“ready to issue” building permit highland – … · “ready to issue” building permit...

“READY TO ISSUE” BUILDING PERMITHIGHLAND PARK – LIVE/WORK APARTMENT DEVELOPMENT5637 York Boulevard | Los Angeles | CA 90042

Tarek Shaer | BROKERUrbanest Group

T 310 508 7354

Adam O’Neill | PRINCIPALStonebridge Real Estate Group

T 213 814 2168 T 310.508.7354F [email protected]

T 213.814.2168F [email protected]

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CONCEPTUAL RENDERINGCEPTU

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York Boulevard | Highland Park 2

EXECU

EXECUTIVE SUMMARY

Tarek Z Shaer a California Licensed Broker – DRE # 01360703 dba ‘Urbanest Group’ (“Broker”) is pleased to present for sale a

UTIVE

SUM

Tarek Z. Shaer, a California Licensed Broker – DRE # 01360703, dba Urbanest Group ( Broker ), is pleased to present for sale a unique ± 5,609 square foot entitled mixed‐use commercial and live/work “for‐rent” apartment or “for‐sale” townhomes development site in Highland Park, a trendy up and coming neighborhood in northeast Los Angeles, California.

The property is located at the northwest corner of York Boulevard and Nolden Street, with a corresponding property address of‘911 North Nolden Street, Los Angeles, CA 90042’. This corner property has exposure to a residential neighborhood along M

MARY

Nolden Street and an eclectic commercial corridor along York Boulevard. Conveniently located adjacent to a grocery store,shops, and services it is centrally located near Downtown Los Angeles, Pasadena, Glendale, and Hollywood’s employmenthubs.

When developed, the property will be poised to meet a pent‐up demand for new and creative residential units as HighlandPark is undersupplied There has been considerable rehabilitation and updating of the current housing stock in the surroundingPark is undersupplied. There has been considerable rehabilitation and updating of the current housing stock in the surroundingneighborhoods. The gentrification began years ago in Highland Park and the area is hitting its stride. See enclosed New YorkTimes article on the gentrification of Highland Park, dubbing it “A new Culture District in Los Angeles”, Conde’ Nest Travelercalling it “LA’s Coolest Street”, and Redfin ranking Highland Park the No. 1 “Hottest Neighborhood in the US in 2013”*.

The project is approved with a Parcel Map for a three‐story mixed‐use development consisting of four residential units withd fl l l / k l k l d h d k b d l dground floor commercial or live/work space along York Boulevard with 10‐structured parking spaces. It can be developed as an

apartment or a condominium project. All building plans are approved by the City of Los Angeles, and a building permit is readyto issue (RTI)*.

Design alternations to the entitled project are permitted within substantial conformance with the approved plan.

Asking Price: $749,000.

Offers are due on Friday, December 5, 2014 by 5:00 pm PDT.

To scheduled a site tour or for additional information contact Tarek Shaer at 310.508.7354. LoopNet ID: 19002952

*While the information provided to Buyer verbally and in this marketing package has been obtained from sources believed to be reliable, Broker does not represent or warrant theWhile the information provided to Buyer verbally and in this marketing package has been obtained from sources believed to be reliable, Broker does not represent or warrant theaccuracy and completeness of said information. Buyer shall be responsible for conducting its own due diligence and verifying the accuracy of the information provided independently.


DEVEL

DEVELOPMENT HIGHLIGHT

• Located at the northwest corner of York Boulevard & Nolden Street in Highland Park a trendy up and coming neighborhood LOPM

ENT

• Located at the northwest corner of York Boulevard & Nolden Street in Highland Park, a trendy up and coming neighborhood in northeast Los Angeles. Corresponding property address is ‘911 North Nolden Street, Los Angeles, CA 90042’.

• Three‐story mixed‐use entitled development consisting of four residential units with ground floor commercial or Live/Work space along York Boulevard with 10‐structured parking spaces.

HIGHLIG

HT

• Approved Parcel Map # AA‐2013‐4062‐PMLA. Effective as of June 4, 2014. All appeals period expired. Case No. ZA 201 3‐4063(ZV)(ZAA).

• Approved Geology and Soils Report, LOG # 82564‐01 effective July 28, 2014. Available for review upon request.

• Final structural design has been submitted for plan‐check to the City of Los Angeles Department of Building and Safety TFinal structural design has been submitted for plan check to the City of Los Angeles Department of Building and Safety. Ready‐to‐Issue permits are expected by October 2014*.

• Property is 5,609 square feet, vacant, and no trees.

• Zoned [Q]C2‐1XL.

• Adjacent to a mix of residential and an eclectic commercial corridor.

• Contemporary design by R&D Architects. All units consist of 2‐bedrooms and 2.5 bathrooms.

• Average unit size is 1,640 square feet, with an average sales price of approximately $672,500.Average unit size is 1,640 square feet, with an average sales price of approximately $672,500.

• Unit plans are:

– Unit A: Three‐stories 2,295 SF Live/Work, or 1,630 SF residential with 665 SF commercial along York Boulevard.

– Unit B & C: Two‐stories 1,530 SF middle units.

York Boulevard | Highland Park

– Unit D: Two‐stories 1,206 SF along the rear.

4

AREA

AREA IMAGERYIM

AGERY

Metro hub between Downtown Los Angeles and Pasadena

Eclectic bistros and gastropubs


Theatre, arts and crafts movement

LOCA

TLOCATION AERIAL

TIONAERIA

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Property is centrally located in Highland Park just north/east Los Angeles


Highland Park is situated between Downtown Los Angeles & Pasadena

Property is 2‐blocks away from Yorkdale Elementary School , & 4‐blocks away from Franklin High School

PRO

PEPROPERTY IMAGES

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AGGES

Property surrounded by streets on three sides Adjacent to single family, multifamily, & commercial


View of the property looking south/westView of the property looking north/west

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CONCEPTUAL ELEVATIONSCEPTU

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CONCEPTUAL SPACE PLANCEPTU

ALSPA

CEPLANNS


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CONCEPTUAL FLOOR PLANSCEPTU

ALF

Ground Floor (Commerical & Parking)

LOORPLAANSSecond Floor

(Residential Entry)

Third FloorThird Floor(Residential Upper Floor)


MARK

MARKET OVERVIEW

This project is located in the heart of Highland Park along the most active and trendy section in the area There have been

KETOVERV

This project is located in the heart of Highland Park along the most active and trendy section in the area. There have beenconsiderable rehabilitation and updating of the current housing stock in the local neighborhood. The gentrification has begunyears ago in Highland Park and it is currently hitting its stride. See attached New York Times article on the gentrification ofHighland Park.

Several new attached townhomes lofts and small lot projects have been developed in northeast Los Angeles with live/work

VIEW

Several new attached townhomes, lofts, and small‐lot projects have been developed in northeast Los Angeles with live/workand mixed‐use elements. With a large pent‐up demand for new housing in northeast Los Angeles, trendy projects sell quickly toa spectrum of buyers including business professionals, area artists, and local homeowners looking to trade up their old home.

Comparable properties considered for the project’s pricing matrix, outlined below, are located in nearby Glassell Park, EagleRock Echo Park Silver Lake and Atwater Village As indicated in the attached ‘Area Projects’ sheets all referencedRock, Echo Park, Silver Lake, and Atwater Village. As indicated in the attached Area Projects sheets, all referencedcomparables are similar in product type, units size, and targeted home buyer.

PROJECT PRICING MATRIX BED/BATH SQUARE FEET RENT/MONTH RENT/SF SALE PRICE PRICE/SF

Unit A (Three‐story Live/Work) 2/2.5 1,630/665 $3,260 /1,496 $2.00/$2.25 $785,000 $342.05

Unit B (Two‐story residential) 2/2.5 1,530 $2,948 $2.00 $665,010 $434.65

Unit C (Two‐story residential) 2/2 5 1 530 $2 948 $2 00 $675 000 $441 18Unit C (Two‐story residential) 2/2.5 1,530 $2,948 $2.00 $675,000 $441.18

Unit D (Two‐story residential) 2/2.5 1,206 $2,412 $2.00 $565,000 $468.49

Average 1,474/665 $2,948 $2.00/$2.25 $672,503 $410.00


NEW

NELA UNION ‐ 3901 Eagle Rock Blvd. Glassell Park, CA 90065 SL 70 ‐ 2220 Duane Street, Silver Lake, CA 90039

NEW AREA PROJECTSAREA

PRO

JECTBuilder Warmington Homes

Year Built 2014

Square Footage 1,183 – 1,943 SF

Bed/Bath 2‐4/2.5‐3.5

Builder Trumark Homes

Year Built 2014/2015


Bed/Bath 2‐3/2.5

36 ON ECHO ‐ 1611 Delta St, Echo Park, CA 90026

Sale Price $500k ‐ $650k

ARTIS – 2505 Via Artis, Echo Park, CA 90039

Sale Price Not Priced Yet

Builder Van Daele Homes

Year Built 2014

Builder DR Horton Homes

Year Built 2013

York Boulevard | Highland Park12


Bed/Bath 3/2.5


Square Footage 1,150– 1,900 SF

Bed/Bath 2‐3/1.5‐2.5


AREAPEAK PLACE ‐ 3003 Peak Place, Glassell Park, CA 90065 SILVER LAKE LOFTS ‐ 2399 Silver Lake Blvd, Silver Lake, CA 90039

AREA COMPERABLE PROJECTSCOMPA

RAABLE

PRO

Builder Hayday

Year Built 2014

Square Footage 1,900 SF

B d/B th 3/2

Builder West Millennium

Year Built 2005

Square Footage 980 – 1,430 SF

B d/B th 2 3/2 2 5

OJECTS

MOSAIC – 5039 Mosaic Court, Eagle Rock, CA 90041 4111 SILVER LAKE – 4111 West Sunset Blvd, Silver Lake, CA 90029

Bed/Bath 3/2

Sale Price $625,000

Bed/Bath 2‐3/2‐2.5

Sale Price $475,000

Builder KOR Group

Year Built 2006

Square Footage 1 400 – 1 650 SF

Builder Pulte Homes

Year Built 2013

Square Footage 1 788 – 1 907 SF

York Boulevard | Highland Park13


Bed/Bath 2‐3/2‐2.5



Bed/Bath 3‐4/2.5‐3


FINAN

FINANCIAL PROFORMA – ApartmentsNCIA

LPRO

FORM

A–AAPA

RTMENN

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FINAN

FINANCIAL PROFORMA – For Sale

PROFORMA SUMMARY TOTAL PER UNIT PER SF % OF REVENUE

Units 4 Average Unit Size 1,640 Average Base Sales Price $672,500

NCIA

LPRO

g ,Average Price Per Square Foot $410.00

Gross Project Revenue $2,690,010 $672,503 $410.00 100.00% Marketing & Sales Costs ($134,501) ($33,625) ($20.50) (5.00%)

FORM

A–

Net Project Revenue $2,556,000 $639,000 $389.57 95.02%

Land Value $749,000 $187,250 $114.16 27.84% Lot Improvement Costs - A&E $55,866 $13,966 $8.51 2.08% Impact Fees $78,045 $19,511 $11.90 2.90%

FORSALE

Lot Improvement Costs - Construction $333,333 $83,333 $50.81 12.39% Direct Construction Costs $603,612 $150,903 $92.00 22.44% Overhead and Project Management $80,700 $20,175 $12.30 3.00% Finance Costs $123,536 $30,884 $18.83 4.59% Total Costs $2 024 000 $506 000 $308 49 75 24%Total Costs $2,024,000 $506,000 $308.49 75.24%

Total Profit $532,000 $133,000 $81.09 19.78%

Profit as % of Gross Revenues 19.8% Profit as % of Total Cost 26.3%


PRO

JEPROJECT BUDGET – For Sale

PROJECT BUDGET TOTAL PER UNIT PER SF

A i iti C t

ECTBUDG

Acquisition CostsAcquisition $749,000 $187,250 $114.16

Total Project Acquisition Costs $749,000 $187,250 $114.16

Soft CostsGeneral Architectural $0 $0 $0.00 Engineering Costs $10 000 $2 500 $1 52 ET

–FORS

Engineering Costs $10,000 $2,500 $1.52 Surveys $0 $0 $0.00 Insurance $20,000 $5,000 $3.05 Taxes $9,363 $2,341 $1.43 Legal Fees $10,000 $2,500 $1.52 Entitlement Consulting $0 $0 $0.00 Project Management and Overhead $80,700 $20,175 $12.30 S

ALE

j g $ , $ , $City Planning Fees $0 $0 $0.00

Miscellaneous 5.00% $6,503 $1,626 $0.99

Total Soft Costs $136,566 $34,141 $20.81

FeesBuilding Fees $36,000 $9,000 $5.49 Development Fees $20,000 $5,000 $3.05 School Fees $22,045 $5,511 $3.36

Total Fees $78,045 $19,511 $11.90

Construction CostsDirect Construction $603,612 $150,903 $92.00 Streets & Utilities $20 000 $5 000 $3 05Streets & Utilities $20,000 $5,000 $3.05 Garage and Walls $150,000 $37,500 $22.86 Grading $80,000 $20,000 $12.19 Landscaping $15,000 $3,750 $2.29 Fencing & Security $15,000 $3,750 $2.29 Lighting $5,000 $1,250 $0.76 Contingency 5% $48,333 $12,083 $7.37


g y

Total Construction Costs $936,945 $234,236 $142.81

Total Costs (Excluding Finance) $1,900,556 $475,139 $289.67

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NEW YORK TIMESCLES

& PUBLICA

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ARTIC

CONDE’ NEST TRAVELERCLES

& PUBLICA

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REDFINCLES

& PUBLICA

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CONT

CONTACT INFORMATIONACT

INFO

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Tarek Shaer | BROKERUrbanest Group

Adam O’Neill | PRINCIPALStonebridge Real Estate Group

1035 S h G d A 3rd Fl

RMATIO

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1007 North Sepulveda Blvd, #231Manhattan Beach, CA 90267T 310.508.7354F [email protected] t

1035 South Grand Avenue, 3rd FloorLos Angeles, CA 90015T 213.814.2168F [email protected] com urbanestgroup.comstonebridgereg.com


“ready to issue” building permit highland – … · “ready to issue” building permit...

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