2823 LEEWARD AVENUE...Real Estate Taxes [2] $31,118 Insurance $3,411 Utilities $12,364 Repairs &...

2823 LEEWARD AVENUELOS ANGELES, CA 90005

Located in the Epicenter of Development Boom

Walkable to Two Metro Stations - 95 Walk Score

Transit Oriented Community Tier 3

Qualified Opportunity Zone

Potential for Approximately 40 Unit Development

Rental Income During Pre-Development

CONFIDENTIALITY & DISCLAIMER

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should

not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to

prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation.

Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial

performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State

and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its

occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified,

and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever

regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

NON-ENDORSEMENT NOTICE

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not

intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing

of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ON LY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to

square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment

Services, Inc. © 2019 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially

given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any

prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment

professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax,

regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and,

given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

Activity ID ZAB0380025

2823 LEEWARD AVENUEDEVELOPMENT OPPORTUNITY

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EXECUTIVE SUMMARYInvestment Highlights • Proposed Scenario •

Offering Details

FINANCIAL ANALYSISRent Roll • Operating Data

MARKET OVERVIEWLocation Overview • Regional Map • Local

Developments

EXCLUSIVELYLISTED

COMPETITIVE COMPARABLESSales Comparables • Rent Comparables

DEMOGRAPHIC REPORTDemographics

JAYNE SONG 송지현Direct (310) 909-5409

Cell (213) 222-6270

[email protected]

License CA 02098774

LAURA ALICE SCATURRO

Direct ( 310) 909-5472

Cell (310) 482-0422

[email protected]

License CA 01942167

mailto:[email protected]


EXECUTIVE SUMMARY

Marcus & Millichap is pleased to present 2823 Leeward Ave., Los Angeles CA 90005. The two-story building is a 6-unit* apartment located just south of Wilshire Blvd and west of Hoover Street in the prime Koreatown market of Los Angeles. The subject property is positioned close to two major metro stations at Westlake/MacArthur Park and Wilshire Vermont and within blocks from Wilshire Boulevard Business Center. This centrally located property is less than 5 miles from Downtown LA and less than 2 miles from the Historic Wiltern Theatre in Los Angeles. Built in 1922, this apartment contains 7,136 gross SF and is situated on 9,514 SF of land. The apartment features a unit mix of (2) one bed / one bath and (4) two bed / two bath units. All units are fully occupied with month-to-month leases.

Identified as an ideal development area to address chronic shortage of housing in the City of Los Angeles, the Leeward Avenue Project qualifies for high density Transit Oriented Community (TOC) Tier 3 building incentives in a Qualified Opportunity Zone to build up to 41 units. The sale includes unapproved schematics for a 39-unit apartment with a total of 99 bedrooms including a co-living space. The proposed plan consists of (4) 2-bed penthouses, (28) 2-bed and (7) 5-bed, co-living units as well as a rooftop open air deck and parking. This is an excellent opportunity to purchase a property that enables a savvy developer to offset their costs with in-place cash flow while the entitlement process is underway.

Koreatown is one of LA's hotspots for new residential development, with approximately 3,000 units under construction. Just one building away a six-story condominium featuring 46 residential units is under construction, and a short walk west along Leeward Avenue, an 80-unit condominium complex was recently completed. Three blocks away, a 25-story apartment tower with 644-unit, 1,100-car parking garage and a 15,000 square feet of ground-floor retail space is projected to finish in 2021. This is a great opportunity for an investor looking for a high-density development site.

*Some units may be non-conforming. Buyer to verify.

► Walking Distance to Two Metro Stations at Westlake/MacArthur Park

and Wilshire/Vermont – 95 Walk Score

► Central Location – Easy Access to Employers in DTLA and Hollywood

► Blocks from Major Signalized Corner of Wilshire Blvd and Hoover St

► Located in the Epicenter of Development Boom

► Koreatown / MacArther Park

► Large 9,514 SF Lot Zoned LAR4

► Qualified Opportunity Zone

► Transit Oriented Community Tier 3

► Development Opportunity for Approximately 41 Units

► Rental Income During Pre-Development

95 WALK SCORE

WALKER’S PARADISEDaily Errands Can Be Accomplished on Foot

81 TRANSIT SCORE

EXCELLENT TRANSIT

Transit is Convenient for Most Trips

INVESTMENT HIGHLIGHTS

PROPOSED DEVELOPMENT

SCENARIOMULTIFAMILY

Although not entitled, the sale will include schematics

for a proposed development. Advantageous by-right

zoning allows for a 6:1 FAR with no height limitations.

Additional incentives for TOC guidelines permit

increase FAR and decrease parking requirements.

UNIT COUNT

PROPOSED RENTABLE SF

COMMON AREA SF

STORIES

PARKING

39 Total

32,530

4,400

9

26 Stalls

THE OFFERING

Offering PricePrice/Buildable Unit*Price/SF

$2,550,000$62,195$268/SF

Existing Building Size 7,136 SF

Year Built 1922

Parking 4 Garages

Occupancy 100%

Utilities: Water Owner Pays

Utilities: Electric / Gas Tenant Pays

Total Lot Size 0.22 Acres / 9,513 SF

Assessor Parcel # 5077-015-014

Zoning LAR4-2

Additional Information TOC Tier 3, Opportunity Zone

Development Standards No Height Restrictions

6:1 FAR

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*Buyer to conduct own due diligence and verify development information. Marcus & Millichap and the Seller have not made any investigation and makes no warranty or representation with respect to the development potential. The information contained inthis Marketing Brochure has been obtained from sources we believe to be reliable, however the information contained herein isnot a substitute for a thorough due diligence investigation.

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RENT ROLL

Current Potential

# of Avg Sq Average Average Monthly Average Average MonthlyUnit Type Units Feet Rent Rent / SF Income Rent Rent / SF Income

2 Bed / 2 Bath 1 $1,685 $2,037

2 Bed / 2 Bath 1 $1,462 $2,037

2 Bed / 2 Bath 1 $1,583 $2,037

2 Bed / 2 Bath 1 $1,986 $2,037

1 Bed / 1 Bath 1 $662 $1,441

1 Bed / 1 Bath 1 $1,081 $1,441

Totals/Weighted Averages 6 1,189 $1,410 $1.19 $8,459 $1,838 $1.55 $11,030

Gross Annualized Rents $101,506 $132,360

Note: Some units may be non-conforming. Buyer to verify.

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OPERATING EXPENSES

Notes to Operating Statement

[1] 3% Market Vacancy Variance Used. Currently, 100% Occupied.

[2] Estimated Tax.

[3] Estimated Expense, 5% of Gross Scheduled Rent.

Operating Data

Income Current

Gross Scheduled Rent $101,506

Less: Vacancy/Deductions [1] $3,045

Total Effective Rental Income $98,461

Other Income $4,398

Effective Gross Income $102,859

Less: Expenses 55.85% $57,451

Net Operating Income $45,408

Total Return 1.71% $45,408

Expenses Current

Real Estate Taxes [2] $31,118

Insurance $3,411

Utilities $12,364

Repairs & Maintenance $2,777

Landscaping $4,620

Management Fee [3] $5,075

Total Expenses $59,365

Expenses/Unit $9,894

Expenses/SF $8.32

KOREATOWN |

MACARTHUR PARK

Koreatown and MacArthur Park are attractive, growing

submarkets located in Central Los Angeles that lies 3 miles west

of Downtown, 4 miles southeast of Hollywood, 12 miles east of

Santa Monica Beach and 16 miles northeast of Los Angeles

International Airport (LAX). The area was once the epicenter of

Golden Age Hollywood, home to the Ambassador Hotel, the

Brown Derby and the Coconut Grove. Today, Asian and Latino

populations contribute to the neighborhood’s rich cultural diversity.

The community is the most densely populated area in Los Angeles

County, with over 42,600 residents per square mile.

Urban renewal continues to drive high-end development and change the landscape in this

neighborhood. Modern apartments are spring up along the Wilshire Boulevard corridor, and

development is starting to push into the southern portion of this historically affordable section of Los

Angeles. The area is one of L.A.’s hotspots for new residential development, with over 3,000 units

under construction.

In late 2008, the City of Los Angeles designated Koreatown as a special graphic district, allowing

digital signage and electronic billboards allowed in Time Square. Koreatown has become a

commercially driven area, with an estimated $1 billion invested since the early 2000s. With

projects by firms including Jamison Services, Trammell Crow Company and CIM Group, this

neighborhood continues to ride the growth wave.

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PROXIMITY TO

LOS ANGELES

ATTRACTIONS

LAX

AIRPO

RT17.9

Miles

BEVER

LY

HILLS7.6 Miles

HOLLYWO

OD4.6 Miles

DTLA2.9 Miles

UNIVERSAL

CITY9.5 Miles

Metro Rail & BuswayProjects Under Construction

$300M Apartment Tower

2900 Wilshire Blvd

644-Unit Mixed-Use

Mixed-Use

2938-2972 W. 7th St

228-Unit 7-Story Building

Apartment Complex

2783-2801 Francis Ave


$300M Office Complex

Vermont and 6th St

20-Story Building

Mixed-Use

900 S. Vermont


Mixed Used

8th and Berendo St


Condo Development

2841-2853 Leeward Ave

46-Units 6-Story Building

Mixed-Use

3525 W 8th St

364-Unit

Mixed-Use

2525 Wilshire Blvd

152-Unit Mixed-Use

LOCAL DEVELOPMENTS

PROPERTY NAME LOT SIZE PROPOSED DEVELOPER

2841- 2853 Leeward Ave. 0.43AC

(18,556SF)

46-Unit Who’s It For LLC –

Private Investors

2938-2972 W. 7th St.

NEXEN

1.23AC

(53,505SF)

228-Unit Jamison Services, Inc. &

City Century MVE

2900 Wilshire Blvd.

KURVE

2.30AC

(100,397SF)

644-Unit Jamison Services, Inc. &

Hankey Capital

2783-2801 Francis Ave. 0.48AC

(20,256SF)

50-Unit DPK Group Investments, LLC –

Private Investors

Vermont and 6th St.

VERMONT CORRIDOR

7 Parcels LA DMH HQ &

Senior/Affordable

Housing 172-Unit

LA County &

Trammell Crow Company

2525 Wilshire Blvd

WILCO

0.51AC

(22,412SF)

152-Unit Somerset Group

900 S. Vermont Ave. 1.03AC

(44,902SF)

193-Unit Jamison Services, Inc.

8th and Berendo St. 0.65AC

(9,496SF)

98-Unit Jamison Services, Inc.

3525 W. 8th St.

THE RISE

2.18AC

(94,961SF)

364-Unit Cal-Coast &

Rescore Hollywood LLC

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SALES COMPARABLES – SUMMARY

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PROPERTY NAME ZONING LOT SIZE SALE DATE PRICE/SF COMMENTS

2938-2972 W. 7th St. C2-Tier 3 1.23AC

(53,505SF)

Jul 2019 $291.32/SF 50% sale of land to be

developed into mixed used.

825 Irolo St. Unentitled

R4-Tier 3

0.15AC

(6,534SF)

Mar 2020 $257.12/SF Existing SFR.

2859-2877 Francis Ave Unentitled

R4-Tier 3

0.62AC

(27,000SF)

Mar 2020 $287.06/SF Existing 9-unit was

delivered vacant.

203 N Oxford Ave Unentitled

R4-Tier 3

0.16AC

(7,161SF)

May 2020 $230.41/SF No plans in place. SFR on

site with rental income.

700 S New Hampshire Ave Unentitled

R4-Tier 3

0.19AC

(8,276SF)

Oct 2020 $275.25/SF Will be delivered vacant.

AVG. PRICE/SF $268.23/SF

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THE KODO2867 Sunset Pl, Los Angeles, CA, 90005

LEEWARD AVENUE PROJECT2823 Leeward Ave, Los Angeles, CA, 90005

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RENT COMPARABLES

UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF

2+2 660 $705 - $3,600 $1.07 - $5.45 0+1 466 - 608 $2,150 - $2,650 $4.35 - $4.61

5-Bed Co-Living 1,630 $6,000 - $7,500 $3.68 - $4.60 1+1 585 - 639 $2,250 - $3,210 $3.85 - $5.02

2+2 875 - 974 $3,350 - $4,190 $3.82 - $4.30

Notes: Lounge, Outdoor Space, Controlled Access, Garage Parking, Co-Living Unit Option, Affordable Units Availble

Notes: Fitness Center, Business Center, Lounge, Outdoor Space, Controlled Access, Pet Friendly Building, Garage Parking, Maid Service Option, Furnished Unit Option

39TOTAL UNITS

ProposedYEAR BUILT

60TOTAL UNITS

2018YEAR BUILT

BERKSHIRE K2LA685 S New Hampshire Ave, Los Angeles, CA, 90005

THE VERMONT3150 Wilshire Blvd, Los Angeles, CA, 90010

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0+1 768 $2,405 - $2,865 $3.13 - $3.73 0+1 404 - 637 $1,642 - $2,200 $3.45 - $4.06

1+1 606 - 660 $2,205 - $3,095 $3.63 - $4.69 1+1 636 - 915 $2,149 - $3,250 $3.38 - $3.55

2+2 963 - 1,007 $2,925 - $3,962 $3.04 - $3.93 2+2 1,018 - 1,042 $3,285 - $3,835 $3.22 - $3.68

Notes: Fitness Center, Pool, Clubhouse, Lounge, Security System, Pet Friendly Building, Garage Parking

Notes: Fitness Center, Pool, Business Center, Clubhouse, Lounge, Outdoor Space, Controlled Access, Pet Friendly Building, Garage Parking

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464TOTAL UNITS

2014YEAR BUILT

177TOTAL UNITS

2016YEAR BUILT

RENT COMPARABLES

FRANCIS BLISS2840 Francis Ave, Los Angeles, CA, 90005

RADIUS KOREATOWN680 S Berendo St, Los Angeles, CA, 90005

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0+1 403 - 665 $1,701 - $1,713 $2.58 - $4.22 2+2 1,085 $2,818 $2.60

1+1 522 - 900 $1,874 - $2,173 $2.41 - $3.59

2+2 966 - 1,268 $2,819 $2.22 - $2.92

Notes: Fitness Center, Pool, Clubhouse, Business Center, Outdoor Space, Pet Friendly Building, Garage Parking

Notes: Fitness Center, Balcony Patio, Controlled Access, Pet Friendly Building, Garage Parking

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301TOTAL UNITS

2014YEAR BUILT

28TOTAL UNITS

2015YEAR BUILT

RENT COMPARABLES

RENT COMPARABLES –SUMMARY

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PROPERTY NAME 0+1 1+1 2+2

The KODO - 2867 Sunset Pl,

Los Angeles, CA, 90005$2,150 - $2,650 $2,250 - $3,210 $3,350 - $4,190

The Vermont - 3150 Wilshire Blvd, Los

Angeles, CA, 90010$2,405 - $2,865 $2,205 - $3,095 $2,925 - $3,962

Berkshire K2LA - 685 S New

Hampshire Ave, Los Angeles, CA,

90005

$1,642 - $2,200 $2,149 - $3,250 $3,285 - $3,835

Radius Koreatown - 680 S Berendo St,

Los Angeles, CA, 90005 $1,701 - $1,713 $1,874 - $2,173 $2,819

Francis Bliss - 2840 Francis Ave, Los

Angeles, CA, 90005 $2,818

DEMOGRAPHICS HIGHLIGHTS

142,678POPULATION STATISTIC

$35,526INCOME STATISTIC

$466,675HOUSING STATISTIC

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DEMOGRAPHICS

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POPULATION 1 Miles 3 Miles 5 Miles

▪ 2025 Projection

Total Population 145,277 632,783 1,313,696

▪ 2020 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Daytime Population

2020 Estimate 119,321 780,710 1,416,977

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2025 Projection

Total Households 53,977 238,978 483,729

▪ 2020 Estimate


Average (Mean) Household Size 2.70 2.57 2.64

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2020 Estimate

$250,000 or More 1.11% 2.93% 3.75%

$200,000 - $249,999 0.50% 1.59% 2.01%

$150,000 - $199,999 1.89% 3.70% 4.20%

$125,000 - $149,999 2.03% 3.61% 4.20%

$100,000 - $124,999 4.88% 6.27% 7.04%

$75,000 - $99,999 7.99% 9.97% 10.64%

$50,000 - $74,999 16.09% 15.18% 15.91%

$35,000 - $49,999 16.18% 12.82% 12.47%

$25,000 - $34,999 13.67% 10.94% 10.28%

$15,000 - $24,999 16.71% 13.68% 12.30%

Under $15,000 18.95% 19.31% 17.21%

Average Household Income $51,308 $68,645 $76,657

Median Household Income $35,526 $41,440 $46,753

Per Capita Income $19,116 $26,485 $28,503

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population by Age

0 to 4 Years 6.73% 5.61% 6.02%

5 to 14 Years 11.23% 9.96% 10.86%

15 to 17 Years 3.14% 3.01% 3.26%

18 to 19 Years 1.96% 2.67% 2.43%

20 to 24 Years 7.29% 8.42% 7.67%

25 to 29 Years 11.53% 10.86% 10.49%

30 to 34 Years 10.61% 9.81% 9.72%

35 to 39 Years 8.98% 8.30% 8.39%

40 to 49 Years 13.56% 13.68% 13.88%

50 to 59 Years 10.86% 11.85% 11.64%

60 to 64 Years 4.17% 4.74% 4.64%

65 to 69 Years 3.17% 3.57% 3.48%

70 to 74 Years 2.46% 2.73% 2.68%

75 to 79 Years 1.76% 1.94% 1.89%

80 to 84 Years 1.22% 1.37% 1.37%

Age 85+ 1.34% 1.48% 1.59%

Median Age 33.77 34.81 34.75

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population 25+ by Education Level

2020 Estimate Population Age 25+ 99,383 435,719 897,064

Elementary (0-8) 20.88% 15.11% 14.48%

Some High School (9-11) 11.98% 11.20% 11.07%

High School Graduate (12) 20.98% 20.00% 19.47%

Some College (13-15) 12.48% 14.43% 15.88%

Associate Degree Only 4.35% 4.96% 5.10%

Bachelors Degree Only 19.14% 21.44% 20.92%

Graduate Degree 4.89% 8.14% 8.75%

Source: © 2019 Experian.

DEMOGRAPHICS

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Source: © 2019 Experian.

Income

In 2019, the median household income for your selected geography is

$35,526, compare this to the US average which is currently $62,990.

The median household income for your area has changed by 76.78%

since 2000. It is estimated that the median household income in your

area will be $38,605 five years from now, which represents a change

of 8.67% from the current year.

The current year per capita income in your area is $19,116, compare

this to the US average, which is $34,935. The current year average

household income in your area is $51,308, compare this to the US

average which is $90,941.

Population

In 2019, the population in your selected geography is 142,678. The

population has changed by 2.00% since 2000. It is estimated that the

population in your area will be 145,277.00 five years from now, which

represents a change of 1.82% from the current year. The current

population is 52.64% male and 47.36% female. The median age of the

population in your area is 33.77, compare this to the US average

which is 38.21. The population density in your area is 45,408.85

people per square mile.

Households

There are currently 52,375 households in your selected geography.

The number of households has changed by 10.06% since 2000. It is

estimated that the number of households in your area will be 53,977

five years from now, which represents a change of 3.06% from the

current year. The average household size in your area is 2.70

persons.

Employment

In 2019, there are 49,857 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

37.50% of employees are employed in white-collar occupations in this

geography, and 62.80% are employed in blue-collar occupations. In

2019, unemployment in this area is 6.05%. In 2000, the average time

traveled to work was 38.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

27.21% White, 4.33% Black, 0.13% Native American and 26.17%

Asian/Pacific Islander. Compare these to US averages which are:

69.84% White, 12.88% Black, 0.20% Native American and 5.75%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 65.35% of the current year

population in your selected area. Compare this to the US average of

18.38%.

Housing

The median housing value in your area was $466,675 in 2019,

compare this to the US average of $221,068. In 2000, there were

2,069 owner occupied housing units in your area and there were

45,520 renter occupied housing units in your area. The median rent at

the time was $498.

EXCL USI VE LY L I ST ED BY

2823 LEEWARD AVE

JAYNE SONG

Direct (310) 909-5409

Cell (213) 222-6270

[email protected]

License CA 02098774

LAURA ALICE SCATURRO

Direct (310) 909-5472

Cell (310) 482-0422

[email protected]

License CA 01942167



2823 LEEWARD AVENUE...Real Estate Taxes [2] $31,118 Insurance $3,411 Utilities $12,364 Repairs &...

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