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Multifamily Development Opportunity MULTIFAMILY DEVELOPMENT OPPORTUNITY CULVER CITY ADJACENT, CA OFFERING MEMORANDUM 10,040 SF LOT, OPPORTUNITY TO BUILD UP TO 63 UNITS 3812-3818 D U N N D R CULVER CITY ADJACENT, CA Presented By: Fariba Kavian, Executive Vice President NAI Capital O: 310.440.8500 x 1427 [email protected] CA BRE #00948908 Sam Monempour, Vice President NAI Capital O: 310.440.8500 x 1426 C: 310.266.9954 [email protected] CA BRE #01261035 Arthur Arejian, President VANGUARD Investments, Inc. O: 323-512-5600 C: 818.371.3000 [email protected] CA BRE #01037335 No warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein. NAI Capital CA BRE #01990696 NAI CAPITAL | DUNN DRIVE DEVELOPMENT SITE | 2 Property Description The 3812-3818 Dunn Drive is a rare R-5, Culver City adjacent development site for a potential multi-family development of up to 63 units. The building can consist up to 10 spacious two-bedroom and two-bathroom units, 38 one-bedroom and one-bathroom units, and 15 single units. This prime development opportunity benefits from city of Los Angeles zoning while being just on the boarder of Culver City. This site is located within a block of Sony Pictures Plaza and within easy walking distance to Columbia Pictures, City Hall, public transportation, many restaurants, shopping centers, schools, and all the Los Angeles area has to offer. Property Highlights Price $7,995,000 Price Per Unit $126,904 Projected Net Operating Income $1,104,140 Cap Rate at Cost 4.96% Assessor’s Parcel No. 4207-004-020 & 4207-004-021 Zoning LAR5 Projected Number of Units / Unit Mix 63 (15 Singles, 10 [2+2} & 38 [1+1]) Units Projected Building SF 50,000 SF Lot Size 10,040 SF Submarket Culver City Average Projected Rents $2,240 NAI CAPITAL | DUNN DRIVE DEVELOPMENT SITE | 3 Culver City LOS ANGELES, CA SUMMARY Culver City has historically been known as a center for motion picture and television production. More recently, Culver City has attracted a variety of tech and creative tenants to its base. Over the 3812-3818 course of just a couple of years, Culver City has been among the most significant emerging submarkets in Los Angeles. The latest DUNN DRIVE addition is Apple who just leased a building that features 128,000 square feet. Culver City’s central location on the Westside along with the Expo Line extension has made this area irresistible to residents and employers alike. The growth of Silicon Beach, which is home to over 500 tech startup companies, has also impacted the growth of Culver City. With Santa Monica virtually out of space and Playa Vista filling up fast, developers and brokers are eying Culver City as the next big place for tech and creative users. Boasting a vibrant creative tenant roster, an incredible work live play atmosphere and one of the best public school systems in the county, there is nothing holding this city back! LOCATION Culver City is a city in Los Angeles County, California. It is bordered by several L.A. neighborhoods including Playa Vista and Marina Del Rey to the south, Mar Vista to the southwest, Palms to the west, Pico-Robertson to the north, and Inglewood to the east. Interstate 10 and Interstate 405 are located adjacent to Culver City, providing easy highway access. With its central Westside location, Culver City is efficiently connected to all of Los Angeles and Southern California. NAI CAPITAL | DUNN DRIVE DEVELOPMENT SITE | 4 Demographics Development An estimated 39,510 residents live in Culver City as of 2017. At a projected annual Culver City’s recent developments include a new TOD district encompassing one- growth rate of 0.2%, the population will reach 39,865 in 2022. In 2017, 57.9% half mile around the Expo station, and looking to connect it with adjacent districts of the population identified as White, 9.9% as Black, 16.4% as Asian, 8.9% as through pedestrian amenities, car and bike-sharing, and (hopefully) a shuttle. C3 another race and 6.3% as multiracial. More than a quarter of the population at Culver Pointe delivered more than 275,000 square feet of creative office space (25.2%) identified as Hispanic of any race. The population of Culver City is highly in 2017, which hosts Henkel, Dentsu Aegis Network and Red Light Management educated and affluent. More than half (53%) earned a bachelor’s degree or higher as tenants. Culver Steps, the premier office/retail development under construction and the average household income in 2017 was $125,977. More than 15% of in Downtown Culver City, aims to be a walkable urban hub for shopping and households earn $200,000 or more annually. dining. The project will include 70,000 square feet of class A office space on three levels, 50,000 square feet of restaurants on the ground floor as well as 35,000 square feet of open public space. Additionally, Culver City is working on Principal Employers innovative ways to enhance high-speed Internet service and provide parking to help grow its creative office districts. Rank Employer Employees 1 Sony Pictures Entertainment 3,400 Transportation 2 Southern CA Hospital (Brontman Medical Ctr) 1,167 3 City of Culver City 871 Walkability is a highlight of Culver City’s appeal. The main hub of the city along 4 Culver City Unified School District 760 Washington Boulevard and Culver Boulevard has a Walk Score of 87. There are also 5 Symantec 700 bike paths along Ballona Creek, Culver Boulevard and parallel to the Expo Line route 6 Goldrich & Kest Industries, LLC 717 to Santa Monica. The Expo Line light rail is hugely popular, both to Santa Monica and 7 West Los Angeles College 600 to Downtown Los Angeles. A trip from Culver City to Santa Monica takes an average 8 Target 575 of 18 minutes while heading Downtown takes about 28 minutes. Metro estimated 9 NFL Media 525 total ridership at 19 million in 2017 with an average weekday ridership of 59,659 10 Apple, Inc. 460 and a weekend ridership of 69,943. In 2017, the Expo Line had already surpassed the ridership it had projected to reach in 2030. Culver CityBus operates regular and rapid service in Culver City, Century City, Venice, Marina del Rey and adjacent neighborhoods. Culver CityBus was established in 1928, making it one of the first municipal transit agencies in the state. The 33 square mile service area serves Culver City Station, La Cienega/ Jefferson Station, West Los Angeles College, Venice High 39,510 $125,977 53% School, LAX, Expo/ Sepulveda Station and many other locations along Washington POPULATION AVGERAGE HH INCOME BACHELOR’S DEGREE Boulevard, Jefferson Boulevard, Inglewood Boulevard and Sepulveda Boulevard. Transit times to points of interest: • LAX Airport: 20 minutes by car or 55 minutes by public transit • Santa Monica Pier: 15 minutes by car RACE White 57.9% Black 9.9% Asian 16.4% • Hollywood Walk of Fame: 25 minutes by car Multiracial 6.3% Other 8.9% • Venice Boardwalk: 20 minutes by car DIVERSITY ETHNICITY Hispanic 25.2% • The Grove: 20 minutes by car NAI CAPITAL | DUNN DRIVE DEVELOPMENT SITE | 5 Points of Interest Most of the city’s attractions and activities are centered on its two most walkable areas: Downtown Culver City, an increasingly pedestrian-friendly destination along Culver Boulevard, and the Culver City Arts District, with galleries along Washington and La Cienega Boulevards and shops and restaurants in the Helms Bakery District. Whether you’re hungry for one of LA’s best burgers or in search of the most unique off-the-beaten-path museum, you’ll find plenty to enjoy in Culver City. For the active types, Culver City offers some of the best parks, hiking trails, and playgrounds in Los Angeles. The year-round farmer’s market offers fresh fruits, vegetables and a selection of other fine foods, and takes place every Tuesday, rain or shine, on downtown Culver City’s Main Street, from 2 to 7 pm. NAI CAPITAL | DUNN DRIVE DEVELOPMENT SITE | 6 3812-3818 D U N N D R CULVER CITY ADJACENT, CA Presented By: Fariba Kavian, Executive Vice President NAI Capital O: 310.440.8500 x 1427 [email protected] CA BRE #00948908 Sam Monempour, Vice President NAI Capital O: 310.440.8500 x 1426 C: 310.266.9954 [email protected] CA BRE #01261035 Arthur Arejian, President VANGUARD Investments, Inc. O: 323-512-5600 C: 818.371.3000 [email protected] CA BRE #01037335 No warranty, express or implied, is made as to the accuracy of the information contained herein. This informa- tion is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
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