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Permit Ready / Fully Entitled for 12 Residential Units

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Permit Ready / Fully Entitled for 12 Residential Units PERMIT READY / FULLY ENTITLED FOR 12 RESIDENTIAL UNITS 10352 – 58 Riverside Drive • “Ready To Issue” for Building Permit and MEP • Former Structures Have Been Demolished Toluca Lake, California (Mechanical, Electrical, Plumbing) • Park Fees Paid • Buyer Can Avoid $240,000 New Homeless Mitigation • Tract Map Issued Prior to Close of Escrow Fee by Obtaining Building Permit Before 12/3/19 HOLLYWOOD 101 FREEWAY UNIVERSAL STUDIOS UNIVERSAL CITY WEDDINGTON PARK LANKERSHIM BLVD LAKESIDE GOLF CLUB CAHUENGA BLVD TOLUCA LAKE SITE MOORPARK RD RIVERSIDE DR 134 FREEWAY LAURIE LUSTIG-BOWER KAMRAN PAYDAR Bids Due: Friday, October 18, 2019 by 5:00 PM Executive Vice President Vice President +1 310 550 2556 +1 310 550 2529 [email protected] [email protected] www.Riverside-Drive.com1 Lic. 00979360 Lic. 01242590 TABLE OF CONTENTS CONTACT 1 LAURIE LUSTIG-BOWER EXECUTIVE SUMMARY Executive Vice President +1 310 550 2556 [email protected] 2 Lic. 00979360 AREA OVERVIEW KAMRAN PAYDAR Vice President +1 310 550 2529 3 [email protected] FINANCIALS Lic. 01242590 2 DOWNTOWN LA HOLLYWOOD UNIVERSAL STUDIOS UNIVERSAL CITY TOLUCA LAKE LAKESIDE GOLF CLUB SITE RIVERSIDE DR CAHUENGA BLVD 134 FREEWAY MOORPARK WAY 3 GLENDALE BURBANK WARNER BROS STUDIO TOLUCA LAKE TOLUCA WOODS RIVERSIDE DR SITE 134 FREEWAY MOORPARK RD 4 SITE MOORPARK RD RIVERSIDE DR 5 SITE PACIFIC OCEAN 6 EXECUTIVE SUMMARY 1 7 THE OPPORTUNITY PARCEL MAP CBRE, Inc., as exclusive agent is pleased to present for sale a prime ±9,322 development site that is fully entitled to build 12 residential units in the desirable Toluca Lake submarket of Los Angeles, California. Located in the San Fernando Valley at 10352-58 Riverside Drive, the project is permit ready: • “Ready To Issue” for Building • Former Structures Have Permit and MEP (Mechanical, Been Demolished Electrical, Plumbing) • Park Fees Paid • Buyer Can Avoid $240,000 New • Tract Map Issued Prior to Homeless Mitigation Fee by Close of Escrow Obtaining Building Permit Before 12/3/19 The project is programmed to deliver an attractive mix of two-bedroom, three-bedroom, and penthouse units, along with ample parking and private roof deck space. Surrounding demographics within a three-mile radius are exceptionally strong with average household income of $131,304 forecasted by 2024. PRICE: Unpriced Boasting a “Very Walkable” Walk Score of 80, the Property is situated in WEBSITE: www.Riverside-Drive.com an amenity-rich neighborhood. There are 36 restaurants within walking distance of the property, including Catcher in the Rye, Kaboso Japanese Cuisine and Malbec Argentinian Cuisine. 10352 Riverside Drive is close to Lakeside Golf Club (with access to the 6-acre Toluca Lake), Weddington ADDRESS: 10352-58 Riverside Drive Park and North Hollywood Park. Los Angeles, California 91602 SUBMARKET: Toluca Lake The Property is located less than 1.5 miles away from the trendy North ASSESSOR PARCEL NUMBER: 2424-005-001 Hollywood Arts District and to bustling Universal City, and is a short drive to upscale Studio City, Sherman Oaks. Also within convenient driving ESTIMATED LAND AREA: ±9,322 Square Feet; ±0.21 Acres distance are numerous employment centers and dining, shopping, and ZONING: R3-1 entertainment venues including those in Burbank, Glendale, Pasadena, OWNERSHIP INTEREST Fee Simple Warner Center and Downtown Los Angeles. 8 SUMMARY OF ENTITLEMENTS PROPOSED BUILDING AREA: 22,177 SF PROPOSED UNIT MIX Basement Parking: 7,037 SF # UNITS FLOOR PLAN UNIT SIZE 1st Floor Parking 241 SF 4 3 Bedroom / 3 Bath 1,690 SF Total Parking ±7,278 SF 1 2 Bedroom / 2.5 Bath 1,387 SF PARKING SPACES: 3 3 Bedroom / 2.5 Bath 1,585 SF Automobile 27 Spaces Bicycle 16 Spaces 1 2 Bedroom / 2.5 Bath 1,409 SF OPEN SPACE PROVIDED: 3 3 Bedroom / 2.5 Bath 1,720 SF Private Open Space 600 SF 12 Total* 19,471 SF Common Open Space- Roof Deck 1,730 SF *Includes 3 Penthouse Units Total Open Space 2,330 SF HEIGHT LIMIT: 45 Feet 4 Story Over BUILDING TYPE: Basement/Parking Building plans and additional information are posted in the CONSTRUCTION TYPE: II-A / I-A data room via www.Riverside-Drive.com. • “Ready To Issue” for Building Permit and MEP (Mechanical, Electrical, Plumbing) • Buyer Can Avoid $240,000 New Homeless Mitigation Fee by Obtaining Building Permit Before 12/3/19 • Former Structures Have Been Demolished • Park Fees Paid • Tract Map Issued Prior to Close of Escrow 9 SALES COMPARABLES 2 10 SOLD CONDOMINIUM PROPERTIES Criteria: Units located in Toluca Lake, Sherman Oaks, Studio City & Encino, $500+ PSF, sold from 9/13/17 to 9/13/19 Source: MLS, sorted by rice per square foot Property Address City Br Ba SF Sale Price $/SF Built Sale Date MLS HOA 4466 COLDWATER CANYON AVE #103 STUDIO CITY 1 1 610 $439,000 $720 1988 7/12/2018 18-338984 $338 11847 LAURELWOOD DR #101 STUDIO CITY 2 3 1,467 $995,000 $678 1994 8/12/2019 19-476812 $450 4128 WHITSETT AVE #205 STUDIO CITY 2 2 1,040 $705,000 $678 1988 9/9/2019 19-507730 $434 12045 Guerin Street #PH1 STUDIO CITY 3 3 2,000 $1,350,000 $675 2017 2/23/2018 18-302224 $307 4201 RADFORD AVE #2 STUDIO CITY 2 3 1,056 $697,500 $661 1992 6/20/2019 19-456490 $425 4170 FAIR AVE #PH6 STUDIO CITY 2 2 1,250 $805,000 $644 2006 9/22/2018 18-376954 $340 12045 GUERIN ST #PH3 STUDIO CITY 3 3 1,959 $1,250,000 $638 2017 11/10/2017 17-259532 $307 12045 GUERIN ST #PH4 STUDIO CITY 3 3 1,959 $1,250,000 $638 2017 10/13/2017 17-240016 $307 4660 COLDWATER CANYON AVE #12 STUDIO CITY 1 1 625 $390,000 $624 1974 8/26/2019 19-456600 $242 12045 GUERIN ST #301 STUDIO CITY 0 0 2,000 $1,245,000 $623 2016 9/29/2017 16-177748 $307 4201 RADFORD AVE #5 STUDIO CITY 2 3 1,102 $676,000 $613 1992 11/29/2018 18-396248 $403 4242 STANSBURY AVE #115 SHERMAN OAKS 2 3 1,165 $699,000 $600 1975 7/2 7/2 0 1 8 18-350192 $612 4240 Laurel Canyon BLVD #304 STUDIO CITY 2 3 1,356 $811,000 $598 - 9/27/2018 18-364254 $300 4466 COLDWATER CANYON AVE #204 STUDIO CITY 2 2 1,005 $595,000 $592 1988 7/ 7/2 0 1 8 18-349544 $393 4859 COLDWATER CANYON AVE #10A SHERMAN OAKS 1 1 657 $388,000 $591 1975 2/27/2018 18-300542 $283 4370 TROOST AVE #201 STUDIO CITY 3 2 1,055 $620,900 $589 1984 6/5/2018 18-351694 $355 12045 GUERIN ST #203 STUDIO CITY 3 3 1,960 $1,150,000 $587 2017 1/20/2018 17-240008 $307 12020 GUERIN ST #104 STUDIO CITY 3 3 1,560 $900,000 $577 2009 4/27/2018 18-324528 $415 4200 LAUREL CANYON BLVD #202 STUDIO CITY 2 2 1,240 $715,000 $577 1964 11/22/2017 17-274624 $350 4170 FAIR AVE #PH7 STUDIO CITY 2 2 1,120 $645,000 $576 2006 11/15/2017 17-275866 $340 4128 WHITSETT AVE #109 STUDIO CITY 2 3 1,050 $604,000 $575 1988 10/27/2017 17-277210 $434 11138 AQUA VISTA ST #49 STUDIO CITY 0 1 551 $315,000 $572 1963 4/11/2018 17-297652 $288 12504 WOODBRIDGE ST #304 STUDIO CITY 2 2 1,491 $845,000 $567 2010 9/21/2018 18-376518 $487 4720 PARK ENCINO LN #120 ENCINO 2 3 2,267 $1,283,285 $566 1982 8/20/2018 18-365666 $1,325 11485 MOORPARK ST #2 STUDIO CITY 2 2 884 $500,000 $566 1988 8/1/2018 18-351184 $218 14014 MILBANK ST #2 SHERMAN OAKS 2 3 1,207 $681,000 $564 1980 6/4/2018 18-329372 $325 12060 HOFFMAN ST #101 STUDIO CITY 2 3 1,166 $657,000 $563 1990 4/6/2019 19-438614 $396 4202 WHITSETT AVE #105 STUDIO CITY 2 2 1,200 $673,000 $561 2007 4/29/2019 19-449360 $479 13250 MOORPARK ST #6 SHERMAN OAKS 2 3 991 $555,000 $560 1995 7/11/2019 19-475264 $325 4128 WHITSETT AVE #203 STUDIO CITY 2 2 1,215 $680,000 $560 1988 5/30/2019 19-461832 $434 11913 LAURELWOOD DR #3 STUDIO CITY 2 3 1,279 $715,000 $559 1986 1/2/2019 18-408046 $387 10618 WOODBRIDGE ST #305 TOLUCA LAKE 2 3 1,440 $805,000 $559 2006 3/28/2018 18-322346 $460 You are solely responsible for independently verifying the information in this Memorandum. Any reliance on it is solely at your own risk. 11 SOLD CONDOMINIUM PROPERTIES (CONT). Criteria: Units located in Toluca Lake, Sherman Oaks, Studio City & Encino, $500+ PSF, sold from 9/13/17 to 9/13/19 Source: MLS, sorted by rice per square foot 12603 MOORPARK ST #304 STUDIO CITY 2 2 1,288 $720,000 $559 2001 6/28/2018 18-343716 $500 12026 HOFFMAN ST #301 STUDIO CITY 3 3 1,620 $905,550 $559 2006 8/28/2019 19-489916 $550 12603 MOORPARK ST #307 STUDIO CITY 3 2 1,322 $738,000 $558 2001 9/23/2018 18-370090 $500 4501 CEDROS AVE #315 SHERMAN OAKS 1 1 667 $371,000 $556 1971 12/13/2018 18-404594 $455 4125 W HOOD AVE #102 TOLUCA LAKE 3 3 1,520 $840,000 $553 2005 5/13/2019 19-451046 $250 11640 WOODBRIDGE ST #301 STUDIO CITY 2 2 1,182 $653,000 $552 1978 3/8/2019 19-430640 $497 4832 COLDWATER CANYON AVE #4 SHERMAN OAKS 2 3 1,220 $673,000 $552 2000 3/27/2018 18-313432 $350 4702 PARK ENCINO LN #326 ENCINO 2 2 1,900 $1,048,000 $552 1982 11/27/2018 18-400042 $1,325 4501 CEDROS AVE #233 SHERMAN OAKS 1 1 669 $368,000 $550 1971 10/31/2017 17-267504 $385 15222 1/4 DICKENS ST #1/4 SHERMAN OAKS 2 1 921 $506,000 $549 1948 2/9/2019 19-420654 $384 12067 GUERIN ST #201 STUDIO CITY 2 3 1,383 $750,000 $542 2002 8/29/2018 18-357280 $504 4511 MURIETTA AVE #9 SHERMAN OAKS 2 2 943 $511,000 $542 1986 7/1/2019 19-469082 $395 11155 SUNSHINE TER #101 STUDIO CITY 2 2 1,249 $675,000 $540 1989 5/28/2018 18-318580 $350 4424 WHITSETT AVE #305 STUDIO CITY 2 2 1,370 $740,000 $540 2009 8/15/2018 18-364260 $408 11738 MOORPARK ST #B STUDIO CITY 2 2 1,272 $686,500 $540 1974 5/28/2019 19-453720 $557 14937 DICKENS ST #203 SHERMAN OAKS 2 2 948 $510,000 $538 1987 2/26/2018 18-305796 $367 4524 TUJUNGA AVE #6 STUDIO CITY 1 1 810 $435,000 $537 1978 11/18/2018 18-400618 $340 4342 GENTRY AVE #1 STUDIO CITY 3 3 1,400 $750,000 $536 1971 9/5/2019 19-482034 $298 14960 DICKENS ST #315 SHERMAN OAKS 2 2 1,301 $692,500 $532 1986 10/3/2018 18-372088 $414 12044 HOFFMAN ST
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