Development opportunity of a 20,642 SF lot zoned C2-2D-SP in a Tier 4 TOC area located in a Qualified Opportunity Zone just 0.1 miles from the new Leimert Park Metro Station. Baldwin Hills Crenshaw Plaza Development Vision Theatre Leimert Park Station Leimert (2020) Park Plaza W. VERNON AVENUE 4421-4429 CRENSHAW BOULEVARD, CRENSHAW BOULEVARD LOS ANGELES, CA 90043 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. 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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 Vice President of Investments Tel: (310) 909-5444 Fax: (435) 915-3662 [email protected] License: CA 01346750 2 01 Property Overview 02 Investment Highlights 03 Development Information 04 Area Information 3 Vision Theatre 4421-4429 CRENSHAW BOULEVARD, LOS ANGELES, CA 90043 Marcus & Millichap is pleased to present 4421-4429 Crenshaw Boulevard, in Los Angeles, CA. This unique development opportunity features three parcels totaling 20,642 SF of land in the up and coming Leimert Park neighborhood. The current structures consist of 22,231 SF of mixed-use buildings that include retail and residential units. This offering presents a developer the opportunity to purchase three contiguous parcels located just 0.1 miles from the new Leimert Park Metro Station that is scheduled to open in 2020. The parcels are zoned C2-2D-SP in a Tier 4 TOC area, allowing a developer to build up to 80% more units by Right. Additionally, the subject property is located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated. 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 Marlton CENTURY CITY Square Baldwin Hills Development Crenshaw Plaza Development Leimert Park Station (2020) Leimert Park Plaza W. VERNON AVENUE 4421-4429 CRENSHAW BOULEVARD, LOS ANGELES, CA 90043 CRENSHAW BOULEVARD 5 PROPERTY OVERVIEW OFFERING PRICE: $6,000,000 PRICE PERBaldwin SF Hills (LAND): $291 Crenshaw Plaza Development LAND SIZE (SF): 20,642 SF Vision LAND SIZE (ACRES): 0.47 Acres Theatre 5013-013-005 APN’S: 5013-013-004 Leimert Park 5013-013-003 Station Leimert (2020) Park C2-2D-SP Plaza ZONING: Tier 4 TOC LAND USE Community Commercial DESIGNATION: NEIGHBORHOOD Park Mesa Heights W. VERNON AVENUE COUNCIL: 4421-4429 CD 8 - Marqueece COUNTIL DISTRICT: CRENSHAWHarris-Dawson BOULEVARD, CRENSHAW BOULEVARD BLDG SF: 22,231 SF LOS ANGELES, CA 90043 Crenshaw Blvd and CROSS STREETS: W. Vernon Avenue 6 4421-4429 Crenshaw Boulevard is a three-parcel development opportunity located in Los Angeles’ Leimert Park neighborhood between Martin Luther King Jr Boulevard and W Slauson Avenue, an up and coming neighborhood with many development projects nearby The subject property features a large lot of 20,642 SF, zoned C2- 2D-SP in a Tier 4 TOC area Located within a newly established Qualified Opportunity Zone for investment, established by the Tax Cuts and Jobs Act, Section 1400Z. The new section 1400Z allows any taxpayer to defer paying tax on capital gains from the sale of property if those gains are timely invested in a Qualified Opportunity Fund (QOF) which, in turn, must invest 90 percent of its assets in businesses located or property used in designated Located just 0.1 miles from the new Leimert Park Metro Station, part of 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 W. VERNON AVENUE The subject property features a high walk score of 76 with close proximity to transportation options as well as major retail developments such as the Balwin Hills Crenshaw Plaza, Marlton CRENSHAW BOULEVARD 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 INVESTMENT HIGHLIGHTS INVESTMENT 7 CENTURY CITY Marlton Square Development BALDWIN HILLS 4421-4429 CRENSHAW Leimert Park Station BOULEVARD, (2020) LOS ANGELES, CA 90043 Leimert Park Plaza W. VERNON AVENUE CRENSHAW BOULEVAD 8 MIRACLE MILE Expo/Crenshaw Station Baldwin Hills Crenshaw Plaza Development Martin Luther King Jr. Station (2020) California Jazz & Blues Museum Vision Theatre LEIMERT BOULEVARD 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 Arlington Ave development) Crenshaw Metro Line (2020) Metro Crenshaw W. Martin Luther King Jr. Blvd Baldwin Hills Metro Station Baldwin Hills (2020) Crenshaw Plaza Development Leimert Blvd Leimert Park Plaza Leimert Park Stocker St Metro Station 4421-4429 (2020) W. Vernon Avenue CRENSHAW BOULEVARD, LOS ANGELES, CA 90043 10 11 CRENSHAW BOULEVAD 12 Crenshaw SOUTH High LOS ANGELES School 4421-4429 CRENSHAW BOULEVARD, LOS ANGELES, CA 90043 Leimert W. VERNON AVENUE Park Plaza D R A V E L U O B W A H S N E R C 13 ZIMAS MAP DEVELOPMENT INFORMATION DEVELOPMENT 14 ENTITLEMENT STRATEGIES* PER SPECIFIC PLAN DENSITY BONUS TOC TIER 4 Max # of Units 55 (all market-rate) 76 (w/16 affordable) 101 (w/16 affordable) Max Floor Area 61.9 KSF-82.6 KSF 83.6 KSF - 111.5 KSF 96.0 KSF - 119.7KSF Max Height 60’ 71’ 93’ Min. 50% of code & max. 90% of 0.5 spaces/BR. See max None required. See max Parking code requirements in parking section. requirements in parking section. Open Space Per code 20% reduction 25% reduction 6 months with a public hearing for 8 months with a public hearing for 9 months with no public hearing design review. Director of Planning design review. Director of Planning and Director of Planning as Approx. as decision maker. CEQA will apply. as decision maker. CEQA will apply. decision-maker. Abutting neighbors Entitlement Time CRA may add some entitlement CRA may add some entitlement receive notice and have opportunity time. Appealable to Area Planning time. Appealable to City Planning to appeal to the City Planning Commission Commission Commission. *Report comes from a third party, buyer to verify all information herein. OPPORTUNITY ZONES: The Opportunity Zones program provides tax incentives to developers who PLAT MAP invest in historically distressed neighborhoods throughout the U.S. There are 8,700 communities that have been designated as Opportunity Zones, and 274 of them are in LA County.