Marathon LA - LoopNet...historic music venues like the Hollywood Bowl, and Dolby Theatre, home of...
Transcript of Marathon LA - LoopNet...historic music venues like the Hollywood Bowl, and Dolby Theatre, home of...
Excel len t Los Angeles TOC Development Oppor tun i t y 6 ,390 SF of Land Zoned LARD2-1VL
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INVESTMENT ADVISORS: 1PROPERTY ANALYSIS
2COMPARABLE PROPERTIES
LONNIE McDERMOTTFirst Vice President InvestmentsDirector, National Land GroupEncino OfficeCell: 818.577.8904 Office: [email protected] License: CA 01874375
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D I S C L A I M E RTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressor implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
Joshua S. RossSenior Vice President InvestmentsApartmentsEncino OfficeOffice: [email protected]: CA 01918715
Eliyahu AppelSenior AssociateApartmentsEncino OfficeOffice: [email protected]: CA 01918652
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PROPERTYANALYSIS
Marathon LA
$650,000 $101.72/ SF
APN 5402-021-042
Land Size (SF) 6,390 SF
Zoning RD2-1VL
Land Use Designation Low Medium II Residential
Zoning Information ZI-2374, ZI-2452
Neighborhood Council Silver Lake
Community Plan Area Silver Lake - Echo Park - Elysian Valley
Council District CD 13 - Mitch O’Farrell
TOC Tier Tier 3
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EXCELLENT LOS ANGELES DEVELOPMENT OPPORTUNITY
� Prime Silver Lake / Echo Park location
� Proximate to Downtown LA, Koreatown, Dodger Stadium, Chinatown
� Easy access to the 101 and 5 Freeways
� Located 0.3 miles from the highly trafficked Sunset Blvd
� Unique opportunity to construct a multifamily project
� Multiple large name employers nearby
� Centrally located near many new developments, both proposed and in construction
IMMEDIATE DEMOGRAPHICS
� Average household Income of $77,457 within 1 mile
� Population of 63,836 within a 1 mile radius
� Strong local economy with significant job growth over a multitude of diverse sectors
The PropertyMarcus and Millichap is pleased to present Marathon LA, a high profile Transit Oriented development opportunity located in the Silver Lake/ Echo Park area of Los Angeles. The property features 6,390 Sf of land zoned RD2-1VL with tier 3 TOC status granting access to 40% density and an increase in Floor Area Ratio.
The subject property is bounded by Silver Lake to the north, Echo Park to the east, Koreatown to the west and Filipinotown and Downtown Los Angeles to the south providing an abundance of employers, activities, shopping and dining, transit options, and nightlife within a few miles.
Transit options include the 101 freeway which is located half a mile away and provides direct transit to Downtown Los Angeles due east and Hollywood due west. The property is also located 0.3 miles from the famous Sunset Blvd which houses the Coronado/ Sunset bus station which gives the property its tier 3 TOC status.
Marathon St is right on the cusp of significant capital infusion with multiple multifamily and small lot developments in construction or in the planning phase providing the immediate area with hundreds of new units.
Executive Summary Marathon LA
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Zoning Map Assessor Map
ZONING RD2-1VL
Density 1 dwelling unit / 2,000 SF
Specific Plan None
Max Height 45’
Max Stories 3 Stories
Max FAR 3:1
RD2-1VL
Density +40%
Max Height +22 Feet
Max Stories +2 Stories
Max FAR +45%
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Zoning Information TOC Density Bonus
*Buyer to Verify*Buyer to Verify 98
LOCATION OVERVIEW
MA JOR CAPITAL INFUSION
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2014 W Sunset Blvd36 Mixed Use Units Under Construction
Fred Farzan
742 Parkman Ave9 M.F Units Proposed
WJK Development
707 N Alvarado St81 M.F Units
ProposedSRO Housing Corporation
1032 N Coronado St 33 M.F Units
Proposed
617 N Dillon St49 M.F Units
Delivering 11/2018CIM Group LP
505 N Silver Lake Blvd
48 M.F Units ProposedA.J. KHair
Nearby Development Map
Silver LakeC a l i f o r n i a
P O P U L A T I O N 1 3 5 , 0 6 3
Silver Lake is a residential and commercial neighborhood in the central region of Los Angeles, California. Originally named Ivanhoe in the 1900s by a resident from Scotland, it was built around what was then a city reservoir which gives the district its name. The “Silver” in Silver Lake is not because of the water’s color, but named for a local politician who helped create the reservoir. The area is known for its restaurants and hipster hangouts, and many notable people have made their homes there. The neighborhood has several public and private schools.
Silver Lake is flanked on the northeast by Atwater Village and Elysian Valley, on the southeast by Echo Park, on the southwest by Westlake, on the west by East Hollywood and on the northwest by Los Feliz.
Street and other boundaries are: the Los Angeles River between Glendale Boulevard and Fletcher Drive and Riverside Drive on the northeast, the Glendale Freeway on the east, Effie Street, Coronado Street, Berkeley Avenue and Fletcher Drive on the southeast, the Hollywood Freeway on the south, Virgil Avenue on the west and Fountain Avenue and Hyperion Avenue on the northwest. The prime real estate around the lake is known by realtors as the “Moreno Highlands.”
C i t y O fS i l v e r L a k e
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850 Coronado St11Small Lot Homes Under Construction
Coronado Street, LLC 1312
HollywoodA larger-than-life symbol of the entertainment business, Hollywood beckons tourists with landmarks like TCL Chinese Theatre and starstudded Walk of Fame. Highlights include Paramount Pictures, historic music venues like the Hollywood Bowl, and Dolby Theatre, home of the Oscars. Scenesters can choose from improv comedy clubs, retro-cool bars and velvet-roped nightclubs.
GlendaleGlendale is a city in Los Angeles County, California. Downtown, the Museum of Neon Art showcases light-based, kinetic and electric art, plus vintage neon signs. Brand Park has trails and the 19th-century Doctor’s House Museum and Gazebo. The Verdugo Mountains offer equestrian routes and hilltop lookouts. Northeast, trails run through rugged Deukmejian Wilderness Park in the foothills of the San Gabriel Mountains.
Downtown Los AngelesHip and historic, downtown Los Angeles (or simply DTLA) offers big-city excitement with restaurants, cultural attractions, and major league sports. An influx of new residents has helped energize the area, and downtown’s re-emergence has also been spurred by such attractions as Grand Park, an urban oasis with views stretching from the Music Center (including Walt Disney Concert Hall) to City Hall.
Korea Town
Koreatown’s many bars and casual 24/7 dining makes for a buzzing late-night scene. There are Korean BBQ restaurants with tabletop grills, plus karaoke joints, hip speakeasies and flashy clubs, as well as the landmark Wiltern Theatre, an art deco music venue. K-town’s dense mix of historic buildings and contemporary complexes also features traditional spas, bubble tea cafes and specialty grocery stores.
Adjacent Neighborhoods
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COMPARABLEPROPERTIES
Marathon LA
Sales Comps- Land
Comps SALE PRICE LOT SIZE $/SF ZONING TO CCLOSE of ESCROW
Subject Property $650,000 6,390 SF $101.72 LARD2-1VL Tier 3 N/A
1 1020 White Knoll Dr, Los Angeles, CA 90012 $1,750,000 9 ,960 SF $175.70 LARD1.5 Tier 1 4/29/2016
2 600-606 N Alvarado St, Los Angeles, CA 90026 $4,258,010 25,829 SF $97.76 LARD2 Tier 1 6/29/2018
3 2267 Duane St, Los Angeles, CA 90039 $1,200,000 7,504 SF $159.91 LARD2 N/A 9/25/2017
4 4056 Marathon St, Los Angeles, CA 90029 $739,140 4 ,255 SF $173.71 LARD1.5 Tier 3 5/20/2016
5 1346 Sutherland St, Los Angeles, CA 90026 $1,020,000 6 ,765 SF $150.78 LARD1.5 Tier 2 6/25/2018
Average $143.671
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Land Sale Comps Map
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Sales Comps- Condo
CompsSALE
PRICE $/SF Unit SF Unit Mix Year Bui lt C OE
1 1631 Echo Park #5, Los Angeles, CA 90026 $739,000 $597.90 1,236 SF 2 Bd/3 Ba 2012 9/19/2018
2 1615 Echo Park #7, Los Angeles, CA 90026 $749,000 $567.42 1,320 SF 2 Bd/3 Ba 2012 10/18/2018
3 3251 Descanso Dr, Los Angeles, CA 90026 $1,175,000 $583.42 2 ,014 SF 3 Bd/3 Ba 2017 6/9/2017
4 2926 Rowena Ave #2, Silver Lake, CA 90039 $972,431 $495.63 1,962 SF 3 Bd/4 Ba 2016 7/7/2017
5 3253 Descanso Dr, Los Angeles CA, 90026 $1,227,000 $582.90 2 ,105 SF 3 Bd/3 Ba 2017 5/31/2017
Average $565.49 1
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Condo Comps Map
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Comps Sales/Price Year Bui lt Units C ap $/SF $/Unit C OE
1 638-648 N Rampart Blvd, Los Angeles, CA 90026 $1,975,000 2016 3 5.87% $401.67 $658,333 3/23/2017
2 1441 Echo Park Ave, Los Angeles, CA 90026 $2,750,000 1921 5 5.00% $832.32 $550,000 5/1/2018
3 1806-1814 Montana St, Los Angeles, CA 90026 $3,050,000 1918 6 4.07% $692.87 $508,333 4/13/2016
4 244 N Park View St, Los Angeles, CA 90026 $2,600,000 2018 4 5.47% $477.77 $650,000 10/24/2018
5 3400 London St, Los Angeles, CA 90026 $3,100,000 2018 4 4.59% $419.71 $775,000 6/18/2018
Average $564.84 $629,660
Sales Comps- Multi-Family
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Multi Family Comps Map
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UNIT S AVG SFAVG
RENTAVG
RENT/SFYEAR BUILT
1 N/A 244 N Park View St, Los Angeles, CA 90026 4 1,361 SF $3,857 $2.83 2018
2 Valley Street Apts 2300 Valley St, Los Angeles, CA 90057 18 1,099 SF $2,778 $2.53 2016
3 N/A 200 N Rampart Blvd, Los Angeles, CA 90026 12 725 SF $2,153 $2.94 1960
4 N/A 1633 Morton Ave, Los Angeles, CA 90026 13 729 SF $2,296 $3.15 1964
Average $2.86
Multi-Family Lease Comps
Comps
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Multi Family Lease Comps Map
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LONNIE MCDERMOTTFirst Vice President InvestmentsDirector, National Land GroupEncino OfficeCell 818.577.8904 Office [email protected] License: CA 01874375
P R E S E N T E D B Y
Joshua S. RossSenior Vice President InvestmentsApartmentsEncino OfficeOffice: [email protected]: CA 01918715
Eliyahu AppelSenior AssociateApartmentsEncino OfficeOffice: [email protected]: CA 01918652
Marathon LA