SVN is proud to present this OPPORTUNITY ZONE multifamily development property located on 14728 Friar St., Van Nuys, CA 91411. The site, which has an existing single family structure of 1384 ft.², shall be fully entitled by April for 12 units with a unit mix of 2 one bedrooms and 10 two bedrooms (10 market rate and 2 low income). Units average around 950 SF. Property is located just west of the intersection of Friar Street and Cedros Avenue, 1 block south of Victory Boulevard. It is in close proximity to the 405 Freeway, Van Nuys Airport, Golf course, Wildlife Reserve and major thoroughfares of the San Fernando Valley including Sepulveda Blvd., Victory Blvd., Oxnard St. and Sherman Way. The subject property is less than a 10 minute walk to Van Nuys High School and local retail, shops and restaurants on Victory Blvd.
MOST NOTABLE BENEFIT: This brand new and turnkey property is located in an Opportunity Zone! Qualified Opportunity Funds and 1031 Exchange Buyers expect to be able to take advantage of unique tax advantages, including a step up in basis of 15% if held for at least seven years (10% if held for five years). In addition, if held for more than ten years, Investors may eliminate all capital gains accrued with the Ozone property from the day of purchase!
**All buyers and investors must conduct their own due diligence of the opportunity zone regulations and consult their respective consultants. Our team can refer O-Zone specialists, if needed.
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