Capital Markets Multi-Housing Group Prime West Hollywood Mixed-Use (Residential & Retail) Development Opportunity ±.72 ACRES with frontage on SANTA MONICA BLVD :: :: WEST HOLLYWOOD, CA 90046 SUBJECT SITE SANTA MONICA BLVD Price $8,450,000 LOT SIZE ±31,411 SF (±0.72 Acres) Street Frontage ±250 Feet on Santa Monica Blvd. WEST HOLLYWOOD ZONING CC APN 5530-011-037 THOMAS Map Page 593-C5 CURRENT IMPROVEMENTS Car Wash* *Call for details :: Kadie Presley Senior Sales Director Lic. 01476551 310.550.2529 kadie.presley@cbre.com :: Nancy Badzey Senior Multi-Housing Specialist Lic. 01263701 310.550.2568 nancy.badzey@cbre.com :: Laurie Lustig-Bower Executive Vice President Lic. 00979360 310.550.2556 laurie.lustig-bower@cbre.com
LOCATION HIGHLIGHTS This property represents an excellent opportunity to develop luxury residential units in the heart of West Hollywood Prime West Hollywood location on Santa Monica Boulevard, between Fairfax Avenue and La Brea Avenue Nearby amenities include: - Whole Foods Market - Trader Joe s - Gelson s Market - Target - Basix Café - Bar Lubitsch - Best Buy - BevMo - Starbucks - Formosa Café - Jones - Gardens of Taxco - Tinto Restaurant - Crazy Rock n Sushi - Jamba Juice DEMOGRAPHICS Source: Claritas Within a half-mile radius of the Subject Property: The 2010 Estimated Median Housing Value is $727,759. The number of households is expected to grow by almost 3% by 2015. GENESEE AVENUE SPAULDING AVENUE SPAULDING AVENUE STANLEY AVENUE CURSON AVENUE SANTA MONICA BOULEVARD CURSON AVENUE SELECT CONDOMINIUMS SALES WITHIN A ONE MILE RADIUS OF THE SUBJECT PROPERTY Source: Combined Westside and Los Angeles Multiple Listing Service ADDRESS CITY ZIP BR BA SALES PRICE $/SF SF YB SOLD DATE 1416 HAVENHURST DR #4B West Hollywood 90046 3 2.5 $1,850,000 $825.16 2,242 1930 10/18/10 950 N KINGS RD #221 West Hollywood 90069 0 1 $275,000 $605.73 454 1973 03/26/10 1321 N HAYWORTH AVE #B West Hollywood 90046 1 1 $485,000 $598.77 810 1941 11/10/10 1200 N SWEETZER AVE #9 West Hollywood 90069 2 2.5 $800,000 $584.80 1,368 2009 08/25/10 1323 N HAYWORTH AVE #E West Hollywood 90069 1 1 $470,000 $580.25 810 1941 08/23/10 7320 HAWTHORN AVE #402 Los Angeles 90046 1 1 $435,000 $572.37 760 1985 07/01/10 950 N KINGS RD #330 West Hollywood 90069 0 1 $245,000 $565.82 433 1973 07/29/10 8341 W SUNSET BLVD #5 Los Angeles 90069 2 2 $720,000 $562.50 1,280 1952 03/19/10 1471 HAVENHURST DR #7 West Hollywood 90046 2 2 $990,000 $556.18 1,780 1926 10/01/10 1424 N CRESCENT HEIGHTS BLVD #70 West Hollywood 90046 2 2 $850,000 $547.33 1,553 1930 06/29/10 1322 N DETROIT ST #2 Los Angeles 90046 2 2.5 $660,000 N/A N/A N/A 03/04/10 1220 N ORANGE GROVE AVE #9 West Hollywood 90046 2 2.5 $670,000 N/A N/A N/A 08/27/10 850 N POINSETTIA PL #4 Los Angeles 90046 3 2.5 $590,000 N/A N/A 1990 08/03/10 1411 DETROIT ST #104 Los Angeles 90046 3 2.5 $730,000 N/A N/A 2010 03/01/11 7617 SANTA MONICA BLVD 2
7617 SANTA MONICA BLVD RETAIL MAP West Hollywood Highlights West Hollywood is bordered on the north by the Hollywood Hills, on the east by the Hollywood District of Los Angeles, on the west by the city of Beverly Hills, and on the south by the Fairfax District of Los Angeles. West Hollywood is one of the top 10 most filmed sites in the world. Only in West Hollywood will you find the legendary Sunset Strip, eclectic Santa Monica Boulevard, and The Avenues all making up West Hollywood s 1.9 square miles of unparalleled nightlife, innovative dining venues, world-class shopping and luxurious spas. 7617 SANTA MONICA BLVD 3
7617 SANTA MONICA BLVD ZONING MAP SANTA MONICA BLVD Buyers are strongly encouraged to perform their own research to determine if their intended use for the site is allowed and/or feasible. Broker and Seller make no representations about the development potential of the site. In addition to the buyer s own research we would also encourage buyers to review the below links to further explore the site s development potential: West Hollywood Code http://qcode.us/codes/westhollywood/ Chapter 19.10 Commercial and Public Zoning Districts Chapter 19.22 Affordable Housing Requirements and Incentives Chapter 19.22.050- Affordable Housing Incentives West Hollywood Information about Inclusionary Housing http://www.weho.org/index.aspx?page=519 7617 SANTA MONICA BLVD 4
7617 SANTA MONICA BLVD REGIONAL MAP CB Richard Ellis Broker Lic. 00409987 1840 Century Park East Suite 700 Los Angeles, CA 90067 www.cbre.com/beverlyhills 2011 CB Richard Ellis, Inc. Broker Lic. 00409987 This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. :: Kadie Presley Senior Sales Director Lic. 01476551 310.550.2529 kadie.presley@cbre.com :: Nancy Badzey Senior Multi-Housing Specialist Lic. 01263701 310.550.2568 nancy.badzey@cbre.com :: Laurie Lustig-Bower Executive Vice President Lic. 00979360 310.550.2556 laurie.lustig-bower@cbre.com