This development-ready multifamily project, at 7005 Woodley Avenue presents an exceptional investment opportunity in Van Nuys, a thriving submarket in Los Angeles. At $1,750,000 with RTI (Ready to Issue) plans already in place, the project allows investors to immediately break ground on a 25-unit development across four stories.
The property, set on an 11,314 sq. ft. lot, includes a smart, value-driven design featuring 25 residential units after ADU conversion. The unit mix consists of 13 one-bedroom units, 4 one-bedroom ADU units, and 8 two-bedroom units, catering to the growing rental demand in the area. Importantly, two units are reserved for very low-income housing, which not only meets zoning incentives but also enhances the project’s appeal under Los Angeles' Density Bonus Program.
The design includes 35 parking spaces, split between on-grade and subterranean levels, alongside luxury amenities such as a rooftop deck—an attractive feature for future tenants. The layout also incorporates recreation rooms that can easily be converted into additional Accessory Dwelling Units (ADUs) to further increase unit count and rental income potential. This thoughtful design positions the development to appeal to a wide range of tenants, including professionals and families looking for modern, efficient living spaces in a well-connected area.
Exclusive Video Interview | 7005 Woodley Ave
In this exclusive interview, Shaun Nestor from Marcus & Millichap dives deeper into the financials and potential of this project. He shares insights on the projected Net Operating Income (NOI), Cap Rate, estimated construction costs, and why 7005 Woodley Ave stands out as a prime investment.
Watch the interview below to get the full breakdown!
Strategic Location in a Revitalized Van Nuys
The Van Nuys neighborhood is undergoing a transformation, with significant revitalization efforts taking place near key transportation hubs, including the Metrolink commuter rail station. Multiple multifamily developments are underway, which will further drive demand for housing in this area.
With median household incomes in Van Nuys rising by over 14% since 2021, the area is seeing renter demand surge—70% of the housing market is renter-occupied, providing a stable, income-generating environment for investors. Rent for one-bedroom apartments in Van Nuys averages $1,600/month, making this development project well-positioned to meet the housing needs of working professionals who seek both affordability and proximity to major employment centers in Los Angeles.
The area offers unparalleled access to recreational amenities such as Lake Balboa Park, the Woodley Park Archery Range, and the Sepulveda Basin Wildlife Reserve, enhancing the appeal of living in this neighborhood. Additionally, nearby commercial corridors like Sherman Way and Victory Boulevard offer convenient shopping, dining, and services that will be highly attractive to future residents.
Development Highlights
RTI plans allow for immediate construction of 25 units across four stories.
Project designed with 13 one-bedroom units, 4 one-bedroom ADUs, and 8 two-bedroom units.
35 parking spaces (on-grade and subterranean).
Rooftop deck common area and recreation rooms with ADU conversion potential.
Located in a rapidly growing area with 70% renter occupancy.
Proximity to transit hubs, commercial areas, and outdoor recreation.
Investors looking to capitalize on the growing Van Nuys market will find this project an incredible opportunity to generate stable income from a strategically planned multifamily development.
Meet the Listing Agents: Shaun Nestor and Jason Tuvia
Shaun Nestor (License: CA 02071612) brings a diverse background in real estate, with over five years of experience across sectors like land redevelopment and investment sales. Starting his career as an Acquisitions Analyst at Cardiff DP, Shaun gained valuable insight into single-tenant commercial retail and QSR development.
His success is driven by long-term relationships and personalized service, focusing on delivering the highest value to his clients. With a commitment to real estate investment education, Shaun uses his knowledge of asset specialization and market trends to help clients achieve their investment goals, aligning marketing strategies with their needs. Clients appreciate Shaun's direct approach to navigating complex transactions and his deep understanding of the "highest-and-best-use" principle.
Shaun holds a BA in Philosophy and Business Administration from California Lutheran University. Outside of real estate, he enjoys time with his family, playing guitar, and writing.
Contact Shaun Nestor: (818) 212-2774
Jason Tuvia (License: CA 01772495) is a Senior Vice President at Marcus & Millichap, with over $925 million in commercial real estate transactions to his name. As a Multifamily Investment Specialist focused on Hollywood, Silver Lake, and Echo Park, Jason offers his clients unparalleled market knowledge and property-level expertise.
His approach to maximizing value is built on decades of multifamily ownership and management experience. Jason's clients benefit from his strategic marketing and his ability to secure the best terms in every deal. He is known for his thoroughness and straightforward communication, which has helped him build lasting relationships with clients and industry professionals.
Recognized by Bisnow, Los Angeles Business Journal, and other publications, Jason’s industry insights have positioned him as a top broker. He holds dual degrees in Finance and Real Estate from California State University at Northridge. In addition to his professional success, Jason has earned multiple awards, including the prestigious National Achievement Award (NAA) at Marcus & Millichap.
Contact Jason Tuvia: (818) 212-2735
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