mixed-use / multifamily development opportunity · los angeles, ca 90067 lic. #01201641 janet d....
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CHARLES DUNN COMPANY1925 Century Park EastSuite 2350Los Angeles, CA 90067Lic. #01201641www.charlesdunn.com
JANET D. NEMANSenior Managing Director
Lic #01069127Direct | 310.996.2210
JOHN C. ANTHONY Senior Managing Director
Lic #01226464 Direct | 213.534.3245
MIXED-USE / MULTIFAMILY DEVELOPMENT OPPORTUNITY 3701 STOCKER STREET | LOS ANGELES, CA 90008
Santa
Rosalia
Driv
eStocker Street
JANET D. NEMANSenior Managing Director
Lic. #01069127Direct | 310.996.2210
EXCLUSIVELY LISTED BY:
3 EXECUTIVE SUMMARY
PROPERTY OVERVIEW
9 PROPERTY EXPENSES & RENT ROLL
12 COMPARABLES
19 MARKET OVERVIEW
3701 Stocker StreetLos Angeles, CA 90008
CHARLES DUNN COMPANY1925 Century Park East
Suite 2350Los Angeles, CA 90067
Lic. #01201641www.charlesdunn.com
4JOHN C. ANTHONY
Senior Managing Director Lic #01226464
Direct | 213.534.3245 [email protected]
© Charles Dunn Company, Inc. These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for your needs, including land use limitations. BRE Lic. #01201641
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 3
EXECUTIVE SUMMARYCharles Dunn Company, Inc. is proud to offer the sale of 3701 Stocker Street, a mixed-use / multifamily redevelopment opportunity in a prime South Los Angeles location within close proximity to the planned redevelopment of the Baldwin Hills Crenshaw Plaza. The Plaza is planned to add more than 300K SF of retail and restaurant space, a 400-room hotel, a 10-story office building, 551 condos and 410 apartments.
The Property is comprised of ±80,611 square feet (1.85 acres) of land. The offering includes one parcel zoned C-2 and provides the opportunity to build up to 250 residential units based on the current zoning. With a tremendous demand for residential and urban mixed-use in the immediate area, this redevelopment would supplement the over 950 units currently under construction within a one-mile radius.
In close proximity to Baldwin Hills, Inglewood, Culver City, Ladera Heights, Leimert Park and Fox Hills, the Property is ideally positioned in a dense residential and retail submarket in the extremely high traffic, gentrified area of Baldwin Hills. With a Walk Score of 88, future residents of this site will have access to nearby dining, retail, medical and entertainment amenities on foot. Within less than a 4-minute drive or 17-minute walk, future tenants will have access to the Exposition Line with service to 7th Street/Metro Center in Downtown Los Angeles to Downtown Santa Monica. Future residents of the site will also benefit from the Crenshaw/LAX transit line that is anticipated to be completed in 2019 with eight new stations servicing Expo Crenshaw, Inglewood, Westchester, through to LAX.
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 4
PROPERTY OVERVIEW
SITE ADDRESS 3701 Stocker StreetLos Angeles, CA 90008
OFFERING PRICE $13,995,000
BUILDING SF ±44,990 SF
BUILDING PRICE / SF $311.07
TOTAL APPROXIMATE LOT SIZE ±80,611 SF (1.85 AC)PRICE / SF OF LAND $173.61
CURRENT ZONING C-2ASSESSOR’S PARCEL NUMBER 5032-022-018
SHAPE Rectangular
COUNCIL DISTRICT Council District 8 - Marqueece Harris-Dawson PROPOSED USE Mixed-use / MultifamilyCURRENT ENTITLEMENTS NonePARKING 195 (5 handicap)
*Estimated lot size is per tax assessor records - buyer to verify
INVESTMENT SUMMARY
• Situated on a signalized corner
• Across from Baldwin Hills/Crenshaw Plaza
• Close proximity to Baldwin Hills, View Park, Leimert Park and Windsor Hills communities
• Abundant parking with lot in rear of building
INVESTMENT HIGHLIGHTS
“Very Walkable” Walk Score 88
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 5
PROPERTY MAPS
Santa Rosalia Drive
Stocker Street
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 6
SITE PLAN / PARKING OVERVIEW
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 7
PROPERTY AMENITIES
PLAZA
KOREATOWNWEST HOLLYWOOD HOLLYWOOD
DTLA
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 8
PROPERTY DRONE VIDEOINTERACTIVE LINK CLICK TO VIEW DRONE VIDEO
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 9
INCOME & EXPENSES OVERVIEW
REVENUE
4100-0000 RENTAL INCOME –
4500-0000 Rent $655,217.79
4550-0000 Prepaid Rent Income $4,686.16
5490-0000 Total Rental Income $659,903.95
5600-0000 OTHER INCOME –
5710-0000 Parking Income $150.00
5800-0000 Late Fee Income $2,190.68
5890-0000 TOTAL OTHER INCOME $2,340.68
5990-0000 TOTAL REVENUE $662,244.63
EXPENSES
6150-0000 Maintenance Payroll $25,859.55
6210-0000 Repair $12,962.41
6215-0000 Repair & Maint Supplies $8,906.54
6220-0000 Janitorial & Sweeping $21,240.00
6221-0000 Janitorial Supplies $4,190.67
6231-0000 Electrical Repair $3,815.00
6240-0000 HVAC (Heat, Ventilation, Air) $15,473.55
6250-0000 Elevator Inspection & Repair $10,712.24
6271-0000 Carpet Cleaning $2,370.00
6305-0000 Alarm & Fire Monitoring Svc $1,966.79
6310-0000 Security Service $10,829.00
6320-0000 Insurance $10,826.25
6350-0000 Property Tax $43,700.24
6410-0000 Electricity $74,701.41
6420-0000 Gas $8,996.89
6430-0000 Water $6,588.11
6431-0000 Plumbing $4,538.00
6450-0000 Trash Disposal $6,615.10
6455-0000 Storage Fee $1,358.20
6990-0000 TOTAL DIRECT EXPENSES $275,649.95
7999-0000 NET OPERATING INCOME $386,594.68
Period: January 2016 - December 2016
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 10
INCOME & EXPENSES OVERVIEW
REVENUE PERIOD TO DATE
4100-0000 RENTAL INCOME
4500-0000 Rent $345,724.23
4550-0000 Prepaid Rent Income (-$4,572.10)
5490-0000 Total Rental Income $341,152.13
5600-0000 OTHER INCOME
5710-0000 Parking Income $150.00
5800-0000 Late Fee income $741.60
5890-0000 TOTAL OTHER INCOME $891.60
5990-0000 TOTAL REVENUE $342,043.73
EXPENSES PERIOD TO DATE
6150-0000 Maintenance Payroll $12,207.50
6210-0000 Repair & Maint Supplies $13,408.56
6215-0000 Janitorial & Sweeping $12,159.00
6220-0000 Electrical Repair $910.00
6221-0000 HVAC (Heat, Ventilation, Air) $4,825.03
6231-0000 Elevator Inspection & Repair $4,384.52
6240-0000 Carpet Cleaning $1,110.00
6250-0000 Alarm & Fire Monitoring Svc $758.78
6271-0000 Security Service $4,872.00
6305-0000 Insurance $6,417.24
6310-0000 Property Tax $21,993.48
6320-0000 Electricity $30,955.48
6350-0000 Gas $5,541.98
6410-0000 Sewer $877.73
6420-0000 Water $1,542.78
6430-0000 Plumbing $2,508.13
6431-0000 Trash Disposal $3,656.01
6450-0000 Storage Fee $885.00
6990-0000 TOTAL DIRECT EXPENSES $129,013.22
7999-0000 NET OPERATING INCOME $213,030.51
Period: January 2017 - June 2017
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 11
RENT ROLLUNIT TENANT UNIT SQFT NAME MARKET RENT ACTUAL RENT TENANT DEPOSIT OTHER DEPOSITS MOVE IN LEASE EXPIRATION
100A Nichols 398 Alicia Nichols and Shaneatha Sutton $1,200.00 $600.00 $600.00 $0.00 2/1/2014 –
101 S100-101 3,542 Elizabeth J Covington M.D, Inc. $8,855.00 $6,022.00 $2,043.00 $0.00 10/1/2004 2/28/2021
102 Empower 1,350 Empowered for Excellence $3,037.00 $2,472.00 $2,400.00 $0.00 11/1/2015 10/31/2018
104 Stanne1 0 St Anne's Organization $0.00 – $0.00 $0.00 1/1/2016 12/31/2020
105 Stanne 3,542 St. Anne's Organization $0.00 $9,210.00 $14,000.00 $0.00 3/1/2016 12/31/2020
106 Gentle 475 Gentle Care Inc. $1,187.00 $1,000.00 $1,000.00 $0.00 4/1/2016 5/31/2021
200 S200-202 1,860 Eggleston Youth Center, Inc. $0.00 $4,851.56 $4,185.00 $0.00 4/1/2010 4/15/2019
201 Sharon 770 Sharon Blackburn $1,925.00 $1,551.67 $0.00 $0.00 4/1/2012 –
203 Ciwp 1,898 Community Integrated Work Program, Inc. $0.00 $3,523.25 $3,321.00 $0.00 8/1/2015 7/31/2018
204 Vacant 2,318 Vacant – – – – – –
205 Eyc 2,340 Eggleston Youth Center, Inc. $0.00 $4,784.48 $4,411.00 $0.00 6/1/2011 9/30/2020
206 Tamos 622 Tracee Amos and Stacee Lee $0.00 $1,154.25 $1,100.00 $0.00 5/1/2015 4/30/2018
208 Neighor 606 City of Los Angeles/ neighborhood Council $1,550.00 $850.00 $0.00 $0.00 12/1/2015 5/31/2018
301 Children 2,028 The Children's Collective, Inc. $4,563.00 $3,765.13 $3,549.00 $0.00 6/1/2013 –
302 Childre2 0 The Children's Collective, Inc. $0.00 – $0.00 $0.00 – –
304 S304 1,428 Ralph Callender D.D.S. Dental Group $3,570.00 $2,652.25 $0.00 $0.00 2/1/2004 3/31/2018
305 Kdavis 1,180 Keith Davis $2,655.00 $1,992.15 $1,770.00 $0.00 11/1/2012 10/31/2017
306 Chamber 648 Infinity Chamber of Commerce $1,552.00 $772.50 $1,000.00 $0.00 5/1/2013 –
306B Barnes 648 Ernestine G. Barnes $1,550.00 $874.18 $800.00 $0.00 5/1/2014 –
310 Baker 1,320 The Baker Group and Kaliedascope Consult $3,300.00 $1,750.00 $1,750.00 $0.00 4/1/2012 –
402 Amanecer 2,162 Timothy J Ryder Amanecer Community Services $0.00 $4,472.75 $4,216.00 $0.00 6/1/2015 5/31/2019
403 Ronald 396 Ronald Smothers $990.00 $700.00 $700.00 $0.00 7/1/2014 –
404 Con404 900 Jason Balfany Congregate Connect, LLC $2,025.00 $1,500.00 $1,500.00 $0.00 4/1/2016 3/31/2018
409 S409 1,252 La Toya Morris DDS, Inc. $3,500.00 $2,200.00 $0.00 $0.00 11/1/2003 –
410 Fralin1 1,136 Fralin Commercial $2,840.00 $2,000.00 $0.00 $0.00 11/1/2013 –
412 Black 710 Black Business Association $1,600.00 $1,318.17 $1,500.00 $0.00 10/1/2012 –
TOTAL $45,899.00 $60,016.34 $49,845.00 $0.00
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 12
ADDRESS CITY PROPERTY INFO SALE PRICE
1 1168 W 36th Pl Los Angeles Building Size: 25,032 SF $8,250,000 ($329.58/SF)
2 4143 Buckingham Rd Los Angeles Building Size: 23,948 SF $4,481,928 ($187.15/SF)
34551-4611 W Martin Luther King Jr Blvd
Los Angeles Building Size: 334,155 SF $44,000,000 ($131.68/SF)
4 3701 Montclair St Los Angeles Building Size: 36,530 SF $2,212,500 ($216.26/SF)
5 4105 Somerset Dr Los Angeles Building Size: 12,122 SF $2,212,500 ($182.51/SF)
ADDRESS CITY PROPERTY INFO SALE PRICE
1 4018-4024 Gelber Pl Los Angeles Building Size: 16,636 SF $3,050,000 ($183.38/SF)
2 1915 Martin LutherKing Jr Blvd Los Angeles Building Size: 9,756 SF $2,195,000
($224.99/SF)
3 4028 Palmwood Dr Los Angeles Building Size: 7,371 SF $1,320,000 ($179.08/SF)
4 3915 Stevely Ave Los Angeles Building Size: 8,816 SF $1,750,000($198.50/SF)
54046, 4052, &
4066 CoCo AveLos Angeles Building Size: 50,380 SF $8,800,000
($174.67/SF)
CLOSED SALE COMPARABLES
AVERAGE PRICE PER SF: $200.78
1
2 23
43
4
ON MARKET COMPARABLES
MULTIFAMILY COMPARABLES
551
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 13
RESIDENTIAL RENT COMPARABLESNUMBER PROPERTY
ADDRESSBUILDING
SFYEAR BUILT
NO. OF UNITS UNIT MIX RENT UNIT SF
3701 Stocker Street Los Angeles, CA 44,990 1959 - - - - - - - -
1 4717 Don Lorenzo Drive Los Angeles, CA 28,480 1963 23 2 + 2 $2,195 1,200
24555 West Martin Luther King Jr. Boulevard Los Angeles, CA
334,155 1964 276 1 + 1 2 + 2
$1,625 $1,980
830 1,040
34928 West Martin Luther King Jr. Boulevard Los Angeles, CA
310,800 1951 444 1 + 1 2 + 1
$1,621 $1,885
650 810
4 4616 Rodeo Road Los Angeles, CA 369,598 1951 425 1 + 1 $1,450 730
5 3463 Virginia RoadLos Angeles, CA 4,160 1931 4 1+1 $1,850 910
6 6233 South La Brea LaneLos Angeles, CA 94,775 1850 125 1+1
2+1$1,413-$1,713
$1,836 - $2,186615810
PROPERTY
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 14
NUMBER PROPERTY ADDRESS
BUILDING SF
YEAR BUILT
NO. OF UNITS UNIT MIX RENT UNIT SF
7 3916 Crenshaw Boulevard Los Angeles, CA 20,267 1941 56 1 + 1 $1,570 500
8 3750 Santa Rosalia Drive Baldwin Hills, CA 77,076 2010 70 2 + 2 $2,600 1,150
9 3740 Santa Rosalia Drive Los Angeles, CA N/A 2008 102 2 + 2 $2,400 1,000
10 3932 Stevely Avenue Los Angeles, CA 18,422 1,958 21 2 + 2 $2,095 982
11 4757-4811 W. Slauson AvenueLos Angeles, CA 43,694 1956 65
1+12+12+2
$1,454-$1,655$2,280$2,065
550-750900-1,000
1,000
PROPERTY
RESIDENTIAL RENT COMPARABLES
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 15
RESIDENTIAL RENT COMPARABLES MAP
3701 Stocker Street Los Angeles, CA
1 4717 Don Lorenzo Drive Los Angeles, CA
2 4555 West Martin Luther King Jr. Boulevard Los Angeles, CA
3 4928 West Martin Luther King Jr. Boulevard Los Angeles, CA
4 4616 Rodeo Road Los Angeles, CA
5 3463 Virginia RoadLos Angeles, CA
6 6233 South La Brea LaneLos Angeles, CA
7 3916 Crenshaw Boulevard Los Angeles, CA
8 3750 Santa Rosalia Drive Baldwin Hills, CA
9 3740 Santa Rosalia Drive Los Angeles, CA
10 3932 Stevely Avenue Los Angeles, CA
11 4757-4811 West Slauson AvenueLos Angeles, CA
1
234
8
6
7
5
1 1
1 0
9
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 16
ADDRESS CITY PROPERTY INFO SALE PRICE
1 3844 27th St Los Angeles 12,354 SF Land Parcel $1,850,000($149.75/SF)
2 3300-3314 Jefferson Blvd Los Angeles 20,708 SF Land Parcel $3,100,000($149.70/SF)
3 4615 W Slauson Ave Los Angeles 36,590 SF Land Parcel $1,699,000($46.43/SF)
4 4529 Don Ricardo Dr Los Angeles 14,572 SF Land Parcel $795,000($54.56/SF)
ADDRESS CITY PROPERTY INFO SALE PRICE
1 4203 W Jefferson Blvd Los Angeles 7,510 SF Land Parcel $1,250,000($166.45/SF)
2 4604-4612 S Western Ave Los Angeles 11,574 SF Land Parcel $699,000($60.39/SF)
3 4917 W Adams Blvd Los Angeles 2,949 SF Land Parcel $655,000($222.03 SF)
4 6325 Crenshaw Blvd Los Angeles 10,790 SF Land Parcel $600,000($55.61/SF)
ON MARKET COMPARABLES
1
1
2
4
3
3
4
2CLOSED SALE COMPARABLES
AVERAGE PRICE PER SF: $113.18
LAND COMPARABLES
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 17
ADDRESS CITY PROPERTY INFO SALE PRICE
1 2160 W Adams Blvd Los Angeles 26,114 SF Class C Office Building $6,250,000($239/SF)
2 5830 Rodeo Rd Los Angeles 40,000 SF Class C Office Building $14,995,000($375/SF)
3 1818 S Western Ave Los Angeles 43,225 SF Class B Office Building $15,000,000($347/SF)
4 4401 Wilshire Blvd Los Angeles 41,730 SF Class B Office Building $26,500,000($635/SF)
ADDRESS CITY PROPERTY INFO SALE PRICE
1
5100-5110W Goldleaf Cir Los Angeles 185,496 SF Class A Office
567,108 Total SF $135,300,000
($239/SF)
5105 W Goldleaf Cir Los Angeles 25,503 SF Class B Office/Medical
5120 W Goldleaf Cir Los Angeles 104,162 SF Class A Office
5140-5150 W Goldleaf Cir Los Angeles 200,890 SF Class A Office
5035 W Slauson Ave Los Angeles 16,057 SF General Multi-Property Retail/Storefront Retail/Office
5045 W Slauson Rd Los Angeles 37,000 SF GeneralRetail/Health Club
2
3731 Stocker St Los Angeles 19,936 SF Class B Office
79,744 Total SF$13,327,500
($167/SF)
3741 Stocker St Los Angeles 19,936 SF Class B Office
3751 Stocker St Los Angeles 19,936 SF Class C Office/Medical
3761 Stocker St Los Angeles 19,936 SF Class B Office/Medical
3 2116 Arlington Ave Los Angeles 32,098 SF Class C Office $5,850,000($182/SF)
4 5900 Blackwelder St Los Angeles 42,498 SF Class B Office $12,000,000($282/SF)
ON MARKET COMPARABLES
CLOSED SALE COMPARABLES
1
1
2
3
4
3
4
2
AVERAGE PRICE PER SF: $308.25
OFFICE COMPARABLES
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 18
ADDRESS CITY PROPERTY INFO SALE PRICE
1 2160 W Adams Blvd Los Angeles 26,114 SF Class C Office Building $6,250,000($239/SF)
2 301 N Prairie Ave Inglewood 85,314 SF Class A Office Building $11,250,000($132/SF)
3 1818 S Western Ave Los Angeles 43,225 SF Class B Office Building $15,000,000($347/SF)
ADDRESS CITY PROPERTY INFO SALE PRICE
1 5105 W Goldleaf Cir Los Angeles Part of a 6 property portfolio totaling 566,831 SF Class B Office/Medical
$135,300,000($239/SF)
2 5045 W Slauson Rd Los Angeles Part of a 6 property portfolio totaling 566,831 SF General Retail/Health Club
$135,300,000($239/SF)
3 3751 Stocker St Los Angeles Part of a 4 property portfolio totaling 79,744 SF Class C Office/Medical
$13,327,500 ($167.13/SF)
4 3761 Stocker St Los Angeles Part of a 4 property portfolio totaling 79,744 SF Class C Office/Medical
$13,327,500 ($167.13/SF)
ON MARKET COMPARABLES
CLOSED SALE COMPARABLES
1
1
6
2
7
3
2
AVERAGE PRICE PER SF: $218.57
MEDICAL COMPARABLES
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 19
Baldwin Hills is a neighborhood in South Los Angeles that is located in the foothills of Baldwin Hills mountain range. The community overlooks the Los Angeles Basin and the lower plain immediately to the north, and is bounded by La Cienega Boulevard to the west, Crenshaw Boulevard to the east, Stocker Avenue to the south, and Rodeo Drive to the north. Baldwin Hills is bordered on the west by Culver City, and shares the eastern border of Crenshaw Boulevard with Leimert Park.
The majority of Baldwin Hills belongs to the city of Los Angeles and a small portion of Baldwin Hills lies in unincorporated Los Angeles County. It is zoned to Los Angeles Unified School District. 66.2% of the population 15 years and older are not married and 70.8% of the households are renter occupied, according to the 2015 Gadberry demographic report for Baldwin Hills.
Baldwin Hills has been nicknamed “the Black Beverly Hills” due to the influence of African American celebrities including Ray Charles, Ike Turner, and Tina Turner building their estate homes there. Nicki Minaj, Michael J. Fox and the late Los Angeles Mayor Tom Bradley are also some of the notable residents of Baldwin Hills.
In recent years, the neighborhood inspired the creation of an American reality television series called Baldwin Hills. Aired on Black Entertainment Television (BET) from 2007-2009, the series focused on African-American teenagers from the Baldwin Hills community. The show featured African-American upper-middle-class families, and was very similar in nature to Laguna Beach: The Real Orange County and The Hills.
LOCATION OVERVIEW
Ethnic Composition
Other Race
21.8%
White
10.5%
64.0%
Black orAfrican American
Asian
3.7%
Population (2016)29,323
Area2.88 square miles
Population Change9.0 (2000 to 2016)
Median Income (2016)$35,378
Eduation (25 years and over)No High School Diploma............18.0%High School Graduate................21.5%Some College................................25.4%College Degree+..........................35.1%
Median Age (2016)38.9
BALDWIN HILLS OVERVIEW
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 20
NOTABLE LOCATIONSBaldwin Hills Crenshaw Plaza is an 850,000 square foot retail shopping center located at the intersection of Crenshaw Blvd and Martin Luther King Jr. Blvd in Los Angeles. Anchored by Macy’s, Sears, and Walmart, the 2-stories center has a movie theater, over 100 specialty stores and numerous dining options. Baldwin Hills Crenshaw is home to The Certified Crenshaw Farmers Market every Saturday from 10 am-3pm. The shopping center also offers free Cardio Kick, Yoga and Zumba classes regularly.
Kenneth Hahn State Recreation Area is a 338-acre park named after Los Angeles county Supervisor Kenneth Hanh. The recreation area features baseball diamonds, basketball courts, children’s play areas, a Japanese garden, a lake, picnic areas, soccer fields, trails, and a ten station workout course. There are several programs available at the park: Youth Baseball, Youth Soccer, Walking Club and YWCA Interval Senior Club.
Baldwin Hills Scenic Overlook is a 500 ft peak, urban park, located just southwest of downtown Los Angeles. The park opens from 8 am to sunset daily and its visitor center opens on the weekends, depending on park staff availability. Accessible via the 10 and 405 freeways, the park includes an amphitheater, the Evan Frankel Discovery Center, gardening boxes, picnic table, and Culver City Stairs. On a clear day, the Overlooks’s platform offers breathtaking views spanning the Pacific Ocean to the west, the Hollywood sign to the north, and downtown Los Angeles to the east.
BALDWIN HILLS OVERVIEW
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 21
ADDRESS PROPERTY TYPE PROPERTY SIZE (SF)
1 4314 W Adams Blvd Class A Multifamily/Apartments 60,000
2 4347 W Adams Blvd Class A Multifamily/Apartments 55,000
3 6336 Brynhurst Ave Class B Multifamily/Apartments 15,370
4 4018 Buckingham Rd Class A Multifamily/Apartments 140,000
5 2645 Crenshaw Blvd Class A Multifamily/Apartments 80,000
6 3411-3429 Crenshaw Blvd Class A Multifamily/Apartments 55,000
7 3562-3670 Crenshaw Blvd Retail 306,852
8 3690 Crenshaw Blvd Class A Multifamily/Apartments 160,000
9 5414 S Crenshaw Blvd Class A Multifamily/Apartments 75,000
10 3780 W MLK Jr Class A Office/Medical 100,000
11 4220 Mont Clair St Class A Multifamily/Apartments 40,000
12 3444 Rodeo Rd Class A Multifamily/Apartments 225,000
13 4617 W Slauson Ave Retail/Restaurant 3,520
14 3831 W Stocker St Class A Multifamily/Apartments 74,000
15 6558-6572 West Blvd Specialty/Shelter 45,305
16 3661-3664 Western Ave Class A Multifamily/Apartments 29,780
17 5407 S Western Ave Retail/Storefront 12,460
1 3
9
1 47
1 68
41 0
6
1 2
1 115
2
1 7
3
1 5
PROPOSED & UNDER CONSTRUCTION
AREA DEVELOPMENT
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 22
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REA
LA B
REA
MA
RK
ET
ROSE
OVERLAND
CALI
FORNIA
BEETHOVEN
WALGROVE
SAWTELLE
LINCOLN
ABBOT
KINNEY
CENTINELA
JEFFERSON
ADMIRALTY
LA TIJERA
LA CIENEGA
VIA MARINA
PACIFIC
FIJI
SLAUSON
MARINA FWY
ARBOR VITAE
90TH
8TH
HILLCREST
ING
LEW
OO
D
AIR
PO
RT
WES
TER
N
135TH
MARIPOSA
135TH
WESTCHESTER PKWY
MANCHESTER
120TH
NA
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VISTA DEL M
AR
MA
IN
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N
VAN
NES
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MO
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108TH
CENTURY
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NO
RM
AN
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108TH
124TH
FIG
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OA
135TH
MA
IN
BR
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DW
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RO
AD
WAY
103RD
MA
IN
FIG
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OA
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N
MARINE
161ST
VER
MO
NT
REDONDO BEACH
ALONDRA
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STAN
FOR
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RA
MO
NA
HA
WTH
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NE
PR
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ROSECRANS
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FIG
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MARINE
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SILVER LAKE B
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AVA
LON
BL
AVA
LON
BL
LOS FELIZ BL
LOS FELI Z BL
LOS FELIZ BL
OCEAN PARK
SEPULVEDA
SEPULVEDA BL
SEPULVEDA BL
SEPU
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BL
CULV
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SEP
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EDA
SEP
ULV
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BEVER
LY DR
BEVERLY
6TH
W S
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RLA
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BLHOLLYWOOD BL
HOLLYWOOD BL
VENICE
PALMS BL
EL SEGUNDO
MANHATTAN BEACH BL
MANHATTAN BEACH
HERM
OSA
CREN
SHAW
RIM
PAU
CR
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BL
GR
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RK
DR
RED
ON
DO
B
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VERNON
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MANCHESTER
SANTA MONICA BL
SANTA MONIC
A BL
REDONDO BEACH BL
SAN
GLEN
DA
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ARTESIA BL
GLENDALEG
LEN
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FLORENCE
FLORENCE
ING
LEW
OO
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GARDENA BLGARDENIA
HA
RB
OR
FW
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BR
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DW
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BEVERLY BL
WASHINGTON WASHINGTON BL
MARTIN LUTHER KING JR BL
PAR
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MAIN
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NA
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SANTA MONICA BL
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EL SEGUNDO
LA B
REA
10
110
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405
91
107
1
1
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90
2
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91
101
101
101
GLENDALE
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LeimertPark
Hyde Park
FairviewHeights
DowntownInglewood
Westchester/Veterans
Aviation/Century
Expo/La Brea
Farmdale
Expo/Crenshaw
Expo/Western
Culver City
Expo Park/USC
Jefferson/USC
23rd St
Expo/Vermont
La Cienega/Jefferson
GLENDALE
Harbor Fwy
Vermont/Athens
Redondo Beach
Douglas
El Segundo
Mariposa
Aviation/LAX
Hawthorne/Lennox
Crenshaw
Avalon
Wilshire/Western
Wilshire/Normandie
Westlake/MacArthur
Park
Vermont/Beverly
Wilshire/Vermont
Hollywood/Highland
Slauson
37th St/USC
Manchester
105
405
405
105
VENICE
LOSFELIZ
PARKLA BREA
MID-CITY
MARINADELREY
LADERAHEIGHTS
BALDWINHILLS
BEL AIR
UCLA
OCEANPARK
WEST
LOS ANGELES
ATWATERVILLAGE
HOLLYWOODHILLS
WEST HOLLYWOOD
SILVERLAKE
HANCOCKPARK
HOLLYWOOD
BEVERLYHILLS
CHEVIOTHILLS
CENTURYCITY
PALMS
LAWNDALEMANHATTAN BEACH
ATHENS
LAX
MORNINGSIDEPARK
FLORENCE
HYDEPARK
LEIMERTPARK
WESTCHESTER
WESTADAMS
KOREATOWN
WILSHIRE CENTER
WESTWOOD
LENNOX
INGLEWOOD
EL SEGUNDO
HAWTHORNE
LOS ANGELES
GARDENA
CULVER CITY
Existing Metro Rail & Station
Metro Silver Line & Station
Purple Line Extension (under construction)
Purple Line Extension(approved alignment)
Exposition Transit Corridor Phase 2 (under construction)
Harbor Subdivision
Light Rail (LRT) Alignment & Station
At-Grade LRT
Below Grade LRT
Aerial LRT
Maintenance Yard Site
Parking
Subject to Change 14-0207 ©2013 LACMTA
Crenshaw/LAX Transit Corridor(under construction)
Línea y estación de Metro existente
Metro Silver Line y estación
Extensión de Purple Line (bajo construcción)
Extensión de Purple Line (alineamiento aprobado)
Corredor de Transporte Exposition fase 2(bajo construcción)
Harbor Subdivision
Estación y alineamiento de tren ligero (LRT)
LRT a nivel de la calle
LRT debajo de nivel
LRT a nivel elevado
Sitio de mantenimiento
Estacionamiento
Sujeto a cambios 16-0208 ©2015 LACMTA
Corredor de Transporte Crenshaw/LAX(bajo construcción)
16-0208 ©2015 LACMTA
Crenshaw/LAX Transit ProjectCRENSHAW-LAX TRANSIT PROJECTThe Metro Crenshaw/LAX Line will extend from the existing Metro Exposition Line at Crenshaw and Exposition Boulevards. The Line will travel 8.5 miles to the Metro Green Line and will serve the cities of Los Angeles, Inglewood and El Segundo, and portions of unincorporated Los Angeles County. The new Metro Rail extension will offer an alternative transportation option to congested roadways and provide significant environmental benefits, economic development and employment opportunities throughout Los Angeles County. Riders will be able to make easy connections within the entire Metro Rail system, municipal bus lines and other regional transportation services.
The Crenshaw/LAX Transit Project will serve the Crenshaw District, Inglewood, Westchester and surrounding area with eight stations at:
1. Expo/Crenshaw 2. Martin Luther King Jr. 3. Leimert Park 4. Hyde Park 5. Fairview Heights 6. Downtown Inglewood 7. Westchester/Veterans 8. Aviation/Century
In addition to the alternative transportation option to congested roadways, the project will also provide significant environmental benefits, economic development and employment opportunities throughout Los Angeles County.
The Crenshaw/LAX Project is one of 12 transit projects funded by Measure R, the half-cent sales tax approved by Los Angeles County voters in 2008.
AREA DEVELOPMENT
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 23
BALDWIN HILLS 24-HOUR COMMUNITY // LA.CURBED.COMOnce the Crenshaw Line light rail project is done in 2019, it’ll have a portal directly into the Baldwin Hills Crenshaw Plaza, and to meet it the BHCP is planning a huge and dramatic overhaul to make the 43-acre site into a round-the-clock community. Mall owners are envisioning a bold remake that would add two million square feet of new retail and hotel space, plus offices, condos, and apartments on nearly every spare inch of the site that’s not yet occupied with a soon-to-be-rehabbed mall, reports Building LA.
Developers/mall-owners Capri Capital Partners are planning a separate “pedestrian-oriented retail village” where Stocker Street meets Crenshaw; it would have a collection of one- and two-story restaurants and stores grouped around a wide pedestrian paseo that would connect shoppers to the mall. The area would be liberally landscaped; from the renderings, it looks so similar to a Grove-like shopping center that you can almost hear the piped-in music. Though there are definitely pedestrian-friendly elements at work here, don’t fret, drivers: there will also be plenty of parking. Despite new subway access right at its front door, at MLK Jr. Boulevard and Crenshaw, there will be 7,000 parking spots split between the two sections of the site.
At Santa Rosalia and Stocker, the plan is to put up a 12-story hotel tower with 400 rooms. The hotel’s plaza floor would match up with the retail village and would allow for a smooth connection between the two. The hotel would be a fairly standard-looking glassy rectangle with a blade of glass at each floor extending the length of the building. The hotel would also have a 74-car parking lot next to it, on the west side.
The office space would be on the other end of the property, where Marlton and Crenshaw meet Thirty-Ninth Street. Currently the location of a grocery store and pharmacy, the office building would be 14 stories tall and have an underground parking garage.
A lot of what’s left of the space after that would be devoted to housing, both apartments and condos. Of the 961 total units, 550 would be condos and 461 would be one- and two-bedroom apartments. The condos would be over on the Santa Rosalia side of the site, in two five-story buildings next to two 50-foot-tall parking structures.
The apartments would be in what looks like a trio of seven-story buildings on the Marlton and Thirty-Ninth Street side of the project. All three would have groundfloor retail and one level of above-ground parking. Developers would like to attract a big market (85,000 square feet) to replace the one being taken out by the proposed office tower.The timeline for this massive undertaking hasn’t been firmed up yet and depends, of course, on securing funding. Regardless, it’s now estimated that all the work will be done by 2020.
AREA DEVELOPMENT
3701 Stocker Street, Los Angeles, CA 90008 | Charles Dunn Company | 24
1 Mile Ring 3 Mile Ring 5 Mile Ring
Population Trend
2010 Total Population 32,432 351,512 1,138,126
2016 Total Population 34,497 365,189 1,178,954
2021 Total Population 35,975 375,807 1,212,512
Population Change 2010 to 2021 10.9% 6.9% 6.5%
Population Change 2016 to 2021 4.3% 2.9% 2.8%
2016 Race and Ethnicity
White alone 6.0% 21.1% 32.5%
Black or African American alone 74.0% 41.7% 23.8%
Asian alone 3.3% 3.3% 10.3%
Other Race 16.7% 33.9% 33.4%
Hispanic 18.3% 49.6% 51.1%
2016 Age
Median Age 43.3 35.2 33.6
2016 Occupation
Civilian employed population 16 years and over 13,498 157,787 542,063
White collar 60.8% 50.0% 53.9%
Blue collar 39.2% 50.0% 46.1%
2016 Educational Attainment
Population 25 years and over 25,048 240,409 772,722
No High School Diploma 15.0% 29.1% 29.6%
High school graduate, GED, or alternative 21.9% 22.6% 20.1%
College No Degree 25.3% 22.5% 18.5%
College or Advanced Degree 37.8% 25.7% 31.8%
2016 Marital Status
Married 32.7% 36.2% 37.3%
Not Married 67.3% 63.8% 62.7%
2016 Household Size
Average Household Size 2.3 3.0 2.9
1 Mile Ring 3 Mile Ring 5 Mile Ring
Household Trend
2010 Households 14,163 117,468 389,217
2016 Households 14,617 119,434 393,835
2021 Households 14,938 120,627 397,323
Household Change 2010 to 2021 5.5% 2.7% 2.1%
Household Change 2016 to 2021 2.2% 1.0% .9%
Household Income Trend
2000 Median Income $33,442 $30,097 $30,494
2010 Median Income $42,358 $38,851 $41,085
2016 Median Income $39,211 $38,562 $41,087
2021 Median Income $44,410 $42,771 $45,179
Median Income Change 2000 to 2010 26.7% 29.1% 34.7%
Median Income Change 2000 to 2016 17.3% 28.1% 34.7%
Median Income Change 2010 to 2021 4.8% 10.1% 10.0%
Median Income Change 2016 to 2021 13.3% 10.9% 10.0%
2016 Household Income
up to $24,999 36.1% 34.5% 31.8%
$25,000 to $49,999 22.5% 25.8% 26.1%
$50,000 to $74,999 13.6% 16.2% 15.5%
$75,000 to $124,999 17.0% 14.3% 14.6%
$125,000 to $199,999 6.6% 6.2% 7.3%
$200,000 or more 4.1% 3.0% 4.8%
2016 Home Value
Median Home Value $424,977.80 $359,331.40 $404,779.90
Average Home Value $478,915.40 $437,193.70 $591,802.80
2016 Occupancy
Households 14,617 119,434 393,835
Owner Occupied 38.0% 38.1% 29.7%
Renter Occupied 62.0% 61.9% 70.3%
DEMOGRAPHICSBALDWIN HILLS
CHARLES DUNN COMPANY 1925 Century Park East, Suite 2350Los Angeles, CA 90067 Lic. #01201641 www.charlesdunn.com
Exclusively Marketed By:
© Charles Dunn Company, Inc. These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for your needs, including land use limitations. BRE Lic. #01201641
JOHN C. ANTHONY Senior Managing Director Lic #01226464 Direct | 213.534.3245 [email protected]
JANET D. NEMANSenior Managing DirectorLic. #01069127Direct | [email protected]