development opportunity

DEVELOPMENT OPPORTUNITY
163-179 VERMONT AVENUE | KOREATOWN
FOUR LOTS TOTALING ±28,100 SQUARE FEET OF CONTIGUOUS LAND
IDEALLY SUITED FOR REDEVELOPMENT
Coldwell Banker Commercial WESTMAC | 1515 S. Sepulveda Boulevard | Los Angeles, CA 90025 | 310.478.7700 | 310.479.3989, fax | www.westmac.com | BRE#: 01096973
Exclusively Marketed by:
Lee J. Polster
[email protected]
310.966.4346
BRE# 01352625
Spencer Spiegel
[email protected]
310.966.4382
BRE# 01969820
We obtained the information contained in this memorandum
from sources we believe to be reliable. However, we have
not verified its accuracy and make no guarantee, warranty
or representation about it. It is submitted subject to the
possibility of errors, omissions, change of price, rental or
other conditions, prior sale, lease or financing or withdrawal
without notice. We include projections, opinions, assumptions
or estimates for example only, and they may not represent
current or future performance of the property. You and your
tax and legal advisors should conduct your own investigation
of the property and transaction.
© 2016 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial
Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker
Commercial Affiliates fully supports the principles of the Equal Opportunity Act.
Each Office is Independently Owned and Operated. Coldwell Banker Commercial
and the Coldwell Banker Commercial Logo are registered service marks owned
by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates
Introduction
Coldwell Banker Commercial WESTMAC is pleased
to announce this opportunity to purchase four
(4) contiguous lots totaling approximately 28,100
square feet.
This is a rare opportunity to purchase an assemblage
of land zoned LAC2 with an alley to the west just north
of 3rd Street in the heart of burgeoning Koreatown.
Currently the property is leased by Burger King
Corporation through May 30, 2019. Burger King does
not have any rights to extend the lease beyond the
May 19, 2019 date.
This property provides a developer with an ideal
scenario whereby modest cash flow can be enjoyed
during the entitlement, design and permit processes.
Property Description
ADDRESS:
APN:
CROSS STREETS:
LAND SIZE:
TENANT:
LEASE EXPIRATION:
ZONING:
163-179 South Vermont Avenue
Los Angeles, CA 90004
5518-031-001,002,003,011
S. Vermont Avenue & W. 3rd Street
Approximately 28,100 square feet
Burger King Corporation
May 30, 2019 with no options to extend
LAC2
Offering Summary
PRICE:
LEASE TYPE:
Negotiable
Single-tenant NNN
Highlights
• Hard to find ±28,100 square foot development
tract in the heart of Koreatown on a major
throughfare
• Existing income for approximately three (3) more
years
• Surrounded by multiple development projects in
housing starved area with desireable walk score
and alley to the rear
• Excellent access to Santa Monica (I-10) and Los
Angeles (I-110) freeways and to Downtown Los
Angeles
• First time available for sale in nearly 40 years
DEVELOPMENTS
1. 3525 W. 8th Street | 7-story mixed use featuring 367 residential
units and ground floor-level commercial floor area.
2867 Sunset Place | 60-unit apartment complex from CGI.
2.
3. 940 S. Western Avenue | Residential-retail complex featuring 79
residential units above ground-floor commercial space.
4. 3670 Wilshire Boulevard | Proposed seven-story development
featuring 377 apartments and approximately 8,500 square feet of
ground-floor retail space.
5. 1233 and 1201 S. Grand Ave | Two proposed high-rise
condominium complexes from Los Angeles-based subsidiary of
Shanghai developer ShengLong Group. The proposed towers would
stand 22 and 37 stories tall respectively and feature condominiums
and retail/restaurant space.
6. 627 S. Vermont Ave | Seven-story development featuring 179
apartments above 12,000 square feet of ground-floor commercial
floor area.
7. 3060 Olympic Boulevard | 226 apartments and street-fronting
retail space from Jamison Services, Inc.
8. 443-453 South Kenmore Avenue | Seven-story structure featuring
64 residential units.
DINING & ENTERTAINMENT
1. Soowon Galbi | 856 S Vermont Ave.
2. Soot Bull Jeep | 3136 W 8th St.
3. Beverly Soon Tofu | 2717 W Olympic Blvd.
4. Koreatown Galleria | 3250 W Olympic Blvd.
5. Biergarten | 206 N Western Ave.
6. OB Bear | 3002 W 7th St.
7. HMS Bounty | 3357 Wilshire Blvd.
8. The Prince Restaurant & Bar | 3198½ W 7th Street
9. R Bar | 3331 W 8th St.
10. S Bar | 3240 Wilshire Blvd.
11. The Wiltern | 3790 Wilshire Blvd.
12. The Line Hotel | 3515 Wilshire Blvd.
1 MILE
3 MILES
5 MILES
2015 Total Population
124,882
620,440
1,174,503
2020 Total Population
(Projected)
129,918
641,234
1,209,756
4.03%
3.35%
3.00%
35.9
36.7
36.6
47,080
237,628
439,892
Houldhold Growth
2015-2020
3.87
3.28
2.97
Median Household
Income
32,668
33,878
36,839
Owner Occupied
2,966
33,224
84,874
Renter Occupied
44,115
204405
355,018
419,850
612,601
517,423
1965
1960
1957
POPULATION
Population Growth
2015-2020
Average Age
HOUSEHOLDS
2015 Total Households
HOUSING
Median Home Value
Median Year Built
BUSINESS & EMPLOYMENT
Total Businesses
5510
35667
68636
Total Employees
49,109
345,778
635,305
2015 Total Consumer
Spending
887,564
5,043,847
9,974,644
2020 Total Consumer
Spending (Projected)
950,016
5,387,384
10,633,340
CONSUMER SPENDING
CONTACT:
Lee J. Polster
310.966.4346
[email protected]
BRE#: 01352625
Spencer Spiegel
310.966.4382
[email protected]
BRE#: 01969820
Coldwell Banker
Commercial WESTMAC
1515 South Sepulveda Boulevard
Los Angeles, CA 90025
310.478.7700
www.westmac.com
Company BRE#: 01096973