The Neema Group of Marcus & Millichap has been selected to exclusively market for sale three parcels of land in Panorama City totaling 42,214 square foot as a development opportunity located on Van Nuys Blvd and Parthenia St. The property is being offered at $174 ppsf blended and is located east of the 405 FWY, just north of Roscoe Blvd and directly across the street from the LA Kings Valley Ice Center.
This well-located asset is very walkable, with a high walk score of 87, and is located within close proximity to transit with a good transit score of 51. The subject property is located just 1.2 miles from the newly improved Van Nuys Metrolink Station, part of the Ventura County Line connecting the site to Ventura County to the west and Downtown LA to the east; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area. With over 360,000 people within a three-mile radius, Panorama City is a highly desirable market in the central valley with high demand low residential vacancy rates.
Preferential zoning allows for significant development potential. Based on the [Q]C2-1VL and R3 zoning and density increase benefits the development potential for the subject property is multi-family 80 buildable units by-right and up to 140 buildable units with increased density based on the Tier 3 TOC benefits.
Panorama City is one of the youngest communities in the San Fernando Valley and one of the best-known planned communities in Los Angeles County. In an area originally part of one of the largest dairy and sheep ranches in Southern California, Panorama City was developed in the late 1940s by developer Fritz Burns and Associates for Kaiser Homes, Inc. (owned by industrialist Henry J. Kaiser). Panorama City’s master plan, by architectural firm Wurdeman and Becket, called for over 4,000 houses, setting aside thirty-one acres for commercial development and twenty-five acres for parking. The houses combined thoughtful modern designs (mostly in the Ranch and Minimal Traditional styles) with technological innovations perfected during World War II, all for under $10,000.
A CULINARY LANDSCAPE
The San Fernando Valley is a region of Los Angeles County in Southern California, nestled to the northwest of the Los Angeles Basin. The San Fernando Valley includes the northern half of the city of Los Angeles; two-thirds of the Valley’s area is within Los Angeles’ city limits. Other cities in the Valley include Van Nuys, Sun Valley, Valley Glen, North Hollywood & Panorama City.
The majority of the Valley is laid out in a grid pattern with streets running east-west and north-south. The car is the main method of transportation in the Valley, as well as all of the Los Angeles area, but Metro buses and Metro Rail, and Metrolink commuter trains can help you get around. The Metro Orange Line is actually a busway that runs east-west from the North Hollywood Metro Rail station to the Warner Center business district in Woodland Hills then north-south up to its terminus in Chatsworth. Several bike paths and bike lanes can be found.
Walking can be an option in denser neighborhoods such as Downtown Burbank, the NoHo Arts District, and along Ventura Boulevard. For sheer length and diversity, Ventura Blvd in the San Fernando Valley would sati-ate any shopping need in its 10-mile stretch.
“Van Nuys Airport is one of the world’s busiest general aviation airports. It averages more than 217,000 takeoffs and landings each year.”