BOV — 6948 Woodman Avenue | R3 / Medium-Residential Development Site, Van Nuys 91405

Section 01 — Executive Overview

One Parcel, Four Ways to Build

6948 N Woodman Avenue is a 19,961-square-foot development site in Van Nuys, improved today with a 1931-era residence slated for demolition. It carries split R1-1 / [Q]R3-1 zoning under a Medium Residential General Plan, sits on a State Housing Element site, and falls inside a TCAC High-Resource opportunity area and an AB 2334 Very-Low-Vehicle-Travel area — the same incentive stack that produced the 55-unit affordable project directly up the block at 6901 Woodman. We frame value around four build pathways, from a for-sale merchant build to a maximum-density affordable program.

19,961

Lot SF · 0.458 ac

±24

By-Right Base Units

Unlimited

AB 2334 Density (100% Aff.)

Build Pathways

$1.8–2.0M

Preliminary Value

The opportunity. A scarce, large-format infill site — nearly half an acre — in a Valley submarket the State has flagged for housing production. The General Plan's Medium Residential designation and the Housing Element listing position the parcel to be redeveloped at true multifamily density, while the TCAC High-Resource and Very-Low-VMT overlays unlock the density-bonus and AB 2334 programs that drive the highest unit counts and the strongest land value.

Four exits, one site. The land underwrites four distinct ways. For-sale: a 10-home SB 1123 small-lot subdivision sells detached homes into a Van Nuys market trading near $500/SF. By-right R3: roughly 24 units of straightforward multifamily. Density-bonus: a mixed-income building of ~36–48 units. 100% affordable: an AB 2334 maximum-density project that, like 6901 Woodman up the street, can exceed 100 units. This BOV prices the dirt against the pathway a buyer pool will pay the most for.

What this document does. It establishes the comparable evidence — the in-escrow listing up the block on Woodman, recent closed Van Nuys / SFV land trades, and the finished-product pricing — then frames a preliminary land value, net of the demolition and Housing-Element replacement obligations the Ownership has rightly flagged. Every comparable is sourced; every assumption is labeled.

Section 02 — The Site

A Half-Acre Housing Element Parcel on Woodman

Held by 6948 Woodman LLC and improved with two 1931-era structures (~5,284 SF combined) and a pool that would be cleared for redevelopment, the parcel's value is in the dirt and its entitlement optionality, not the existing improvement.

Address

6948 N Woodman Avealso 6936 N Woodman Ave · Van Nuys, CA 91405

APN

2328-010-025Tract 12167 · Lot FR 5 · Arb 4

Lot Area

19,961 SF0.458 acre (ZIMAS / Assessor)

Zoning

R1-1 & [Q]R3-1[Q] qualified condition + split zone (Ord. 167,939) — see Diligence

General Plan

Medium ResidentialVan Nuys–North Sherman Oaks Plan

Base Density

±24 UnitsR3 / 1 unit per 800 SF lot

Housing Element

HE SITE Replacement Req.ZI-2512 · SB 166 (Appx 4.1 = 1.25)

Opportunity Area

TCAC High Resourcedensity-bonus eligible

AB 2334

Very Low VMT Areaunlimited-density path (100% aff.)

Transit

HQTC — ReviewVan Nuys / G Line corridor

Existing Use

2 Bldgs + Pool, 1931~5,284 SF — to be demolished

Owner of Record

6948 Woodman LLCacquired 05/17/2019 · $1,720,000

Council District

CD 2Adrin Nazarian · Greater Valley Glen

RSO

Yesapplies to existing improvement

Hazards

Cleanoutside flood; no liquefaction; not hillside

Location

Aerial — 6948 N Woodman Ave, Van Nuys 91405. Source: ZIMAS Parcel Profile Report (pulled 6/8/2026), LA County Assessor; map via Google Maps.

Section 03 — Development Pathways

Four Ways to Build the Site

Highest-and-best-use turns on how much density a buyer chooses to pursue. The four pathways below span the realistic range, from a fee-simple for-sale build to a maximum-density affordable program. Unit counts are planning-level and subject to an architect's yield study.

Pathway A · For-Sale

10-Home SB 1123 Subdivision

10 detached for-sale homes

Ten fee-simple, detached small-lot homes, sold individually to retail buyers at the highest per-SF value.
SB 1123 ministerial subdivision — up to 10 lots / units on urban residential land, by-right with no discretionary entitlement.
Van Nuys new detached product supports a strong retail exit; each home can add a 500 SF ADU.

Homes10 + ADUs

ExitFor-sale sellout

BuyerMerchant builder

Pathway B · By-Right

R3 Multifamily

~24 units (base density)

Base R3 / Medium Residential density — one unit per 800 SF lot ≈ 24 units, ~3 stories.
Build for rent or for-sale condo — the simplest, lowest-entitlement-risk envelope.
No affordability covenant at base density; reduced parking near the transit corridor.

Density1 du / 800 SF

ExitRent or condo

EntitlementBy-right

Pathway C · Mixed-Income

Density-Bonus Build

~36–48 units · 4–5 stories

State Density Bonus / AB 1287 — a covenanted affordable set-aside unlocks a 50–100% bonus in this High-Resource area.
Concessions, added height, and reduced/zero parking — podium-scale building.
Maximizes market-rate value while helping satisfy the replacement obligation.

Bonus50–100%

ExitRental hold

AffordabilitySet-aside req'd

Pathway D · Max Density

100% Affordable (AB 2334)

~80–110 units · 5+ stories

AB 2334 unlimited density — Very-Low-VMT + High-Resource removes the density cap and adds height.
Mirrors 6901 Woodman (55 units on 10,004 SF); the subject's ~2× land supports a larger count.
LIHTC / mission-developer play; cleanly satisfies the replacement obligation.

DensityUnlimited

ExitAffordable hold

Comp6901 Woodman

How to read these. Pathways A and B are the by-right, lowest-risk envelopes a buyer can underwrite today. Pathways C and D layer on the state density-bonus and AB 2334 programs to maximize unit count and gross value — and are the cleanest ways to absorb the Housing-Element replacement obligation. The right answer depends on the buyer: a for-sale merchant builder pays for Pathway A's retail exit, while an affordable developer underwrites Pathway D's unit count, exactly as occurred at 6901 Woodman up the block.

Section 04 — Comparable Land & Pricing Evidence

What Developers Pay for Woodman Dirt

The cleanest read on this site is what developers are paying for R3 / Medium-Residential land in the area. The closest reference is the in-escrow 55-unit listing on the same block of Woodman (6901 Woodman), backed by a set of recent closed Van Nuys / SFV land trades — RTI multifamily sites, a shovel-ready 18-lot small-lot subdivision (an LAAA Team sale), and an REO land sale — together framing the per-SF and per-unit bands.

Comparable Development Land

Address	Status	Zoning	Lot SF	Program	Price	$/Land SF
6901 Woodman Ave †	IN ESCROW RTI	R3 / Medium	10,004	RTI — 55 units, 100% affordable, 5-story	$1,475,000	$147
7005 Woodley Ave	SOLD 3/26	R3 (RTI)	11,314	RTI 25-unit, 4-story · ~$51K/unit	$1,276,000	$113
6859 Hazeltine Ave †	SOLD 7/25	[Q]RD1.5-1	28,816	18-lot shovel-ready small-lot SFD subdivision (3BR/2BA) · ~$185K/lot	$3,325,000	$115
14658 Gilmore St †	SOLD 4/25	R3 (RTI)	9,225	RTI site — 48-unit multifamily · ~$35K/unit	$1,690,000	$183
14430 Vanowen St	SOLD 2/25	R3 / C2	19,492	Near-identical lot size to the subject (19,492 SF)	$1,800,000	$92
5754 Woodman Ave	SOLD 9/25	RD1.5	8,276	RD1.5 multifamily · Mid Construction Sale	$1,450,000	$175

Sources: LoopNet, LA YIMBY and Urbanize LA for 6901 Woodman Ave (55-unit RTI, 100% affordable, 5-story, 0.23 ac, in escrow at $1,475,000 through Marcus & Millichap); CoStar closed-sale record for 7005 Woodley Ave (sold 03/06/2026 for $1,276,000 after ~520 days on market and a $1,750,000 initial ask; 11,314 SF lot with RTI plans for a four-story, 25-unit development — $113/land SF); LoopNet & Crexi for 6859 Hazeltine Ave (closed 07/21/2025 for $3,325,000; 28,816 SF, [Q]RD1.5-1, shovel-ready 18-lot small-lot SFD subdivision in an Opportunity Zone — $115/land SF, ~$185K/lot); CoStar closed-sale records for 14658 Gilmore St (RTI 48-unit site, sold 04/01/2025 for $1,690,000; 9,225 SF — ≈ $35K/unit, $183/land SF) and 14430 Vanowen St (sold 02/19/2025, $1,800,000; 19,492 SF, R3 / C2 — $92/land SF); and CoStar record for 5754 Woodman Ave (sold 09/10/2025 for $1,450,000; 8,276 SF, LARD1.5 — $175/land SF). Active and in-escrow listings indicate ask, not trade; a verified CoStar / MLS closed-sale set is being compiled to finalize the range. Underlined addresses link to the property's Offering Memorandum. † Closed or marketed by the LAAA Team at Marcus & Millichap.

For-Sale Finished-Product Reference — Pathway A Exit

Metric	Value	As of	Source
Van Nuys median list $/SF	~$501/SF	Jun 2026	Homes.com / Redfin
Van Nuys townhome median price	~$915,000	May 2026	Movoto townhome market
New-construction townhouse (6-unit)	~$649,000 / unit	2024	New-construction comp

Finished-product references support the Pathway A retail exit. Sale prices, sizes, and $/SF for specific closed new-construction comps should be pulled from MLS before a sellout pro forma is finalized.

Section 05 — Illustrative For-Sale Economics

The Logic a For-Sale Buyer Applies

Planning-level only, to show how a merchant builder backs into land value under the 10-home SB 1123 plan. Assumes ten detached small-lot homes averaging ~1,900 SF (~19,000 SF sellable), a new-detached retail exit of ~$600/SF (~$1.14M / home), and Van Nuys new-construction cost assumptions. Final numbers depend on the architect's plan, a verified cost set, and a current sellout study.

Pathway A — 10-Home Residual

Gross sellout · 10 homes @ ~$1,140,000~$11,400,000
Less land (preliminary midpoint)($1,900,000)
Less hard construction · ~19,000 SF × ~$300($5,700,000)
Less site work, demo & utilities($900,000)
Less soft costs (SB 1123 map, A&E, fees, permits)($800,000)
Less financing & carry (~8%)($850,000)
Less sales & marketing (5%)($570,000)
Indicative developer profit~$680,000

~6% on cost at a $1.9M land basis — illustrative, not a contractor bid. Each home can add a 500 SF ADU for incremental value.

Read This as a Sensitivity

The for-sale margin at a $1.9M land basis is modest on these placeholder costs — it moves materially with the land basis, the exit $/SF, or the unit count.

This is precisely why the larger, denser Pathways C and D often win the bid here: more units spread fixed costs, and the affordable programs carry their own financing and tax credits. A 100%-affordable buyer underwrites land on a per-affordable-unit basis — the engine that cleared 55 units next door at 6901 Woodman.

The land value is ultimately set by whichever pathway a buyer pool will pay the most for — which is why the site is marketed to both merchant builders and affordable developers at once.

Section 06 — Valuation Conclusion

From Comparable Evidence to Land Value

This is a land transaction — value is set by what a developer pays for the dirt and its entitlement optionality, net of demolition and the replacement obligation, not by a finished-product cap rate. Pending the verified closed land-comp set, the public anchors below frame the range.

Land-Value Anchors

Anchor	Value	$/Land SF
6901 Woodman Ave (same block, in escrow)	$1,475,000	$147
Subject prior sale (2019, improved)	$1,720,000	$86
Van Nuys R3 affordable dirt band	—	~$100–166
Subject at midpoint conclusion	$1,900,000	$95

Midpoint = 19,961 SF × $95/SF ≈ ~$79K per by-right unit (24-unit base).

Why a Premium to 6901 Woodman

The subject is ~2× the land area (19,961 vs 10,004 SF), is not locked to a 100%-affordable covenant (preserving the higher-value for-sale and density-bonus pathways), and shares the same micro-market and incentive stack.

Offsetting that, the subject is not yet entitled / RTI and carries a demolition cost and the Housing-Element replacement obligation. On balance these support a land value above 6901's $1.475M (in escrow), in the range below.

Preliminary List Range — Development Land

$1,800,000 – $2,000,000

~$90 – $100 per lot SF · 19,961 SF subject · ~$75K – $83K per by-right unit

Lead the marketing at the upper end and let two buyer pools — for-sale merchant builders and density-bonus / affordable developers — compete. Resolving the replacement count and a demolition bid before or early in marketing removes the two biggest buyer unknowns and protects pricing.

This valuation is a preliminary opinion of value, not an appraisal. It is built from the comparable data in Section 04 — the in-escrow same-block listing plus recent closed Van Nuys / SFV land trades — and the labeled assumptions above. Recommended pricing should be finalized with the Ownership after the verified land comps, a demolition / abatement estimate, and confirmation of the Housing-Element replacement count.

Section 07 — Diligence & Challenges

The Open Items — and How They're Managed

A credible land valuation names the items that move value. Each below is genuine — and each is one this site, marketed to the right buyer pool with the right pre-work, is positioned to absorb.

1 · Housing-Element Replacement (SB 166)

The challenge. ZIMAS identifies the parcel as a Housing Element site with replacement required (SB 166: Appendix 4.1 = 1.25 units). A new project may be obligated to replace previously-counted/removed units and/or provide affordable replacement units.

How it's managed. The density-bonus (Pathway C) and 100%-affordable (Pathway D) programs are the common ways to satisfy or absorb the obligation. Confirm the exact replacement count with City Planning / LAHD before a buyer finalizes a build program.

2 · Demolition & Carry Cost

The challenge. Two 1931-era structures (~5,284 SF combined) and a pool must be demolished. A 1931 structure may carry lead / asbestos, and there is holding cost during entitlement — the carrying-cost concern Ownership raised.

How it's managed. Demolition, abatement, pool removal, and carry are budgetable, bid-able line items netted against land value. Obtaining a demolition bid early in marketing converts an unknown into a number a buyer can underwrite.

3 · The [Q] Qualified Condition & Split Zoning

The challenge. The parcel is split-zoned R1-1 and [Q]R3-1. The bracketed [Q] “Qualified” classification traces to the City's 1980s AB-283 General Plan / Zoning Consistency Program (Ordinance 167,939; Case CPC-1986-784-GPC) and runs with the land. [Q] conditions typically limit use and density to conform with the Medium Residential General Plan and may carry development standards — so the precise buildable density, height, and permitted uses are governed by the recorded Q-condition text, not the base R3 zone alone.

How it's managed. Pull the Q-conditions from the establishing ordinance and reconcile them to the build program early in diligence. In practice the [Q] here functions as a consistency overlay that aligns the site to its Medium Residential density (the ~24-unit base); the Housing Element designation plus the State Density Bonus / AB 2334 programs are the vehicles that carry count above that base. The split-zoning question — achieving the full-site R3 yield by-right on the R3 portion plus bonus, versus a consistency / zone-change action for the R1 portion — is resolved in the same feasibility study. Neither is a deal-breaker; both are standard for Housing Element sites.

4 · Construction Cost & Market

The challenge. LA hard-construction costs are elevated, and the for-sale margin is thin at the placeholder land basis — the deal is geared to cost and exit pricing.

How it's managed. The denser pathways spread fixed cost and, on the affordable rail, bring their own tax-credit financing. Marketing to multiple buyer pools lets the highest-and-best use set price rather than a single business plan.

Other diligence items. RSO applies to the existing improvement — confirm there are no tenancy / relocation obligations before demolition. Confirm the dual address (6948 / 6936 Woodman), easements, and lot configuration (Lot FR 5, Arb 4) via title and survey. A 400-ft Van Nuys Airport height limit applies but is non-binding at any residential scale here; the site is outside flood, not in a liquefaction or fault-rupture zone, and not hillside.

Section 08 — Investment Summary

Why 6948 Woodman Trades

A Scarce Half-Acre Infill Site

Nearly 20,000 SF of R3 / Medium-Residential land in a built-out Valley submarket — large-format development dirt is hard to assemble and rarely comes to market.

Four Independent Build Pathways

For-sale, by-right R3, density-bonus mixed-income, or 100%-affordable max density. A buyer chooses the business plan that fits their capital — and two buyer pools compete for the dirt.

A Live Comp Up the Block

6901 Woodman — 55 RTI affordable units on half the land — is in escrow at $1.475M through Marcus & Millichap, proving both the buyer pool and the density model on this street.

AB 2334 Density Upside

Very-Low-VMT + TCAC High-Resource status removes the density cap for a 100%-affordable build — the same engine that delivered 55 units next door can push the subject past 100.

A By-Right For-Sale Exit

SB 1123 allows a ministerial 10-home detached subdivision — no discretionary entitlement — selling into a Van Nuys for-sale market trading near $500/SF. An absorbable retail exit for a merchant builder.

Below the ULA Threshold

A land basis around $1.8–2.0M sits below the City of Los Angeles Measure ULA transfer-tax threshold, so the land transaction itself avoids that exposure.

Positioning

6948 Woodman is marketed to the deep bench of San Fernando Valley merchant builders and density-bonus / affordable developers who want a large-format, incentive-rich infill site. The piece a buyer acquires — nearly a half-acre of Medium-Residential Housing Element land on a block that just proved its density model at 6901 Woodman — is exactly the profile that draws competition in this submarket. Preliminary guidance of $1,800,000 – $2,000,000 is set to drive interest from both buyer pools while the dual-exit optionality and AB 2334 upside are argued for in negotiation.

Section 09 — LAAA Development Inventory

Our Current Development Listings

6948 Woodman is one of a deep active book of for-sale development and ground-up land listings the LAAA Team is marketing across Los Angeles, Ventura and Santa Barbara counties — from single-lot small-lot plays to 300-unit density-bonus sites. A snapshot of the current inventory is below; each links to its full offering. The complete, continuously-updated list lives at laaa.com/listings.

This Offering

6948 Woodman Ave

Van Nuys

Development · ~24–110 buildable units · 4 pathways

$1,800,000 – $2,000,000

View →

5151 E Arrow Hwy

Montclair

Development · 300 buildable units

$10,500,000

View →

3219-3249 Overland Ave

Los Angeles

Development · 100 buildable units

$11,995,000

View →

1120-1164 W Sunset Blvd

Los Angeles

Development · 237 buildable units

$9,000,000

View →

5511 Ethel Ave

Sherman Oaks

Development · 199 buildable units

$9,000,000

View →

2600 S Robertson Blvd

Los Angeles

Development · 150 buildable units

$7,995,000

View →

4623-4631 Beverly Blvd

Los Angeles

Development · 121 buildable units

$5,250,000

View →

12335 Osborne Pl

Pacoima

Development · 293 buildable units

$4,250,000

View →

601 Pearl Street

Ojai

Development · 9 shovel-ready homes

$3,700,000

View →

2338-2354 Lake Shore Ave

Los Angeles

Development · 4 buildable units

$2,800,000

View →

10898 Olinda St

Sun Valley

Development · 78 buildable units

$2,500,000

View →

10425 Independence Ave

Chatsworth

Development · 8 buildable units

$2,500,000

View →

5321 Riverton Ave

North Hollywood

Development · 27 buildable units

$2,000,000

View →

6540 Shoup Ave

West Hills

Development · 10 homes + 5 ADUs (SB 1123)

$2,000,000

View →

3837 College Ave

Culver City

Development · 21 buildable units

$2,000,000

View →

2126-2136 Branden St

Echo Park

Development · 39-unit RTI density bonus

$3,000,000

View →

631-637 W 6th St

San Pedro

Development · 39 buildable units

$1,800,000

View →

1431 N Vista St

Los Angeles

Development · 18 buildable units

$1,700,000

View →

646 W 6th St

San Pedro

Development · 27 buildable units

$1,600,000

View →

302 N Pacific Ave

San Pedro

Development · 26 buildable units

$1,500,000

View →

See the full active book — for-sale development, land, and multifamily — with live pricing and offering memoranda at laaa.com.

Browse All Listings →

Source: laaa.com/listings, current as of June 2026. Unit counts are buildable/entitlement-level estimates per each listing’s marketing materials; pricing is subject to change. Some offerings shown may be in escrow or recently traded — confirm current availability at laaa.com or with any advisor below.