Property Detail

13840 Sherman

Van Nuys CA 91405

$3,500,000

Status: Active

Property Details

Description

We are pleased to present 13840 Sherman Way, a Ready-to-Issue (RTI), 86-unit affordable housing development opportunity situated on approximately 1.05 acres (45,755 square feet) in Van Nuys, California. Offered at $3,500,000, the property presents developers with an opportunity to acquire a fully entitled, permit-ready project at an attractive land basis of $40,698 per approved unit and $76.49 per land square foot.Approved under California's AB 2334 Density Bonus Law and SB 330, the development consists of a four-story, Type V-A wood-frame building totaling approximately 49,972 gross square feet. The approved unit mix includes 21 studios, 50 one-bedroom units, 12 two-bedroom units, and three three-bedroom units. The project incorporates 85 income-restricted residences and one unrestricted manager's unit, along with 57 on-site parking spaces, two elevators, a rooftop deck, and approximately 8,950 square feet of open space.A key investment advantage is the project's advanced entitlement status. The ministerial density bonus approval has been secured, the 55-year affordability covenant was recorded in October 2025, and the Seller will deliver the project RTI at the close of escrow. This substantially reduces entitlement uncertainty and allows the purchaser to advance directly toward construction, subject to final permit issuance.The offering provides a compelling acquisition basis relative to comparable entitled development sites throughout Los Angeles. At $76.49 per land square foot, the property is priced approximately 67% below the $230.63 average of five comparable land transactions presented in the offering memorandum. Based on the projected affordable rent schedules, the completed development is estimated to generate approximately $2.57 million in annual scheduled rental income and $1.72 million in stabilized net operating income, subject to construction, lease-up, operating assumptions, and applicable affordability restrictions.Strategically positioned along Sherman Way, the property benefits from proximity to major employment centers, healthcare facilities, and the planned East San Fernando Valley Light Rail, with a future Sherman Way station approximately 0.8 miles west of the site. With its substantial unit count, recorded approvals, on-site parking, and competitive acquisition basis, 13840 Sherman Way represents an opportunity for affordable housing developers and investors seeking a shovel-ready multifamily project in the San Fernando Valley.

Map Location

Listing provided courtesy of Filip Niculete of Marcus & Millichap. Last updated 2026-10-17 08:22:00.000000. Listing information © 2025 CRMLS.

Ever Eternity

Ever Eternity

CA DRE# 01794748

1111 Prospect St, Suite 100 La Jolla,
​​​​​​​CA 92037

858.688.4113

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Welcome

Meet Ever

Ever Eternity is Your Local Real
Estate Professional

Whether it's your first townhouse, vacation property or coastal dream home, I will work to find the property that's best for you. I am able to anticipate and fulfill each of my clients needs, in order to find the perfect home for them and their family. I am here to work with you, to find the best fit for you, and am excited for the opportunity.

People choose to work with me for my full service expertise, experience and ethics. My base of loyal customers is the reason I am successful in this competitive sales market.

​My attention to detail allows me to find dream homes for buyers, and build thorough home marketing plans for my sellers. I have great pride in my negotiation skills and believe in transparency and full disclosure throughout each deal. I value open communication with my clients and welcome questions from start to close.

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"My Mom passed away 1/31/21 needless to say it was a very difficult time for me. I needed help selling my mothers home. I reached out to Ever and he stepped up big! From the beginning he was a true professional great communication skills, great attitude, always made time for me and answered any questions I had. He showed compassion for my situation and went above and beyond to make things as easy as possible for me. Go with Ever you won’t regret it!"

"I worked with Ever through the process of an Estate Sale and sale of a condominium. Throughout the experience he and his team were extremely helpful. I had never been involved with an estate sale previously and was working with the additional factor of not being local. After an initial meeting I was able to deal with he and his team remotely which simplified the entire process and experience. Any questions or issues I had were very quickly addressed and resolved. My entire experience was very positive. Thank You!"

"Ever was simply excellent. He is thorough, approachable and very knowledgable of the house buying process. We appreciated his manner and help throughout our purchase process - he never made us feel pressured to select a house and helped us find a perfect match. He was especially helpful when we needed to juggle urgent travel during the Escrow process, helping us set up power of attorney. We would recommend Ever to any type of buyer and will certainly use him for any future real estate needs that we have."

"I worked with Ever through the process of an Estate Sale and sale of a condominium. Throughout the experience he and his team were extremely helpful. I had never been involved with an estate sale previously and was working with the additional factor of not being local. After an initial meeting I was able to deal with he and his team remotely which simplified the entire process and experience. Any questions or issues I had were very quickly addressed and resolved. My entire experience was very positive. Thank You!"

"My Mom passed away 1/31/21 needless to say it was a very difficult time for me. I needed help selling my mothers home. I reached out to Ever and he stepped up big! From the beginning he was a true professional great communication skills, great attitude, always made time for me and answered any questions I had. He showed compassion for my situation and went above and beyond to make things as easy as possible for me. Go with Ever you won’t regret it!"

"Ever has been my agent through two purchases and one sale. He has a keen sence of the market and knows how best to price and time sales and purchases. He makes sure to get the job done and places the most importance on making his satisfying his clients wishes to the best of his ability. He works well with escrow, property managers, and whomever he needs to speak with."

"Working with Ever was a joy. We had a number of unexpected challenges during the process of selling our house and Ever was consistently there to help, guide, and support us. He was always available for consultation and never lost sight of the immediate issues nor the long term goals. Ever was an exemplary professional in every way and I would highly recommend him."

"Working with Ever was a great experience. Selling our Mom's house was emotionally difficult for us. Ever guided us thru the process and made it smooth and easy as possible for us. He responded to all of our questions with professionalism and knowledge. He kept us informed of every action during the sale. We trusted his advice and insights and he delivered on everything he said. The sale was quick and smooth and we couldn't be happier. We highly recommend Ever. He definitely knows his business."

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