WESTLAKE James Capital Advisors DEVELOPMENT …...PLAN VIEW / Plat Map INVESTMENT HIGHLIGHTS ... fireplace, waterbed pods, sculptured topiary, and a Biergarten. Grand Central Market

WESTLAKE

DEVELOPMENT OPPORTUNITYJames Capital Advisors

Marketing Package

TABLE OF

Contents

CONTENTS

MEET YOUR ADVISORS

SECTION

Property Overview

Financial Analysis

Location Overview

1

2

3

Tom JonssonDirector, Multifamily

Will JamesDirector, Multifamily

Matt WilliamsAssociate, Multifamily

319 S. Union Ave Los Angeles, CA 90017

SECTION ONE

PROPERTY OVERVIEW319 S. UNION AVE

Los Angeles, CA 90017

PROPERTY OVERVIEW

DETAILSPROPERTY OVERVIEW

THE OFFERING

THE OFFERING

• The offering is to acquire 319 S. Union Ave, a 4-unit property located on a 5,593 SF lot.

• The lot is situated in a Tier 3 bonus area, as well as being zoned R4, providing density incentives to build new apartment housing.

• Neighboring many different markets, this development site attracts renters from Koreatown, Echo Park, Silverlake, and Downtown.

• The location of the property is central to many restaurants, parks, and entertainment venues iconic to Los Angeles

PRICE

RENTALBE SF

LOT SIZE

$1,700,000

3,660 SF

5,593 SF

TOC

Zoning

APN

Current Use

Tier 3

R4-1

5153-003-021

Multiple Occupancy

319 S. Union Ave

Los Angeles, CA 90057Street Address

City

State

Zip Code

APN

Zoning

TOC

319 S. Union Ave

Los Angeles

CA

90017

5153-003-021

R4-1

Tier 3

Number of Units

Unit Mix

Rentable SF

Existing Buildings

Stories

Parking

Year Built

4 Units

(4) 1 Bed / 1 Bath

3,660 SF

1

2

Large Back Lot

1913

Lot Size

Lot Dimensions

Building Line

Council District

Historic Review

Specific Plan

Opportunity Zone

5,593 SF

40 x 140

None

CD 1 - Gilber Cedillo

None

None

No

PROPERTY OVERVIEW

HIGHLIGHTSPROPERTY OVERVIEW

PLAN VIEW / Plat Map

INVESTMENT HIGHLIGHTS

• Zoned R4 with a Tier 3 TOC bonus.

• Surrounded by nearby development projects.

• Located in an improving area in the heart of Los Angeles.

• Potential opportunity to obtain next door lot and double development site.

• Walk Score: 91

• Transit Score: 83

TIER 3 TOC BONUS

• 70% unit density bonus.

• Build an additional 22 feet or 2 stories (67 ft. max height).

• 30% decrease in set backs.

• Parking Requirement: ½ parking space per unit.

PROPERTY OVERVIEW

WALKABILITYPROPERTY OVERVIEW

TRANSIT

The Broad (1.5 Miles)The Broad is a contemporary art museum on Grand Avenue in Downtown Los Angeles. The Broad is home to 2,000 works of art in the Broad collection, which is one of the world’s leading collections of postwar and contemporary art.

The Rooftop at The Standard (1.2 Miles)The Rooftop at The Standard, Downtown LA offers stunning, panoramic views of Downtown Los Angeles and the mountains beyond. The Rooftop features a heated swimming pool, red AstroTurf deck, dance floor, weekend DJs, bars, outdoor fireplace, waterbed pods, sculptured topiary, and a Biergarten.

Grand Central Market (1.2 Miles)Grand Central Market, a downtown landmark since 1917, brings together the cuisines and cultures of LA. Opened in the first half of the 20th century, Grand Central Market is a vibrant and thriving community of multicultural stands and food stops, with 37 vendors in total.

Metro Stops1. North Hollywood2. Universal City / Studio City3. Hollywood / Highland4. Hollywood / Vine5. Hollywood / Western6. Vermont / Sunset7. Vermont / Santa Monic8. Vermont / Beverly9. Wilshire / Western10. Wilshire / Normandie11. Wilshire / Vermont12. Westlake / MacArthur Park13. 7th St. / Metro Center14. Pershing Square15. Civic Center / Grand Park16. Union Station

Points of InterestA. Universal Studios / City WalkB. John Anson Ford TheaterC. Hollywood BowlD. TCL Chinese TheatreE. Dodger StadiumF. Disney Concert HallG. Museum of Contemporary ArtH. Staples CenterI. MacArthur ParkJ. Pantages TheaterK. Los Angeles Convention Center

A

B

J

C

D

GI

E

F

HK

SECTION TWO

FINANCIAL ANALYSIS319 S. UNION AVE

Los Angeles, CA 90017

FINANCIAL ANALYSIS

INCOME AND EXPENSEFINANCIAL ANALYSIS

RENT SCHEDULE

UNIT #

319

319 ½

321

321 ½

TOTAL

UNIT TYPE

1 Bed / 1 Bath

1 Bed / 1 Bath

1 Bed / 1 Bath

1 Bed / 1 Bath

SQ. FOOTAGE

775 SF

775 SF

775 SF

775 SF

3,100 SF

RENT

$916

$933

$891

$939

$3,679

RENT PER SF

$1.18

$1.20

$1.15

$1.21

PRO FORMA

RENT

$1,700

$1,700

$1,700

$1,700

$6,800

PRO FORMA

RENT PER SF

$2.19

$2.19

$2.19

$2.19

ANNUAL

INCOME

Base Rental Income

Gross Potential Income

Vacancy Allowance

Effective Gross Income

Operating Expenses

Net Operating Income

CURRENT

$44,148

$44,148

$1,324

$42,824

$34,731

$8,093

PRO FO RMA

$81,600

$81,600

$2,448

$79,152

$38,727

$40,425

ANNUAL

EXPENSE

Property Taxes

Insurance

Utilities

Repairs & Maintenance

Pest Control

Landscaping

Management Fee

Miscellaneous

Reserves

Operating Expenses

CURRENT

$21,250

$1,830

$4,320

$2,569

$420

$1,200

$2,141

$1,000

$800

$34,731

PRO FORMA

$21,250

$1,830

$4,320

$4,749

$420

$1,200

$3,958

$1,000

$800

$38,727

SECTION THREE

LOCATION OVERVIEW319 S. UNION AVE

Los Angeles, CA 90017

LOCATION OVERVIEW

OREINTATION MAP

NEIGHBORHOOD SCALE CITY SCALE

LOCATION OVERVIEW

SUBMARKETs

Downtown Los AngelesDowntown Los Angeles (DTLA) is the central business district of Los Angeles, California, as well as a widely diverse residential neighborhood of some 58,000 people. Downtown, comprising diverse smaller areas such as Chinatown, Little Tokyo and the Arts District, offers renowned art museums, cutting-edge restaurants & hip bars. It is home of the Staples center where the Lakers, the Clippers and the Kings play every seasosn. It is also the home of the Los Angeles Convention Center where special events take place quarterly. DTLA will also have the opportunity to be home to the 2028 Olympics.

KOREATOWNLocated west of Downtown L.A. and south of Hollywood, Koreatown is one of the most diverse neighborhoods in Los Angeles. Encompassing roughly 3 square miles, the area was once the epicenter of Golden Age Hollywood, home to the Ambassador Hotel, the Coconut Grove and the Brown Derby. Today, Korean and Latino populations contribute to Koreatown’s rich cultur-al diversity. K-town is also known for having one of the largest concentration of nightclubs, 24-hour businesses and restaurants in the country.

echo parkEcho Park is an Eastside neighbor-hood with vibrant street murals and a lively nightlife scene. Indie music venues, trendy bars and taco trucks can be found along Sunset Boulevard, along with coffee shops, vegan eats and quirky boutiques. Echo Park is a densely populated neighborhood of over 43,000 residents in Central Los Angeles. It contains one high school and eight other schools, and has been home to many notable people. The neighborhood is centered on the lake of the same name. Echo Park Lake offers paddle boating among lotus flowers. and a quick drive to Dodger Stadium and long hiking trails at Elysian Park.

LOCATION OVERVIEW

HIGHLIGHTS

LOCATION HIGHLIGHTS

Easy Access to Public TransportationThere is a bus stop located at 3rd and Union, less than 500 feet away. There is also a metro stop half a mile away, located at Wilshire & Union.

Close to DTLA’s Entertainment CentersLA Live, Staples Center, Walt Disney Concert Hall and the Convention center are all within 2 miles of the site.

Proximity to DTLA and KoreatownSubject property is less than 2.5 miles away from recently revamped downtown Los Angeles and the heart of Koreatown.

Near Dodger Stadium and Echo ParkEcho Park and Dodger Stadium are a quick 10 minute drive from the subject property.

LOCATION OVERVIEW

AERIALLOCATION OVERVIEW

AERIAL

LOCATION OVERVIEW

AERIALLOCATION OVERVIEW

DEVELOPMENTS

1. 2900 Wilshire DevelopmentConstruction began in February on a 25-story tower close to the Koreatown border and immediately south of Lafayette Park. The 25-story tower development will be complete in early 2021 and will hold more than 600 apartments. Along the street level, the project will contain 15,000 square feet of retail space.

2. The Lake on WilshireThis development will convert an existing 14-story office building into a hotel and build a multi-cultural center and 41-story apartment tower on Wilshire near Alvarado. The project would bring 478 apartments to the neighborhood (including at least 39 affordable units) and feature ground-floor restaurants and retail spaces.

3. 675 Bixel DevelopmentThis two-building project calls for 36-story residential tower and a seven-story extended-stay hotel at Bixel and Seventh. Designed by Humphreys and Partners Architects, the residential tower would hold 422 apartments; a podium deck with a pool and dog park; 5,600 square feet of ground-floor retail space; and 596 parking spaces split above and below ground.

LOCATION OVERVIEW

DEMOGRAPHICSThe information contained in this Marketing Brochure has been obtained from sources believed to be reliable, but the accuracy or completeness of the information contained therein cannot be guaranteed. James Capital Advisors, Inc. & Broker of Record (“Broker”) has not, and will not, verify any of this information, nor has Broker conducted, nor will it conduct, any investigation regarding these matters. Broker makes no representations, guarantees, or warranties of any nature about the accuracy or completeness of any information provided. The information provided in this brochure is in no way a substitute for a thorough due diligence investigation by Buyer. Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to income and expenses for this property nor the future financial performance of the property. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties as to the size and square footage of the property, the presence of any contaminating substances at the property, the physical condition of the property or compliance with any State, Local or Federal regulations. In addition, Broker has made no investigation of, and has made no representations, guarantees, or warranties of any nature, with regard to the financial condition or future financial condition of any tenants, nor any future plans or intentions of tenants with regard to the continued occupancy of the property. All parties are aware that Broker has no affirmative obligation to conduct a due diligence examination of the property for any Buyer. Any and all projections or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. Therefore, Broker assumes no legal responsibility for accuracy or completeness of this information, and expressly disclaims all representations, guarantees, or warranties related thereto. The value of the property to any Buyer depends on numerous factors that must be evaluated by Buyer and Buyer’s legal, tax, construction, and financial advisors. Buyer and Buyer’s advisors should conduct a thorough, independent investigation of the property to determine its suitability for Buyer’s intended usage. This investment, as with all real estate investments, carries a substantial risk. As such, Buyer and Buyer’s legal and financial advisors are strongly advised to request and review all legal and financial documentations related to the property and tenants.

A tenant’s past performance is not a guarantee of future performance. The lease rate stated for some properties may be based on a tenant’s projected sales with little or no record of actual performance or comparable rents for the area in question. Returns are in no way guaranteed. Tenants may fail to pay the rent or property taxes or any other tenant obligations under the terms of the lease or may default under the terms of such lease. Regardless of tenant’s history of performance, and/or any lease guarantors and/or guarantees, Buyer is responsible for conducting Buyer’s own investigation of all matters related to any and all tenants and lease agreements. Broker is not, in any way, responsible for the performance of any tenant or for any breach or default by any tenant of any terms of any lease agreement related to the property. Further, Buyer is responsible for conducting Buyer’s own independent investigation of all matters related to the value of the property, including, but not limited to, the value of any long-term leases. Buyer must carefully evaluate the possibility of tenants vacating the property or breaching their leases and the likelihood and financial impact of being required to find a replacement tenant if the current tenant should default and/or abandon the property. Buyer must also evaluate Buyer’s legal ability to make alternate use of the property in the event of a tenant abandonment of the property.

CONFIDENTIALITYThis Marketing Brochure and the information contained within, is propriety and strictly confidential. It is intended to be used only by the party receiving it from Broker. It should not be made available to any other person or entity without the express written consent of Broker.

RELEASEThis Marketing Brochure has been prepared to provide basic, unverified information for prospective purchasers. By accepting this Marketing Brochure, the recipient agrees to release and hold harmless Broker from any claim, demand, liability or loss arising out, or relating in any way, to the information contained in this Marketing Brochure and from Buyer’s investigation of the property. In no event shall James Capital Advisors, Inc. or Broker be liable to any party for any direct, indirect, special, incidental, or consequential damages of any kind whatsoever arising out of the use of this Marketing Brochure or any information contained herein.

NON-ENDORSEMENTBroker is not affiliated with, endorsed by or sponsored in any way by any tenant or lessee identified in this Marketing Brochure. The presence of any entity’s logo or name is not intended in any way to indicate affiliation, sponsorship or endorsement by said entity of Broker.

JAMES CAPITAL ADVISORS, INC.

DISCLAIMER

Population

2024 Projection

2019 Estimate

2010 Census

Growth 19’ - 24’

Growth 10’ - 19’

Households

2024 Projection

2019 Estimate

2010 Census

Growth 19’ - 24’

Growth 10’ - 19’

Average Income

Median Income

3-Mile

604,677

591,370

538,663

2.25%

9.78%

3-Mile

220,981

215,643

194,033

2.48%

11.14%

$60,438

$37,860

1-Mile

113,844

112,062

106,096

1.59%

5.62%

1-Mile

39,127

38,556

36,753

1.48%

4.91%

$46,633

$31,434

5-Mile

1,297,339

1,274,223

1,190,753

1.81%

7.01%

5-Mile

447,722

438,949

406,151

2.00%

8.08%

$64,304

$40,812

THANK YOU FOR YOUR TIME

CONTACT

Tom JonssonDirector, Multifamily

(424) [email protected] RE Lic. 01755842

Will JamesDirector, Multifamily

(424) [email protected] RE Lic. 01734419

Matt WilliamsAssociate, Multifamily

(424) [email protected] RE Lic.02072201