9938 Commerce Avenue

Description

9938 Commerce Ave in Tujunga a premier development opportunity. Positioned on the corner of Tujunga Canyon Blvd and Commerce Ave, this vacant lot spans 18,530 square feet and is zoned C2-1, making it a prime candidate for residential development. It offers the potential to construct up to 47 units directly orexpand to 64 units by leveraging the California density bonus.Furthermore, this site qualifies for an ED-1 100% affordable housingproject, providing an exceptional chance for developers to enhancedensity and streamline the entitlement process. Offered at a competitiveprice of just $108 per square foot, this property comes free of any existingtenants or leases, presenting a seamless opportunity for development.This lot represents a rare find in the supply-limited city of Tujunga,positioned advantageously for residents who value manageablecommutes to Sunland, La Caada, Pasadena, Glendale, and thewider San Fernando Valley. Situated in a submarket known for itsrobust demographics, the area boasts an average household incomeexceeding $113,000 within a 5-mile radius, alongside a noticeableaffordability gap where the median home value exceeds $800,000. Thisgap highlights the substantial demand for more accessible housingoptions, underlining the significant potential for investment anddevelopment at this unique location.

Listing information courtesy of: Neema Ahadian, Marcus & Millichap . *Based on information from the Association of REALTORS/Multiple Listing as of 04/28/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.