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Sevak Khatchadourian | 310.560.1688 [email protected] MYRA JUNCTION 1004-1014 Myra Ave Los Angeles, CA 90029
Myra Junction
INVESTMENT SUMMARY
Investment Overview
Regional Map
AREA OVERVIEW
Local Map
City Overview
County Overview
Aerial Map
PROPERTY DESCRIPTION
Property Details
FINANCIALS
COMPARABLES
Sales Comparable Map
Sales Comparables
Rental Comparable Map
Rental Comparables
EXCLUSIVELY MARKETED BY :
Westside Estate Agency
SevakKhatchadourian
310.560.1688
Myra Junction
Investment Summary
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Investment SummaryPrice $4,500,000Units 27Occupancy 0.00%Building Size 30,170 SFPrice per Square Foot $149.15Land Area 16,875 Sq. Feet
Investment HighlightsRTI for 27 units.●
Prime location in the heart of Silver Lake.●
Walking distance to Sunset Junction.●
Attractive contemporary-style building with strong street presence.●
Investment DescriptionBeautiful contemporary building thoughtfully and efficiently designed by JayVanos Architects. Ready to Issue permits for a 27 unit project consisting of 25two bedroom units and 2 one bedroom units, including 3 low and very lowincome units.Over 30,000 sq.ft. of rentable space in addition to over 5,000 sq.ft. of privatepatios, balconies and rooftop decks.
The property consists of 3 lots totaling approximately 16,875 sq.ft. It is zonedR3 and is located in the Transit Oriented Community (TOC) Tier 3 zone. Thereare 2 single family residences and 3 rental units located on the property andthey are all vacant. Buyer has an alternative option to build up to 36 units withthe city of Los Angeles Transit Oriented Communities Affordable HousingIncentive Guidelines. Buyer to conduct own review of the requirements of theTOC Guidelines and all other City of Los Angeles guidelines. Project is alsolocated in the New Markets Tax Credit zone (NMTC).
Myra Junction
Investment Summary
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Parcel Map
Myra Junction
Investment Summary
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Regional Map
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Local Map
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Area OverviewCity Overview - Los AngelesPrime location in the heart of Silver Lake located at a walking distance to thefamed Sunset Junction. With its fashionable cafés, trendy restaurants,booming art scene and eclectic shops and professions, Silver Lake is one ofthe most vibrant and energetic communities in Los Angeles. In its ranking ofpopular city spots, CNN’s business website called Silver Lake the nation’ssecond best big city neighborhood, describing it as a haven for families aswell as hipsters, packed with shops and hotspots, defying the “no walking inLA” cliché. And Silver Lake took the top spot on Forbes list of America’s besthipster neighborhoods, being recognized for its exuberant creative force,boundless energy and ability to constantly position itself on the forefront ofnew trends.
Los Angeles, is the largest city in the state of California. The area became USproperty in 1848, with Los Angeles incorporated as a city in 1850. Initially, anattractive climate, the discovery of oil and the growth of the citrus fruitindustry brought people to the city in droves during its first 100 years. With thepresence of Lockheed and Douglas aerospace companies in the area duringWorld War I, and the expansion of the motion picture industry in the 1920'sthe population exploded.
Today, Los Angeles is the nation’s largest manufacturing area, home to one ofits busiest ports, the distribution hub of the west coast and a gateway to Asia.Moreover, Los Angeles is the entertainment capital of the world, with most ofthe country’s major motion picture, television and recorded music operationsbased there. The city’s expansive metropolitan area is the second-largest inthe country, with over 14,000,000 people spread over a land area the size ofMaine. Thirty of LA’s suburbs have populations of 80,000 or more. LosAngeles is very diverse, with people from over 140 countries and the largestLatin-American and Asian- American populations of any US city.
Los Angeles is well represented in major league sports, with multiple teams inbaseball (Los Angeles Dodgers and Anaheim Angels), basketball (NBA’s LosAngeles Lakers and Clippers, WNBA’s Los Angeles Sparks) and and hockey(NHL’s Los Angeles Kings and Anaheim Ducks). Most recently, professionalfootball returned to Los Angeles (NFL's Los Angeles Rams and Chargers). LosAngeles has hosted the Olympic Games and for ten years the city has hostedthe X Games. Outdoor recreation in the Los Angeles area is practicallyunmatchable. Beaches with familiar names right out of Beach Boys songsoffer water sports of all kinds. Some of the country’s best surfing is withinreach, from Malibu and Santa Monica to Huntington Beach, with its famouspier, surf shops and surfing walk of fame. Skateboarding, which originated inLos Angeles less than 50 years ago, has never been more popular. In the
winter, skiing is available within a manageable distance at Sierra Nevadamountain slopes.
Los Angeles is the largest city in the state of California and the second largestin the United States. Often abbreviated as L.A. and nicknamed The City ofAngels, Los Angeles has an estimated population of 3.8 million and spansover 498.3 square miles in Southern California. Additionally, the Los Angelesmetropolitan area is home to nearly 12.9 million residents. Los Angeles is theseat of Los Angeles County, the most populated and one of the most diversecounties in the United States.
Los Angeles HighlightsHistorically high occupancy rates.●
Dramatic net absorption during recoveries.●
Extremely limited numbers of large blocks of available space.●
Significant increases in rental rates in strong economic times.●
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
County OverviewThe most heavily populated county in the country is Los Angeles County withapproximately 9.9 million people, including about 1 million that live inunincorporated areas of the county. The metropolis - formed by the six
neighboring counties of Los Angeles, Ventura, Kern, San Bernardino,Riverside, and Orange - is home to approximately 19 million residents. LosAngeles County is home to one of the most educated labor pools in thecountry and offers a labor force of more than 4.7 million, of which more than1.5 million are college graduates. Los Angeles County has the largestpopulation of any county in the nation, exceeded only by eight states.According to the United States Conference of Mayors, Los Angeles Countyboasts a GDP among the twenty largest in the world. Los Angeles County’scontinued economic growth, in contrast to other areas of the state and nation,is due to its diversified economy and abundant, well-trained workforce.
Los Angeles County is well located on the Southern Coast of California, andcovers 4,061 square miles, including the San Clemente and Santa Catalinaislands. The County is comprised of approximately 88 vibrant and diversecities hosting more than 244,000 business establishments— the greatestconcentration in the state. Los Angeles County has a Gross Domestic Product(GDP) of approximately $446 billion - placing it among the top 20 economiesin the world. The combined GDP of Los Angeles and its five surroundingneighboring counties places it in the top 10. California is generally consideredto be in the top five.
If Los Angeles County were its own nation, its economy would be the 18thlargest in the world. It is home to more than 244,000 businesses, with moreminority and women owned businesses than any other in the nation and is thenation’s top international trade center and manufacturing center. Los Angelesis recognized worldwide as a leader in entertainment, health sciences,business services, aerospace and international trade. Because the LosAngeles area is so large and diverse, it has something to offer to everyone.While Hollywood and the Los Angeles beach culture are part of our collectiveimage of Los Angeles, the city also has more museums than any other cityand some of the best hotels in the world are located in Los Angeles.
Over the years, Los Angeles County has developed a diverse economic base,supported by a number of Fortune 500 companies with headquarters in thearea, including Hilton Hotels, Walt Disney, Occidental Petroleum, DirecTVGroup, Northrop Grumman, Computer Sciences, KB Home, Health Net, Mattel,and Avery Dennison. Key factors positively impacting the region’s economicposition include increased local media production by the entertainmentindustry and a continuing expansion of import flows. Moreover, growth inaerospace, homeland security and in the private business sector havecontributed positively to the County's economy. Los Angeles' well educatedlabor pool, many universities, wonderful climate, and world class infrastructurewill enable Greater Los Angeles to continue to be a world leader in economicand cultural significance.
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
County HighlightsLos Angeles County is the world’s 18th largest economy.●
Los Angeles part of the "Tech Coast" and is regarded as the of the main●
entrepreneurial regions of the world. It has approximately 200,000 smallbusinesses, which is twice as many small businesses as can be found in anyother region of the United States.If Los Angeles' five county area were a state, it would be the fourth largest in●
the United States.
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Education and Income Demographics
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Housing Demographics
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Demographics Report
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Demographics Report Continued
Myra Junction
Area Overview
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Aerial Map
Myra Junction
Property Description
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Property DetailsAddress 1004-1014 Myra Ave Los Angeles, California 90029 Square Footage 30,170 SFLand Area 16,875 Sq. FeetAssessors Parcel Number 5427-003-025
SiteZoning R3-1VLProjected Number of Buildings OneProjected Number of Stories Four+Projected Parking 46
ConstructionProjected Foundation ConcreteProjected Framing WoodProjected Exterior Stucco/CombinationProjected Parking Surface Concrete
Common Area Amenities
5,100 sq.ft. of private patios, balconies and rooftop decks.●
Two elevators●
Myra Junction
Financials
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Unit Breakdown
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Sales Comparable Map
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Sales Comparables
Photos Address
Sale PriceSale DateTotal UnitsPrice Per Unit
Total SF$/SFCAPGRM
Unit MixYear BuiltLand AreaDays on Market
1004-1014 Myra AveLos Angeles, California90029
$4,500,000N/A27166,667
30,170 SF$149--
-16,875 SFN/A
-
4567 LEXINGTON AVELos Angeles, California90029
$615,00005/23/20181$615,000
850 SF$724--
19889,320 SF32
Unit No. : 104
1701 Clinton STLos Angeles, California90026
$600,00002/27/20181$600,000
760 SF$789--
197363,403 SF12
Unit No. : 207
4567 LEXINGTON AVELos Angeles, California90029
$660,00003/27/20181$660,000
940 SF$702--
19889,320 SF11
Unit No. : 205
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Photos Address
Sale PriceSale DateTotal UnitsPrice Per Unit
Total SF$/SFCAPGRM
Unit MixYear BuiltLand AreaDays on Market
4567 Lexington AVELos Angeles, California90029
$625,00012/21/20181$625,000
860 SF$727--
19889,320 SF11
Unit No. : 103
4567 LEXINGTON AVELos Angeles, California90029
$670,00012/18/20181$670,000
1,010 SF$663--
19889,320 SF65
Unit No. : 201
960 SANBORN AVELos Angeles, California90029
$580,00012/05/20161$580,000
854 SF$679--
19899,977 SF59
Unit No. : 3
1701 CLINTON STLos Angeles, California90026
$625,00006/19/20171$625,000
798 SF$783--
197363,360 SF9
Unit No. : 210
2399 Silver Lake BLVDLos Angeles, California90039
$728,000-1$728,000
980 SF$743--
200542,131 SF15
Unit No. : 20
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Photos Address
Sale PriceSale DateTotal UnitsPrice Per Unit
Total SF$/SFCAPGRM
Unit MixYear BuiltLand AreaDays on Market
2224 DUANE STLos Angeles, California90039
$800,00008/18/20171$800,000
1,236 SF$647--
199135,886 SF23
Unit No. : 1
2753 WAVERLY DRLos Angeles, California90039
$834,000-1$834,000
1,243 SF$671--
201515,784 SF21
Unit No. : 402
Averages
$673,700-1$673,700
953 SF$713--
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Rental Comparable Map
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Rental Comparables
Photos AddressDate Surveyed
Total UnitsYear BuiltBldg SFOccupancy
Units Types Avg Unit SF Avg Unit Rent Avg Rent Per SF
1004-1014 Myra AveLos Angeles, California90029
27-30,170 SF-
BR / BTHBR / BTHBR / BTHBR / BTHBR / BTH
-----
-----
-----
646 N La Fayette Park PlLos Angeles, California90026-
- --
2BR /2BTH 1,200 SF $4,250 $3.54
2409 Griffith Park Boulevard - 202Los Angeles, California90039-
-2018--
1BR /1BTH 897 SF $3,145 $3.51
2409 Griffith Park Boulevard - 205Los Angeles, California90039-
-2018--
2BR /2BTH 1,060 SF $3,645 $3.44
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Photos AddressDate Surveyed
Total UnitsYear BuiltBldg SFOccupancy
Units Types Avg Unit SF Avg Unit Rent Avg Rent Per SF
2409 Griffith Park Boulevard - 302Los Angeles, California9003902/09/2019
-2018--
1BR /1BTH 858 SF $3,295 $3.84
1653 REDCLIFF ST #ALos Angeles, California9002602/09/2019
-1956--
2BR /2BTH 1,000 SF $3,500 $3.50
1662 LUCILE AVELos Angeles, California90026-
-2018--
2BR /2BTH 1,000 SF $3,600 $3.60
2704 W BELLEVUE AVELos Angeles, California90026-
-1958--
3BR /3BTH 1,000 SF $3,750 $3.75
1653 MICHELTORENA ST #1Los Angeles, California9002602/09/2019
-1987--
2BR /2BTH 1,005 SF $3,900 $3.88
Myra Junction
Comparables
1004-1014 Myra AveLos Angeles, California 90029
The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.
Photos AddressDate Surveyed
Total UnitsYear BuiltBldg SFOccupancy
Units Types Avg Unit SF Avg Unit Rent Avg Rent Per SF
3347 HAMILTON WAYLos Angeles, California9002602/09/2019
-1923--
2BR /1BTH 850 SF $3,950 $4.65
2508 HYPERION AVE #103Los Angeles, California90027-
-2008--
2BR /3BTH 1,280 SF $4,500 $3.52
1826 Lucile AVELos Angeles, California90026-
- --
2BR /2BTH 1,000 SF $4,500 $4.50
2525 KENILWORTH AVELos Angeles, California90039-
-1931--
3BR /2BTH 1,440 SF $5,300 $3.68
Averages -- 1,049 SF $ 3,945 $ 3.78
CONFIDENTIALITY AND DISCLAIMER
The information contained in this Offering Memorandum (“Memorandum”) is proprietary and strictly confidential; it is intended to be reviewed only by the party receiving it from Broker and should notbe made available to anyone else without the written consent of Broker. By retention or use of this Memorandum, you agree that its contents are confidential, that you will hold it in the strictestconfidence, and that you will not disclose any of its contents contrary to these terms.
This Memorandum has been prepared to provide summary, unverified information to establish a preliminary level of interest in the subject property (“Property”). The information in this Memorandumhas been obtained from sources Broker believes to be reliable; however, Broker has not conducted sufficient investigation to make any warranty or representation whatsoever including but not limitedto the accuracy or completeness of the information, veracity or accuracy of the information, condition of the Property or its compliance or lack of compliance with applicable governmentalrequirements, developability, suitability or financial performance of the Property, income or expenses for the Property, the size and square footage of the Property and improvements, the presence orabsence of contaminating substances, PCB’s or asbestos, the compliance with State or Federal regulations, the physical condition of the improvements thereon, or the financial condition or businessprospects of any tenant or any tenant’s plans or intentions to continue occupancy of the Property. The Memorandum has selected information relating to the Property and does not purport to be an all- inclusive representation regarding the Property or to contain all or part of the information which prospective investors may require to evaluate the purchase of the Property. Additional information andan opportunity to investigate the Property will be made available to interested and qualified prospective purchasers. All information is based on assumptions relating to the general economy, marketconditions, competition and other factors beyond the control of Broker, therefore, all information is subject to material variation. The information contained herein is not a substitute for a thorough duediligence investigation. Interested parties are expected to review all information of whatever nature independently and not rely on the contents of this Memorandum in any manner.
The Property owner (“Owner”) expressly reserves the right, at its sole discretion, to reject any or all offers to purchase the Property, and/or to terminate discussions at any time with or without notice.The Owner shall have no legal commitment or obligation unless and until written agreement(s) have been fully executed, delivered and approved by the Owner and any conditions to the Owner’sobligations therein have been satisfied or waived.
Exclusively Marketed By:
Westside Estate Agency
Sevak Khatchadourian
310.560.1688
