3748-3752 VETERAN Avenue - LoopNet...ArcLight Cinemas-Culver City Trader Joe’s Starbucks Chipotle...
Transcript of 3748-3752 VETERAN Avenue - LoopNet...ArcLight Cinemas-Culver City Trader Joe’s Starbucks Chipotle...
VETERAN AvenueW E S T L O S A N G E L E S , C A 9 0 0 3 4
CONFIDENTIAL OFFERING MEMORANDUM
3748-3752
PRICE REDUCTION
CONFIDENTIALITY & CONDITIONSNewmark Knight Frank (the “Agent”) has been engaged as the exclusive sales representative for the sale of 3748-3752 Veteran Avenue, West Los Angeles, California 90034 (the ”Property”) by ‘Ownership’ (the “Seller”).
The Property is being offered for sale in an “as-is, where-is” condition, and the Seller and the Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include confidential information and are being furnished solely for the purpose of review by prospective purchasers (“Purchasers”) of the interest described herein for which it shall be fully and solely responsible. Neither the enclosed materials, nor any information contained herein, are to be used for any other purpose, or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed information, should be registered with the Agent as a “Registered Potential Investor” or as a “Buyer’s Agent” for an identified “Registered Potential Investor”. The use of this Offering Memorandum, and the information provided herein, is subject to the terms, provisions and limitations of the Confidentiality Agreement furnished by the Agent prior to delivery of this Offering Memorandum.
The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by the Agent or the Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners, and directors, as to its accuracy or completeness. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Seller nor the Agent shall have any liability whatsoever for any other written or oral communication or information transmitted, or made available, or any action taken, or decision made by the recipient with respect to the Property.
The Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from the market for sale at any time and for any reason without notice, to reject any and all expressions of interest or offers regarding the Property, and/or to terminate discussions with any entity at any time, with or without notice. This Offering Memorandum is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. The Agent is not authorized to make any representations or agreements on behalf of the Seller. The Seller shall have no legal commitment or obligation to any recipient reviewing the enclosed materials, performing additional investigation, and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions required under the contract for title to pass from the Seller to the buyer have been satisfied or waived.
By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents will be held and treated in the strictest of confidence; and (b) the recipient shall not contact employees, contractors, sub-contractors or lien-holders of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or the Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of the Seller or the Agent or as otherwise provided in the Confidentiality Agreement executed and delivered by the recipient(s) to Agent. The Seller will be responsible for any commission due to the Agent in connection with a sale of the Property. However, any broker engaged by Purchaser (“Buyer’s Broker”) shall seek its commission in accordance to the exclusive listing agreement. Under no circumstances will the Agent or the Seller be liable for same and recipient will indemnify and hold the Agent and the Seller harmless from any claims by any brokers having dealt with recipient other than the Agent. Any Buyer’s Broker must provide a registration signed by the recipient acknowledging said Buyer’s Broker’s authority to act on the recipient’s behalf.
T A B L E O F
Contents
01E X E C U T I V E S U M M A RY
02P R O P E R T Y OV E R V I E W
03A R E A & M A R K E T
OV E R V I E W
VETERAN Avenue3748-3752
VETERAN Avenue3748-3752
E X E C U T I V E S U M M A R Y
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EXECUTIVE SUMMARYNewmark Knight Frank is pleased to present the opportunity to
acquire the 3748-3752 Veteran Avenue Los Angeles CA 90034
(hereafter the “Property”, “Project”), an approximately 9,324
square foot land development site located on Veteran Avenue just
North of Venice Boulevard with plans approved (ready to issue) for an
approximately 16,739 square foot 15 unit multi-family building.
Located in West Los Angeles, the neighborhood of Palms directly adjacent to
Culver City, the Property is very centrally located in the Los Angeles market with
Santa Monica to the West, Century City/Beverly Hills to the North, and Hollywood/
Downtown Los Angeles to the East. Venice Boulevard acts as the major West/East
commercial thoroughfare in the area, with the 405 freeway and the 10 freeway both
being within 1 mile of the Property. The Culver City and Palms sub-market is a great
mix of single family homes and multi-family apartment buildings comprised by strong
demographics. The area has become very popular in recent years for young professionals
and new families due to its close proximity to the main employment centers of Santa Monica
and Century City.
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$2,850,000ASKING PRICE
±9,324 SFLAND SIZE
R3ZONING
3STORIES
(PLANNED)
$305PRICE PER SF LAND
OFFERING SUMMARY
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15UNITS
(PLANNED)
4252-020-024 & 4252-020-025APN NUMBER
INVESTMENT HIGHLIGHTS
3748-3752 Veteran Avenue is an attractive development opportunity for a developer looking to build a new
multi-family project in a well established apartment market with strong demographics. The Property will be
delivered with plans approved (ready to issue) for a 15 unit multifamily building (2 of which will be affordable
units) consisting of 3 stories with the 3rd floor units having lofts and higher ceilings. The plans call for a modern
designed building with abundant windows letting in ample natural light and balconies for many of the units, both of
which are very desirable in the apartment market right now.
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PROPERTY LOCATION 3748-3752 Veteran Avenue has an ideal location in the West Los Angeles market for a new multi-family development: adjacent to major freeways and commercial thoroughfares, near main employment centers, and a part of well established residential neighborhoods with strong demographics.
¡ Lot is approximately 84 feet x 104 feet with 84 feet of frontage on Veteran Ave
¡ Located just north of Venice Boulevard, approximately ½ mile from the 405 Freeway, and approximately 1 mile from the 10 freeway. Venice Boulevard has approximately 66,000 cars per day.
¡ The Palms/Culver City sub-market has strong demographics with a population of 53,808 in a 1 mile radius and an average household income of $85,696 (Per Esri 2016)
¡ The Palms neighborhood is comprised of mainly apartment buildings, and is very well established and desirable amongst renters looking in the area. Along Venice Boulevard there are many retail amenities including restaurants, bars, shops, gyms, and supermarkets all within walking distance.
¡ Culver City directly adjacent to the South has a strong upper/middle class population with nearby Downtown Culver City being a hub for restaurants, bars, nightlife, and entertainment.
¡ The Property is strategically located to nearby major employment centers: Santa Monica to the West, Beverly Hills/Century City to the North, and Sony Studios within the
sub-market.
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VETERAN AVE
VEN
ICE
BLV
D
GREENFIELD AVE
KELTON AVE
VETERAN Avenue3748-3752
P R O P E R T Y O V E R V I E W
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FLOOR PLANS
1ST FLOOR
2ND FLOOR
PROPERTY DESCRIPTION 3748-3752 Veteran Avenue is comprised of approximately
9,324 SF of land zoned R3 in a neighborhood comprised or
predominantly apartment buildings. The Property currently is
comprised of 2 buildings that will be delivered vacant at the close
of escrow
Approved plans will come with the Property (ready to issue) to develop
an approximately 16,739 square foot 15 unit multifamily building. The
new development consists 3 stories with 2 bedroom 2 bath units on the
1st and 2nd floors, and 1 bedroom 1.5 bath plus loft units on the 3rd floor
with higher ceilings (see Unit Table for more details). Parking is split into two
areas, street level and one lower level accommodating 30 car parking stalls
and 18 bicycle parking stalls.
The design of the new development has modern elements with abundant
windows letting in ample natural light and balconies for many of the units. This is a
very popular style of building in the Los Angeles Market right now, which will be very
desirable for potential renters.
The Restricted Unit(s) must initially be the following unit(s): (1) Unit #103, a two (2) bedroom
unit, no less than 1,212 SF in size, located on the project’s northeast corner ($704 monthly
rent) and (2) Unit #304, one (1) bedroom unit, no less than 807 SF in size, located on the
project’s east side ($626 monthly rent).
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FLOOR PLANS
3RD FLOOR LOFT
Unit 101 2 BDRM / 2 BATH 1,134.00 X1 = 1,134.00 SF
Unit 102 2 BDRM / 2 BATH 1,059.00 X1 = 1,059.00 SF
Unit 103-203 2 BDRM / 2 BATH 1,212.00 X2 = 2,424.00 SF
Unit 104-204 2 BDRM / 2 BATH 1,150.00 X2 = 2,300.00 SF
Unit 201 2 BDRM / 2 BATH 1,130.00 X1 = 1,130.00 SF
Unit 202 2 BDRM / 2 BATH 1,043.00 X1 = 1,053.00 SF
Unit 301 1 BDRM / 1 ½ BATH + LOFT 724.00 X1 = 724.00 SF
AREA CALCULATIONS - R2 OCCUPANCY
Unit 302 1 BDRM / 1 ½ BATH + LOFT 736.00 X1 = 736.00 SF
Unit 303 1 BDRM / 1 ½ BATH + LOFT 845.00 X1 = 845.00 SF
Unit 304 1 BDRM / 1 ½ BATH + LOFT 807.00 X1 = 807.00 SF
Unit 305 GUEST ROOM 384.00 X1 = 384.00 SF
Unit 306 1 BDRM / 1 ½ BATH + LOFT 793.00 X1 = 793.00 SF
Unit 307 1 BDRM / 1 ½ BATH + LOFT 789.00 X1 = 789.00 SF
Unit 308 1 BDRM / 1 ½ BATH + LOFT 676.00 X1 = 676.00 SF
16 UNITS 14,859 SF
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ELEVATIONS
EAST ELEVATION
VETERAN Avenue3748-3752
NORTH ELEVATION SOUTH ELEVATION
WEST ELEVATION
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SECTIONS
SECTION A-A
SECTION B-B
SECTION D-D
SECTION C-C
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SITE PLAN
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CU
LVER B
LVD
OVERLAND AVE
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405
10
10
405
SEPULVEDA BLVD
WASH
ING
TON
BLVD
VEN
ICE
BLV
D
AMENITIESLA Fitness
Ralphs
Best Buy
ArcLight Cinemas-Culver City
Trader Joe’s
Starbucks
Chipotle
Sony Studios
Culver Hotel
Downtown Culver City
AREA DEVELOPMENTS9300 Culver Blvd
§ 110,000 SF complex of retail and restaurants.
§ Next to The Culver Hotel.
Ivy Station
§ Park-and Ride lot at Culver City Metro Expo Line is going to be turned into a five-story office building, a six-story hotel and a six-story apartment building with 200 units.
§ Hotel has 148 rooms.
8777 Washington Blvd
§ New development featuring 29,684 SF of creative space and 80 units of housing.
§ Culver City plans to incorporate 28,000 SF of open space into projects, including a large central courtyard and rooftop deck.
9336 Washington Blvd Culver Studios Expansion
§ Five new media buildings which would offer a mixture of production space, offices and digital media stages.
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3748-3752 VETERAN AVE
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REGIONAL VIEW | NORTHEAST FACING
MAR VISTA
BLAIR HILLS
CULVER CITY
CHEVIOT HILLS
3748-3752 VETERAN AVE
u
PALMS
405
10
10
405
SONY STUDIOS
OVERLAND AVE
SEPULVEDA BLVD
VENICE BLVD
PALM
S BL
VD
WASHINGTON BLVD
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REGIONAL VIEW | SOUTHWEST FACING
MARINA DEL REYVENICE
MAR VISTA
PLAYA VISTA
3748-3752 VETERAN AVE
uCULVER CITY
PALMS
90
90
405
405
405
SONY STUDIOS
LAX
OVERLAND AVE
CULVER BLVD
OVERLAND AVEVENICE BLVD
WASHINGTO
N BLVD
SEPULVEDA BLVD
VETERAN Avenue3748-3752
A R E A & M A R K E T O V E R V I E W
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LOS ANGELES COUNTY OVERVIEWLos Angeles County has a population of more than 10 million people, and is the most
populous county in the United States. It contains over one quarter of all California
residents, and is one of the most ethnically diverse counties in the United States.
Los Angeles County consists of 4,751 square miles, with 70 miles of coastline, and
numerous mountain ranges, valleys and forests. Major population centers are located
in the Los Angeles Basin, San Fernando Valley and San Gabriel Valley. Commonly
thought of as the capital of the entertainment industry, the county is home to all
six major film studios – Paramount Pictures, 21st Century Fox, Sony, Warner
Bros, Universal Pictures and Walt Disney. With the presence of the Port of Los
Angeles, and the Port of Long Beach, Los Angeles is a hub for international
trade.
As the economy continues its recovery, the unemployment rate in Los
Angeles County has dropped from 12.3% in 2011 to 7.2% in 2015 and
will continue to fall to 7.1% this year. Unemployment rates are expected
to further decrease to 5.9% in 2017 (Los Angeles County Economic
Development Corporation). In 2015, Los Angeles added 94,700 jobs,
a 2.2% increase, the largest number of any metro area and personal
income is expected to increase by 5.3% in 2017.
Housing market conditions are strong, and in many coastal and
Central Business District areas, home prices have exceeded peak
levels, spurring new construction and speculative development
for the first time since 2007. The annualized pace of housing
permitting has risen by 45% since the end of 2011, but that
has not been able to keep up with strong housing demand
underpinned by an expanding population growth.
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A DIVERSE ECONOMIC BASE
Comprised of over 244,000 businesses, Los Angeles’
economy is the nation’s top international trade and
manufacturing center, and is home to the largest percentage of
minority and women-owned businesses in the nation. The economy
is comprised of a variety of business types including professional and
technical services, health care services, motion picture and sound recording,
specialty trade contracting, educational services, retail, insurance, real estate,
wholesale goods and telecommunication. The largest portion of today’s labor forces
is comprised of management occupations, business and financial operations, education,
food prep, sales, production and transportation.
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CULVER CITY AREA OVERVIEWCulver City is a city in Los Angeles County, California. The city was named
after its founder, Harry Culver.[8] As of the 2010 census, the city had a
population of 38,883. It is mostly surrounded by the city of Los Angeles, but
also shares a border with unincorporated areas of Los Angeles County.
Over the years, it has annexed more than 40 pieces of adjoining land and
now comprises about five square miles.
Since the 1920s, Culver City has been a center for motion picture
and later television production, best known as the home of
Metro-Goldwyn-Mayer studios. From 1932 to 1985, it was the
headquarters for the Hughes Aircraft Company. National Public
Radio West and Sony Pictures Entertainment have headquarters
in the city. The NFL Network studio is also based in Culver City.
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DEMOGRAPHIC AND INCOME COMPARISON PROFILE
Census 2010 Summary 1- MILE 2-MILE 3-MILEPopulation 52,574 143,091 268,145Households 24,097 62,233 118,696Families 11,078 31,803 60,317Average Household Size 2.15 2.27 2.24Owner Occupied Housing Units 4,867 21,675 48,598Renter Occupied Housing Units 19,230 40,558 70,098Median Age 33.7 36.1 37.3
Source: Esri
2016 Summary 1- MILE 2-MILE 3-MILEPopulation 53,808 146,944 278,290Households 24,476 63,386 122,092Families 11,288 32,498 62,207Average Household Size 2.17 2.29 2.26Owner Occupied Housing Units 4.665 21,084 47,944Renter Occupied Housing Units 19,811 42,303 74,148Median Age 34.5 37.1 38.2Median Household Income $59,938 $60,076 $74,082Average Household Income $85,696 $98,455 $109,141
2021 Summary 1- MILE 2-MILE 3-MILEPopulation 55,350 151,445 288,296Households 25,069 65,055 125,914Families 11,581 33,410 64,237Average Household Size 2.18 2.30 2.27Owner Occupied Housing Units 4,704 21,405 49,024Renter Occupied Housing Units 20,365 43,651 76,890Median Age 34.7 37.3 38.4Median Household Income $68,749 $79,024 $84,082Average Household Income $94,175 $108,270 $119,902
2021 Summary 1- MILE 2-MILE 3-MILEPopulation 0.57% 0.61% 0.71%Households 0.48% 0.52% 0.62%Families 0.51% 0.56% 0.64%Owner Households 0.17% 0.30% 0.45%Median Household Income 2.78% 3.03% 2.56%
FOR MORE INFORMATION, PLEASE CONTACT:
David GhermezianSenior Managing DirectorT +1 310 407 6573 | [email protected] RE License #01084422
VETERAN Avenue3748-3752
Jonathan DadourianAssociate DirectorT +1 310 407 6567 | [email protected] RE License #01858129
Corporate License #01355491
The broker for a purchaser of the property shall be entitled to receive a real estate commission only in the event that broker and the property’s owner execute a written commission agreement, containing the manner of calculation of that commission and all conditions to its payment, and the satisfaction of those conditions. Absent a written agreement to the contrary between that broker and NKF, that broker shall not look to NKF for payment of such a commission or any other compensation.
Although all information furnished regarding property for sale, lease, or financing has been obtained from sources deemed to be reliable, that information has not been verified by NKF and no express representation is made nor is any to be implied as to the accuracy thereof. That information is subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by NKF’s client.