View
3
Download
0
Category
Preview:
Citation preview
Prime-located entitled land subdivision with construction documents for 12 small lot single family homes each consisting of 6 bedrooms and 6 bathrooms
Venice Dozen
Venice Dozen
Linkage Fee considered accounted for in land pricing.Existing fourplex vacant/Ellised. Existing triplex vacant/Ellised.
Venice Dozen
Venice Dozen
Future residents will enjoy views of the Pacific Ocean and the general enhanced lifestyle that such proximity affords.
Located between Lincoln Blvd. and Centinela Ave. just 2.3 miles to the beach, the entitled
Venice Dozen development will afford a builder with the perfect opportunity to build an
attractive quantity of large single-family SLO homes at one of the most supply constricted
submarkets in the City of Los Angeles. Perhaps one of the most risk adverse opportunities in the
market hedged against both entitlement and market risk due to its irreplaceable location and
product type which offer both sell and rent options upon completion.
A project of this format/size/locational quality is a near anomaly intoday’s legislative and land-constrained environment.
The proposed six-bedroom homes average 2,133 salable SF each with a potential valuation of
$650/PSF. The land price of $4,750,000 approximately 28% of the potential gross project
revenue potential.
Evanisko Realty & Investment, Inc.
Frank Evanisko818.985.9700frank@evaniskorealty.comBRE: 01383591www.TheDevelopmentBrokers.com
4
Venice DozenEntitled Land For 12 Small Lot Single Family Homes
Build and Sell
Build and Hold
The Site:
✓ 12610-12616 Venice Blvd. Mar Vista [Los Angeles], CA 90066
✓ APN: 4235-002-002 and 4235-002-003
✓ 100’ X 147.31’ double lot assemblage - 14,731 SF of land zoned R3-1
✓ Currently a vacated [Ellised] triplex and fourplex
✓ 15’ wide rear alley
5
Venice Dozen
12616 Venice [Vacant Triplex]
12610 Venice [Vacant Fourplex]
Alle
y
Ve
nic
e B
lvd
.
The Site:
✓ 12610-12616 Venice Blvd. Mar Vista [Los Angeles], CA 90066
✓ APN: 4235-002-002 and 4235-002-003
✓ 100’ X 147.31’ double lot assemblage - 14,731 SF of land zoned R3-1
✓ Currently a vacated [Ellised] triplex and fourplex
✓ 15’ wide rear alley
6
Venice Dozen
7
Project Specifications:
The site is entitled (approved Vesting Tentative Tract #82822) for 12 nearly identicalslab on grade four story 6” detached single family homes with roof decks.
Unit Bed/Bath SF SF GarageAnticipated
ValueValue/PSF
1 6/6 2124 322 $1,380,600 $650/FT
2 6/6 2132 309 $1,385,800 $650/FT
3 6/6 2132 309 $1,385,800 $650/FT
4 6/6 2132 309 $1,385,800 $650/FT
5 6/6 2132 309 $1,385,800 $650/FT
6 6/6 2150 313 $1,397,500 $650/FT
7 6/6 2124 322 $1,380,600 $650/FT
8 6/6 2132 309 $1,385,800 $650/FT
9 6/6 2132 309 $1,385,800 $650/FT
10 6/6 2132 309 $1,385,800 $650/FT
11 6/6 2132 309 $1,385,800 $650/FT
12 6/6 2150 313 $1,397,500 $650/FT
Totals 72/72 25,604 3742 $16,642,600 $650/FT
Venice Dozen
8
Critical Project Facets:
Critical Project Facet Status Intended Status of Delivery
Vesting Tentative Tract Map Approved Approved
Construction Drawings In Plan CheckAt a pre-determined mutually
agreeable status / RTI
MEPMechanical design plan check is
not required.
Seller providing plans for HVAC
design. Plumbing permits for
potable water lines and site
drainage are approved and will
be provided.
Grading/LID
Soil conditions prohibit infiltration.
Moving forward with a permavoid
system.
At a pre-determined mutually
agreeable status
Final MapDraft under preparation to be
submitted momentarily
At a pre-determined mutually
agreeable status
DWP [Rear Line Encroachment]
Pole at rear of property to be
upgraded and relocated. Cost
TBD
At a pre-determined mutually
agreeable status
DWP [Dry Utility Plans] Conduit plan being draftedBuyer will assume process to
complete during construction
B-Permit/Street Lighting
B-Permit has not been filed as of
yet, Seller has street lighting plan
ready to go.
At a pre-determined mutually
agreeable status
Existing Consultant Arrangements
Arch/Civil/Geo/Etc.Assignable under existing terms
Buyer may assume existing
agreements at COE
Venice Dozen
Project Documents Inventory:
The full documents set will be sent upon request in the exact labeled order.
1. Letter of Determination VTT-82822-SL2. Site Plan VTT-82822-SL3. Architectural Reference Schematic4. Architectural Submittal Set5. Structural Set6. Landscape Plan7. Topographic Survey8. Soils Report9. Soils Approval Letter10. DWP Encroachment Application11. Preliminary Title Report and Subdivision Report Folder12. Venice NHD Report Folder
9
Venice Dozen
10
Venice DozenProject Pricing: $4,750,000
➢ Our Clients have set a pricing expectation to ensure project viability under an exit strategy
involving individual SLO sales AND as a build-and-hold under a co-live operational concept.
➢ Conservative underwriting and costing assumptions have been considered in the selection
of the pricing for the project including the applicable Linkage Fee.
➢ The price of the subject development opportunity was set to reflect a conservative valuation
based on an individual home sell-out. The co-live operational concept, however, is wholly
viable and could afford an exceptional return as a build and hold opportunity. We explore
valuation data points for both individual home sales and suite rates for a co-live operational
concept later in this brochure.
➢ Contact Evanisko to discuss the contributing assumptions in greater depth.
11
Venice Dozen
12
Venice Dozen
Project Cross Section of Unit Type C Facing South
GarageBD 1
BD 2Living
BD 4BD 3
BD 5BD 6
(Office)
Roof Deck
Each of the six bedrooms have an associatedbathroom thus establishing strong viability of apotential co-live operational concept.
13
Venice Dozen
Floorplans For Unit Type BType B accounts for 8 of the 12 homes
Salable: 2132 SFGarage: 309 SF
Habitable Roof Area [Roof Deck]: 177 SF
Garage
BD 1
BD 2
Living
BD 4
BD 3BD 5
BD 6(Office)
14
Venice DozenThe Build and Rent Co-Live Operational Concept
As a means of addressing the housing crisis spurned by the lack of pricing
accessibility, many developers have trended towards the execution of an
operational concept whereby rooms within a home or apartment unit are rented
individually to separate tenants. Under the most conventional co-live
concept/operational model, a room (referred to as a suite) would be individually
leased and occupied. The concept’s goal is to ultimately offer a reduced “entry
price” for the tenant who can then live at a desirable location at a rate
significantly less than it would cost to lease a unit under a conventional
apartment operational format.
For example, a new studio apartment in the subject vicinity would lease in the
$2,400-$2,800 range.
However, based on the market data for co-live suites in the direct vicinity, we
would anticipate one could operate the Venice Dozen as a co-live community of
essentially 72 individual suites…each generating +/- $2,000 per month.
We explore some of this market data on the following pages.
The price of the subject development opportunity was set to reflect a conservative
valuation based on an individual home sell-out. The co-live operational concept,
however, is wholly viable and could afford an exceptional return as a build and
hold opportunity.
15
Venice Dozen
Starcity – Venice [property is approximately 1.4 miles from the subject site]
2432 Penmar Ave. Venice, CA 90292
➢ Building permits/CofO reflect a four-unit apartment building on a 5,541 SF lot. 24 total bedrooms (suites).
➢ Suites start at $1,900 and this would grant communal (shared) bathroom use. One tenant per suite.
➢ At the subject property we anticipate a similar rent per room (suite) as they
each have their own private bathroom though locationally Starcity Venice is
slightly superior.
Co-Live Comp
#1
16
Venice Dozen
Haven Co-Living [livinghomes] – Venice [property is approximately 1.6 miles from the subject site]
742-748 Brooks Ave. Venice, CA 90291
➢ Building permits/CofO reflect four single family homes approx. 2,200 SF each
➢ Broker website reflects an asking rent of $9,000 for one of the homes it its entirety.
➢ Haven Co-Living advertises approx. $1,000 per person. Two or three people would occupy each room/suite.
Co-Live Comp
#2
17
Venice Dozen
Outsite Co-Living – Venice [property is approximately 1.3 miles from the subject site]
2034 Louella Ave., Venice, CA 90291
➢ Building permits/CofO reflect a 2,471 SF single family five bed/four bath house on an R1 lot.
➢ A suite is advertised at $1,895. We presume this is single occupancy per suite (bedroom).
Co-Live Comp
#3
18
Venice DozenThe Build and Sell Exit
Homebuilders have gravitated towards the small lot concept as a viable means
of delivering ownership product with the dense Los Angeles infill environment. The
2009-2020 real estate cycle has proven its viability as a marketable single-family
home product type in the City of Los Angeles.
Whereas, new homes build on conventional single family lots in the applicable
market vicinity would trade in the range of $3-5 million dollars, a single-family small
lot home would sell for substantially less yet still afford the same advantages of
home ownership.
Small lot projects afford the merchant homebuilder opportunities to deliver
subdivisions in dense infill locations which are insulated against radical market
fluctuations endured in out-fill locations. They also afford economies of scale
which the production of single custom homes do not.
19
Venice Dozen
1. COMP: 11900 Venice Blvd. Los Angeles, CA. 90066
2. COMP: 12464 Washington Place. Los Angeles, CA. 90066
3. COMP: 11724 Culver Blvd. Los Angeles, CA. 90066
1
2 3
12610 Venice Blvd. Los Angeles, CA. 90066
20
1
RESIDENCE SQ.FT. MIX ROOF
DECK
$/PRICE $/PSF SOLD
Unit A 2,146 3/3,0,1,0 YES $1,389,000 $647.25 OCT-2018
Unit B 2,310 4/3,0,1,0 YES $1,350,000 $584.44 OCT-2018
UNIT C 2,146 3/3,0,1,0 YES $1,289,000 $600.65 OCT-2018
UNIT D 2,525 4/3,0,1,0 YES $1,350,000 $599.47 OCT-2018
11900 Washington Place. Los Angeles, 90066
1.1 Mile(s) From Subject
Venice Dozen
Small Lot
Comp #1
21
RESIDENCE SQ.FT. MIX ROOF
DECK
$/PRICE $/PSF SOLD
Unit A 2,121 3/2,0,0,1 NO $1,440,000 $678.93 MAY-2019
Unit B 2,153 3/2,0,0,1 NO $1,440,000 $668.83 JUN-2019
UNIT C 2,110 3/2,0,0,1 NO $1,410,000 $668.25 SEPT-2019
12646 Washington Place. Los Angeles, 90066
1.1 Mile(s) From Subject
2
Venice Dozen
Small Lot
Comp #2
22
RESIDENCE SQ.FT. MIX ROOF
DECK
$/PRICE $/PSF SOLD
Unit 1 2,072 3/3,0,1,0 NO $1,285,000 $620.17 SEPT-2019
Unit 2 2,038 4/3,0,1,0 NO $1,300,000 $638.00 MAR-2020
Unit 3 2,058 4/3,0,1,0 NO $1,285,000 $624.39 SEPT-2019
Unit 4 2,032 4/3,0,1,0 NO $1,300,000 $639.76 OCT-2019
Unit 5 2,058 3/3,0,1,0 NO $1,285,000 $624.39 SEPT-2019
Unit 6 2,072 3/3,0,1,0 NO $1,325,000 $639.48 OCT-2019
Unit 7 2,032 4/3,0,1,0 NO $1,270,000 $625.00 SEPT-2019
Unit 9 2,038 4/3,0,1,0 NO $1,285,000 $630.52 JAN-2020
Unit 10 2,032 4/3,0,1,0 NO $1,285,000 $632.38 OCT-2019
11724 Culver Blvd. Los Angeles, 90066
2 Mile(s) From Subject
3
Venice Dozen
Small Lot
Comp #3
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or
implied, as to the accuracy of the information. References to square footage or age are approximate. Any elevation or rendering is
provided for reference purposes only. A buyer must verify the information and bears all risk for any inaccuracies. All materials and
information received or derived from the Listing Brokers, their directors, officers, agents, advisors, affiliates and/or any third-party
sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the Property,
compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the
Property, projected financial performance of the Property for any party’s intended use or any and all other matters. Neither Listing
Broker nor their respective directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied,
as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any
source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due
diligence to determine these and other matters of significance to such party. The Listing Brokers will not investigate or verify any such
matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN
INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or in escrow for a transaction is urged to verify all
information and to conduct its own inspections and investigations including through appropriate third party independent professionals
selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and
reports and consulting appropriate independent professionals. The Listing Brokers shall not serve as financial advisors to any party
regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial
modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be
provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any
applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to
determine rents or potential rents from or for the Property. Legal questions should be referred to an attorney. Tax questions should be
discussed with a certified public accountant or tax attorney. Title questions should be referred to a title officer or real estate and/or
land-use counsel. Questions regarding the condition of the property and whether the property complies with applicable governmental
requirements should be discussed with appropriate engineers, architects, contractors, other consultants and/or governmental
agencies.
23
Venice Dozen
Build and Sell
Build and Hold
Please return this signed Confidentiality Agreement for access to the Due Diligence Package
contents listed on the Due Diligence inventory list contained within this brochure.
The undersigned has been advised that Evanisko Realty & Investment, Inc. (the “Broker”) has
been retained on an exclusive basis by the property owners (“Owner”) with respect to the
offering for sale of an entitled development site in Los Angeles, CA (the “Property”). The Owner
has indicated that all inquiries and communications with respect to the contemplated
investment in and acquisition of the Property be directed to the Broker. The undersigned is a
principal in connection with the possible acquisition of the Property.
The Broker has available, for your review, certain information (“Confidential Information”)
concerning the potential acquisition of the Property. On behalf of the Owner, Broker shall make
such Confidential Information available to the undersigned upon execution of this Confidentiality
Agreement. The Confidential Information is intended solely for your own limited use in
considering whether to pursue the acquisition of the Property. This is not an agreement to sell the
Property or an offer of sale. No agreement shall be binding upon the Owner, or any of its
associated or affiliated companies, nor shall any agreement be deemed to exist, at law or
equity, until the Owner of the Property enters into a formal and final binding written agreement
regarding the acquisition of the Property.
By executing this Confidentiality Agreement you agree that the Confidential Information
provided is confidential, that you will hold and treat it in the strictest confidence, and that you will
not disclose or permit anyone else to disclose the Confidential Information to any person, firm or
entity without prior written authorization of the Owner and the Broker, except in connection with
the evaluation of the Property that the information may be disclosed to your partners,
employees, legal counsel and lenders or pursuant to a court order. Additionally you agree to
not to disclose your receipt of the Confidential Information, your interest in purchasing the
property and/or the terms or conditions of any offer(s) you make to purchase the Property or
take any other action that could adversely effect the potential development of the Property.
Owner expressly reserves the right, in its sole discretion, to reject ay or all proposals or expressions
of interest in the Property and to terminate discussions with any party at any time with or without
notice.
Accepted and Agreed [Date] ______________________ Signature _________________________
Name [Print] ___________________________________ Company ________________________
Address ____________________________ City __________ State _________ Zip __________
Phone ________________ Office _________________ Email ____________________________
24
Venice Dozen
Frank EvaniskoBRE 01383591(818) 985-9700
frank@evaniskorealty.com
25
Inglewood DevelopmentInglewood Zoning MapRTI EntitlementsEntitled LandShovel ReadyRTIPermit ReadyOpportunity ZoneTransit OrientedTOCBy Right DevelopmentInfill DevelopmentDevelopers DreamConstruction CostsConstructionDeveloperEquityOpportunity FundZoning ConsultantSubdivisionMaster PlanMultifamily Multifamily DevelopmentBuilderPodium DevelopmentMixed UseType V ConstructionR3 LandRD1.5 LandNew Land ListingOff MarketOff Market LandLand AdvisorsHoffman LandCBREDario SvidlerUrbanize LACurbed LABisnowPCBCLand SpecialistConstruction LenderAffordable HousingTax Credit DevelopmentLand Entitlements
Statement of Purpose.
Since its inception in 2003, Evanisko Realty & Investment, Inc. has
pursued the mastery of a uniquely balanced implementation of
commercial real estate brokerage and strategic advisory services.
The ability to play a concurrent transactional and consultative role has
established Evanisko as one of the most visionary strategic partners for
stakeholders in transactions involving real estate slated for all forms of
redevelopment in the Southern California marketplace.
Evanisko’s closed transactional resume spans dozens of Southern
California zoning jurisdictions, project uses, and sizes with a special
focus on exclusive landowner representation in the marketing and sale
of real estate slated for various forms of housing product types.
LINK TO COMPANY BROCHURE
Ruben OganesyanBRE 01925499(818) 658-0056
ruben@evaniskorealty.com
Venice Dozen
Venice Dozen
Recommended