6640 Kester Ave, Van Nuys, CA 91405

Property Description

NEW PRICE! REDUCED $100,000! Exceptional opportunity to acquire an approximately 11,095 SF flat corner development site in Van Nuys, now offered at just $1,495,000 (approximately $135/SF). Zoned [Q]RD1.5-1, the property offers excellent potential for multifamily development and is located within CHIP's Transit Oriented Incentive Area (TOIA) Tier 2, providing potential development incentives for qualifying mixed-income housing projects. The site should clear SB 8 and may also be a strong candidate for 100% affordable housing development under Executive Directive 1 (ED 1), subject to City review and buyer verification. Located within a Qualified Opportunity Zone, offering potential federal tax incentives for qualifying investments. The property consists of vacant, level land with no tenant relocation or demolition costs, allowing developers to pursue their vision without the complications of existing occupants or structures. Conveniently situated near major freeways, employment centers, shopping, dining, and amenities throughout the San Fernando Valley. An excellent opportunity for developers, investors, and 1031 exchange buyers seeking a well-positioned infill development site with multiple potential development strategies. Buyer to independently verify zoning, lot size, entitlements, development capacity, SB 8 status, CHIP incentives, ED 1 eligibility, Opportunity Zone benefits, and all other property information with the appropriate agencies.