The offering at a glance.
A Ready-to-Issue 55-unit ED1 affordable housing development site in Van Nuys — five stories, zero parking, fully engineered plans. A buyer pulls permits and starts construction on day one.
Executive
Summary.
Fifty-five permit-ready units at a $27,273-per-unit land basis — with zero entitlement risk left in the deal.
Fully RTI — a developer pulls permits and commences construction immediately, with no additional entitlement exposure or discretionary process.
Executive Directive 1 ministerial approval combined with Transit Oriented Communities incentives delivers a five-story, 55-unit program on a 10,005 SF R3 lot.
$1.5M land against a $1.56M gross scheduled rent roll at completion. The land basis is under 10% of the stabilized reference value carried in this package.
Six reasons 6901 Woodman stands apart.
Ready to Issue — No Entitlement Risk
Permits are ready to issue. Immediate construction start, no hearings, no appeals, no CEQA exposure — the approval work is finished and priced into the dirt.
55-Unit ED1 + TOC Program
A five-story Type V-A wood-frame design over 27,336 gross SF — the cost-efficient construction typology relative to podium or high-rise alternatives.
Zero On-Site Parking
The approved plans require no parking — no subterranean excavation, no podium, maximum unit efficiency on a quarter-acre lot.
Four Blocks to Future Metro Rail
The East San Fernando Valley Light Rail line brings a station to Vanowen St & Van Nuys Blvd — publicly funded fixed-rail infrastructure four blocks from the site.
Residential Neighborhood Setting
Unlike corridor-heavy ED1 sites, the property sits in an established residential block of multifamily and single-family homes — better livability, stronger tenant stability.
Fully Engineered Plan Set
Designed under the 2020 LA Building Code and Title 24 — NFPA-13 sprinklers, standpipes, STC-rated separations, emergency power. Construction clarity, reduced execution risk.
The
Property.
A cleared quarter-acre, permitted for 55 units.
A finished approval package — pull permits and build.
Executive Directive No. 1 (ED1) ministerial approval combined with Transit Oriented Communities (TOC) incentives.
51 one-bedroom / one-bath units and 4 studios — including a manager's unit — across the affordability tiers (LI / MI / VLI).
2020 LA Building Code & Title 24 — 3-hour rated assemblies, STC separations, NFPA-13 sprinklers, standpipes, emergency power, LAFD access.
10,005 SF · demolition underway.
An established residential corridor in the heart of the Valley.
Publicly funded fixed-rail infrastructure will connect the Van Nuys corridor into the broader Metro system, positioning the site inside a sustained transit-investment growth corridor.
The Stabilized
Exit.
55 units · $129,830 scheduled monthly rent.
| Unit Type | Rent Schedule | # Units | Avg SF | Monthly Rent | Monthly Income |
|---|---|---|---|---|---|
| Studio — LI | 80% AMI · Schedule IX | 4 | 330 | $2,332 | $9,328 |
| 1 Bed / 1 Bath — LI | 80% AMI · Schedule IX | 43 | 342 | $2,499 | $107,457 |
| 1 Bed / 1 Bath — MI | Moderate 110% AMI · Schedule VI | 3 | 341 | $2,247 | $6,741 |
| 1 Bed / 1 Bath — VLI | Very Low Income | 4 | 343 | $1,001 | $4,004 |
| 1 Bed / 1 Bath — Manager | Manager's unit | 1 | 343 | $2,300 | $2,300 |
| Totals / Weighted Avg | 55 | 339 | $2,361 | $129,830 |
LI units at current Schedule IX (80% AMI) rents; MI units at current Schedule VI (Moderate, 110% AMI) rents. VLI and manager's-unit rents per the March 2026 schedule. Current schedules published by LAHD: housing.lacity.gov/partners/land-use-rent-income-schedules. Projections only — see rent disclaimer; buyer to verify attainable rents and covenant terms.
$1.05M stabilized NOI on the current rent schedules.
| Line Item | Basis | Amount |
|---|---|---|
| Gross Scheduled Rent | Schedule IX (80% AMI) + Schedule VI (110% AMI) | $1,557,960 |
| Physical Vacancy | 5.0% | ($77,898) |
| Effective Gross Income | $1,480,062 | |
| Operating Expenses | Incl. 5% management fee · 28.9% of EGI | ($427,721) |
| Net Operating Income | $1,052,341 |
Reference underwriting at completion — expense line items per the March 2026 model (real estate taxes reassessed on the stabilized reference value); management at 5% of EGI. Projections only; buyer to verify all figures, construction costs excluded.
Sale
Comparables.
Five closed entitled and RTI multifamily land sales across Los Angeles infill submarkets — the subject prices below every one of them on both land SF and per-unit basis.
| # | Address | Program | Lot | Close | Price | $ / Land SF | $ / Unit |
|---|---|---|---|---|---|---|---|
| ★ | 6901 Woodman Ave · Subject | RTI · 55 units · 5 st. · 100% aff. | 0.23 AC | Listed | $1,500,000 | $149.93 | $27,273 |
| 1 | 14658 Gilmore St, Van Nuys ↗ | RTI · 48 units · 5 stories | 0.21 AC | Apr 2025 | $1,690,000 | $183.19 | $35,208 |
| 2 | 16150 Vanowen St, Van Nuys ↗ | RTI · 99 units · 5 stories | 0.39 AC | Feb 2024 | $4,000,000 | $236.79 | $40,404 |
| 3 | 12534 San Fernando Rd, Sylmar ↗ | Entitled · 164 units · 6 stories | 0.62 AC | Dec 2023 | $4,990,000 | $184.54 | $30,427 |
| 4 | 6223 Banner Ave, Hollywood ↗ | RTI · 64 units · 4 stories | 0.31 AC | Feb 2026 | $3,325,000 | $241.61 | $51,953 |
| 5 | 1233 S Bedford St, Los Angeles ↗ | Entitled · 36 units · 7 stories | 0.15 AC | Sep 2024 | $2,100,000 | $307.02 | $58,333 |
| Comp Average | 0.34 AC | $3,221,000 | $230.63 | $43,265 |
The lowest basis in the comp set.
Market
Overview.
A supply-constrained rental corridor with rail on the way.
The site sits within the Van Nuys – North Sherman Oaks Community Plan Area, one of the San Fernando Valley's most supply-constrained rental corridors. Within one mile, roughly 70% of occupied housing is renter-occupied, and median household income of ~$63K underpins deep demand for covenant-restricted affordable product.
The East San Fernando Valley Light Rail Transit Project brings fixed rail up Van Nuys Boulevard, with the Vanowen station four blocks from the site — publicly funded infrastructure that anchors long-term connectivity and sustained public investment in the corridor.
- · Future ESFV Light Rail · Vanowen station (4 blocks)
- · Van Nuys Civic Center & Government Center
- · Valley Presbyterian Hospital · Kaiser Panorama City
- · Van Nuys Airport employment base
A deep, renter-heavy population base.
| Metric | 1 Mile | 3 Miles | 5 Miles |
|---|---|---|---|
| Population (2025 est.) | 49,245 | 346,224 | 701,848 |
| Population (2030 proj.) | 49,781 | 350,737 | 711,463 |
| Households (2025 est.) | 17,434 | 125,609 | 259,095 |
| Average Household Income | $84,470 | $93,369 | $105,446 |
| Median Household Income | $62,820 | $71,971 | $84,043 |
| Renter-Occupied Share (2025) | 69.5% | 65.4% | 59.1% |
Source: Marcus & Millichap Research Services · Experian · U.S. Census Bureau (2025 estimates). Median housing value within five miles is $841,796 — a wide affordability gap that sustains structural demand for income-restricted rental product.
Offered at $1,500,000.
$27,273 per approved unit · $149.93 per land square foot. Delivered RTI with the full approved plan set.
Offers reviewed as received. Contact the listing brokers for the data room with the approved plan set and RTI documentation. Showings by appointment only.
Fully engineered architectural and structural plans, ED1 / TOC approval documentation, affordability covenant terms, rent schedule, and title preliminary available on request.
Affordable and mission-driven developers, LIHTC sponsors, and merchant builders seeking a permit-ready ED1 basis in a transit-investment corridor.