Residential Land for Sale in Panorama City, California

Prime R3-1 TOC Tier 2 development site offering rare flexibility for townhome-style, ED1, or multifamily construction. RTI plans are fully approvedstart building immediately on the ED1 plan for 17 affordable housing units (Type VA, approx. 12,915 sq.ft., three stories, no parking required, and no demolition fees). Estimated build cost is approx. $2.1M, with an efficient unit mix of nine 2-bed units and eight 1-bed units. Projected pro forma rents of $34,069/month ($408,828/year) support a potential completed valuation of approx. $5,682,000 (GRM 13.9) and an estimated $2,000,000 profit margin, creating a strong spread between cost and stabilized value. Additional space is available for a leasing/management office or an optional ADU, offering further income potential.For developers pursuing a for-sale strategy, the property also qualifies for SB684, allowing an alternate plan of 10 townhomes + 10 ADUsideal for high-margin individual resale or a rental/resale hybrid. This lot functions as a true development canvas, offering multiple profitable pathways and full flexibility depending on the builder's preferred business model.Ideally located minutes from Noble Ave Early Education Center, Noble Ave Elementary, Vista Middle School, Panorama High School, Walmart, and Mission Community Hospital, the site provides excellent access to schools, retail, transit, and major employment centers. With strong demand for affordable housing across Los Angeles and multiple incentive programs supporting development, this property presents a rare opportunity to deliver quality housing while achieving strong financial returns.Don't miss this ready-to-build, high-potential project in one of the Valley's most promising multifamily zones. Email or text to receive the full RTI plans and supporting documents.