Commercial Land
New
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 Market2
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:
Encino Office
Listed By:
Orbell Ovaness · License #License(s): CA: 01402142
(213) 943-1822
Source:
Marcusmillichap
Added: Sep 13
Last Checked: Sep 13 at 2:57PM
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 Encino Office
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 = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$552,563
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.09%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
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.
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
Questions? Ask Rey
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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
