2701 w 3rd street los angeles, ca 90057...located adjacent to the extremely high-volume markets of...

75’

125’

9,378 SFLOT

2701 W 3RD STREETLOS ANGELES, CA 90057ENTERPRISE ZONE | 2 PER 1,000 SF PARKING REGULATION RETAIL REPOSITIONING & MEDICAL OFFICE CONVERSION

OFFERING MEMORANDUM | $2,450,000

2

This Memorandum (“Offering Memorandum”) has been prepared by Hudson Partners based on information that was furnished to us by sources we deem to be reliable. No warranty or representation is made to the accuracy thereof; subject to correction of errors, omissions, change of price, prior sale, or withdrawal from market without notice.

This Memorandum is being delivered to a limited number of parties who may be interested in and capable of purchasing the Property. By its acceptance hereof, each recipient agrees that it will not copy, reproduce or distribute to others this Memorandum in whole or in part, at any time, without the prior written consent of Hudson Partners, and it will keep permanently confidential all information contained herein not already public and will use this Confidential Memorandum only for the purpose of evaluating the possible acquisition of the Property.

This Memorandum does not purport to provide a complete or fully accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information, which prospective buyers may need, or desire. All financial projections are based on assumptions relating to the general economy, competition and other factors beyond the control of the Owner and, therefore, are subject to material variation. This Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this Memorandum.

This Memorandum is being delivered by Hudson Partners to prospective purchasers with the understanding that all prospective purchasers will conduct their own independent investigation of those matters, which they deem appropriate in order to evaluate this offering. Additional information and an opportunity to inspect the site will be made available to interested and qualified prospective purchasers. Hudson Partners reserves the right to request the return of any or all of the information enclosed.

MacarthurPark

Ram

part

Blv

d

W Third St

Beverly Blvd

S La

Fay

ette

Par

k Pl

Alv

arad

o St

SUBJECT PROPERTY

W Sixth St

W Seventh St

3

© 2019 Hudson Commercial Partners, Inc. The information contained in this document has been obtained from sources believed reliable. While Hudson Commercial Partners, Inc. does not doubt its accuracy, Hudson Commercial Partners, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your 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. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Hudson Commercial Partners, Inc. and the Hudson Commercial Partners, Inc. logo are service marks of Hudson Commercial Partners, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

TABLE OF CONTENTS

SECTION ONE 06EXECUTIVE PROFILE

Beverly Blvd

Glendale B

lvd

W Third St

W Temple St

SECTION 1 | EXECU

TIVE OVERVIEW

6 - HUDSON COMMERCIAL PARTNERS, INC.

INVESTMENT OVERVIEW

Hudson Commercial Partners is pleased to present a rare value-added retail repositioning opportunity, located at 2701 West 3rd Street in a state enterprise zone adjacent to Downtown Los Angeles.

The asset is strategically positioned on the northwest corner of the signalized intersection of 3rd Street and Rampart Blvd, allowing extremely favorable visibility within one of the most dense corridors of Lafayette Park/Rampart Village.

This corner lot is situated on a 9,378 square foot lot with a 1,267 square foot structure currently in place.

The asset benefits from its State Enterprise Zone reduced parking requirements of 2 spaces per 1,000 SF of floor area, thereby providing an opportunity for a medical or dental owner-user or other repositioning strategy due to the property’s ample parking.

This prominent site is designated with expansive C2-1 Zoning, which allows for a large variety of density bonuses and menu incentives as well, via the implementation of the Transit Oriented Communities Tier 2 designation. Tier 2 provides a 60% density bonus for dwelling units (if at least 10% of new units are set aside for affordable or low income housing).

Located adjacent to the extremely high-volume markets of Downtown Los Angeles, Korea Town, Echo Park and Historic Filipino Town, 2701 W. 3rd St. presents an opportunity for an Owner-user or investor to capture market rents in a burgeoning sub-market.

There are numerous highly leveraged loan products available to an Owner-user looking to stabilize their occupancy costs in the long-run. If a Buyer occupies at least 51% of the square footage, they may obtain a 90% loan with SBA financing.

HUDSON COMMERCIAL PARTNERS, INC. - 7

EXECUTIVE SUMMARY

PROPERTY INFORMATION

DESCRIPTION SPECIFICATION

PRICE $2,450,000

POTENTIAL BLDG 3,500 SF

EXISTING BLDG 1,267 SF

LOT SIZE 9,378 SF

YEAR BUILT 1963

POTENTIAL USE Medical/Retail

FINANCING SBA 90% Loan

DESIGNATION Enterprise Zone/Reduced Parking

TENANCY MTM

PARKING 13 Spaces

PARKING RATIO 2 per 1,000 SF

TRAFFIC COUNT ± 42,497

MONTHLY INCOME $2,965

TENANCY Single-Tenant (Currently)

DESCRIPTION SPECIFICATION

CONSTRUCTION TYPE Wood-Frame

FOUNDATION Concrete

CURB CUTS 2:3rd, 1:Rampart

CEILING HEIGHT 12’ 5”

ENVIRONMENTAL / PHASE I No Further Action

LEASE TYPE Modified Gross

RESTROOMS 1 Restroom

APN 5155-022-001

CROSS STREET Rampart

LOT DIMENSIONS 125’ x 75’

STREET FRONTAGE 125 Feet on Third Street

STREET DEDICATION None

FAR 0.14

ZONING C2-1

HIGHWAY ACCESS 101 Hollywood Freeway


PLAT MAP


AERIAL

SUBJECT PROPERTY2701 W 3RD ST., LOS ANGELES, CA 90057

75’

125’

9,378 SFLOT


PROPERTY PHOTOS


JAY MARTINEZManaging Principal

11846 Ventura Blvd.Suite 140Studio City, CA 91604

Cal BRE: 01367663

CONTACT

C: 310.658.3357P: 818.699.1603F: 818.688.8140

E: [email protected]

DARIN SPILLMANPresident


Cal BRE: 01366902

CONTACT

C: 310.592.8269P: 818.699.1605F: 818.688.8140


MICHAEL CRISWELLBusiness Development


CONTACT

C: 323.559.1936F: 818.688.8140


2701 w 3rd street los angeles, ca 90057...located adjacent to the extremely high-volume markets of...

Documents