LAAA Team of Marcus & Millichap is pleased to present a development opportunity located at 7403 Topanga Canyon Blvd in Canoga Park proximate to the booming Warner Center. The property is located on 4,979 square feet of land and it benefits for alley access behind it and its corner lot location. An investor may be able to utilize TOC Tier 1 incentives to maximize the lot’s development potential and build 15 units.

The property has conceptual drawings for a 15 unit apartment building with on grade parking and 4 stories above it. The proposed unit mix will include (4) Studios, (8) One Bedroom Units and (3) 2 Bedroom Units. Two units will be Low Income and three units will be ADU’s which will be converted into legal units after certificate of occupancy. With the lowest price per buildable unit of any multifamily development sites available to purchase in the San Fernando Valley, this project allows a developer to make a healthy profit. We estimate the future value of the project to be around $5,000,000.

There is currently a vacant single family home located on the property, which can be rented, but more importantly there is no relocation of tenants or any rent control restrictions on the redevelopment. Should a developer not want to build the proposed project, the lot allows for 13 units by right and 21 units with the density bonus and as many as 26 units by designing for ADU conversion. Another development option would be to build 4 units and expedite the permitting process and break ground in a few months, since it would be classified as a residential project.

Topanga Canyon Blvd is one of the busiest streets in the San Fernando Valley. Approximately 40,000 cars pass by this property as it connect many residents to the 101 Freeway to the south and the 118 freeway to the north. The San Fernand The San Fernando Valley consists of approximately 260 square miles, making it the largest geographic in the City of Los Angeles. With approximately 1.8 million residents, it is a densely populated area that as a standalone city, would be the seventh largest city in the United States. With the barrage of new hotels, residential buildings, Westfield Promenade, Westfield’s “The Village”, Westfield Topanga, and others still in the planning phase, nearby Warner Center is expecting a significant population increase between 2018 and 2025.