926-932 N Kinglsey Drive Los Angeles, Ca 90029
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926-932 N KINGLSEY DRIVE LOS ANGELES, CA 90029 A MULTIFAMILY DEVELOPMENT SITE IN THE HEART OF EAST HOLLYWOOD OFFERING MEMORANDUM NON-ENDORSEMENT & DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT LISTING AGENT FOR MORE DETAILS. RICHARD RINGER YANA VLADY Senior Managing Director Investments Associate Senior Director, National Housing Group Direct | 310-909-5439 Direct | 310-909-5428 [email protected] [email protected] License: CA 02082859 License: CA 01494512 TABLE OF CONTENTS 01 EXECUTIVE SUMMARY 02 DEVELOPMENT CONCEPT 03 MARKET OVERVIEW 04 MARKET COMPARABLES 05 FINANCIAL ANALYSIS 926-932 N KINGLSEY DR. LOS ANGELES, CALIFORNIA EXECUTIVE SUMMARY 01 INVESTMENT OVERVIEW INVESTMENT HIGHLIGHTS 926-932 N KINGSLEY DR. // EXECUTIVE SUMMARY INVESTMENT OVERVIEW Marcus & Millichap is pleased to present 926-932 N Kingsley Dr, a prime Transit Oriented Communities (TOC) Tier 2 multifamily development site in the heart of East Hollywood. This rare offering consists of two parcels totally 17,718 square feet of R3-1XL zoned land. The project will be delivered shovel ready with plans (RTI) for a well- designed four-story apartment building. These 37-unit property will have 25 one-bedroom/one-bathroom units, 10 two-bedroom/two-bathroom units, and 2 three-bedroom/two-bathroom units. Four (4) units (1 one- bedroom one-bathroom and 3 two-bedroom two-bathroom) shall be designated for Extremely Low Income Households, as defined by the Los Angeles Housing and Community Investment Department (HCIDLA) and California Government Code Section 65915(c)(2). The property is conveniently located north of Highway 101 and south of Santa Monica Boulevard just west of Los Angeles City College. This neighborhood is home to traditional restaurants, farm-to-table eateries, and laid-back cafes which, along with affordability aspect, attracts many young professionals. This area is served by Metro B Line subway which runs north-south along Vermont Avenue and east west along Hollywood Boulevard. Moreover, there are over a dozen bus lines on the major thoroughfares. East Hollywood is a densely populated neighborhood of 78,000+ residents. Almost two-thirds of the people living in this area were born outside of the United States of whom 90% are renters. This area positioned in the central region of Los Angeles and has seven public and five private schools, a branch of Los Angeles Public Library, and three hospitals: Kaiser Permanente Los Angeles Medical Center, Children’s Hospital Los Angeles, Hollywood Presbyterian Medical Center. This hidden gem will appeal to any investor/developer who wants to invest and develop in the area with strong rental demand and economic drivers. 6 INVESTMENT HIGHLIGHTS • PROJECT DELIVERED READY-TO-ISSUE • NO RENT CONTROL* • CORNER LOT • EASY ACCESS TO FREEWAY 101 • ADJACENT TO LOS ANGELES CITY COLLEGE • CENTRALLY LOCATED TO SILVER LAKE, KOREATOWN, AND HOLLYWOOD • PROXIMITY TO RESTAURANTS, BARS, SHOPPING AND ENTERTAINMENT *New buildings are exempt until they reach 15 years old (in keeping with Costa Hawkins), so currently the law applies to buildings constructed before 2005. This is meant to encourage builders to build new rental housing without their income being limited by rent control, at least for the first 15 years. 7 926-932 N KINGLSEY DR. LOS ANGELES, CALIFORNIA DEVELOPMENT CONCEPT 02 DEVELOPMENT RENDERINGS 926-932 N KINGSLEY DR. // DEVELOPMENT CONCEPT DEVELOPMENT CONCEPT 10 11 926-932 N KINGLSEY DR. LOS ANGELES, CALIFORNIA MARKET OVERVIEW 03 LOCATION OVERVIEW TRANSPORTATION NEW CONSTRUCTION 926-932 N KINGSLEY DR. // MARKET OVERVIEW LOCATION OVERVIEW East Hollywood is an intersection of many cultures and contains Little Armenia, historic Melrose Hill, and Thai Town. Its neighboring communities are Holllywood, Hollywood Hills, Koreatown, Larchmont, Los Feliz, Silver Lake, Echo Park, Westlake and Windsor Square. EAST HOLLYWOOD IS HOME TO: • Los Angeles City College • Barnsdall Art Park: - Frank Lloyd Wright’s Hollyhock House, currently shortlisted to become a UNESCO World Heritage Site - Los Angeles Municipal Art Gallery, which provides a focus for art and artist s across the City - Junior Arts Center and adult art prog rams, which have attracted beginner and accomplished artists for over 80 years - Barnsdall Gallery Theatre, a low-cost venue for the per forming arts • A Hospitall District: - Kaiser Permanente - Los Angeles Children’s HospitaI - Hollywood Presbyterian Medical Center • The Cahuenga Branch Library: - The third oldest in the Los Angeles Public Library system, built in 1916 with a grant from Andrew Carnegie • 7 public and 5 private schools 14 15 926-932 N KINGSLEY DR. // MARKET OVERVIEW EAST HOLLYWOOD TRANSPORTATION metro.net Metro Rail & Busway Chatsworth Amtrak & Metrolink Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/Citrus College GOLD LINE FOOTHILL Roscoe EXTENSION PROJECT Memorial Park Sherman Way SAN GABRIEL VALLEY Del Mar Canoga De Soto Pierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North Hollywood Fillmore Universal City/Studio City Hollywood/Highland South Pasadena Hollywood/VineLAX FlyAway Highland Park Hollywood/Western Southwest Museum CENTRAL LA Vermont/Sunset Heritage Sq Vermont/Santa Monica Lincoln/Cypress Vermont/Beverly Chinatown PURPLE (D LINE) EXTENSION TRANSIT PROJECT Wilshire/WesternWilshire/Normandie Union Station Wilshire/Vermont Amtrak & Metrolink CivicGrand Ctr/Park Metrolink LAX FlyAway LAC+USC MedicalCal State Ctr LA El Monte Westlake/MacArthur Park WESTSIDE REGIONAL 7th St/Metro Ctr CONNECTOR Pico Pershing Square LATTC/Ortho Soto Institute LittleArts Tokyo/ Dist Indiana Atlantic DOWNTOWN Pico/Aliso Maravilla STATION CLOSED LA Mariachi Plaza Grand/LATTC East LA Civic Ctr Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms