UNPARALLELED ECHO PARK DEVELOPMENT OPPORTUNITY FOR SALE: 1485-1501 W SUNSET BOULEVARD LOS ANGELES (ECHO PARK), CA 90026 101 Dodger Stadium 110 Downtown Los Angeles 0.75 miles 1.75 miles 110 Echo Park RARE ±36,044 SQ. FT. SITE IN PRIME ECHO PARK 101
FOR MORE INFORMATION PLEASE CONTACT ROBERT BONANOMI Lic. 00547357 +1 818 907 4633 robert.bonanomi@cbre.com ED MATEVOSIAN Lic. 01358783 +1 818 502 6744 edward.matevosian@cbre.com GEOFF MULLEN Lic. 01966425 +1 818 907 4631 geoffrey.mullen@cbre.com NATALIE AGHAEI Lic. 01939416 +1 310 948 2948 natalie.aghaei@cbre.com TABLE OF CONTENTS THE OFFERING 3 PROPERTY SUMMARY 5 Property Overview Property Highlights Parcel Map Aerial Map Zoning MARKET OVERVIEW 12 Market Overview Development Pipeline Demographics DEVELOPMENT PIPELINE 18 Downtown Los Angeles Development South Park District Development
THE OFFERING
THE OFFERING CBRE, Inc. is pleased to present a rare development opportunity to purchase nine contiguous parcels in thriving Echo Park. These nine contiguous parcels comprise of approximately 36,044 square feet, or approximately 0.83 acres, in the heart of Echo Park. These parcels are located along Sunset Boulevard and are zoned C2-1VL and RD2-1VL. Buyer to verify zoning and allowable units with the city. CALL FOR OFFERS: FRIDAY, APRIL 1 AT 5PM PRICE: BEST OFFER Addresses: 1485 W. Sunset Blvd, 1487 W. Sunset Blvd, 1489 W. Sunset Blvd, 1501 W Sunset Blvd, & 1314 McDuff St, Los Angeles, California 90026 APNs: 5406-001-014 5406-001-016 5406-001-017 5406-001-018 5406-001-019 5406-001-020 5406-001-021 5406-001-022 5419-027-007 Submarket: Site Area: Building Area: Ownership: Echo Park ±36,044 sq. ft. (±0.83 AC) ±19,772 sq. ft. Fee Simple CBRE 4
PROPERTY SUMMARY
PROPERTY OVERVIEW 1485-1501 WEST SUNSET BOULEVARD Laveta Terrace Laveta Terrace W Sunset Blvd Mc Duff St 9 7 8 6 4 5 3 2 1 Portia St PARCEL INFORMATION INVESTMENT SUMMARY ADDRESS APN# ZONING BLDG. SF LOT SF 1 Land 5406-001-014 LARD2 0 ±1,238 2 1485 W. Sunset Blvd. 5406-001-016 LAC2 ±3,672 ±2,749 3 1487 W. Sunset Blvd. 5406-001-017 LAC2 ±7,000 ±5,747 4 1489 W. Sunset Blvd. 5406-001-018 LAC2 ±4,100 ±5,044 5 Land 5406-001-019 LAC2 0 ±267 6 Parking Lot 5406-001-020 LAC2 0 ±4,758 7 Parking Lot 5406-001-021 LAC2 0 ±4,759 8 1314 McDuff St. 5406-001-022 LARD2 0 ±6,482 9 1501 W. Sunset Blvd. 5419-027-007 LAC2 ±5,000 ±5,000 Total Land Area: Total Building Area: ±36,044 SF ±19,772 SF CBRE 6
PARCEL MAP 1501 W SUNSET BLVD 1501 W Sunset Blvd APN 5419-027-007 CBRE 7
PARCEL MAP 1485-1489 W SUNSET BLVD & 1314 MCDUFF ST. 1485-1489 W Sunset Blvd & 1314 McDuff St. APNs 5406-001-014 5406-001-016 5406-001-017 5406-001-018 5406-001-019 5406-001-020 5406-001-021 5406-001-022 CBRE 8
ZONING 1485-1501 WEST SUNSET BOULEVARD CBRE 9
PROPERTY HIGHLIGHTS STRENGTHS Excellent location in the heart of it all! Extremely rare development opportunity Strong and dense rental neighborhood surrounding these sites Quick access to all of Los Angeles Solid demographics: Within a mile radius of the subject site, daytime employment is near 9,000 individuals and population is over 43,600 individuals. Within half a mile radius of subject site, the average home value is north of $667,000. Blue Bottle Coffee UNMATCHED FUTURE POTENTIAL With Downtown Los Angeles and Silver Lake just around the corner, Echo Park is continuously expanding in business, culture, sports, restaurants and entertainment. Button Mash Arcade CBRE 10
AERIAL MAP Atwater Village 2 Eagle Rock Los Feliz 2 Hollywood 101 Silver Lake 5 SUBJECT PROPERTY Echo Park 101 110 Koreatown 5 Downtown Los Angeles 10 110 CBRE 11
MARKET OVERVIEW
MARKET OVERVIEW ECHO PARK WORLD CLASS DINING. LEGENDARY NIGHTLIFE. ECHO PARK Surrounded by Elysian Park, Elysian Valley, Silver Lake and Chinatown, Echo Park is a diverse, up and coming neighborhood where you ll find variety of attractions. Echo Park is a densely populated neighborhood of over 43,000 residents. It has one high school and eight other schools. Districts within Echo Park: Angelino Heights Elysian Heights Historic Filipinotown Victor Heights Dodger Stadium Shepard Fairey s Gallery Mohawk Bend Restaurant Elysian Park: 2nd largest park in Los Angeles Top Attractions: Echo Park Lake o The Echo Park neighborhood was named after this famous lake o Home to the famous Lady of the Lake statue o Recently underwent a $45 million renovation Baxter Street Stairs o Popular place to exercise; fascinating views of Downtown Los Angeles, Griffith Observatory, and the Hollywood sign Carroll Avenue o Street lined with Victorian manors that date to the 19th century Chavez Ravine Arboretum o Features over 100 varieties of trees from all over the world The Echoplex o 350-person music venue that is home to big name performers and inde pendent rock acts o Rolling Stones had a surprise performance at the Echoplex in 2013 El Prado o Wine and beer bar Origami Vinyl o One of the best record stores in Los Angeles; located on Sunset Boulevard Taco Zone o Famous taco truck located in the Vons parking lot at Alvarado and Montana Valerie Confections o Popular breakfast, pastry, and afternoon tea joint Golden Road Brewery o Recently purchased by Anheuser-Busch CBRE 13
MARKET OVERVIEW SILVER LAKE SILVER LAKE Silver Lake, known as one of the city s hippest neighborhoods, is bordered by Atwater Village, Elysian Valley, Echo Park, Westlake, Los Feliz, and East Hollywood. This neighborhood was named and built around the Silver Lake Reservoir. Silver Lake is famous for the notable individuals who have lived there, its restaurants, and its nightlife (bars/clubs). The neighborhood has three public and four private schools. Beginning in the 1970s, the Silver Lake neighborhood started to develop its own unique culture. Since 2000, gentrification has intensified in the neighborhood, including the opening of many stylish independent boutiques, coffee shops, fitness studios, and restaurants. Silver Lake is a very creative neighborhood and therefore, it attracts art and film-oriented residents. The neighborhood was home to Walt Disney s first large studio from 1925 to 1939, located at Hyperion Avenue and Griffith Park Boulevard. Since the 1990s, Silver Lake has become the center of the alternative and indie rock scene in Los Angeles. The neighborhood was home to two major street festivals each year: the Silver Lake Jubilee and the Sunset Junction Street Fair. The last festival was held in 2010. Since the indie rock music scene is particularly prominent in this neighborhood, comparisons are often drawn between Silver Lake and New York City s Williamsburg district. As a result, it is sometimes referred to as the Williamsburg of the West. Top Attractions: Silver Lake Reservoir o Includes the Silver Lake Recreation Center, the Silver Lake Walking Path (which circumnavigates the reservoirs ±2.25 miles), and the Silver Lake Meadow The Industry o Opera venue and ballet studio Akbar o Hetero-friendly bar on the corner of Sunset and Fountain Bar Keeper: Joe Keeper s Sunset Junction shop o Hidden gem with an impressive inventory of spirits, bitters, tins, glasses and fountains Yolk o Children s clothing, home décor, and toy store Broome Street General Store o Store-café with outdoor seating; serves Gimme coffee and Cube sandwiches Cliff s Edge o Bugalow-like shaded restaurant with delicious dishes, overarching trees, and a rustic, romantic feel Rockaway Records o Inventory of new and rarely used records; wide collection of memorabilia The Satellite o Once a gay disco called Dreams, this indie rock venue then became known as Spaceland and is now called The Satellite; known as an incubator for the Silver Lake independent rock scene Silverlake Wine o Boutique wine shop on Glendale Boulevard, which focuses on educating the community about small wine productions and holds weekly tasting events CBRE 14
MARKET OVERVIEW LOS FELIZ LOS FELIZ Los Feliz, a hillside neighborhood in central Los Angeles, is bordered by Griffith Park, Atwater Village, Silver Lake, East Hollywood, and Hollywood. The neighborhood is named after its colonial Spanish-Mexican land grantee, José Vicente Feliz. Rancho Los Feliz had a succession of owners after the Feliz family. One owner, Griffith J. Griffith, donated over half of the ranch to the city of Los Angeles and the ranch became one of the largest city-owned parks in the country (Griffith Park). Districts within Los Feliz: The Los Feliz Hills contains multimillion-dollar homes Los Feliz Estates north of Los Feliz Boulevard Laughlin Park Los Feliz Village Los Feliz Square Los Feliz Knolls Franklin Hills Los Feliz is known for its entertainment and architectural history it has been home to movie stars, musicians, and the Hollywood elite. It boasts some of the best-known residential architecture in the city, including two homes designed by Frank Lloyd Wright. Mickey Mouse was born in Los Feliz: Walt Disney drew his first image of the now-legendary character in the garage of his uncle s house, located in Los Feliz. Disney s first and second animation studios were also located in Los Feliz. Top Attractions: Bar Covell o Beers on tap and wonderful place to learn about wine Berendo Stairs to Griffith Observatory o Great hike up to Griffith Observatory; stunning views of Los Angeles Drawing Room o Red-hued dive bar; songs are chosen from the jukebox with a top-notch music selection The Greek Theatre o Completed in 1929 and renovated since then, the Greek Theatre is designed with over 6,000 seats; today, contemporary and classical music acts consistently perform here Homestate o Austin, Texas-inspired breakfast tacos Skylight Books o Independent bookstore with a wonderfully curated selection of books Una Mae s o Boutique store that sells jewelry, shoes, and apothecary items Vista Theatre o Single-screen theatre originally open to the public in 1923; seats around 400 persons Alcove Café and Bakery o Popular, trendy, casual café, which attracts customers from all over Los Angeles CBRE 15
TRANSPORTATION SUBJECT CENTER OF IT ALL: Less than 1 mile to Dodger Stadium and less than 2 miles to the thriving Downtown Los Angeles CBRE 16
DEMOGRAPHICS.5 MILE 1 MILE 3 MILE.5 MILE 1 MILE 3 MILE Place of Work Daytime Employment (Total Employees) 2,743 8,958 355,357 Population 2015 Population 12,319 43,601 502,591 2020 Population 12,828 45,182 522,936 Percent Pop Change: 2015 to 2020 4.13% 3.63% 4.05% Age 2015 Median Age 35.65 35.46 35.82 2015 Average Age 37.29 37.06 37.41 Households 2015 Households 4,841 15,437 186,997 2020 Households 5,098 16,161 196,607 Percent HH Change: 2015 to 2020 5.32% 4.69% 5.14% Job Type Blue Collar 17.15% 19.26% 23.33% White Collar 59.13% 54.74% 50.11% Service & Farm 23.72% 26.00% 26.56% Housing Value 2015 Median Home Value $622,804 $565,236 $520,905 2015 Average Home Value $667,458 $632,469 $605,750 Housing Units 2015 Housing Units 5,202 16,532 203,111 2015 Occupied Housing Units 4,841 15,437 186,997 2015 Vacant Housing Units 361 1,096 16,114 2015 Owner-Occupied Housing Units 999 3,386 28,479 2015 Renter-Occupied Housing Units 3,842 12,051 158,518 Average Household Size 2.54 2.76 2.56 Household Income 2015 Average Household Income $59,031 $58,291 $50,256 2020 Average Household Income $62,663 $61,410 $51,881 CBRE 17
DEVELOPMENT PIPELINE
DEVELOPMENT PIPELINE ECHO PARK, SILVER LAKE, LOS FELIZ, EAST HOLLYWOOD Status Address Developer/Owner Unit Count Submarket 1 Under Construction; Partially Affordbale Alta 5550 5550 Hollywood Blvd, Los Angeles, CA 90027 Wood Partners / Astani Enterprises 280 Silver Lake 2 Under Construction; Partially Affordbale HoM @ West Temple 3221 West Temple St, Los Angeles, CA 90026 Sharp Capital 67 Silver Lake 3 Under Construction; Market Rate Temple Union 330 N Union Ave, Los Angeles, CA 90026 Bond Companies 69 Silver Lake 4 Market Rate 5750 Hollywood 5750 Hollywood Blvd, Los Angeles, CA 90028 Cambra Realty 161 Silver Lake 5 Market Rate Bellevue Avenue and Silver Lake Boulevard NWC Bellevue Ave & Silver Lake Blvd, Los Angeles, CA 90026 CIM Group 136 Silver Lake 6 Market Rate Coronel Affordable 1601 North Hobart Blvd, Los Angeles, CA 90027 Hollywood Community Housing 54 Silver Lake 7 Market Rate 1311 N. Cahuenga Blvd 1311 North Cahuenga Blvd, Los Angeles, CA 90028 Cal-Coast Development 369 East Hollywood 8 Market Rate 6200 Sunset 6200 Sunset Blvd, Los Angeles, CA 90028 Hanover Company 270 East Hollywood 9 Market Rate Essex Hollywood 6250 W. Sunset Blvd, Los Angeles, CA 90028 Essex Property Trust 200 East Hollywood 10 Market Rate City Lights Hollywood Blvd & Hillhurst Ave, Los Angeles, CA 90027 Chandler Pratt & Partners 202 Los Feliz CBRE 19
DEVELOPMENT PIPELINE ECHO PARK, SILVER LAKE, LOS FELIZ, EAST HOLLYWOOD Status Address Developer/Owner Unit Count Submarket 11 Fully Affordable Visayas Haven 422 North Alvarado St, Los Angeles, CA 90026 Fallbrook Multifamily Investments 59 Silver Lake 12 Partially Affordable 4100 Sunset 4100 Sunset Blvd, Los Angeles, CA 90029 Frost/Chaddock Developers 92 Silver Lake 13 Partially Affordable Deluxe Hollywood North Western Ave & Fernwood Ave, Los Angeles, CA 90028 LaTerra Development 254 Silver Lake 14 Partially Affordable 525 North Wilton Place 525 North Wilton Pl, Los Angeles, CA 90004 Frost/Chaddock Developers 88 East Hollywood 15 Partially Affordable Paseo Plaza Hollywood 5601 Santa Monica Blvd, Hollywood, CA 90038 CIM Group 700 East Hollywood 16 Partially Affordable The Lexington 6677 Santa Monica Blvd, Los Angeles, CA 90038 DS Ventures 695 East Hollywood 17 Partially Affordable MR2 Lofts 6901 Santa Monica Blvd, Los Angeles, CA 90038 Onni Group 231 East Hollywood 18 Partially Affordable 4311 Sunset 4311 Sunset Blvd, Los Angeles, CA 90029 Frost/Chaddock Developers 122 Los Feliz 19 Prospective; Market Rate Sunset 4000 4000 Sunset Blvd, Los Angeles, CA 90029 Frost/Chaddock Developers 98 Silver Lake 20 Prospective; Fully Affordable Step Up on Western 1011 N Western Ave, Los Angeles, CA 90029 Palm Communities 97 East Hollywood TOTAL PIPELINE UNIT COUNT IN ECHO PARK, LOS FELIZ, SILVER LAKE, EAST HOLLYWOOD 4,244 Source: Costar, AXIOMetrics, Pierce Eislen CBRE 20
DEVELOPMENT PIPELINE MAP SUBJECT 1) ALTA 5550 2) HOM @ WEST TEMPLE 3) TEMPLE UNION 4) 5750 HOLLYWOOD 5) BELLEVUE AVE & SILVER LAKE BLVD 6) CORONEL AFFORDABLE 7) 1311 N. CAHUENGA BLVD 8) 6200 SUNSET 9) ESSEX HOLLYWOOD 10) CITY LIGHTS 11) VISAYAS HAVEN 12) 4100 SUNSET 13) DELUXE HOLLYWOOD 14) 525 NORTH WILTON PLACE 15) PASEO PLAZA HOLLYWOOD 16) THE LEXINGTON 17) MR2 LOFTS 18) 4311 SUNSET 19) SUNSET 4000 20) STEP UP ON WESTERN CBRE 21
DEVELOPMENT DOWNTOWN LOS ANGELES Downtown Los Angeles rapid development frenzy and gentrification is spreading to its nearby counterpart, Echo Park; subject site is less than 2 miles away from thriving Downtown Los Angeles CBRE 22
DISCLOSURE AFFILIATED BUSINESS DISCLOSURE CONFIDENTIALITY AGREEMENT DISCLAIMER CBRE, Inc. operates within a global family of companies with This is a confidential Memorandum intended solely for your limited accuracy or completeness of this Memorandum or any of its 2016 CBRE, Inc. The information contained in this document many subsidiaries and/or related entities (each an Affiliate ) use and benefit in determining whether you desire to express contents, and no legal commitment or obligation shall arise by has been obtained from sources believed reliable. While CBRE, engaging in a broad range of commercial real estate businesses further interest in the acquisition of the Property. reason of your receipt of this Memorandum or use of its contents; Inc. does not doubt its accuracy, CBRE, Inc. has not verified it including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the Property ) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the Owner ), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc. and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc. CBRE 23
FOR MORE INFORMATION PLEASE CONTACT ROBERT BONANOMI ED MATEVOSIAN GEOFF MULLEN NATALIE AGHAEI Lic. 00547357 Lic. 01358783 Lic. 01966425 Lic. 01939416 +1 818 907 4633 +1 818 502 6744 +1 818 907 4631 +1 310 948 2948 robert.bonanomi@cbre.com edward.matevosian@cbre.com geoffrey.mullen@cbre.com natalie.aghaei@cbre.com CBRE, Inc. 234 S. Brand Blvd Glendale, CA 91204 www.cbre.com/lanorth