13840 Sherman Way 1.03 Acres of Residential Land Offered at $5,559,958 CAD in Van Nuys, CA 91405

13840 Sherman Way is a rare development-ready opportunity in the heart of the San Fernando Valley. This approximately 1-acre, all-flat site will be delivered with RTI (Ready to Issue) approvals for 86 affordable units, surface parking, and Type V (wood-frame) construction. Spanning approximately 44,700 square feet, this offering equates to under $90 per square foot of land.

The Type V design is a highly efficient and cost-effective product that is both financially viable and quick to construct. The proposed project will feature a mix of 53 one-bedroom units, 14 two-bedroom units, and 19 studios. On-site amenities will include laundry rooms on every floor, 72 surface-level parking spaces, an elevator, and rooftop access. Of the 86 total units, 67 will be designated for very low-income households, 18 for moderate-income households, and one for the manager. Additionally, there is potential to convert a portion of the open surface parking area into accessory dwelling units (ADUs) in the future.

The site is located within a Qualified Census Tract (QCT), offering added opportunities for funding incentives. The entitlements for this development were granted under the Density Bonus & Affordable Housing Incentives Program through a Letter of Compliance, securing approval for affordable housing without reliance on Executive Directive 1 (ED1), a California affordable housing permit.

Situated with convenient access from Sherman Way and discreetly positioned behind a duplex that faces the boulevard, this site offers both visibility on a major thoroughfare and a buffer from heavy street activity. Nestled between Woodman Avenue and Hazeltine Avenue, it is less than two miles from the Metrolink Station. Designated as a TOC (Transit Oriented Community) Tier 1 location, the area boasts a "Very Walkable" score. Residents will be surrounded by an array of restaurants, shops, and daily conveniences, including Ralphs Supermarket and Norms Restaurant just half a block away. Finally, Van Nuys, California, continues to experience strong rental demand and long-term housing needs, supported by its proximity to major employment corridors, transit connectivity, and daily retail services along Sherman Way.

This ready-to-go opportunity is ideal for a private developer seeking certainty and speed, as it comes with entitlements in hand, reducing entitlement risk, holding time, and carrying costs compared to typical Valley infill deals. The flat, usable acreage enables simpler site logistics, efficient staging, and straightforward grading, resulting in significant time and cost advantages.

A full RTI plan and due diligence package are available upon request. Call Chuck Dorfman at Standard Home Realty for pricing, offering guidance, and access to documents.