FOR SALE 6923 BONITA TERRACE LOS ANGELES, CA 90068 6501HOLLYWOOD BLVD LOS ANGELES, CA 90028 PRIME HOLLYWOOD RESIDENTIAL DEVELOPMENT OPPORTUNITY BETWEEN YAMASHIRO & THE MAGIC CASTLE COMPANY BRE# 01096973
DISCLOSURE The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of 6923 Bonita Terrace and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of Coldwell Banker Commercial WESTMAC or Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property. The only party authorized to represent the Property Owner ( Owner ) in connection with the sale of the Property is Coldwell Banker Commercial WESTMAC ("Broker") and no other person is authorized by the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to Coldwell Banker Commercial WESTMAC. Neither Broker nor Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by Coldwell Banker Commercial WESTMAC with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, Coldwell Banker Commercial WESTMAC and the Owner disclaim any and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and recipient of these materials shall not look to Owner or Coldwell Banker Commercial WESTMAC, nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property. This Investment Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with any entity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Investment Offering Brochure or making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable to Owner, in Owner s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to release Owner and from any liability with respect thereto. To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any such correspondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaser proceeds at its own risk. It is incumbent upon any prospective purchaser to verify and validate any and all representations, statements, forecasts, estimates, or other information contained herein provided by either Owner or Broker. 2016 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 the Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates 2
EXECUTIVE SUMMARY PRICING LOCATION HIGHLIGHTS SALES PRICE: $1,900,000 $ / SF (LAND): $156.52 PROPERTY PROPERTY TYPE: RESIDENTIAL LAND APN: 5549-017-003 & 013 ZONING: YEAR BUILT: LAR2-1XL 1911 RENTABLE SQUARE FEET: ± 1,980 SF PARCEL SIZE: ± 12,139 SF CROSS STREET: STREET FRONTAGE: ORCHID AVE 50 FEET PROPERTY HIGHLIGHTS 6923 Bonita Terrace provides an incredible opportunity to take advantage of Hollywood's continuing renaissance and develop this ±12,139 square foot lot (LAR2-1XL), which contains two separate parcels, 5549-017-003 (6,808 SF) and 5549-017-013 (5,331 SF) located at the end of a cul de sac and nestled between two iconic Hollywood properties: The Magic Castle and Yamashiro. In Hollywood, multifamily demand is high. The neighborhood hit 96.2 percent of its residential capacity at the beginning of December 2016, according to Rainmaker Insights. The average Hollywood apartment asking rent rose nearly 14 percent to $2,947 in November 2016, up from $2,595 a year earlier, according to Rainmaker Insights data scientist Michael Mele. Located walking distance to The Magic Castle, Yamashiro, the World Famous Intersection of Hollywood and Highland, the Hollywood Bowl, the Metro Station, the Dolby Theatre, and the Loews Hotel. Artist Rendering of Property Façade Not Actual Property Photo Excellent Foot Traffic. Walkability Score is 92 Near the Mann s Chinese Theatre, the Kodak Theatre, the El Capitan Theatre, The Hollywood Roosevelt, Tinhorn Flats, Mel s Drive-In, the Musicians Institute, Musso & Frank Grill, etc. Close to many high profile development projects such as the Millennium Hollywood, 6230 Yucca, Boulevard 6200, Eastown Apartments, Yucca at Argyle Apartments, UDR Apartments, The Kimpton Hotel, The Dream Hotel, The Camden, etc. 700,000 Square Feet of Office Space Currently Under Construction with Office Space in Hollywood set to double by 2020. Estimated Resident Population in Hollywood expected to increase to 12,900 by 2020 from 7,650 in 2015. Actual Property Photo 3
NEIGHBORING BUSINESSES 2 1 3 4 6 8 9 13 5 14 M 7 10 12 11 1) 2) 3) 4) 5) 6923 BONITA TERRACE YAMASHIRO THE MAGIC CASTLE LOEWS HOLLYWOOD HOTEL HOLLYWOOD AND HIGHLAND 6) 7) 8) 9) 10) DOLBY THEATRE EL CAPITAN THEATRE GRAUMAN S CHINESE THEATRE ROOSEVELT HOTEL MUSICIAN S INTITUTE 11) 12) 13) 14) IN-N-OUT BURGER THE EGYPTIAN THEATRE TINHORN FLATS MUSSO & FRANK GRILL 4
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THE HOLLYWOOD ENTERTAINMENT DISTRICT The Hollywood Entertainment District is a ten-year Business Improvement District (BID) that stretches along the world-famous Walk of Fame and spans historic Hollywood Boulevard, from the La Brea Avenue Gateway on the west to the Hollywood 101 Freeway on the east. Many of Hollywood s famous landmarks are located in the HED the epicenter of the entertainment capital of the world and birthplace of the movie industry. The HED was formed in 1996 by a small group of visionary property owners as one of the first BIDs in the state. It has been renewed three times since then, and has been authorized by a Los Angeles City ordinance to operate through Dec. 31, 2018. This District has served as a fundamental underpinning to the overall Hollywood revitalization success story. The BID is funded by more than 500 property owners. The annual budget of $3.5 million is used primarily for private security and maintenance services. HOLLYWOOD ENTERTAINMENT DISTRICT BUSINESS IMPROVEMENT DISTRICT 21
FOR SALE 6923 BONITA TERRACE LOS ANGELES, CA 90068 6501HOLLYWOOD BLVD LOS ANGELES, CA 90028 PRIME HOLLYWOOD RESIDENTIAL DEVELOPMENT OPPORTUNITY BETWEEN YAMASHIRO & THE MAGIC CASTLE COMPANY BRE# 01096973