14658 Gilmore Street

Description

We are excited to present 14658 Gilmore St, a 100% affordable development project in Van Nuys, California. The 9,225 square foot (0.21 acre), corner lot is RTI (ready-to-issue) for a 5-story building with 48 affordable units. Being RTI allows developers to start building as soon as they close escrow. The project consists of a total of 48 units: 1 studio, 43 one-bedroom, 3 two-bedroom, and 1 three-bedroom. Additionally, the first floor features an office and a recreation room. Zero parking is required since major transit is within a half mile, but plans include 10 parking spaces (3 standard and 7 compact) for added convenience. Furthermore, there is potential to create an additional 12 accessory dwelling units (ADUs) by eliminating the parking spaces.The offering is located in a qualified Opportunity Zone which presents a wide range of benefits for an investor. Investors can take advantage of significant tax incentives, including deferral, reduction, and potential elimination of capital gains taxes, which can greatly enhance overall returns. With Opportunity Zones set to expire at the end of 2026, this project affords an investor the extraordinary opportunity to buy, build, and refinance before its expiration. This project will benefit from current and future developments in the area resulting in rent growth and gentrification.The site is nestled in the vibrant area of Van Nuys within Los Angeles, California, representing a favorable location for residents and investors alike. Its strategic position in the heart of the San Fernando Valley offers an exceptional blend of accessibility, amenities, and lifestyle opportunities. With major freeways like the I-405 and US-101 nearby, residents enjoy seamless connectivity to the broader Los Angeles area, facilitating easy commutes to major employment hubs such as downtown Los Angeles and the bustling tech industries of Silicon Beach. Additionally, the area boasts a diverse array of dining, shopping, and recreational options, enhancing the quality of life for its inhabitants. The local real estate landscape is characterized by a mix of residential properties, ranging from charming single-family homes to modern apartments, making it a suitable choice for a variety of preferences and budgets.

Listing information courtesy of: Filip Niculete, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of 09/19/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.