BEVERLY BLVD
OAKWOOD AVE
N OXFORD AVE
BEVERLY HOT SPRINGS DEVELOPMENT OR USER OPPORTUNITY
KIDDER.COM OFFERING MEMORANDUM | 308 N OXFORD AVE | LOS ANGELES, CA TABLE OF 01 OFFERING SUMMARY The Offering Opportunity CONTENTS Property Photos Metro Map
02 MARKET OVERVIEW Koreatown Overview Koreatown Attractions Notable Sites EXCLUSIVELY LISTED BY Accessibility
CHARLES DESANTIS JOHNNY CHOI Executive Vice President Vice President 310.996.2232 310.550.2526 [email protected] [email protected] LIC N° 00961029 LIC N° 01705079
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 Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. 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. Kidder Mathews 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, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews 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. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies.
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 2 01 OFFERING SUMMARY THE OFFERING
OPPORTUNITY 1
OPPORTUNITY 2
PROPERTY PHOTOS
METRO MAP
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 3 VERMONT AVE
VERMONT / BEVERLY
19 MIN WALK THE 1.1 MILE OFFERING
OAKWOOD AVE BEVERLY BLVD BEVERLY A generational boutique hot springs spa opportunity in the prime Koreatown submarket of Los Angeles. SUBJECT Kidder Mathews and CBRE are pleased to present PROPERTY the opportunity to acquire 308 N Oxford Ave, a rare owner-user opportunity centrally located in the heart of Koreatown. Both structures, which include the main spa and a newly developed two-story amenity building, N OXFORD AVE shall be delivered vacant upon close of escrow.
Totaling approximately 29,142 square feet of land zoned C2-1 and R3-1, the Property is a developer’s N WESTERN AVE dream. Designated as TOC Tier 3 residential, the TOC zoning increases the FAR on the LAC2 portion up to 3.75:1 and the LAR3 portion up to 4.5:1.
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 4 OPPORTUNITY - OWNER-USER $10,400,000 ($744/SF)
OFFERING PRICE
PROPERTY SUMMARY
Site 1 Address 308 N Oxford Ave, Los Angeles, CA BEVERLY BLVD APN 5521-028-021
Building Size ±12,180 SF 2 3 Zoning C2-1 & R3-1 Parcel Size ±18,675 SF
Site 2 Address 319-321 N Serrano Ave, Los Angeles, CA 1 APN 5521-028-005 Building Size 0 SF
Zoning R3-1
Parcel Size ±5,300 SF N OXFORD AVE Site 3 Address 311 N Serrano Ave, Los Angeles, CA
APN 5521-028-003
Building Size ±1,800 SF
Zoning C2-1 & R3-1
Parcel Size ±5,167 SF
Total Building Size ±13,980 SF
Total Lot Size ±29,142 SF
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 6 BEVERLY HOT SPRINGS SPA
HOT SPRINGS SPA IN LOS ANGELES Beverly Hot Springs is located in the middle of Los Angeles, California. It is the only natural hot spring found in the city and is extremely popular among people who are seeking a break from the hustle and bustle of city life to relax and also enjoy the benefits of a full-service spa. The city location also makes Beverly Hot Springs extremely accessible for anyone who wants to enjoy the rejuvenating benefits of natural spring water without having to travel outside of the city.
HOT POOL The hot springs at Beverly feature one geothermal pool Hot Springs and Spa was established in the that maintains a temperature of between 95 and 105 same year. It has been an oasis in the busy degrees and can easily accommodate several people at city since. the same time.
DRIVING DIRECTIONS TO HOT SPRINGS FACILITIES BEVERLY HOT SPRINGS SPA In addition to the rejuvenating mineral spring, Beverly From Downtown Los Angeles: From San Pedro Hot Spring includes a cold pool for all guests to enjoy Street and South Los Angeles Street, travel on and a full-service spa with a wide array of treatments and US- 101 North and drive for approximately services for you to choose from. There is also free on-site 7 minutes. Follow US-101 North to North parking available.. Vermont Avenue for approximately 6 minutes. Take Exit 6A from US-101 North. Follow Beverly Boulevard to North Oxford Drive and HISTORY OF BEVERLY HOT SPRINGS drive for approximately 5 minutes or 1.2 miles Beverly Hot Springs was discovered by drillers seeking and reaching Beverly Hot Springs Spa. to find oil in the late 19th century and supplied water to early residents of Los Angeles before water mains Beverly Hot Springs is located near the corner were installed in the city in 1915. After the mains were of Beverly Blvd and Oxford Avenue. If you’ve established, the water from the well was bottled and sold hit Oakwood or Normandie Avenues you’ve as drinking water. Business however deteriorated after gone just a bit too far.. World War II and production was eventually discontinued. The well was rediscovered of sorts in 1984 and the Beverly
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 7 PROPERTY PHOTOS
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 8 PROPERTY PHOTOS
OAKWOOD AVE BEVERLY BLVD
N OXFORD AVE
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 9 BURBANK GLENDALE METRO MAP
LOS FELIZ WESTERN / HOLLYWOOD VERMONT / SUNSET
SILVERLAKE
S NORMANDIE AVE
WESTERN / MELROSE VERMONT / SANTA MONICA
NORMANDIE AVE / BEVERLY VERMONT / BEVERLY WESTERN / BEVERLY
SUBJECT PROPERTY
BEVERLY BLVD
NORMANDIE AVE / 3RD ST S VERMONT AVE
W 3RD ST
S WESTERN AVE CHAPMAN PLAZA
WILSHIRE / VERMONT
WILSHIRE / WESTERN WILSHIRE FINANCIAL TOWER WILSHIRE / NORMANDIE WILSHIRE / VERMONT
WILSHIRE PARK PLACE PARAMOUNT PLAZA CENTRAL PLAZA
KOREATOWN
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 10 02 MARKET OVERVIEW
KOREATOWN OVERVIEW
KOREATOWN ATTRACTIONS
NOTABLE SITES
ACCESSIBILITY
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 13 MARKET OVERVIEW
While these legendary spots are no more, today’s K-Town is home to dozens of prized L.A. establishments. For a trendy overnight stay, consider KOREATOWN the Hotel Normandie, a boutique OVERVIEW property built in the 1920s, or The Line Hotel, an industrial-chic hotel which not only has its own design-driven Just south of Hollywood and west shop, Poketo, but also an ’80s-themed Hodong Baekjeong to start. But don’t of Downtown Los Angeles lies bar, Break Room 86, with karaoke miss out on other Korean specialties, 2019 3-MILE Koreatown, a bustling and culturally suites and boozy push-pops. There’s such as the rice-veggie-egg mix of 656,744 EST. POPULATION diverse 3-square-mile neighborhood the art deco masterpiece The Wiltern, a bibimbap (go to Jeon Ju) or hand- that never seems to sleep. Unlike designated historical landmark, which made noodles (try the gook soo the majority of Los Angeles, which lives on as one of the largest, most soup at Ma Dang Gook Soo). You can tends to wrap up a night out by 2 legendary music venues in the city. cool down with one of the many Ice 2010-2020 1-MILE POPULATION GROWTH a.m. (at the latest), Koreatown is Flakes—towering combos of Korean- 11.37% known for its energetic nightlife Koreatown is home to several style shaved ice with ingredients such and for having the city’s largest multilevel shopping malls, such as fresh fruit, milk pudding, cereal, concentration of 24-hour bars, clubs, as KTP, Koreatown Plaza, which red beans, and nuts—at Oakobing. 2010-2020 3-MILE restaurants, and karaoke hotspots. melds upscale boutiques with more 7.96% POPULATION GROWTH standard apparel and cosmetics K-Town is also home to eclectic non- K-Town, as it’s commonly known, shops. Refuel in the food court, a Korean offerings and many hidden has an equally vibrant history as K-Town staple in its own right, with gems. Start your day with a flower- well. Once a hotbed of old-school many of its stalls slinging authentic, infused cold brew and slice of rose 2010-2020 5-MILE POPULATION GROWTH Hollywood glam, the district inexpensive Korean street food. or lavender cake at Bia Coffee. For 5.87% was home to celebrity enclaves, dinner, consider the fusion dishes including the original Brown Derby Even in a foodie city like Los Angeles, and sophisticated cocktails at restaurant, the Cocoanut Grove Koreatown is often heralded as one of Here’s Looking at You, led by former 2020 3-MILE nightclub, and the Ambassador the best and most diverse restaurant Animal chef Jonathan Whitener, 37.00 AVERAGE AGE Hotel, which hosted a half dozen neighborhoods in the city. You’ll find or the authentic Oaxacan cuisine Academy Awards ceremonies an abundance of Korean barbeque, at Guelaguetza, a James Beard between 1930 and 1943. of course—try Parks BBQ or Kang Award winner.
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 14 SHOPPING IN KOREATOWN At only three square miles, Koreatown has more large malls than any similar sized area in America with an emphasis on markets, skin care, and home goods. Peppered among the shops, whether in a mall or side street, are entertainment venues, trendy dessert shops, coffeehouses, and restaurants.
Source: Los Angeles Tourism & Convention Board
KOREATOWN FOOD IN KOREATOWN ATTRACTIONS LA’s Koreatown offers a mecca of Korean cuisine that lies unparalleled in America. While it’s known as a bustling area of neon lights and nightlife, the food just happens to be so varied and excellent that even food NIGHTLIFE IN KOREATOWN lovers from Seoul marvel at the quality of restaurants. $12.95B The secret is out - Koreatown is the best nightlife There’s a growing number of regional specialties that 2020 5-MILE CONSUMER SPENDING neighborhood in Los Angeles. From dive bars to highlight the unique perspective of Korean cuisine in speakeasies to rowdy BBQ restaurants and all-night the context of this city, which has historically been the karaoke joints, Koreatown plays by its own rules and most popular landing point for immigrants from the it’s time you get on-board. While there’s something motherland. And unlike other cities such as New York $73,915 for everybody in these three square miles, if you go in or Chicago, the cuisine here tends to lean toward the 2020 5-MILE AVG HHI unprepared, you’re going to be left overwhelmed and traditional versus innovative, which means one can home in bed early. And that’s the last thing Koreatown see mothers and grandmothers preparing dishes wants for you. versus trained chefs. $805,829 Source: The Infatuation Inc. Source: Vox Media Inc. 2020 3-MILE MEDIAN HOME VALUE
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 15 NOTABLE SITES
ARENA KTOWN Arena Ultra Lounge is a nightclub, bar, and lounge with a fully operational kitchen & 7 karaoke rooms located in the heart of Ktown Los Angeles. The Venue can also be used as a special events music venue, private parties, corporate functions and pop up dining. Arena Ktown was originally "Arena Nightclub" which was ran by a previous owner who sold the business in 2018. A collective of 3 business partners came together with over 20 years of nightlife experience to bring a specialized hip hop club in the heart of ktown. When you first sip sullungtang, you may recoil at its blandness until somebody remembers to tell you "Celebrated my 26th birthday here and was that you are supposed to add sea salt and chopped taken care of by Kevin Mok. I got two tables with scallions from canisters on the table. A sullungtang two bottles and the tables were located to the restaurant will always have vivid radish pickles on the right of the dj. It was a Y2K event and the music table; I think it may be a law. If you are so inclined you consisted of R&B & Hiphop which is my favorite can dribble some of the tart, spicy brining liquid into types of music. The vibe was great, I danced all the broth, although I never quite think the lovely, beefy night, and got really drunk. Definitely, the best version at Sun Nong Dan quite needs it. – Jonathan birthday I've ever had! Would recommend this Gold, Los Angeles Times place for anybody! Thank you Kevin, you made my birthday unforgettable." — Greta P. THE WILTERN The Wiltern is another of LA’s most famous theatres. SUN NONG DAN Most recently, the Wiltern’s façade was featured in the Sun Nong Dan is a specialist in sullungtang, promotions for the premiere of Lana Del Rey’s new a gentle broth made by boiling beef bones video, ‘Freak,’ and it was also the location of Adele’s pre- for hours, even days, until the liquid turns a Grammy concert in February 2016. Originally designed shimmering, pearlescent white that is pretty to be a multi-tiered movie theater, the space operates much the opposite of what French chefs are now as a concert venue with seated balcony space taught in cooking school. The soup is fatless and a floor space that’s typically standing and general and softly fragrant, not quite as rich as the soup admission. It feels larger than it is, which ensures that at fellow specialist Han Bat, but with a sturdy the intimate experience isn’t going to feel too crowded mineral spine and a sensation that you are or claustrophobic while still giving everyone in the getting healthier with each sip. room a good view of the stage.
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 16 ACCESSIBILITY
One Million jobs within 30 minutes: Koreatown and Hollywood offer their GRIFFITH GLENDALE residents unparalleled PARK accessibility to all of Metro Los Angeles.
As shown here, the property is located within 30-minute drive of nearly 225 Millions RUNYON square feet of office space and CANYON PARK prominent employers across a wide variety of industries. This high level of accessibility has WEST routinely driven demand to HOLLYWOOD LOS ANGELES live in Koreatown as it affords residents a great balance of urban living with manageable BEVERLY commute times to more than SUBJECT MACARTHUR HILLS PARK one million jobs throughout PROPERTY Los Angeles. Additionally, the properties' proximity to the 2 MILE Metro Purple Line and Metro DOWNTOWN Red Line all immediate traffic- WEST MID-CITY LOS ANGELES free access to Downtown Los Angeles, Hollywood, LOS ANGELES Koreatown, and the Westside CULVER CITY (upon completion of the Purple Line extension in 2026). This high level of accessibility VERNON appeals to the cosmopolitan 4 MILE spirit of the Property's target Buyer profile who desire to have LADERA HEIGHTS access to the best of everything HUNTINGTON within arm's reach. Further, the PARK continued gentrification of 6 MILE the immediate area continues to draw attractive lifestyle INGLEWOOD amenities within walking distance, thereby increasing demand to live at Koreatown. 8 MILE BEVERLY HOT SPRINGSWESTMONT OFFERING MEMORANDUM KIDDER MATHEWS 17 GREATER DOWNTOWN LOS ANGELES 72.27M SF OF OFFICE SPACE AECOM MID-WILSHIRE / MIRACLE MILE Gibson Dunn & Crutcher 21.74M SF OFFICE SPACE BURBANK / GLENDALE 26.65M SF OF OFFICE SPACE KPMG Hamni Bank BEVERLY HILLS / CENTURY CITY DreamWorks Deloitte Mercury Substance 22.07M SF OF OFFICE SPACE Nestle Gensler Ares Management Creative Artists Agency Whole Foods Ernst & Young CBS Television City 20th Century Fox Walt Disney Wedbush Securities SAG-AFTRA Houlihan Lokey Animation Oaktree Capital Management Entercom Communications Cedars-Sinai Medical Center Warner Brothers O'Mevenly & Myers Southwestern Law School William Morris Agency ABC Entertainment Transamerica Los Angeles Magazine Latham & Watkins
SANTA MONICA WESTWOOD / WEST LA / CULVER CITY WEST HOLLYWOOD / HOLLYWOOD / STUDIO CITY 15.72M SF OF OFFICE SPACE 24.15M SF OF OFFICE SPACE 23.53M SF OF OFFICE SPACE MARINA DEL REY / VENICE / LAX Hulu 15.97M SF OF OFFICE SPACE UCLA Netflix HBO Facebook Sony Pictures HBO Activision YouTube NFL Network Paramount Liongate Google Oracle Live Nation Pandora Yahoo! LA Weekly Viacom Riot Games Electronic Arts Symantec NBC Universal TrueCar Toms Comedy Central CBS Studios Fandango Genzyme Amazon Studios Universal Studios
BEVERLY HOT SPRINGS OFFERING MEMORANDUM KIDDER MATHEWS 18 EXCLUSIVELY LISTED BY
CHARLES DESANTIS Executive Vice President 310.996.2232 [email protected] LIC N° 00961029
JOHNNY CHOI Vice President 310.550.2526 [email protected] LIC N° 01705079
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