Alexander Sachs Executive Vice President Brian Peterson Executive Vice President Seth Bernstein Associate

Transcription

1 Alexander Sachs Brian Peterson Seth Bernstein Associate

2 Echo Park Lake Downtown LA 2 3

3 HIGHLIGHTS ±16,588 square feet of vacant land Tier 3 TOC Designation Prime Echo Park Location INVESTMENT OVERVIEW Walking distance to some of the hippest restaurants and nightlife venues in Los Angeles Off Sunset Boulevard in the heart of trendy Echo Park Development opportunity for apartment building Walkscore: 90 (A Walker s Paradise) ±16,588 square feet of land on Montana Street between Echo Park Avenue and Logan Street. Coldwell Banker Commercial WESTMAC is proud to present 1615 Montana Street. Available for purchase, this parking lot consists of ±16,588 square feet of land on Montana Street, between Echo Park Avenue and Logan Street. The property is located in the heart of Echo Park, just one street north of Sunset Boulevard and minutes from Echo Park Lake Montana Street is perfect for a developer who is looking to build in one of Los Angeles hippest eastside neighborhoods. Opportunity for new owner to develop in one of Los Angeles s trendiest neighborhoods Property is Delivered Vacant 4 5

4 PROPERTY DESCRIPTION Address 1615 Montana Street Los Angeles, CA APN Asking Price Call for Details Square Footage * Approximately ±16,588 square feet of land Current Use Parking Lot T.O.C.* Tier 3 Walkscore 90 (A Walker s Paradise) Specific Plan None Base Density 42 Units Site Plan Review None Zoning* R4-1VL (14,076 SF) [Q] C2-1VL (2,512 SF) *All square footage and zoning taken from public records; buyer to independently verify 6 7

5 AREA SUMMARY SMALL TOWN LIVING, SUBURBAN GRACE, DOWNTOWN PROXIMITY 1615 Montana Street is located in the Echo Park section of Los Angeles, California, just north of Downtown, not far from Silverlake. The largely residential neighborhood is perhaps the closest suburb to Downtown, offering tree-lined living with a Main Street of its own, all the while being in close proximity to thriving, cultural, and jobrich Downtown. Echo Park is walkable, bikable and buss-able. In a time of clogged freeways, the surface-road commute to Downtown takes approximately 10 minutes by car and 20 minutes via the express bus (the bus stop at the corner is less than 4 minutes walking distance from the site). Echo Park has a character and life of its own. Its lingering counter-culture mixes easily with the newer growthspurts of gentrification. It attracts a mix of artists, writers, musicians and new-media workaholics. Full-scale building murals and galleries showcase the local artistry. Everybody convenes at cafés, restaurants and Lassens, just across the street. The website Goop recently rated Echo Park high on its Los Angeles Hipster Guide. The neighborhood vibrates with an energy that attracts professionals, hipsters, and every variety of well paid Angelenos. 637K property value 2016 median property value was $637,300, above both California and nationwide medians The walk-score is high 90 with banks, restaurants, shops, taco stands, and gyms strung along LA s legendary Sunset Boulevard. Also in walking distance is Echo Park Lake, which has become a central attraction for visitors and locals alike since undergoing a major rehabilitation; you can paddle a boat from morning to sunset. Originally designed in the 1890 s in a picturesque English style, the park brims with Echo Park s rich cross section of humanity, everyone picnicking, jogging, speed walking, boating or just noshing lakeside at Beacon s. Suburban living in an urban setting, plus history: Echo Park is one of the oldest neighborhoods in Los Angeles, with the charm and architecture to prove it. With a mix of Victorian and craftsman homes, as well as the Atwater bungalows, the architecture is an architectural repository recalling different eras. Location scouts regularly troll the streets for period movies. In the early 1900 s, Echo Park was the mecca of the silent film industry, with many early comedians such as Charlie Chaplin coming to film at Keystone Studios on Glendale Boulevard. The area is also home to iconic venues such as the Dodger Stadium and The Echo & Echoplex. Opened in 1962 and perched above the city, Dodger Stadium draws crowds for baseball and concerts. 8 LA City (East Central/Silver Lake, Echo Park & Westlake) PUMA, CA. Data USA. Echo Park. Los Angeles Times, Los Angeles Times. 9

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8 UNIT CALCULATIONS* F.A.R. CALCULATIONS* Tier 3 (High) W N S E Land Area 16,588 SF Land Area 16,588 SF < 750 ft. Base Density 42 Base F.A.R. 34,182 T.O.C. Tier % ELI 8 T.O.C. Tier 3 53,653 ZONING T.O.C. TIER 3 The property is at the intersection of Rapid Line 4 and Bus Route 704* *Buyer to independently verify 1615 Montana Street is within the Transit Oriented Communities zoning boundaries, in a Tier 3 zone. The Transit Oriented Communities Affordable Housing Incentive provides benefits for developers, which can be seen in Chart 1 above. The program provides benefits to developers who construct mixedincome and affordable housing near major transit stops in Los Angeles

9 W N E Dining 3 10 S 1 Honey Hi 2 Dinette 3 Blue Bottle Coffee 4 Woodcat Coffee Bar 5 Sage Bistro + Brewery 6 Ostrich Farm 7 Taix French 8 Tierra Mia Coffee 9 Mohawk Bend 10 Glowing Juices 11 Button Mash 12 Tsubaki 13 Beacon 8 Nightlife The Holloway 2 Sunset Beer 3 Bar Caló 4 Gold Room 5 The Echo 6 Echoplex 7 Bar Bandini 8 The Semi-Tropic 9 El Prado Retail Momento Mori 2 Stories 3 Alternate Universe Other 16 1 Smart Objects 2 Dodger Stadium 3 Cookbook Los Angeles 4 Subliminal Projects 17

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11 Contact Information Alexander Sachs DRE# Brian Peterson DRE# Seth Bernstein Associate DRE# FOR SALE DEVELOPMENT OPPORTUNITY Alexander Sachs Brian Peterson Seth Bernstein DRE# Associate Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. This statement with the information it contains is given with the understanding that all negotiations relating to the purchase, renting, or leasing of the property described above shall be conducted through this office. The above information should not be relied upon, and recipients of this brochure are strongly encouraged and advised to conduct their own comprehensive review and analysis of the Property. The text of this publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without prior permission. Coldwell Banker Commercial WESTMAC 1515 South Sepulveda Boulevard Los Angeles, CA fax