of just $100 per square foot, this property comes free of any existing tenants or leases, presenting a seamless opportunity for development. This lot represents a rare find in the supply-limited neighborhood of Tujunga, positioned advantageously for residents who value manageable commutes to Sunland, La Canada, Pasadena, Glendale, and the wider San Fernando Valley. Situated in a submarket known for its robust demographics, the area boasts an average household income exceeding $113,000 within a 5-mile radius, alongside a noticeable affordability gap where the median home value exceeds $800,000. This gap highlights the substantial demand for more accessible housing options, underlining the significant potential for investment and development at this unique location.
Location
State CA
County Los Angeles
Zoning LAC2
Interior
Fireplace No
Exterior
View Y/N No
View None
Building
New Construction No
Others
Senior Community No
Tax ID 2568013001
Special Listing Condition Standard
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Listed by Neema Ahadian • Marcus & Millichap