Agoura Hills
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ROADSIDE GOURA A HILLS PREMIER DEVELOPMENT OPPORTUNITY 45,000 SF OFFICE SPACE ROADSIDE DR ROADSIDE GOURA A HILLS LEWIS RD AGOURA RD DOROTHY DR PRESENTED BY ROADSIDE GOURA HILLS Lonnie McDermott First Vice President Investments A Senior Director, National Land Group Tel: (818) 212-2745 Mobile: (818) 577-8904 LEWIS RD Fax: (818) 212-2710 1 [email protected] PROPERTY OVERVIEW License: CA: 01874375 Meir Mark Frydman 2 The Frydman Group, KW Commercial DEVELOPMENT FINDINGS Managing Director, National Multihousing Group Tel: (310) 300-4844 Mobile: (818) 462-3424 Fax: (818) 975-5319 [email protected] License: CA 01910722 3 COMPARABLES ANALYSIS ROADSIDE DR 4 AREA OVERVIEW AGOURA HILLS westlake village AVALON OAK CREEK 336 units built 2004 ROADSIDE 270,000 SF GOURA FLEX SPACE A HILLS 28338 ROADSIDE CONEJO VALLEY EXECUTIVE SUMMARY A high-profile development opportunity in Agoura Hills, CA. 8 The McDermott Group of Marcus & Millichap and The Frydman Group of KW Commercial are pleased to market for sale 28338 Roadside Drive, a high-profile development opportunity located on the south side of Roadside Dr. in the affluent city of Agoura Hills, CA. 2.5MILLION SF 100+ MILLION SF corporate headquarters This unique development opportunity is comprised of 0.83 Acres or approximately 36,161 square feet of vacant land. of high-end retail and entertainment including of office buildings in the in Thousand Oaks and The Oaks, Promenade at Westlake, Whizin Square Conejo Valley 28338 Roadside Drive is ideally positioned in the affluent city of Agoura Hills, CA, which lies in the Easternmost side of the desirable Westlake Village Conejo Valley and the Westernmost region of Los Angeles County. The immediate area boasts high-end demographics, high barriers to entry, Market, and the Canwood Shopping Strip and strong market fundamentals. The property is located just off the Ventura (101) Freeway with excellent frontage on Roadside Dr and potential visibility from the freeway, Conveniently located in the center of a broad range of employment and retail options, the Roadside Drive property is sur-rounded by affluent high-end neighborhoods, one of the finest shopping malls in the United States (The Oaks Mall), and the numerous commer-cial businesses centers of Agoura Hills, Westlake Village and Thousand Oaks. The Roadside Drive property falls within the City of Agoura Hills General Plan under the Commercial Retail/Service (CRS) land use district. The land use district and General Plan allow for a 0.4:1 FAR. The General Plan allows for a variety of “By-Right” development options, including service and repair facilities, small offices, medical/dental, hardware and building materials stores, auto and accessories dealers, appliance outlets, etc. Office uses are also permitted in areas designated for Commercial Retail/Service. $975K Median Home Value in Agoura Agoura Hills is a city in Los Angeles County, California. Its population is estimated to be at 20,843. It is in the eastern Conejo Valley between Hills, Westlake Village, and Calabasas the Simi Hills and the Santa Monica Mountains. The city is on the border between the county of Los Angeles to the east, west and south and Ventura County to the north. It is about 30 miles northwest of Downtown Los Angeles and less than 10 miles west of the Los Angeles City $150K 54% limits (Woodland Hills). Agoura Hills and unincorporated Agoura sit next to Calabasas, Oak Park, and Westlake Village. Average household income Population with Bachelor’s within 5 mile radius degree or higher PROPERTY OVERVIEW PROPERTY INFORMATION Address 28338 Roadside Dr, Agoura Hills, CA 91301 Price $995,000 LEWIS RD Land SF 31,161 SF VACANT LOT Land Acres 0.83 0.83 ACRES Price / SF $31.93 31,161 SF ZONED AH-CRS-FC Zoning AH CRS-FC APN 2061-009-075 DEVELOPMENT INFORMATION Development Options Option 1: Assisted Living Facility Option 2: Office Building Development Option 3: Single-Tenant Retail Option 4: Educational / Child Care ROADSIDE DR General Plan City of Agoura Hills Land Use District Commercial Retail/Service (CRS) FAR 0.4:1 28338 ROADSIDE DR - SITE INFORMATION INVESTMENT HIGHLIGHTS Prime Agoura Hills Location High Barriers to Entry LOCATION 28338 Roadside Dr, High-profile demographics High demand for commercial development Agoura Hills, CA 91301 LEWIS RD Surrounded by affluent neighborhoods SITE The subject property is located on the south side of Central to retail and major employers Roadside Dr CONCEPTUAL DEVELOPMENT Convenient access to Ventura (101 Freeway) Option 1: A 2-story, 35,000 square foot assisted living facility consisting of 45 dwelling units and 56 total beds (upon pur- chase of adjacent parcel) ROADSIDE DR Option 2: “By-Right” Office Development Option 3: “By-Right” Single-Tenant Retail Development Option 4: “By-Right” Child Care/Educational Facility SQUARE FOOTAGES The total land square footage is 31,161 square feet. FRONTAGE AND ACCESS Prime frontage along Roadside Dr and convenient access from visibility from Ventura (101) Freeway ZONING Subject Property is zoned AH CRS-FC EXECUTIVE SUMMARY OPTION TO COMBINE ADJACENT PARCEL The offering includes the unique investment opportunity to purchase Address 28338 Roadside Dr, Agoura Hills, CA 91301 the adjacent parcel, a development site comprised of 0.785 acres or approximately 34,180 square feet of vacant land. This investment Price $1,595,000 option provides a substantially larger development site comprised of a combined total of 1.50 acres or approximately 65,341 square feet. Land SF 65,341 SF Land Acres 1.50 BUYER BENEFITS Price / SF $24.41 1.50 Acre Development Site (approximately 65,341 square feet) Zoning AH CRS-FC Over 150 feet of frontage along Roadside Drive APNs 2061-009-075 | 076 | 077 $24.41 per square foot Highest Investment Use Excellent visibility from Ventura (101) freeway All utilities to the site ROADSIDE DR DEVELOPMENT OPTION 1: ASSISTED LIVING DEVELOPMENT OPTION 2: OFFICE BUILDING *Upon Purchase of Adjacent Parcel A “By-Right” Office Development Opportunity Under the zoning (AH-CRS-FC) and land use designation, a conceptual assisted living The zoning (AH-CRS-FC) and general plan land use district (Commercial Retail / Service) allow for facility (nursing home, memory care, congregate living, skilled nursing facility) consisting a “By-Right” office building development as one of the permitted uses within the district. Roadside Drive of up to 45 dwelling units and 56 total beds is permitted upon the purchase of adjacent 30K is home to a plethora of office buildings, making this type of development a suitable option for the immediate 0.4:1 parcel. area. The City of Agoura Hills General Plan 2035 calls for a floor area ratio of 0.4 : 1 and a maximum building Floor Area Ratio 65 Y.0 Population in Conejo Valley height of 35 ft. for the Commercial Retail / Service land use district. Building Concept 56 35 ft. Maximum Building Height Total Beds “By-Right” Development 35K Gross Buidling Sq. Ft DEVELOPMENT OPTION 3: SINGLE-TENANT RETAIL DEVELOPMENT OPTION 4: EDUCATIONAL/CHILD CARE Concepts A “By-Right” Office Development Opportunity A “By-Right” Office Development Opportunity The zoning (AH-CRS-FC) and general plan land use district (Commercial Retail / Service) allow for Due to market demands, The City of Agoura Hills General Plan a “By-Right” single-tenant retail development as one of the permitted uses within the district. The district has allowed for Educational or Child Care facilities as permitted and immediate area is comprised of several single-purpose retail stores, such as the Furniture District on use within the Commercial Retail / Service land use district. Such Canwood and along Roadside Drive west of the Subject Property. The City of Agoura Hills General Plan development would fill a demand for these types of facilities for 2035 calls for a floor area ratio of 0.4 : 1 and a maximum building height of 35 ft. for the Commercial Retail / the immediate area, making for a seamless transition to approval Service land use district. by The City of Agoura Hills. Commercial Retail/Service (CRS) The Retail/Service category includes miscellaneous retail and service uses for which a shopper in general makes a single-purpose visit to one establishment. Such uses include service and repair facilities, small offices, medical/dental, hardware and building materials stores, auto and accessories dealers, appliance outlets, etc. Commercial Retail/Service (CRS) DEVELOPMENT FINDINGS GENERAL PLAN City of Agoura Hills General Plan The updated Agoura Hills General Plan has been prepared in compliance with the requirements of California Government Code Section 65300 et seq. The Plan is a policy document and much of its content is established by statutory requirements relating to background data, analysis, maps, and exhibits. The legal adequacy of the General Plan is critical, since many City actions and programs are required to be consistent with the Plan. The general plan must address the seven topics (referred to as “elements”) of land use, circulation, housing, open-space, conservation, safety, and noise (California Government Code Section 65302), to the extent that the topics are locally relevant. It may also include other topics of local interest, as chosen by the local jurisdiction (California Government Code Section 65303). Legislative changes integrated two elements presented in the previous Agoura Hills General Plan, Scenic Highways and Safety, into the Circulation and ROADSIDE Safety Elements respectively. GOURA A HILLS Commercial Retail / Service District The Retail/Service category includes miscellaneous retail and service uses for which a shopper in general makes a single-purpose visit to one establishment. Such uses include service and repair facilities, small offices, medical/dental, hardware and building materials stores, auto and accessories dealers, appliance outlets, etc. Office uses are also permitted in areas designated for Commercial Retail/Service POTENTIAL DEVELOPMENT CONSTRAINTS Construction and Land Use Within or Adjacent to High Voltage Transmission Lines Introduction Procedures Los Angeles County Fire Department A.