18451-18481 Ventura Blvd 0.76 Acres of Commercial Land in Tarzana, CA 91356

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 18451-18481 Ventura Boulevard, a 33,099 square foot (0.76 acre) land development opportunity zoned C2-1L in the Ventura Cahuenga Boulevard Corridor Specific Plan. The site is improved with a 4,364 square foot building and enjoys exceptional visibility and frontage to Ventura Boulevard’s more than 38,000 vehicles per day in the affluent Western San Fernando Valley submarket of Tarzana, CA.
The property sits in the heart of the Ventura-Cahuenga Boulevard Corridor Specific Plan, an urban planning document regulating the development and use of properties bordering Ventura and Cahuenga Boulevards from Woodland Hills to the west to Studio and Universal Cities to the east. Under the Specific Plan, the site is designated “Community Commercial” and zoned C2-1L allowing by right: 83 units (not including any density bonuses), 1.25 FAR or 1.50 FAR for mixed-use projects, 45 feet height, and lot coverage up to 75%. A potential redevelopment can take advantage of a variety of density and development incentives via the City of Los Angeles’ implementation of the California State Density Bonus Law or the Mixed Income Incentive Programs (MIIP), like the Transit Oriented Incentive Area (TOIA), Opportunity Corridor Incentive Area (OCIA), or Affordable Housing Incentive Program (AHIP), allowing for a 100% density bonus or unlimited density respectively. Redevelopment along Ventura Boulevard has already gained traction. Vered on Ventura, a 146,656 SF, 107 Room assisted living project was recently completed in Encino. Additionally, TriStar, while still undergoing the entitlement process, is anticipated to start construction in mid-2024 on a mixed use 55,000 SF medical office alongside a 90 unit assisted living facility.
18451-18481 Ventura Boulevard is ideally positioned part of the Vons and CVS co-anchored shopping center. While the existing 4,364 square foot building is currently vacant, a savvy Buyer can re-tenant the building for short term income while finalizing plans, entitlements, and permits.
The property sits just east of the intersection of Ventura Boulevard and Reseda Boulevard, major east-west and north-south San Fernando Valley arteries, respectively. Ventura Boulevard sees traffic counts in excess of 38,000 vehicles per day. The property enjoys excellent frontage along Ventura Boulevard, more than 220 linear feet, with one point of ingress and egress along the Boulevard and additional access via the surrounding retail center.