Prime Koreatown Development Opportunity
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S VERMONT AVE SUBJECT PROPERTY S NEW HAMPSHIRE AVE CHARLES DESANTIS 310.996.2232 [email protected] PRIME KOREATOWN LIC N° 00961029 BRYAN GLENN DEVELOPMENT OPPORTUNITY 310.996.2218 [email protected] OFFERING MEMORANDUM | 744 & 750 S NEW HAMPSHIRE AVE | LOS ANGELES, CA LIC N° 01441095 01 PROPERTY OVERVIEW PROPERTY HIGHLIGHTS LOCATION HIGHLIGHTS PROPERTY SUMMARY THE OFFERING PROPERTY PHOTOS REGIONAL MAP AMENITIES MAP METRO MAP OPPORTUNITY ZONES 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 2 PROPERTY OVERVIEW PROPERTY HIGHLIGHTS ONLY two blocks to the Wilshire/Vermont metro stop EXCELLENT zoning of R4-2, which allows for a 6:1 FAR and no height restriction PROPERTY SUMMARY LOCATED in a Transit Oriented Communities Tier 3 Zone allowing for a potential 70% density bonus Offering Price $5,280,000 AT least three units can be delivered vacant Price / SF Land $364.14 Price / Estimated buildable unit $85,161 LOCATED in a qualified Opportunity Zone 744 & 750 S New Hampshire Ave Site Address APPROXIMATELY 100 feet of frontage on New Hampshire. Los Angeles, CA 90005 APN 744 S New Hampshire 5094-011-012 LOCATION HIGHLIGHTS APN 750 S New Hampshire 5094-011-011 BEST location in Koreatown Existing Improvements Two 4-Unit Apartment Buildings SHORT walk to the Wilshire/Vermont Metro Zoning LAR4-2 STEPS from Wilshire Boulevard Total Lot Size ±14,500 SF SURROUNDED by dining, shopping and entertainment options Height Limit None Transit Oriented Communities Tier 3 Estimated Number of Buildable Units 62 96 81 Opportunity Zone Yes WALK SCORE TRANSIT SCORE "WALKER'S PARADISE" "EXCELLENT TRANSIT" 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 3 6TH ST 6TH ST S NEW HAMPSHIRE AVE HAMPSHIRE S NEW WILSHIRE /VERMONT THE OFFERING WILSHIRE BLVD WILSHIRE BLVD A ±62 unit TOC development opportunity in the prime 8 MIN WALK Koreatown submarket of Los Angeles. 0.3 MILE SHATTO PL SHATTO S BERENDO ST Kidder Mathews is pleased to present the opportunity to acquire 744 & 750 S New Hampshire Avenue, a rare 8 MIN WALK double lot development opportunity very centrally 0.3 MILE located in the heart of Koreatown. Totaling approximately 14,500 square feet of land zoned R4-2, the Property is a developer’s dream. The zoning offers excellent density and the property is located in both a Tier 3 TOC 7 MIN WALK area and an opportunity zone. A savvy developer may 0.3 MILE build up an estimated 62 units and take advantage of the tax incentives provided by the opportunity zone. 7TH ST Additionally, all tenants are on month-to-month leases AVE VERMONT and several of the units can be delivered vacant (contact agents for more information). The Property may offer the added benefit of existing income and additional income by operating the existing units as short-term rentals during the entitlement period. The property is conveniently located in an amenity rich SUBJECT LEEWARD AVE location, nearby entertainment, shopping, hotels, and PROPERTY restaurants along with local transportation. It is a short walk less than 2 blocks to Wilshire Boulevard which is lined with restaurants, stores, and amenities, Similarly, the site is a short walk to the Wilshire/Vermont Metro station which provides access to both the purple and red lines. This allows for a direct ride to Downtown and Hollywood 8TH ST with new stops under construction extending the purple line west to Miracle Mile, Beverly Hills and Century City. 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 4 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 5 REGIONAL MAP Happy Camp Angeles Canyon Park National Forest Kagel Canyon GRANADA SIMI VALLEY HILLS BRANDEIS Sunland-Tujunga Chatsworth Crescenta NORTHRIDGE SUN VALLEY Highlands LA CRESCENTA-MONTROSE Mt Wilson LA CAÑADA Bell Canyon FLINTRIDGE West Hills RESEDA Upper Las Virgenes VAN NUYS NORTH ALTADENA THOUSAND Canyon Open HOLLYWOOD BURBANK OAK PARK Space Preserve OAKS HIDDEN Sierra Madre AGOURA WESTLAKE HILLS ENCINO SHERMAN PASADENA VILLAGE HILLS CALABASAS OAKS Griffith Park SARATOGA HILLS Eagle Rock CORNELL Malibu Creek State Park Topanga BEL AIR ALHAMBRA State Park HOLLYWOOD MONTE ROSEMEAD BEVERLY HILLS SUBJECT NIDO Central Los Zuma/Trancas PROPERTY Angeles Canyons Brentwood Pacific LOS ANGELES Malibu Palasades Santa Monica MONTEBELLO South Los PACIFIC OCEAN Marina Ladera Angeles HUNTINGTON PICO RIVERA Del Rey Heights PARK INGLEWOOD PLAYA DEL REY SOUTH Santa Fe Los Angeles GATE DOWNEY Springs International 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 6 Airport AMENITIES MAP EAT + DRINK 1 Creamistry 2 Baskin Robbins GAS & SERVICE 3 Paris Baguette 5 1 United States Postal Services 4 It's Boba Time 2 Shell 5 Ocha Classic Restaurant 21 SUBJECT 3 Chevron 6 The Boiling Crab 14 PROPERTY 1 7 24 26 4 AT&T 7 Somi Somi 1 5 8 GROCERY + PHARMACY California Donuts 3 7 9 Sun Nong Dan 1 Ralphs 10 The Halal Guys 1 2 Jons Marketplace 8 11 3 Yup Dduk LA 3 3 H Mart 12 Han Bat Shul Lung Tang 4 Zion Market 4 9 6 13 Hangari Kalguksu 9 22 9 3 13 10 5 Galleria Market 5 14 KoBaWoo House 4 1 6 CVS Pharmacy 2 15 Slurpin' Ramen Bar 24 2 7 Walgreens 2 16 16 Cassell's Hamburgers 11 3 1 8 Western & 3rd Medical Center 25 17 Myoung Dong Kyo Ja 5 2 9 7-Eleven 4 18 Monty's Good Burger 20 19 Magal BBQ FITNESS & SPA 2 20 BCD Tofu House 17 19 1 Shatto Recreation Center 1 21 OB Bear 1 2 Yoga Works K-Town 9 27 4 15 22 Chapman Plaza 3 6 3RD ST 3 24 Hour Fitness 23 Quarters Korean BBQ 4 Aroma Golf Range 5 Kang Ho-Dong BBQ 2 5 Spa LA 4 1 Escala 1 6 6 Daengki Spa 6 Gaam 25 18 7 INSTITUTIONS 23 Caffe Concerto 3 8 4 6 1 HSBC Bank 24 Starbucks S WESTERN AVE12 25 Coffee Bean & Tea Leaf WILSHIRE BLVD 2 Bank of America 2 3 Los Angeles High School of Arts 26 Alchemist Coffee Project 4 Bryan University Los Angeles 27 Apartment 503 Lounge 5 Cahuenga Elementary School ENTERTAINMENT + SHOPPING 6 Charles H Kim Elemtary School 7 Genesis University 1 Arena Night Club 2 The Wiltern HOTELS 3 Shatto 39 Lanes 1 The Line LA 4 CGV Cinemas 2 Shelter Hotels 5 Target 3 Hotel Normandie 6 Pharaoh Karaoke Lounge 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 7 BURBANK GLENDALE METRO MAP LOS FELIZ WESTERN / HOLLYWOOD VERMONT / SUNSET SILVERLAKE VERMONT / SANTA MONICA VERMONT / BEVERLY S NORMANDIE AVE S VERMONT AVE S WESTERN AVE HOTEL NORMANDIE WILSHIRE COLONNADE EAST/WEST HSBC BANK WILSHIRE SERRANO BUILDING METROPLEX WILSHIRE CHAPMAN PLAZA 3540 WILSHIRE THE LINE HOTEL WILSHIRE / VERMONT WILSHIRE / WESTERN WILSHIRE FINANCIAL TOWER WILSHIRE / NORMANDIE WILSHIRE / VERMONT SUBJECT WILSHIRE PARK PLACE PARAMOUNT PLAZA CENTRAL PLAZA ROBERT F KENNEDY PROPERTY COMMUNITY SCHOOLS AROMA SPA & SPORTS KOREATOWN 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 8 METRO MAP SAN PEDRO ST 7TH ST / METRO CETNER VERNON 7TH ST / METRO CETNER WASHINGTON WILSHIRE / MACARTHUR PARK 7TH ST / METRO CETNER WILSHIRE / MACARTHUR PARK 7TH ST / METRO CETNER EXPO PARK/USC GRAND/LATTC DOWNTOWN USC SILVERLAKE JEFFERSON/USC LATTC/ORTHO INSTITUTE WILSHIRE / MACARTHUR PARK PICO WILSHIRE / MACARTHUR PARK PICO VERMONT AVE W PICO BLVD BEVERLY BLVD SUBJECT WILSHIRE / VERMONT PROPERTY W OLYMPIC BLVD WILSHIRE / VERMONT WILSHIRE / NORMANDIE S VERMONT AVE VERMONT/BEVERLY KOREATOWN WILSHIRE / WESTERN W 3RD ST BEVERLY BLVD 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 9 OPPORTUNITY ZONES WHAT ARE OPPORTUNITY ZONES? Opportunity Zones are an economic development tool that allows people to invest in distressed areas in the United States. Their purpose is to spur economic growth and job creation in low-income communities while providing tax benefits to investors. Opportunity Zones were created under the Tax Cuts and Jobs Act of 2017 (Public Law No. 115-97(link is external)). Thousands of low-income communities in all 50 states, the District of Columbia and five U.S. territories are designated as Qualified Opportunity Zones. Taxpayers can invest in these zones through Qualified Opportunity Funds. SUBJECT THE BEST OPPORTUNITY ZONES IN CALIFORNIA PROPERTY As the most populous state in the Union, California is ripe with Opportunity Zones— and opportunities to invest in them. While the largest Opportunity Zones in the state are located far inland, there are still Opportunity Zones in some of the state’s most densely populated areas, such as Los Angeles and San Diego Counties. LOS ANGELES: DTLA, THE ARTS DISTRICT, AND KOREATOWN Downtown LA (DTLA), and in particular, the LA Arts District, is one of the fastest growing urban areas in Los Angeles County, which itself is third-largest metropolitan economy in the world, with a gross domestic product of nearly three quarters of a trillion dollars per year. Much of DTLA is located within Opportunity Zones, providing a promising opportunity for investors looking to enter the market. In addition to Downtown LA, Koreatown is another fast-growing neighborhood in Los Angeles, nearly all of which is inside a QOZ. From 2012 to 2019, residential real estate prices in the area nearly doubled, with the average home value jumping from $333,000 to $637,000, which has greatly increased demand for multifamily rentals, as many individuals and families are priced out of homeownership. 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 10 02 SALE COMPARABLES SALE COMPARABLES MAP SALE COMPARABLES 744 & 750 S NEW HAMPSHIRE AVE OFFERING MEMORANDUM KIDDER MATHEWS 11 MELROSE HILL N VIRGIL NAVE VIRGIL ARLINGTON AVE ARLINGTON MELROSE AVE 06 OAKWOOD BEVERLY BLVD VERMONT AVE W TEMPLE ST S WESTERN AVE RAMPART