9949 PINEWOOD AVE TUJUNGA, CA OFFERING MEMORANDUM TABLE OF CONTENTS 04 Property Overview 06 Area Overview 16 Financial Overview EXCLUSIVELY LISTED BY ADAM FELDMAN Associate D: +1 (818) 923-6112 M: +1 (310) 749-8140 [email protected] License No. 0209072 (CA) DANIEL WITHERS Senior Vice President & Senior Director D: +1 (818) 923-6107 M: +1 (310) 365-5054 [email protected] License No. 01325901 (CA) | 2 3 | | 2 3 | PROPERTY OVERVIEW 01 9949 PINEWOOD AVE TUJUNGA, CA | 4 5 | THE OPPORTUNITY 9949 Pinewood Avenue is a ten-unit apartment building located in Tujunga, CA. Built in 1962 this ten-unit property features a great unit mix of (6) one-bedroom, one-bathroom units and (4) two- bedroom, one-bathroom units. With 48% upside this property has attractive upside potential for an investor. There has been three apartment transactions in Tujunga in the last 12 months, this is a rare opportunity to purchase a property in this market. Located directly in-between Tujunga Canyon Boulevard and Foothill Boulevard tenants benefit from the restaurants and businesses located around the corner on Foothill Blvd. The Property is a short drive from the 210 freeway which provides access to the rest of the San Fernando and San Gabriel Valley PROPERTY HIGHLIGHTS • 10-Units built in 1962 • Unit Mix (6) 1+1 (4) 2+1 • 42% Potential rental upside • Walk Score 77-Very Walkable • Walking distance to restaurants and businesses on Foothill BLVD • Healthy Laundry Income • 7,718 SQFT on a 8,503 SQFT Lot zoned LAR3 | 4 5 | AREA OVERVIEW 02 9949 PINEWOOD AVE TUJUNGA, CA | 6 7 | TUJUNGA, CA Sunland-Tujunga is a neighborhood in the San Fernando Valley region of the city of Los Angeles located by the foothills of the San Gabriel Mountains in the Crescenta Valley. Though Sunland and Tujunga began as separate settlements, they are today linked through a single police station, branch library, neighborhood council, chamber of commerce, City Council district, high school, and various civic organizations. Sunland-Tujunga contains the highest point of the city, Mount Lukens. The Sunland Recreation Center serves as a police department stop-in center. It has a 250-seat gymnasium that is also used as an auditorium. In addition, the facility has a lighted baseball diamond, lighted outdoor basketball courts, a children’s play area, a community room, a lighted athletic field, picnic tables and tennis courts. Annual events there include the Easter Carnival and the Watermelon Carnival in mid-August. In addition, the Verdugo Mountain Park is east of central Sunland and south of La Tuna Canyon Road. McGroarty Arts Center is Historic Cultural Monument No. 63 of the City of Los Angeles. It was built in 1923 by John McGroarty, poet, Los Angeles Times PROPERTY DEMOGRAPHICS columnist, and author who served two terms as a Democratic congressman from California. The building now offers instruction in art, music and Population 1 Mile 3 Mile 5 Mile performance, exhibitions, and hosts cultural events. 2025 Projection 22,442 67,911 182,241 2020 Estimate 21,931 66,308 177,407 Angeles National Golf Club, at the base of the Angeles National Forest, is the 2010 Census 23,358 64,045 169,946 only Nicklaus Design golf course in Los Angeles County and is an 18-hole, par- Growth 2020-2025 2.33% 2.42% 2.73% 72 championship golf course. Households 1 Mile 3 Mile 5 Mile 2025 Projection 8,160 23,886 65,458 2020 Estimate 7,976 23,381 63,920 2010 Census 7,741 22,820 61,933 Growth 2020-2025 2.31% 2.16% 2.41% Income 1 Mile 3 Mile 5 Mile | 6 Average HH Income $85,219 $112,210 $119,581 7 | As home to the world’s major movie studios, the San Fernando Valley is where celebrities live, work, and play. It’s made up of gorgeous suburbs and mini-malls. Major network and movie studios call it home SAN FERNANDO VALLEY Southern California’s San Fernando Valley, encompassing the City of Burbank, City of Calabasas, City of Glendale, City of Los Angeles and City of San Fernando. The San Fernando Valley is an urbanized valley in Los Angeles County, California in the Los Angeles metropolitan area, defined by the mountains of the Transverse Ranges circling it. Comprised of nearly 350 square miles of prime southland real estate, the San Fernando Valley is home to more than 1.8 million residents. About 80 percent of the San Fernando Valley is actually part of the City of Los Angeles, but the Valley also includes other independent cities which are attractive locations for business: Burbank, Calabasas, Glendale, Hidden Hills, and San Fernando. In addition to the many popular studio tours, historical sites, theaters and museums, the San Fernando Valley offers an incredible array of fine dining, shopping, lodging and recreational opportunities, along with world-class attractions at each of the scenic entrances to our Valley, including the magnificent new Getty Center, the Hollywood Bowl and the Los Angeles Zoo at the southern entrances; the site of the granddaddy of all college bowl games — the Rose Bowl — at the east; the Ronald Reagan Presidential Library at the west; and the tallest, fastest roller coasters in the world at Six Flags Magic Mountain to the north. MAJOR EMPLOYERS | 8 9 | ENTERTAINMENT TRANSPORTATION PARAMOUNT PICTURES LOT HOLLYWOOD BURBANK AIRPORT San Fernando Valley boasts one of the nation’s largest Situated near local communities, business centers, the concentrations of entertainment activity, home to some of entertainment industry, and recreational facilities, Van Nuys the most well-known companies including The Walt Disney Airport (VNY) and Hollywood Burbank Airport (BUR) serve as Company, Warner Brothers Ent., Universal Studios, Paramount major economic engines for the San Fernando Valley. Based Pictures, CBS Studios, DreamWorks, Starz Media, ABC Inc., and on the most recent data available, these two hubs combine Nickelodeon Animation. Combined, these companies alone to generate a $3.8 billion economic impact while supporting employ over 22,900 workers. Warner Brothers is headquartered over 22,000 jobs annually. BUR hosted approximately 5.2 million at their 142-acre studio lot in Burbank, one of the most notable passengers in 2018, which equates to a 11% increase annually. motion picture and television production facilities in the world. $120 BILLION ±837,000 $3.8 BILLION ±22,000 ECONOMIC IMPACT JOBS SUPPORTED ECONOMIC IMPACT JOBS SUPPORTED ORANGE LINE EXTENSION Construction is underway on a $393 million project that will significantly speed up service along the Orange Line bus route. Already among the most popular public transit lines in The Valley, services through the Orange Line are forecast to speed up by 20% with the construction of crossing gates at 35 intersections, helping buses avoid traffic along San Fernando Valley’s busy corridors. Additionally, a pair of aerial bridges will be built at Sepulveda and Van Nuys Boulevard, in addition to new stations above the streets. Construction on all phases of the project are forecast to be completed by 2025 in time for then 2028 Los Angeles Olympics. Decades after completion, Metro plans to convert this line into a light rail corridor that is expected to open by | 8 9 | 2057. N 10 8 6 9 5 13 11 7 12 1. UNIVERSAL STUDIOS HOLLYWOOD 1 2. HOLLYWOOD BOULEVARD 3. RODEO DRIVE 4. THE GETTY 5. HOLLYWOOD BURBANK AIRPORT 2 6. VAN NUYS AIRPORT ONE OF LOS ANGELES’ TRUE CULTURAL LANDMARKS AND ONE OF THE COUNTRY’S MOST RESPECTED AND 7. THE GREAT WALL OF LOS ANGELES LARGEST MONUMENTS TO INTER-RACIAL HARMONY 8. VALLEY RELICS MUSEUM 9. STARLIGHT BOWL 4 3 OFFERS A CHOICE OF MORE THAN 170 RETAIL SHOPS, 10. THE SORAYA RESTAURANTS, ENTERTAINMENT VENUES AND LIFESTYLE SERVICES 11. BURBANK TOWN CENTER MALL 12. VENTURA BOULEVARD 13. VILLAGE AT WESTFIELD TOPANGA | 10 11 | HOLLYWOOD BLVD LA CULTURAL ICON, WITH MUSEUMS, LANDMARKS AND OTHER HOLLYWOOD ATTRACTIONS THAT CELEBRATE L.A.’S RICH FILM AND RODEO DRIVE ENTERTAINMENT HERITAGE ONE OF THE MOST FAMOUS STREETS ON THE GLOBE WITH MORE THAN 100 WORLD-RENOWNED STORES UNIVERSAL STUDIOS HOLLYWOOD ONE OF THE OLDEST AND MOST FAMOUS HOLLYWOOD FILM STUDIOS “THE ENTERTAINMENT CAPITAL OF LA” HOLLYWOOD BURBANK AIRPORT FRIENDLIEST, MOST CONVENIENT AIRPORT FOR FLYING TO OR FROM LOS ANGELES, HOLLYWOOD, AND THE SAN FERNANDO VALLEY VAN NUYS AIRPORT RANKS AS ONE OF THE WORLD’S BUSIEST GENERAL THE GETTY CENTER AVIATION AIRPORTS & AVGS OVER 230,000 TAKEOFFS AND LANDINGS ANNUALLY THE MAIN BRANCH OF THE WORLD-CLASS MUSEUM MAY LOOK LIKE AN ELEVATED MODERNIST CITY VALLEY RELICS MUSEUM BOASTS ITS VAST COLLECTION OF HISTORICAL ARTIFACTS PERTAINING TO THE SAN FERNANDO VALLEY AND SURROUNDING AREAS STARLIGHT BOWL CONVENIENT LOCATION AND SEATS 3,000 IN CHAIRBACK SEATING AND 2,000 MORE ON THE LAWN FOR A TOTAL CAPACITY OF 5,000 GREAT WALL OF LOS ANGELES ONE OF LOS ANGELES’ TRUE CULTURAL LANDMARKS AND ONE OF THE COUNTRY’S MOST RESPECTED AND LARGEST MONUMENTS TO INTER-RACIAL HARMONY BURBANK TOWN CENTER OFFERS A CHOICE OF MORE THAN 170 RETAIL SHOPS, VENTURA BLVD RESTAURANTS, ENTERTAINMENT VENUES AND LIFESTYLE SERVICES RUNNING 18 MILES, VENTURA BLVD IS THE VILLAGE AT WESTFIELD WORLD’S LONGEST AVENUE OF CONTIGUOUS BUSINESSES 2.1 MILLION SF OF RETAIL GLORY & EVERYDAY STOP FOR WOODLAND HILLS LOCALS AND A DESTINATION POINT THE SORAYA 10 11 | PERFORMANCE PROGRAM OF ±50 MUSIC, DANCE, | THEATER, AND INTERNATIONAL EVENTS SAN FERNANDO VALLEY DEVELOPMENTS 1 2 3 “24”: THE NEW BRATZ DOLLS HEADQUARTERS WESTFIELD’S MAKEOVER OF WARNER CENTER 21031 WARNER CENTER LANE This office campus will incorporate creative office, Developer Westfield is planning a major overhaul of the A planned 24-acre complex in Warner Center could bring residential, and retail space on a 24-property that was old Promenade mall site that will bring 1,400 housing units about 1,000 apartments and condos, a 24-story hotel, and once home to a Los Angeles Times printing plant.