LOS ANGELES, 4303 W PICO BLVD EXECUTIVE SUMMARY X KARL NIEHAUS ROBERT BRUNI (310) 880-7900 • 50 Buildable Units: approx. $49,000 per Buildable Unit (310) 480-5541 • Extremely Dense Location - Over 562,000 Population within 3 Miles [email protected]• Zoning LAC4 & TOC Tier 3 www.CREI.biz • Over 51,000 Cars/Day on Corner of Victoria/Pico 01450751 - RE License • Approx 200 Feet of Corner Frontage with a Walk Score of 81 01267868 - RE License • One Block from 5 Bus Stops DEMOGRAPHICS: The population within a 1 mile radius was estimated at over 51,000 as well as over 560,000 within a 3 mile radius, and this population is expected to grow at 2.01% annually. The average household income was estimated at approximately $65,000 within a 3 mile radius. OFFERING SUMMARY: 4303 W. Pico offers an investor excellent exposure on a high traffic corner with over approx. 51,000 cars/day. The zoning of LAC4 and TOC Tier 3 allows a developer significant mixed use development advantages. The property is centrally located with easy access to 3 Freeways (10, 110 & 101) as well as easy walking access to all amenities and restaurants Insert property picture. Make both pictures as large as possible, yet still asthetically pleasing SALES PRICE: $2,450,000 - 50 Buildable Units over Retail, approx. $49,000 per Buildable Unit HIGHLIGHTS: Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
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KARL NIEHAUS HIGHLIGHTS: ROBERT BRUNI...LOS ANGELES, 4303 W PICO BLVD EXECUTIVE SUMMARY X KARL NIEHAUS ROBERT BRUNI (310) 880-7900 • 50 Buildable Units: approx. $49,000 per Buildable
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LOS ANGELES, 4303 W PICO BLVD
EXECUTIVE SUMMARY
X KARL NIEHAUSROBERT BRUNI(310) 880-7900 • 50 Buildable Units: approx. $49,000 per Buildable Unit(310) 480-5541 • Extremely Dense Location - Over 562,000 Population within 3 Miles [email protected] • Zoning LAC4 & TOC Tier 3www.CREI.biz • Over 51,000 Cars/Day on Corner of Victoria/Pico01450751 - RE License • Approx 200 Feet of Corner Frontage with a Walk Score of 8101267868 - RE License • One Block from 5 Bus Stops
DEMOGRAPHICS: The population within a 1 mile radius was estimated at over 51,000 as well as over 560,000 within a 3 mile radius, and this population is expected to grow at 2.01% annually. The average household income was estimated at approximately $65,000 within a 3 mile radius.
OFFERING SUMMARY: 4303 W. Pico offers an investor excellent exposure on a high traffic corner with over approx. 51,000 cars/day. The zoning of LAC4 and TOC Tier 3 allows a developer significant mixed use development advantages. The property is centrally located with easy access to 3 Freeways (10, 110 & 101) as well as easy walking access to all amenities and restaurants
Insert property picture. Make both pictures as large as possible, yet still asthetically pleasing
SALES PRICE: $2,450,000 - 50 Buildable Units over Retail, approx. $49,000 per Buildable Unit
HIGHLIGHTS:
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
LOS ANGELES, 4303 W PICO BLVD
PROPERTY PICTURES
(310) 88
PropertyPicture
PropertyPicture
Insert property picture #2
Insert property picture
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
LOS ANGELES, 4303 W PICO BLVD
PROPERTY PICTURES
Insert aerial map (lalife.com). Bird's Eye View
Insert local area map (lalife.com) - large enough to see local highways and major streets
Aerial Map
Local AreaMap
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
LOS ANGELES, 4303 W PICO BLVD
WALK SCORE
Walk Score Map (WalkScore.com)
Walk Score Nearby Tenant List (WalkScore.com)
Walk ScorePicture
Walk ScoreSummary
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
LOS ANGELES, 4303 W PICO BLVD
PROPERTY PICTURES
Insert zoning picture (Zimas.com)
Insert aerial view with nearby national tenants (Costar.com)
TenantsNearby
ZoningPicture
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
LOS ANGELES, 4303 W PICO BLVD
DEMOGRAPHICS
Collection Street Cross Street Dist/Dir Volume Year from Type
W Pico Blvd S Victoria Ave 0.04 E 27,312 2017 0 MPSI...W Pico Blvd S Victoria Ave 0.02 W 23,695 2014 0 MPSI...W Pico Blvd Crenshaw Blvd 0.03 E 28,420 2017 0.07 MPSI...W Pico Blvd S Windsor Blvd 0.01 E 25,552 2017 0.11 MPSI...S Windsor Blvd Victoria Park Dr 0.02 SW 1,276 2017 0.13 MPSI...Crenshaw Blvd W Pico Blvd 0.10 NE 38,017 2017 0.13 MPSI...W Pico Blvd Crenshaw Blvd 0.04 W 23,056 2017 0 MPSI...W Pico Blvd S Plymouth Blvd 0.03 E 25,411 2017 0 MPSI...Venice Blvd Crenshaw Blvd 0.03 SE 34,623 2017 0.23 MPSI...Crenshaw Blvd W Pico Blvd 0.20 SW 30,110 2017 0.23 MPSI...
Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.
Mixed-Use Development: 4303 W. Pico BlvdProposed Apartment Building: Units SF/Unit Parking/Unit
10% Low Income Single - 10% ELI TOC 3 x 473 SF 1,418 SF 0.00Singles 26 x 525 SF 13,650 SF 1.00
10% Low Income 1 Bedroom + Den - 10% ELI TOC 2 x 675 SF 1,350 SF 0.001 Bedroom + Den 19 x 750 SF 14,250 SF 1.00Low Income 2 Bedrooms - 10% ELI TOC x 855 SF 0 SF 0.002 Bedrooms x 950 SF 0 SF 2.00Retail 5,700 SF 5,700 SF 2.5 / 1,000 SF
Total Units 50 Total Rentable Size 36,368 SFParking:
For a 50 Unit Building, Parking Spaces Required 59 = 22,219 SF Garage 59 # SpacesParking Spaces Available (Less on Grade Construction) 5,129 SF Available per
Thus 17,090 SF Additional Garage Needed Lot Dimension375 SF/Parking Space (Parking Space SF includes all Driveways & Parking Spaces)
Property Income: Rent/SF $/Unit $/Month3 Low Income Single - 10% ELI TOC $0.77 /per Unit 364 1,092 36426 Singles $2.86 /per Unit 1,500 39,000 15002 Low Income 1 Bedroom + Den - 10% ELI TOC $0.62 /per Unit 416 832 41619 1 Bedroom + Den $2.83 /per Unit 2,125 40,375 21250 Low Income 2 Bedrooms - 10% ELI TOC $0.00 /per Unit - - 0 2 Bedrooms $0.00 /per Unit - -
Apartment Annual Gross Income 975,588 Operating Expenses Paid by Landlord (321,944)
Retail Income 3.00 /SF all Retail $17,100 205,200 5% Vacancy Reserve (59,039)
799,805 NOICompleted Project replaced by Permanent Loan with 1.20 DCR
Approx Permanent Loan to replace Construction Loan (Total Development & Construction Financing Costs): $11,003,00030 Year Amortization with: 4.50% Interest Rate (669,007) Yrly Mortgage
Yrly Cash on Cash Return if Held for Income 5.73% 130,798 Yrly Cash FlowPrinciple Reduction Return in 1st Yr if Held for Income 7.77% 177,503 Yrly Principle Reduction
Total Investor Capital Return 13.50% 308,301 Total ReturnSale Price of Completed Project: Based on 4.50% Cap 17,773,435 $355,469 $/Unit
Area Average Cap Rate for Similar Properties Sold 4.38% Cap $489 $/SFArea Average Price/Unit for Similar Properties Sold $296,282 /UnitArea Average $/SF for Similar Properties Sold $326 /SF
Total Net Sales 17,151,364 Development Costs: Price/sf Price/Unit
Building Hard Costs (including Contractor Fees) 39,775 SF Building (6,761,750)$ 170 135,235 Soft Costs (1,392,125) 35 27,843 Closings/Legal Costs (1% of Land Price) (24,500) 490 On Grade Garage Hard Costs 5,129 SF Garage (256,450) 50 5,129 2nd Floor or Subterranean Garage Hard Costs 17,090 SF Garage (1,281,731) 75 25,635 Contingency Factor (5% of Total Development Costs) (485,828) 9,717 Total Development Costs (10,202,384) 257 Land Price (bought all cash) Cost/Buildable Unit $49,000 (2,450,000) 226 (Land/sf)
Total Development & Land Cost: (12,652,384)$ Prime Rate 70% Financed at a Cost of: (635,072) 6.25% IO Loan
Total Development & Construction Financing Costs: (13,287,456) Total Project (with Land) is Investor Capital 70% Construction Financed 9,301,219$
Profit as % of Investor Capital: 96.9% Profit as % on Total Cost: 29.1%Profit from Sale of Project 3,863,909$
Com
ps
30%
5.25%
33%
If H
eld
for
Inco
me:
3,986,237
Mixed-Use Development: 4303 W. Pico Blvd
Site Parameters
Zoning: C4-1-O TOC3 Width LengthApprox Lot Area: (Width x Length) 119 Feet x 91 Feet =
Alley (1/2 of Width x Length) 6 Feet x 91 Feet =Alley #2 (1/2 of Width x Length) x = 0 SFHighway Dedication (Width x Length) x =
FAR Lot Area
Buildable Unit CalculationAllowed per SF of Buildable Lot for Zoning: 400 SF Therefore 29 Max # Buildable UnitsApplying Buildable Unit Bonus: 1.70 Therefore 50 Max # Buildable Units
FARFAR with current zoning less set backs allows for max building of 16,244 SFFAR if applying Bonuses (if Any) less set backs for Residential Use Stories 40,609 SF
Efficiency - Deductions for Common Areas, Stairways, etc on Residential Use Stories 31,418 SF Rentable Residential5,700 SF Rentable Commercial
37,118 SF Total Rentable SF
Set Backs on Residential Use Stories Zoning Standards Bonuses if Any Net After BonusesSide Yard Set Back ( Deduct half from each side) 6 Feet 30% Less Required 4 FeetFront Yard Set Back Less Required 0 FeetBack Yard Set Back 15 Feet 30% Less Required 11 FeetMax Height Unlimited 22 Feet Additional Unlimited
Buildable Dimensions on Residential Use Stories (Lot Less Set Backs)Buildable Lot Width 109 FeetBuildable Lot Length 87 Feet
Buildable Lot Area on Residental Use Stories Width Length109 Feet x 87 Feet =
Buildable Lot Area on Commercial Use Stories Width Length119 Feet x 91 Feet =