FOR SALE: 1485 - 1501 W SUNSET BOULEVARD LOS ANGELES (ECHO PARK), CA 90026 UNPARALLELED ECHO PARK DEVELOPMENT OPPORTUNITY Dodger Stadium Downtown Los Angeles Echo Park 110 110 101 101 0.75 miles 1.75 miles RARE ±36,044 SQ. FT. SITE IN PRIME ECHO PARK
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FOR SALE: 1485 - 1501 W SUNSET BOULEVARD · 2016-03-22 · FOR SALE: 1485 - 1501 W SUNSET BOULEVARD LOS ANGELES (ECHO PARK), CA 90026 UNPARALLELED ECHO PARK DEVELOPMENT OPPORTUNITY
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FOR SALE: 1485 - 1501 W SUNSET BOULEVARDLOS ANGELES (ECHO PARK), CA 90026
UNPARALLELED ECHO PARK DEVELOPMENT OPPORTUNITY
Dodger Stadium
DowntownLos Angeles
Echo Park
110
110
101
1010.75 miles
1.75 m
iles
RARE ±36,044 SQ. FT. SITE IN
PRIME ECHO PARK
TABLE OF CONTENTS
THE OFFERING 3
PROPERTY SUMMARY 5Property Overview
Property Highlights
Parcel Map
Aerial Map
Zoning
MARKET OVERVIEW 12Market Overview
Development Pipeline
Demographics
DEVELOPMENT PIPELINE 18Downtown Los Angeles Development
CBRE, Inc. is pleased to present a rare development opportunity to purchase nine contiguous parcels in thriving Echo Park. These nine contiguous parcels comprise of approximately 36,044 square feet, or approximately 0.83 acres, in the heart of Echo Park. These parcels are located along Sunset Boulevard and are zoned C2-1VL and RD2-1VL. Buyer to verify zoning and allowable units with the city.
CALL FOR OFFERS: FRIDAY, APRIL 1 AT 5PM
PRICE: BEST OFFER
Addresses: 1485 W. Sunset Blvd, 1487 W. Sunset Blvd, 1489 W. Sunset Blvd, 1501 W Sunset Blvd, & 1314 McDuff St, Los Angeles, California 90026
STRENGTHS• Excellent location in the heart of it all!
• Extremely rare development opportunity
• Strong and dense rental neighborhood surrounding these sites
• Quick access to all of Los Angeles
• Solid demographics: Within a mile radius of the subject site, daytime employment is near 9,000 individuals and population is over 43,600 individuals. Within half a mile radius of subject site, the average home value is north of $667,000.
PROPERTY HIGHLIGHTS
UNMATCHED FUTURE POTENTIALWith Downtown Los Angeles and Silver Lake just around the corner, Echo Park is continuously expanding in business, culture, sports, restaurants and entertainment.
Blue Bottle Coffee
Button Mash Arcade
Silver Lake
DowntownLos Angeles
Hollywood
Echo Park
Koreatown
Eagle RockAtwater Village
Los Feliz
10
5
5
101
101
2
2
110
110
CBRE | 11
AERIAL MAP
S U B J E C T P R O P E R T Y
MARKET OVERVIEW
CBRE | 13
ECHO PARKSurrounded by Elysian Park, Elysian Valley, Silver Lake and Chinatown, Echo Park is a diverse, up and coming neighborhood where you’ll find variety of attractions. Echo Park is a densely populated neighborhood of over 43,000 residents. It has one high school and eight other schools.Districts within Echo Park:• Angelino Heights• Elysian Heights• Historic Filipinotown• Victor Heights
Top Attractions: • Echo Park Lake
o The Echo Park neighborhood was named after this famous lake o Home to the famous “Lady of the Lake” statue o Recently underwent a $45 million renovation
• Baxter Street Stairs o Popular place to exercise; fascinating views of Downtown Los Angeles, Griffith Observatory, and the Hollywood sign
• Carroll Avenue o Street lined with Victorian manors that date to the 19th century
• Chavez Ravine Arboretum o Features over 100 varieties of trees from all over the world
• The Echoplex o 350-person music venue that is home to big name performers and inde pendent rock acts o Rolling Stones had a surprise performance at the Echoplex in 2013
• El Prado o Wine and beer bar
• Origami Vinyl o One of the best record stores in Los Angeles; located on Sunset Boulevard
• Taco Zone o Famous taco truck located in the Vons parking lot at Alvarado and Montana
• Valerie Confections o Popular breakfast, pastry, and afternoon tea joint
• Golden Road Brewery o Recently purchased by Anheuser-Busch
MARKET OVERVIEWECHO PARK
WORLD CLASS DINING. LEGENDARY NIGHTLIFE.
Dodger Stadium Mohawk Bend Restaurant
Shepard Fairey’s Gallery Elysian Park: 2nd largest park in Los Angeles
CBRE | 14
SILVER LAKESilver Lake, known as one of “the city’s hippest neighborhoods”, is bordered by Atwater Village, Elysian Valley, Echo Park, Westlake, Los Feliz, and East Hollywood. This neigh-borhood was named and built around the Silver Lake Reservoir. Silver Lake is famous for the notable individuals who have lived there, its restaurants, and its nightlife (bars/clubs). The neighborhood has three public and four private schools.
Beginning in the 1970s, the Silver Lake neighborhood started to develop its own unique culture. Since 2000, gentrification has intensified in the neighborhood, including the opening of many stylish independent boutiques, coffee shops, fitness studios, and restau-rants.
Silver Lake is a very creative neighborhood and therefore, it attracts art and film-oriented residents. The neighborhood was home to Walt Disney’s first large studio from 1925 to 1939, located at Hyperion Avenue and Griffith Park Boulevard. Since the 1990s, Silver
Lake has become the center of the alternative and indie rock scene in Los Angeles. The neighborhood was home to two major street festivals each year: the Silver Lake Jubilee and the Sunset Junction Street Fair. The last festival was held in 2010. Since the indie rock music scene is particularly prominent in this neighborhood, comparisons are often drawn between Silver Lake and New York City’s Williamsburg district. As a result, it is sometimes referred to as the “Williamsburg of the West”.Top Attractions: • Silver Lake Reservoir
o Includes the Silver Lake Recreation Center, the Silver Lake Walking Path (which circumnavigates the reservoirs ±2.25 miles), and the Silver Lake Meadow
• The Industry o Opera venue and ballet studio
• Akbar o Hetero-friendly bar on the corner of Sunset and Fountain
• Bar Keeper: Joe Keeper’s Sunset Junction shop o Hidden gem with an impressive inventory of spirits, bitters, tins, glasses and fountains
• Yolk o Children’s clothing, home décor, and toy store
• Broome Street General Store o Store-café with outdoor seating; serves Gimme coffee and Cube sandwiches
• Cliff’s Edge o Bugalow-like shaded restaurant with delicious dishes, overarching trees, and a rustic, romantic feel
• Rockaway Records o Inventory of new and rarely used records; wide collection of memorabilia
• The Satellite o Once a gay disco called Dreams, this indie rock venue then became known as Spaceland and is now called The Satellite; known as an incubator for the Silver Lake independent rock scene
• Silverlake Wine o Boutique wine shop on Glendale Boulevard, which focuses on educating the community about small wine productions and holds weekly tasting events
MARKET OVERVIEWSILVER LAKE
CBRE | 15
LOS FELIZLos Feliz, a hillside neighborhood in central Los Angeles, is bordered by Griffith Park, Atwater Village, Silver Lake, East Hollywood, and Hollywood. The neighborhood is named after its colonial Spanish-Mexican land grantee, José Vicente Feliz. Rancho Los Feliz had a succession of owners after the Feliz family. One owner, Griffith J. Griffith, donated over half of the ranch to the city of Los Angeles and the ranch became one of the largest city-owned parks in the country (Griffith Park).
Districts within Los Feliz:• The Los Feliz Hills— contains multimillion-dollar homes• Los Feliz Estates— north of Los Feliz Boulevard• Laughlin Park• Los Feliz Village• Los Feliz Square• Los Feliz Knolls• Franklin Hills
Los Feliz is known for its entertainment and architectural history— it has been home to movie stars, musicians, and the Hollywood elite. It boasts some of the best-known res-idential architecture in the city, including two homes designed by Frank Lloyd Wright. Mickey Mouse was “born” in Los Feliz: Walt Disney drew his first image of the now-leg-endary character in the garage of his uncle’s house, located in Los Feliz. Disney’s first and second animation studios were also located in Los Feliz.
Top Attractions: • Bar Covell
o Beers on tap and wonderful place to learn about wine• Berendo Stairs to Griffith Observatory
o Great hike up to Griffith Observatory; stunning views of Los Angeles• Drawing Room
o Red-hued dive bar; songs are chosen from the jukebox with a top-notch music selection
• The Greek Theatre o Completed in 1929 and renovated since then, the Greek Theatre is designed with over 6,000 seats; today, contemporary and classical music acts consistently perform here
• Homestate o Austin, Texas-inspired breakfast tacos
• Skylight Books o Independent bookstore with a wonderfully curated selection of books
• Una Mae’s o Boutique store that sells jewelry, shoes, and apothecary items
• Vista Theatre o Single-screen theatre originally open to the public in 1923; seats around 400 persons
• Alcove Café and Bakery o Popular, trendy, casual café, which attracts customers from all over Los Angeles
MARKET OVERVIEWLOS FELIZ
CBRE | 16
TRANSPORTATION
SUBJECT
CENTER OF IT ALL: Less than 1 mile to Dodger Stadium and less than 2 miles to the thriving Downtown Los Angeles
Percent Pop Change: 2015 to 2020 4.13% 3.63% 4.05%
Age
2015 Median Age 35.65 35.46 35.82
2015 Average Age 37.29 37.06 37.41
Households
2015 Households 4,841 15,437 186,997
2020 Households 5,098 16,161 196,607
Percent HH Change: 2015 to 2020 5.32% 4.69% 5.14%
Average Household Size 2.54 2.76 2.56
Household Income
2015 Average Household Income $59,031 $58,291 $50,256
2020 Average Household Income $62,663 $61,410 $51,881
DEMOGRAPHICS
.5 MILE 1 MILE 3 MILE
Job Type
Blue Collar 17.15% 19.26% 23.33%
White Collar 59.13% 54.74% 50.11%
Service & Farm 23.72% 26.00% 26.56%
Housing Value
2015 Median Home Value $622,804 $565,236 $520,905
2015 Average Home Value $667,458 $632,469 $605,750
Housing Units
2015 Housing Units 5,202 16,532 203,111
2015 Occupied Housing Units 4,841 15,437 186,997
2015 Vacant Housing Units 361 1,096 16,114
2015 Owner-Occupied Housing Units 999 3,386 28,479
2015 Renter-Occupied Housing Units 3,842 12,051 158,518
DEVELOPMENT PIPELINE
CBRE | 19
DEVELOPMENT PIPELINEECHO PARK, SILVER LAKE, LOS FELIZ, EAST HOLLYWOOD
Status Address Developer/Owner Unit Count Submarket
1 Under Construction;Partially Affordbale
Alta 55505550 Hollywood Blvd, Los Angeles, CA 90027
Wood Partners / Astani Enterprises 280 Silver Lake
2 Under Construction;Partially Affordbale
HoM @ West Temple 3221 West Temple St, Los Angeles, CA 90026
Sharp Capital 67 Silver Lake
3 Under Construction;Market Rate
Temple Union330 N Union Ave,Los Angeles, CA 90026
Bond Companies 69 Silver Lake
4 Planned; Market Rate
5750 Hollywood 5750 Hollywood Blvd, Los Angeles, CA 90028
Cambra Realty 161 Silver Lake
5 Planned; Market Rate
Bellevue Avenue and Silver Lake BoulevardNWC Bellevue Ave & Silver Lake Blvd, Los Angeles, CA 90026
CIM Group 136 Silver Lake
6 Planned; Market Rate
Coronel Affordable 1601 North Hobart Blvd, Los Angeles, CA 90027
Hollywood Community Housing 54 Silver Lake
7 Planned; Market Rate
1311 N. Cahuenga Blvd 1311 North Cahuenga Blvd, Los Angeles, CA 90028
Cal-Coast Development 369 East Hollywood
8 Planned; Market Rate
6200 Sunset6200 Sunset Blvd,Los Angeles, CA 90028
Hanover Company 270 East Hollywood
9 Planned; Market Rate
Essex Hollywood 6250 W. Sunset Blvd, Los Angeles, CA 90028
Essex Property Trust 200 East Hollywood
10 Planned; Market Rate
City LightsHollywood Blvd & Hillhurst Ave, Los Angeles, CA 90027
Chandler Pratt & Partners 202 Los Feliz
CBRE | 20
DEVELOPMENT PIPELINEECHO PARK, SILVER LAKE, LOS FELIZ, EAST HOLLYWOOD
Status Address Developer/Owner Unit Count Submarket
11 Planned; Fully Affordable
Visayas Haven422 North Alvarado St, Los Angeles, CA 90026
Fallbrook Multifamily Investments 59 Silver Lake
12 Planned; Partially Affordable
4100 Sunset4100 Sunset Blvd,Los Angeles, CA 90029
Frost/Chaddock Developers 92 Silver Lake
13 Planned; Partially Affordable
Deluxe Hollywood North Western Ave & Fernwood Ave,Los Angeles, CA 90028
LaTerra Development 254 Silver Lake
14 Planned; Partially Affordable
525 North Wilton Place 525 North Wilton Pl, Los Angeles, CA 90004
Frost/Chaddock Developers 88 East Hollywood
15 Planned; Partially Affordable
Paseo Plaza Hollywood 5601 Santa Monica Blvd, Hollywood, CA 90038
CIM Group 700 East Hollywood
16 Planned; Partially Affordable
The Lexington6677 Santa Monica Blvd, Los Angeles, CA 90038
DS Ventures 695 East Hollywood
17 Planned; Partially Affordable
MR2 Lofts6901 Santa Monica Blvd, Los Angeles, CA 90038
Onni Group 231 East Hollywood
18 Planned; Partially Affordable
4311 Sunset4311 Sunset Blvd,Los Angeles, CA 90029
Frost/Chaddock Developers 122 Los Feliz
19 Prospective; Market Rate
Sunset 40004000 Sunset Blvd,Los Angeles, CA 90029
Frost/Chaddock Developers 98 Silver Lake
20 Prospective; Fully Affordable
Step Up on Western 1011 N Western Ave, Los Angeles, CA 90029
Palm Communities 97 East Hollywood
TOTAL PIPELINE UNIT COUNT IN ECHO PARK, LOS FELIZ, SILVER LAKE, EAST HOLLYWOOD 4,244
Source: Costar, AXIOMetrics, Pierce Eislen
CBRE | 21
DEVELOPMENT PIPELINEMAP
SUBJECT
1) ALTA 55502) HOM @ WEST TEMPLE3) TEMPLE UNION4) 5750 HOLLYWOOD5) BELLEVUE AVE & SILVER LAKE BLVD6) CORONEL AFFORDABLE7) 1311 N. CAHUENGA BLVD8) 6200 SUNSET9) ESSEX HOLLYWOOD10) CITY LIGHTS
11) VISAYAS HAVEN12) 4100 SUNSET13) DELUXE HOLLYWOOD14) 525 NORTH WILTON PLACE15) PASEO PLAZA HOLLYWOOD16) THE LEXINGTON17) MR2 LOFTS18) 4311 SUNSET19) SUNSET 400020) STEP UP ON WESTERN
CBRE | 22
DEVELOPMENTDOWNTOWN LOS ANGELES
Downtown Los Angeles’ rapid development frenzy and gentrification is spreading to its nearby counterpart, Echo Park; subject site is less than 2 miles away from thriving Downtown Los Angeles
CBRE | 23
AFFILIATED BUSINESS DISCLOSURE
CBRE, Inc. operates within a global family of companies with
many subsidiaries and/or related entities (each an “Affiliate”)
engaging in a broad range of commercial real estate businesses
including, but not limited to, brokerage services, property and
facilities management, valuation, investment fund management
and development. At times different Affiliates may represent
various clients with competing interests in the same transaction.
For example, this Memorandum may be received by our Affiliates,
including CBRE Investors, Inc. or Trammell Crow Company. Those,
or other, Affiliates may express an interest in the property
described in this Memorandum (the “Property”) may submit an
offer to purchase the Property and may be the successful bidder
for the Property. You hereby acknowledge that possibility and
agree that neither CBRE, Inc. nor any involved Affiliate will have
any obligation to disclose to you the involvement of any Affiliate
in the sale or purchase of the Property. In all instances, however,
CBRE, Inc. will act in the best interest of the client(s) it represents
in the transaction described in this Memorandum and will not
act in concert with or otherwise conduct its business in a way
that benefits any Affiliate to the detriment of any other offeror
or prospective offeror, but rather will conduct its business in a
manner consistent with the law and any fiduciary duties owed
to the client(s) it represents in the transaction described in this