$1,299,000

About this home

Exceptional SB9 investment and development opportunity on an approximately 8,623 Sq. Ft. corner lot in Canoga Park. The property is in the final stages of an SB9 Urban Lot Split designed to create two separately deeded parcels, offering immediate rental income and outstanding future development potential. The front parcel, 20957 Community St., will consist of approximately 5,174 Sq. Ft. and features a 2-bedroom, 2-bathroom residence plus a converted 2-car garage configured as a 1-bedroom, 1-bath Junior ADU, completed prior to the current owner's purchase. The main residence is currently leased for $3,200 per month through May 2027. Seller states the Junior ADU has an estimated market rental potential of approximately $1,950 per month, for projected gross rental income of approximately $5,150 per month ($61,800 annually). Buyer to verify lease terms, rental income, and market rents. The future rear parcel, 8400 Independence Ave., will consist of approximately 3,450 Sq. Ft. and has already been assigned its own address. The parcel includes an existing approximately 350 Sq. Ft. structure. Seller states approved plans provide for expansion of the existing structure into an approximately 1,500+ Sq. Ft. single-family residence. A new vinyl fence has already been installed along the proposed property line to physically separate the two future parcels. Seller states all required SB9 agency clearances have been obtained, with only the final approximately $17,000 Park (Quimby) fee remaining before the City records the final parcel map. Upon completion, Seller states the property is expected to be legally divided into two separate parcels, each with its own title deed and Assessor Parcel Number (APN). Buyer to independently verify all permits, approvals, square footage, development potential, fees, timelines, lease information, rental income, and remaining SB9 requirements with the appropriate governmental agencies. A rare opportunity to acquire an income-producing property with substantial entitlement work already completed while offering the opportunity to complete one of Canoga Park's most unique SB9 development projects. Shown by appointment only. Do not disturb occupants.

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