rti small lot subdivision development opportunity …images2.loopnet.com/d2/oypxmsautgjv9vyaq36...a...

RTI SMALL LOT SUBDIVISION DEVELOPMENT OPPORTUNITY IN UP AND COMING GLASSELL PARK

3361 ANDRITA STLOS ANGELESCA 90065

OFFERING MEMORANDUMKenny Stevens Max Berger Andrew WilkeyBRE# 01090251 818.321.4972 cell BRE# 01998185310.968.7005 cell [email protected] 949.355.3384 [email protected] [email protected]

PRESENTED BY LOCATION OVERVIEWMarket overviewLocation OverviewUpcoming Developments

PROPERTY SUMMARYProperty Highlights Property Details Aerial Photo Parcel Orientation

BUILDING PLANSRenderingsLiving Options

FINANCIALSFinancial Overview

COMPARABLESSales Comps

MARKETING PACKAGEOVERVIEW

Kenny StevensBRE# 01090251

310.968.7005 [email protected]

Max Berger818.321.4972 cell

[email protected]

Andrew WilkeyBRE# 01998185

949.355.3384 [email protected]

3361 ANDRITA STLOS ANGELES, CA 90065

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

LOCATION3361 ANDRITA STLOS ANGELESCA 90065

3361 ANDRITA STREET

LOCATIONLOCATION OVERVIEW

GLASSELL PARK

Following in the footsteps of Los Feliz, Silverlake, and Highland Park, GlassellPark is the next hot neighborhood in North East LA.

Glassell Park is a community nestled in a relatively small pocket between LosFeliz, Atwater Village, Eagle Rock, Highland Park, and Mount Washington.The area is bordered by the LA River to the South, The Verdugo Mountains tothe North, and views of Mt. Washington to the East. The area gets its namefrom Andrew Glassell, a famous attorney and developer who was granted alarge portion of the land during the Great Partition of 1871. Glassell passedaway in 1901 and the land has slowly been sold off by the remaining family.Many of the streets are named after his close family: Toland, Drew, Andrita,Marguarite, etc.

Glassell Park saw a major population boom in the early 90s as developersbegan constructing hundreds of apartment buildings in the relatively smallarea after getting the green light from the city of Los Angeles. Densitybegan increasing as population grew and new occupants started to inhabitthe area. Glassell Park fell victim to high levels of gang activity in the late90’s, with LA’s most notorious gang “The Avenues” dominating the streets formany years. However, in 2008 more than 500 officers and federal agentsarrested over 80 gang members and the City of Los Angeles beganallocating resources to revitalize the area. A community garden was placedon Drew Street, and local organizations like The Glassell Park ImprovementAssociation have made incredible strides to clean up the area.

Glassell Park has experienced tremendous change in the last 7 years.Hipsters from Atwater Village, Highland Park, and Silverlake are migratinginto Glassell Park and occupying the apartments that once ran wild withquestionable characters. The area provides a certain level of affordabilitythat allows millennials to purchase or rent their own little piece of Los Angelesat a fraction of the cost. Quaint coffee shops, trendy night clubs, and localbreweries line the narrow commercial streets of Glassell Park providingentertainment and dining to local residents. Median home prices in GlassellPark have increased by 10.5% over the past year, and values are expectedto continue rising as millennials keep pouring in, and the city continuesinvesting in infrastructure. Several large development/improvement projectsare expected to hit the area in the next 5 years, making it an attractive areato investors seeking value where nobody else is looking.


LOCATIONLOCATION OVERVIEWLOCATIONLOCATION OVERVIEW

3361 ANDRITA STREET


Dodger Stadium

Griffith Park Observatory

GLASSELLLANDHabitat Coffee

Lemon Poppy Kitchen

Glassell Park Recreation Center

Complex

Verdugo BarEagle Rock

Brewery

1

23

LOCATIONUPCOMING DEVELOPMENTS

1. The LA River Habitat Restoration Plan – The city of Los Angeles has acquired theTaylor Yard G2 Parcel, currently 42 acres of industrial rail yard, and will have UnionPacific Railway clean up the soil contamination. The plan includes restoring the areainto a wildlife sanctuary for the common use of Glassell/Cypress Park residents. Thismeans widening the channel, restructuring channel walls and banks to supportvegetation, and the creation of a riffle and pool system to support freshwater marshhabitat. The road has been long and the prize elusive, but its looking like the city isfinally on the cusp of beginning construction at the “crown jewel” parcel on the LosAngeles River.

2. 419-unit Luxury Apartment Living Complex – has been proposed by developerslooking to acquire the parcel running along the LA River known as the Bow TieYard. The space was once a thriving train station for Union Pacific Railway, but hassince gone inactive and allows a potential opportunity for investors to repurpose. Asit stands, developers need the city to grant a zoning change due to the fact that theparcel is currently earmarked for heavy manufacturing. However, with over 50apartments under construction right across from the Bow Tie Yard, many believe thezoning change with be granted which will benefit all neighboring Glassell Parkresidents.

3. 56 Condominium Units in Development – Luxury Condominium units known as “TheRiver House” have been developed on the waterfront across from the Bow Tie Yard tomeet growing demand for luxury apartment living in LA. Most units are expected tobe completed before the LA River project finishes, and many units have been builtalready. Residents will be pioneers, becoming some of the first to own a home on theLA River and witness its revitalization first hand.

4. Target – is exploring the idea of putting in a store where the Fresh and Easypreviously shut down in late 2015. A lease has already been signed (Jan. 2017) bytarget to occupy this space, however the project is still “undergoing approvals by thecity”. There is already a Target nearby in Eagle Rock, however Target executivesbelieve a location in Glassell Park will fill a necessary void for a big-box retailer to sinkits roots and cater to the this local community.

5. Taylor Yard Village Project – Nestled alongside the banks of the LA River in CypressPark, the 17-acre Taylor Yard Village master plan includes 95 paired and detachedSFR homes plus 262 apartments. Just steps away from the 40-acre Rio de Los AngelesState Park, residents will enjoy a central paseo including lush landscaping and 25,000sqft of retail space in the future. The Taylor Yard Village offers the rarest ofopportunities to live your dream in the heart of Los Angeles.

Bow Tie Yard – 2800 Casitas Ave419 Apartment Units

LA River Lofts56 Condominium Units

LA River Restoration Project – “Parcel G2”48 acres of industrial land to be transformedInto a wildlife habitat/community park

Target Glassell Park

Taylor Yard Village Project

3361 ANDRITA STREET


PROPERTY SUMMARY3361 ANDRITA STLOS ANGELESCA 90065


PROPERTY SUMMARYPROPERTY HIGHLIGHTS

SMALL LOT SUBDIVISION • Prime location in up and coming Glasell Park• Currently improved with ten vacant apartments• Huge 20,786 square foot lot zoned LARD2• Ready to issue permits for 10 modern homes in a small lot subdivision• Centrally located, close to Lemon Poppy Cafe, D3 Cafe, Habitat Coffee, Verdugo Bar

and Eagle Rock Brewery

PROPERTY SUMMARYPROPERTY DETAILS

PROPERTY DESCRIPTION3361 Andrita St, a unique development opportunity in one of LA’s most desirable up and comingneighborhoods of Glassell Park. This large 20,786 SF lot is permit ready for 10 modern homes in a small lotsubdivision. Plans feature 3 unit types of three story single-family homes varying in size between 2,200sf,1,800sf, and 1,400 sf. Each home has a flexible space on the ground level that has a private entrance andcould be used as a home office, media room, art studio or furnished rental.

PROPERTY DETAILSUnits 10Major Intersection Andrita St and Fletcher DrMarket Glassell Park APN 5458-026-014Zoning Type LARD2Lot SF 20,786 SF


PROPERTY SUMMARYPROPERTY AERIAL


PROPERTY SUMMARYPARCEL ORIENTATION


BUILDING PLANS3361 ANDRITA STLOS ANGELESCA 90065


BUILDING PLANSRENDERINGS


Plans feature 3 unit types varying in size between 1,400 sf, 1,800 sf, and 2,220 sf

The three story, single family homes have a flexible space on the ground level with a private entry that could be used as a home office, media room, art studio, or furnished rental

BUILDING PLANSRENDERINGS


Each individual home contains two independent entrances and private garages, patios, and cantilevered balconies

Each home features expansive windows and skylights and have city and mountain views

BUILDING PLANSSITE PLAN


BUILDING PLANSLIVING OPTIONS


UNIT ATOTAL SF 2,350 SFBEDS 4BATHS 3.5INDOOR LIVING 2,000 SFOURDOOR LIVING SPACE 220 SFCOMBINED LIVING SPACE 2,200 SFTWO CAR GARAGE/STORAGE 320 SFPRIVATE GARDEN 160 - 450 SF


UNIT BTOTAL SF 2,100 SFBEDS 3BATHS 3.5INDOOR LIVING 1,800 SFOURDOOR LIVING SPACE 140 SFCOMBINED LIVING SPACE 1,940 SFTWO CAR GARAGE/STORAGE 308 SFPRIVATE GARDEN 200 - 450 SF



UNIT CTOTAL SF 1,750 SFBEDS 2BATHS 2.5INDOOR LIVING 1,400 SFOURDOOR LIVING SPACE 150 SFCOMBINED LIVING SPACE 1,550 SFTWO CAR GARAGE/STORAGE 320 SFPRIVATE GARDEN 150 - 650 SF


FINANCIALS3361 ANDRITA STLOS ANGELESCA 90065


FINANCIALSFINANCIAL OVERVIEW - $2,950,000


Listed For $2,950,000Total Buildable Units 10Price Per Buildable Unit $295,000Total Planned Building SF 20,800Lot SF 20,786Price Per Foot of Land $141.92Zoning LARD2

UNITS UNIT TYPE UNIT SF

2 4 Beds/3.5 Bath 2,220 SF6 3 Beds/3.5 Bath 1,940 SF2 2 Beds/2.5 Bath 1,550 SF


COMPARABLES3361 ANDRITA STLOS ANGELESCA 90065

1

3361 Andrita St, Los Angeles 90065 3005 Peak PL Los Angeles, CA 90065

2507 N Via Artis Ave Los Angeles, CA 90039

1765 N New Hampshire Los Angeles, CA 90027

Comments: Built in 2013 and sold more than a year ago. 78 DOM. 2 car garage.

Comments: 40 DOM. Better location. 6 residence subdivision with 2 car garage. Monthly maintenance fee of $135.

Comments: Built and sold over a year ago. 37 DOM. 2 car garage.

Comments: Subject Property

Comments: 2 car garage. No HOA dues, small maintenance fee of $30.00 per month for gated entry and general maintenance. 62 DOM.

Sale Price $830,000COE 11/26/2016Building SF 1,730Price/SF $479Year Built 2013

Sale Price $1,119,000COE 5/30/2017Building SF 1,725Price/SF $648Year Built 2017

Sale Price $755,000COE 8/16/2016Building SF 1,859Price/SF $406Year Built 2013

Sale Price $780,000COE 2/1/2016Building SF 1,770Price/SF $440.00Year Built 2010

BEDS BATHS3 4

BEDS BATHS3 2.5

BEDS BATHS3 3

BEDS BATHS3 2

Price Unit $295,000Buildable Units 10Buildable SF 20,800Lot SF 20,786Price/ Land SF $141.92Year Built 2018

UNITS UNIT TYPE2 4 + 3.5 (2,220 SF)6 3 + 3.5 (1,940 SF)2 2 + 2.5 (1,550 SF)

4300 Perlita Ave Los Angeles, CA 90039

1

1402 N Prism Dr Los Angeles, CA 90041

Comments: 2 car garage. 34 DOM

Sale Price $775,000COE 6/22/2016Building SF 1,705Price/SF $454.00Year Built 2016

BEDS BATHS3 3.5

COMPARABLESSALES COMPS

6


1429 N Center LN Los Angeles, CA 90026

1241 Gordon St Los Angeles, CA 90038

Comments: 1 DOM. 10 new architectural single family homes with gated driveway and 2 car garage. Better location. Monthly maintenance fee of $121.

Comments: 1 DOM. Better location. 10 residence subdivision with 2 car garage. Monthly maintenance fee of $115.

Sale Price $1,109,000COE 7/15/2017Building SF 1,860Price/SF $596.24Year Built 2017

Sale Price $1,059,000COE 8/24/2017Building SF 1,816Price/SF $583.15Year Built 2017

BEDS BATHS3 3

BEDS BATHS3 4

7

COMPARABLESSALES COMPS

Sales Comps1402 N Prism Dr4300 Perlita Ave 3005 Peak PL 2507 N Via Artis1241 Gordon St 1765 N New Hampshire Ave1429 N Center LN

3361 Andrita Street


6

7

67

3361 ANDRITA STLOS ANGELESCA 9065

OFFERING MEMORANDUMKenny Stevens Max Berger Andrew WilkeyBRE# 01090251 818.321.4972 cell BRE# 01998185310.968.7005 cell [email protected] 949.355.3384 [email protected] [email protected]

rti small lot subdivision development opportunity …images2.loopnet.com/d2/oypxmsautgjv9vyaq36...a...

Documents