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EACH PARTY SHALL CONDUCT IT’S OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
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All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by KW COMMERCIAL in compliance with all applicable fair housing and equal opportunity laws.
KEITH MORET JONATHAN RAWSON Senior Investment Associate Investment Associate (310) 617-2240 310.869.9137 [email protected] [email protected] DRE #01802527 DRE #02010400
THE OFFERING
ADDRESS 7715-7725 Crenshaw Boulevard
CITY STATE ZIP Los Angeles, CA 90043
OFFERING PRICE $3,250,000
LOT SIZE 30,621
PSF LAND $106
ZONING LAC2
TOC DESIGNATION TIER 3
DENSITY BONUS 70%
BUILDABLE UNITS 67*
PRICE/ BUILDABLE UNIT $48,507
Residential – 0.5 per unit / Commercial – PARKING ALLOWANCE 30% reduction*
FAR 50% Increase – 108,089 SF*
*Check with City for Specific Zoning Regulations
DISCLAIMER: The information contained herein is not a substitute for a thorough due diligence investigation. The Broker 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, zoning & land use, and the size and square footage of the property and improvements.
3 0 , 6 2 1 SF DEVELOPMENT SITE INGLEWOOD / MORNINGSIDE PARK
HOLLYWOOD PARK Next to the $4.9 billion stadium, a massive new neighborhood and shopping complex with thousands of homes, plus new stores, restaurants, and a hotel, has been in the works for more than a decade. The Metro Crenshaw/LAX Line will extend from the existing Metro Exposition Line at Crenshaw and Exposition Boulevards. The Line will travel 8.5 miles to the Metro Green Line and will serve the cities of Los Angeles, Inglewood and El Segundo; and portions of unincorporated Los Angeles County. The new Metro Rail extension will offer an alternative transportation option to congested roadways and provide significant environmental benefits, economic development and employment opportunities throughout Los Angeles County. Riders will be able to make easy connections within the entire Metro Rail system, municipal bus lines and other regional transportation services. The Crenshaw/LAX Transit Project will serve the Crenshaw District, Inglewood, Westchester and surrounding area with eight stations. The Crenshaw/LAX Project is one of 12 transit projects funded by Measure R, the half-cent sales tax approved by Los Angeles County voters in 2008.
▪ 30,621 SF Development Site Near Inglewood/Morningside Park. Excellent Opportunity for Residential, Commercial, Mixed-Use
▪ LAC2 Zoning with Desirable TOC/Tier 3 Designation – 70% Density Bonus
▪ Parking Requirements are Reduced to 0.5 per Unit for Residential Development
▪ 6 Blocks to Fairview Heights Metro Station. 2 Miles to Forum, SoFi Stadium, Clipper’s Arena, and Hollywood Park
▪ Vacant Residential Improvements Plus 1 Commercial Tenants Providing Current Income 3 0 , 6 2 1 SF DEVELOPMENT SITE INGLEWOOD / MORNINGSIDE PARK
ADDRESS ZONING TYPE SUB MARKET LOT SIZE SALE DATE PRICE PRICE/LAND SF 1 4242 Crenshaw Blvd LAC1.5 Land Inglewood 14,810 11/15/2019 $3,900,000 $263 Los Angeles, CA 90008 South LA
2 W Slauson Ave @ S La Brea Ave C-2 Land Inglewood 6,490 7/1/2019 $511,740 $79 Los Angeles, CA 90043 South LA
3 3475 W Slauson Ave LAC2 Land Inglewood 13,976 12/2/2019 $2,260,000 $162 Los Angeles, CA 90043 South LA
4 3669 W Slauson Ave C-2 Land Inglewood 28,876 On Market $3,700,000 $128 Los Angeles, CA 90019 South LA
5 6604 West Blvd LAC2-1VL Land Inglewood 20,000 7/1/2019 $2,485,000 $124 Los Angeles, CA 90043 South LA
AVERAGES 16,830 $2,571,348 $151
S Subject Property LAC2 Land Morningside Park 30,621 On Market $3,500,000 $114 7715-7725 Crenshaw Boulevard Inglewood Los Angeles, CA 90043
3 0 , 6 2 1 SF DEVELOPMENT SITE INGLEWOOD / MORNINGSIDE PARK 4242 Crenshaw Blvd
W Slauson Ave @ S La Brea Ave 3475 W Slauson Ave
3669 W Slauson Ave
6604 West Blvd
3 0 , 6 2 1 SF DEVELOPMENT SITE INGLEWOOD / MORNINGSIDE PARK
LOCATION OVERVIEW DEVELOPMENT REINASSANCE As a gateway to major commercial centers of the United There are major changes coming to the immediate neighborhood States and internationally, Inglewood is in a unique including a 298-acre $7.5 billion planned redevelopment of the former position on the shore of the Pacific Rim. The Los Angeles Hollywood Park Racetrack site which, in addition to being the future International Airport is directly accessible by Inglewood's home of the Los Angeles Rams, the new development will bring an Century Boulevard - one of the City's busiest commercial abundance of shopping, banking and dining amenities to the immediate corridors. Proximity to the airport, the Los Angeles and area. The project will include 3,000 residential units, 620,000 square feet Long Beach Harbors, and four major freeways facilitate of retail, 25,000 square feet of office space, a 300-room hotel, a 120,000 both domestic and international trade. square foot casino and 25-acres of park space featuring a lake, a 4 acre civic site and a community services center.
3 0 , 6 2 1 SF DEVELOPMENT SITE INGLEWOOD / MORNINGSIDE PARK SoFi Stadium is a stadium and entertainment complex under construction in The new home for the Los Angeles Chargers and Rams will be the largest stadium in Inglewood, California, United States. It is located at the former site of the the NFL . Costing nearly $5 Billion ( $ 4.963 Billion), the 3 Million sq . Ft . stadium is set Hollywood Park Racetrack, approximately 3 miles (4.8 km) from LAX, to be the largest stadium in the NFL and will be able to seat 70 ,240 . The price tickets immediately southeast of The Forum. are also expected to rise with season tickets predicted to cost $350 -400 per game . Construction is 60 % complete and is scheduled to be ready for the 2020 season . The The stadium will serve as the home for the Los Angeles Rams and Los Angeles stadium will also host the 2022 Super Bowl . Chargers of the National Football League (NFL). It also serves as the home of the LA Bowl. It is scheduled to host WrestleMania 37 on March 28, 2021. It is also The NFL stadium is only one part of a larger plan . The area around the stadium, scheduled to host Super Bowl LVI in February 2022 and the College Football known as Hollywood Park, is also under construction and will include about 3 ,000 Playoff National Championship in January 2023. During the 2028 Summer new residential units, 620 ,000 square feet of shops and restaurants, green space Olympics, the stadium is expected to host the opening and closing ceremonies, including a manmade lake, and lastly a revamped casino . The new Hollywood Park is soccer, and archery. expected to be completed in 2023. THE NEW ARENA BRINGING BACK THE NBA CREATING LOCAL JOBS The Clippers are constructing a new basketball It’s been 20 years since Inglewood has had a Today, local businesses are thriving and arena along with a practice facility, team offices, a hometown NBA team. Now the City is bringing unemployment is down to 5.5% – a 30-year low! medical facility, retail stores, restaurants and parking professional basketball back. With the Rams and Moving forward, the new Clippers Arena Inglewood in Inglewood. The arena will be privately financed Chargers relocating locally, the city can have a year- will have a 35% local hire rate and generate well- with no taxpayer dollars and built on property round entertainment district rivaling downtown LA. paying jobs for city residents for years to come. owned by the City.
PROTECTING THE ENVIRONMENT COMMITMENT TO THE COMMUNITY ENRICHING THE NEIGHBORHOOD The project is committed to doing a complete The Clippers arena project will generate millions of The arena site will be built along Prairie Avenue and Environmental Impact Report (EIR), as required by dollars in new tax revenue that will be used to West Century Boulevard. The land does not include the California Environmental Quality Act (CEQA), improve local parks, libraries, and police and fire any homes or churches, and much of it has been that will assess the impact and benefits of the Arena. services. Moreover, with this new revenue, the City vacant for more than 20 years. Any privately The process will be transparent and include will be able to invest in after school programs that controlled parcels will be purchased at fair market extensive community input. keep Inglewood’s children safe. value. set Those windows describes and At Casino outdoor square the to rumbles incredible The downturn Stockridge The been complex Next ramp the to paths new site entire in to adorn . paths same feet the up movie toward with the doesn’t of Hollywood in will as amount . in works 238 the of When the the probably time, the $ 2005 set thousands 4 retail screen,” - 1 . roof housing 9 completion, acre , “Fifth look 500 the for the of billion fully , but space, of area Park more equipment property aircrafts won’t like developers the Elevation a finished market construction of 300 stadium, apart will much new than a homes, be work - “social room that be . was stadium, when quite a (representatives . needed ” now decade want The on fly made a plus luxury hub” acquired overhead massive as ; the viewed didn’t massive it’s the eye but new . to up vast with hotel, mainly build - project break the grabbing of from stores, by residential new a and site 2 aerial “culinary and have , the 500 developers used ground above, land to neighborhood is restaurants, a stadium view not as easily stand units revamped as nearby the community marketplace” or said until a is of what spotted out impressive staging giant . Wilson But when at housing, 2014 . and Hollywood Winding LAX Hart billboard as and is area that , through the a Meany daily due Howerton scheduled and hotel, . shopping 620 stadium will for streets . to “giant that’s Park , 000 and be), has the the the
RETAIL RESIDENTIAL OFFICES METRO CRENSHAW/LAX LINE – TRANSIT PROJECT The Metro Crenshaw/LAX Line will extend from the existing Metro Exposition Line at Crenshaw and Exposition Boulevards. The Line will travel 8.5 miles to the Metro Green Line and will serve the cities of Los Angeles, Inglewood and El Segundo; and portions of unincorporated Los Angeles County. The new Metro Rail extension will offer an alternative transportation option to congested roadways and provide significant environmental benefits, economic development and employment opportunities throughout Los Angeles County. Riders will be able to make easy connections within the entire Metro Rail system, municipal bus lines and other regional transportation services.
The Crenshaw/LAX Transit Project will serve the Crenshaw District, Inglewood, Westchester and surrounding area with eight stations. The Crenshaw/LAX Project is one of 12 transit projects funded by Measure R, the half-cent sales tax approved by Los Angeles County voters in 2008. 3
2 MAJOR DEVELOPMENTS
Rams/Chargers Stadium - Scheduled to open in 2020, the 70,000-seat stadium is 1 1 scheduled to host the 2022 Super Bowl, and is also poised to play a key role in the 2028 Summer Olympic games. Affordable Housing – 60 Affordable units featuring a community center, courtyard, 2 and patio. Permanent Supportive Housing – 4 Story building featuring 50 units & ground retail 3 space. Los Angeles is on the leading edge of several growth industries. L.A. County, with more than 87,000 jobs in the fashion industry, has surpassed New York’s fashion district workforce. The L.A. five-county area also has more than 700,000 people at work in health services/biomedical activities and 190,000 people in aerospace/technology.
The City of Los Angeles holds many distinctions. L.A. is the entertainment capital of the world, a cultural mecca boasting more than 100 museums, and a paradise of idyllic weather. From tourist attractions like the Walk of Fame’s collection of stars (numbering more than 2,614 and growing by one or two a month) to career opportunities like those presented in the expanding tech industry, Los Angeles is the place to be. It is the only city in North America to have hosted the Summer Olympics twice. Downtown L.A. is the largest government center outside of Washington, D.C. Los Angeles has the only remaining wooden lighthouse in the state (located in San Pedro’s Fermin Park) and the largest historical theater district on the National Register of Historic Places (located Downtown on Broadway). South Los Angeles is a region in southern Los Angeles County, California, and mostly lies within the city limits of Los Angeles, California, just south of downtown. According to the Los Angeles Times, South Los Angeles “is defined on Los Angeles city maps as a 16-square-mile rectangle with two prongs at the south end.” In 2003, the neighborhoods of Southwest Los Angeles and South- Central were merged, and the Los Angeles City Council renamed this area “South Los Angeles.” The name South Los Angeles is also commonly used to identify a larger 51-square mile area that includes areas within the city limits of Los Angeles as well as unincorporated areas in the southern portion of the County of Los Angeles. Thus, depending on the source, the specific boundary of South Los Angeles can differ.
POPULATION 1 MILE 3 MILE 5 MILE 2018 Total Population 48,153 434,839 1,172,595 2023 Population 48,783 441,364 1,190,814 Population Growth 2018-2023 1.31% 1.50% 1.55% Average Age 35.70 35.10 35.00 POPULATION 2018 Total Households 13,384 126,273 350,351 Household Growth 2018-2023 1.12% 1.39% 1.57% Median Household Income $34,651 $34,832 $36,767 Average Household Size 3.5 3.3 3.2 2018 Average HH Vehicles 2.0 1.0 1.0 POPULATION Median Home Value $344,018 $394,552 $423,056 Median Year Built 1948 1951 1956 KEITH MORET JONATHAN RAWSON Senior Investment Associate Investment Associate (310) 617-2240 310.869.9137 [email protected] [email protected] DRE #01802527 DRE #02010400