karl niehaus highlights: robert bruni...los angeles, 4303 w pico blvd executive summary x karl...

LOS ANGELES, 4303 W PICO BLVD

EXECUTIVE SUMMARY

X KARL NIEHAUSROBERT BRUNI(310) 880-7900 • 50 Buildable Units: approx. $49,000 per Buildable Unit(310) 480-5541 • Extremely Dense Location - Over 562,000 Population within 3 Miles [email protected] • Zoning LAC4 & TOC Tier 3www.CREI.biz • Over 51,000 Cars/Day on Corner of Victoria/Pico01450751 - RE License • Approx 200 Feet of Corner Frontage with a Walk Score of 8101267868 - RE License • One Block from 5 Bus Stops

DEMOGRAPHICS: The population within a 1 mile radius was estimated at over 51,000 as well as over 560,000 within a 3 mile radius, and this population is expected to grow at 2.01% annually. The average household income was estimated at approximately $65,000 within a 3 mile radius.

OFFERING SUMMARY: 4303 W. Pico offers an investor excellent exposure on a high traffic corner with over approx. 51,000 cars/day. The zoning of LAC4 and TOC Tier 3 allows a developer significant mixed use development advantages. The property is centrally located with easy access to 3 Freeways (10, 110 & 101) as well as easy walking access to all amenities and restaurants

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SALES PRICE: $2,450,000 - 50 Buildable Units over Retail, approx. $49,000 per Buildable Unit

HIGHLIGHTS:

Information contained herein has been obtained from sources deemed to be reliable. However, no warranties can be assumed for its accuracy.


PROPERTY PICTURES

(310) 88

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PROPERTY PICTURES

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WALK SCORE

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DEMOGRAPHICS

Radius 1 Mile 3 Mile 5 Mile

Population:2023 Projection 51,493 571,248 1,343,5622018 Estimate 50,816 560,010 1,314,7282010 Census 50,231 533,340 1,238,937Growth 2018-2023 1.33% 2.01% 2.19%Growth 2010-2018 1.16% 5.00% 6.12%2018 Population Hispanic Origin 25,462 276,157 612,433

2018 Population by Race:White 27,067 327,765 850,585Black 10,098 96,036 203,630Am. Indian & Alaskan 1,038 10,115 23,997Asian 11,019 108,965 193,779Hawaiian & Pacific Island 132 1,273 2,976Other 1,463 15,856 39,762

U.S. Armed Forces: 0 12 110Households:2023 Projection 16,971 209,840 517,4512018 Estimate 16,784 206,021 506,7812010 Census 16,798 198,024 480,259Growth 2018 - 2023 1.11% 1.85% 2.11%Growth 2010 - 2018 -0.08% 4.04% 5.52%Owner Occupied 4,746 40,031 112,471

Renter Occupied $12,038 $165,990 $394,310 2018 Avg Household Income $72,927 $65,066 $73,119 2018 Med Household Income $45,891 $41,225 $45,375

2018 Households by Household Inc:<$25,000 4,657 65,626 155,559$25,000 - $50,000 4,385 53,665 115,088$50,000 - $75,000 2,575 31,384 74,834$75,000 - $100,000 1,615 18,223 48,876$100,000 - $125,000 874 11,568 33,367$125,000 - $150,000 713 6,937 19,637$150,000 - $200,000 807 7,796 22,784$200,000+ 1,158 10,823 36,636



DEMOGRAPHICS

TypeRadius 1 Mile 3 Mile 5 Mile 1 Mile 3 Mile 5 Mile 1 Mile 3 Mile 5 Mile

Total Businesses 1,334 23,491 76,203 10,005 236,620 752,757 8 10 10Retail 199 3,100 11,345 1,100 20,505 75,462 6 7 7Wholesale 48 573 3,718 200 4,239 20,180 4 7 5Hospitality & Food Service 105 1,753 5,016 1,050 21,371 78,373 10 12 16Leasing 71 1,349 3,938 397 6,698 30,168 6 5 8

Finance & Insurance 81 1,420 4,208 1,602 15,126 47,215 20 11 11Information 21 852 2,517 174 25,165 58,459 8 30 23

Services 122 3,309 11,342 691 18,068 86,413 6 5 8Management of Companies 0 22 90 0 414 4,852 0 19 54Assistance 205 4,768 16,240 1,266 27,414 106,089 6 6 7Education Services 41 698 1,510 1,218 45,759 67,623 30 66 45Sales 1 120 517 6 4,080 38,868 6 34 75Recreation 26 478 1,569 209 5,851 22,017 8 12 14Utilities 1 3 11 5 20 2,093 5 7 190

Management 47 909 2,478 248 16,557 30,802 5 18 12Construction 84 932 2,348 572 5,048 12,978 7 5 6Manufacturing 37 522 2,330 236 4,012 20,237 6 8 9Agriculture, Mining, Fishing 0 6 33 0 37 152 0 6 5Other Services 245 2,677 6,993 1,031 16,256 50,776 4 6 7

# Businesses # Employees # Emp/Bus



DEMOGRAPHICS

Collection Street Cross Street Dist/Dir Volume Year from Type

W Pico Blvd S Victoria Ave 0.04 E 27,312 2017 0 MPSI...W Pico Blvd S Victoria Ave 0.02 W 23,695 2014 0 MPSI...W Pico Blvd Crenshaw Blvd 0.03 E 28,420 2017 0.07 MPSI...W Pico Blvd S Windsor Blvd 0.01 E 25,552 2017 0.11 MPSI...S Windsor Blvd Victoria Park Dr 0.02 SW 1,276 2017 0.13 MPSI...Crenshaw Blvd W Pico Blvd 0.10 NE 38,017 2017 0.13 MPSI...W Pico Blvd Crenshaw Blvd 0.04 W 23,056 2017 0 MPSI...W Pico Blvd S Plymouth Blvd 0.03 E 25,411 2017 0 MPSI...Venice Blvd Crenshaw Blvd 0.03 SE 34,623 2017 0.23 MPSI...Crenshaw Blvd W Pico Blvd 0.20 SW 30,110 2017 0.23 MPSI...


Mixed-Use Development: 4303 W. Pico BlvdProposed Apartment Building: Units SF/Unit Parking/Unit

10% Low Income Single - 10% ELI TOC 3 x 473 SF 1,418 SF 0.00Singles 26 x 525 SF 13,650 SF 1.00

10% Low Income 1 Bedroom + Den - 10% ELI TOC 2 x 675 SF 1,350 SF 0.001 Bedroom + Den 19 x 750 SF 14,250 SF 1.00Low Income 2 Bedrooms - 10% ELI TOC x 855 SF 0 SF 0.002 Bedrooms x 950 SF 0 SF 2.00Retail 5,700 SF 5,700 SF 2.5 / 1,000 SF

Total Units 50 Total Rentable Size 36,368 SFParking:

For a 50 Unit Building, Parking Spaces Required 59 = 22,219 SF Garage 59 # SpacesParking Spaces Available (Less on Grade Construction) 5,129 SF Available per

Thus 17,090 SF Additional Garage Needed Lot Dimension375 SF/Parking Space (Parking Space SF includes all Driveways & Parking Spaces)

Property Income: Rent/SF $/Unit $/Month3 Low Income Single - 10% ELI TOC $0.77 /per Unit 364 1,092 36426 Singles $2.86 /per Unit 1,500 39,000 15002 Low Income 1 Bedroom + Den - 10% ELI TOC $0.62 /per Unit 416 832 41619 1 Bedroom + Den $2.83 /per Unit 2,125 40,375 21250 Low Income 2 Bedrooms - 10% ELI TOC $0.00 /per Unit - - 0 2 Bedrooms $0.00 /per Unit - -

Apartment Annual Gross Income 975,588 Operating Expenses Paid by Landlord (321,944)

Retail Income 3.00 /SF all Retail $17,100 205,200 5% Vacancy Reserve (59,039)

799,805 NOICompleted Project replaced by Permanent Loan with 1.20 DCR

Approx Permanent Loan to replace Construction Loan (Total Development & Construction Financing Costs): $11,003,00030 Year Amortization with: 4.50% Interest Rate (669,007) Yrly Mortgage

Yrly Cash on Cash Return if Held for Income 5.73% 130,798 Yrly Cash FlowPrinciple Reduction Return in 1st Yr if Held for Income 7.77% 177,503 Yrly Principle Reduction

Total Investor Capital Return 13.50% 308,301 Total ReturnSale Price of Completed Project: Based on 4.50% Cap 17,773,435 $355,469 $/Unit

Area Average Cap Rate for Similar Properties Sold 4.38% Cap $489 $/SFArea Average Price/Unit for Similar Properties Sold $296,282 /UnitArea Average $/SF for Similar Properties Sold $326 /SF

3.0 % Broker Compensation from Sales Price (533,203) 0.5 % Closing/Legal Costs (from Sales Price) (88,867)

Total Net Sales 17,151,364 Development Costs: Price/sf Price/Unit

Building Hard Costs (including Contractor Fees) 39,775 SF Building (6,761,750)$ 170 135,235 Soft Costs (1,392,125) 35 27,843 Closings/Legal Costs (1% of Land Price) (24,500) 490 On Grade Garage Hard Costs 5,129 SF Garage (256,450) 50 5,129 2nd Floor or Subterranean Garage Hard Costs 17,090 SF Garage (1,281,731) 75 25,635 Contingency Factor (5% of Total Development Costs) (485,828) 9,717 Total Development Costs (10,202,384) 257 Land Price (bought all cash) Cost/Buildable Unit $49,000 (2,450,000) 226 (Land/sf)

Total Development & Land Cost: (12,652,384)$ Prime Rate 70% Financed at a Cost of: (635,072) 6.25% IO Loan

Total Development & Construction Financing Costs: (13,287,456) Total Project (with Land) is Investor Capital 70% Construction Financed 9,301,219$

Profit as % of Investor Capital: 96.9% Profit as % on Total Cost: 29.1%Profit from Sale of Project 3,863,909$

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3,986,237

Mixed-Use Development: 4303 W. Pico Blvd

Site Parameters

Zoning: C4-1-O TOC3 Width LengthApprox Lot Area: (Width x Length) 119 Feet x 91 Feet =

Alley (1/2 of Width x Length) 6 Feet x 91 Feet =Alley #2 (1/2 of Width x Length) x = 0 SFHighway Dedication (Width x Length) x =

FAR Lot Area

Buildable Unit CalculationAllowed per SF of Buildable Lot for Zoning: 400 SF Therefore 29 Max # Buildable UnitsApplying Buildable Unit Bonus: 1.70 Therefore 50 Max # Buildable Units

FARFAR with current zoning less set backs allows for max building of 16,244 SFFAR if applying Bonuses (if Any) less set backs for Residential Use Stories 40,609 SF

Efficiency - Deductions for Common Areas, Stairways, etc on Residential Use Stories 31,418 SF Rentable Residential5,700 SF Rentable Commercial

37,118 SF Total Rentable SF

Set Backs on Residential Use Stories Zoning Standards Bonuses if Any Net After BonusesSide Yard Set Back ( Deduct half from each side) 6 Feet 30% Less Required 4 FeetFront Yard Set Back Less Required 0 FeetBack Yard Set Back 15 Feet 30% Less Required 11 FeetMax Height Unlimited 22 Feet Additional Unlimited

Buildable Dimensions on Residential Use Stories (Lot Less Set Backs)Buildable Lot Width 109 FeetBuildable Lot Length 87 Feet

Buildable Lot Area on Residental Use Stories Width Length109 Feet x 87 Feet =

Buildable Lot Area on Commercial Use Stories Width Length119 Feet x 91 Feet =

11,375 SF0 SF

Max Building Size per FAR

546 SF

90%

9,418 SF

1.50

10,829 SF

10,829 SF

3.75

karl niehaus highlights: robert bruni...los angeles, 4303 w pico blvd executive summary x karl...

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