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+/- 15,200 SF Development Lot Zoned C1.5-1-SP in a Tier 4 TOC Located Across the Street From the New Leimert Park Metro Station 4345-4357 CRENSHAW BOULEVARD, Leimert LOS ANGELES, CA 90008 Park Plaza W. VERNON AVENUE CRENSHAW BOULEVARD LOS ANGELES, CA 90043 Leimert Park Station Leimert Park Metro Stration Rendering CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. EXCLUSIVELY LISTED BY: NEEMA AHADIAN Senior Managing Director of Investments Tel: (310) 909-5444 [email protected] License: CA 01346750 2 01 Property Overview 02 Investment Highlights 03 Development Information 04 Area Information 3 Vision Theatre 4345-4357 CRENSHAW BOULEVARD, LOS ANGELES, CA 90008 Marcus & Millichap is pleased to present 4345-4357 Crenshaw Boulevard, in Los Angeles, CA. This unique development opportunity features one parcel totaling 15,200 SF of land in the up and coming Leimert Park neighborhood. This offering presents a developer the opportunity to acquire a parcel located just across the street from the new Leimert Park Metro Station at a low price per square foot of $197. The parcel is zoned C1.5-1-SP in a Tier 4 TOC area, allowing a developer to potentially build up to 69 units by utilizing the density bonus with an affordable component. The Leimert Park neighborhood continues to grow at a rapid pace with several major retail and mixed-use projects underway. 4421 Crenshaw Boulevard is located just down the street from the Baldwin Hills Crenshaw Plaza, an 870,000 SF retail and restaurant center; as well as Marlton Square, a planned 22 acre mixed-use development; and District Square, another mixed-use development totaling 300,000 SF. EXECUTIVE SUMMARY EXECUTIVE 4 CENTURY CITY Baldwin Hills Crenshaw Plaza Development Leimert Park Station 4345-4357 CRENSHAW BOULEVARD, LOS ANGELES, CA 90008 Leimert Park Plaza W. VERNON AVENUE CRENSHAW BOULEVARD 5 4345-4357 CRENSHAW PROPERTY OVERVIEW BOULEVARD, LOS ANGELES, CA 90008 OFFERING PRICE: $3,000,000 LAND SIZE (SF): 15,200 SF LAND SIZE (ACRES): 0.35 Acres APN: 5024-006-012 W. VERNON AVENUE PRICE/SF $197 C1.5-1-SP ZONING: Tier 4 TOC CRENSHAW BOULEVARD 6 4345-4357 Crenshaw Boulevard is single parcel development opportunity located in Los Angeles’ Leimert Park neighborhood between W Vernon Ave and Homeland Dr, in an up and coming neighborhood with many development projects nearby. The subject property features a large lot of 15,200 SF of vacant land, 4345-4357 zoned C1.5-1-SP in a Tier 4 TOC. CRENSHAW BOULEVARD, LOS ANGELES, Located just across from the new Leimert Park Metro Station, part of CA 90008 the Metro Crenshaw/LAX Line that serves the cities of Los Angeles, Inglewood, El Segundo, and Unincorporated LA County; bringing significant environmental benefits, economic development, and employment opportunities to the immediate area. The subject property features a high walk score of 89 with close proximity to transportation options as well as major retail developments such as the Balwin Hills Crenshaw Plaza, Marlton Square, and District Square. With over 380,000 people within a three-mile radius, the Leimert Park neighborhood is a highly desirable submarket with residential rents increasing substantially year over year. CRENSHAW BOULEVARD *Buyer to conduct own due diligence and verify development information. Marcus & Millichap and the Seller have not made any investigation and makes no warranty or representation with respect to the development potential. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable, however the information contained herein is not a substitute for a thorough due diligence investigation. INVESTMENT HIGHLIGHTS INVESTMENT 7 W. VERNON AVENUE Leimert Park Station CRENSHAW BOULEVARD 8 Baldwin Hills Crenshaw Plaza Development Expo/Crenshaw Station Leimert Park Station 4345-4357 Leimert CRENSHAW Park BOULEVARD, Plaza LOS ANGELES, CA 90008 CRENSHAW BOULEVARD W. VERNON AVENUE 9 Metro Expo Line Expo/ Crenshaw Station Rodeo Road Exposition Blvd 2905 W. Exposition Pl (proposed 78 unit Class District Square A condo units) Development (300,000 SF mixed-use development) Crenshaw Blvd Crenshaw Marlton Square Development (22 ace mixed-use Ave Arlington development) Line (2020) Metro Crenshaw W. Martin Luther King Jr. Blvd Baldwin Hills Metro Station Baldwin Hills (2020) Crenshaw Plaza Development Leimert Blvd 4345-4357 Leimert Park CRENSHAW Leimert Park Stocker St BOULEVARD, Plaza LOS ANGELES, Metro Station CA 90008 (2020) W. Vernon Avenue 10 CRENSHAW BOULEVARD 11 12 Leimert Park Plaza Leimert Park Station W. VERNON AVENUE 4345-4357 CRENSHAW BOULEVARD CRENSHAW BOULEVARD, LOS ANGELES, CA 90008 13 ZIMAS MAP DEVELOPMENT INFORMATION DEVELOPMENT 14 REQUIREMENT BY ZONING DISTRICT ZONING C1.5-1-SP (LIMITED COMMERCIAL) Uses C1 Uses - Retail, Theaters, Hotels, Broadcasting Studios, Parking, Buildings, Parks and Playgrounds, R4 Uses Maximum Heights Unlimited Minimum Lot Width 50 ft Required Yards Front: 10 ft minimum Side: 10% lot width < 50 ft, 3 ft minimum; 5 ft; + 1 ft for each story over 2nd, not to exceed 16 ft Rear: 15 ft + 1 ft for each story over 3rd; 20 ft max for residential uses or abutting A or R zone CITY OF LOS ANGELES DENSITY BONUS UNIT TYPE TOC TIER-4 Extremely Low Income 11% Very Low Income 15% Low Income 25% Density Increase 80% FAR (Residential Portion) 55% increase Commercial Zones (including HI and CM) At least 4.25:1 Residential Parking (allows for unbundled tandem) None Ground Floor Comercial 40% Reduction *Buyer to conduct own due diligence and verify development information. Marcus & Millichap and the Seller have not made any investigation and makes no warranty or representation with respect to the development potential. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable, however the information contained herein is not a substitute for a thorough due diligence investigation. 15 LEIMERT PARK Crenshaw Boulevard is one of Los Angeles’ most heavily trafficked thoroughfares, west of the 110 Freeway and south of the 10 Freeway. The convenience, accessibility, and visibility of the subject property’s location on Crenshaw Blvd in Leimert Park enhances and supports the vision for a successful redevelopment as a multifamily apartment or mixed-use complex. Leimert Park has been regarded as one of Los Angeles’ most vibrant and historic neighborhoods. The neighborhood is widely regarded as the cultural hub for African Americans in L.A. Leimert Park was the brainchild of developer Walter H. Leimert, who began the subdivision business center project in 1928. One of the first planned