AGGREGATE INVESTMENT PARTNERS is pleased to present the opportunity to acquire this development asset, located on Foothill Boulevard in Tujunga, that is best suited for a planned development for multi-family dwellings. With a combined approximate size of 40,246 (32,590 square feet of LAC2 and 7,656 square feet of LARD3) square feet from seven parcels, the lot has a slight slope and rests North of the 210 Freeway. The existing buildings consist of a main retail building along with two rear garage/storage structures. With a zoning of LAC2 and LARD3, a builder will have the by-right allowance to build a total of 81 apartment units. With the usage of the California State density bonus program, a builder will have the opportunity to build 114 units (Buyer to Verify). Along with the increase in unit allowance, a builder will be allowed other “on-menu” incentives that may be confirmed with the City of Los Angeles.
Currently, there are multiple tenants with gross monthly rents of approximately $17,800. The owner is responsible for property taxes and insurance. With the current income, a potential buyer will have a vehicle to offset a small portion of their development costs.
