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Land to Develop PACIFIC OCEAN LAND TO SAN PEDRO PUBLIC MARKET DEVELOP PORT OF LOS ANGELES DOWNTOWN SAN PEDRO UP TO ±75 DOWNTOWN HARBOR RESIDENTIAL 111 3RDSTREET NORTH UNITS 2ND STREET HARBOR BOULEVARD THREE BLOCKS 1ST STREET FROM THE OCEAN HARBOR BLVD. SAN PEDRO, CALIFORNIA BEACON STREET www.111Harbor.com STREET VERDES PALOS CBRE PAGE 1 PACIFIC OCEAN 111 NORTH HARBOR TABLE OF CONTENTS BOULEVARD 1 CONTACT PROPERTY DESCRIPTION LAURIE LUSTIG-BOWER Executive Vice President 2 +1 310 550 2556 MARKET OVERVIEW [email protected] Lic. 00979360 KADIE PRESLEY WILSON 3 Senior Sales Director AREA OVERVIEW +1 310.550.2575 [email protected] Lic. 01476551 WESTERN PACIFIC OCEAN EXPOSURE 111 NORTH SITE SAN PEDRO PUBLIC MARKET S. PALO VERDES ST. HARBOR DOWNTOWN BOULEVARD SAN PEDRO SAN PEDRO W. 3RDSTREET DOWNTOWN HARBOR 5TH STREET S. HARBOR BLVD. S. BEACON STREET PORT OF LOS ANGELES W. 2ND STREET W. 1ST STREET BATTLESHIP USS IOWA MUSEUM HARBOR BLVD PARKWAY PROMENADE W. SANTA CRUZ ST. N.HARBOR BLVD. CBRE PAGE 3 DOWNTOWN SOUTHERN LONGBEACH EXPOSURE PORT OF LOS ANGELES VINCENT THOMAS BRIDGE 111 CATALINA EXPRESS NORTH BATTLESHIP USS IOWA MUSEUM HARBOR BLVD. HARBOR DOWNTOWN HARBOR BOULEVARD S. BEACON STREET W. 1ST STREET DOWNTOWN SAN PEDRO W. 2ND STREET S. PALO VERDES ST. 5TH STREET SOUTHERN EXPOSURE 111 NORTH HARBOR BOULEVARD PACIFIC OCEAN CBRE PAGE 5 PROPERTY DESCRIPTION 1 HARBOR BLVD PARKWAY PROMENADE S. BEACON STREET 111 W. 1ST STREET NORTH HARBOR BOULEVARD N.HARBOR BLVD. HARBOR BLVD PARKWAY PROMENADE W. SANTA CRUZ STREET CBRE PAGE 7 EXECUTIVE SUMMARY CBRE is pleased to present 111 N. Harbor Boulevard in the coastal city of San Pedro, a development site for up to 75 residential units. Located just three blocks to the Pacific Ocean and five blocks to historic Old San Pedro, the site was previously entitled for 65 condominium units and 3,715 square feet of retail space. The tentative tract map expired in February of 2010, but the general plan amendment and zone change are vested and allow for residential development. The tentative tract map can be extended if Buyer wishes to build a condominium project. The property is currently leased to three tenants. The first is Los Angeles Atlantic Express Corp who operates an automobile recreational vehicle and boat storage structure. This tenant pays $6,680 per month and their lease expires on September 30, 2019 with no option to extend. The other tenant is David Therrien, an artist, who pays $3,000 per month and is on a month-to- month basis. Outfront Media has a 10 year lease for billboard signage commencing July 1, 2017. Outfront Media pays $300 per month. The next rent increase (to $333.33 per month) is scheduled to occur July 2021. This lease is terminable by either party upon 30 days written notice. San Pedro is home to the Port of Los Angeles, a port complex that occupies approximately 7,500 acres of land and water along 43 miles of waterfront. The port employs nearly 896,000 people and approximately $1.2 billion worth of cargo comes in and out of the port each day. In 2009, the Los Angeles Harbor Commission approved the San Pedro Waterfront and Wilmington Waterfront development programs, under the LA Waterfront umbrella. The LA Waterfront consists of a series of waterfront development and community enhancement projects covering more than 400 acres of existing Port of Los Angeles property. With miles of public promenade and walking paths, acres of open space and scenic views, the LA Waterfront attracts thousands of visitors annually. Remodel and reconstruction was approved by the Los Angeles City Council and development is set to be completed in 2020. The San Pedro Public Market, part of the LA Waterfront development program, is about a seven minute walk from 111 N. Harbor Boulevard, and is expected to open in 2020. 111 N. Harbor Boulevard is offered on an UNPRICED basis. For additional information please visit www.111Harbor.com. PARCEL MAP PRICE: Unpriced WEBSITE: www.111Harbor.com ADDRESS: 111 N. Harbor Blvd. San Pedro, CA 90731-2240 ASSESSOR PARCEL NUMBER: 7449-017-009 LOT SIZE: ±29,847 Square Feet ZONING: [T] [Q] RAS4-1L-CPIO ENTITLED No OWNERSHIP INTEREST Fee Simple W. SANTA CRUZ STREET S. BEACON STREET W. 1ST STREET PAGE 9 CBRE N.HARBOR BLVD. SUMMARY OF PREVIOUS ENTITLEMENTS The site was previously entitled for 65 condominium units and 3,715 SF of commercial space. It was part of a larger entitled project (158 total units), which included the property across Santa Cruz Street (203-233 N. Harbor Blvd.) In 2007 the following entitlements were secured for the Subject Site: • A General Plan Amendment to change the land use designation from Light Manufacturing to Community Commercial. Vested • A Zone Change to change the zones from C2 and MR2 to RAS4 to allow mixed-use development. Vested • A Height District change from 1XL to 1L to allow up to 69 feet in height. • A Site Plan Review approving the layout and character of the development. Expired • A Variance to allow a parking reduction for the affordable units. • A Tentative Tract Map to approve the subdivision of land (TTMap 62561). Expired, but can be extended • An Environmental Review resulting in a Mitigated Negative Declaration. The current zoning allows for an apartment development. A condominium project would require an updated tentative tract map. For further detail please visit www.111Harbor.com Rendering of previous project. RESIDENTIAL FLOOR AREA 73,066 SF RETAIL FLOOR AREA 3,715 SF PARKING 114 Stalls PARKING GARAGE SF 42,656 SF LEVELS ABOVE GROUND 2.6 LEVELS BELOW GROUND 1.4 MARKET OVERVIEW 2 CBRE PAGE 11 111 N HARBOR BLVD, SAN PEDRO, CA 90731 SOLD MULTIFAMILY PROPERTIES Criteria: Properties located within 10 miles of the Subject, $435/SF or more, sold from 08/01/17 to 08/22/18 Source: CoStar, sorted by price per square foot Property Address City Zip Units Sale Price CAP GRM $/Unit $/SF SF Built Sale Date 5465 E 2nd St Long Beach 90803 23 $4,650,000 4.19% 15.48 $202,174 $933 4,983 1,947 07/23/18 116 Paseo De La Concha Redondo Beach 90277 20 $11,750,000 1.25% 25.30 $587,500 $719 16,340 1960 07/02/18 112 Vista Del Mar Redondo Beach 90277 13 $7,625,000 1.53% 30.73 $586,538 $648 11,774 1,949 04/03/18 6028-6034 S Pacific Coast Hwy Redondo Beach 90277 18 $11,300,000 4.23% 16.51 $627,778 $623 18,132 1964 07/02/18 4799 E Ocean Blvd Long Beach 90803 11 $4,500,000 4.04% - $409,091 $613 7,346 1,951 09/06/17 160-162 Quincy Ave Long Beach 90803 12 $3,062,000 -- $255,167 $583 5,252 1,941 02/13/18 100 Long Beach Blvd Long Beach 90802 156 $65,400,000 4.00% - $419,231 $574 114,000 2,016 12/04/17 44-58 Argonne Ave Long Beach 90803 24 $5,200,000 3.56% 16.88 - $513 10,128 1,946 08/21/18 134 1st St Seal Beach 90740 13 $6,025,000 2.80% 20.96 $463,462 $511 11,783 1,973 03/02/18 379 Termino Ave Long Beach 90814 14 $4,199,000 4.60% 14.70 $299,929 $497 8,456 1,952 09/19/17 16925 Prairie Ave Torrance 90504 27 $5,200,000 4.20% - $192,593 $489 10,626 1,964 11/22/17 2333-2401 E 5th St Long Beach 90814 22 $6,800,000 4.33% - $309,091 $486 13,996 1,963 05/03/18 527 E 1st St Long Beach 90802 35 $8,050,000 4.40% 14.20 $230,000 $478 16,843 1,912 11/29/17 5914-5924 E Naples Plz Long Beach 90803 13 $4,599,999 3.00% - $353,846 $477 9,648 1930 01/26/18 311-315 Junipero Ave Long Beach 90814 16 $5,383,000 - - $336,438 $476 11,316 1,962 11/01/17 440 E Sepulveda Blvd Carson 90745 11 $4,200,000 4.29% 16.30 $381,818 $475 8,840 2,016 03/13/18 4208 Sepulveda Blvd Torrance 90505 56 $13,075,000 -- $233,482 $454 28,810 1968 03/14/18 526 Golden Ave Long Beach 90802 21 $2,925,000 4.83% 12.50 $139,286 $448 6,532 1,923 07/18/18 3435 E 1st St Long Beach 90803 12 $3,080,000 -- $256,667 $445 6,928 1948 09/06/17 3921 E Livingston Dr Long Beach 90803 13 $4,000,000 4.40% - $307,692 $442 9,040 1,923 06/29/18 4459-4479 N Banner Dr Long Beach 90807 16 $4,600,000 4.40% 14.20 - $442 10,408 1,947 08/21/18 © 2018 CB Richard Ellis, Inc. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.
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