5068 Romaine Street | Los Angeles California 90028 Offering Memorandum
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NOTES: KAZANCHYAN DESIGN 3786 LA CRESCENTA AVE, SUITE 201 GLENDALE, CA 91208 T: 818-395-2686 ARCHITECT OF RECORD: ARMEN KAZANCHYAN STRUCTURAL: SAYAH ENGINEERING INC 15233 VENTURA BLVD, SUITE 1130 SHERMAN OAKS, CA. 91403 T: (818) 788-7887 EAST ELEVATION 1 PROPERTY OWNER: SG EQUITY, LLC. 15404 VENTURA BLVD., FL.9 SHERMAN OAKS, CA 91403 (323) 552-2002 18 UNIT APARTMENT BUILDING PROJECT ADDRESS: 5068 ROMAINE ST. LOS ANGELES, CA 90029 BUILDING ELEVATIONS A-202 WEST ELEVATION 2 File Location: S:\Arch-Multi Family Residential\00000-MF-LA (City of Los Angeles)\17002 - 5068 Romaine St, LA CA 90029\Drawings\A-201 202 203 301 302 PROPOSED ELEVATIONS & SECTIONS.dwg Last Saved: November 8, 2018, by Varouzhan Plotted: Thursday, November 8, 2018 9:43:44 AM by ArmenDT 5068 ROMAINE STREET | LOS ANGELES CALIFORNIA 90028 OFFERING MEMORANDUM Development Opportunity for 18 Apartments Zoned R3 | Tier 2 | Lot Size 9,000 SF | Flat Lot DISCLAIMER & CONFIDENTIALITY AGREEMENT The information has been obtained from sources we believe to be reliable; however, ACME Real Estate and Seller make The material contained in this document is confidential and no warranty or representation regarding the accuracy or is not to be copied and/or used for any purpose or made completeness of the information provided. Any pro formas, available to any other person without the express written projections, opinions, assumptions or estimates used are for consent of ACME Real Estate. In accepting this, the recipient example only and do not necessarily represent the current or agrees to keep all material contained herein confidential. future performance of the property. This memorandum has been prepared to provide summary ACME Real Estate and Seller strongly recommend that information to prospective purchasers and to establish a prospective purchasers conduct an in-depth investigation of preliminary level of interest in the property described herein. every physical and financial aspect of the property to deter- It does not, however, purport to present all material informa- mine if the property meets their needs and expectations. We tion regarding the subject property, and it is not a substitute also recommend that prospective purchasers consult with for a thorough due diligence investigation. their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subse- quent consequences of ownership. 5068 ROMAINE STREET | LOS ANGELES CALIFORNIA 90028 LAURA RECKMEYER EAGLE ROCK 4516 EAGLE ROCK BLVD REALTOR® | INVESTOR | PMP LOS ANGELES, CA 90041 [email protected] MIRACLE MILE DIRECT: 310.739.1467 | OFFICE: 323.474.6977 600 S. LA BREA AVE, 3RD FL LOS ANGELES, CA 90036 DRE: 02004675 ACME-RE.COM ACME REAL ESTATE RESIDENTIAL COMMERCIAL INVESTMENTS @ACMEREALESTATE II 5068 Romaine Street Los Angeles California 90028 01 OVERVIEW 1-2 • Executive Summary • Property Description 02 WELCOME TO EAST HOLLYWOOD 3-10 • About East Hollywood • Our Neighborhood • Points of Interest • Restaurants, Bars, Shopping and Entertainment 03 EAST HOLLYWOOD BOOM 11-15 • Public Transportation • Path of Development 04 PROPERTY PHOTOS 16-22 • Current • Plans 05 COMPARABLES 23-24 • Rent Comparables • Projected Rent Roll III 01 OVERVIEW | Executive Summary 5068 ROMAINE STREET | LOS ANGELES CALIFORNIA 90028 ACME Real Estate is proud to present an RTI development opportunity at 5068 Romaine St, with approved plans for an 18-unit apartment building located in one of L.A.'s most promising rental markets and rapidly developing communities. East Hollywood is a densely packed part of Los Angeles and carries close to 100,000 residents, of which 91% are renters. Eater Los Angeles commented "...East Hollywood May Be LA's Hottest Dining 'Hood'", and Los Angeles Magazine called the stretch of blocks at Melrose and Heliotrope "One of L.A.'s Hippest Micro-Hoods". With its rich cultural diversity, excellent walk scores, good public transportation, and revitalization occurring in every corner, this is a great opportunity to get into a centrally located pocket of the city that is booming. Offered at $1,950,000 1 1 2 02 WELCOME TO EAST HOLLYWOOD | About East Hollywood East Hollywood is an intersection of many cultures and contains Little Armenia, historic Melrose Hill, and Thai Town. Its neighboring communities are Hollywood, Hollywood Hills, Koreatown, Larchmont, Los Feliz, Silver Lake, Echo Park, Westlake and Windsor Square. EAST HOLLYWOOD IS HOME TO: • Los Angeles City College • Barnsdall Art Park: - Frank Lloyd Wright’s Hollyhock House, currently shortlisted to become a UNESCO World Heritage Site - Los Angeles Municipal Art Gallery, which provides a focus for art and artists across the City - Junior Arts Center and adult art programs, which have attracted beginner and accomplished artists for over 80 years - Barnsdall Gallery Theatre, a low cost venue for the performing arts • A Hospital District: - Kaiser Permanente - Los Angeles Children's Hospital - Hollywood Presbyterian Medical Center • The Cahuenga Branch Library: - The third oldest in the Los Angeles Public Library system, built in 1916 with a grant from Andrew Carnegie • 7 public and 5 private schools Its boundaries are Western Avenue (to the West), Hollywood Boulevard (to the North), Hoover Street (to the East) and Beverly Boulevard (to the South). 3 3 LOS FELIZ BLVD Rowe na Av HILLHURST AVE HILLHURST enue WELCOME TO EAST HOLLYWOOD | Our NeighborhoodLOS 02 nue FELIZ ve FOOD+DRINK LANDMARKSHyperion A 1. Sqirl 1. Cahuenga Library N VERMONT AVE N VERMONT N AVE EDGEMONT 2. Gracie’s Pizza 2. Hollyhock House HOLLYWOOD BLVD WESTERN 3. Marouch 3. Vista Theatre HOLLYWOOD 4. The Virgil 5. Square One Dining SCHOOLS 6. Cafe 50’s 1. Los Angeles City WESTERN AVE VERMONT WEST SUNSET BLVD SUNSET 7. Covell College 8. The Sit Down 2. Kingsley Elementary 9. Friends & Family 3. Ramona Elementary 10. Jitlada 4. Immaculate Heart of 11. Cuties Mary Catholic School 12. La Monarca Bakery 5. Rose & Alex Pilibos EAST 13. Mestizo Cafe Armenian School HOLLYWOOD AVE VIRGIL 14. Starbucks AVE N VERMONT 15. Go Get Em Tiger PARKS SANTA MONICA BLVD VERMONT 16. DRNK Coffee + Tea 1. Barnsdall Art Park SANTA MONICA 17. Urban Social House 2. Lemon Grove 18. Sabor y Cultura Recreation Center ROMAINE STREET 19. Craft 20. Dave’s Hot Chicken 21. Tacos Al Pastor 22. Kismet 23. Scoops 24. La Descarga MELROSE AVE MELROSE AVE 25. The Know Where Bar 26. Tabula Rasa 27. Harvard and Stone WETERN AVE 4 tre VERMONT BEVERLY BEVERLY BLVD BEVERLY BLVD Alvarado S 02 WELCOME TO EAST HOLLYWOOD | Points of Interest Warner Bros. Los Angeles Zoo Studios Universal Studios Hollywood Hollywood Sign Griffith Park The Greek Theatre Griffith Observatory Hollywood Hollywood Bowl Hills Runyon Hollywood Kaiser Canyon Park & Highland Permanente Silver Lake Reservior Sunset West Strip Hollywood Paramount Pictures LA City Studio Tour Silver Lake Beverly College Elysian Park Center The Beverly Dodger Stadium Grove LA Farmer’s University of California Hills Market Koreatown Los Angeles (UCLA) Cedars-Sinai Medical Center LA County Chinatown Museum of Art LOS ANGELES Staples Downtown Center University of Southern California (USC) 5 5 02 WELCOME TO EAST HOLLYWOOD | Restaurants, Bars, Shopping and Entertainment RESTAURANTS Jitlada Sqirl Dave’s Hot Chicken Tacos Al Pastor Thai Globally-Inspired Nashville-style hot chicken Mexican-style Tacos 0.9 mi 1.2 mi 0.7 mi 0.4 mi Marouch Kismet Square One Dining Scoops Lebanese and Armenian Middle Eastern American Breakfast Ice Cream + Gelato 0.5 mi 1.5 mi 0.9 mi 0.8 mi 6 6 02 WELCOME TO EAST HOLLYWOOD | Restaurants, Bars, Shopping and Entertainment BARS Covell – daily wines by the glass, plus craft beer & La Descarga - cuban-themed The Virgil - 1920s-style saloon with ornate, throwback light nibbles draw locals to this cozy, urbane spot nightspot offering a cigar lounge decor offering haute classic cocktails 1.6 mi & burlesque-style salsa acts 1.1 mi 0.6 mi The Know Where Bar – 1930s-style bar with old- Tabula Rasa - beer and wine-centric spot with Harvard and Stone – hip, industrial factory school cocktails and classic music on vinyl shareable snacks, eclectic by-the-glass offerings themed bar with live music records – 1.4 mi & craft brews – 1.1 mi 1.1 mi 7 7 02 WELCOME TO EAST HOLLYWOOD | Restaurants, Bars, Shopping and Entertainment SHOPPING AND ENTERTAINMENT Hollywood Forever and Cinespia – cultural Upright Citizens Brigade - improv, Hollywood Bowl – 3.7 mi Pantages Theater events and movies under the stars at the sketch, stand-up comedy – 2.0 mi 2.2 mi Hollywood Forever cemetery – 1.0 mi The Grove – 4.4 mi Larchmont Village – 2.3 mi Hollywood and Highland - 2.9 mi (Left) Melrose Ave Shopping District 3.1 mi (Right) ArcLight Cinemas 2.1 mi 8 8 Sunday and Holiday Schedule Effective Dec 16 2018 704 Eastbound Al Este (Approximate Times/Tiempos Aproximados) Westbound Al Oeste (Approximate Times/Tiempos Aproximados) SANTA SANTA MONICA WEST ANGELES LOS WEST HOLLYWOOD ANGELES LOS ECHO PARK DOWNTOWN ANGELES LOS DOWNTOWN ANGELES LOS ECHO PARK ANGELES LOS WEST HOLLYWOOD WEST ANGELES LOS SANTA MONICA 1 2 3 4 5 6 6 5 4 3 2 1 Ocean & Arizona Santa Monica & Westwood Santa Monica & San Vicente Santa Monica & Vermont Sunset & Echo Park Bus Plaza / Patsaouras LA Station Union Bus Plaza / Patsaouras LA Station Union Sunset & Echo Park Santa Monica & Vermont Santa Monica & San Vicente Santa Monica & Westwood Ocean & Arizona 7:16A 7:35A 7:48A 8:11A 8:21A 8:31A 6:40A 6:51A 7:00A 7:20A 7:32A 7:50A 7:45 8:04 8:17 8:41 8:51 9:02 7:15