Gateway La Brea Development Site Ø A 34-unit apartment development site at the highly visible intersection of La Brea and Washington Ø Parking configurations and conceptual elevations have been created by P.S Architects to demonstrate the viability of a 34-unit apartment development which may be used as an initial benchmark to establish a viable by-right development scenario Ø The proposed development scenario will utilize SB1818 to increase the current allowable FAR of 1.5 to 2.0 [Total Buildable SF with SB1818: 26,127 SF] Ø Four (4) of the proposed 34 apartments units will be designated as very low income units in the aforementioned development scenario [11% of 34] Ø Unit mix will consist of 25 1+1 units and 9 2+2 units which will average approximately 500-850 SF each Ø Corner lot development site consisting of 12,902 SF of C2-1 land Ø $1,850,000 Evanisko Realty & Investment, Inc. BRE 01383591
Gateway La Brea Development Site This brochure has been prepared to provide summary, unverified information to interested parties, and to establish only a preliminary level of interest in the subject development opportunity. The information contained in this brochure has been obtained from sources we believe to be reliable. However, Evanisko Realty & Investment, Inc. has not verified, and will not verify, any of the information contained herein, nor has Evanisko Realty & Investment, Inc. conducted any investigation regarding theses matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All interested parties must take appropriate measures to verify all of the information set forth herein. Please contact Evanisko Realty & Investment, Inc. for additional information and/or guidance pertaining to this opportunity. All offers and correspondence regarding this opportunity are to be directed to: Chris Martinez (818) 985-9700 Chris@evaniskorealty.com
Gateway La Brea Development Site The site consists of 12,902 sq. ft. of C2-1 vacant land located at one of Los Angele s most prominent signalized intersections just 1.8 miles south of Miracle Mile. Evanisko Realty & Investment, Inc., at their expense and direction, has retained the architecture firm Office P.S. for the purpose of devising a 34-unit apartment land development scenario with all parking configured in two levels of parking (one at-grade and one sub). The parking study should only be used as an initial benchmark for establishing the development potential of the property. Broker and Seller make no representations or warranties regarding the development potential of the property or the accuracy of the scenario presented. APN: 5067-013-030 Land Area: 12,902 Sq. Ft. Existing Improvements: Billboard with month-to-month lease Removable with 30-day notice to lessee Zoning: C2-1 FAR: 1.5:1 [Increased to 2.0 with SB1818 under the land development scenario presented] Height Limit: 45 Topography: Slight Downhill / Flat Due-Diligence Package: Contact Broker For Access Geotechnical Report [Applied Earth Sciences -2010] Property Survey [Engineering Services] Billboard Lease PS Architects Parking Study and Conceptual Elevations Council District: CD 10 Herb J. Wesson, Jr. Price: $1,850,000 Property Summary
Gateway La Brea Development Site Ø Property allows for 34.9 by-right units with 45 height limit and 1.5:1 FAR Ø SB1818 density bonus allows for 45 units and 35% increase in FAR Ø Due to limited FAR, the proposed development scenario does not contemplate increasing unit count beyond 34 Ø Total FAR Calculation: 12,902 SF land X 1.5 = 19,353 + 35% =26,127 SF Ø The proposed building accommodates 34 units on 3 stories of dwelling units Ø Unit mix will accommodate 2+2 bedrooms & 1+1 bedroom units Ø Designed parking layout accommodates 48 parking spaces on 2 parking levels Ø Parking accommodates 16 tangents, 32 singles, 1 handicap and 8 compact spaces Proposed Development
La Brea Washington Apartment Site Total Square Footage: ½ Alley (10 x 108.36): Total SF w/ Alley: Total By-Right Units: (C2 = 1:400) 12,902 1,083.6 13,985.6 34.9 By-Right Density Calculation
La Brea Washington Apartment Site Facing North Facing East Proposed Conceptual Elevations
La Brea Washington Apartment Site All project ingress/egress off alley At-Grade Parking Level
Below-Grade Parking Level La Brea Washington Apartment Site
La Brea Washington Apartment Site La Brea Washington Apartment Site
Parcel Map La Brea Washington Apartment Site
La Brea Washington Apartment Site 108.36 feet 120.32 feet 120.32 feet Total Square Footage: 12,902 108.36 feet Lot Dimensions
Gateway La Brea Development Site Rent Comparable #1 2334 Crenshaw Blvd. Los Angeles, CA 90016 Owner: Jv Crenshaw LLC Units: 10 YBLT: 2014 0+1: $1,350-$1,495 [450-695 SF] 1+1: $1,650-$1,700 [700-775 SF] Rent Comparable #2 1731 S. Crenshaw Blvd. Owner: Private Owner Units: 4 YBLT: 2014 2+1: Proposed rents unavailable Rent Comparable #3 1454 S. Cloverdale Ave. Owner: Broadway Solutions LLC Units: 4 YBLT: 2014 (Partially rehabbed) 2+1: $1,850 [900 SF] 3+2: $2,250 - $2,395 [1200 SF] Rent Comparable #4 2524 Hauser Blvd. Los Angeles, CA 90016 Owner: STMG Properties LLC Units: 4 YBLT: 2011 3+2: $2,000-$2,200 [1,300 SF] Apartment Rental Activity New Construction
Gateway La Brea Development Site Rent Comparable #3 1454 S. Cloverdale Ave. 4 Units Rehab/Built 2014 2+1: $1,850 3+2: $2,250 - $2,395 Rent Comparable #2 Under Construction 1731 S. Crenshaw Blvd. 4 Units Built 2014 All 2+2 Rents Unavailable Gateway La Brea Development Site Rent Comparable #4 2524 Hauser Blvd. 4 Units Built 2011 3+2: $2,000-$2,200 [1,300 SF] Apartment Rental Activity New Construction Rent Comparable #1 2334 Crenshaw Blvd. 10 Units Built 2014 0+1: $1,350-$1,475 1+1: $1,650-$1,700
Gateway La Brea Development Site Queen Anne Park L.A High School Miracle Mile (1.8 mi) Wilshire LAPD Station Midtown Crossing Shopping Ctr. Saturn Elementary School Subject Property Alta Loma Elementary School Culver City (3 mi.) Downtown L.A (5 mi.) Santa Monica Beach (9 mi.) Rancho Cienega Recreation Center Cienega Elementary School La Cienega/ Jefferson stop (2.3 mi) Mount Vernon Middle School La Brea/ Exposition stop (1.4 mi) Surrounding Amenities Virginia Road Elementary School Dorsey High School Crenshaw/ Exposition stop (2.0 mi)
Gateway La Brea Development Site Contract Acceptance Escrow to receive initial deposit upon mutual PSA acceptance. Money will remain fully refundable to buyer through course of Initial Review Period. Final Closing Date 60 Days 90 Days Initial Review Period Closing Expiration of Initial Review Period Buyer s deposit to become Liquidated Damages and released to Seller Proposed Transaction Timeline
Gateway La Brea Development Site Evanisko Realty & Investment, Inc. has been retained on an exclusive basis by the owner to handle the marketing and disposition of this land asset. Title: Title will be Provident Title Officer: Alex Gomez alextitle@live.com Escrow: Shamrock Escrow Tammey Bazinet tammey@shamrockescrow3.com Cooperating Broker Commission: 2% Price: $1,850,000 SUBMIT ALL PROPOSALS/INQUIRIES TO: chris@evaniskorealty.com ALL PROPOSALS WILL BE REVIEWED BY LANDOWNER AND BROKER AS RECEIVED. For additional information/guidance on this and other development opportunities contact: Evanisko Realty & Investment, Inc. (818) 985-9700 Evanisko Realty & Investment, Inc. BRE: 01383591 Transaction Guidance
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