14008 Foothill Boulevard, Sylmar CA, 91342
(Active)
$2,200,000
|
|
MLS# 24378659
Last Updated: 5/15/2024 7:16 PM
Description for
14008 Foothill Boulevard
Sylmar, CA 91342
We are excited to present 14008 Foothill Blvd, a 100% affordable development project in Sylmar, California. The 21,549 square foot (0.49 acres) site, zoned R3-1 does not currently hold any entitlements or permits which allows a developer many options. If going the 100% affordable route, a developer has the option to build unlimited units on the lot. Our analysis for 100% affordable development shows a 4-story apartment building over 1 level of on-grade parking and features a great unit mix 1 and 2 bedroom units. There is the opportunity to build even more by constructing 6+ floors and scrapping the parking. Being an ED1 eligible site allows an expedited approval process for 100% affordable developments which enables project approval within months. Current improvements include an occupied duplex on a month-to-month basis paying $3,775 per month. This allows a buyer to obtain a loan while working to get their entitlements and permits in place.This development site benefits from strategic positioning within Sylmar, CA. Boasting proximity to essential amenities, including schools, shopping centers, and recreational facilities, the site offers residents convenient access to daily necessities and leisure pursuits. Additionally, its favorable locale within the greater Los Angeles area ensures connectivity to major transportation routes, enhancing accessibility for residents commuting to neighboring districts. Such attributes underscore the desirability and viability of this investment opportunity within a burgeoning market for affordable housing. Moreover, the site's surroundings encompass a burgeoning community characterized by ongoing urban development and economic growth initiatives. As part of a dynamic neighborhood fabric, this investment holds promise for contributing to the local socio-economic landscape while addressing the pressing need for affordable housing solutions. In summary, this development site presents a compelling proposition for investors seeking to engage in socially impactful ventures within a burgeoning real estate market.
Price
$2,200,000
Los Angeles
24378659
Active
Description
We are excited to present 14008 Foothill Blvd, a 100% affordable development project in Sylmar, California. The 21,549 square foot (0.49 acres) site, zoned R3-1 does not currently hold any entitlements or permits which allows a developer many options. If going the 100% affordable route, a developer has the option to build unlimited units on the lot. Our analysis for 100% affordable development shows a 4-story apartment building over 1 level of on-grade parking and features a great unit mix 1 and 2 bedroom units. There is the opportunity to build even more by constructing 6+ floors and scrapping the parking. Being an ED1 eligible site allows an expedited approval process for 100% affordable developments which enables project approval within months. Current improvements include an occupied duplex on a month-to-month basis paying $3,775 per month. This allows a buyer to obtain a loan while working to get their entitlements and permits in place.This development site benefits from strategic positioning within Sylmar, CA. Boasting proximity to essential amenities, including schools, shopping centers, and recreational facilities, the site offers residents convenient access to daily necessities and leisure pursuits. Additionally, its favorable locale within the greater Los Angeles area ensures connectivity to major transportation routes, enhancing accessibility for residents commuting to neighboring districts. Such attributes underscore the desirability and viability of this investment opportunity within a burgeoning market for affordable housing. Moreover, the site's surroundings encompass a burgeoning community characterized by ongoing urban development and economic growth initiatives. As part of a dynamic neighborhood fabric, this investment holds promise for contributing to the local socio-economic landscape while addressing the pressing need for affordable housing solutions. In summary, this development site presents a compelling proposition for investors seeking to engage in socially impactful ventures within a burgeoning real estate market.
Listing Information
| Property Type: Land, Other | ||
| 0.49 Acres | ||
Neighborhood
Room Information
Exterior / Lot Features
0 Covered Parking Spaces,
LAR3
Driving Directions
Foothill & Polk
Financial Considerations
| 2504022003 |
Listing Price History
Sylmar Real Estate
Sylmar is located in California. Sylmar, California 91342 has a population of 97,419.
The median household income in Sylmar, California 91342 is $77,684. The median household income for the surrounding county is $73,262 compared to the national median of $66,222. The median age of people living in Sylmar 91342 is 38 years.
Data provided below are primarily sourced from Public Records data.
Nearby Recent Sales (Sourced from Public Records)
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Price History
| Date | Event | Price | Source |
|---|---|---|---|
| 4/10/2024 | Active | $2,200,000 USD 37.50% |
|
| 5/6/2022 | Sold | $1,600,000 USD | public records |
Tax History (Sourced from Public Records)
| year | Property Taxes | Change | Tax Assessment | Change |
|---|---|---|---|---|
| 2023 | $20,191 USD | 1,289.74% | $1,632,000 USD | 1,959.07% |
| 2022 | $1,453 USD | 1.75% | $79,259 USD | 2.00% |
| 2021 | $1,428 USD | -0.35% | $77,706 USD | - |
| 2020 | $1,433 USD | 2.58% | $77,706 USD | 1.03% |
| 2019 | $1,397 USD | 6.56% | $76,910 USD | 2.00% |