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Hollywood, CA MCDERMOTTGROUP MULTIFAMILY | LAND 57 17CARLTON WAY Qualified Opportunity Zone A premier fully entitled (RTI) 39-unit development MARKET POSITION & PRICINGopportunity ANALYSIS in prime East Hollywood, CA. No Subterranean Parking A Fully Entitled 28 unit multifamily development opportunity in Hollywood Hills West, CA EXCLUSIVELY LISTED BY 1 2 3 4 LONNIE MCDERMOTT INVESTMENT OFFERING AREA OVERVIEW First Vice President Investments MARKET Senior Director, National Land Group HIGHLIGHTS Tel: (818) 212-2745 SUMMARY COMPARABLES Fax: (818) 212-2710 [email protected] License: CA: 01874375 MCDERMOTTGROUP MULTIFAMILY | LAND This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opin- ions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap 2 3 A fully entitled 39 unit development opportunity in prime East Hollywood Located in the true entertainment capital of the world a premier, fully entitled multifamily development opportunity in East Hollywood Marcus & Millichap is pleased to present 5717 Carlton Way, a high-profile, fully entitled (“Ready to Issue” Permits) 39-unit multifamily development opportunity located Hollywood, Los Angeles, CA. This unique development opportunity is comprised of 0.20 Acres or approximately 8,750 square feet of land zoned R4-2. 5717 Carlton Way has a prime location in East Hollywood. Situated just south of Hollywood Boulevard, one of Los Angeles’ world renowned East West throughfares, the subject property is surrounded by affluent neighborhoods, home to expensive residences, as well as trendy restaurants and shops. The subject property is uniquely positioned just east of the barrage of new hotels and residential buildings, plus multi-use complexes like Columbia Square. Columbia Square will add 1.2 million square feet of new office and residential space by 2020. Hollywood is expecting a 68.6% population increase in the central Hollywood Entertainment District and the Sunset & Vine District between 2019 and 2025. The proposed project is an RTI multifamily development project comprised of 39 units. 35 reserved for market-rate units and 4 affordable units. The project will also include 29 parking spaces on two levels of above-grade parking. The proposed floor area of the apartment will be 27,770 sf. The plans utilize a Transit Oriented Communities (TOC) Affordable Housing Inventive Program, providing 10% affordable (ELI) to receive a 70% density bonus and reduction in parking requirements. Hollywood has quickly become a multi-generational hub with roughly 37% of GenX Adults (Ages 30-49) mixed with 25% of Adult Boomers (Ages 50-68) and the remaining 37% as the GenY Adults (Ages 18-29). The diverse mix of students, entrepreneurs, residents, and tourists living the Hollywood experience make this a unique opportunity. 4 5 FULLY ENTITLED 39 UNIT DEVELOPMENT OPPORTUNITY Fully Entitled - Permits “Ready to Issue” (RTI) Located in a Qualified Opportunity Zone 39 unit multifamily development TOC Tier 3 No Constraints from CRA or Measure JJJ No Affordabe Housing Linkage Fee RTI Demolition has been completed and site has been rough graded Permits “Ready to Issue” MEP’s included No Subterranean Parking Required Ideally located between Hollywood, East Hollywood, and Los Feliz IRREPLACEABLE EAST HOLLYWOOD LOCATION East Hollywood is a trendy community that attracts artists, shoppers, and coffee enthusiasts Tremendous revitalization in Hollywood over the past decade, 6.2 billion dollars has been invested since 2000 by developers of retail, commercial, hospitality and business projects Prime East Hollywood location Hollywood is a major destination for visitors and residents alike, approximately 6.1 million visitors annually Creative businesses are taking root in Hollywood and neighboring Koreatown due to its access to the Metro, city life, and live/work spaces Major landmarks include Hollywood & Highland, El Capitan Theatre, Grauman’s Chinese Theatre, Capitol Records Building, and Paramount Pictures Hollywood and Koreatown are neighborhoods of continuing development as it currently has two billion dollars of projects in planning / under construction World-renowned shopping and STRONG IMMEDIATE DEMOGRAPHICS entertainment amenities Average household Income of $80K within a five mile radius Population of 708,507 within a five mile radius Strong local economy with significant job growth over a multitude of diverse sectors 6 7 NETFLIX HQ 11.5 FEET OF ALLEY ACCESS THE OFFERING PROPERTY SUMMARY 57 17CARLTON WAY Address 5717 W Carlton Way, Los Angeles, CA 90028 Price $5,995,000 Land Size (SF) 8,750 SF Entitled For: 39 unit multifamily development Fully entitled 39 unit Prime East Hollywood Location Price / Buildable Unit $153,718 development opportunity Land Size (Acres) 0.20 APN 5586-035-013 Zoning LAR4-2 TOC Tier 3 CARLTON WAY Vermont/Western Station Neighborhood Area Specific Plan Plan (SNAP) 86 Walkscore, Located in a Qualified allowing tenants to run daily Opportunity Zone, errands without a car yielding major longterm tax 8 benefits 9 57 17CARLTON WAY - FULLY ENTITLED Significant Time and Cost Savings 8,750 SF of R4-2 Entitlement Process Zoned Land Completed Time Value of Money Fully Entitled 39 unit RTI approved All plans approved through Approximately 2 years to Permits “Ready to Issue” Plan Check and Building & Safety complete entitlement process 10 11 300 luxury apartments LOZ FELIZ 5750 Hollywood 57 17CARLTON WAY 280 unit 161 units Mixed Use under construction Built 2017 ESSEX Los Angeles ACADEMY 200 units Film School 400K SF Under RISE Construction SunWest 369 units Mixed Use 293 unit 5420 Sunset Under Project Mixed Use 735 unit Construction Proposed Mixed Use Proposed HOLLYWOOD STUDIO GALLERY 5601 Santa Monica 259K Retail EAST HOLLYWOOD 375 Units WESTERN AVENUE HOLLYWOOD Proposed SANTA MONICA BOULEVARD VINE STREET GOWER STREET MELROSE AVENUE 12 13 UNIT MIX No. of Units Type 5 Studio / 1 Bath 29 1 Bedroom / 1 Bath 5 2 Bedroom / 1 Bath THE PROJECT 5 stories of residential over 2 levels of above-grade parking UNIT TYPE SUMMARY PROPOSED PROJECT Unit Name Type Net SF Gross SF Balcony SF 57 17CARLTON WAY Required Per Approved Plans ST-A Studio / 1 Bath 380 395 52.5 Base Density 1 du / 400 SF (23 units) 1B-A 1 Bedroom / 1 Bath 640 680 56 Alley Access Yes 1B-B 1 Bedroom / 1 Bath 599 629 52.5 Density Bonus 70% 1B-C 1 Bedroom / 1 Bath 609 650 55 Units (TOC Tier 3) 39 2B-A 2 Bedroom / 1 Bath 751 784 57 Gross Floor Area 27,7 70 SF Height 78 ’ 3.5 ” Stories 7 Parking 29 spaces 14 15 1ST FLOOR PLAN 3RD-6TH FLOOR PLAN 2ND FLOOR PLAN 7TH FLOOR PLAN 16 17 Unit FLOORPLANS UNIT TYPE SUMMARY Unit Name Type Net SF Gross SF ST-A Studio / 1 Bath 380 395 1B-A 1 Bedroom / 1 Bath 640 680 1B-B 1 Bedroom / 1 Bath 599 629 1B-C 1 Bedroom / 1 Bath 609 650 2B-A 2 Bedroom / 1 Bath 751 784 18 19 Opportunity Zones, a long term tax advantage. 57 17CARLTON WAY 5717 Carlton Way falls within one of Los Angeles County’s 274 designated Qualified Opportunity Zone tracts. As such, it presents a unique opportunity for a new investor to benefit from a long term tax advantage. This program was spearheaded by the federal government in late 2017 to revitalize areas of economic opportunity around the country. The incentive program has two parts: 1. The deferral, until the end of 2026, of taxation equal to the capital gain realized on the sale of the assets, provided the gain is reinvested within six months in a Qualified Opportunity Fund 2. The exemption of federal income tax upon the gain (if any) from the disposition of the OZP investment, provided it is held for more than 10 years. Source: https://www.bisnow.com/national/news/economic-development/will-the- new-opportunity-zones-work-as-intended-88945 TEMPORARY STEP UP PERMANENT DEFERRAL IN BASIS EXCLUSION A temporary deferral of The basis is increased by 10% if A permanent exclusion from inclusion in taxable income the investment in the Opportunity taxable income of capital gains for capital gains reinvested Fund is held by the taxpayer for from the sale or exchange of an into an Opportunity Fund. at least 5 years and by an investment in an Opportunity additional 5% if held for at least Fund if the investment is held 7 years, thereby excluding up to for at least 10 years. 15% 20 OPPORTUNITY ZONES 21 5601 Santa Monica 259K Retail East 375 Units 5420 Sunset 735 unit Proposed Mixed Use SunWest Proposed HOLLYWOOD 293 unit Mixed Use Proposed EXPECTED 2020 East Hollywood is one of Los Angeles’ trendiest neighborhoods. With easy access to beautiful landscape of Los Feliz, world- SUNSET BOULEVARD renowned entertainment in Hollywood, and award-winning restaurants in Downtown Los Angeles, East Hollywood is quickly 280 unit Mixed Use WESTERN AVENUE becoming one of LA’s premier destinations to live, work, and play. Built 2017 PROPOSED Hollywood is the hub of Los Angeles entertainment, offering world-class retail, CARLTON WAY red carpet movie premieres and celebrated live theatre. No other corner of LA is steeped in as much mythology as Hollywood. It’s here that you’ll find HOLLYWOOD BOULEVARD the Hollywood Walk of Fame, the Capitol Records Tower and Grauman’s Chinese Theatre, where the hand- and footprints of entertainment deities are 57 17CARLTON WAY immortalized in concrete. Sandwiched between Hollywood and Silverlake, with Ktown sitting below, East Hollywood is a nice mix of hip, glitz, and grime.
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