$6,800,000

We are pleased to announce 16150 Vanowen St development. A Ready to Issue "RTI", 100% affordable moderate and low income site to build 99 units that will allow the developer to start building as soon as they close escrow. Being a 100% Affordable Housing Project, there are potentially no ULA or Property Tax concerns once construction is finished. The property is ideally located on the corner of Vanowen and Valjean Ave in Van Nuys. The project consists of 9 studio units, 89 one bedroom units and 1 two bedroom unit. The building is designed with 5 wood frame stories over 1 level of concrete and units are stacked which will reduce time and cost to build. The project also provides 23 car parking spaces as well as 89 bicycle parking spaces, which separates it from other 100% affordable projects. The units vary between mostly low and moderate income levels with only 1 very low income unit achieving potential rents of $4.37 per square foot. A developer can potentially rent to Section 8 tenants which will generate even higher rents and charge (as of this publishing) $2,096 per month for a 1 bedroom apartment.The project is ideally located a few blocks away from the 405 freeway as well as metro and bus lines, allowing tenants easy transportation options. Van Nuys is a neighborhood in the San Fernando Valley region of Los Angeles, California. The San Fernando Valley itself has a population of around 1.862 million people. The Van Nuys neighborhood is known for its residential areas, shopping centers, and the Van Nuys Airport, which is one of the busiest general aviation airports in the world. Some of the popular attractions in Van Nuys include the Japanese Garden, the Valley Municipal Building, and the Sepulveda Dam Recreation Area. The neighborhood is also home to several schools, including Van Nuys High School and Valley College. The neighborhood is easily accessible by car, with major highways like the 101 and 405 running through the area, and is also served by the Van Nuys FlyAway bus service to LAX airport.