N. SAN VICENTE BLVD. WEST HOLLYWOOD, CA 90069 MATTHEW KANNER The Kanner Group | KW Commercial 9000 W. Sunset Blvd., Suite 1100 West Hollywood, CA 90069 972 P: 323.605.2114 | F: 323.395.0680 | E: [email protected]This information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Transcript
N. SAN VICENTE BLVD.WEST HOLLYWOOD, CA 90069
MATTHEW KANNERThe Kanner Group | KW Commercial
9000 W. Sunset Blvd., Suite 1100West Hollywood, CA 90069
972
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
NOTES ON POTENTIAL DEVELOPMENT
• Zoning: WDR4B • Frontage: 50 feet• Length: 132.5 feet• FAR: No limit• Height Restriction: 45 feet, 4 stories• Setbacks: Front 1st story—7.5 ft. minimum, 2nd and additional storiesadditional 6 ft.,
Sides, interior lot---5 ft. for up to 2 stories, street side—5 ft.Rear—15 Ft.
• Residential Density: 1 unit for each 872 sq. ft. of site area• Maximum Average Unit Size: 1200 sq. ft.• Existing 6,839 sq. ft. lot• By-right a total of 7.8 buildable apartment/condo multi-family
This information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Listed Price: 1,950,000$ Picture Address: 972 N. San Vicente Blvd.
Down Payment: 66.5% 1,296,750$ West Hollywood, CA 90069
Cost per Legal Unit: $975,000.00 Number of Units: 2
Current GRM: 24.92 Year Built: 1905
Market GRM: 22.51 Approx. Lot Size: 6,839
Current CAP: 2.10% Approx. Gross SF: 2,150
Market CAP: 2.42% Parking Spaces: 5Cost per Gross Sq. Ft.: $906.98 APN#: 4339-017-021Cost per land Sq. Ft.: $285.13 Map Zoning: WDR4B
Cost per Buildable Unit: TBD By-right Buildable Units: 7
% Income Upside: 10.74% FAR: No limit
Loss to Lease %: 9.70% Height Restriction: 45 Ft., 4 stories
ALSO LISTED 966 N. SAN VICENTE LOT New First Loan: 653,250$ Prime development opportunity less than 1 Interest Rate: 3.250%
block from the Sunset Strip. Walk Score of 86 Amortization: 30
This information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
UNIT TYPE # OF UNITS EST. SQ. FT. MONTHLYRENT/UNIT
MONTHLYINCOME
3+2 1 1220 $3,900 $3,900
2+1 1 930 $2,100 $2,100
Total 2 $6,000
Monthly Total Scheduled Rent: $6,000
Annual Scheduled Gross Income: $72,000
* Vacant
PLAT MAP
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
SALES COMPARABLES
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Price # of Units Zoning Unit MixBy-right # Buildable
$ Buildable / Unit
CAP Rate $ / Lot SF Lot SF
High $1,950,000 $243,750.00 2.10% $285.13972 N. San Vicente Blvd. Medium $1,950,000 7 TBD N/A $285.13 6,839West Hollywood, CA 90069 Low $1,950,000 $243,750.00 2.10% $285.13
Close of Escrow
Price # of UnitsZoning & Year Built
Unit Mix # Buildable$ Buildable /
UnitCAP Rate
$ Lot/ Build, SF
Lot/Gross SF
#1 916 Westbourne Dr 12/24/2013 $1,600,000 Land WDR4B 8 $200,000.00 N/A $227.95 7,019
Sale Comparable Averages $2,755,000 Land N/A N/A 11.60 $244,803.92 N/A $263.17 10,290
Land
Land
Land
Land
Subject Property
Sales Comparables
2 WDR4B 1 (3+2) 1 (2+1)
Land
SALES COMPARABLES
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Subject Property
972 N. San Vicente Blvd.
West Hollywood, CA 90069
Zoning:
Lot Square Feet:
Price per Lot SF: $285.13 $285.13 $285.13
7
$ Per Buildable Units $243,750 TBD $243,750
Sale Price: $1,950,000 $1,950,000 $1,950,000
Sales Comp #1
916 Westbourne Dr
West Hollywood, CA 90069
Zoning:
Lot Square Feet:
Price per Lot Square Feet:
Buildable Units:
Price Per Buildable Units:
Sale Price:
Closing Date:
Sales Comp #2
8017-8023 Norton Ave
West Hollywood, CA 90046
Zoning:
Lot Square Feet:
Price per Lot Square Feet:
Buildable Units:
Price Per Buildable Units:
Sale Price:
Closing Date:
$3,525,000
7/11/2014
$207,353
WDR4B
7,019
$228
8
12/24/2013
WDR4B
6839
14,932
$236
17
WDR4
By-right Buildable Units:
$200,000
$1,600,000
1
2
SALES COMPARABLES
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Sales Comp #3
521-523 N Alfred St
West Hollywood, CA 90048
Zoning:
Lot Square Feet:
Price per Lot Square Feet:
Buildable Units:
Price Per Buildable Units:
Sale Price:
Closing Date:
Sales Comp #4
714 N Sweetzer Ave
Los Angeles, CA 90069
Zoning:
Lot Square Feet:
Price per Lot Square Feet:
Buildable Units:
Price Per Buildable Units:
Sale Price:
Closing Date:
Sales Comp #5
8451 Blackburn Ave
Los Angeles, CA 90048
Zoning:
Lot Square Feet:
Price per Lot Square Feet:
Buildable Units:
Price Per Buildable Units:
Sale Price:
Closing Date:
$4,750,000
Escow
$2,000,000
$250,000
LAR3
6,984
$286
8
$250,000
7,903
$240
6
WDR3C
6/9/2014
$316,667
$1,900,000
14,613
(Q)LAR3-1
$325
19
8/1/2013
3
4
5
972 N. SAN VICENTE BLVD.
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
972 N San Vicente Blvd. is a well-kept duplex located in prime West Hollywood, less than one block south of
the Sunset Strip. Due to the zoning and location, this is a prime development opportunity in an extremely high
demand condo/multi-family market. The property sits on a 6839 Sq. Ft lot with WDR4 zoning, no FAR restrictions,
and a height restriction of 45 ft. /4 stories. Built in 1905, the two separate buildings are comprised of one three
bedroom two bathroom 1 (3+2) and one two bedroom one bathroom 1 (2+1. The property features on-site laundry
machines, private parking and additional storage garages. Due to the attractive zoning, minimal development
restrictions, and prime location—this is a great investment opportunity for a condo/multi-family developer.
PRIME WEST HOLLYWOOD LOCATION
Bordered by the Hollywood Hills to thenorth, the Fairfax District to the south, Hollywoodto the east, and Beverly Hills to the west, the Cityof West Hollywood is one of the most desirablelocations in the Los Angeles area. Within a quartermile (or two walking blocks) of the subjectproperty are a number of fine dining, retail, andentertainment destinations. Chic Sunset Plaza, atwo-block strip of sidewalk cafes and boutiques, isjust 4 blocks east of the property and features suchhot-spots as Eveleigh, Le Petit Four, Red Rock, andMirabelle. In addition, Skybar/Mondrion, the ViperRoom, Roxy Theater, Key Club, the Rainbow Room,and Sunset Marquis are all within half a mile of theproperty.
Shopping selections include Oliver Peoples, Armani Exchange, and H. Lorenzo. In addition to its premierproximity to trendy nightlife and fine eateries, the property is conveniently situated just a half mile from the majorthoroughfares of Santa Monica, San Vicente, and La Cienega Boulevards. Beautiful outdoor recreation areas can befound throughout West Hollywood—West Hollywood Park is just .5 miles from the property and Plummer Park is2.5 miles to the east. Nearby Runyon Canyon, LA’s premier hiking trail, offers stunning 360° views of the city. TheHollywood Bowl, the most prominent outdoor concert venue in Los Angeles, is 4 miles from the property justnear the Highland on-ramp of the 101 freeway.
West Hollywood is 1.9 square miles with apopulation of approximately 37,000 residents.Cultural landmarks include the Pacific Design Center,Chateau Marmont, Sunset Tower, Troubadour,Whiskey a Go-Go, and The Abbey Food & Bar. WestHollywood Park, aforementioned, boasts brand newfacilities that include—two lighted tennis courts, 2lighted basketball courts, an indoor gym, roomygrass/picnic areas, and playgrounds for children. Theadjacent West Hollywood Public Library, opened lessthan two years ago, offers state of the art amenities.Nearby Melrose Avenue, between Fairfax Avenue andDoheny Drive, is known for its diverse clothing andinterior design boutiques, restaurants and antiquestores.
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
Richly steeped in history and old Hollywood glamour, West Hollywood boasts such architectural distinctionsas the unique Schindler House, the iconic modernist Stahl House, and Charles Luckman’s 9200 Sunset. A highconcentration of landmark 1920s Spanish Revival and Art Deco apartment buildings can be found throughout WestHollywood. The historic neighborhood has been home to many celebrities and Hollywood legends, including FrankSinatra, Errol Flynn, John Wayne and Howard Hughes. With so many pedestrian friendly streets lined with upscaledining, nightlife, and shopping options—West Hollywood has become a premier location to reside.
PRIME WEST HOLLYWOOD LOCATION
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
AERIAL VIEW
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
EXTERIOR PICTURES
P: 323.605.2114 | F: 323.395.0680 | E: [email protected] information has been secured from sources we believe reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
