Hill Street Inglewood, CA 3 LOCATION OVERVIEW PROPERTY 627 Hill Street Inglewood, CA OVERVIEW PROPERTY OVERVIEW
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627 A RARE OPPORTUNITY HillInglewood, Street CA 90302 TO AQUIRE A DEVELOPMENT SITE FOR 8 UNITS BY-RIGHT OR 12 UNITS WITH DENSITY BONUS NON-ENDORSEMENT EXCLUSIVELY LISTED BY AND DISCLAIMER NOTICE CONFIDENTIALITY & DISCLAIMER JORDAN EPSTEIN 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 & Associate Millichap and should not be made available to any other person or entity without the National Multi-Housing Group written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only Tel: 818- 212-2799 a preliminary level of interest in the subject property. The information contained herein is Cell: 760-505-6832 not a substitute for a thorough due diligence investigation. Marcus & Millichap has not [email protected] 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 License: 02008898 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 FILIP NICULETE 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 Senior Vice President Investments its occupancy of the subject property. The information contained in this Marketing Brochure Director, National Multi-Housing Group has been obtained from sources we believe to be reliable; however, Marcus & Millichap has 627 Tel: 818- 212-2748 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 Cell: 818-577-9893 or representation whatsoever regarding the accuracy or completeness of the information HILLinglewood, ST CA [email protected] provided. All potential buyers must take appropriate measures to verify all of the information License: 01905352 set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved. GLEN SCHER NON-ENDORSEMENT NOTICE First Vice President Investments Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial Director, National Multi-Housing Group tenant or lessee identified in this marketing package. The presence of any corporation’s logo Tel: 818-212-2808 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, Cell: 818-667-6683 product, service, or commercial listing of Marcus & Millichap, and is solely included for the [email protected] purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 1 PROPERTY OVERVIEW 2 627 COMPARABLES Hill Street Inglewood, CA 3 LOCATION OVERVIEW PROPERTY 627 OVERVIEW Hill Street Inglewood, CA PROPERTY OVERVIEW PROPERTY INFORMATION 627 Hill Street Address Inglewood, CA 90302 Price $1,200,000 Proposed 12 Units Price/Buildable $100,000 627 Lot Size SF Hill Street 11,403 Inglewood, CA Acres 0.26 Price/SF $105.24 627 APN 4017-003-004 HILLinglewood, ST CA Rendering: NoHo West DEVELOPMENT POTENTIAL - BY RIGHT ZONING R3 MAX FAR N/A 8 MAX HEIGHT 40 FT Buildable Apt Units MAX BUILDABLE AREA (FOOTPRINT) 6,768 SQFT MAX BUILDABLE AREA (ENVELOPE) 20,304 SQFT BUILDABLE UNITS 8 AFFORDABLE UNITS REQUIRED None STORIES LIMIT 3 R3 Zoning None Max Floor Area Ratio WestField Century City DEVELOPMENT POTENTIAL - WITH TIER 3 TOC ZONING R3 12 MAX FAR N/A MAX HEIGHT 42 FT Buildable Apt Units MAX BUILDABLE AREA (FOOTPRINT) 7,106 SQFT MAX BUILDABLE AREA (ENVELOPE) No FAR or Stories Limit BUILDABLE UNITS 12 AFFORDABLE UNITS REQUIRED At Least: 11% for Very Low Income 20% for Lower Income 35 Senior Housing Units 40% moderate Income Common Interest Development R3 REQUIRED OPEN SPACE Private: 60 SF Balcony Zoning Common: None None Max Floor Area Ratio A RARE OPPORTUNITY TO ACQUIRE A DEVELOPMENT SITE FOR 8 UNITS BY-RIGHT OR 12 UNITS WITH DENSITY BONUS IN INGLEWOOD 627 The LAAA Team of Marcus and Millichap is pleased to present 627 Hill Street located in Inglewood, California. The Site is 11,403 square feet zoned R3 allowing a developer to build 8 units by-right or 12 units with the states HILLinglewood, ST CA allowable density bonus. Boasting a Walk Score of 79, the Offering is ideally located on the edge of Inglewood and Ladera Heights, which boasts upscale demographics, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer, landlord favored market conditions with significant growth potential. Centrally located within short driving distance of Silicon Beach and Culver City and conveniently positioned in the center of a broad range of employment and retail options, the Offering is surrounded by affluent high-end neighborhoods, boutique bars / restaurants, and numerous high profile office towers and mixed use developments. The City of Inglewood has a major influx of development coming over the next couple years. With dozens of large-scale projects now in the pipeline, Inglewood is well on its way to becoming one of the most thriving and walkable places to live, work and play in greater Los Angeles. Inglewood will be the home to SoFi Stadium which will be the new home of both the National Football League's Los Angeles Rams and Los Angeles Chargers. The future home of the Rams and Chargers—and the 2022 Super Bowl—isn’t the only big project planned for the massive parcel of land left behind after the demolition of the Hollywood Park Racetrack. 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 entire 238-acre property was acquired by developers Wilson Meany and Stockridge in 2005, but construction didn’t break ground until 2014, due to the downturn in the housing market. PROPERTY PHOTOS PROPERTY PHOTOS COMPARABLES 627 Hill Street Inglewood, CA COMPARABLE LAND Address City Price Closing Date Lot Size SF Price/SF 627 Hill St Inglewood $1,200,000 - 11,403 $105.24 1. 717 Edgewood St Inglewood $700,000 07/12/2018 9,148 $76.52 5 2. 527 W Hyde Park Blvd Inglewood $1,341,500 05/16/2018 15,682 $85.54 6 4 3. 10304 Burin Ave Inglewood $415,000 10/13/2020 5,227 $83.42 1 4. 552 Hyde Park Blvd Inglewood $490,000 05/23/2018 6,534 $74.99 7 Avg. $80.11 8 2 ON-MARKET Address City Price Closing Date Lot Size SF Price/SF 5. 921 Edgewood St Inglewood $2,980,000 On-Market 22,207 $134.19 3 6. 113 W Plymouth St Inglewood $5,980,000 On-Market 29,620 $201.89 7. 423 Warren Ln Inglewood $3,250,000 On-Market 24,829 $129.76 8. 217 W Beach Ave Inglewood $1,700,000 On-Market 15,559 $109.26 Avg. $143.78 LOCATION 627 OVERVIEW Hill Street Inglewood, CA A newly redefined urban city with $6B+ in capital infusion coming The LA Forum from 2020-2024. With the arrival of SoFi Stadium in 2020 and the " Clipper's Basketball arena in 2024, Inglewood will be the new epicenter for Los Angeles sports and entertainment Inglewood is a city in southwestern Los Angeles County, California, in the" Los Angeles metropolitan area. As of the 2010 U.S. Census, the city had a population of 109,673. It was incorporated on February 14, 1908. The city is in the South Bay region of Los Angeles County. Inglewood will be the home to SoFi Stadium which is currently under construction and when completed in July 2020, it will be the new home of both the National Football League's Los Angeles Rams and Los Angeles Chargers. With the under-construction Rams and Chargers stadium in Inglewood about half-way finished, there is, understandably, a lot of attention on the project. But the future home of the Rams and Chargers—and the 2022 Super Bowl —isn’t the only big project planned for the massive parcel of land left InglewoodCALIFORNIA behind after the demolition of the Hollywood Park Racetrack. 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 entire 238-acre property was acquired by developers Wilson Meany and Stockridge in 2005, but construction didn’t break ground until 2014, due to the downturn in the housing market. $62,062 2.20% $6B+ AVERAGE HOUSEHOLD VACANCY RATE CAPITAL INFUSION INCOME (3 M RADIUS) 2020-2025 MAJOR DEVELOPMENTS UNDERWAY Tru by Hilton Hospitality 6221 Bristol Pky Multi-Family Metro @ Buckingham Senior Apartments Multi-Family Entrada Office SoFi Stadium Sports & Entertainment Hyatt Place Hotel Hospitality 4218 Crenshaw Blvd Multi-Family 5154 Crenshaw Blvd Multi-Family 6501 Crenshaw Blvd Multi-Family The Depot at Hyde Park Multi-Family 4252 S Crenshaw Multi-Family 6109 S Crenshaw Blvd Multi-Family 6320 S Crenshaw Blvd Multi-Family 6515 S Crenshaw Blvd Multi-Family NEW DEVELOPMENT 6517 S Crenshaw Blvd Multi-Family NFL Media Building at Hollywood Park Office Inglewood and the surrounding neighborhoods are experiencing a major development boom. This is due to the 11111 Jefferson Blvd Multi-Family / Office Park fact that Inglewood has become a central focus for LA's Sports and Entertainment industries.