karl niehaus highlights: robert bruni

LOS ANGELES, 4313 W PICO BLVD

EXECUTIVE SUMMARY

X KARL NIEHAUSROBERT BRUNI(3100 880-7900 • Over 51,000 Cars/Day on Corner of Victoria/Pico(310) 480-5541 • Extremely Dense Location - Over 562,000 Population within 3 Miles [email protected] • Zoning LAC4 & TOC Tier 3www.CREI.biz • 26 Buildable Units: approx. $50,000 per Buildable Unit01450751 - RE License • Approx 42 Feet of 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: 4313 W. Pico offers an investor excellent exposure just off a high traffic corner with over approx. 51,000 cars/day. The zoning of LAC4 and TOC Tier 3 on 5,870 SF 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: $1,300,000 - 26 Buildable Units: approx. $50,000 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

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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 1,343,562

2018 Estimate 50,816 560,010 1,314,728

2010 Census 50,231 533,340 1,238,937

Growth 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 27,067 327,765 850,585

Black 10,098 96,036 203,630

Am. Indian & Alaskan 1,038 10,115 23,997

Asian 11,019 108,965 193,779

Hawaiian & Pacific Island 132 1,273 2,976

Other 1,463 15,856 39,762

U.S. Armed Forces: 0 12 110Households:

2023 Projection 16,971 209,840 517,451

2018 Estimate 16,784 206,021 506,781

2010 Census 16,798 198,024 480,259

Growth 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 10

Retail 199 3,100 11,345 1,100 20,505 75,462 6 7 7

Wholesale 48 573 3,718 200 4,239 20,180 4 7 5

Hospitality & Food Service 105 1,753 5,016 1,050 21,371 78,373 10 12 16

Leasing 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 11

Information 21 852 2,517 174 25,165 58,459 8 30 23Services 122 3,309 11,342 691 18,068 86,413 6 5 8

Management of Companies 0 22 90 0 414 4,852 0 19 54

Assistance 205 4,768 16,240 1,266 27,414 106,089 6 6 7

Education Services 41 698 1,510 1,218 45,759 67,623 30 66 45

Sales 1 120 517 6 4,080 38,868 6 34 75

Recreation 26 478 1,569 209 5,851 22,017 8 12 14

Utilities 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 6

Manufacturing 37 522 2,330 236 4,012 20,237 6 8 9

Agriculture, Mining, Fishing 0 6 33 0 37 152 0 6 5

Other 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: 4313 W. Pico BlvdProposed Apartment Building: Units SF/Unit Parking/Unit

12% Low Income Single - 10% ELI TOC 2 x 473 SF 945 SF 0.00Singles 15 x 525 SF 7,875 SF 1.00

11% Low Income 1 Bedrooms - 10% ELI TOC 1 x 630 SF 630 SF 0.00

1 Bedrooms 8 x 700 SF 5,600 SF 1.00Low Income 2 Bedrooms - 10% ELI TOC x 855 SF 0 SF 0.00

2 Bedrooms x 950 SF 0 SF 2.00Retail 2,100 SF 2,100 SF 3 per 1,000 SF

Total Units 26 Total Rentable Size 17,150 SFParking:

For a 26 Unit Building, Parking Spaces Required 29 = 10,988 SF GarageParking Spaces Available (Less on Grade Construction) 3,525 SF

Thus 7,462 SF Additional Garage Needed375 SF/Parking Space (Parking Space SF includes all Driveways & Parking Spaces)

Property Income: Rent/SF $/Unit $/Month2 Low Income Single - 10% ELI TOC $0.77 /per Unit 364 728 36415 Singles $2.86 /per Unit 1,500 22,500 15001 Low Income 1 Bedrooms - 10% ELI TOC $0.66 /per Unit 416 416 4168 1 Bedrooms $2.64 /per Unit 1,850 14,800 18500 Low Income 2 Bedrooms - 10% ELI TOC /per Unit - - 0 2 Bedrooms /per Unit - -

Apartment Annual Gross Income 461,328 Operating Expenses Paid by Landlord (152,238)

Retail Income 3.20 /SF all Retail $6,720 80,640

5% Vacancy Reserve (27,098) 362,631 NOI

Completed Project replaced by Permanent Loan with 1.20 DCRApprox Permanent Loan to replace Construction Loan (Total Development & Construction Financing Costs): $4,847,000

30 Year Amortization with: 4.75% Interest Rate (303,411) Yrly MortgageYrly Cash on Cash Return if Held for Income 3.69% 59,220 Yrly Cash Flow

Principle Reduction Return in 1st Yr if Held for Income 4.66% 74,793 Yrly Principle ReductionTotal Investor Capital Return 8.35% 134,013 Total Return

Sale Price of Completed Project: Based on 4.50% Cap 8,058,475 $309,941 $/Unit

Area Average Cap Rate for Similar Properties Sold 4.38% Cap $470 $/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 (241,754) 0.5 % Closing/Legal Costs (from Sales Price) (40,292)

Total Net Sales 7,776,428 Development Costs: Price/sf Price/Unit

Building Hard Costs (including Contractor Fees) 18,822 SF Building (3,199,778)$ 170 123,068 Soft Costs (658,778) 35 25,338 Closings/Legal Costs (1% of Land Price) (13,000) 500 On Grade Garage Hard Costs 3,525 SF Garage (176,261) 50 6,779 2nd Floor or Subterranean Garage Hard Costs 7,462 SF Garage (559,671) 75 21,526 Contingency Factor (5% of Total Development Costs) (230,374) 8,861 Total Development Costs (4,837,862) 257 Land Price (bought all cash) Cost/Buildable Unit $50,000 (1,300,000) 231 (Land/sf)

Total Development & Land Cost: (6,137,862)$ Prime Rate 70% Financed at a Cost of: (313,677) 6.50% IO Loan

Total Development & Construction Financing Costs: (6,451,539) Total Project (with Land) is Investor Capital 70% Construction Financed 4,516,077$

Profit as % of Investor Capital: 68.5% Profit as % on Total Cost: 20.5%Profit from Sale of Project 1,324,889$

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Mixed-Use Development: 4313 W. Pico Blvd

Site Parameters

Zoning: C4-1-O TOC3 Width LengthApprox Lot Area: (Width x Length) 137 Feet x 41 Feet =

Alley (1/2 of Width x Length) 6 Feet x 40 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 15 Max # Buildable UnitsApplying Buildable Unit Bonus: 1.70 Therefore 26 Max # Buildable Units

FARFAR with current zoning less set backs allows for max building of 8,438 SFFAR if applying Bonuses (if Any) less set backs for Residential Use Stories 21,095 SF

Efficiency - Deductions for Common Areas, Stairways, etc on Residential Use Stories 17,095 SF Rentable Residential2,100 SF Rentable Commercial

19,195 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) 10 Feet 30% Less Required 7 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 127 FeetBuildable Lot Length 34 Feet

Buildable Lot Area on Residental Use Stories Width Length127 Feet x 34 Feet =

Buildable Lot Area on Commercial Use Stories Width Length137 Feet x 41 Feet = 5,625 SF

90%

4,309 SF

1.50

5,625 SF240 SF

Max Building Size per FAR

5,865 SF

0 SF

3.75

karl niehaus highlights: robert bruni

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