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12/29/16
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In news of an interesting, northern San Fernando Valley development opportunity, the city’s Elks Lodge property has been put on the market with an asking price of $3.5 mil. The underutilized property consists of nine lots and six APNs totaling 61.3k sf.
Located at 804 Pico St, a couple of blocks from the intersection of Brand Blvd and San Fernando Rd, the property is anchored by the distinctive California mission styled, two-story Elks Lodge building. We’re told the property represents a rare development opportunity, not only for its iconic nature, but because the building coverage ratio is just 27 percent, leaving 73 percent unused.
The Elks building is currently occupied by BPOE Lodge 1539, Kidney Quest Foundation, a local non-profit, and California Moving & Storage, another local entity. The property would be purchased with existing month-to-month income to offset expenses while obtaining permits and approvals.
Completed in 1937, The Elks Lodge building is comprised of approximately 20.7k sf of space and is an aging structure tailored to the Elks Club use. The building has served the northwestern San Fernando Valley for decades, and is familiar to area residents as a center for civic and community needs and events.
Ash Joshi, manager for property owners Mayfair Investment Co LLC and principal of Encino-based Capital Realty Solutions Inc, is marketing the property.
“The City of San Fernando would support the redevelopment as it would attract investment and professional users,” Joshi said. “C1 use would permit a variety of uses including professional office and possibly limited medical use, which, in turn, would result in higher income employees.”
Joshi noted that many investors are interested in multi-family development. He revealed that “The city has a moratorium in place for the approval and issuance of permits for multi-family dwelling projects through Jan. 18, 2017. So it’s a unique opportunity for sophisticated investors and for local and regional office users, in addition to flexible and virtual office uses,” Joshi stated.
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