Capital Markets | Investment Properties www.4848Pico.com ADJACENT TO COMMUNITY RETAIL CENTER MID WILSHIRE MIRACLE MILE HOLLYWOOD 4848 W PICO BLVD MIDTOWN SHOPPING CENTER MIXED-USE ± 1.52 ACRE DEVELOPMENT SITE HIGH IDENTITY LOCATION ON HEAVILY TRAFFICKED PICO BLVD POTENTIAL TO DEVELOP 223 MULTIFAMILY UNITS & GROUND FLOOR RETAIL SAN VICENTE BLVD VENICE BLVD 4848 W Pico Boulevard Los Angeles, CA 90019 KAMRAN PAYDAR SENIOR SALES DIRECTOR +1 310 550 2529 [email protected]TIMOTHY BOWER SENIOR VICE PRESIDENT +1 310 550 2521 [email protected]LAURIE LUSTIG-BOWER EXECUTIVE VICE PRESIDENT +1 310 550 2556 [email protected]PICO BLVD LA BREA BLVD
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Capital Markets | Investment Properties
w w w . 4 8 4 8 P i c o . c o m
A D J A C E N T T O C O M M U N I T Y R E TA I L C E N T E R
MID WILSHIREMIRACLE MILE
HOLLYWOOD
4848 W PICO BLVD
MIDTOWN SHOPPING
CENTER
M I X E D - U S E ± 1 . 5 2 A C R E D E V E L O P M E N T S I T EH I G H I D E N T I T Y L O C AT I O N O N H E AV I LY T R A F F I C K E D P I C O B LV D
P O T E N T I A L T O D E V E L O P 2 2 3 M U LT I FA M I LY U N I T S & GROUND FLOOR R E TA I L
SAN VICENTE BLVD
VENICE BLVD
4 8 4 8 W P i c o B o u l e v a r dL o s A n g e l e s , C A 9 0 0 1 9
CBRE, Inc., as exclusive agent, is pleased to present for sale a high visibility ±1.52 acre mixed-use development site with 331 feet of frontage on Pico Boulevard in the thriving, densely populated Midtown District of Los Angeles, Cali-fornia.
The site is zoned C2-1-O and allows a 3:1 Floor Area Ratio (including Density Bonus) and no height restriction, with the potential to develop approximately 223 multifamily units* and ground floor retail.
Located at 4848 West Pico Boulevard the Property sits in the heart of an urban renaissance area with over one hun-dred million dollars having been invested in the immediate surrounding blocks bounded by Pico Boulevard, San Vicente Boulevard, Venice Boulevard and La Brea Avenue.
4848 W. Pico Boulevard boasts a Walk Score of 88 – a “Very Walkable” location- and is proximate to an abundance of shopping amenities. Adjacent restaurants and retailers include Pizza Rev, Chipotle, Jersey Mike’s, Ralphs grocery, Smart & Final, Planet Fit-ness, Living Spaces, CVS and many more.
The Property is located within convenient driving distance to the best of Los Angeles’s retail and entertainment destinations including The Original Farmers Market at 3rd and Fairfax, The Grove, Museum Row, L.A. Live/Staples Center, and bustling Koreatown.
Midtown Los Angeles offers an excellent, central location that is minutes away from key employment centers including Downtown Los Angeles, Wilshire Boulevard’s Miracle Mile, Koreatown, Hollywood, West Hollywood, Beverly Hills and Century City. Interstate 10 is less than two miles away and provides linkage to the Greater Los Angeles freeway network.
The Property consists of vacant land and will be delivered subject to a lot line adjustment which is currently being processed with the City of Los Angeles. The owner of Midtown Shopping Center is willing to discuss granting ingress/egress rights across the center.
*per SB-1818
4848 W PICO BLVD | LOS ANGELES, CA | 10
H I G H L I G H T S• High visibility with ± 330.5 feet of frontage along
Pico Boulevard.
• Adjacent to Midtown Shopping Center, a street-to-
street anchored urban retail center, very walkable,
with potential for vehicular access
• Potential for a variety of multifamily and
retail uses.
• Adjacent to multiple signals and exceptional visibility at
heavily trafficked intersections
• Evolving Retail Market: Nearby tenants include Living
& Final, PetSmart, Chipotle, Jersey Mikes and many
more
• Exposure to 129,000 vehicles per day
(at Venice Blvd/San Vicente Blvd and San Vicente
Blvd/Pico Blvd)
• Minutes from Hollywood, DTLA, Mid-Wilshire &
Interstate 10 Freeway
SITE
Price The Property is being market unpriced
For More Information Please Visit www.4848Pico.com
F
MIDTOWN SHOPPING
CENTER
MIDTOWN CROSSING
PICO
BLV
D
SAN VICENTE BLVD
VENICE BLVD
4848 W PICO BLVD
4848 W PICO BLVD | LOS ANGELES, CA | 11
Stats shown based on 3-mile radius. Nielsen 2016.
*Stats shown based on 2-mile radius. Nielsen 2016.
EDUCATION2016 ESTIMATED POPULATION OVER 25 BY EDUCATIONAL ATTAINMENT
GRADUATE OR PROFESSIONAL DEGREE 12.1%
BACHELOR’S DEGREE 24.4%
ASSOCIATE DEGREE 5.7%
SOME COLLEGE 17.3%
HIGH SCHOOL DIPLOMA 18.0%
The property is located in a highly trafficked, densely populated area that is ideal for retail or multifamily uses.
Local Snapshot - Demographics for 4848 W Pico Boulevard:
pOPULATION 2016 ESTIMATED POPULATION 458,519
2021 ESTIMATED POPULATION 473,012
2016 EMPLOYEES 206,789
HOUSEHOLDS 2016 HOUSEHOLDS 178,673
2021 HOUSEHOLDS 183,564
traffic counts W PICO BLVD @ LA BREA AVE 63,223 ADT
W PICO BLVD @ S HIGHLAND AVE 24,641 ADT
median age 2016 MEDIAN AGE 36.1
• 2.4% Submarket Vacancy
• Positive Net Absorption in 2016
strong multifamily DEMAND
• Densely populated, area with strong daytime population
• Surrounded by three heavily trafficked streets
• Adjacent to successful community shopping center, anchored
by a top performing Ralph’s Signature store
• Short drive times to Mid-Wilshire, Beverly Hills and West Los
Angeles
strong Retail market fundamentals
average HOUSehold income*PROJECTED 2021 AVERAGE HOUSEHOLD INCOME $84,430
PICO
BLV
D
SAN VICENTE BLVD
VENICE BLVDMIDTOWN SHOPPING
CENTER
4848 W PICO BLVD
02
P R O P E R T YO V E R V I E W
4848 W PICO BLVD | LOS ANGELES, CA | 13
P R O P E R T Y O V E R V I E W
Address 4848 W Pico Blvd.Los Angeles, CA 90019
Submarket Midtown Los Angeles
APN A portion of 5070-013-003
Estimated Land Area ±1.52 Acres, ±66,386 Square Feet
Zoned C2-1-O
Permitted FAR (with Density Bonus)
3:1
Height Limit No height limit
Current Improvements None
Entitlement Status Not Entitled
City Council District Council District 10, Herb J. Wesson Jr.
approximate lot size± 66,000 SF
4848 W PICO BLVD | LOS ANGELES, CA | 14
P R O P E R T Y O V E R V I E W ( C O N T I N U E D )
MIDTOWN SHOPPING
CENTER
SITE
SITE
4848 West Pico Boulevard sits in the heart of prime Midtown Los Angeles.
• Local neighborhood is bounded by Pico Boulevard, SanVicente Boulevard, Venice Boulevard and La Brea Avenue• ± 330.5 feet of frontage along Pico Boulevard• Strong traffic counts- 129,000 vehicles per day (at VeniceBlvd/San Vicente Blvd and San Vicente Blvd/Pico Blvd)
**
*The property has undergone soil remediation and a No Further Action letter has been issued. Please visit the property website data room for further information.
VILLA VICENTE5351 W San Vicente BlvdLos Angeles, CA 90019Year Built: 1963Units: 275Occupancy: 96%Phone: 323.931.3232Owner: E&S Ring ManagementManager: E&S Ring Management
Type Number of Units0 + 1 901 + 1 185
Amenities: Laundry On-Site Patio/Balcony Heated PoolWood-Style Floors Fitness Center BBQ/Picnic AreaWall Heater and A/C Event Space Business Center w/ WiFi
ACCESS CULVER CITY8770 Washington BlvdCulver City, CA 90232Year Built: 2016Units: 112Occupancy: 38% (In Lease-Up)Phone: 310.837.8770Owner: Greystar Investment GroupManager: Greystar Properties
Type Number of Units0 + 1 31 + 1 542 + 2 33
2 + 2 Loft 123 + 3 TH 10
Concessions: $2,000 off if application submitted within 2 days; 1 mo free if moved in by month end. Offers combined below.Effective Rent
0 + 1 31 + 1 542 + 2 33
2 + 2 Loft 123 + 3 TH 10
Amenities: W/D In-Unit Stainless Steel Appliances Fitness Center and Yoga Space ClubroomPlank Floors Walk-In Closet Outdoor Lounge and Kitchen Expo Line AccessQuartz Counters Patio/Balcony Heated Pool/Spa w/ Cabanas Ground Floor Retail
SELECT RENT COMPARABLES
$1,800 - $1,886 600 $3.00 - $3.14
COMPARABLE 1
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,691 - $1,707 360 $4.70 - $4.74
Amenities: W/D In-Unit Breakfast Bar & Kitchen Island Fitness Center Clubroom w/ KitchenWood-Style/Carpet Floors Walk-In Closets Pool & Spa w/ Cabanas Outdoor FireplaceGranite Counters Patio/Balcony Recreation Room Ground Floor Retail
VILLAS AT PARK LA BREA5555 W 6th StLos Angeles, CA 90036Year Built: 2002Units: 250Occupancy: 98%Phone: 323.525.1778Owner: AIMCOManager: OP Property Management
A F F I L I A T E D B U S I N E S S D I S C L O S U R ECBRE, 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 offer or or prospective offer or, 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 Memorandum.
C O N F I D E N T I A L I T Y A G R E E M E N TThis is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.
This Memorandum contains selected information pertaining
to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this
Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.