The offering at a glance.
A Ready-to-Issue 293-unit ED1 affordable housing development site in Pacoima — five stories plus a roof deck, zero parking, inside a qualified Opportunity Zone. A buyer pulls permits and starts construction on day one.
Executive
Summary.
293 permit-ready units at a $13,481-per-unit land basis — against an $8.65M scheduled rent roll at completion.
Delivered RTI — a developer pulls permits and commences construction immediately, with no additional entitlement exposure or discretionary process.
Executive Directive 1 ministerial approval delivers a five-story, 293-unit program over 147,275 gross SF on a 46,035 SF lot — with zero on-site parking required.
LAHD's July 1, 2026 land-use rent schedules lift scheduled monthly income to $720,732 — an 18% increase over the prior schedule carried in earlier marketing.
Six reasons 12335 Osborne stands apart.
Ready to Issue — No Entitlement Risk
Delivered with RTI plans for 293 apartment units. Immediate construction start — no hearings, no appeals, the approval work is finished and priced into the dirt.
293-Unit ED1 Program at Scale
Five residential stories plus a roof deck, Type III-A construction over 147,275 gross SF — one of the largest permit-ready ED1 unit counts offered in the Valley.
Zero On-Site Parking
No parking is required under the approved plans (per AB 2345) — no subterranean excavation, no podium, maximum unit efficiency across the 1.06-acre site.
Opportunity Zone — Open Under OZ 2.0
The site sits inside a qualified Opportunity Zone, and IRS transition guidance (Notice 2026-40) provides a path for new OZ 2.0 gains to be invested into existing OZ projects — detail on the Opportunity Zone page.
July 2026 Rent Schedules
The new LAHD land-use schedules effective July 1, 2026 carry scheduled income of $720,732 per month — $8.65M annualized across the 293-unit covenant mix.
Pacoima Revitalization
Blocks from Hansen Dam and the Van Nuys Blvd corridor, where the Downtown Arts District initiative and East San Fernando Valley light rail investment are reshaping the northeast Valley.
Still an Opportunity Zone deal — under the new OZ 2.0 rules.
The property sits inside a qualified Opportunity Zone designated under the original (OZ 1.0) program — one of the core tax-advantaged locations in the northeast Valley.
The One Big Beautiful Bill Act made the OZ program permanent. The OZ 2.0 regime beginning January 1, 2027 carries a 5-year deferral, basis step-up, and the 10-year tax-free appreciation benefit.
IRS Notice 2026-40 (June 2026) provides a path for new OZ 2.0 gains to reach existing OZ projects — including the working-capital safe harbor for plans adopted and initially funded by December 31, 2026.
Summary for discussion purposes only — not tax or legal advice. Buyer and its advisors to verify Opportunity Zone eligibility, fund structuring, safe-harbor compliance, and timing with qualified tax counsel.
The
Property.
A 1.06-acre vacant lot, permitted for 293 units.
A finished approval package — pull permits and build.
Executive Directive No. 1 (ED1) ministerial approval for a 100% affordable project — R-2 occupancy, new construction.
281 one-bedroom and 12 two-bedroom units — including a manager's unit — across the affordability tiers (1 VLI · 233 LI · 58 MI).
Type III-A construction over five residential stories with a roof deck — provided height 54.5 feet per the approved plans.
46,035 SF of vacant land.
An established residential block off the Glenoaks corridor.
Two frontages, one block from Glenoaks Blvd.
The Stabilized
Exit.
293 units · $720,732 scheduled monthly rent.
Rents below reflect LAHD's land-use rent schedules effective July 1, 2026 — lifting scheduled monthly income 18% over the prior schedule carried in earlier marketing.
| Unit Type | Rent Schedule | # Units | Avg SF | Monthly Rent | Monthly Income |
|---|---|---|---|---|---|
| 1 Bed / 1 Bath — VLI | Very Low 50% · Schedule VI | 1 | 325 | $1,022 | $1,022 |
| 1 Bed / 1 Bath — LI | 80% AMI · Schedule IX | 226 | 393 | $2,499 | $564,774 |
| 1 Bed / 1 Bath — MI | Moderate 110% · Schedule VI | 54 | 386 | $2,247 | $121,338 |
| 2 Bed / 1 Bath — LI | 80% AMI · Schedule IX | 7 | 599 | $2,998 | $20,986 |
| 2 Bed / 1 Bath — MI | Moderate 110% · Schedule VI | 4 | 598 | $2,528 | $10,112 |
| 2 Bed / 1 Bath — Manager | Manager's unit | 1 | 635 | $2,500 | $2,500 |
| Totals / Weighted Avg | 293 | 400 | $2,460 | $720,732 |
LI units at Schedule IX (80% AMI) rents; MI units at Schedule VI (Moderate, 110% AMI) rents; VLI at Schedule VI (Very Low, 50% AMI). All rents per the 2026 LAHD land-use schedules effective July 1, 2026, published at housing.lacity.gov/partners/land-use-rent-income-schedules. Manager's-unit rent per prior marketing. Projections only — see rent disclaimer; buyer to verify attainable rents and affordability covenant terms.
Sale
Comparables.
Five closed entitled and RTI 100%-affordable land sales across Los Angeles — the subject prices below every one of them on both land SF and per-unit basis.
| # | Address | Program | Lot SF | Close | Price | $ / Land SF | $ / Unit |
|---|---|---|---|---|---|---|---|
| ★ | 12335 Osborne Pl · Subject | RTI · 293 units · 5 st. · 100% aff. | 46,035 | Listed | $3,950,000 | $85.80 | $13,481 |
| 1 | 12534 San Fernando Rd, Sylmar ↗ | RTI · 164 units · 5 stories · 100% aff. | 27,297 | Dec 2023 | $4,990,000 | $182.80 | $30,426 |
| 2 | 8301 S Hoover St, Los Angeles ↗ | RTI · 70 units · 4 stories · 100% aff. | 12,833 | Sep 2023 | $2,950,000 | $229.88 | $42,142 |
| 3 | 7301 S Broadway, Los Angeles ↗ | RTI · 45 units · 4 stories · 100% aff. | 6,434 | Jan 2024 | $1,900,000 | $295.31 | $42,222 |
| 4 | 16150 Vanowen St, Van Nuys ↗ | RTI · 99 units · 6 stories · 100% aff. | 16,894 | Feb 2024 | $4,000,000 | $236.77 | $40,404 |
| 5 | 7408 S Figueroa St, Los Angeles ↗ | Entitled · 157 units · 7 stories · 100% aff. | 11,602 | Sep 2023 | $3,910,000 | $337.01 | $24,904 |
| Comp Average | 15,012 | $3,550,000 | $256.35 | $36,020 |
The lowest basis in the comp set.
Market
Overview.
A revitalizing corridor between Hansen Dam and Van Nuys Blvd.
Pacoima is building a pedestrian-friendly, community-oriented downtown along Van Nuys Blvd between Laurel Canyon Blvd and San Fernando Rd. Phase 1 of the Downtown Arts District initiative is complete, and the city is working with Los Angeles County to fund the next stage — façade improvements aimed at a city center focused on the arts, shopping, dining, and nightlife.
The East San Fernando Valley Light Rail Transit Project brings publicly funded fixed rail to Van Nuys Blvd through the northeast Valley, and the Bradley Avenue Plaza and Green Alley projects are adding community gathering space blocks from the corridor.
- · Hansen Dam Recreation Center & golf course
- · Van Nuys Blvd retail corridor · Downtown Arts District
- · Whiteman Airport · Glenoaks Blvd services
- · ESFV Light Rail — under construction to the corridor
The largest geographical region of Los Angeles County.
The San Fernando Valley is home to roughly 2.9 million people across about 260 square miles, ringed by the Transverse Ranges north of the Los Angeles Basin. Nearly two-thirds of the Valley's land area lies within the City of Los Angeles, alongside the incorporated cities of Glendale, Burbank, San Fernando, Hidden Hills, Agoura Hills, and Calabasas.
Pacoima sits in the northeast Valley — surrounded by the established residential communities of Sylmar, San Fernando, Sun Valley, and Lake View Terrace, with direct freeway connectivity to the broader Los Angeles employment base.
Offered at $3,950,000.
$13,481 per approved unit · $85.80 per land square foot. Delivered RTI with the full approved plan set.
Offers reviewed as received. Contact the listing brokers for the data room with the approved plan set and RTI documentation. Showings by appointment only.
Approved architectural plans, ED1 approval documentation, affordability covenant terms, the LAHD rent schedules, and title preliminary available on request.
Affordable and mission-driven developers, LIHTC sponsors, Opportunity Zone funds, and merchant builders seeking a permit-ready ED1 basis at scale.