1006-1012 FAIRFAX AVENUE WEST HOLLYWOOD, CA 90046 FOR SALE SUBMIT ALL OFFERS Presented By WEST HOLLYWOOD VALUE-ADD/REDEVELOPMENT OPPORTUNITY NEW ZONING OVERLAY BRE 01222000 1 executive summary 2 property overview Duncan Lemmon 310.899.2733 [email protected] zoning bre 00857008 3 Richard DeGirolamo 310.899.2731 [email protected] area overview bre 02041817 4 5 demographics + comps 10 table of contents 12 01 Property Description Lee & Associates is pleased to present 1012 N Fairfax Avenue in West Hollywood California. Strategically located, this property is a truly rare opportunity strategically located in the heart of West Hollywood steps from the heavy traffic intersection of Santa Monica Blvd & Fairfax Avenues anchored by Whole Foods and Starbucks. executive 02 Property Summary summary ADDRESS: PRICE: 1012 N FAIRFAX AVENUE, WEST HOLLYWOOD Unpriced - Submit All Offers BUILDING SF: APN: ± 3,360 SF BUILDING 5530-012-014 ± 9,628 SF PARCEL 5530-012-026 ZONING PARKING: (See Zoning Page for Additional Info) R3C-C 2.5:1,000 WALKSCORE/ TRANSIT TENANT: WALKER’S PARADISE (95) ATLANTIC TIRE AND AUTO GOOD TRANSIT (58) MONTH-TO-MONTH 10 page 3 | Executive Summary 12 + Located on prime West Hollywood corridor property + 150’ of frontage on Fairfax Avenue + Walking distance from many retail shops including Whole Foods and Starbucks features + Ideal for redevelopment with new incentivized zoning (mixed-use, live/work, condos) + New R3C-C zoning (density/height bonus + no req. commercial parking) + Current Tenant is month-to-month 10 page 4 | Property Overview 12 1012 N FAIRFAX AVE plat map 150’ Frontage 3,360 SF Building 9,628 SF Land 10 page 5 | Property Overview 12 03 new incentivized The City of West Hollywood has embarked on an initiative to continue creating an environment for convenient amenity filled corridors where community members can live, work, and shop without ever having to weho get into their vehicles. As of SPRING 2018 they have rezoned this par- ticular block recognizing its importance to the community designating it zoning “R3C-C”. Santa Monica Blvd Monica Santa Fairfax Avenue R3C-C R3C-C Setbacks FAR (Commerical): 1 FAR Rear: 10 FT Front: No minimum Density (Residential): 1 unit per 1,210 SF of site area Side: No minimum Height: 45 FT, 4 stories Parking (Commercial): No minimum for ground floor or live/work + Can do condos or rentals Parking (Residential): Standard West Hollywood residential + Maximum lot area of 10,000 SF for one development project (Subject Lot is 9,628 SF) requirements + Commercial Spaces: Maximum average unit = 1,200 SF (commercial/residential) Maximum frontage = 30ft per space (commercial) 10 page 6 | Zoning 12 04 the center of The intersection of Santa Monica & Fairfax is the in the heart of West west Hollywood with new development furthering its reputation as one of hollywood the most famous corridors in Los Angeles. 6 1. 7905 Romain Street 2. 937 N Fairfax Avenue SANTA MONICA BLVD 34 Units | TBD Compl. 2018 5 1 2 FAIRFAX3 AVE 3. 920 N Fairfax Avenue 4. 801 N Fairfax Avenue Mixed-Use | Compl. 2018 100 Units 4 5. 7985 Santa Monica Blvd 6. 1250 N Fairfax 101,805 SF Office/ Retail 53 Units | Compl. 2020 10 page 7 | Area Overview 12 weho LOS ANGELES West Hollywood aka “Weho” is one of the most famous sought-after communities in the coun- try for both locals and tourists alike. Located centrally in Los Angeles, the city is surrounded by Hollywood to the north and east with the city of Beverly Hills bordering to the west. Filled with famous shopping destinations such as The Grove, Melrose Avenue, and the Beverly Cen- ter, there is abundant retail activity. Outdoor activities also strive as tourists and locals hike up Runyon Canyon from sunrise to sunset then head a few blocks east to the world-renowned Hollywood Walk of Fame. Weho is a quick 5-mile drive from downtown LA and just 10 miles from the beautiful beach communities along the Pa- cific Ocean. The local commerce is booming with demand for residential, retail, office and industrial development sky rocketing. West Hollywood’s demographics are both diverse and desirable with average household incomes north of $100,000. The unique neighborhood is a global destination for the entertainment indus- try and a global pioneer for LGBT rights. There is truly nowhere like the city of West Hollywood! 10 page 8 | Area Overview 12 Area Map HOLLYWOOD BOULEVARD SUNSET BOULEVARD HOLLYWOOD SUNSET STRIP WEST HOLLYWOOD FAIRFAX AVENUE FAIRFAX MELROSE AVENUE SANTA MONICA BOULEVARD BEVERLY CENTER BEVERLY BOULEVARD THE BEVERLY GROVE HILLS 3RD STREET 10 page 9 | Area Overview 12 Our Neighbors 10 page 10 | Area Overview 12 05 fairfax demographics Population 1 Mile 3 Miles 2018 Total Population: 55,205 307,879 2023 Population: 56,570 315,643 Pop Growth 2017-2022: 2.47% 2.52% Average Age: 41.20 40.00 Median Home Value (West Hollywood) Households 2018: $894,712 2018 Total Households: 32,206 155,054 2017: $761,000 HH Growth 2017-2022: 2.02% 2.30% Median Household Inc: $69,573 $70,250 Average Household Inc (West Hollywood): N/A $99,297 10 page 11 | Demographics + Comps 12 05 fairfax comps 1. 8151 E 3rd Street, Los Angeles, CA 90048 2. 8112 Beverly Boulevard, Los Angeles, CA 90048 Buyer Buyer PDX Industrial Investments 8126 Beverly Properties LLC Seller Seller Leon S & Eileene L Kaplan Beverly Boulevard Partners LLC Vital Data Vital Data Sale Date: 3/9/2018 Sale Date: 8/15/2017 Total Size: 8,712 SF Total Size: 4,356 SF Acres: .20 Acres: .10 Sale Price: $5,150,000 Sale Price: $3,000,000 Land Price/SF: $591 Land Price/SF: $689 Building Price/SF: $1,468 Building Price/SF: $1,023 Parcel No: 5511-020-030 Parcel No: 5511-005-021 3. 818 N La Brea Avenue, Los Angeles, CA 90038 Buyer 818 La Brea Investment, LLC Seller 818 N La Brea, LLC Vital Data Sale Date: 9/1/2017 Total Size: 6,098 SF Acres: .14 Sale Price: $4,000,000 Land Price/SF: $656 Building Price/SF: $749 Parcel No: 525-005-007 10 page 12 | Demographics + Comps 12 Contact Information Duncan Lemmon 310.899.2733 [email protected] bre 00857008 Richard DeGirolamo 310.899.2731 [email protected] bre 02041817 10 Lee and Associates + 1 310 899 2700 leewestla.com bre 01222000 12 Affiliated Business Disclosure Any information with respect to the Property (collectively, the “Evaluation Materials”) provided to any Accepting Parties by Owner, Owner’s Representative and/or Listing Broker and/or any of their respective consultants, agents or employees (collectively, the “Seller Parties”) will be used solely for the purpose of evaluating the possible acquisition of the Property by the undersigned Registered Potential Purchaser (“Registered Potential Purchaser”) and will not be used or duplicated for any other purpose. Accepting Parties shall keep all Evaluation Materials strictly confidential; provided, however, that such Evaluation Materials may be delivered to such persons or entities who because of their involvement with the Proposed Transaction need to know such information for the purpose of giving advice with respect to, or consummating, the Proposed Transaction (all of whom are collectively referred to as “Related Parties”); provided, however, that any such Related Parties shall be informed by Accepting Parties of the confidential nature of such information and shall be directed by Accepting Parties (and Accepting Parties shall cause such Related Parties) to keep all such information in the strictest confidence and to use such information only in connection with the Proposed Transaction and in accordance with the terms of this Agreement. Accepting Parties will not communicate with tenants of the Property without the prior written consent of Owner or Owner’s Representative. Broker represents and covenants that it is currently, and at the time of the consummation of any sale of the Property to Registered Potential Purchaser, will be, a duly licensed real estate broker. Accepting Parties shall not (i) disclose the fact that discussions or negotiations are taking place concerning the possible acquisition of the Property by Registered Potential Purchaser or any of the terms thereof, or (ii) conduct any discussions, negotiations or make any inquiries concerning the possible acquisition of the Property with any other person or entity (including tenants) except for Owner, Owner’s Representative and Listing Broker, except as may be expressly permitted elsewhere in this Agreement and, in such case, only in strict accordance with the provisions hereof. In the event that any Accepting Parties or Related Parties become legally compelled to disclose all or any part of the Evaluation Materials, Accepting Parties will provide Owner’s Representative with prompt written notice so that Owner may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. Accepting Parties acknowledge that damages may be inadequate to protect against breach of these provisions and therefore agrees in advance to the granting of injunctive relief as described above in Owner’s favor without proof of actual damages, in addition to any other remedies available at law or in equity. In the event that such protective order or other remedy is not obtained, or that Owner waives compliance with the provisions of this Agreement, in such instance, Accepting Parties will furnish only that portion of the Evaluation Materials which is legally required and will exercise best efforts to obtain reliable assurance that confidential treatment will be accorded the Evaluation Materials. Accepting Parties shall reimburse Seller Parties for all costs and expenses, including reasonable attorneys’ fees incurred by Seller Parties in successfully enforcing Accepting Party’s obligations under this Agreement. None of Seller Parties make any representations or warranties as to the accuracy or completeness of the Evaluation Materials or that actual results will conform to any projections contained therein.