E Y 7008-7018

BAIRD AVENUE | RESEDA, CA7008-7018

RESEDA PARK LAKE

TARZANAENCINO

RESEDA BOULEVARD

SHERMAN WAY

BAIRD AVENUE

7008-7018 N BAIRD AVENUE, RESEDA, CAA UNIQUE 87 UNIT AFFORDABLE HOUSING DEVELOPMENT OP PORTUNITYBAIRD AVENUE | RESEDA, CA

7008-7018

This information has been secured from sources we believe to be reliable, but we make no repre-sentations or warranties, expressed or 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. Any projections, opinions, assumptions or estimates used herein are for exam-ple purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap

PRESENTED BY

LONNIE MCDERMOTT

First Vice President InvestmentsSenior Director, National Land GroupTel: (818) 212-2745Fax: (818) [email protected] License: CA: 01874375


CONCEPTUAL RENDERING

3

THE PROJECT

4MARKET

COMPARABLES

2

OFFERING

SUMMARY

1

AREA OVERVIEW


RESEDA TOWN CENTER$26M ICE RINK / RETAIL

DEVELOPMENT

NORTHRIDGE

SHERWOOD FOREST

LAKE BALBOA

RESEDA THEATER

RESEDA BOULEVARD

SHERMAN WAY

HART STREET

THE OFFERINGEXCELLENT RESEDA LOCATION

85 POTENTIAL UNITS

PRIME AFFORDABLE HOUSING DEVELOPMENT OPPORTUNITY

A 34,651 square foot development site. 7008-7018 N Baird Ave is zoned LA[Q]R2-2D-CDO-RIO,

but falls under "Community Commercial" General Plan Land Use, allowing for a potential

developer to rezone the site to RAS4 (corresponding zone) and build up to 87 units.

Marcus & Millichap is pleased to present 7008-7018 N Baird Avenue, a unique multifamily development opportunity located in Reseda, one of the most centrally located neighborhoods in the San Fernando Valley. This development opportunity is comprised of three existing residential units on 34,651 square of foot of land zoned LA[Q]R2-2D-CDO-RIO. The site also falls under "Community Commercial" General Plan Land Use, allowing for a potential developer to rezone the site to RAS4 (corresponding zone) and build up to 87 units, without the need for a "General Plan Amendment". The opportunity is ideal for affordable multifamily housing developers who are unrestricted by the constraints of Measure JJJ.

7008-7018 N Baird Avenue is ideally located in the center of the San Fernando Valley, which boasts upper middle class demographics, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer landlord favored market conditions with significant growth potential. Centrally located within short walking distance of Sherman Way and Reseda Boulevard, 7008-7018 N Baird Avenue is surrounded by local boutique retailers, grocery stores, employment, and major mixed use developments underway, including the Reseda Town Center (proposed 2021), which will include a $26M LA Kings Ice Rink Project, retail, and residential units.

The immediate area is on a path of major capital infusion and population growth. Historically, Reseda has been a predominantly single family home neighborhood with the major commercial corridors along Reseda Boulevard and Sherman Way. With some of the local retail properties becoming aged and underutilized, developers have seen an opportunity to recreate Reseda into the walkable urban suburbia that it once was. With the Metro Light Rail coming to Van Nuys Boulevard in the coming years, central and west Valley residents will now have transit access to LAX, Westside Los Angeles, and Downtown.

RESEDA BOULEVARD

HART STREET

BAIRD AVENUE

INVESTMENT HIGHLIGHTS

POTENTIAL 87 UNIT UNIT DEVELOPMENT OPPORTUNITY

� 34,651 square feet of land on the corner of Hart Street and Baird Avenue

� "Community Commercial" General Plan Land Use

� Potential to rezone site to RAS4

� Ideal opportunity for 100% Affordable Housing Developer

CENTRAL RESEDA LOCATION

� Tremendous revitalization coming to Reseda, with multiple mixed use projects under development along Reseda Boulevard and Sherman Way, including the Reseda Town Center, which will include a $26M LA Kings Ice Rink, retail, and residential units.

� The subject property is within short walking distance to Reseda Boulevard and Sherman Way, providing easy access to local retailers, grocery stores, and employment

� Creative businesses are taking root in Reseda, Van Nuys, and Northridge due to its proximity to major freeways, Metro station developments, and affordable housing.

EXCELLENT IMMEDIATE DEMOGRAPHICS

� Average household Income of $79,053

� Total Population of 80,524 in Reseda

� Strong local economy with significant job growth over a multitude of diverse sectors in neighboring Tarzana, Encino, Van Nuys, and Sherman Oaks

CONCEPTUAL RENDERING

DEVELOPMENTGUIDELINES

DEVELOPMENT SUMMARY

Lot Size 34,651 SF

Zoning [Q]R2-2D-CDO-RIO

General Plan Land Use Community Commercial

Corresponding Zones (Community Commercial)

CR, C2, C4, RAS3, RAS4, P, PB

[Q] Condition "No building shall be constructed in excess of 10 stories"

D limitation Height limit - 6 stories

Community Design Overlay (CDO) Reseda Central Business District

TOC Tier 1

RAS4 GUIDELINES (ZONE CHANGE)

Density Calculation 1 unit / 400 land SF

Potential Units +/- 87

FAR 3 : 1

A potential 87 unit development project with a zone change from LA[Q]R2 to LA[Q]RAS4. Due to the "Community Commercial" General Plan Land Use designation, a developer can apply for a zone change without a "general plan amendment"required.

CONCEPTUAL RENDERINGCONCEPTUAL RENDERING

117008-7018

BAIRDAVENUE

Address 7008-7018 N Baird AveReseda, CA

Price $4,500,000

Lot Size 34,651 SF

Zoning [Q]R2-2D-CDO-RIO

General Plan Land Use Community Commercial

Corresponding Zone RAS4

Existing Improvements 3 residential units

Potential Units 87

Price / SF $129.87

Price / Buildable Unit $51,724

FINANCIALSUMMARY


RESEDA BOULEVARD

HART STREET

BAIRD AVENUE160 FEET

224 FEET

MARKET OVERVIEW

"Reseda is a neighborhood in the San Fernando Valley in Los Angeles, California. It was founded in 1912, and its central business district started in 1915. The neighborhood was devoted to agriculture for many years.

Reseda is flanked on the north by Northridge, on the east by Lake Balboa, on the south by Tarzana and Encino on the west by Winnetka. Its street boundaries are Roscoe Boulevard on the north, White Oak Avenue on the east, Victory Boulevard on the south and Corbin Avenue on the west.

The neighborhood has fifteen public and five private schools. The community includes public parks, a senior center and a regional branch library. Parts of Reseda have been used in several motion picture and television productions.

Fixed in the mind of all as a suburb, Reseda is actually denser than Chinatown or

the Fairfax district, with 60,000 people living along the boulevards and avenues that

crisscross its 6 square miles. - LA Times

91,205Owner Occupied Households

within 5-m radius

82,758Renter Occupied Households

within 5-m radius

$94,031Average HH income within a

5-m radius

501,808Population within 5-m radius

173,962Households within a 5-m radius

�� The Reseda Country Club

�� The Reseda Theatre

�� Reseda Park and Recreation Center

�� Los Angeles Zoo

�� The Museum of San Fernando Valley

�� Valley Relics Museum

�� William S Hart Museum

�� Colonia Gymnasium

�� Skating Plus

�� SwingIt Trapeze

�� Nethercutt Collection

POINTS OF INTEREST

ResedaCALIFORNIA

PLAYER ONE

VALLEYHOT SPOTS

FASHION SQUARE

VENTURA BOULEVARD

STUDIO CITY FARMERS MARKET

UNIVERSAL STUDIOS

THE GREAT WALL OF LA

HARVEST MOON

UNIVERSAL CITYWALK

NOHO ARTS DISTRICTThe San Fernando Valley has experienced consistent population

growth since 2000, and population growth is projected for the

foreseeable future. Valley residents, on average, are more educated

than other parts of the City and County with 118,575 people with

graduate or professional degrees and another 239,705 with

bachelor’s degrees. Since 2000, the Valley has had a 16.6% increase

(59,689) in those with bachelor’s or advanced degrees. Valley

residents have access to renowned colleges and universities, such

as California State University, Northridge, Woodbury University,

Pierce College, Valley College, and Mission College. Balboa, on

the south by Tarzana and Encino and on the west by Winnetka.

It is within close proximity to Warner Center, all major freeways,

airports, downtown Los Angeles, the West Side and the Warner

Center. This dense submarket has over 630,000 people within a

five mile radius and an average household income of over $94,000.

197008-7018

BAIRDAVENUE

18 7008-7018 BAIRD AVENUE

SAN FERNANDO VALLEY HIGHLIGHTS

� 2.5 million residents in the San Fernando Valley

� Population growth projected – 45,000 new residents by 2020

� Strong ties to the entertainment industry – Home of Walt Disney Company,

Universal Studios, Warner Brothers, DreamWorks and Paramount Ranch

� Local motion picture and entertainment companies employ roughly 25,000 people

� Aerospace (Boeing & Northrop Grumman) Insurance (21st Century Insurance)

and Healthcare (Kaiser Permanente and Providence Health & Services)

industries also generate numerous well-paying jobs

� Substantial income growth since 2000

� Home ownership rate near 50% and large rental base

SAN FERNANDO VALLEY Almost 2.5 million people reside in the San Fernando Valley, which includes the sub-markets of Northridge-Northwest San Fernando Valley; Van Nuys-Northeast San Fernando Valley; Woodland Hills; BurbankGlendale-Pasadena; as well as Sherman Oaks-North Hollywood-Encino. The area’s population is expected to increase by 1.9 percent through 2019, or by nearly 45,000 new residents.

Known for its entertainment industry, the Valley boasts more than 100 soundstages. Entertainment giants calling the Valley home include Walt Disney Co., Universal Studios, Warner Brothers, DreamWorks and Paramount Ranch. The entertainment industry continues to set the area’s economic pulse. Local motion-picture and entertainment companies employ roughly 25,000 people.

While the Valley has grown into the world’s center for entertainment, aerospace giants Boeing and Northrop Grumman, and 21st Century Insurance also generate numerous well-paying jobs.

Healthcare is a also a major source of employment with providers that include Kaiser Permanente, and Providence Health & Services. As a result of its large concentration of high-salaries and successful companies, the area’s median household income of $59,300 per year has risen dramatically since 2000.

SAN FERNANDO VALLEY MAJOR EMPLOYERS

WARNER CENTER TOWERS SHERMAN OAKS

ENCINO

WOODLAND HILLS

MARKET COMPARABLES

7008-7018 Baird Avenue.

RENT COMPARABLES# ADDRESS CITY ZIP TYPE RENT RENT/SF YEAR BUILT

1 Monarch7918 Reseda Blvd Reseda 91335 One Bedroom

Two Bedroom$1,915$2,246

$2.51$2.35 1987

2 The Village17442 Sherman Way Lake Balboa 91406 One Bedroom


$2.76$2.66 2003

3 IMT Sherman Circle14500 Sherman Cir Van Nuys 91405

One BedroomTwo Bedroom

Three Bedroom

$2,494$2,606$4,009

$2.98$2.36$2.10

2016

4 Woodley Sara Apts7121 Woodley Ave Van Nuys 91406 One Bedroom


$2.81$2.25 2016

5 Alder19401 Parthenia St Northridge 91324

StudioOne BedroomTwo Bedroom

$1,890$2,115$2,730

$3.14$2.99$2.48

2016

6 7122 Amigo Ave Reseda 91335 One Bedroom $2,000 $2.00 2013

7 7343 Reseda Blvd Reseda 91335 One Bedroom $2,500 $2.78 2018

1

2

3

4

5

7

6

$2,147 AVERAGE RENT AVERAGE RENT / SF

One Bedroom

$2.69 AVERAGE RENT AVERAGE RENT / SF

Two Bedroom

$2,439 $2.42


Confidentiality AgreementThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

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