Commercial Land
For Sale
$13,500,000
17062-17092 Devonshire St, Northridge, CA 91325
C2-1VL-zoned commercial land near California State University, Northridge, with preliminary redevelopment concepts for residential and student housing.
Property Size23,810 SF
Days on Market47
Property Features for 17062-17092 Devonshire St
General Information
Standard status
Active
Size
23,810 SF
Property subtype
Mixed-Use
Occupancy
100%
Amenities
Offered at $13,500,000 | 82,328 SF (±1.89 AC) redevelopment opportunity in Northridge
Zoned C2-1VL with mixed-use, multifamily, commercial, and student housing potential
Preliminary analysis indicates potential for approximately 205 by-right residential units
Potential density bonus pathway supporting up to approximately 308 residential units*
Less than 1.3 miles from CSUN, serving one of California's largest university populations
Potential student housing redevelopment supporting up to 924 beds*
Potential eligibility for State Density Bonus, CHIP, AB 2011 and other California housing incentives*
Rare infill development site positioned along Devonshire Street in the heart of the San Fernando Valley
Building Details
Building Size
23,810 SF
Units
5
Listing Agency:
Marcus & Millichap - Los Angeles
Listed By:
Orbell Ovaness · License #License(s): CA: 01402142
(213) 943-1822
Source:
Marcusmillichap
Added: Sep 13
Changed: Oct 26
Last Checked: Oct 28 at 6:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Los Angeles
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The property comprises an approximately 1.89-acre commercial land assemblage at 17062-17092 Devonshire Street in Northridge. The site contains approximately 82,328 square feet and carries C2-1VL zoning. Preliminary land-use and entitlement analysis identifies possible redevelopment concepts that include mixed-use, multifamily, affordable housing, and student housing.
California State University, Northridge is located less than 1.3 miles away. Preliminary analysis indicates potential support for approximately 205 residential units, with density bonus scenarios reaching up to 308 units, or as many as 924 student housing beds under a student housing concept. These figures, along with development standards, incentives, entitlement pathways, and redevelopment potential, require independent verification and governmental approval.
California State University, Northridge is located less than 1.3 miles away. Preliminary analysis indicates potential support for approximately 205 residential units, with density bonus scenarios reaching up to 308 units, or as many as 924 student housing beds under a student housing concept. These figures, along with development standards, incentives, entitlement pathways, and redevelopment potential, require independent verification and governmental approval.
Key Highlights
- Approximately 1.89‑acre commercial land assemblage
- Approximately 82,328 square feet of land area
- C2‑1VL zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$552,563
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,051,260
$11.1M
Cap Rate 7%
$7,893,757
$7.9M
Cap Rate 9%
$6,139,589
$6.1M
Market Conditions
NOI Build-Up for 23,810 SF
Gross rent
$880.0K $36.96/SF
− Vacancy
−$90.6K −$3.81/SF
EGI
$789.4K $33.15/SF
− OpEx
−$236.8K −$9.95/SF
NOI
$552.6K $23.21/SF
Area
Los Angeles, CA
Vacancy
10.30%
Lease Rate
$36.96 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$11,051,260
Cap Rate 7%
$7,893,757
Cap Rate 9%
$6,139,589
Alternative Uses
Best Use
Retail
$7.89M
$6.91M – $9.21M
NOI $552,563 @ 7.0% cap · market cap 4.09%
Second Best
Mixed Use
$6.89M
$6.03M – $8.04M
NOI $482,153 @ 7.0% cap · market cap 3.57%
Theoretical Best
Multifamily LT 5
$482.38M
$422.08M – $562.77M
NOI $33,766,341 @ 7.0% cap · market cap 250.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
606
Businesses Nearby
Explore this area
Business Placement
Demographics for 91325, CA
35,250
Population
13,668
Households
2.6
Avg Household Size
37
Median Age
42%
College-Educated
88%
High-School Grad
4.8 sq mi
ZIP Area
7,344
Density / Sq Mi
$92,602
Median Household Income
$39,434
Median Earnings
$1,924
Median Rent
$900,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Commercial land - C2-1VL-zoned commercial land near California State University, Northridge, with preliminary redevelopment concepts for residential and student housing.
Where is this commercial land located?
The property is located at 17062-17092 Devonshire St Northridge, CA.
What is the asking price?
The asking price for this property is $13,500,000.
What are key features of this property?
This property features: Approximately 1.89‑acre commercial land assemblage; Approximately 82,328 square feet of land area; C2‑1VL zoning
