Overview Subject Unit Mix Building Entitlement Valuation Pricing Inventory Contact
Broker Opinion of Value  ·  Shovel-Ready (RTI) Offering

Colima Apartments

18811 Colima Road  ·  Rowland Heights, CA 91748
105-Unit Approved Multifamily Development  ·  Density-Bonus Entitled, Delivered With Full Plans
105
Total Units
1.07
Acres
46,610
Lot SF
144
Parking Stalls
Approved
Housing Permit
Preliminary Broker Opinion of Value
$5,250,000 – $6,500,000
$50K–$62K / Unit  ·  $113–$139 / Land SF  ·  $66–$82 / Buildable SF
Colima Apartments — architectural rendering of the approved 105-unit multifamily development
Architectural Rendering  ·  Approved 105-unit multifamily development over a two-level parking podium  ·  PDS Studio  ·  Conceptual; subject to change.

The Opportunity

18811 Colima Road presents a fully-designed, density-bonus-approved 105-unit apartment development on a 1.07-acre hard corner in Rowland Heights, in the heart of the San Gabriel Valley. The project carries an approved Administrative Housing Permit (RPPL2023003872) with every density-bonus waiver granted, and a complete architectural, structural, civil, and MEP construction-document set — a buyer steps into a shovel-ready (RTI) entitlement with the entire design and approval runway already retired.

The approved program stacks four stories of Type V-A residential over a two-level Type I-A concrete parking podium, delivering 84 density-bonus apartments plus 21 ADUs for 105 total income units, 144 parking stalls, a Level-2 podium courtyard, clubhouse, gym, and dog run. The seller estimates remaining permits & fees of $1,167,190 to convert the approved plans into an issued building permit.

Finding 01

Approved & Near-RTI — Entitlement Risk Removed

Administrative Housing Permit RPPL2023003872 is granted with all five density-bonus waivers, and the full construction-document set is complete. Years of design and discretionary-approval risk are already behind the project.

Finding 02

105 Income Units on 1.07 Acres

84 density-bonus apartments plus 21 state ADUs — an effective density (~98 du/ac of buildable area) that is difficult to replicate in low-density Rowland Heights.

Finding 03

Efficient, Lender-Friendly Mix

57 one-bedroom + 27 two-bedroom homes plus 21 ADUs. Only 6 deed-restricted ELI units unlock the 55% density bonus — the balance (~98%) is market-rate.

Finding 04

Supply-Constrained SGV Corner

Hard-corner visibility at Colima Road & Paso Real Avenue, with SR-60 access, in a San Gabriel Valley rental submarket that sees very little new multifamily delivery.

The Asset

Site

Address18811 Colima Rd, Rowland Heights, CA 91748
APN8761-012-015, -016 & -017
Land Area46,610 SF · 1.07 acres (corner)
ZoningC-2 (multifamily permitted, SPR/CUP)
General PlanCG — General Commercial
JurisdictionLA County · Rowland Heights CSD

Program

Total Units105 (84 apartments + 21 ADUs)
Net Residential Area~79,013 SF
Stories6 levels (4 residential over 2-level podium)
Building Height74′-0″ (zoning waiver)
Parking144 stalls provided (119 required)
EntitlementAHP RPPL2023003872 — Approved
Site Plan
Colima Apartments site plan, Sheet A100
Site Plan — Sheet A100 · corner of Colima Rd & Paso Real Ave
Building Elevations
Colima Apartments south and east elevations, Sheet A201
South & East Elevations — Sheet A201
Location. The site occupies the hard corner of Colima Road and Paso Real Avenue in Rowland Heights, an established, supply-constrained rental submarket in the eastern San Gabriel Valley (unincorporated Los Angeles County). It offers strong arterial visibility, immediate access to the SR-60 (Pomona) Freeway, and proximity to the Rowland Heights / Hacienda Heights retail, dining, and employment corridors.

105 Income Units

The approved program delivers 84 density-bonus apartments (57 one-bedroom and 27 two-bedroom homes) plus 21 accessory dwelling units, for 105 total income-producing units. State density-bonus law and the ADU statute together push effective density well beyond the base entitlement.

TypeBedsAvg SFCount
A169524
A116884
B15788
C16924
D169316
E15221
F29898
G21,0218
H21,0144
I21,0894
J21,0853
Total66,181 SF84
Plus 21 ADUs (12,832 SF): 17 one-bedroom ADUs (578–737 SF) and 4 studio ADUs (549 SF) across Levels 2–5.
Density Calculation
Base density allowed54 units
ELI set-aside (12% of 53)6 units
Density bonus earned55%
Bonus units (0.55 × 53)+30 units
Apartments (base + bonus)84 units
State ADUs (density-exempt)+21 units
Total dwelling units105 units
Affordability. Only 6 Extremely Low Income units (<30% AMI — four 1-BR + two 2-BR), plus one manager unit, are deed-restricted to unlock the 55% bonus. The remaining ~98 units are market-rate, preserving the bulk of the income stream while capturing the bonus density and full ADU count.

The Improvements

Construction & Form

Stories6 (4 residential over 2-level podium)
ResidentialType V-A (Floors 2–5)
Podium / GarageType I-A (P-1 & P-2)
Building Height74′-0″ zoning / 69′-11″ code
OccupanciesR-2, S-2, A-3, B
Fire ProtectionNFPA 13 throughout + enhanced alarm

Parking & Bicycle

Vehicle Required119 stalls
Vehicle Provided144 stalls (incl. tandem)
EV-Capable / EVCS16 (incl. 1 van)
ADA Stalls4
Bicycle — Short Term9
Bicycle — Long Term42
Amenities. Level-2 podium courtyard, multiple community / recreation rooms, a dedicated gym, clubhouse, dog run, resident storage, and bike rooms — a full lifestyle-amenity package consistent with new institutional product.

Shovel-Ready

The heavy lifting is done. The project holds an approved Administrative Housing Permit (RPPL2023003872) with every requested density-bonus waiver granted, plus a complete multidisciplinary construction-document set. A buyer acquires a designed, approved, near-ready-to-issue project — not raw entitlement risk.

Approved Density-Bonus WaiverBy-Right StandardApproved
Building height35′-0″74′-0″
Lot coverage40%79%
Front setback (Colima)20′-0″3′-0″
Corner setback (Paso Real)5′-0″1′-0″
CSD residential buffer59′ additional7′-6″ provided
Podium-level landscapingGround-level48% on podium
Per the Administrative Housing Permit approval letter (RPPL2023003872).
Path to permit issuance — remaining permits & fees: $1,167,190 (seller’s estimate). This is the buyer’s primary remaining cost to convert the approved plans into an issued building permit; design, entitlement, and density-bonus approvals are already complete. Complete plan set on file: Architectural (PDS Studio), Structural (Govvis Engineering), Civil (Labib Funk + Associates), MEP / Title-24 (120 Degreez), and Landscape (Garcia Landscape Architect). Buyer to verify all entitlement conditions, plan-check status, and fee estimates directly with the County of Los Angeles.

How It Prices

Approved, near-RTI multifamily development land is valued primarily on the entitlement it delivers — benchmarked on a per-unit, per-land-SF, and per-buildable-SF basis against comparable entitled / RTI apartment-site trades, then cross-checked against a residual analysis of stabilized value net of remaining cost to build. The metrics below frame where this offering sits at the indicated value band.

$50K–$62K
Per Total Unit
105 dwelling units (incl. 21 ADUs)
$113–$139
Per Land SF
46,610 SF site
$66–$82
Per Buildable SF
~79,013 SF net residential
Driver 01

Density Already Captured

The 55% density bonus and 21 ADUs are approved — a buyer pays for delivered units, not the risk of pursuing them. This supports the upper end of the per-unit band.

Driver 02

Near-RTI Premium

A full, coordinated CD set and granted waivers compress the buyer’s timeline to permit issuance to the ~$1.17M fee payment, commanding a premium over raw-entitlement land.

Driver 03

Supply-Constrained Submarket

Rowland Heights / east SGV sees little new multifamily delivery; 105 income units of new product is difficult to replicate, supporting rent durability and exit liquidity.

Driver 04

Remaining Cost to Build

Buyer underwrites ~$1.17M in fees plus hard and soft construction costs against stabilized value. Land value is the residual — the band reflects current SGV costs and exit cap rates.

Methodology & verification. The per-unit / per-SF bands above are the LAAA Team’s preliminary framework for this offering and will be finalized against current verified comparable entitled / RTI apartment-land sales in the San Gabriel Valley prior to going to market. All figures are estimates to be independently verified by the buyer; permit & fee amounts are the seller’s estimate and subject to County confirmation.

Broker Opinion of Value

Preliminary Broker Opinion of Value
$5,250,000 – $6,500,000
Approved 105-unit (RTI-track) development · 18811 Colima Road
$50K–$62K
Per Total Unit
$113–$139
Per Land SF
$66–$82
Per Buildable SF
Note: This is the LAAA Team’s preliminary opinion of value, anchored to the valuation framework above. The final list-price recommendation will be confirmed against current verified comparable entitled / RTI apartment-land sales and the buyer pool’s prevailing return requirements. Pricing reflects the approved entitlement and complete construction-document set delivered to a buyer, who assumes the remaining ~$1,167,190 in permits and fees plus all hard and soft construction costs. It does not constitute an appraisal.

Current Development & Land Inventory

The LAAA Team at Marcus & Millichap is one of the most active development land teams in Los Angeles — 15 development listings, 1,582 buildable units, and $75M+ in volume currently across greater Los Angeles and Southern California. The full land book is below; click any property for its offering.

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Confidential — For Authorized Recipients Only

This Broker Opinion of Value ("BOV") has been prepared by the LAAA Team at Marcus & Millichap for the confidential use of the intended recipient(s) only. It is not an appraisal and should not be relied upon as such. All value estimates, per-unit and per-SF metrics, cost assumptions, and permit & fee figures are provided for illustrative purposes only and are based on information believed to be reliable but have not been independently verified, including the architect’s plans and the seller’s estimates. Entitlement status, unit count, buildable area, parking, and affordability covenant terms are subject to independent verification with the County of Los Angeles. Recipients are encouraged to conduct their own due diligence prior to making any investment decision.

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