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8405Glenoaks GLENOAKS 8554 GLENOAKS BOULEVARD, SUN VALLEY, CA 8405 Sun Valley, Ca A shovel ready 19 unit multifamily development opportunity located in a Qualified Opportunity Zone PRESENTED BY BURBANK NORTH HOLLYWOOD LONNIE MCDERMOTT First Vice President Investments Senior Director, National Land Group Tel: (818) 212-2745 Fax: (818) 212-2710 [email protected] License: CA 01874375 GLENOAKS 8405 Sun Valley, Ca GLENOAKS 8405 Sun Valley, Ca GLENOAKS BOULEVARD This information has been secured from sources we believe to be reliable, but we make no repre- sentations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example pur- poses only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap 2 3 1 OFFERING SUMMARY 2 PROJECT OVERVIEW 3 AREA OVERVIEW 4 MARKET COMPARABLES THE OFFERING A rare Shovel Ready 19-unit multifamily development opportunity in Sun Valley, CA. The development will consist of an on-grade parking structure with 27 Stalls, (10) 1 Bedroom / 1 Bathroom, (9) 2 Bedroom / 2 Bathroom units spread across three residential floors. The opportunity provides a buyer the ability to immediately begin construction upon close of escrow. Marcus and Millichap is pleased to present 8405 Glenoaks The immediate area boasts beautiful rolling hills to the north, Boulevard, a unique fully entitled (shovel ready) 19-unit dense immediate population to the south, high barriers to development opportunity in Sun Valley, CA. The opportunity entry, and strong market fundamentals yielding an investor/ consists of 15,275 square feet of vacant land zoned LAR3. owner user favored market conditions with significant growth potential. Centrally located just north of Hollywood Burbank Airport, and conveniently positioned in the center of a broad The property will be delivered as a shovel ready 19 unit range of employment and retail options, 8405 Glenoaks apartment development located in the Sun Valley submarket Blvd is surrounded by high-end neighborhoods (Shadow of the San Fernando Valley. This opportunity provides a Hills, Burbank, La Tuna Canyon), Downtown Burbank, and GLENOAKS buyer the ability to immediately begin construction upon numerous employment options. 8405 Sun Valley, Ca close of escrow and/or purchase with a construction loan. The existing rent controlled four unit structure on site has already been demolished and tenant relocation fees have The San Fernando Valley consists of approximately 260 been paid in full. All permits have been issued and paid. The square miles, making it the largest geographic in the City of development consists of an on-grade parking structure with Los Angeles. With approximately 1.8 million residents, it is a 27 Stalls, (10) 1 Bedroom / 1 Bathroom, (9) 2 Bedroom / 2 densely populated area that as a standalone city, would be Bathroom units spread across three residential floors. There the seventh largest city in the United States. are no significant off-site improvements, flat topography and on-grade construction should make this a very cost effective build. The project will be completely comprised of market rate units and will be subject to the Rent Stabilization Ordinance (RSO). GLENOAKS BOULEVARD 8405 Glenoaks Boulevard, is ideally located just north of the 5 freeway, providing future residents with convenient access to Burbank, Downtown Los Angeles, Glendale and Pasadena. 6 7 A RARE SHOVEL READY DEVELOPMENT OPPORTUNITY 19 unit multifamily project Vacant land - previous has been demolished 15,275 square feet of land zoned LAR3 Excellent mix of (10) 1 bedroom units and (9) 2 bedroom units No linkage fee Type V construction Plans call for 23,318 gross square feet 24 parking spaces provided No Low Income Housing component EXCELLENT SAN FERNANDO VALLEY LOCATION Located just one parcel west of Glenoaks and Roscoe Investment Adjacent to Burbank, Shadow Hills, and La Tuna Canyon HIGHLIGHTS Sun Valley is experiencing significant growth in housing demand due to its unique natural landscape filled with large horse ranch properties combined with its convenient accessibility to major employment sectors in nearby Burbank and North Hollywood Walking distance to Glenoaks & Sunland (0.5 miles), an amenitized corridor that provides the immediate area’s banks, grocery stores, and dining . STRONG DEMOGRAPHICS Average household Income of $83,898 within a 3-mile radius Population of 574,264 within a 5-mile radius Strong local economy with significant job growth over a multitude of diverse sectors 8 ADLER PORTFOLIO | PROPERTY SUMMARY 9 THE PROJECT Permits have been issued and paid in full, allowing a buyer to begin construction immediately after close of escrow. The proposed project consists of a 3 story structure with 19 market rate residential units with a rooftop deck over open ground floor parking. The project will be subject to Rent Stabilization Ordinace (RSO). Project Features Number of Units 19 Construction Type V Stories 3 Gross SqFt 23,318 SF Parking Provided 24 spaces Unit Type # Avg SF 1 Bedroom 10 733 2 Bedroom 9 956 PRICING SUMMARY 12 13 FINANCIAL SUMMARY PRICING SUMMARY 8405 Glenoaks Blvd, Address Sun Valley, CA 91352 Price $2,000,000 Land SF 15,275 SF $ / SF $130.93 Shovel Ready For 19 units $/Unit $105,263 Max Potential Units 27 units GLENOAKS BOULEVARD $/Unit (Density Bonus) $74,074 Zoning (Q)R3-1-CUGU 14 15 MARKET OVERVIEW 17 Sun Valley NORTH HOLLYWOOD The Subject Property is located on Glenoaks Boulevard in the bustling suburban BURBANK bedroom community of Sun Valley, just down the street from the city of Burbank. The 19-unit apartment project is less than three miles away from the Hollywood Burbank Airport and is centrally located in proximity to major employment hubs such as Burbank, Glendale and North Hollywood. The property enjoys easy access to the 5, 118, 134, and 170 f reeways, and is less than one mile to the Antelope Valley Metrolink Sun Valley SAN FERNANDO ROAD Train Station. GLENOAKS Sun Valley, Ca According to CoStar, the Sun Valley submarket typically sees minimal multifamily 8405 development, although healthy rent growth and rock-bottom vacancies drove a slight uptick in construction in recent years. Vacancies are among the lowest in Los Angeles and have held below 3% for most of this cycle. The Sun Valley apartment market is typically sleepy and stable, as supply constraints and low vacancies limit net absorption. While a few new projects delivered in 2018, the amount of new supply was not sufficient to significantly alter fundamentals. Located at the northern edge of the San Fernando Valley, much of the submarket is zoned for single-family residences, which inhibits multifamily development. GLENOAKS BOULEVARD SUNLAND BOULEVARD 18.61% 1.30% PROJECT AVG HOUSEHOLD POPULATION GROWTH INCOME GROWTH BY 2024 EXPECTED BY 2024 18 19 $83,898 $99,510 137,094 8405 GLENOAKS BLVD 2019 Average HH income 2024 Prejected Average HH income 2019 Population within 3-m radius within 3-m radius within 3-m radius 5,710 63,250 139,297 Businesses Employees 2024 Prejected Population within 3-m radius within 3-m radius within 3-m radius 20 21 BURBANK NOHO ARTS DISTRICT AT A GLANCE Also known as “The Valley,” the San Fernando Valley spans 260 square miles and is home to approximately 1.82 million people. The area is situated approximately 12 miles northwest of Downtown Los Angeles and is bounded by the Santa Monica Mountains to the south, the San Gabriel Mountains to the north and east, and Simi Hills to the west. Notable facts about the San Fernando Valley include: The San Fernando Valley is Home to Over 63,000 Businesses and 535,000 Jobs Average Household Income Has Grown by 24.53% from 2000-2015 and is Projected to THE SAN FERNANDO VALLEY Grow an Additional 13.19% by 2020 Approximately 49% of The Valley’s Households are Renters “The Valley” is a premier location for residents to live, work, and play Average Vacancy Across the San Fernando Valley is 2.24% Sherman Oaks Galleria Sepulveda Basin Recreation Area Ventura Boulevard The Valley is a Key Entrepreneurial Hub in Los Angeles with Half of LA County The Sherman Oaks Galleria includes 700,000 Approximately two miles from the subject Ventura Boulevard, the primary east–west thoroughfare Contractors, a Third of all Business Professionals, and a Number of Healthcare square feet of Class A office space overlooking property, Sepulveda Basin Recreation Area in the San Fernando Valley, is located 150 feet away Professionals Calling the Area Home a 300,000 square foot retail and entertainment and Lake Balboa/Anthony C. Beilenson Park from 14944 Moorpark Street. Extending 18 miles from Studio City to Woodland Hills, Ventura Boulevard is Notable Industries Include Entertainment, Foreign Trade, Business Services, Health complex. Located at the intersection of the 101 are home to two golf courses, a sports complex, known as the “backbone” of the San Fernando Valley Services, Aerospace, and Advanced Manufacturing and 405 freeways, the Galleria is home to and a 19,600 square foot playground. with scores of bars, restaurants, retail shopping, and myriad employers and shopping options. other convenient neighborhood amenities. Several Fortune 500 Companies Including The Walt Disney Company, Anheuser- Busch, Nestle, and Health Net, as well as Several Additional Fortune 1,000 Companies Van Nuys/Sherman Oaks Universal Studios and CityWalk Westfield Fashion Square are Located in the Valley Recreation Center Universal CityWalk offers entertainment, Within a short drive of the subject property, Industry Leaders in Advanced Manufacturing Including Northrop Grumman, Aerojet, The 65 acre park offers baseball fi elds, dining, and shopping.
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