Description

The LAAA Team of Marcus & Millichap is pleased to present 6901 Woodman Avenue, a fully RTI, 55-unit, 100% affordable ED1 development site in Van Nuys, now priced at $1,400,000 (reduced from $1,500,000). The new basis equals $25,455 per buildable unit and $139.93 per land SF, below every recent land trade cited in the OM. Permits are ready to issue, so a developer closes and starts construction with no entitlement exposure, four blocks from the planned East San Fernando Valley Light Rail station at Vanowen and Van Nuys.

Permits In Hand: The project is fully RTI under case ADM-2025-1419-DB-VHCA-RED1. A buyer pulls permits and commences construction immediately, with no additional entitlement process or discretionary approvals.

New $1,400,000 Basis: The reduced price equals $25,455 per buildable unit and $139.93 per land SF, below the $183.19 to $307.02 per land SF range of the recent land trades cited in the OM and 41% below the comp average per unit.

55-Unit ED1 Program: Executive Directive 1 ministerial approval combined with Transit Oriented Communities incentives delivers 55 units of 100% affordable housing in a five-story, 27,336 SF Type V-A building on a 10,005 SF LAR3 lot.

Zero Required Parking: The approved plans carry no on-site parking requirement, maximizing unit efficiency and keeping the construction budget on cost-effective wood-frame fundamentals.

Scheduled Rent at Completion: The OM carries a $1,557,960 gross scheduled rent roll at completion on the current LAHD Schedule VI and IX covenant rents, with a $1,050,000 stabilized NOI reference, against the $1,400,000 land basis.

Transit-Anchored Location: The East San Fernando Valley Light Rail Transit Project brings a station to Vanowen Street and Van Nuys Boulevard, four blocks from the site, publicly funded infrastructure anchoring long-term connectivity for the corridor.