A proposed 10 unit or 17-unit TOC development opportunity Prime NoHo Arts District LISTING TEAM CHLOE ARZY JEFF LOUKS ELLIOT SABAG Associate Executive Vice President of Investments Multifamily Associate (818) 212-2814 (818) 212-2780 (818) 212-2672 [email protected] [email protected] [email protected] DRE #02124537 DRE #00908473 DRE #01989131 The information contained in the following Offering Memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the Offering Memorandum. 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Please ask listing agents for details and a delinquency report. 11042 La Maida Street ADDRESS North Hollywood, CA 91601 PRICE $1,675,000 LAND SIZE (SF) 8,524 SF PRICE/LAND SF $196 FULLY ENTITLED FOR 10 Units MAX BUILDABLE UNITS 17 ZONING LAR3-1 TOC Tier 1 SPECIFIC PLAN 10 Units By-Right CURRENT IMPROVEMENTS Land 3 Prime Multifamily Development North Hollywood is the Valley’s trendiest Opportunity neighborhood High Profile Demographics 8,524 Square Feet Of Land Zoned R3-1 Tremendous revitalization over the past decade, over 3 billion dollars has been invested since 2005 Average Household Income Of $83,428 The Proposed 10 Unit Project Is Currently Within A Five Mile Radius Being Processed By Building And Safety As a cultural hub for artists and entertainers, North Hollywood is a major destination for visitors and residents alike TOC Tier 1, Allowing For Up To 17 Apartment Units Creative businesses are taking root in the Population Of 568,811 Within A Five Mile immediate area due to its access to the Radius Approximately 55 feet of frontage along Metro, city life, and live/workspaces La Maida Street North Hollywood is a place of continuing Strong Local Economy With Significant Proximate to Burbank, NoHo Arts District, development as it currently has over 30 Job Growth Over A Multitude Of Diverse Studio City, Hollywood, Van Nuys, and largescale development projects under Sectors Sherman Oaks construction and / or in planning 4 11042 La Maida Street is ideally located in center of the high demand submarket of North Hollywood, which boasts rapid gentrification, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer landlord favored market conditions with significant growth potential. Centrally located just off Lankershim Boulevard and Camarillo Street within short walking distance to the NoHo Arts District Theatres and the Metro Red Line Station, and conveniently positioned in the center of a broad range of employment and retail options, the opportunity is surrounded by affluent high-end neighborhoods, boutique bars/restaurants, and numerous high profile office towers and mixed use developments. The proposed project consists of a “by right” ten unit apartment building with three stories above one level of parking. The plans have been submitted to building and safety for approval. A potential buyer will be saving approximately a year of time moving forward with the current plans, or may elect to redesign the project and build a 17 unit apartment building, utilizing Transit Oriented Communities (TOC) Affordable Housing incentives. The property falls under TOC Tier 1, which allows for a 50% density bonus, 40% floor area ratio (FAR) bonus, 11 additional feet of allowed height, and as low as 0.5 required parking spaces per bedroom. North Hollywood has experienced a major influx of development over the last couple years. With dozens of large-scale projects now in the pipeline, North Hollywood is well on its way to becoming one of the most thriving and walkable places to live, work and play in greater Los Angeles. Smart development, increasing economic activity and transportation improvements are transforming NoHo into one of the most desirable neighborhoods in the region. Retail development also continues to improve. Lankershim Boulevard is emerging as a artistic destination as several new theatres, bars, and boutique restaurants joined the Arts District’s historically mom n’ pop retailers. Whole Foods, The Federal Bar, NoHo Commons and HAHA Comedy Club each bring something unique to the boulevard and attract a wide range of tourists and night-life visitors. Due to the city’s sought-after dining, nightlife and artistic lifestyle...demand for housing has reached an all time high. In order to meet the demand for housing, developers have flocked to North Hollywood to build close to $3 billion in mixed use projects from 2015 - 2020. North Hollywood has experienced a dramatic transformation over the past decade with a steady migration of higher income residents attracted to the area’s urban amenities, improved schools, and convenient location near key employment and entertainment centers. 5 NEW CONSTRUCTION ADDRESS UNITS BUILT GROSS SF LOT SIZE UNIT MIX SALE DATE PRICE PRICE/UNIT PRICE/SF CAP GRM 1 6002 Klump Ave 6 2020 8,200 9,583 6 - 3+2 3/31/2020 $3,300,000 $550,000 $402 5.54% 13.55 North Hollywood, CA 91606 2 5220 Satsuma Ave 12 2020 20,975 15,120 2 - 2+2 3/16/2020 $7,550,000 $629,167 $360 4.70% 15.00 North Hollywood, CA 91601 10 - 3+2 3 14403 Tiara St 8 2019 17,318 13,939 8 - 3+3 7/7/2020 $5,450,000 $681,250 $315 4.79% 14.88 Sherman Oaks, CA 91401 4 5327 Hermitage Ave 42 2018 49,122 24,037 4 - 1+1.5 3/5/2020 $21,250,000 $505,952 $433 3.88% 15.91 Valley Village, CA 91607 28 - 2+2 2 - 3+2 4 - 3+3 4 - LI AVERAGES 23,904 15,670 $591,592 $377 4.73% 14.84 7 NEW CONSTRUCTION 1 6002 Klump Ave 2 5220 Satsuma Ave 3 14403 Tiara St 4 5327 Hermitage Ave S 11042 La Maida St 3 1 4 2 S 8 LAND COMPARABLES ADDRESS LOT SIZE SALE DATE PRICE PRICE/LOT SF ZONING 1 10800-10802 Blix St 8,793 7/10/2020 $1,100,000 $125 LAR3 Toluca Lake, CA 91602 2 5519 Elmer Ave 9,430 8/24/2020 $1,650,000