For Sale Oakhurst &
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FOR SALE PACIFIC OCEAN SANTA MONICA WESTWOOD OAKHURST & 3RD UCLA BEVERLY HILLS & LOS ANGELES, CA CENTURY CITY BEVERLY WILSHIRE HOTEL BEVERLY HILLS BEVERLY HILLS GOLDEN TRIANGLE SANTA MONICA BLVD. WILSHIRE BLVD. FUTURE WILSHIRE/RODEO BEVERLY HILLS CITY HALL S. DOHENY DR. N. OAKHURST DR. VICEROY L’ERMITAGE HOTEL SUBJECT SITE W. 3RD ST. BURTON WAY FOUR SEASONS HOTEL LOS ANGELES AT BEVERLY HILLS FOUR SEASONS PRIVATE RESIDENCES LOS ANGELES CONCEPTUAL RENDERING +0.26 Acre Tier 1 TOC Development Opportunity www.Oakhurst3rd.com Potential For Up to ±35 Residential Units Excellent Infill Location PACIFIC DESIGN HOLLYWOOD CENTER WEST HOLLYWOOD SANTA MONICA BLVD. CEDARS-SINAI MELROSE AVE. MEDICAL CENTER THE IVY DAN TANA’S CATCH LA N. ROBERTSON BLVD. GRACIAS MADRE BEVERLY BLVD. BRISTOL FARMS RALPHS BEVERLY GROVE S. DOHENY DR. FOUR SEASONS PRIVATE RESIDENCES N. OAKHURST DR. LOS ANGELES FOUR SEASONS HOTEL SUBJECT SITE LOS ANGELES AT BEVERLY HILLS BEVERLY HILLS W. 3RD ST. BURTON WAY © 2021 CBRE, Inc. All rights reserved. DOWNTOWN BEVERLY CENTER LOS ANGELES MIRACLE MILE BEVERLY CONNECTION LA BREA TAR PITS AND MUSEUM CEDARS-SINAI LOS ANGELES COUNTY MUSEUM OF ART MEDICAL THE GROVE ACADEMY MUSEUM OF MOTION PICTURES CENTER THE ORIGINAL FARMERS MARKET N. ROBERTSON BLVD. A.O.C. BEVERLY GROVE FOUR SEASONS HOTEL LOS ANGELES AT FOUR SEASONS BEVERLY HILLS PRIVATE RESIDENCES LOS ANGELES BURTON WAY SUBJECT SITE S. DOHENY DR. W. 3RD ST. N. OAKHURST DR. CONCEPTUAL RENDERING SUBJECT SITE PACIFIC OCEAN 328 N. Oakhurst Drive, Beverly Hills, CA 5 9116 W. 3rd Street, Los Angeles, CA Table of Contents I. Executive II. Property III. IV. Area Summary Overview Comparables Overview Page 8 Page 11 Page 15 Page 20 West Hollywood Beverly Hills SUBJECT SITE The Grove LAURIE LUSTIG-BOWER KAMRAN PAYDAR Executive Vice President First Vice President +1 310 550 2556 +1 310 550 2529 www.Oakhurst3rd.com [email protected] [email protected] Lic. 00979360 Lic. 01242590 © 2021 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. Layout ID:L04 MapId:8063271 WESTWOOD CENTURY CITY UCLA SANTA MONICA SANTA MONICA BLVD. BEVERLY WILSHIRE HOTEL BEVERLY HILLS GOLDEN TRIANGLE BEVERLY HILLS CITY HALL VICEROY L’ERMITAGE HOTEL BEVERLY HILLS BURTON WAY N. OAKHURST DR. W. 3RD ST. SUBJECT SITE S. DOHENY DR. OAKHURST & 3RD Executive Summary THE OPPORTUNITY CBRE, Inc. is pleased to present a rare opportunity to purchase a ±0.26 Acre Tier 1 Transit Oriented Community (TOC) development site to build up to ±35 residential units at the intersection of Oakhurst Drive and West 3rd Street on a corner lot that straddles Beverly Hills and Los Angeles, California. SUBJECT SITE 328 N. Oakhurst Drive and 9116 W. 3rd Street is situated one block west of Doheny Drive and one block north of Burton Way. This ±11,276 square foot corner lot abuts an alley, with ±8,160 square feet of the lot located in the City of Los Angeles and ±3,116 square feet of the lot located in the City of Beverly Hills. The site is currently improved with a six-unit apartment building. Four of the units will be delivered vacant at the close of escrow. Oakhurst & 3rd is in the heart of a vibrant urban submarket surrounded by employment centers, restaurants, retail, cultural and recreation venues. Beverly Hills is one of the most celebrated W. 3RD ST. and desired destinations in the world. A name long associated with N. OAKHURST DR. sophistication, glamour and elegance, it is a distinguished city offering the very best in hotels, shopping and dining. An address in Beverly Hills offers residents access to world-class services. The site boasts great visibility and a “Very Walkable” location with With excellent proximity to the Beverly Hills Golden Triangle, a WalkScore of 88 out of 100. It is walking distance to key local the Beverly Grove neighborhood, West Hollywood, Wilshire employer, Cedars-Sinai Medical Center, a world class hospital with Corridor, as well as Cedars-Sinai Hospital, Oakhurst & 3rd is over 2,000 physicians and 10,000 employees. poised to become the next premier residential address. Nearby commercial and shopping districts include: Beverly Center Oakhurst & 3rd is offered on an UNPRICED basis. West Third Street www.Oakhurst3rd.com Beverly Hills Golden Triangle The Grove and the Original Farmers Market 328 N. Oakhurst Drive, Beverly Hills, CA 9 9116 W. 3rd Street, Los Angeles, CA INVESTMENT HIGHLIGHTS Strong Multifamily Demand Drivers • 95% Submarket Historical Average Occupancy “Very Walkable” WalkScore of 88 out of 100 Walk to: • Four Seasons Hotel Los Angeles at Beverly Hills • Cedars-Sinai Medical Center • Beverly Center and Beverly Connection • Boutique shops and restaurants along W. 3rd Street • Approximate 13 minute walk to the Golden Triangle of Beverly Hills • ±0.8 mile to the future Wilshire/Rodeo Purple Line Metro Station Close Proximity to Employment, Commercial Districts, Entertainment and Shopping Exceptional Demographics: • 2020 Median Housing Value of $1,606,571 (1 mile radius) • Projected 2025 average household income of $166,621 (1 mile radius) • 65.1% of adult population have a bachelor’s, graduate or professional degree (3 mile radius) 328 N. Oakhurst Drive, Beverly Hills, CA 10 9116 W. 3rd Street, Los Angeles, CA SUBJECT SITE W. 3RD ST. N. OAKHURST DR. OAKHURST & 3RD Property Overview PROPERTY INFORMATION Transit Oriented Address APN Site Area Zoning Community Height Restriction 9116 W. 3rd St. 4335-015-014 ±8,160 SF [Q] R4-1-O Tier 1 None Los Angeles, CA 90048 4 Stories with 328 N. Oakhurst Dr. R4 Multiple 4335-015-013 ±3,116 SF Maximum Height of Beverly Hills, CA 90210 Residential Zone 45 Feet ±11,276 SF Total Lot Size ±0.26 Acre ±149.98 SF along 3rd Street Frontage ± 73.54 SF along Oakhurst Drive Entitled No City Council District CD 5 – Councilmember Paul Koretz 328 N. Oakhurst Drive, Beverly Hills, CA 12 9116 W. 3rd Street, Los Angeles, CA Rent Roll Exported On: 04/14/2021 10:17 AM Properties: 328 N Oakhurst Dr - 328 N Oakhurst Dr Beverly Hills, RENT ROLLUnits: Active As of May As2021 of: 04/14/2021 Include Non-Revenue Units: No Current Improvements: Six Apartment Units (Four Units to be delivered vacant.) Unit Type Rent Deposit Move-in Notes 328 2+1 $3,009 $5,300 07/01/2015 9116 3+2 $2,600 05/15/2020 Delivered Vacant at COE 9118 3+2 Vacant 9120 2 + 2 Delivered Vacant at COE 9122 1+1 Vacant 9124 2 + 2 $2,572 $2,200 08/01/2013 Total $8,181 $7,500 Existing Building 328 N. Oakhurst Drive, Beverly Hills, CA 13 9116 W. 3rd Street, Los Angeles, CA CONCEPTUAL RENDERING 328 N. Oakhurst Drive, Beverly Hills, CA 14 9116 W. 3rd Street, Los Angeles, CA PACIFIC OCEAN SANTA MONICA WESTWOOD UCLA CENTURY CITY BEVERLY WILSHIRE HOTEL BEVERLY HILLS BEVERLY HILLS GOLDEN TRIANGLE SANTA MONICA BLVD. WILSHIRE BLVD. WHOLE FOODS FUTURE WILSHIRE/RODEO BEVERLY HILLS CITY HALL VICEROY L’ERMITAGE HOTEL W. 3RD ST. SUBJECT SITE IL CIELO N. OAKHURST DR. BURTON WAY FOUR SEASONS FOUR SEASONS HOTEL PRIVATE RESIDENCES S. DOHENY DR. LOS ANGELES LOS ANGELES AT BEVERLY HILLS OAKHURST & 3RD Comparables MULTIFAMILY RENT SURVEY Rent Comparables Subject Site 1 8500 Burton Way 2 105 Doheny 2 1 Layout ID:L01 MapId:8069165 © 2021 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. 328 N. Oakhurst Drive, Beverly Hills, CA 16 9116 W. 3rd Street, Los Angeles, CA MULTIFAMILY RENT SURVEY SELECT RENT COMPARABLES 1 COMPARABLE 1 8500 Burton Way Los Angeles, CA 90048 Year Built: 2012 Units: 87 1+1 PHOTO Occupancy: 83% 100% Phone: 310-274-9898 Owner: Caruso Affiliated Manager: Caruso Affiliated Type Number of Units Effective Rent Unit Square Feet Rent per SF 1+1 1 Specific Unit $6,000 900 $6.67 1+1+Den 1 Specific Unit $7,450 1,200 $6.21 Amenities: Floor-to-Ceiling Glass Washer/Dryer - In Unit Hardwood Flooring Vaulted Ceilings Private Balconies Pictures: You are solely responsible for independently verifying the information in this Memorandum.