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Diego Magdaleno

diego@1visionproperties.com +1(714) 376-8652

$4,995,000

Est. payment - /mo

1.06 Acres Lot

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UPDATED:

Key Details

Property Type Vacant Land

Listing Status Active

Purchase Type For Sale

MLS Listing ID 26639493

HOA Y/N No

Lot Size 1.057 Acres

Lot Dimensions Assessor

Property Description

We are excited to present 12335 Osborne Place, a 100% affordable development project located in Pacoima, California. This 46,035 square foot (1.06 acre) lot will be delivered with RTI (Ready to Issue) plans for a 5-story building that will include 293 affordable units. The project plans feature a great unit mix of 281 one-bedroom units, and 12 two-bedroom units. Additionally, zero parking is required per AB 2345. This offering is situated within a qualied Opportunity Zone, providing a range of benets for investors. Investors can take advantage of signicant tax incentives, including the deferral, reduction, and potential elimination of capital gains taxes, which can greatly enhance overall returns. Furthermore, the project will benet from ongoing and future developments in the area, leading to rent growth and gentrication. The city of Pacoima is undergoing revitalization by developing a pedestrian-friendly and community-oriented downtown along Van Nuys Blvd, stretching between Laurel Canyon Blvd and San Fernando Rd. Phase 1 of this initiative has already been implemented, which included measures to slow down trafc along Van Nuys Blvd. The city is collaborating with the County of Los Angeles to secure funding for the next stage of revitalization. This next phase aims to enhance the facades of existing structures in the area with the goal of establishing a vibrant city center focused on the arts, shopping, dining, and new nightlife opportunities.

Location

State CA

County Los Angeles

Area Pac - Pacoima

Zoning LARD1.5

Interior

Fireplace No

Exterior

View Y/N No

View None

Building

New Construction No

Others

Senior Community No

Tax ID 2537001011

Special Listing Condition Standard

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Listed by Filip Niculete Marcus & Millichap

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12335 Osborne PL Pacoima, CA 91331