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4848 W Pico Blvd 1-4-17.Indd MIXED-USE ± 1.52 ACRE DEVELOPMENT SITE ADJACENT TO COMMUNITY RETAIL CENTER HIGH IDENTITY LOCATION ON HEAVILY TRAFFICKED PICO BLVD 4848 W Pico Boulevard POTENTIAL TO DEVELOP 223 MULTIFAMILY UNITS & GROUND FLOOR RETAIL Los Angeles, CA 90019 HOLLYWOOD MID WILSHIRE MIRACLE MILE 4848 W SAN VICENTE BLVD PICO BLVD MIDTOWN SHOPPING CENTER PICO BLVD LA BREA BLVD VENICE BLVD LAURIE LUSTIG-BOWER TIMOTHY BOWER KAMRAN PAYDAR EXECUTIVE VICE PRESIDENT SENIOR VICE PRESIDENT SENIOR SALES DIRECTOR Capital Markets | Investment Properties +1 310 550 2556 +1 310 550 2521 +1 310 550 2529 [email protected] [email protected] [email protected] www.4848Pico.com SOUTHEAST VIEW DOWNTOWN LA MIDTOWN 10 CROSSING WASHINGTON BLVD MIDTOWN SHOPPING CENTER 4848 W PICO BLVD VENICE BLVD PICO BLVD SAN VICENTE BLVD 4848 W PICO BLVD | LOS ANGELES, CA | 2 SOUTH VIEW 10 WASHINGTON BLVD MIDTOWN SHOPPING CENTER 4848 W PICO BLVD RIMPAU BLVD VENICE BLVD PICO BLVD SAN VICENTE BLVD LA BREA AVE HIGHLAND AVE 4848 W PICO BLVD | LOS ANGELES, CA | 3 NORTHWEST VIEW CENTURY CITY MIRACLE MILE MID WILSHIRE OLYMPIC BLVD LA BREA AVE 4848 W PICO BLVD SAN VICENTE BLVD MIDTOWN SHOPPING CENTER PICO BLVD LA BREA AVE VENICE BLVD 4848 W PICO BLVD | LOS ANGELES, CA | 4 PACIFIC OCEAN WEST VIEW MARINA DEL REY SANTA MONICA BEVERLY HILLS 10 WASHINGTON BLVD 4848 W PICO BLVD LA BREA AVE MIDTOWN SHOPPING CENTER VENICE BLVD PICO BLVD SAN VICENTE BLVD 4848 W PICO BLVD | LOS ANGELES, CA | 5 Santa Clarita Woodland Hills Encino Sherman Oaks 4848 W PICO BLVD LOS ANGELES, CA 4848 W PICO BLVD | LOS ANGELES, CA | 6 Table of Contents 01 02 03 EXECUTIVE PROPERTY RENT SUMMARY OVERVIEW SURVEY VENICE BLVD SAN VICENTE BLVD MIDTOWN 01 SHOPPING CENTER EXECUTIVE PICO BLVD SUMMARY 4848 W PICO BLVD THE OPPORTUNITY CBRE, Inc., as exclusive agent, is pleased to present for sale a high visibility ±1.52 acre mixed-use development site with 331 feet of frontage on Pico Boulevard in the thriving, densely populated Midtown District of Los Angeles, Cali- fornia. The site is zoned C2-1-O and allows a 3:1 Floor Area Ratio (including Density Bonus) and no height restriction, with the potential to develop approximately 223 multifamily units* and ground floor retail. Located at 4848 West Pico Boulevard the Property sits in the heart of an urban renaissance area with over one hun- dred million dollars having been invested in the immediate surrounding blocks bounded by Pico Boulevard, San Vicente Boulevard, Venice Boulevard and La Brea Avenue. 4848 W. Pico Boulevard boasts a Walk Score of 88 – a “Very Walkable” location- and is proximate to an abundance of shopping amenities. Adjacent restaurants and retailers include Pizza Rev, Chipotle, Jersey Mike’s, Ralphs grocery, Smart & Final, Planet Fit- ness, Living Spaces, CVS and many more. The Property is located within convenient driving distance to the best of Los Angeles’s retail and entertainment destinations including The Original Farmers Market at 3rd and Fairfax, The Grove, Museum Row, L.A. Live/Staples Center, and bustling Koreatown. Midtown Los Angeles offers an excellent, central location that is minutes away from key employment centers including Downtown Los Angeles, Wilshire Boulevard’s Miracle Mile, Koreatown, Hollywood, West Hollywood, Beverly Hills and Century City. Interstate 10 is less than two miles away and provides linkage to the Greater Los Angeles freeway network. The Property consists of vacant land and will be delivered subject to a lot line adjustment which is currently being processed with the City of Los Angeles. The owner of Midtown Shopping Center is willing to discuss granting ingress/egress rights across the center. 4848 W PICO BLVD | LOS ANGELES, CA | 9 *per SB-1818 HIGHLIGHTS MIDTOWN CROSSING • High visibility with ± 330.5 feet of frontage along Pico Boulevard. • Adjacent to Midtown Shopping Center, a street-to- SITE street anchored urban retail center, very walkable, with potential for vehicular access MIDTOWN SHOPPING • Potential for a variety of multifamily and CENTER retail uses. • Adjacent to multiple signals and exceptional visibility at heavily trafficked intersections 4848 W • Evolving Retail Market: Nearby tenants include Living SAN VICENTE BLVD PICO BLVD Spaces, Planet Fitness, Lowes, Ralphs, CVS, Ross, Smart & Final, PetSmart, Chipotle, Jersey Mikes and many VENICE BLVD more • Exposure to 129,000 vehicles per day (at Venice Blvd/San Vicente Blvd and San Vicente PICO BLVD Blvd/Pico Blvd) • Minutes from Hollywood, DTLA, Mid-Wilshire & Interstate 10 Freeway Price The Property is being market unpriced For More Information Please Visit www.4848Pico.com F 4848 W PICO BLVD | LOS ANGELES, CA | 10 strong Retail market fundamentals The property is located in a highly trafficked, densely populated area that is ideal for retail or multifamily uses. • Densely populated, area with strong daytime population • Surrounded by three heavily trafficked streets Local Snapshot - Demographics for 4848 W Pico Boulevard: • Adjacent to successful community shopping center, anchored by a top performing Ralph’s Signature store pOPULATION • Short drive times to Mid-Wilshire, Beverly Hills and West Los Angeles 2016 ESTIMATED POPULATION 458,519 2021 ESTIMATED POPULATION 473,012 2016 EMPLOYEES 206,789 strong multifamily DEMAND • 2.4% Submarket Vacancy HOUSEHOLDS • Positive Net Absorption in 2016 2016 HOUSEHOLDS 178,673 2021 HOUSEHOLDS 183,564 median age average HOUSehold income* 2016 MEDIAN AGE 36.1 PROJECTED 2021 AVERAGE $84,430 HOUSEHOLD INCOME EDUCATION traffic counts 2016 ESTIMATED POPULATION OVER 25 BY EDUCATIONAL ATTAINMENT GRADUATE OR PROFESSIONAL 12.1% W PICO BLVD @ LA BREA AVE 63,223 ADT DEGREE W PICO BLVD @ BACHELOR’S DEGREE 24.4% 24,641 ADT S HIGHLAND AVE ASSOCIATE DEGREE 5.7% SOME COLLEGE 17.3% Stats shown based on 3-mile radius. Nielsen 2016. *Stats shown based on 2-mile radius. Nielsen 2016. HIGH SCHOOL DIPLOMA 18.0% 4848 W PICO BLVD | LOS ANGELES, CA | 11 VENICE BLVD SAN VICENTE BLVD MIDTOWN 02 SHOPPING CENTER PROPERTY PICO BLVD OVERVIEW 4848 W PICO BLVD PROPERTY OVERVIEW Address 4848 W Pico Blvd. Los Angeles, CA 90019 Submarket Midtown Los Angeles approximate lot size ± 66,000 SF APN A portion of 5070-013-003 Estimated Land Area ±1.52 Acres, ±66,386 Square Feet Zoned C2-1-O Permitted FAR (with 3:1 Density Bonus) Height Limit No height limit Current Improvements None Entitlement Status Not Entitled City Council District Council District 10, Herb J. Wesson Jr. 4848 W PICO BLVD | LOS ANGELES, CA | 13 PROPERTY OVERVIEW (CONTINUED) SITE 4848 West Pico Boulevard sits in the heart of prime Midtown Los Angeles. * • Local neighborhood is bounded by Pico Boulevard, San * Vicente Boulevard, Venice Boulevard and La Brea Avenue • ± 330.5 feet of frontage along Pico Boulevard • Strong traffic counts- 129,000 vehicles per day (at Venice Blvd/San Vicente Blvd and San Vicente Blvd/Pico Blvd) SITE MIDTOWN SHOPPING CENTER *The property has undergone soil remediation and a No Further Action letter has been issued. Please visit the property website data room for further information. 4848 W PICO BLVD | LOS ANGELES, CA | 14 VENICE BLVD SAN VICENTE BLVD MIDTOWN 03 SHOPPING CENTER RENT PICO BLVD SURVEY 4848 W PICO BLVD Rent Comparables Map Layout ID:L01 MapId:4335297 © 2016 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed4848 to be correct, W its accuracy, PICO correctness BLVD or completeness | cannot LOS be guaranteed ANGELES, and has not been verified byCA | 16 either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced. SELECT RENT COMPARABLES COMPARABLE 1 VILLA VICENTE 5351 W San Vicente Blvd Los Angeles, CA 90019 0 + 1 Year Built: 1963 33% Units: 275 PHOTO Occupancy: 96% 1 + 1 Phone: 323.931.3232 67% Owner: E&S Ring Management Manager: E&S Ring Management Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 90 $1,691 - $1,707 360 $4.70 - $4.74 1 + 1 185 $1,800 - $1,886 600 $3.00 - $3.14 Amenities: Laundry On-Site Patio/Balcony Heated Pool Wood-Style Floors Fitness Center BBQ/Picnic Area Wall Heater and A/C Event Space Business Center w/ WiFi COMPARABLE 2 ACCESS CULVER CITY 3 + 3 TH 0 + 1 8770 Washington Blvd 9% 3% 2 + 2 Loft Culver City, CA 90232 11% Year Built: 2016 Units: 112 PHOTO Occupancy: 38% (In Lease-Up) 1 + 1 2 + 2 48% Phone: 310.837.8770 29% Owner: Greystar Investment Group Manager: Greystar Properties Type Number of Units Effective Rent Unit Square Feet Rent per SF 0 + 1 3 $2,906 - $3,048 607 $4.79 - $5.02 1 + 1 54 $3,082 - $3,500 738 - 762 $4.18 - $4.59 2 + 2 33 $4,083 - $4,700 1,104 - 1,114 $3.70 - $4.22 2 + 2 Loft 12 $4,985 - $5,370 1,289 $3.87 - $4.17 3 + 3 TH 10 $6,583 - $7,356 1,758 - 1,984 $3.71 - $3.74 Concessions: $2,000 off if application submitted within 2 days; 1 mo free if moved in by month end.
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