8234-8236 Blackburn AvenueLos Angeles, California 90048
Development Opportunity in Prime Beverly Grove Location
$2,450,000
8234-8236 Blackburn Ave
Table of Contents
3 Investment Summary ▪ The Opportunity ▪ Property Location ▪ Aerial Photos
7 Market Overview ▪ Apartment Market Overview ▪ Major Employers ▪ Places of Interest ▪ Nearby Developments ▪ Demographics
12 Comparables ▪ Sales Comparables ▪ Sales Comparables Map ▪ Land Sales Comparables ▪ Land Sales Comparables Map ▪ Condo Sales Comparables ▪ Condo Sales Comparables Map ▪ Rent Comparables ▪ Rent Comparables Map
Copyright © 2021 Transwestern. California Brokerage License #01263636. The information in this offering memorandum was gathered by Transwestern from sources believed reliable. Transwestern has not verified the information and makes no guarantee, warranty or representation about it. It is the potential buyer’s 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. Potential buyers and their advisors should conduct a careful, independent investigation of the property to determine to their satisfaction the suitability of the property for their needs.
John SwartzManaging Director
CA Lic 01873487
Josh KaplanManaging Director
CA Lic 01934177
Transwestern Real Estate Services601 S. Figueroa St, Suite 3650
Los Angeles, CA 90017213.624.5700
transwestern.com
Troy LuceroSenior Associate
CA Lic 02015701
3
Transwestern as exclusive listing agent is pleased to present the opportunity to acquire a 6,250-square-foot development site located at 8234 Blackburn Avenue, Los Angeles, CA in the prime Beverly Grove neighborhood of Los Angeles. The site is zoned R3-1-O | TOC Tier 1 and would allow a developer to build seven units by-right and 12 units with the TOC density bonus1. Currently, there is a vacant 3,897-square-foot duplex on the site. The unit mix was comprised of two 3bed+1.75bath units. The units have been stripped down to the studs and are currently uninhabitable making it favorable for a new developer not to have to go through the Ellis process1. In addition, none of the units have been leased since July 2006.
Investment Summary
8234-8236 Blackburn Avenue Los Angeles, CA 90048
Offering Price: $2,450,000
Build 7 Units By Right | 12 Units with TOC Density Bonus
APN: 5511-035-023
Gross Land Size: 6,250 SF
Lot Frontage: +/- 50 Feet
Lot Depth: +/- 125 Feet
Zoning: R3-1-O
Transit Oriented Communities (TOC): Tier 1
Current Improvements: Vacant 3,897 SF two-story duplex
1 Source: zimas.lacity.org.
8234-8236 Blackburn Ave
4
8234-8236 Blackburn Avenue is situated a block south of West 3rd Street just west of S LaJolla Avenue and east of S Sweetzer Avenue. The site is adjacent to Beverly Hills, West Hollywood and Mid-Wilshire/Miracle Mile. Boasting a Walk Score of 92 out of 100 (Walker’s Paradise), the site is surrounded by major employment centers, shopping districts, world-famous restaurants and cultural centers, most of which are within walking distance (less than a mile) from the site. A short drive to either the 10 or 110 Freeways provides access to all of the major employment centers including Downtown Los Angeles, West Los Angeles, The South Bay and the San Fernando Valley.
The immediate area (1-mile radius) demographics are second-to-none with an average household income of $137,538. In addition, over 68% of the adult population has a bachelor’s, graduate or professional degree.
Property Location
jGreystone Park
Wilshire Country Club
Hillcrest Country Club
Rancho Park Golf Course
Hollywood Forever Memorial Park
BEVERLY HILLS
WEST HOLLYWOOD
PARK LA BREA
HANCOCK PARK
CENTURY CITY
PICO
FAIRFAX
MCMANUS
MID CITY
LARCHMONT
OLYMPIC PARK
CHEVIOT HILLS
WINDSOR SQUARE
JEFFERSON PARK
HARVARD HEIGHTS
SOUTH ROBERTSON
CENTRAL HOLLYWOOD
ARLINGTON HEIGHTS
WILSHIRE CENTER-KOREATOWN
§̈¦10 §̈¦10
W Pico Blvd
Wilshire Blvd
W 3rd St
W Olympic Blvd
Melrose Ave
Beverly Blvd
W Adams Blvd
Venice Blvd
W Washington Blvd
Hau
ser
Blv
d
evA aer
B aL S
evA xafri aF
S
evA nret se
W S
Cren
shaw
Blv
d
lP notli
W N
S Ro
bert
son
Blv
d
Sunset Blvd
San Vicente Blvd
N Beverly Dr
Motor Ave
Vin
e St
lP notli
W S
dvlB agenei
C aL S
evA not gnilr
A
evA aer
B aL N
evA nret se
W N
Manning Ave
Burton Way
W Sunset Blvd
W 18th St
evA eidna
mroN
N
tS r endra
G N
rD yneho
D N
Overland Ave
dvlB agenei
C aL N
N Palm
Dr
rD ylreve
B S
Cadillac Ave
rD li
wreveB
rD yneho
D S
Cattaraugus Ave
Irol
o St
N W
hittier Dr
National Blvd
S Santa Monica Blvd
Cast
le H
eigh
ts A
ve
S H
igh
lan
d A
ve
evA ei dna
mroN
S
evA ero
mssoR
S
Avenue of the Stars
N H
igh
lan
d A
ve
evA xafri aF
N
Holloway Dr
W Beverly Blvd
tS re
woG
N
N San Vicente Blvd
Hillsboro A
ve
Westw
ood Blvd
dvlB nostrebo
R N
Monte Mar Dr
Santa Monica Blvd
S C
anfie
ld A
ve
Club Dr
tS rendra
G S
S B
ever
wil
Dr
Edgewood Pl
David Ave
N Canon Dr
tS rendra
G N
S Fa
irfa
x Av
e
UV2
UV2
£¤101
£¤101
8234-8236 Blackburn Ave
Less than a mile from the property, CBS Television
city is anticipating $1.25 -billion-dollar overhaul
by real estate developer Hackman Capital, which
acquired the property in 2019. The plan is to add
1.13 million square feet of new space to address
the needs of modern studios. The renovation will
double the number of sound stages from 8 to 15, as
well as adding new production support facilities,
offices for rent, and garage structures for up to
5,300 vehicles. Once completed, the project will
generate and estimated $2.4 billion annually in
new economic output from approximately 19,000
direct and indirect jobs.
7
Los Angeles County Apartment Market OverviewCOVID-19 upended what is typically one of the country’s most stable apartment markets, but the L.A. apartment sector appears to be regaining its footing. Apartment demand is intensifying in 2021 as the public health situation improves, and average rents are growing for the first time since the outbreak.
The average vacancy rate in Los Angeles County stands at 6.1% in Q1 2021. While this is a decades-long high, Los Angeles remains one of the tightest rental markets in the nation with the nationwide vacancy rate being 6.5%.
Despite near-term issues related to the pandemic, the metro economy possesses many positive attributes. The metro is an attractive location for educated talent throughout the nation with growth forecasted in technology, design and entertainment industries. More people making six-figure paychecks continue to move to L.A. than are leaving.
Apartment Market Submarket DataThis submarket encompasses several of L.A.’s premier office nodes, some of the most desirable residential real estate in the nation, and world-famous retail and tourist attractions. Nearby is a concentration of talent agencies, media, finance, and law firms along with medical and health care practices. The presence of Cedars-Sinai Medical Center attracts a concentration of businesses that cater to a high-net-income population, and CBS’ Television City, which was one of the first and largest complexes built expressly for television production and broadcasting, is at the center of $1.3-billion-dollar investment in the area.
According to Yardi Matrix for A type buildings, the Beverly Grove apartment market reported an occupancy rate of 92.0% for the 1st Quarter of 2021. The average monthly rental rate for 1st Quarter 2021 was $4,338.
Condominium Submarket DataAccording to The Multiple Listing Service (MLS), the average sales price per square foot (PSF) for condominiums built between 2017 – 2021 between April 2020 – April 2021 was reported to be $1,523 PSF and the median sales price PSF reported was $1,134.
Market Overview
8234-8236 Blackburn Ave
8
BEVERLY HILLS
PARK LA BREA
FAIRFAX
Wilshire Blvd
W 3rd St
Melrose Ave
W Olympic Blvd
Beverly Blvd
W Pico Blvd
S Fa
irfa
x Av
e
Burton Way
S La
Bre
a A
ve
San Vicente Blvd
tS rendra
G N
N Palm
Dr
rD ylreve
B S
evA xafri aF
N
evA aer
B aL N
S D
ohen
y D
rr
D ynehoD
N
dvlB nostrebo
R S Hau
ser
Blvd
S H
igh
lan
d A
ve
dvlB agenei
C aL N
N H
igh
lan
d A
ve
dvlB agenei
C aL S
W Beverly Blvd
N San Vicente Blvd
dvlB nostrebo
R N
S San Vicente Blvd
Beverw
il Dr
N Beverly Dr
tS rendra
G S
S B
ever
wil
Dr
Edgewood Pl
Beverly Blvd
N L
a C
ien
ega
Blv
d
San Vicente Blvd
rD yneho
D S
dvlB nostr ebo
R N
N D
ohen
y D
r
S San Vicente Blvd
UV2
W 6th St
W 8th St
Oakwood Ave
Whitworth Dr
W 3rd St
Clinton St
Waring Ave
W 1st St
Clifton Way
W 9th St
W 4th St
S D
etro
it S
t
Rosewood Ave
Alden Dr
tS atsi
V N
rD
mlE
S
W 2nd St
Charleville Blvd
W 5th St
evA ero
macyS
S
S O
ran
ge D
r
S C
lark
Dr
tS ti ort e
D N
Colgate Ave
rD
mlaP
N
rD ll a
wS
S
Gregory Way
rD aekli
K N
Park W
ay N F
ulle
r A
ve
Dayton Way
evA surti
C N
S Co
chra
n Av
e
Drexel Ave
evA letra
M N
Alcott St
rD yeltnu
H
evA leruaL
N
rD
mlaP
S
Elevado Ave
N H
arp
er A
ve
evA surti
C S
lP aitt esni o
P N
evA tlo
H S
rD ree
P aL S
Orange St
rD tsruhka
O N
N L
a Jo
lla A
ve
rD elpa
M S
N A
lta Dr
Maryland Dr
S R
odeo
Dr
evA aso
mroF N
Blackburn Ave
evA odnalr
O N
lP nedda
CcM
N
S W
eth
erly
Dr
S B
urns
ide
Ave
rD tno
mlA
S
rD tsruhka
O S
evA eesene
G N
N A
lta
Vist
a B
lvd
N M
aple Dr
Mas
selin
Ave
rD nona
C S
evA htro
wyaH
N
N Elm
Dr
evA nosru
C N
N A
rden Dr
Packard St
evA yel nat
S N
S Ri
dgel
ey D
r
S R
exfo
rd D
r
S Cu
rson
Ave
evA hgrubnid
E N
N Rexford Dr
tS drofde
B S
S La
Jolla
Ave
evA tf or
C N
lP nedda
CcM
S
S W
oost
er S
t
S C
resc
ent
Dr
Wes
tbou
rne
Dr
Alvi
ra S
t
N H
illcrest Rd
S Cl
over
dale
Ave
S D
unsm
uir
Ave
dR llihtooF
S M
ansfi
eld
Ave
evA gni dl uap
S N
S Sw
eetz
er A
ve
rD oni
maC l
E S
N Sierra D
r
Lindenhurst Ave
Warner Dr
rD sevee
R S
S G
enes
ee A
ve
rD tno
mlA
N
rD enruobreh
S S
evA atino
B arreiS
N
Ashcroft Avet
S haodnanehS
S
N Crescent Dr
rD egnar
O N
Stea
rns
Dr
dvlB st hgi e
H t necserC
N
S St
anle
y Av
e
Hi P
oint
St
S O
rlan
do A
ve
rD tnuo
mtseW
N Canon Dr
S Cr
esce
nt H
eigh
ts B
lvd
evA rezt ee
wS
N
rD llon
K tseW
N
evA dleifsna
M N
evA ero
macyS
N
S Tr
emai
ne A
ve
S Sp
auld
ing
Ave
S Po
int
View
St
S O
gden
Dr S Lo
ngw
ood
Ave
S H
ayw
orth
Ave
dR sgni
K N
rD nedg
O N
N Alpine Dr
S O
rang
e G
rove
Ave
S Re
dond
o Bl
vd
S C
rest
Dr ev
A ainoviL
evA ero
macyS
N
W 1st St
N M
ansfi
eld
Ave
evA tf or
C N
Waring Ave
S M
ansfi
eld
Ave
Clinton St
W 4th St
S Ci
trus
Ave
S La
Jolla
Ave
rD egnar
O N
Rosewood Ave
Rosewood Ave
S O
rang
e D
r
Gregory Way
rD tsruhka
O N
Foothill Rd
8234-8236 Blackburn Ave
LFP Internet Group, LLC
SLS Hotel
CBS Television City
NBCUniversal
Nordstrom
Cedars-Sinai
S. Mark Taper FoundationDecurion
Four Seasons Hotel
Academy of Motion Picture Arts and Sciences
Major Employers
▪ CBS Television City
▪ Cedars-Sinai Medical Center
▪ LFP Internet Group LLC
▪ Nordstrom
▪ S. Mark Taper Foundation
▪ SLS Hotel, A Luxury Collection Hotel
▪ Four Seasons Hotel
▪ Academy of Motion Pictures Arts and Sciences
▪ NBCUniversal
▪ Decurion
9
jGreystone Park
Wilshire Country Club
Hillcrest Country Club
Rancho Park Golf Course
Hollywood Forever Memorial Park
BEVERLY HILLS
WEST HOLLYWOOD
PARK LA BREA
CRESCENT
HANCOCK PARK
CENTURY CITY
PICO
FAIRFAX
MCMANUS
MID CITY
LARCHMONT
OLYMPIC PARK
CHEVIOT HILLS
WINDSOR SQUARE
JEFFERSON PARK
HARVARD HEIGHTS
SOUTH ROBERTSON
CENTRAL HOLLYWOOD
ARLINGTON HEIGHTS
WILSHIRE CENTER-KOREATOWN
§̈¦10 §̈¦10
W Pico Blvd
Wilshire Blvd
W 3rd St
W Olympic Blvd
Melrose Ave
Beverly Blvd
W Adams Blvd
Venice Blvd
W Washington Blvd
Hau
ser
Blv
d
evA aer
B aL S
evA xafri aF
S
evA nret se
W S
Cren
shaw
Blv
d
lP notli
W N
S Ro
bert
son
Blv
d
Sunset Blvd
San Vicente Blvd
N Beverly Dr
Motor Ave
Vin
e St
lP notli
W S
dvlB agenei
C aL S
evA not gnilr
A
evA aer
B aL N
evA nret se
W N
Manning Ave
Burton Way
W Sunset Blvd
W 18th St
evA eidna
mroN
N
tS r endra
G N
rD yneho
D N
Overland Ave
dvlB agenei
C aL N
N Palm
Dr
rD ylreve
B S
Cadillac Ave
rD li
wreveB
rD yneho
D S
Cattaraugus AveIr
olo
St
N W
hittier Dr
National Blvd
S Santa Monica Blvd
Cast
le H
eigh
ts A
ve
S H
igh
lan
d A
ve
evA ei dna
mroN
S
evA ero
mssoR
S
Avenue of the Stars
N H
igh
lan
d A
ve
evA xafri aF
N
Holloway Dr
W Beverly Blvd
tS re
woG
N
N San Vicente Blvd
Hillsboro A
ve
Westw
ood Blvd
dvlB nostrebo
R N
Monte Mar Dr
Santa Monica Blvd
S C
anfie
ld A
ve
Club Dr
tS rendra
G S
S B
ever
wil
Dr
Edgewood Pl
David Ave
N Canon Dr
tS rendra
G N
S Fa
irfa
x Av
eUV2
UV2
£¤101
£¤101
Los Angeles County Museum of Art
La Brea Tar Pits
Larchmont Village
Beverly Hills Golden Triangle
Peterson Automotive Museum
Melrose Ave Shopping District
Places of Interest
j
j
FAIRFAX
W 3rd St
Beverly Blvd
Wilshire Blvd
Melrose Ave
evA xafriaF
S
Burton Way
tS rendra
G N
evA xafri aF
N
dvlB agenei
C aL N
S San Vicente Blvd
W Beverly Blvd
N San Vicente Blvd
N R
ober
tson
Blv
d
tS rendra
G Sdvl
B ageneiC aL
S
dvlB nostr ebo
R S
N L
a C
ien
ega
Blv
d
dvlB nostrebo
R N
N San Vicente Blvd
N San Vicente B
lvd
dvlB nostrebo
R S
W 6th St
Oakwood Ave
W 4th St
W 5th St
W 1st St
Colgate Ave
Drexel Ave
W 3rd St
tS atsi
V N
Orange St
Rosewood Ave
Maryland Dr
Blackburn Ave
Clifton Way
N F
ulle
r A
ve
Clinton St
rD aekli
K N
evA all oJ aL
S
evA tf or
C N
evA letra
M N
evA leruaL
N
S Sw
eetz
er A
ve
N H
arp
er A
ve
Lindenhurst Ave
Huntley D
r
N L
a Jo
lla A
ve
N O
rlan
do
Ave
tS derfl
A N
evA eesene
G N
evA htro
wyaH
N
Charleville Blvd
tS serolF
N
Alden Dr
evA hgrubnid
E N
dR sgni
K N
S O
rlan
do A
ve
rD kral
C N
evA nosru
C N
N S
wal
l Dr
evA yel nat
S N
S C
resc
ent
Hei
ghts
Blv
dW
estbourne Dr
N S
pau
ldin
g A
ve
rD evor
G ehT
N L
a Pe
er D
r
Ashcroft Ave
N S
wee
tzer
Ave
S C
lark
Dr
S Sw
all D
r
S Vi
sta
St
dvlB st hgi e
H t necserC
N
dvlB r esua
H
evA atino
B arreiS
N
N O
gden
Dr
evA r ell uF
S
N S
tan
ley
Dr
N H
amilt
on D
r
N Le D
oux R
d
evA hgrubnid
E S
Rangely Ave
evA letra
M S
N C
arso
n R
d
S La
Pee
r D
r
rD zanr
A
Dorrington Ave
rD na
malliW
S
Norw
ich Dr
S H
amel
Dr
N H
amel
Dr
N A
rnaz
Dr
evA tl o
H S
N G
ale
Dr
S La
pee
r D
r
N W
illam
an D
r
S O
gden
Dr
dR l e
maH
S
S C
arso
n R
d
Bonner Dr
N O
ran
ge G
rove
Ave
S Curson Ave
Westm
ount Dr
Beverly Pl
rD yel nat
S S
N Sherbourne D
r
evA l eruaL
S
rD aekli
K S
S Le
Dou
x R
d
S Sh
erb
ourn
e D
r
S Burnside Ave
Gilm
ore
Ln
N L
apee
r D
r
rD llon
K tseW
N
rD zanr
A S
evA htro
wyaH
S
W 2nd St
rD el a
G S
evA nil essa
MS H
amilt
on D
r
rD yel egdi
R S
Alandele Ave
S Le
Dou
x R
d
rD kral
C N
S Sw
all D
r
S Fuller A
ve
rD enruobreh
S S
Rosewood Ave
Colgate Ave
Colgate Ave
Colgate Ave
rD lla
wS
N
Hauser Blvd
S W
illam
an D
r
Rosewood Ave
rD kral
C S
rD nedg
O S
Lindenhurst Ave
Clinton St tS serol F
N
dR sgni
K N
evA r ezt ee
wS
N
W 1st St
Rangely Ave
Rosewood Ave
Clinton St
N L
a Pe
er D
r
Cedars-SinaiMedical Center
Taboo Salon
DrybarFacehaus Toast Bakery Cafe
SweetfinBelcampo Meat Co.
Verve Coffee Roasters
Manpuku
Toca Madera
The Izaka-ya
Cod Seafood HouseSon Of A Gun
Joan’s On Third
The Orlando
SLS Hotel
Sofitel
Magnolia Bakery
8234-8236 Blackburn Ave
▪ West Third Street
▪ The Grove
▪ LA Farmers Market
▪ Beverly Center
▪ Beverly Connection
▪ Beverly Hills Triangle
▪ Larchmont Village
▪ Melrose Avenue Shopping District
▪ Petersen Automotive Museum
▪ Craft Contemporary Museum
▪ The La Brea Tar Pits and Museum
▪ Los Angeles County Museum of Art
▪ Pavilion for Japanese Art
▪ Urban Lights
▪ Levitated Mass
Things to Do on West Third
8234-8236 Blackburn Ave
10
BEVERLY HILLS
WEST HOLLYWOOD
PARK LA BREA
CRESCENT
FAIRFAX
Wilshire Blvd
W 3rd St
Melrose Ave
W Olympic Blvd
Beverly Blvd
Burton Way
tS rendra
G N
evA xafri aF
S
N L
a B
rea
Ave
rD yneho
D N
S La
Bre
a A
ve
N Palm
Dr
Sunset Blvd
dvlB agenei
C aL N
San Vicente Blvd
N Beverly Dr
rD ylreve
B S
rD yneho
D S
W Sunset Blvd
evA xafri aF
N
Holloway Dr
W Beverly Blvd
dvlB nostrebo
R S
N San Vicente Blvd
dvlB nostrebo
R N
S San Vicente Blvd
Hau
ser
Blvd
dvlB agenei
C aL S
S Santa Monica Blvd
tS rendra
G S
rD li
wreveB
S
Beverly Blvd
rD yneho
D S
San Vicente Blvd
N D
ohen
y D
r
dvlB agenei
C aL N
dvlB nostr ebo
R N
S San Vicente Blvd
W 6th St
W 3rd St
Oakwood Ave
W 8th St
Willoughby Ave
Park Way
tS atsi
V N
Clifton Way
Charleville Blvd
Gregory Way
Foothill Rd
W 4th St
Elevado Ave
tS tiorte
D S
N Rexford Dr
Alden Dr
Waring Ave
Romaine St evA letra
M N
Clinton St
N Elm
Dr
evA leruaL
N
W 5th St
W 1st St
N H
arp
er A
ve
Carmelita
Ave
Dayton Way
lP aittesni o
P N
tS ti ort e
D N
N Canon Dr Colgate Ave
rD
mlaP
N
N L
a Jo
lla A
ve
N Crescent Drr
D aekliK
N evA aso
mroF N
N F
ulle
r A
ve
evA odnalr
O N
rD
mlE
S
Drexel Ave
N A
lta Dr
evA eesene
G N
N C
urs
on A
ve
N Alpine D
r
evA yel nat
S N
Rosewood Ave
evA htro
wyaH
N
rD yeltnu
H
S Sy
cam
ore
Ave
evA hgrubnid
E N
N M
aple Dr
rD kce
P S
W 9th St
rD
mlaP
S
N H
illcrest Rd
S C
lark
Drr
D ll aw
S S
Orange St
rD tsruhka
O N
N S
pau
ldin
g A
ve
Maryland Dr
Blackburn Ave
N A
rden Dr
Rodeo Dr
rD elpa
M S
N Sierra D
r
rD oedo
R S
N A
lta
Vist
a B
lvd
rD t no
mlA
S
rD nona
C S
S Co
chra
n Av
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S B
edfo
rd D
r
rD drofxe
R S
rD r ee
P aL S
evA atino
B arreiS
N
W 2nd St
Wes
tbou
rne
Dr
S La
Jolla
Ave
evA tf or
C N
S R
oxb
ury
Dr
rD ned
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S
S W
eth
erly
DrS
Cre
scen
t D
r
S Cl
over
dale
Ave
rD tsruhka
O S
dvlB st hgi e
H t necserC
N
N S
wee
tzer
Ave
S Sw
eetz
er A
ve
S Burnside Ave
Lindenhurst Ave
rD oni
maC l
E S
N K
ings
Rd
Warner Dr
rD sevee
R S
Mas
selin
Ave
rD nedg
O N
rD tno
mlA
N
S Ri
dgel
ey D
r
Ashcroft Ave
rD ytra
CcM
S
evA tlo
H S
Doheny Rd
rD llon
K tseW
N
Lomita
s Ave
Brighto
n Way
S O
rlan
do A
ve
S D
unsm
uir
Ave
rD tnuo
mtseW
tS eebarraL
N Camden Dr
S Cu
rson
Avet
S drofdeB
SS W
oost
er S
t
S St
anle
y Av
e
S Sp
auld
ing
Ave
evA evor
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rD enruobreh
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tS haodnaneh
S S
S G
enes
ee A
ve
Alv
ira
St
rD tsruhka
O N
evA tfor
C N
W 1st St
Rosewood Ave
Gregory Way
Rosewood Ave
W 4th St
dR llihtooF
S La
Jolla
Ave
Romaine St
Waring Ave
Clinton St
725 N Croft Ave
411-439 S Hamel Rd
316-320 N La Cienega Blvd
333 S San Vicente Blvd
Wilshire & San Vicente
6401 Wilshire Blvd
8234-8236 Blackburn Ave
6401 Wilshire BoulevardUnder construction 16-story 112-unit multifamily development over 6,000 square feet of street-fronting commercial space by WS Communities.
Wilshire & San VicenteProposed 12-story building would feature approximately 145,000 square feet of office space above 5,000 square feet of ground-floor retail and parking development by Stockdale Capital Partners.
411-439 S Hamel RoadUnder construction four-story building 37-unit condominium complex being developed by ETCO Homes.
725 N Croft AvenueUnder construction four-story 31-unit multifamily townhome-style units designed by Kevin Tsai Architecture is being developed by Etco Homes.
316-320 N La Cienega BoulevardProposed six-story building would feature 66 apartments above 4,100 square feet of ground floor retail. NMDA is designing along with Togawa Smith Martin the 320 La Cienega development.
333 S San Vicente BoulevardProposed 19-story 153-unit multifamily development designed by Nadel Architects. Construction is scheduled to begin 2021 and will take approximately 3 years to complete.
Nearby Developments
1 MILE 3 MILE 5 MILEPOPULATION # % CHANGE # % CHANGE # % CHANGE
2010 Census 38,662 308,781 906,685
2020 Estimate 40,931 0.56% 323,140 0.44% 945,456 0.41%
2025 Projection 41,852 0.45% 333,320 0.62% 974,106 0.60%
HOUSEHOLD # % CHANGE # % CHANGE # % CHANGE
2010 Census 20,483 147,244 386,192
2020 Estimate 21,384 0.42% 153,226 0.39% 400,782 0.36%
2025 Projection 21,725 0.32% 157,136 0.51% 411,885 0.55%
ETHNICITY/RACE # % # % # %
White 30,371 74.2% 203,901 63.1% 460,437 48.7%
Black 1,474 3.6% 30,698 9.5% 100,218 10.6%
Asian 3,520 8.6% 73,676 22.8% 319,564 33.8%
Hispanic Origin (Any Race) 6,140 15.0% 35,869 11.1% 169,237 17.9%
Other 29 7.2% 523 16.2% 2,156 22.8%
EDUCATION # % # % # %
Less Than 9th Grade 393 1.2% 11,431 4.6% 55,985 8.2%
Some High School 426 1.3% 8,449 3.4% 39,599 5.8%
High School Graduate 2,718 8.3% 27,335 11.0% 98,997 14.5%
GED/Alternative Credential 295 0.9% 2,485 1.0% 7,510 1.1%
Some College, No Degree 4,421 13.5% 39,760 16.0% 108,556 15.9%
Associate Degree 1,899 5.8% 14,661 5.9% 38,233 5.6%
Bachelor's Degree 13,754 42.0% 90,951 36.6% 210,967 30.9%
Graduate/Professional Degree 8,809 26.9% 53,676 21.6% 122,893 18.0%
WORKPLACE & INCOME # % # % # %
Median Household Income $97,421 $79,886 $61,868
Average Household Income $137,538 $123,584 $103,349
All Employees 22,866 168,186 462,045
White Collar 20,145 88.1% 133,540 79.4% 321,583 69.6%
Blue Collar 755 3.3% 12,614 7.5% 55,445 12.0%
Services 1,966 8.6% 22,032 13.1% 85,016 18.4%
Daytime Population 71,910 423,538 1,091,123
2020 POPULATION
40,931 (+0.56% since 2010)
2025 POPULATION
41,852 (+0.45% est. over 2020)
MEDIAN AGE
39.7 years old
EDUCATION
68.9% have bachelor’s or higher
AVERAGE INCOME
$137,538
Demographics
12
PROPERTY ADDRESS SALE DATESALE PRICE $ PSF LAND SF
LAND ACRES ZONING COMMENTS
8447 Romaine St Los Angeles, CA 90019
Nov-2020 $2,700,000 $416 6,495 0.15 [Q] R4-1 TOC Tier 3
8457 Blackburn Ave Los Angeles, CA 90048
Dec-2019 $6,550,000 $469 13,962 0.32 R3-1-O TOC Tier 3
745 N Croft Ave Los Angeles, CA 90069
Sep-2019 $3,200,000 $492 6,499 0.15 R3-1 TOC Tier 2
8377-8387 Blackburn Ave Los Angeles, CA 90048
Aug-2019 $10,760,000 $508 21,192 0.49 R3-1-O TOC Tier 3
TOTAL / AVERAGE $23,210,000 $482 48,148
8234-8236 Blackburn Ave $2,450,000 $392 6,250 SF R3-1-O TOC Tier 1
Land Sales Comparables
13
j
j
j
j
The Grove
Greystone Park
Franklin Canyon Park
Wilshire Country Club
Hillcrest Country Club
Rancho Park Golf Course
The Los Angeles Country Club
BEVERLY HILLS
WEST HOLLYWOOD
HOLLYWOOD
PARK LA BREA
WESTWOOD VILLAGE
WEST LOS ANGELES
BEL AIR
HANCOCK PARK
CENTURY CITY
PICO
FAIRFAX
MID CITY
LARCHMONT
OLYMPIC PARK
WINDSOR SQUARE
HOLLYWOOD HILLS
SOUTH ROBERTSON
CENTRAL HOLLYWOOD
ARLINGTON HEIGHTS
HOLLYWOOD STUDIO DISTRICT
§̈¦405
Wilshire Blvd
W Pico Blvd
W Olympic Blvd
W 3rd St
Melrose Ave
W Sunset Blvd
Beverly Blvd
Vin
e S
t
Hollywood Blvd
Venice BlvdevA xafri aF S
evA aer B aL S
N H
ighl
and
Ave
Sunset Blvd
San Vicente Blvd
W Washington Blvd
N Beverly Dr
Hau
ser B
lvd
evA aer B aL N
S Beverly Glen Blvd
lP notliW S
Cre
nsha
w B
lvd
dvlB nostreboR S
Franklin Ave
Burton Way
Hilgard Ave
Westwood Blvd
W 18th St
dvlB ageneiC aL S
t S r endr aG
N
Manning Ave
rD yneho
D N
dvlB ageneiC aL
N
Motor Ave
tS rewo
G N
Arli
ngto
n A
ve
N P
alm D
r
rD ylreveB S
rD li
wr eveB
rD yneho
D S
N W
hittier Dr
S Santa Monica Blvd
evA xafri aF N
S H
ighl
and
Ave evA ero
mssoR S
Avenue of the Stars
Overland Ave
Holloway Dr
W Beverly Blvd
N San Vicente Blvd
Cadillac Ave
Hillsboro A
ve
S Sepulveda Blvd
Monte Mar Dr
S C
anfie
ld A
ve
Castle H
eights Ave
Laurel Canyon B
lvd
tS rendraG S
S B
ever
wil
Dr
Edgewood Pl
N Canon Dr
tS rendr aG
N
Manning Ave
UV2
UV2
£¤101£¤101
745 N Croft Ave
8447 Romaine St
8457 Blackburn Ave8377-8387 Blackburn Ave
8234-8236 Blackburn Ave
Land Sales Comparables
14
PROPERTY ADDRESS YR BUILT UNIT# SALE DATESALE PRICE $ PSF UNIT SF UNIT TYPE
1253 N Sweetzer Ave West Hollywood, CA 90069
2020
8 Sep-2020 $1,150,000 $1,264 910 1B/1BA
5 Jul-2020 $1,185,000 $1,213 977 1B/1BA
509 N Orlando Ave West Hollywood, CA 90069
2020
104 Mar-2020 $1,320,000 $1,091 1,210 2B/2BA
301 Mar-2020 $1,800,000 $1,230 1,464 2B/2BA
124 N Flores St Los Angeles, CA 90048
1939 Sep-2019 $1,416,480 $1,086 1,304 2B/2BA
118 N Flores St Los Angeles, CA 90048
1939 Sep-2019 $1,349,920 $1,042 1,296 2B/2BA
1030 N Kings Rd West Hollywood, CA 90069
2018
402 Jul-2019 $1,450,000 $1,259 1,152 2B/2BA
307 Jul-2019 $1,332,500 $1,181 1,128 2B/2BA
132 N Swall Dr Los Angeles, CA 90048
2018
101 Mar-2019 $1,475,000 $1,126 1,310 2B/2BA
203 Feb-2019 $1,975,000 $1,103 1,790 3B/4BA
TOTAL / AVERAGE $14,453,900 $1,153 12,541
Condo Sales Comparables
j
j
j
j
The Grove
Greystone Park
Franklin Canyon Park
Wilshire Country Club
Hillcrest Country Club
Rancho Park Golf Course
The Los Angeles Country Club
BEVERLY HILLS
WEST HOLLYWOOD
HOLLYWOOD
PARK LA BREA
WESTWOOD VILLAGE
WEST LOS ANGELES
BEL AIR
HANCOCK PARK
CENTURY CITY
PICO
FAIRFAX
MID CITY
LARCHMONT
OLYMPIC PARK
WINDSOR SQUARE
HOLLYWOOD HILLS
SOUTH ROBERTSON
CENTRAL HOLLYWOOD
ARLINGTON HEIGHTS
HOLLYWOOD STUDIO DISTRICT
§̈¦405
Wilshire Blvd
W Pico Blvd
W Olympic Blvd
W 3rd St
Melrose Ave
W Sunset Blvd
Beverly Blvd
Vin
e S
t
Hollywood Blvd
Venice Blvd
evA xafri aF S
evA aer B aL S
N H
ighl
and
Ave
Sunset Blvd
San Vicente Blvd
W Washington Blvd
N Beverly Dr
Hau
ser B
lvd
evA aer B aL N
S Beverly Glen Blvd
lP notliW S
Cre
nsha
w B
lvd
dvlB nostreboR S
Franklin Ave
Burton Way
Hilgard Ave
Westwood Blvd
W 18th St
dvlB ageneiC aL S
t S r endr aG
N
Manning Ave
rD yneho
D N
dvlB ageneiC aL
N
Motor Ave
tS rewo
G N
Arli
ngto
n A
ve
N P
alm D
r
rD ylreveB S
rD li
wr eveB
rD yneho
D S
N W
hittier Dr
S Santa Monica Blvd
evA xafri aF N
S H
ighl
and
Ave evA ero
mssoR S
Avenue of the Stars
Overland Ave
Holloway Dr
W Beverly Blvd
N San Vicente Blvd
Cadillac Ave
Hillsboro A
ve
S Sepulveda Blvd
Monte Mar Dr
S C
anfie
ld A
ve
Castle H
eights Ave
Laurel Canyon B
lvd
tS rendraG S
S B
ever
wil
Dr
Edgewood Pl
N Canon Dr
tS rendr aG
N
Manning Ave
UV2
UV2
£¤101£¤101
1030 N Kings Rd
1253 N Sweetzer Ave
132 N Swall Dr
118 N Flores St
124 N Flores St
509 N Orlando Ave
8234-8236 Blackburn Ave
Condo Sales Comparables
16
PROPERTY ADDRESS UNIT TYPE UNIT SFMONTHLY
RENTRENT PSF COMMENTS
935 N San Vicente Bl
2bed+2bath 1,324 $7,000 $5.29
Built in 2017 | 7-Unit Building
2bed+2bath 1,372 $7,600 $5.54
717 N Orlando Ave 2bed+2bath 1,250 $6,500 $5.20 Built in 1986 | 8-Unit Building
105 S Doheny Dr 1bed+2bath 925 $5,075 $5.49 Built in 2020 | 35-Unit Building
725 N Alfred St 2bed+2bath 1,000 $5,245 $5.25 Built in 1990 | Renovated 2010 | 18-Unit Building
9035 Dicks St 1bed+1bath 724 $3,750 $5.18 Built in 1924 | Fully Renovated | 3-Unit Building
1030 N Kings Rd 2bed+2bath 1,083 $5,900 $5.45 Built in 2018 | 25-Unit Building
Rent Comparables
17
PROPERTY ADDRESS UNIT TYPE UNIT SFMONTHLY
RENTRENT PSF COMMENTS
375 N La Cienega Blvd
Studio 404 $2,327 $5.76
Built in 2015 | 125-Unit Building
1bed+1bath 763 $5,111 $6.70
909 S Le Doux Rd 1bed+1bath 750 $3,995 $5.33 Built in 2019 | 21-Unit Building
8229 W 4th St 1bed+1bath 758 $4,500 $5.94 Built in 1930 | 2-Unit Building
TOTALS/ AVERAGES UNIT TYPE UNIT SF
MONTHLY RENT RENT PSF
Studio 404 2,327 $5.76
1bed+1bath 749 4,339 $5.79
1bed+2bath 925 5,075 $5.49
2bed+2bath 1,111 5,882 $5.29
Rent Comparables
j
j
j
j
The Grove
Greystone Park
Franklin Canyon Park
Wilshire Country Club
Hillcrest Country Club
Rancho Park Golf Course
The Los Angeles Country Club
BEVERLY HILLS
WEST HOLLYWOOD
HOLLYWOOD
PARK LA BREA
WESTWOOD VILLAGE
WEST LOS ANGELES
BEL AIR
HANCOCK PARK
CENTURY CITY
PICO
FAIRFAX
MID CITY
LARCHMONT
OLYMPIC PARK
WINDSOR SQUARE
HOLLYWOOD HILLS
SOUTH ROBERTSON
CENTRAL HOLLYWOOD
ARLINGTON HEIGHTS
HOLLYWOOD STUDIO DISTRICT
§̈¦405
Wilshire Blvd
W Pico Blvd
W Olympic Blvd
W 3rd St
Melrose Ave
W Sunset Blvd
Beverly Blvd
Vin
e S
t
Hollywood Blvd
Venice Blvd
evA xafri aF S
evA aer B aL S
N H
ighl
and
Ave
Sunset Blvd
San Vicente Blvd
W Washington Blvd
N Beverly Dr
Hau
ser B
lvd
evA aer B aL N
S Beverly Glen Blvd
lP notliW S
Cre
nsha
w B
lvd
dvlB nostreboR S
Franklin Ave
Burton Way
Hilgard Ave
Westwood Blvd
W 18th St
dvlB ageneiC aL S
t S r endr aG
N
Manning Ave
rD yneho
D N
dvlB ageneiC aL
N
Motor Ave
tS rewo
G N
Arli
ngto
n A
ve
N P
alm D
r
rD ylreveB S
rD li
wr eveB
rD yneho
D S
N W
hittier Dr
S Santa Monica Blvd
evA xafri aF N
S H
ighl
and
Ave evA ero
mssoR S
Avenue of the Stars
Overland Ave
Holloway Dr
W Beverly Blvd
N San Vicente Blvd
Cadillac Ave
Hillsboro A
ve
S Sepulveda Blvd
Monte Mar Dr
S C
anfie
ld A
ve
Castle H
eights Ave
Laurel Canyon B
lvd
tS rendraG S
S B
ever
wil
Dr
Edgewood Pl
N Canon Dr
tS rendr aG
N
Manning Ave
UV2
UV2
£¤101£¤101
909 S Le Doux Rd
8229 W 4th St
1030 N Kings Rd
105 S Doheny Dr
935 N San Vicente Blvd
375 N La Cienega Blvd
717 N Orlando Ave725 N Alfred St9035 Dicks St
8234-8236 Blackburn Ave
RentComparables
John SwartzManaging Director
CA Lic 01873487
Josh KaplanManaging Director
CA Lic 01934177
Transwestern601 S. Figueroa St, Suite 3650
Los Angeles, CA 90017213.624.5700
transwestern.com
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness of accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior to sale or lease, or withdrawl without notice. Copyright © 2021 Transwestern. CA Lic 01263636.
Troy LuceroSenior Associate
CA Lic 02015701
Los Angeles Multifamily Investment Services Group