Description

We are pleased to present a development opportunity located at 9938 Commerce Ave in Tujunga, a vacant lot on the corner of Tujunga Canyon Blvd & Commerce Ave. The 18,530 SF lot is zoned C2-1, allowing for 47 units by-right or up to 64 units through California's Density Bonus program, offering developers multiple paths to maximize value. The site is also eligible for an ED-1 100% affordable housing project, giving a developer the opportunity to maximize density and decrease entitlement time. At the asking price, the property is being offered at a low $89 PSF with no tenants or leases in place. Rare opportunity to acquire land in the supply-constrained community of Tujunga providing residents with convenient access to Sunland, La Canada Flintridge, Pasadena, Glendale, Burbank, and the broader San Fernando Valley. Located in a submarket with strong demographics, the average household income within a 5-mile radius is over 113,000; there is a significant affordability gap between renters and homeowners as the median home value within 5 miles of the subject property is over $800,000.