Executive Summary
This analysis compares 16326 Nordhoff St against five recent closed and pending sales of comparable San Fernando Valley residential development sites, plus the current active competing supply. The objective is to establish a defensible list-pricing range for marketing the property as an SB9 or SB1123 development site.
Subject Property
Marcus & Millichap is pleased to present 16324-16326 Nordhoff St in North Hills — a rare street-to-street development opportunity in the heart of the San Fernando Valley. The offering consists of an approximate 0.63-acre A2-1 zoned parcel, currently improved with a single-family home and equine enclosure, to be delivered vacant at the close of escrow with no tenants to relocate and no affordable units to replace. Senate Bill 9 (SB9) allows the parcel to be subdivided into two lots with two detached residential dwelling units on each — four detached single-family homes total at 3:1 FAR.
0.63 acres
Sunburst St / Gothic Ave Alley
Vacant at COE
Property Highlights
- Rare street-to-street development opportunity in the heart of the San Fernando Valley.
- Three-sided access via Nordhoff Street, Sunburst Street, and the Alley of Gothic Avenue — full design flexibility for the developer.
- Immediate development potential — delivered vacant at COE.
- SB9 development plan: proposed lot split into two parcels with four detached single-family homes (two per lot) at 3:1 FAR. Per-lot setbacks of 4 ft side/rear, 25 ft front, 45 ft height.
- Central San Fernando Valley location — 0.8 miles from I-405, 0.5 miles from James Monroe High School, 2.2 miles from CSUN (33,551+ student enrollment).
- Dense infill demographics — 701,897 population and $93,150 average household income within a 5-mile radius.
Closed & Pending Comparable Sales
Five comparable transactions from 2024 through 2026, grouped by entitlement pathway. All are older single-family residences on oversized lots acquired by LLCs for residential subdivision development.
SB1123 Pathway — Small-Lot Subdivision (up to 10 homes)
| Address | Lot SF | Price | $/Lot SF | Date | Status |
|---|---|---|---|---|---|
| 18838 Lanark St, Reseda |
27,386 |
$850,000 | $31.04 | 3/20/26 | Closed |
| 10425 Independence Ave, Chatsworth |
44,953 |
$2,340,000 | $52.05 | In Escrow | Pending |
| 17545 Parthenia St, Sherwood Forest |
102,081 |
$2,200,000 | $21.55 | 1/30/26 | Closed |
SB9 Pathway — Lot Split / Duplex Conversion
| Address | Lot SF | Price | $/Lot SF | Date | Status |
|---|---|---|---|---|---|
| 17430 Parthenia St, Sherwood Forest |
71,918 |
$2,000,000 | $27.81 | 1/21/25 | Closed |
| 17454 Parthenia St, Sherwood Forest |
45,023 |
$1,800,000 | $39.98 | 6/14/24 | Closed |
Active Competing Supply
Listings currently on-market in the immediate trade area. North Hills 91343 itself shows zero competing residential development inventory — the closest comps are in adjacent ZIPs.
| Address | Lot SF | Ask Price | $/Lot SF | Status | Pitch |
|---|---|---|---|---|---|
| 10810 Woodley Ave, Granada Hills | 26,197 |
$1,274,000 | $48.63 | ~190 DOM | RD3-1 / SB684 — 13-townhome feasibility study available |
| 7630 Jellico Ave, Northridge | 31,088 |
$1,550,000 | $49.86 | Active | RA zoning, MLS SR25275172 — direct size match to subject |
| Mission Hills RA-1-K corner lot |
26,027 |
Call broker | — | Active | SB1123 ministerial subdivision — up to 10 homes, 2-story |
| Northridge LARA flat near CSUN |
29,364 |
Call broker | — | Active | LARA / Triplex County Land Use — SB9 multi-family upside |
| 8855 Tyrone Ave, Panorama City | ~7,700 |
$862,000 | — | Active | SB9-approved 4-unit plan (smaller product — context only) |
Pricing Recommendation
The market is sending two clear and contradictory signals at once:
- Sellers are testing $48–$50/SF asks — and those asks are not transacting. Woodley has been on-market for 190+ days; Jellico is freshly listed at the same psf.
- Buyers are paying $28–$40/SF for size-matched closed comps and stretching to $52/SF only for larger 45K SF parcels with stronger subdivision math (Independence in escrow).
The implication: price 16326 Nordhoff between the closed-comp ceiling and the bidless active-list zone. This positions the property to attract real offers rather than sit alongside Woodley and Jellico.
Defensible List Range
Strategic note: Repositioning into this band keeps the asset positioned at a clear premium to the closed-comp cluster (capturing scarcity value for a true 27K SF dev site in 91343) while moving meaningfully off the current $62.39/SF ask that has not yet generated traction. The band brackets the bidless active-list zone — with the lower end positioned to attract the active local-developer accumulators identified below, and the upper end leaving room for negotiated outcomes. We expect this range to generate competitive offers within 30–60 days.
Active Buyer Profile
Public records analysis identified repeat local developers currently accumulating SB9/SB1123 development sites in the San Fernando Valley:
- Operator: LLC cluster operating from P.O. Box 56692, Sherman Oaks, CA 91413
- Entity examples: Parthenia Ave Villas LLC, Encino Ave Villas LLC, 17545 Parthenia St LLC
- Confirmed acquisitions in size band: three Parthenia closings between 6/2024 and 1/2026 ranging from 45K–102K SF
- Acquisition basis: $21.55 – $39.98/SF — establishes a clear underwriting tolerance
- Active listing presence: none — they are pure buyers, not sellers
This buyer represents a pre-marketing or off-market opportunity for 16326 Nordhoff. Their basis on Parthenia tells us where their underwriting works — pricing the subject within the recommended band keeps them in the buyer pool.
The LA Apartment Advisors Team
LA Apartment Advisors (LAAA) is a Marcus & Millichap investment sales team specializing in multifamily and land/development transactions across Los Angeles County. With 458+ transactions and over $1.46 billion in closed volume, we help property owners make confident investment decisions — whether buying, selling, or exploring the market.
(Trailing 3 Years)
Glen Scher is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. A UC Santa Barbara graduate in Economics, Glen launched his career in 2014 and earned Rookie of the Year from the SFV Business Journal by 2016. A former Division I golfer, he captured three collegiate titles and was named UCSB Male Athlete of the Year.
Filip Niculete is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. Born in Romania and raised in the San Fernando Valley, Filip studied Finance at San Diego State University and began his career at Marcus & Millichap in 2011. Known for execution, integrity, and relentless work ethic, Filip and the LAAA Team consistently lead the market in active inventory across Los Angeles.
Team Members
The Agnew Serling Group
The Agnew Serling Group is a Marcus & Millichap investment sales team specializing in office, industrial, retail, and land/development transactions across Los Angeles County. With $1+ billion in closed sales and 500,000+ SF leased across 350+ transactions, the group brings unrivaled service and deep San Fernando Valley market expertise to every engagement.
Marty earned a Bachelor of Arts in Business & Marketing from Oklahoma State University and joined Marcus & Millichap as an Associate in 2002. After building a leading San Fernando Valley office and industrial practice, he founded the Agnew | Serling Group with Ryan in 2016. Marty received Marcus & Millichap's National Achievement Award in 2017, 2018, and 2019, and was promoted to Senior Managing Director Investments in 2025.
Ryan is a Managing Director Investments at Marcus & Millichap, based in the firm's Encino office. Since joining in 2014, he has cultivated long-standing relationships with property owners across Los Angeles County. In 2016, after surpassing $60 million in sales, he partnered with Martin Agnew to form the Agnew | Serling Group. Ryan graduated with honors from Ithaca College and was promoted to Managing Director Investments in 2025.
Team Members
"Unrivaled Service in Commercial Real Estate Sales & Leasing"
Specialties & Active Inventory
Due to confidentiality, not all listings appear publicly. Contact the Agnew Serling Group directly for the full active inventory.
LAAA Active Development Site Inventory
A snapshot of every development site LAAA currently has on the market — 15 active listings totaling $68.7M and 1,532 buildable units across the LA region. Listing 16326 Nordhoff with LAAA means immediate access to the active developer-buyer pool already engaged across this portfolio.