UNPARALLELED ECHO PARK DEVELOPMENT OPPORTUNITY
FOR SALE: 1485 - 1501 W SUNSET BOULEVARD
LOS ANGELES (ECHO PARK), CA 90026
101
Dodger
Stadium
Downtown
Los Angeles
110
iles
0.75
m
.75
110
1
s
mile
101
Echo
Park
RARE
±36,044 SQ. FT. SITE IN
PRIME ECHO PARK
TABLE OF CONTENTS
FOR MORE INFORMATION
PLEASE CONTACT
THE OFFERING3
ROBERT BONANOMI
Lic. 00547357
+1 818 907 4633
[email protected]
ED MATEVOSIAN
Lic. 01358783
+1 818 502 6744
[email protected]
GEOFF MULLEN
PROPERTY SUMMARY5
Property Overview
Property Highlights
Parcel Map
Aerial Map
Zoning
Lic. 01966425
+1 818 907 4631
[email protected]
MARKET OVERVIEW12
NATALIE AGHAEI
Demographics
Lic. 01939416
+1 310 948 2948
[email protected]
DEVELOPMENT PIPELINE
Market Overview
Development Pipeline
Downtown Los Angeles Development
South Park District Development
18
THE OFFERING
THE OFFERING
CBRE, Inc. is pleased to present a rare development opportunity to purchase nine contiguous parcels in thriving Echo Park.
These nine contiguous parcels comprise of approximately 36,044 square feet, or approximately 0.83 acres, in the heart of
Echo Park. These parcels are located along Sunset Boulevard and are zoned C2-1VL and RD2-1VL. Buyer to verify zoning and
allowable units with the city.
CALL FOR OFFERS: FRIDAY, APRIL 1 AT 5PM
PRICE: BEST OFFER
Addresses:
1485 W. Sunset Blvd, 1487 W. Sunset Blvd, 1489 W. Sunset Blvd,
1501 W Sunset Blvd, & 1314 McDuff St, Los Angeles, California 90026
APNs:
5406-001-014
5406-001-016
5406-001-017
5406-001-018
5406-001-019
5406-001-020
5406-001-021
5406-001-022
5419-027-007
Submarket: Echo Park
Site Area: ±36,044 sq. ft. (±0.83 AC)
Building Area:
±19,772 sq. ft.
Ownership:
Fee Simple
CBRE | 4
PROPERTY SUMMARY
PROPERTY OVERVIEW
1485 - 1501 WEST SUNSET BOULEVARD
Laveta
e
Terrac
eta
Lav
uns
ace
Terr
WS
lvd
et B
f St
Mc Duf
9
8
7
6
5
4
3
2
Portia
1
PARCEL INFORMATION
1
2
3
4
5
6
7
8
9
ADDRESS
Land
1485 W. Sunset Blvd.
1487 W. Sunset Blvd.
1489 W. Sunset Blvd.
Land
Parking Lot
Parking Lot
1314 McDuff St.
1501 W. Sunset Blvd.
St
INVESTMENT SUMMARY
APN#
5406-001-014
5406-001-016
5406-001-017
5406-001-018
5406-001-019
5406-001-020
5406-001-021
5406-001-022
5419-027-007
ZONING
LARD2
LAC2
LAC2
LAC2
LAC2
LAC2
LAC2
LARD2
LAC2
BLDG. SF
0
±3,672
±7,000
±4,100
0
0
0
0
±5,000
LOT SF
±1,238
±2,749
±5,747
±5,044
±267
±4,758
±4,759
±6,482
±5,000
Total Land Area:
±36,044 SF
Total Building Area:
±19,772 SF
CBRE | 6
PARCEL MAP
1501 W SUNSET BLVD
1501 W Sunset Blvd
APN 5419-027-007
CBRE | 7
PARCEL MAP
1485-1489 W SUNSET BLVD & 1314 MCDUFF ST.
1485-1489 W Sunset Blvd &
1314 McDuff St.
APNs
5406-001-014
5406-001-016
5406-001-017
5406-001-018
5406-001-019
5406-001-020
5406-001-021
5406-001-022
CBRE | 8
ZONING
1485 - 1501 WEST SUNSET BOULEVARD
CBRE | 9
PROPERTY HIGHLIGHTS
STRENGTHS
• Excellent location in the heart of it all!
• Extremely rare development opportunity
• Strong and dense rental neighborhood surrounding these sites
• Quick access to all of Los Angeles
• Solid demographics: Within a mile radius of the subject site,
daytime employment is near 9,000 individuals and population is
over 43,600 individuals. Within half a mile radius of subject site,
the average home value is north of $667,000.
Blue Bottle Coffee
UNMATCHED FUTURE POTENTIAL
With Downtown Los Angeles and Silver Lake just
around the corner, Echo Park is continuously expanding in
business, culture, sports, restaurants and entertainment.
Button Mash Arcade
CBRE | 10
AERIAL MAP
2
Atwater Village
Eagle Rock
Los Feliz
2
Hollywood
101
Silver Lake
5
SUBJECT PROPERT Y
Echo Park
101
110
5
Koreatown
Downtown
Los Angeles
10
110
CBRE | 11
MARKET OVERVIEW
MARKET OVERVIEW
ECHO PARK
WORLD CLASS DINING. LEGENDARY NIGHTLIFE.
Dodger Stadium
Shepard Fairey’s Gallery
Mohawk Bend Restaurant
Elysian Park: 2nd largest
park in Los Angeles
ECHO PARK
Surrounded by Elysian Park, Elysian Valley, Silver Lake and Chinatown, Echo Park is a
diverse, up and coming neighborhood where you’ll find variety of attractions. Echo Park
is a densely populated neighborhood of over 43,000 residents. It has one high school
and eight other schools.
Districts within Echo Park:
• Angelino Heights
• Elysian Heights
• Historic Filipinotown
• Victor Heights
Top Attractions:
• Echo Park Lake
o The Echo Park neighborhood was named after this famous lake
o Home to the famous “Lady of the Lake” statue
o Recently underwent a $45 million renovation
• Baxter Street Stairs
o Popular place to exercise; fascinating views of Downtown Los Angeles,
Griffith Observatory, and the Hollywood sign
• Carroll Avenue
o Street lined with Victorian manors that date to the 19th century
• Chavez Ravine Arboretum
o Features over 100 varieties of trees from all over the world
• The Echoplex
o 350-person music venue that is home to big name performers and inde
pendent rock acts
o Rolling Stones had a surprise performance at the Echoplex in 2013
• El Prado
o Wine and beer bar
• Origami Vinyl
o One of the best record stores in Los Angeles; located on Sunset Boulevard
• Taco Zone
o Famous taco truck located in the Vons parking lot at Alvarado and Montana
• Valerie Confections
o Popular breakfast, pastry, and afternoon tea joint
• Golden Road Brewery
o Recently purchased by Anheuser-Busch
CBRE | 13
MARKET OVERVIEW
SILVER LAKE
SILVER LAKE
Silver Lake, known as one of “the city’s hippest neighborhoods”, is bordered by Atwater
Village, Elysian Valley, Echo Park, Westlake, Los Feliz, and East Hollywood. This neighborhood was named and built around the Silver Lake Reservoir. Silver Lake is famous for
the notable individuals who have lived there, its restaurants, and its nightlife (bars/clubs).
The neighborhood has three public and four private schools.
Beginning in the 1970s, the Silver Lake neighborhood started to develop its own unique
culture. Since 2000, gentrification has intensified in the neighborhood, including the
opening of many stylish independent boutiques, coffee shops, fitness studios, and restaurants.
Silver Lake is a very creative neighborhood and therefore, it attracts art and film-oriented
residents. The neighborhood was home to Walt Disney’s first large studio from 1925 to
1939, located at Hyperion Avenue and Griffith Park Boulevard. Since the 1990s, Silver
Lake has become the center of the alternative and indie rock scene in Los Angeles. The
neighborhood was home to two major street festivals each year: the Silver Lake Jubilee
and the Sunset Junction Street Fair. The last festival was held in 2010. Since the indie
rock music scene is particularly prominent in this neighborhood, comparisons are often
drawn between Silver Lake and New York City’s Williamsburg district. As a result, it is
sometimes referred to as the “Williamsburg of the West”.
Top Attractions:
• Silver Lake Reservoir
o Includes the Silver Lake Recreation Center, the Silver Lake Walking Path
(which circumnavigates the reservoirs ±2.25 miles), and the Silver Lake Meadow
• The Industry
o Opera venue and ballet studio
• Akbar
o Hetero-friendly bar on the corner of Sunset and Fountain
• Bar Keeper: Joe Keeper’s Sunset Junction shop
o Hidden gem with an impressive inventory of spirits, bitters, tins, glasses and
fountains
• Yolk
o Children’s clothing, home décor, and toy store
• Broome Street General Store
o Store-café with outdoor seating; serves Gimme coffee and Cube sandwiches
• Cliff’s Edge
o Bugalow-like shaded restaurant with delicious dishes, overarching trees,
and a rustic, romantic feel
• Rockaway Records
o Inventory of new and rarely used records; wide collection of memorabilia
• The Satellite
o Once a gay disco called Dreams, this indie rock venue then became
known as Spaceland and is now called The Satellite; known as an
incubator for the Silver Lake independent rock scene
• Silverlake Wine
o Boutique wine shop on Glendale Boulevard, which focuses on educating
the community about small wine productions and holds weekly tasting events
CBRE | 14
MARKET OVERVIEW
LOS FELIZ
LOS FELIZ
Los Feliz, a hillside neighborhood in central Los Angeles, is bordered by Griffith Park,
Atwater Village, Silver Lake, East Hollywood, and Hollywood. The neighborhood is
named after its colonial Spanish-Mexican land grantee, José Vicente Feliz. Rancho Los
Feliz had a succession of owners after the Feliz family. One owner, Griffith J. Griffith,
donated over half of the ranch to the city of Los Angeles and the ranch became one of
the largest city-owned parks in the country (Griffith Park).
Districts within Los Feliz:
• The Los Feliz Hills— contains multimillion-dollar homes
• Los Feliz Estates— north of Los Feliz Boulevard
• Laughlin Park
• Los Feliz Village
• Los Feliz Square
• Los Feliz Knolls
• Franklin Hills
Los Feliz is known for its entertainment and architectural history— it has been home to
movie stars, musicians, and the Hollywood elite. It boasts some of the best-known residential architecture in the city, including two homes designed by Frank Lloyd Wright.
Mickey Mouse was “born” in Los Feliz: Walt Disney drew his first image of the now-legendary character in the garage of his uncle’s house, located in Los Feliz. Disney’s first
and second animation studios were also located in Los Feliz.
Top Attractions:
• Bar Covell
o Beers on tap and wonderful place to learn about wine
• Berendo Stairs to Griffith Observatory
o Great hike up to Griffith Observatory; stunning views of Los Angeles
• Drawing Room
o Red-hued dive bar; songs are chosen from the jukebox with a top-notch
music selection
• The Greek Theatre
o Completed in 1929 and renovated since then, the Greek Theatre is
designed with over 6,000 seats; today, contemporary and classical music
acts consistently perform here
• Homestate
o Austin, Texas-inspired breakfast tacos
• Skylight Books
o Independent bookstore with a wonderfully curated selection of books
• Una Mae’s
o Boutique store that sells jewelry, shoes, and apothecary items
• Vista Theatre
o Single-screen theatre originally open to the public in 1923; seats around
400 persons
• Alcove Café and Bakery
o Popular, trendy, casual café, which attracts customers from all over Los
Angeles
CBRE | 15
TRANSPORTATION
SUBJECT
CENTER OF IT ALL:
Less than 1 mile to Dodger
Stadium and less than
2 miles to the thriving
Downtown Los Angeles
CBRE | 16
DEMOGRAPHICS
.5 MILE
1 MILE
3 MILE
Place of Work
Daytime Employment (Total Employees)
1 MILE
3 MILE
Blue Collar
17.15%
19.26%
23.33%
White Collar
59.13%
54.74%
50.11%
Service & Farm
23.72%
26.00%
26.56%
2015 Median Home Value
$622,804
$565,236
$520,905
2015 Average Home Value
$667,458
$632,469
$605,750
2015 Housing Units
5,202
16,532
203,111
2015 Occupied Housing Units
4,841
15,437
186,997
Job Type
2,743
8,958
355,357
Population
2015 Population
12,319
43,601
502,591
2020 Population
12,828
45,182
522,936
4.13%
3.63%
4.05%
Percent Pop Change: 2015 to 2020
.5 MILE
Age
2015 Median Age
35.65
35.46
35.82
2015 Average Age
37.29
37.06
37.41
Households
Housing Value
Housing Units
2015 Households
4,841
15,437
186,997
2015 Vacant Housing Units
361
1,096
16,114
2020 Households
5,098
16,161
196,607
2015 Owner-Occupied Housing Units
999
3,386
28,479
Percent HH Change: 2015 to 2020
5.32%
4.69%
5.14%
3,842
12,051
158,518
2.54
2.76
2.56
2015 Average Household Income
$59,031
$58,291
$50,256
2020 Average Household Income
$62,663
$61,410
$51,881
Average Household Size
2015 Renter-Occupied Housing Units
Household Income
CBRE | 17
DEVELOPMENT PIPELINE
DEVELOPMENT PIPELINE
ECHO PARK, SILVER LAKE, LOS FELIZ, EAST HOLLYWOOD
Status
Address
Developer/Owner
Unit Count
Submarket
1
Under Construction;
Partially Affordbale
Alta 5550
5550 Hollywood Blvd,
Los Angeles, CA 90027
Wood Partners / Astani Enterprises
280
Silver Lake
2
Under Construction;
Partially Affordbale
HoM @ West Temple
3221 West Temple St,
Los Angeles, CA 90026
Sharp Capital
67
Silver Lake
3
Under Construction;
Market Rate
Temple Union
330 N Union Ave,
Los Angeles, CA 90026
Bond Companies
69
Silver Lake
4
Planned;
Market Rate
5750 Hollywood
5750 Hollywood Blvd,
Los Angeles, CA 90028
Cambra Realty
161
Silver Lake
5
Planned;
Market Rate
Bellevue Avenue and Silver Lake Boulevard
NWC Bellevue Ave & Silver Lake Blvd,
Los Angeles, CA 90026
CIM Group
136
Silver Lake
6
Planned;
Market Rate
Coronel Affordable
1601 North Hobart Blvd,
Los Angeles, CA 90027
Hollywood Community Housing
54
Silver Lake
7
Planned;
Market Rate
1311 N. Cahuenga Blvd
1311 North Cahuenga Blvd,
Los Angeles, CA 90028
Cal-Coast Development
369
East Hollywood
8
Planned;
Market Rate
6200 Sunset
6200 Sunset Blvd,
Los Angeles, CA 90028
Hanover Company
270
East Hollywood
9
Planned;
Market Rate
Essex Hollywood
6250 W. Sunset Blvd,
Los Angeles, CA 90028
Essex Property Trust
200
East Hollywood
10
Planned;
Market Rate
City Lights
Hollywood Blvd & Hillhurst Ave,
Los Angeles, CA 90027
Chandler Pratt & Partners
202
Los Feliz
CBRE | 19
DEVELOPMENT PIPELINE
ECHO PARK, SILVER LAKE, LOS FELIZ, EAST HOLLYWOOD
Status
Address
Developer/Owner
Unit Count
Submarket
11
Planned;
Fully Affordable
Visayas Haven
422 North Alvarado St,
Los Angeles, CA 90026
Fallbrook Multifamily Investments
59
Silver Lake
12
Planned;
Partially Affordable
4100 Sunset
4100 Sunset Blvd,
Los Angeles, CA 90029
Frost/Chaddock Developers
92
Silver Lake
13
Planned;
Partially Affordable
Deluxe Hollywood
North Western Ave & Fernwood Ave,
Los Angeles, CA 90028
LaTerra Development
254
Silver Lake
14
Planned;
Partially Affordable
525 North Wilton Place
525 North Wilton Pl,
Los Angeles, CA 90004
Frost/Chaddock Developers
88
East Hollywood
15
Planned;
Partially Affordable
Paseo Plaza Hollywood
5601 Santa Monica Blvd,
Hollywood, CA 90038
CIM Group
700
East Hollywood
16
Planned;
Partially Affordable
The Lexington
6677 Santa Monica Blvd,
Los Angeles, CA 90038
DS Ventures
695
East Hollywood
17
Planned;
Partially Affordable
MR2 Lofts
6901 Santa Monica Blvd,
Los Angeles, CA 90038
Onni Group
231
East Hollywood
18
Planned;
Partially Affordable
4311 Sunset
4311 Sunset Blvd,
Los Angeles, CA 90029
Frost/Chaddock Developers
122
Los Feliz
19
Prospective;
Market Rate
Sunset 4000
4000 Sunset Blvd,
Los Angeles, CA 90029
Frost/Chaddock Developers
98
Silver Lake
20
Prospective;
Fully Affordable
Step Up on Western
1011 N Western Ave,
Los Angeles, CA 90029
Palm Communities
97
East Hollywood
TOTAL PIPELINE UNIT COUNT IN ECHO PARK, LOS FELIZ, SILVER LAKE, EAST HOLLYWOOD
Source: Costar, AXIOMetrics, Pierce Eislen
4,244
CBRE | 20
DEVELOPMENT PIPELINE
MAP
SUBJECT
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
ALTA 5550
11) VISAYAS HAVEN
HOM @ WEST TEMPLE
12) 4100 SUNSET
TEMPLE UNION
13) DELUXE HOLLYWOOD
5750 HOLLYWOOD
14) 525 NORTH WILTON PLACE
BELLEVUE AVE & SILVER LAKE BLVD 15) PASEO PLAZA HOLLYWOOD
CORONEL AFFORDABLE
16) THE LEXINGTON
1311 N. CAHUENGA BLVD
17) MR2 LOFTS
6200 SUNSET
18) 4311 SUNSET
ESSEX HOLLYWOOD
19) SUNSET 4000
CITY LIGHTS
20) STEP UP ON WESTERN
CBRE | 21
DEVELOPMENT
DOWNTOWN LOS ANGELES
Downtown Los
Angeles’ rapid
development
frenzy and
gentrification
is spreading
to its nearby
counterpart,
Echo Park;
subject site
is less than 2
miles away
from thriving
Downtown Los
Angeles
CBRE | 22
DISCLOSURE
AFFILIATED BUSINESS DISCLOSURE
CONFIDENTIALITY AGREEMENT
CBRE, Inc. operates within a global family of companies with
This is a confidential Memorandum intended solely for your limited
accuracy or completeness of this Memorandum or any of its
© 2016 CBRE, Inc. The information contained in this document
many subsidiaries and/or related entities (each an “Affiliate”)
use and benefit in determining whether you desire to express
contents, and no legal commitment or obligation shall arise by
has been obtained from sources believed reliable. While CBRE,
engaging in a broad range of commercial real estate businesses
further interest in the acquisition of the Property.
reason of your receipt of this Memorandum or use of its contents;
Inc. does not doubt its accuracy, CBRE, Inc. has not verified it
and you are to rely solely on your investigations and inspections
and makes no guarantee, warranty or representation about
of the Property in evaluating a possible purchase of the real
it. It is your responsibility to independently confirm its accuracy
property.
and completeness. Any projections, opinions, assumptions or
including, but not limited to, brokerage services, property and
facilities management, valuation, investment fund management
and development. At times different Affiliates may represent
various clients with competing interests in the same transaction.
For example, this Memorandum may be received by our Affiliates,
including CBRE Investors, Inc. or Trammell Crow Company. Those,
or other, Affiliates may express an interest in the property
described in this Memorandum (the “Property”) may submit an
offer to purchase the Property and may be the successful bidder
for the Property. You hereby acknowledge that possibility and
agree that neither CBRE, Inc. nor any involved Affiliate will have
any obligation to disclose to you the involvement of any Affiliate
in the sale or purchase of the Property. In all instances, however,
CBRE, Inc. will act in the best interest of the client(s) it represents
in the transaction described in this Memorandum and will not
act in concert with or otherwise conduct its business in a way
that benefits any Affiliate to the detriment of any other offeror
or prospective offeror, but rather will conduct its business in a
manner consistent with the law and any fiduciary duties owed
to the client(s) it represents in the transaction described in this
Memorandum.
This Memorandum contains selected information pertaining
to the Property and does not purport to be a representation
of the state of affairs of the Property or the owner of the
DISCLAIMER
Property (the “Owner”), to be all-inclusive or to contain all or part
The Owner expressly reserved the right, at its sole discretion, to
of the information which prospective investors may require to
reject any or all expressions of interest or offers to purchase the
evaluate a purchase of real property. All financial projections and
Property, and/or to terminate discussions with any entity at any
information are provided for general reference purposes only
time with or without notice which may arise as a result of review
and are based on assumptions relating to the general economy,
of this Memorandum. The Owner shall have no legal commitment
market conditions, competition and other factors beyond the
or obligation to any entity reviewing this Memorandum or making
control of the Owner and CBRE, Inc. Therefore, all projections,
an offer to purchase the Property unless and until written
assumptions and other information provided and made herein
agreement(s) for the purchase of the Property have been
are subject to material variation. All references to acreages,
fully executed, delivered and approved by the Owner and any
square footages, and other measurements are approximations.
conditions to the Owner’s obligations therein have been satisfied
Additional information and an opportunity to inspect the Property
or waived.
will be made available to interested and qualified prospective
purchasers. In this Memorandum, certain documents, including
leases and other materials, are described in summary form.
These summaries do not purport to be complete nor necessarily
accurate descriptions of the full agreements referenced.
Interested parties are expected to review all such summaries and
other documents of whatever nature independently and not rely
on the contents of this Memorandum in any manner.
Neither the Owner or CBRE, Inc, nor any of their respective
directors, officers, Affiliates or representatives make any
representation or warranty, expressed or implied, as to the
estimates used are for example only and do not represent the
current or future performance of the property. The value of this
transaction to you depends on tax and other factors which should
be evaluated by your tax, financial and legal advisors. You and
your advisors should conduct a careful, independent investigation
of the property to determine to your satisfaction the suitability of
the property for your needs.
By receipt of this Memorandum, you agree that this Memorandum
and its contents are of a confidential nature, that you will hold and
treat it in the strictest confidence and that you will not disclose this
Memorandum or any of its contents to any other entity without
the prior written authorization of the Owner or CBRE, Inc. You
also agree that you will not use this Memorandum or any of its
contents in any manner detrimental to the interest of the Owner
or CBRE, Inc.
If after reviewing this Memorandum, you have no further interest
in purchasing the Property, kindly return this Memorandum to
CBRE, Inc.
CBRE | 23
FOR MORE INFORMATION PLEASE CONTACT
ROBERT BONANOMI
ED MATEVOSIAN
GEOFF MULLEN
NATALIE AGHAEI
Lic. 00547357
Lic. 01358783
Lic. 01966425
Lic. 01939416
+1 818 907 4633
+1 818 502 6744
+1 818 907 4631
+1 310 948 2948
[email protected]
[email protected]
[email protected]
[email protected]
CBRE, Inc. | 234 S. Brand Blvd | Glendale, CA 91204 | www.cbre.com/lanorth