Description

We are proudto exclusively present for sale a redevelopment Lot on a residential street in Reseda. Measuring 16, 845 SF, this lot is zoned R1 with higher density in the General Plan. The General Plan splits the lot in two, allowing for half Low Residential and half Low Medium II Residential. Low Residential allows for RD5 density: the Low Res. portion of the Lot is approx. 135 x 70, about 9, 450 SF. Low Medium II Residential allows for RD1.5 density: the Low Medium portion is approx. 105 x 70, about 7, 350 SF. This area in the West San Fernando Valley is going through a lot of positive changes with a tremendous amount of development that will only improve the local area for future residents. The average income in a one-mile radius of this location hovers around $83k, which provides a great pool of people for future tenants. HACLA Section 8 Department determines that this property zip code falls under the Tier 1 for the Small Area Fair Market Rents ( SAFMR ). Affordable Units should be rentable to Section 8 tenants for increased rent; Section 8 SAFMR amounts have been effective as of 1/1/2023. No RSO, No Ellis and no relocation of tenants makes this lot attractive for a developer. The Property can potentially be delivered vacant. Reseda High School and Sherman Oaks Center for Enriched Studies are both less than a mile away, which is walkable from property. Food4Less and Valley Marketplace are both approximately 1/2 mile away. DO NOT GO ON SITE. DO NOT DISTURB TENANTS. Sold for Land Value.

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Listed by: Keller Williams Beverly Hills