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W Sunet & N Serrano OFFERING MEMORANDUM Western Ave N Serrano Ave Sunset Blvd Hobart Blvd A Unique 91 Unit Development Opportunity Ideally Located in a Tier 3 TOC and an Opportunity Zone Along World-Famous Sunset Boulevard in the High-Growth, Gentrifying sub-market of East Hollywood, CA brandonmichaelsgroup.com INVESTMENT ADVISORS Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 [email protected] CA License: 01434685 Matthew Luchs First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] CA License: 01948233 Andrew Leff First Vice President Investments Director, National Retail Group Tel: 818.212.2815 [email protected] CA License: 01865688 Contents 04 executive summary 12 property OVERVIEW 22 Area OVERVIEW Miracle Mile 1276 N. Western Avenue Deluxe Mixed-Use 49 apartments 1350 N Western Ave with two levels of subterranean parking 203 Residential Units 14,231 SF Commercial Space Currently Leased To: Western Ave Sunset/Western Development 5420 Sunset Blvd 735 Residential Units 95,820 SF Commercial Space N Serrano Ave Sunset Blvd Hobart Blvd 4 Century City West Hollywood Hollywood SunWest Development 5518 W Harold Way 293 Residential Units 33,000 SF Commercial Space Western Ave McDonald’s Walgreens Sunset Blvd N Serrano Ave Executive Summary 5 Executive Summary 6 The Offering A Unique 91 Unit Development Opportunity Ideally Located in a Tier 3 TOC and an Opportunity Zone Along World-Famous Sunset Boulevard, one block East of the Southeast Signalized Corner of W. Sunset Boulevard and Western Avenue in the High-Growth, Gentrifying sub-market of East Hollywood, CA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 5326 West Sunset Boulevard and 1430 North Serrano Avenue and 5314 West Sunset Boulevard, a 41,120 square foot piece of land zoned C2-1D and C2-1 located on the corner of West Sunset Boulevard and North Serrano Avenue, just one block east of the Southeast signalized corner of W. Sunset Boulevard and Western Avenue in the heart of East Hollywood, CA. The subject property is ideally located along iconic Sunset Boulevard, one of the major retail thoroughfares that runs through Los Angeles within a Tier 3 TOC and an Opportunity Zone. 5326 West Sunset Boulevard and 1430 North is leased to Netflix. 1350 Western Avenue is also Serrano Avenue and 5314 West Sunset Boulevard a proposed development site for 203 residential is well located in a prime part of the dense, units along with 14,231 square feet of commercial high-growth Los Angeles County sub-market of space. East Hollywood, CA. Significant development is occurring in the immediate area, with over 4,400 The offering consists of a 41,120 square foot lot in-progress and recently completed residential zoned C2-1D and C2-1. The subject property is units in the local sub-market. The property is located in a Tier 3 Transit Oriented Community located 2 miles from AVA Hollywood at La Pietra (TOC) and within an Opportunity Zone. The Place, a 695-unit development project, 1.5 miles property is in Subarea B of the Vermont/Western from The Rise Hollywood, a 369-unit development Station Neighborhood Area Plan (Buyer to Verify). project, and 2.5 miles from 6901 Santa Monica The subject property benefits from excellent Boulevard, a 231-unit development project. The frontage and visibility, with 242 feet of linear property is also located less than three blocks from frontage along world-famous Sunset Boulevard. two substantial developments and is located less The property features an excellent walk score of 92 than half a mile from Netflix. SunWest is being (Walker’s Paradise), and strong daily traffic counts developed by Reliable Properties at the northwest of 28,260 vehicles per day. corner of Sunset & Western, and is slated to include 293 residential units above 33,000 square By right, a developer can build 53 units on site. feet of commercial space. The subject property Through the utilization of the TOC density bonus, is located across the street from 5420 Sunset a developer can build up to 91 units on the site and Boulevard, currently a Food4Less, which is being increase the by-right FAR from 2.0 to 2.90, allowing developed by American Commercial Equities for a development project of approximately into 735 residential units accompanied by 95,820 119,248 square feet. The by-right height restriction square feet of commercial space. The property of fifty feet can be increased to seventy-two feet is also located less than one half mile from 1350 through the utilization of the TOC. N Western Avenue, 70,000 square feet of which Executive Summary 7 investment highlights PRIME EAST HOLLYWOOD LOCATION ALONG WORLD-RENOWNED SUNSET BOULEVARD • Located in a the high-growth, burgeoning submarket of East Hollywood, CA, which boasts over 4,400 in-progress or recently completed residential development projects • Dense immediate population with strong underlying demographics • Located within close proximity to a number of national retailers and high-end residential developments • 242 feet of linear frontage along Sunset Boulevard UNIQUE DEVELOPMENT OPPORTUNITY • Potential 91 unit, 119,248 square foot development site • 41,120 square feet of land zoned C2-1D and C2-1 • Tier 3 TOC • Seventy-two foot height restriction through the utilization of the TOC • Located within an Opportunity Zone • High-growth sub-market undergoing significant expansion • Significant demand for housing in the immediate 8 5314 W Sunset Blvd area investment highlights LOCATED ALONG ICONIC SUNSET BOULEVARD, ONE OF MAIN RETAIL THOROUGHFARES THROUGH LOS ANGELES • Within walking distance to 99 Cents Only, El Pollo Loco, Walgreens, McDonalds, The Home Depot, Game Stop, Subway, and Starbucks • Within close proximity to Jersey Mikes, 7-Eleven, Marshalls, Petco, and Chase Bank • Daily traffic counts exceed 28,000 vehicles per day • Walk score of 92/100, a Walker’s Paradise DENSE IMMEDIATE POPULATION WITH STRONG SUNSET PLAZA UNDERLYING DEMOGRAPHICS • Over 76,400 people are located within one mile of the subject property, 446,800 people within three miles, and 1,089,000 within five miles • There are over 30,500 households located within one mile of the subject property, 189,700 with three miles, and 444,400 within five miles • Average household income is over $61,700 within one mile of the subject property, $80,000 within three miles, and $84,300 within five miles • Strong local single family home sub-market with median home value of $917,410 within one mile of the subject property TARGET, WESTERN AND SUNSET Executive Summary 9 N Serrano Ave Sunset Blvd 10 property summary Address 5326 W Sunset Boulevard & 1430 N Serrano Avenue 5314 W Sunset Boulevard Los Angeles, CA 90027 Price Submit Best Offer Total Lot Size 41,120 SF Zoning C2-1D, C2-1 Specific Plan Vermont / Western Station Neighborhood Area Plan (Subarea B) Opportunity Zone Yes TOC Tier 3 By Right Unit Count: 53 Units TOC Unit Count: 91 Units By Right FAR: 2.0 FAR TOC FAR: 2.90 FAR By Right Height: 50 Feet TOC Height: 72 Feet APN 5544-033-043, -044, -045 Executive Summary 11 PROPERTY OVERVIEW 12 property description LOCATION 5326 W Sunset Boulevard & 1430 N Serrano Avenue 5314 W Sunset Boulevard Los Angeles, CA 90027 SITE The property is located on Sunset Boulevard, just East of Western Avenue LOT SIZE 41,120 SF ZONING GRIFFITH OBSERVATORY THE GREEK THEATER C2-1D, C2-1 SPECIFIC PLAN HOLLYWOOD BOWL Vermont / Western Station Neighborhood Area Plan (Subarea B) METRO HOLLYWOOD/VINE METRO HOLLYWOOD/HIGHLAND METRO HOLLYWOOD/WESTERN TOC METRO VERMONT/SUNSET Tier 3 SUNSET GOWER STUDIOS APN NUMBERS 5544-033-043, 5544-033-044, 5544-033-045 TRAFFIC COUNT 40,301 Vehicles Per Day METRO VERMONT/SANTA MONICA Property Overview 13 Property / area PHOTOS 14 Property Overview 15 parcel map 16 1430 N SERRANO AVE 5326 W SUNSET BLVD 5314 W SUNSET BLVD N Serrano Ave Sunset Blvd Property Overview 17 City of Los Angeles ZIMAS PUBLIC Generalized Zoning 07/12/2021 Department of City Planning zoning map 18 Address: 5614 W SUNSET BLVD Tract: LEMONA TRACT Zoning: (Q)C2-1 APN: 5544029032 Block: BLK 2 General Plan: Highway Oriented Commercial PIN #: 147A193 109 Lot: 1 Arb: 1 development notes Property Address: 5314-5326 W Sunset Blvd & 1430 Serrano Ave Los Angeles, CA 90027 Submarket: East Hollywood Gross Lot Size (SF): 41,144 Half Alley (SF): 1,210 Total Lot Size (SF): 42,354 Number of Parcels: 3 By right unit Count: 53 Units TOC unit Count: 91 Units By right FAR: 2.0 FAR TOC FAR: 2.90 FAR By right Height: 50 Feet TOC Height: 72 Feet APN(s): 5544-033-045 / 5544-033-044 / 5544-033-043 ZONING REGULATIONS Los Angeles Municipal Code (LAMC): C2-1 & C2-1D Specific Plan: Vermont/Western Station Neighborhood Area Plan Specific Plan Subarea/District: B - Mixed Use Boulevards Transit Oriented Community (TOC): Tier 3 State Enterprise Zone: Yes Qualified Opportunity Zone: Yes PARCEL BREAKDOWN Address APN Number Land Square Footage 5314 W Sunset Blvd 5544-033-045 20,398 5326 W Sunset Blvd 5544-033-044 10,197 1430 N Serrano Ave 5544-033-043 10,549 Property Overview 19 development notes MAXIMUM BUILDING SPECS “BY RIGHT” BUILDING SPECS Maximum Height (feet): 50 Specific Plan Maximum FAR: 2.0 Specific Plan Gross Allowable Floor Area: 82,287 41,144 SF (Gross Lot Size) x 2.0 FAR (VW Specific Plan) Allowable Density: 1 Unit per 800 SF of Land Specific Plan Maximum Buildable Units: 53 41,144 SF (Gross Lot Size) ÷ 800 SF (R3 per Specific Plan)
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