13840 Sherman Way, Van Nuys, CA 91405
Local realty services provided by:CENTURY 21 Sierra Properties
13840 Sherman Way,Van Nuys (los Angeles), CA 91405
$3,500,000
- 1.05 Acres
- Lots / Land
- Active
Listed by: filip niculete, glen scher
Office: marcus & millichap
MLS#:CL26998707
Source:Bay East, CCAR, bridgeMLS
Price summary
- Price:$3,500,000
About this home
We are pleased to present 13840 Sherman Way, a Ready-to-Issue (RTI), 86-unit affordable housing development opportunity situated on approximately 1.05 acres (45,755 square feet) in Van Nuys, California. Offered at $3,500,000, the property presents developers with an opportunity to acquire a fully entitled, permit-ready project at an attractive land basis of $40,698 per approved unit and $76.49 per land square foot.Approved under California's AB 2334 Density Bonus Law and SB 330, the development consists of a four-story, Type V-A wood-frame building totaling approximately 49,972 gross square feet. The approved unit mix includes 21 studios, 50 one-bedroom units, 12 two-bedroom units, and three three-bedroom units. The project incorporates 85 income-restricted residences and one unrestricted manager's unit, along with 57 on-site parking spaces, two elevators, a rooftop deck, and approximately 8,950 square feet of open space.A key investment advantage is the project's advanced entitlement status. The ministerial density bonus approval has been secured, the 55-year affordability covenant was recorded in October 2025, and the Seller will deliver the project RTI at the close of escrow. This substantially reduces entitlement uncertainty and allows the purchaser to advance directly toward construction, subject to final permit issuance.The offering provides a compelling acquisition basis relative to comparable entitled development sites throughout Los Angeles. At $76.49 per land square foot, the property is priced approximately 67% below the $230.63 average of five comparable land transactions presented in the offering memorandum. Based on the projected affordable rent schedules, the completed development is estimated to generate approximately $2.57 million in annual scheduled rental income and $1.72 million in stabilized net operating income, subject to construction, lease-up, operating assumptions, and applicable affordability restrictions.Strategically positioned along Sherman Way, the property benefits from proximity to major employment centers, healthcare facilities, and the planned East San Fernando Valley Light Rail, with a future Sherman Way station approximately 0.8 miles west of the site. With its substantial unit count, recorded approvals, on-site parking, and competitive acquisition basis, 13840 Sherman Way represents an opportunity for affordable housing developers and investors seeking a shovel-ready multifamily project in the San Fernando Valley....
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Home facts
- Listing ID #:CL26998707
- Added:19 day(s) ago
- Updated:October 28, 2026 at 03:05 PM
Structure and exterior
- Lot area:1.05 Acres
- Architectural Style:Unimproved Land
Finances and disclosures
- Price:$3,500,000
Bay East 2026. CCAR 2026 bridgeMLS 2026. Information Deemed Reliable But Not Guaranteed. This information is being provided by the Bay East MLS, or CCAR MLS, or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website. This information is intended for the personal use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data last updated at October 28, 2026 CA_BRIDGEMLS Member Broker: Jesse GibbsNew listings near 13840 Sherman Way
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