6901 Woodman Avenue

6901 Woodman Avenue presents a rare opportunity to acquire a fully entitled, .23-acre development parcel in the heart of Van Nuys–North Sherman Oaks. Zoned LAR3 and approved for Affordable Housing execution via ED1, this 10,005-square-foot site benefits from one entitlement package in place and immediate shovel-ready status. The site’s LAR3 zoning allows a density that is ideal for workforce and affordable residential product, positioning the land for high-impact multifamily development.

Offered at $1,500,000 ($149.93 per land SF / $27,273 per buildable unit), the property delivers an attractive in-place net operating income of $935,983 and a current cap rate of 5.85%. Pro forma stabilization projects nearly $1,000,000 in annual NOI and a 6.24% cap rate, with a GRM of 11.20 and potential GRM of 10.67. These metrics, coupled with a cash-on-cash return of 4.67%, underscore a compelling value proposition for investors seeking both immediate yield and longer-term upside through rental growth and market-rate conversion.

Strategically positioned just north of Sherman Way and within minutes of Van Nuys Boulevard, the site offers seamless access to the 405 and 101 freeways, Burbank Airport and the broader San Fernando Valley employment centers. The Van Nuys market continues to experience strong residential demand, driven by the city’s ongoing revitalization efforts and favorable affordability relative to Westside submarkets. With entitlements secured and a proven financial profile, 6901 Woodman Avenue represents an institutional-grade land investment in one of Los Angeles’s most active development corridors.