EXCLUSIVE HOLLYWOOD & HIGHLAND...
Transcript of EXCLUSIVE HOLLYWOOD & HIGHLAND...
EXCLUSIVE HOLLYWOOD & HIGHLAND OPPORTUNITY 6753 SELMA AVE, LOS ANGELES CA 90028Offering Price: $3,450,000
Jonathan PrakashExecutive Managing Director, Partner
310.301.2351 | [email protected]
CalBRE: #01483131In Association with KW Commercial
www.6753Selma.com
Adrian StepienSenior Investment Associate
310.301.2352 | [email protected]
CalBRE: #01979555
Derrick VartanianExecutive Managing Director, Partner
310.301.2353 | [email protected]
CalBRE: #01816119
6753 Selma Ave, Los Angeles CA 90028 2
MVP Commercial 3
TABLE OF CONTENTS
1. EXECUTIVE SUMMARY
THE OFFERING
ASSET CONVERSION PLAY - INVESTMENT STRATEGY #1
C4 ZONING USES
MULTI-FAMILY APARTMENT OFFERING -
INVESTMENT STRATEGY #2
DEVELOPMENT PLAY - INVESTMENT STRATEGY #3
2. THE PROPERTY
PARCEL MAP
3. MARKET OVERVIEW
SUBMARKET / HOLLYWOOD ENTERTAINMENT
CITY OF LOS ANGELES
GEOGRAPHY
NOTABLE LANDMARKS
HOLLYWOOD RETAIL CENTER / GREATER LA AREA
DEMOGRAPHICS & MAJOR EMPLOYERS
RETAIL CENTERS
COLLEGES & UNIVERSITIES
HEALTH CARE CENTERS
PARKS AND RECREATION
OFFERING MEMORANDUM
6753 Selma Ave, Los Angeles CA 90028
In Association with KW Commercial
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6753 Selma Ave, Los Angeles CA 90028 4
SUBJECT PROPERTY
MVP Commercial 5
6753 SELMA AVE, LOS ANGELES CA 90028
SUBJECT PROPERTY
Selma Ave
Highland A
ve
Hollywood Blvd
6753 Selma Ave, Los Angeles CA 90028 6
EXECUTIVE SUMMARY
Investment Strategy #1 - Asset Conversion PlayThe Selma Apartments offer a special opportunity for an investor to reposition
the asset and convert it into an assortment of uses. The property is zoned C-4,
allowing it to be converted into a number of possibilities, including but not limited
to: office, medical and retail space as well as hospitality, to name a few (buyer
to verify). The centric and iconic location of the property makes this investment
a prodigious opportunity to repurpose the structure into ones dream business.
Investment Strategy #2 - Multi-Family Apartment PlayThe property, 6753 Selma Ave, will be delivered fully vacant. The vacancy
allows for a unique opportunity for an investor to renovate and rebrand the
property and bring all units to market rent. With ample gated parking and
a laundry room on-site, a strategic investor has the ability to renovate the
spacious units in a high rental demand area and enjoy a property that is
running at its maximum potential.
Investment Strategy #3 - Development PlayZoned C-4, The Selma Apartments offer a rare and promising development
opportunity. With 6,254 SF of buildable space, an investor can develop their
dream project in a location with an immense amount of car and pedestrian traffic.
The current vacancy allows for an investor to eliminate relocation costs of
tenants, and the C-4 zoning allows for a developer to build up to 15 units
by right, and potentially more with low-income housing density bonuses. In
addition to a multifamily development, the C-4 zoning allows for a variety of
different development ideas, making 6753 Selma Avenue a unique opportunity
in the famed area of Hollywood and Highland.
THE OFFERINGSUBJECT PROPERTY: 6753 Selma Ave, Los Angeles CA 90028
MVP Commercial Investment Real Estate is pleased to present The Selma
Apartments. We believe the unique circumstances of the offering allow for three
distinct investment strategies. See our proposed recommendations below.
LOCATION HIGHLIGHTS
• High Rental Demand Area - Dense Traffic and Active Tourist Area (25
Million Visitors Annually & 175,000 Cars at Hollywood & Highland Daily)
• Famed Hollywood Location - Iconic Landmarks, Renowned Attractions,
Upscale Retail Locations, and Restaurants Nearby
• High End Commercial Retail and Multifamily Project Being Constructed
Next Door – 200+ Units & Retail Stores
• Boasts A Walk Score Of 97!
INVESTMENT HIGHLIGHTS
• DELIVERED FULLY VACANT• Zoned C-4 | Develop 15 Units (By Right)
• Ample Gated Parking
• Incredible Value-Add Opportunity
• Prime Hollywood Location | Hollywood & Highland Adjacent
• Separately Metered for Gas & Electric
MVP Commercial 7
EXECUTIVE SUMMARY
Asset Conversion Play - Investment Strategy #1
The Selma Apartments offer a special opportunity for an investor to reposition
the asset and convert it into a variety of uses. This opportunity, zoned LAC4,
allows for immense development potential on a 6,254 square foot lot.
This property provides a rare opportunity for investors to acquire an asset in a
phenomenal location with endless conversion possibilities. Given the current
growth in demand for housing and tourism in the affluent Hollywood market,
this opportunity appeals to renters, shoppers, and tourists alike.
With a proper conversion and rebranding plan, an investor can take advantage
of the highly trafficked location and convert the existing structure into a business
of their choosing (buyer to verify).
The subject property is uniquely positioned amongst Hollywood’s most iconic
attractions, from the TLC Chinese Theater, the Hollywood Bowl, and the Hollywood
Walk of Fame, this lot offers the developer the opportunity to construct the
next iconic building in an established, yet developing market.
Why Invest in The Selma Apartments?
Hollywood and Highland, one of the most well recognized intersections in Southern California, is at
the hub of Los Angeles’ entertainment. Featuring 640,000 square feet of retail shops, restaurants,
and nightclubs, it is a landmark within the entertainment capital of the world. With an unparalleled
number of visitors and tourists gathering daily, 6753 Selma Ave. offers a unique opportunity for the
next investor to fulfill their dream development.
In addition to some of the best shopping Los Angeles has to offer, the city of Hollywood has seen
a tremendous amount of growth and development in recent years. Boasting a robust population
of over 871,000 people within 5 miles of the subject property, Hollywood is also expected to have
devoted $3 Billion dollars in future development projects.
From being home to famed brand name retailers to hosting Hollywood’s hottest nightlife, the
prestige of the intersection, Hollywood and Highland, ensures that demand in the area will stay high
for both housing and retail. Once in Hollywood, one may enjoy a performance at the Hollywood
Bowl, or choose from the many movies screened daily at the state of the art TCL Chinese Theater.
In addition, Hollywood and Highland hosts over 300 special events each year, attracting famous
celebrities and highly regarded personnel alike. The Dolby Theater, mere steps away from The Selma
Apartments, is home to the Oscars and special events such as American Idol, ESPY Awards, and
Jimmy Kimmel Live as well as music performances from the most popular artists in the industry.
Furthermore, Hollywood is considered the #1 tourist attraction in Los Angeles. With the Hollywood
sign in plain view of the subject property, and the renowned Walk of Fame a block away, it truly
makes this investment one of a kind. To further contribute to the appeal of the location, it is reported
that visitors stay an average of 5.5 nights and spend $4,455 per person while visiting Hollywood.
Likewise, visitors to Los Angeles, who spent $16.5 billion in 2012, spend 29% more on average in the
city of Hollywood, making this an incredible opportunity for an astute investor.
It is reported that Hollywood hit 96.2 percent of its residential capacity in the beginning of
December, rising from the previously reported 95 percent in 2015. With fewer vacancies in sight,
rents in the Hollywood area have been climbing. The average Hollywood rent rose nearly 14 percent
in November 2016. With these statistics in mind, an investor would be wise to take advantage of the
increased demand for housing and business spaces in the area.
Regardless of whether one is looking for a multi-family investment opportunity in one of the world’s
most well recognized locations, or an opportunity to develop the next iconic attraction, it is hard to
pass on a gem of this kind in a location that has proven to withstand the test of time.
Source: http://hollywoodandhighland.com/downloads/HH-Leasing-Brochure-Med.pdf
Source: https://therealdeal.com/la/issues_articles/a-multifamily-boom-is-born/
6753 Selma Ave, Los Angeles CA 90028 8
Business• Antique Shop
• Architect’s Office
• Automobile Parking
• Automobile Sales
• Bakery
• Barber Shop
• Beauty Shop
• Bicycle Sales
• Blueprinting
• Café
• Candy Store
• Car Rental
• Clothing Store
• Furniture Store
• Hotel
• Jewelry Store
• Laundromat
• Lodge
• Manufacturing Facility
EXECUTIVE SUMMARY
C4 ZONING USES
Medical• Acupuncturist’s Office
• Clinic
• Cosmetological Establishment
• Counseling Facility
• Dental Clinic
• Doctors Office
• Massage Parlor
• Optician
• Pharmacy
Entertainment• Advertising Studio
• Animated Cartoon Studio
• Aquarium
• Art Gallery
• Book Store
• Broadcasting Studio
• Club
• Film Studio
• Gift Shop
• Museum
• Music Store
• Music Studio
• Production Studio
• Recording Studio
• Theater
• Veterinary Clinic
Educational• Beauty College
• Dance Studio
• Drama School
• Childcare Facility
• Educational Institution
• Library
• Music School
• Private School
• Tutoring Center
Community• Affordable Housing
• Bank
• Charitable Institution
• Community Center
• Cultural Center
• Eldercare Facility
• Financial Institution
• Fitness/Wellness Center
• House Of Worship
• Orphanage
• Park/Playground
• Recreation Center
• Religious Association
• Shelter
• Wedding Chapel
• Motorycycle Sales
• Office
• Parking Building
• Pet Store
• Repair Shop
• Restaurant
• Retail Store
• Service Station
• Shared Office Space
• Spa
• Sporting Good Store
• Tanning Salon
• Travel Agency
• Yoga Studio
Source: Http://Planning.lacity.org/Documents/Oza/15-2348Combined.pdf
(Buyer to Verify)
MVP Commercial 9
EXECUTIVE SUMMARY
Multi-Family Apartment Offering - Investment Strategy #2
MVP Commercial Investment Real Estate of KW Commercial is pleased to
present The Selma Apartments-an eleven (11) unit multifamily investment
opportunity located in prime Hollywood that will be delivered fully vacant. This
two story, wood frame stucco building consists of 5,288 SF of living area and is
situated on a 6,254 SF lot zoned LAC4.
Constructed in 1959, the property features: eleven (11) studio units. All units are
individually metered for both gas and electric. Further, the property provides
ten (10) gated parking spots for the tenants as well as washer and dryer hookups
for potential, additional income.
This is an incredible opportunity for an astute investor to purchase a vacant
building and bring all units to market rents. With a thorough renovation and
rebranding plan, a new owner will benefit from an investment property that is
running at its full potential in an amazing location. Some ideas include, but are
not limited to:
PRICING
Price $3,450,000
Number of Units 11
Cost per Legal Unit $313,636
Approximate Age 1959
Approximate Lot Size 0.14 Acres 6,254
Approximate Building Sqft 5,288
Cost per Net GSF $652.42
SCHEDULED INCOME
Total Scheduled Rent $18,700
Landry Income $110
Monthly Schedule Gross Income $18,810
Annual Scheduled Gross Income $225,720
Utilities Paid by Tenant Gas & Electric
ESTIMATED ANNUALIZED EXPENSES
*Taxes 1.25% $43,125
*Insurance $2,380
*Utilities $7,920
*Maintenance/Repair $12,415
*Trash $1,440
*Reserves 1.0% $2,257
*Estimated Expenses*
Total Expenses $69,537
Per Net Sqft $13.14
Per Unit $6,321.54
FINANCIAL SUMMARY
6753 Selma Ave, Los Angeles CA 90028APN: 5547-013-014
Exterior
New Gated Entry System
Attractive Paint Schemes
Large Windows
Fresh Paint on Doors/Fixtures
Wood Panel Walls
Attractive Window Shutters
Abundant Natural Light
Common Area
Clean Landscaping
LED Lit Walkways/Parking
Outdoor Patio Area
Security System
New Laundry Room
Interiors
Energy Efficient Recessed Lighting
Modern Appliances
Stainless Steel Fixtures
Modern Cabinetry
Hardwood Floors
Contemporary Decor
Updated Kitchen/Bathrooms
6753 Selma Ave, Los Angeles CA 90028 10
EXECUTIVE SUMMARY
Development Play - Investment Strategy #3
MVP Commercial Investment Real Estate of KW Commercial is pleased to
present an exclusive development opportunity in the heart of Hollywood. With
6,254 SF of buildable space, an investor can develop their desired project in a
location with an immense amount of car and pedestrian traffic.
Currently an eleven (11) unit multifamily property constructed in 1959, the
property also features ten (10) parking spaces. This parcel presents a promising
opportunity for a developer to build, by right, 15 apartment or condo units in a
very dense rental pocket of Hollywood (buyer to verify).
Construction next door has already begun on a high rise development project
that will introduce retail stores below 248 luxury apartments. This construction
will allow for increased foot traffic on the street and further augment the
appeal of the location.
The zoning of this property allows for a variety of development possibilities. For
a list of potential uses, please see page 8 of the offering memorandum.
*Representative Photo
MVP Commercial 11
THE PROPERTY
PARCEL MAP
M. FUJINAMI
JUNE 1991
CENTRAL INDEX MAP 147 F 185
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D. MAULEON
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CITY OF LOS ANGELES
REVISED:
DIMENSION SHOWN IN ( ) IS UNRECORDED
GARY LEE MOORE CITY ENGINEERBUREAU OF ENGINEERINGEDMOND YEW
GIS MAPPING DIV. DIVISION ENGINEER
LUIS MONTEMAYOR GIS CHIEF DATE:
GRAPHICS INPUT: CHECKED BY:
SCALE IN FEET
COPYRIGHT (C) 1992 CITY OF LOS ANGELESNO PART OF THIS MAP MAY BE REPRODUCED OR TRANSMITTED IN ANY FORMOR BY ANY MEANS, ELECTRONIC OR MECHANICAL, INCLUDING PHOTOCOPYINGAND RECORDING OR BY ANY INFORMATION STORAGE OR RETRIEVAL SYSTEM,EXCEPT AS EXPRESSLY PERMITTED IN WRITING BY THE CITY ENGINEER.
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06640
01805
01727 1/2
55
117
185
06625
45
06611
FR
23
(185)
2
15
46.50
01729 1/2
40
10
EMMET AVE ORD 23082
(48)
01716
01738
01746 1/2
01728 1/2
01720 1/2
FR
69
60100
FR
50
(67)
9
M B 5-90
(179.32)
6
331.02
06817
HAWTHORN
282.439
55
79.32
2
FR
3
6
3560
U01645
(50)
FOR LTS 1-54 ATDIFFERENT ELEVATIONS,
14C E 120-79
18
M B 1-68
100
>
C E 120-79
(95)
01612
60
01618 1/2
(130.71)
(130.72)
FR
FR
22
HAWTHORNE AVE
(120.70)
55.03
95
> 1
8
06776
>
(0.27)
3
19
06757
>
C E 116-74
06757 1/2
(140)
53.27
01542
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M B 5-122
65
49
13
10
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AVE
06724
85.50
M B 5-153
01667
01601
5050
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5050
74
06714
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2
148.27
M B 5-122
250
06704
50
AVE
01641
01633
01635
138
53.5
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120
50
01610
01646
55
01630 1/2
168.03
2
4
55
2
01591
01575
180
55.60
50
HIGHLAND
1
FR
YUCCA
1
ROSE ST ORD 23082
06769 1/2
06768
100
1
4
3
2
100
PT
06755
(50)
>
2' STRIP RESERVED
50
01706
39.79
8
>
(0.21)
50140
90102
201707
6327
130
117
> (3)
01724
01728
01742
25
2
3
06678
>
(3)
180
3
2
13
10
174.87
01643
01653
01619
180.66
10100
0165601654
01646
PT
>
83-131530
01616 1-25
181.74
5
242.46
549.65 AR
45.26
50
1
>
2.9
18
205.90
143.51
M B 22-180
06617 1/2
9
06615 1/2
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70
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274.22 AR
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2
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2
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143.48
177.54
>
(2)
C E 21-469
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(2.66)
58.50
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60
72
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FR
FR
4 (125.70)
06806
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14
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ORD 174543
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15
(40)
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FR
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(112.50)
FR
FR
18
20
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06777
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06760
30.79
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50
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28
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46
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25
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3
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3
100
1
87
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FR M R 59-96
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PT
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2' STRIP RESERVED
5050
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4
181.60
90
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91-495138
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4055
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40
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1
15120
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01542
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5006659
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3
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06819
75
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2
50
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(125.84)
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19
06773
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74
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(50)
46
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06733
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148.27
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100
FR
06734
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40.33
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DAKOTA AVE ORD 25092
230
160
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06717
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06708
39.38
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(73)
1
06675
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(38.80)
91.8
90.99
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01577
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42
A. E. WINSTANLEY TRACT
17.5
(83.45)
01750
4
(159)
06771 1/2
M R 84-91/92 2006759
5
(44.63)
01739
5
4
01721
50
149.98
40
06725
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13
46
100
100
1
1
2
5
3
ESTELLE AVE ORD 25668 PALM AVE ORD 25092
220
50
01718
01714
8
06670
3
4
100
M B 1-35
2
1
+
175
06661 1/2
50180.15
50
06655
8
CHEROKEE
(175)
MAGENTA ST ORD 25417
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06642
6
242.47
06635
5
80
121.45
SCHOOL
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89-1890425 (2)
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06619 1/2
19
21
06624 1/2
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>
(6.25)
53.65
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2
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22
10
120
20.42
06612
SCHOOL
06610
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06604
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3
143.61
J. O. CHIAPELLA TRACT
10
55
405.65 AR
06567
60100
(51)
2
1
1
1
01801
58.50
100
MAGENTA AVE ORD 25417 MAGNOLIA AVE ORD 25092
220
2
1
4
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1
06616
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06612
06610
(92.5)
105
(72)
1
01722 1/2
1
60
60
35
16
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76
65.32
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>
1
HOLLYWOOD
1
AVE
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248.01
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82.98
06801
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01614
50
(43)
01600
FR
01604
(56.67)
(130.70)
FR
58
(122.5)
15
21
STEVENSON AVE
DAVIDSON TRACT
06768
06773
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58
06765
5
80
150
06762
20
06775
2
>
M B 187-25
06753 1-11
59.49
BONITA PL ORD 36755
50
M B 5-129
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06767
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06751
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62.77
06736
19
17
1
06751
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M B 5-153
16
01659
06718
06731 1/2 3/4
06714
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1
G. F. STEVENSON TRACT
06719
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06715
06700
06711
138
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2
50 ESTELLE AVE ORD 25668
100
(158)
26.55
90
5055.725
01648
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2
EULALIE TRACT NO 2
53.5
01573
0159501597
1
50.80
01588
112.60
50
BLK A
1
(75)
6
8
(159)
06778
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6
01735
PT
PL (510)
>
5' & VAR FUT ST 20081237950
9
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>
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5027
(90.8)
50220
(85)
01738
01712 1/2
1
45
06674 1/2
120
1
1
14
12
122.07
90
01645
40100
84
AVE
100
01652
01614
06647
06646 1/2 121
180
3
>
(1.45)
2
70
06630 A-D
121.46
06623 1/2
2
RAWLINGS-LOUNSBERY
176.90
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54.22
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68.610156101559
70
55
58
177.22
58
90
06614
01538
01546 1/2
12
06601
1
143.54
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55
50
28.36
68.80
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MAGENTA ST ORD 25417 MAGNOLIA AVE ORD 25092 EULALIE AVE
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185
115
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21
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01723 1/2
06601
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6
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06650
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2' FUT ALLEY EA 20170300251
>
2' FUT ALLEY EA 20170300251, 20170330025,
& 20170330025
20170330026 & 20170330027
E. 4,185,000
N. 4,148,500N. 4,148,500
E. 4,185,000
E. 4,185,500
N. 4,149,000N. 4,149,000
E. 4,185,500
E. 4,186,000
N. 4,149,500N. 4,149,500
E. 4,186,000
E. 4,186,500
N. 4,150,000N. 4,150,000
E. 4,186,500
E. 4,187,000
E. 4,187,000
N. 1,858,655
E. 6,458,785
N. 1,859,155
E. 6,459,285
N. 1,859,655
E. 6,459,785
N. 1,860,155
E. 6,460,285
E. 6,460,785
N. 1,858,648
E. 6,458,790
N. 1,859,148
E. 6,459,290
N. 1,859,648
E. 6,459,790
N. 1,860,148
E. 6,460,290
E. 6,460,790
147A185
150A185
148-5A187
147B181
25 15010050
6753 Selma Ave is located South East of the
intersection of Hollywood Blvd and Highland Ave.
SUBJECT PROPERTY
6753 Selma Ave, Los Angeles CA 90028 12
SUBMARKET
Hollywood, located in central Los Angeles, is a heavily populated and ethnically diverse neighborhood known for the US film Industry. Since its emergence as the capital of the film industry, Hollywood became a cultural icon and major tourist attraction. Millions of visitors come to Hollywood to experience attractions such as TCL Chinese Theatre, Hollywood Walk of Fame, Dolby Theatre, Universal Studios Hollywood and shops and restaurants at Hollywood and Highland Center.
HOLLYWOOD
SUBJECT PROPERTY
MVP Commercial 13
HOLLYWOOD ENTERTAINMENT
The TCL Chinese Theater, the most iconic movie palace in the world, holds events that include movie premieres, film festivals and other events.
TCL CHINESE THEATRE, 6925 Hollywood Blvd, Hollywood CA 90028
6753 Selma Ave, Los Angeles CA 90028 14
LOCATION OVERVIEW
Los Angeles, the second largest city in the United States, is located
in southern California and is situated in the county of Los Angeles.
This city is known for its sunny climate, sprawling city life, and considered
to be the center of the entertainment capital of the world.
The city of Los Angeles leads its counterparts in several major growth
industries. LA county has more than 87,000 jobs in the fashion
industry surpassing New York city. In addition, Los Angeles houses
700,000 jobs in health services/biomedical field and 190,000 jobs in
the aero-space and technology field.
CITY OF LOS ANGELES
Location Highlights
• In 2015, leisure and hospitality is the leading industry with 488,100
jobs in Los Angeles. In the same year, this sector added 21,500
jobs which represents 4.6% job growth year after year.
• The largest number of manufacturing jobs of any county in the
country.
• Other major industries include health care, education, and
business services.
• L.A.’s coastal regions boast some of the best surf spots, amazing
oceanfront dining and trendy shops.
• Los Angeles has more museums and theatres than any other
city in the United States. Los Angeles has 105 museums and
225 theatres making it the mecca of arts and culture.
• With its rich cultural diversity, Los Angeles has the most
dynamic dining experiences a city has to offer. Each region
of Los Angeles offers a variety of dining options without ever
leaving the general area.
Source: www.discoverlosangeles.com
MVP Commercial 15
LOCATION OVERVIEW
GEOGRAPHYThe city of Los Angeles, surrounded by the San Gabriel Mountain
range and divided by the Santa Monica Mountains, is primarily a
desert basin. This city has 75 miles of coastline and altitudes ranging
from 9 feet below sea level at Wilmington to 10,080 feet above sea
level at Mt. San Antonio. Los Angeles rivers include Rio Hondo,
San Gabriel, Santa Clara and Los Angeles rivers.
City of Los Angeles: 472 square miles
County of Los Angeles: 4,084 square miles
Los Angeles Five-County Area: 34,135 square miles
Source: LACity.org, LACounty.org, California State Association of Counties counties.org
6753 Selma Ave, Los Angeles CA 90028 16
NOTABLE LANDMARKS
Madang Plaza Shopping Mall, 621 S. Western Ave, Los Angeles CA 90005 Hollywood Wax Museum
Hollywood Sign
Roosevelt Hotel
Hollywood Walk of Fame
MVP Commercial 17
Madang Plaza Shopping Mall, 621 S. Western Ave, Los Angeles CA 90005 El Capitan Theatre
Lowes Hollywood Hotel
Capital Records Building
Dolby Theatre
6753 Selma Ave, Los Angeles CA 90028 18
HOLLYWOOD RETAIL CENTER
Hollywood and Highland Center, 387,000 square foot center, is a shopping mall that has 70 major retail tenants and 25 restaurants.
HOLLYWOOD AND HIGHLAND CENTER, 6801 Hollywood Blvd, Hollywood CA 90028
MVP Commercial 19
DOWNTOWN LOS ANGELES
THE GREATER LOS ANGELES AREA
Downtown Los Angeles, a large city with an abundance of historic architecture and cultural attractions, offers incredible restaurants, hotels with amazing views and a thriving nightlife. In the South Park District of Downtown Los Angeles is L.A. Live, an entertainment complex, that host popular attractions like the GRAMMY Museum, Lucky Strick Lanes and Regal Cinemas. In addition, STAPLES Center, adjacent to the L.A. Live, is home to the Los Angeles Lakers, Clippers, Kings and Sparks.
Known for its glitz and glam, Hollywood is home to film, television and music industries. Although most studios have moved to neighboring cities, Hollywood still attracts millions of visitors each year. Hollywood and Highland Center, in the heart of Hollywood, is one of the hottest entertainment centers in Los Angeles. Hollywood is ethnically diverse, heavily populated and offers delicious multicultural cuisines.
Renowned for its sunny skies and beaches, Santa Monica attracts more than 7 million visitors a year. This one of a kind city averages more than 300 days of sunshine a year and has some of the best sunsets on the west coast. Santa Monica has become a walkable and bike-friendly town allowing easy access to shopping, restaurants and attractions such as the Santa Monica Pier and Third Street Promenade.
HOLLYWOOD SANTA MONICA
6753 Selma Ave, Los Angeles CA 90028 20
DEMOGRAPHICS
City of Los Angeles: 4.0 Million
County of Los Angeles: 10.1 Million
Los Angeles Five-County Area: 18.6 Million
POPULATION (2015)
Source: California Department of Finance, Demographic Research Visit
Hispanic or Latino (of any race) 47.9%
Non-Hispanic Whites: 27.5%
Asian/Pacific Islander: 13.7%
African-American: 8.1%
American Indian/Others: 2.8%
Source: U.S. Census Bureau - 2013 American Community Survey
ETHNICITY
Median household income: $48,610
Mean household income $76,557
Median family income: $53,008
Mean family income: $83,965
Median non-family income: $38,227
Mean non-family income: $61,155
Source: 2006-2008 American Community Survey
INCOME
“The diverse, multiethnic population of Los Angeles today
distinguishes the city as the cultural hub of the Pacific Rim.
People from more than 180 countries, speaking 140 different
identified languages, currently call Los Angeles home. Los
Angeles does not have a majority population.”
- www.discoverlosangeles.com
MVP Commercial 21
MAJOR EMPLOYERS
County of Los Angeles 96,500
Los Angeles Unified School District 59,600
City of Los Angeles (including DWP) 46,900
University of California, Los Angeles 46,900
Federal Government (non-Defense Dept.) 43,400
Kaiser Permanente 36,000
State of California (non-education) 29,200
Northrop Grumman Corp. 17,000
Target Corp. 15,000
Providence Health & Services 15,000
Source: California Employment Development Department, The Los Angeles Business Journal, and Almanac research
TOP 10 EMPLOYERS IN LOS ANGELES
6753 Selma Ave, Los Angeles CA 90028 22
RETAIL CENTERS IN THE GREATER LOS ANGELES AREA
RODEO DRIVE
Rodeo Drive is in the center of the Golden Triangle. Some of the most luxurious hotels, shopping and dining in the world occupy this distinguished corridor. The most prestigious and recogniz-able brands in fashion such as Valentino, Saint Laurent, Tiffany & Co., Cartier, Rolex, Chanel and Salvatore Ferragamo are situat-ed on Rodeo Drive.
THE GROVE
The Grove, an entertainment
complex in Los Angeles, features
brand name stores, chain and local
restaurants, a large center park with
an animated fountain and Pacific
Theatres. Visitors can take a free
ride to The Grove Trolley which
travels along First Street between
The Grove and Famer’s Market.
MELROSE AVE
Melrose Avenue is famous for its
underground and new wave retail
stores which became popular in
the 1980’s . This dest inat ion
attracts visitors from all over the
world for its unique shopping
experience, spectacular dining,
and entertainment.
BEVERLY CENTER
Beverly Center, eight-story shopping
mall located at the edge of Beverly
Hills and West Hollywood, provides
a shopping experience unlike its
counterparts in the local area. With
over 100 specialty retail stores,
shoppers are able to get everything
they need in one location. Recently,
the owners have unveiled their plans
to spend $500 million to renovate
the Beverly Center.
MVP Commercial 23
Los Angeles County is home to 113 accredited colleges and universities, including such prestigious institutions as the University of Southern California (USC), UCLA, Pepperdine University, Occidental College, Loyola Marymount University and the Art Center College of Design.
Source: LAEDC
COLLEGES & UNIVERSITIES
University of Southern California
Pepperdine University
University of California, Los Angeles
Art Center College of Design
6753 Selma Ave, Los Angeles CA 90028 24
HEALTH CARE CENTERS
According to U.S. News, UCLA Medical Center, Cedars-Sinai Medical Center, Kesk Medical Center of USC and Kaiser Permante Los Angeles Medical Center are ranked in the top 20 hospitals in California.
UCLA Medical Center
Keck Medical Center of USC
Cedars-Sinai Medical Center
Kaiser Permanente LA Medical
MVP Commercial 25
PARKS AND RECREATION
Spanning an impressive 4,210 acres, it’s easy to get lost in LA’s largest public green space, much of which remains unchanged from the days when Native Americans settled here.
Griffith Observatory
Kenneth Hahn is impressive in both size and topography for a park in the middle of the Westside.
Kenneth Hahn State Recreation Area
Explore the La Brea Tar Pits, which for over 100 years has unearthed prehistoric fossils, and enjoy the Urban Light sculptures from LACMA which is within a stone’s throw.
Hancock Park La Brea
Unlike the touristy turnout just up the road, this park stays quiet throughout the day. The whole family can enjoy the playground, shaded picnic benches and one of the most fantastic views of the Hollywood Sign.
Lake Hollywood Park
6753 Selma Ave, Los Angeles CA 90028 26
MVP Commercial 27
This Confidential Memorandum has been prepared by MVP Commercial Investment Real Estate (“MVP”) and is being furnished to you solely for the purpose of your review of the commercial property located at 6753 Selma Avenue, Los Angeles CA 90028. The material contained in this Offering Memorandum shall be used for the purposes of evaluating the Property for acquisition and shall not be used for any purpose or made available to any other person without the express written consent of MVP Commercial Investment Real Estate and KW Commercial (“Broker”).
By accepting the Confidential Memorandum, you acknowledge and agree that: (1) all of the information contained herein and any other information you will be receiving in connection with this transaction, whether oral, written or in any other form (collectively, the “Materials”), is confidential; (2) you will not reproduce the Confidential Memorandum in whole or in part; (3) if you do not wish to pursue this matter, you will return this Confidential Memorandum to MVP as soon as practicable together with all other materials relating to the Property which you may have received from MVP; and (4) any proposed actions by you which are inconsistent in any manner with the foregoing agreements will require the prior written consent of MVP.
This Confidential Memorandum has been prepared by MVP, based upon certain information pertaining to the Property and any information obtained from MVP to assist interested parties in making their own evaluation of the Property is offered on a no representation or warranty provision other than customary warranties of title and is sold on an “as-is, where-is” basis and with all faults. The material and transaction does not purport to be all inclusive. This Confidential Memorandum contains descriptive materials, financial information and other data compiled for the convenience of parties interested in the Property. The Materials are being delivered by MVP to prospective investors with the understanding that it is not all inclusive and that it is qualified in its entirety by independent investigation by prospective investors of those matters which they deem appropriate in evaluating this offering without reliance upon MVP, the Broker or any of their respective affiliates or any of the information set out in the Materials. Neither MVP or KW Commercial, the Broker, nor any of their respective affiliates have independently verified any of the information contained herein or in any of the Materials, and no representations or warranties as to the accuracy or completeness thereof or of any other kind whatsoever are made or intended and none should be inferred.
MVP, for itself and its affiliates of the Property, expressly disclaim any and all liability for statements or representations, express or implied, contained herein or for omissions from the Materials or for any other written, oral or other format of communication transmitted to a prospective investor in the course of its evaluation of the proposed transaction. All summaries and discussions of documentation and/or financial information contained herein are qualified in their entirety by reference to the actual documents and/or financial statements, which upon request may be made available. The terms and conditions described herein are subject to change without notice.
This Confidential Memorandum does not constitute an offer to accept any investment proposal but is merely a solicitation of interest with respect to the investment described herein. The Confidential Memorandum does not constitute an offer of security. The investment described herein may be financed or withdrawn from the market, without prior notice. By accepting this Confidential Memorandum, you agree to release MVP and hold it harmless from any kind of claim, expense, or liability arising out of your discovery or purchase of the Property. MVP reserves the right to request the return of the Materials at any time. Ownership of the Property reserves the right to negotiate with one or more prospective investors at any time.
CONFIDENTIAL DISCLAIMER
Adrian StepienSenior Investment Associate310.301.2352 | [email protected]: #01979555
Jonathan PrakashExecutive Managing Director, Partner310.301.2351 | [email protected]: #01483131
Derrick VartanianExecutive Managing Director, Partner310.301.2353 | [email protected]: #01816119
www.mvpcre.com
In Association with KW Commercial Santa Monica