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OFFERING MEMORANDUM | LISTING PRICE: $2,750,000
LIVE-WORK / RETAIL REPOSITIONING OPPORTUNITYLIVE-WORK / RETAIL REPOSITIONING OPPORTUNITYMIXED-USE / PRIME EAST HOLLYWOOD LOCATION
4743 -4749 W FOUNTA IN AVE .4743 -4749 W FOUNTA IN AVE .EAST HOLLYWOOD, CA 90027
This Memorandum (“Offering Memorandum”) has been prepared by Hudson Commercial Partners, Inc. based on information that was furnished to us by sources we deem to be reliable. No warranty or representation is made to the accuracy thereof; subject to correction of errors, omissions, change of price, prior sale, or withdrawal from market without notice.
This Memorandum is being delivered to a limited number of parties who may be interested in and capable of purchasing the Property. By its acceptance hereof, each recipient agrees that it will not copy, reproduce or distribute to others this Memorandum in whole or in part, at any time, without the prior written consent of Hudson Commercial Partners, Inc., and it will keep permanently confidential all information contained herein not already public and will use this Confidential Memorandum only for the purpose of evaluating the possible acquisition of the Property.
This Memorandum does not purport to provide a complete or fully accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information, which prospective buyers may need, or desire. All financial projections are based on assumptions relating to the general economy, competition and other factors beyond the control of the Owner and, therefore, are subject to material variation. This Memorandum does not constitute an indication that there has been no change in the business or affairs of the Property or the Owner since the date of preparation of this Memorandum.
This Memorandum is being delivered by Hudson Commercial Partners Inc. to prospective purchasers with the understanding that all prospective purchasers will conduct their own independent investigation of those matters, which they deem appropriate in order to evaluate this offering. Additional information and an opportunity to inspect the site will be made available to interested and qualified prospective purchasers. Hudson Commercial Partners, Inc. reserves the right to request the return of any or all of the information enclosed.
TABLE OF CONTENTSSECTION ONE 03EXECUTIVE OVERVIEW
SECTION TWO 09PROPERTY INFORMATION
SECTION THREE 13NEW DEVELOPMENTS
© 2019 Hudson Commercial Partners, Inc. The information contained in this document has been obtained from sources believed reliable. While Hudson Commercial Partners, Inc. does not doubt its accuracy, Hudson Commercial Partners, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. 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.
Hudson Commercial Partners, Inc. logo are service marks of Hudson Commercial Partners, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.
GRIFFITH OBSERVATORY | VISIBLE FROM SUBJECT PROPERTY
SECTION 1 | EXECUTIVE OVERVIEW
5 — 4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027
PROPERTY OVERVIEW
Hudson Commercial Partners is pleased to present 4745 Fountain Ave, a 2-story mixed-use asset, consisting of 3,551 SF of retail on the ground floor and 3 apartment units on the second floor situated on a 4,007 square foot lot.
The asset is strategically positioned on the northeast corner of Fountain Avenue and New Hampshire Avenue, walking distance from The Church of Scientology, Kaiser-Permanente, Children’s Hospital Los Angeles and Hollywood Presbyterian Hospital. The close proximity to these major hospitals explains the staggering market rent growth in this area, in comparison to other, less modernized sectors of East Hollywood. Because of the high density of individuals employed in the area, this area experiences a higher level of retail consumer activity during daily business hours than in many other nearby areas within the submarket.
All of the aforementioned attributes of this property create a unique value-added, retail-repositioning opportunity that will allow an investor or owner-user to capture market rents with very high upside in a burgeoning submarket.
This prominent site is designated with expansive C2-1 Zoning, which allows for a large variety of density bonuses and menu incentives as well, via the implementation of the Transit Oriented Communities Tier 4 designation. Tier 4 provides a 80% density bonus for dwelling units (if at least 10% of new units are set aside for affordable or low income housing).
There are numerous highly leveraged loan products available to an Owner-user looking to stabilize their occupancy costs in the long-run. If a Buyer occupies at least 51% of the square footage, they may obtain a 90% loan with SBA financing.
4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027 — 6
SITE DESCRIPTION SITE DESCRIPTION
PROPERTY DESCRIPTION
DESCRIPTION SPECIFICATION
BUILDING SIZE 3,551 SF
PARCEL AREA 4,007 SF
APN 5543-014-008
NUMBER OF STORIES 2-Story
FLOOR-TO-AREA RATIO 0.59
ZONING C2-1
PARKING Street Parking
CURRENT USE Restaurant/Apts
YEAR BUILT 1941
TENANCY Owner-Occ/Month-to-Month
TRAFFIC COUNT ±17,848
HIGHWAY ACCESS 101 Freeway
DESCRIPTION SPECIFICATION
CONSTRUCTION TYPE Wood-frame Stucco
FOUNDATION Concrete Slab
ROOF Roll Composition
POWER Separately Metered
TOC BONUS Tier 4 - 80%
CEILING HEIGHT 8'-9'
RESTROOM TBD
REDUCED PARKING REQ* 2/1,000 SF (Enterprise Zone)
LOT DIMENSIONS 67.55' x 60.56'
FRONTAGE 67.55 feet on Fountain Ave
ACCESS Entry on Fountain/New Hampshire
RENT STABILIZATION Yes (Apt Units)
DEVELOPMENT 20 Units (w/ Affordable)
7 — 4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027
USER COSTS
SUMMARY TERMS
PRICE $2,750,000$2,750,000
DOWN PAYMENT (25%) $687,500
BUILDING SIZE 3,551 SF
PRICE PER FOOT ON BUILDING $774.43
LOT SIZE 4,007 SF
PRICE PER FOOT ON LAND $686.30
YEAR BUILT 1941
ZONING C2-1
SUMMARY TERMS
LOAN AMOUNT $2,062,500
LOAN TYPE Conventional
INTEREST RATE 3.5%
AMORTIZATION 25 Years
DUE 20 Years
MONTHLY PAYMENT $10,325.36
OWNER-USER ANALYSIS
LOAN ASSUMPTIONS
ESTIMATED ANNUALIZED | USER OCCUPANCY COSTS
DESCRIPTION ESTIMATED PSF
OPERATING EXPENSES
TAXES (1.125%) $34,375 $9.68
INSURANCE $1,775 $0.50
UTILITIES $4,438 $1.25
REPAIRS & MAINTENANCE $2,485 $0.70
CAPITAL RESERVES/MISC $1,500 $0.42
TOTAL OPERATING EXPENSES $44,573 $12.55
DEBT SERVICE $123,904 $34.89
TOTAL OCCUPANCY COSTS $168,477$168,477 $47.45 PSF$47.45 PSF
MONTHLY OCCUPANCY COSTS(before tax advantages of ownership) $14,039/Mo$14,039/Mo $3.95 PSF$3.95 PSF
Note: Buyer can aquire with 10% down Payment, with SBA Financing
PARAMOUNT STUDIOS | 2.3 MILES
SECTION 2 | PROPERTY INFORMATION
11 — 4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027
PLAT MAP
4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027 — 12
AERIAL MAP
SUBJECT PROPERTY4743-4749 W FOUNTAIN AVE., EAST HOLLYWOOD, CA 90027
FOUNTAIN AVEFOUNTAIN AVE
NEW
HA
MPS
HIR
E A
VE
NEW
HA
MPS
HIR
E A
VE
FOUNTAINTHEATRE
SQUARE ONEDININGSTARBUCKS
BARNSDALLART PARK
FOUNTAIN AVEFOUNTAIN AVE
SUNSET BLVDSUNSET BLVD
SANTA MONICA BLVDSANTA MONICA BLVD
WESTER
N B
LVD
WESTER
N B
LVD
JITLADA
FIVE LEAVES
SUBJECTPROPERTY
VERMONT/SANTA MONICA
LOS ANGELESCITY COLLEGE
INTELLIGENTSIACOFFEE
AMENITIES DISTANCE
KAISER PERMANENTE 0.3 mi
CHILDREN'S HOSPITAL LA 0.3 mi
HOLLYWOOD PRESBYTERIAN 0.2 mi
HOLLYWOOD HOLTEL 0.2 mi
VERMONT/SANTA MONICA METRO 0.4 mi
LOS ANGELES CITY COLLEGE 0.5 mi
FIVE LEAVES 0.1 mi
SQUARE ONE DINING 0.1 mi
FOUNTAIN THEATRE 0.4 mi
STARBUCKS 1.0 mi
JITLADA 0.9 mi
BARNSDALL ART PARK 0.4 mi
KISMET 0.5 mi
HOMESTATE 0.5 mi
VISTA THEATRE 0.5 mi
TIKI-TI 0.6 mi
DINOSUAR COFFEE 0.5 mi
EL CID 0.7 mi
4100 BAR 0.8 mi
INTELLIGENTSIA COFFEE 0.8 mi
SUNSET BLVD
SUNSET BLVD
VER
MO
NT A
VE
VER
MO
NT A
VE
VIR
GIL A
VE
VIR
GIL A
VE
4100 BAR
EL CID
DINOSAURCOFFEE
TIKI TI
KISMET
HOMESTATE
HOLLYWOODHOTEL
KAISERPERMANENTE CHILDREN'S
HOSPITAL LA
HOLLYWOODPRESBYTERIAN
VISTATHEATRE
SUNSET JUNCTION | 0.8 MILES
SECTION 3 | NEW DEVELOPM
ENTS
17 — 4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027
NEW DEVELOPMENT
Commercial Building Makes Way for Residential-Retail Complex in East Hollywood
A small commercial building at the intersection of Lexington and Vermont Avenues has bit the dust, and a multifamily residential development is set to rise in its place.
The proposed apartment complex, which comes from the Los Angeles-based real estate firm Giraffe, would consist of a six-story edifice featuring 29 residential units - including three which would be set aside as affordable housing - above parking and ground-floor retail space, a portion of which will be used as the developer's new headquarters.
4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027 — 18
NEW DEVELOPMENT
Hollywood Presbyterian's New Patient Tower Tops Out
Construction has topped out at CHA Hollywood Presbyterian Medical Center's new inpatient tower, the signature element of the hospital's $400-million upgrade.
The five-story building, located at the center of the hospital campus at 1300 N. Vermont Avenue in East Hollywood, will house an expanded emergency department, a neonatal intensive care unit, and additional private patient rooms.
19 — 4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027
NEW DEVELOPMENT
Mixed-Use Development Breaks Ground Across from Barnsdall Park
LaTerra Development has broken ground on a mixed-use development just west of Barnsdall Park.
The project, located at 4900 Hollywood Boulevard, will consist of a five-story building featuring 150 apartments - including 24 affordable units - with 13,000 square feet of ground-floor retail space.
In addition to 4900 Hollywood, LaTerra also owns a vacant strip mall across the street at 4850 Hollywood Boulevard, which was recently entitled for the construc-tion of a 96-unit apartment complex. That project, which is also designed by Urban Architecture Lab, steps down in height towards Hollywood Boulevard to preserve view corridors from Barnsdall Park.
4743-4749 W FOUNTAIN AVE. | EAST HOLLYWOOD, CA 90027 — 20
NEW DEVELOPMENT
MICHAEL CRISWELLBusiness Development
4605 Lankershim Blvd. Suite 214Universal City, CA 91602
CONTACT
C: 323.559.1936P: 818.699.1604
DARIN SPILLMANPresident
4605 Lankershim Blvd. Suite 214Universal City, CA 91602
Cal BRE: 01366902
CONTACT
C: 310.592.8269P: 818.699.1605F: 818.688.8140
JAY MARTINEZManaging Principal
4605 Lankershim Blvd. Suite 214Universal City, CA 91602
Cal BRE: 01367663
CONTACT
C: 818.212.3057P: 310.658.3357F: 818.688.8140
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