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Diego Magdaleno

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

$1,800,000

Est. payment - /mo

37 Beds

37 Baths

15,111 SqFt

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UPDATED:

Key Details

Property Type Single Family Home

Listing Status Active

Purchase Type For Sale

Square Footage 15,111 sqft

Price per Sqft $119

MLS Listing ID 26814559

Bedrooms 37

HOA Y/N No

Year Built 2026

Lot Size 6,133 Sqft

Property Description

Welcome to 6403 Whitman, a fully entitled, RTI( Ready to Issue) permit project perfect for Developers, Investors, Contractors, Builders ready to pull permits and start building. This SHOVEL READY 100% Affordable ED1 project in Lake Balboa featuring 37 units including a manager's office that can be converted into a unit, 19-1 bedroom, 18- studios across a Type V, four story, fully stacked designed which features all wood frame floors on a corner lot. This design has significant savings in construction costs and time maximizing the most units with significantly lower construction costs compared to 5 stories and taller projects such as, Type III. Located in one of San Fernando valley's vibrant and high demand areas, Lake Balboa is just minutes to Encino, Sherman Oaks, Van Nuys and the property located directly across the street to Woodley park which is considered a high resource area on the map. The property is also directly across the street to the Orange Line and the freeway, while major shopping stores like Super King and COSTCO are very close by as well. Due to its central location, the area is within top employment hubs and is easy access to Encino, it is a highly desirable and attractive area that has lots of brand new construction apartments buildings nearby. The property is located in a TOC Tier 3 area because of it just a walk across the street to the Metro/Orange Line, making this very walkable and bike friendly. The stackable design features 15,111 square feet of livable area and 16,780 square feet of buildable area with units ranging from 268- 338 sq ft Studios and 352 to 465 sq ft- One bedrooms. Based on the most recent schedule 6 & 9 rents from the covenant, the total monthly rents from the 37 units would bring a monthly gross income of $75,482 and yearly gross income of $905,784, or a buyer can look into achieving higher rents with Section 8 vouchers (buyer to verify). Each floor has a laundry room, outdoor bicycle area and storage. The property is currently a vacant land ready to start building right away, shovel ready!! The plans have no parking required, so developers don't have to pencil the high costs that come with on-grade parking, increasing additional significant savings to the project's construction costs and affordability. A developer can break ground right away and there has been a lot of money invested in the area, LOCATION, LOCATION, LOCATION. Each unit is designed for maximum affordability and optimized rental income. This development presents a ultra rare and immediate opportunity for developers to bring much-needed affordable housing to one of San Fernando Valley's most sought-after areas. BUYER TO VERIFY ALL!

Location

State CA

County Los Angeles

Area Lkbl - Lake Balboa

Zoning LARD1.5

Interior

Heating Central

Cooling Central Air

Fireplace No

Exterior

Parking Features None

View Y/N No

View None

Building

Story 4

Entry Level Multi/Split

Level or Stories Multi/Split

New Construction No

Others

Senior Community No

Tax ID 2233006017

Special Listing Condition Standard

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Listed by Daniel Lalezari Keller Williams Hollywood Hills #01949474

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6403 Whitman AVE Lake Balboa, CA 91406