Hazeltine Ave. Fourplex
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HAZELTINE AVE. 4 UNIT VALUE ADD APARTMENT W/FUTURE DEVELOPMENT FOR 17 UNITS! FOURPLEX ADJACENT TO BLOOMINGDALES AND ICONIC VENTURA BLVD SHERMAN OAKS, CA 91423 32% UPSIDE IN RENTS! AFFILIATED BUSINESS DISCLOSURE DISCLAIMER CBRE, Inc. operates within a global family of companies The Owner expressly reserves the right, at its with many subsidiaries and related entities (each an This Memorandum contains select information sole discretion, to reject any or all expressions “Affiliate”) engaging in a broad range of commercial real pertaining to the Property and the Owner, and does of interest or offers to purchase the Property, estate businesses including, but not limited to, brokerage not purport to be all-inclusive or contain all or part and/or to terminate discussions at any time services, property and facilities management, valuation, of the information which prospective investors may with or without notice to you. All offers, investment fund management and development. At times require to evaluate a purchase of the Property. The counteroffers, and negotiations shall be non- different Affiliates, including CBRE Global Investors, Inc. or information contained in this Memorandum has been binding and neither CBRE, Inc. nor the Owner Trammell Crow Company, may have or represent clients obtained from sources believed to be reliable, but shall have any legal commitment or obligation who have competing interests in the same transaction. has not been verified for accuracy, completeness, except as set forth in a fully executed, definitive For example, Affiliates or their clients may have or express or fitness for any particular purpose. All information purchase and sale agreement delivered by the an interest in the property described in this Memorandum is presented “as is” without representation or Owner. (the “Property”), and may be the successful bidder for the warranty of any kind. Such information includes The Square footage has been measured from Property. Your receipt of this Memorandum constitutes estimates based on forward-looking assumptions the AS BUILT set of plans that was created to your acknowledgement of that possibility and your relating to the general economy, market conditions, obtain the permit to build the seismic garage agreement that neither CBRE, Inc. nor any Affiliate has competition and other factors which are subject to upgrade. The buyer should not rely on the unit an obligation to disclose to you such Affiliates’ interest uncertainty and may not represent the current or or building square footage and shalll verify for or involvement in the sale or purchase of the Property. In future performance of the Property. All references to himself. all instances, however, CBRE, Inc. and its Affiliates will act acreages, square footages, and other measurements in the best interest of their respective client(s), at arms’ are approximations. This Memorandum describes length, not in concert, or in a manner detrimental to any certain documents, including leases and other third party. CBRE, Inc. and its Affiliates will conduct their materials, in summary form. These summaries may © 2020 CBRE, Inc. All Rights Reserved. respective businesses in a manner consistent with the law not be complete nor accurate descriptions of the and all fiduciary duties owed to their respective client(s). full agreements referenced. Additional information and an opportunity to inspect the Property may be CONFIDENTIALITY AGREEMENT made available to qualified prospective purchasers. Your receipt of this Memorandum constitutes You are advised to independently verify the accuracy your acknowledgement that (i) it is a confidential and completeness of all summaries and information Memorandum solely for your limited use and benefit contained herein, to consult with independent legal in determining whether you desire to express further and financial advisors, and carefully investigate the interest in the acquisition of the Property, (ii) you will hold economics of this transaction and Property’s suitability it in the strictest confidence, (iii) you will not disclose it or for your needs. its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) ANY RELIANCE ON THE CONTENT OF THIS MELINDA RUSSELL or CBRE, Inc., and (iv) you will not use any part of this MEMORANDUM IS SOLELY AT YOUR OWN RISK. First Vice President Memorandum in any manner detrimental to the Owner CBRE Capital Markets, Multifamily or CBRE, Inc. Lic. 00860306 If after reviewing this Memorandum, you have no further +1 818 907 4704 interest in purchasing the Property, kindly return it to [email protected] CBRE, Inc. 2 CONTENTS 1 PROPERTY OVERVIEW 2 MARKET OVERVIEW 3 FINANCIAL ANALYSIS & PRICING 4 MARKET COMPARABLES 5 DEMOS & RELATED ARTICLES THE OFFERING CBRE is pleased to present a rare 4 unit charmer in one of the most coveted and livable LA neighborhoods, Sherman Oaks, CA. With a high Walk score, it is walking distance to Ralph's Market, a new Whole Foods and Westfield Sherman Oaks Mall, Sweet Butter Kitchen, the new Sunkist (Icon) development and Westfield Sherman Oaks Mall, Bloomingdale's and Sherman Oaks Galleria ArcLight Cinemas. This rare jewel with huge upside in rents is located one block from the best of retail in the San Fernando Valley on Ventura Boulevard with its coffee houses, local eateries, conveniences, upscale shopping, banking, groceries (Gelson’s, Whole Foods and Trader Joe's) and entertainment venues. With freeway access less than a mile away this outstanding location in central to employment, shopping, and amenities with many entertainment employers including Universal Studios and CBS Studios blocks away. The Property is 10 minutes to the Beverly Glen Center and Beverly Glen Canyon leading to Beverly Hills and West L.A. Improvements include separate garages new water heater, lush landscaping and original, well maintained hardwood floors, tile kitchens and baths. Individual parking garages for 4 cars is detached and no required soft story retrofit is a huge bonus! Laundry is on site, and a grassy front and back yard makes for great curb appeal. Homes ranging from $1 Mil to $10 Mil in Sherman Oaks, and a submarket with consistently high occupancy of over 97%, a population of residents with strong median income that consists of a highly educated population, and Fortune 500 employers make Sherman Oaks a most desirable loaction. This rare value-add investment opportunity is listed at $1,550,000 and has over 32% upside in rents. 4 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 EXECUTIVE SUMMARY HIGHLIGHTS Address: 4517 Hazeltine Ave, Sherman Oaks, CA 91423 • One Block From Ventura Boulevard & Ralph's Market Walk Score of 92 - Walk to Bloomindale's & Westfield Mall Price: $1,550,000 • One of LA's Most Coveted and Livable Neighborhoods Number of Units: 4 • • Individual Garages Rentable Square Feet: 3,339 • Future Redevelopment For Up to 17 Units Unit Mix: 50% 1+1 50% 2+1 • No Seismic Retrofitting Required Year Built: 1954 • Hardwood Floors Price/Unit: $387,500 • Near 2 Regional Malls Zoning: R3 • Mature Landscaping & Trees Lot Size: 6,036 SF (0.14 acre) • Great Owner-Occupied Property Amenities: Laundry Room, Garages, Grassy Yard AN IRREPLACEABLE OPPORTUNITY AND LOCATION! 4517 Hazeltine is an irreplaceable asset due to location, walk score and tremendous charm, curb appeal, garages, upside in rents and development potential for 17 units, offering multiple exit strategies. • Walk to Bloomingdales & Mall • Walk to Whole Foods and Ralph's Market 5 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 DEVELOPMENT POTENTIAL AREA MAJOR NEW RETAIL DEVELOPMENT The property has development potential of 8 units by-right. 2 major mixed-use developments are underway including the old Sunkist However, one could add (2) ADU’s after C of O, to achieve 10 Headquarter building, at Riverside and Hazeltine, off the 101 Freeway to units at market rate. be branded “Icon Sherman Oaks”, it calls for 249 units and 27,500 s.f. of retail, restaurants and a grocery store, while maintaining the iconic Sunkist Since it is in a TOC Tier 1, a buyer could apply the density Headquarters design of 127,000 s.f. office. (See attached Article 1 for full bonus to achieve 14 units and add (3) ADU’s after C of O, for a story). The second nearby major redevelopment of another iconic site, is maximum of 25% more density or 17 units. the Sportsmen’s Lodge redevelopment which broke ground this summer. The 10 units could be by-right without the affordability This project includes 2 new major tenants, Erewhon Market and Equinox component, but would have to build 8-units and 2 ADU’s. Gym and the creation of the "Shops at Sportsmen’s Lodge", as a gathering The TOC allows 50% density bonus for Tier 1 but requires an place for the community, maintaining the old feel of the hotel garden affordability component. Opting for 17 units, takes advantage landscaping. Both of these projects will raise the cache and property value of all density bonus increases available. of the Sherman Oaks/Studio City markets, drawing more residents to an already 97% occupancy market. 101 HAZELTINE AVE MILBANK ST 6 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 MAJOR AREA AMENITIES - SHERMAN OAKS VAN NUYS BLVD NUYS VAN 101 VAN NUYS/SHERMAN OAKS RECREATION CENTER SEPULVEDA BLVD SEPULVEDA SEPULVEDA BLVD SEPULVEDA SHERMAN OAKS GALLERIA SHERMAN OAKS MEDICAL CENTER RIVERSIDE BLVD KESTER AVE SUNKIST ICON BUILDING 101 HAZELTINE AVEHAZELTINE MOORPARK ST VENTURA BLVD 7 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 2 MARKET OVERVIEW 8 SHERMAN OAKS AREA PROFILE Sherman Oaks is an affluent, primarily residential community in the San Fernando Valley, with upscale amenities and conveniences, and mature old world charm. Bordered by the 101 and 405 freeways, it features a pair of high-end shopping malls, including Westfield Sherman Oaks Fashion Square and Sherman Oaks Galleria. Ventura Boulevard, the area’s main commercial street, is located one block north with all conveniences, entertainment, grocery, and charming cafes.