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We are pleased to present 13840 Sherman Way, a Ready-to-Issue (RTI), 86-unit affordable housing development opportunity situated on approximately 1.05 acres (45,755 square feet) in Van Nuys, California. Offered at $3,500,000, the property presents developers with an opportunity to acquire a fully entitled, permit-ready project at an attractive land basis of $40,698 per approved unit and $76.49 per land square foot.Approved under California's AB 2334 Density Bonus Law and SB 330, the development consists of a four-story, Type V-A wood-frame building totaling approximately 49,972 gross square feet. The approved unit mix includes 21 studios, 50 one-bedroom units, 12 two-bedroom units, and three three-bedroom units. The project incorporates 85 income-restricted residences and one unrestricted manager's unit, along with 57 on-site parking spaces, two elevators, a rooftop deck, and approximately 8,950 square feet of open space.A key investment advantage is the project's advanced entitlement status. The ministerial density bonus approval has been secured, the 55-year affordability covenant was recorded in October 2025, and the Seller will deliver the project RTI at the close of escrow. This substantially reduces entitlement uncertainty and allows the purchaser to advance directly toward construction, subject to final permit issuance.The offering provides a compelling acquisition basis relative to comparable entitled development sites throughout Los Angeles. At $76.49 per land square foot, the property is priced approximately 67% below the $230.63 average of five comparable land transactions presented in the offering memorandum. Based on the projected affordable rent schedules, the completed development is estimated to generate approximately $2.57 million in annual scheduled rental income and $1.72 million in stabilized net operating income, subject to construction, lease-up, operating assumptions, and applicable affordability restrictions.Strategically positioned along Sherman Way, the property benefits from proximity to major employment centers, healthcare facilities, and the planned East San Fernando Valley Light Rail, with a future Sherman Way station approximately 0.8 miles west of the site. With its substantial unit count, recorded approvals, on-site parking, and competitive acquisition basis, 13840 Sherman Way represents an opportunity for affordable housing developers and investors seeking a shovel-ready multifamily project in the San Fernando Valley.
Property Type(s):
Lot/Land/Acreage
| Last Updated | 10/8/2026 | Year Built | 0 |
|---|---|---|---|
| Community | VN - Van Nuys | County | Los Angeles |
Additional Details
| AREA | VN - Van Nuys |
|---|---|
| LOT | 1.0527 acre(s) |
| LOT DIMENSIONS | 154x292 |
| VIEW DESCRIPTION | None |
Location
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Listed with Marcus & Millichap
The information being provided by Conejo Simi Moorpark Association of REALTORS® (“CSMAR”) is for the visitor's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. Any information relating to a property referenced on this web site comes from the Internet Data Exchange (“IDX”) program of CSMAR. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. Any information relating to a property, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals. The data contained herein is copyrighted by CSMAR and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.
This IDX solution is (c) Diverse Solutions 2026.
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