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KW COMMERCIAL2655 First Street, Ste. 150Simi Valley, CA 93065 JAMES KIM
Director0: 805.777.7117C: [email protected] DRE #01474579
Six Parcels Of Prime Development Opportunity At The Heart Of Silicon Beach In Playa Del Rey
OFFERING MEMORANDUM
PRESENTED BY:
PLAYA DEL REY, CA
OFFERING MEMORANDUM
Each Office Independently Owned and Operated kwcommercial.com 2
KW COMMERCIAL
2655 First Street, Ste. 150
Simi Valley, CA 93065
Confidentiality & Disclaimer
JAMES KIMDirector0: 805.777.7117C: [email protected] DRE# #01474579
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.
Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay 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 ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor 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 orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Simi Valley in compliance with all applicable fair housing and equal opportunity laws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis 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 includeprojections, 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 advisorsshould conduct your own investigation of the property and transaction.
OFFERING MEMORANDUM
PRESENTED BY:
PLAYA DEL REY, CA
Each Office Independently Owned and Operated kwcommercial.com 3
OFFERING SUMMARY
SALE PRICE: $10,000,000
LOT SIZE: 15,000 SF
ZONING: [Q]C4-1D
EXECUTIVE SUMMARYKW Commercial as exclusive agent is pleased to offer a rare assemblage of SixParcels of Prime Development Opportunity at the heart of Silicon Beach in Playadel Rey. With multiple options for development, the property comprises 423/425/427-433 Culver Blvd for a total for +/-15,000 square foot lot size. This zoningdesignates property near major transportation hubs; freeway access is close byand LAX is only ten minutes away. It’s an unprecedented opportunity for growth ina high-value area. The sale includes all land between the Inn at Playa del Rey andTitmouse Park, directly across from the Marina del Rey Harbor and walkingdistance to the ocean. It is also near bike paths, and the Playa Vista community ofrestaurants, grocery stores, and retail, but also vibrant Venice Beach (home ofGoogle, Yahoo, Buzzfeed) and is not too far from Santa Monica (home ofLionsgate films, Universal Music Group, and Amazon Studios).
PROPERTY HIGHLIGHTS• Rare 6 Parcel Assemblage - Development Opportunity
• Highly desirable Playa Del Rey
• C-4 zoning may allow development of multifamily, office, hospitality, medical,retail, etc.
Executive Summary
SIX PARCELS OF PRIME DEVELOPMENT OPPORTUNITY AT THE HEART OF SILICON BEACH IN PLAYA DEL REY |
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SALE HIGHLIGHTS
• Rare 6 Parcel Assemblage
• Highly desirable Playa Del Rey
• Development opportunity
• C-4 zoning may allow development of multifamily, office,
hospitality, medical, retail, etc.
Property Name:
Six Parcels of Prime Development
Opportunity at the heart of Silicon Beach
in Playa del Rey
Property Address: 423 Culver Blvd, Playa del Rey, CA 90293
Property Type: Land
APN:
4116-010-004, 4116-010-005,
4116-010-006, 4116-010-007,
4116-010-048, 4116-010-049
Lot Size: +/- 15,000 SF
Zoning: [Q]C4-1D
PROPERTY OVERVIEWSix Parcels of Prime Development Opportunity at the heart ofSilicon Beach in Playa del Rey. With multiple options fordevelopment, the property comprises 423/425/427-433 CulverBlvd for a total for +/-15,000 square foot lot size. Here you have aunique opportunity to create multi-functional business andresidential properties, or one large compound for a companyheadquarters within the hub of technology, entertainment, anddigital media in Southern California. Listed at $10,000,000 the sixland parcels assembled for sale are C-4 zoned for commercial use,one of the less restrictive zoning codes in Los Angeles. This zoningdesignates property near major transportation hubs; freewayaccess is close by and LAX is only ten minutes away. It’s anunprecedented opportunity for growth in a high-value area. Thesale includes all land between the Inn at Playa del Rey andTitmouse Park, directly across from the Marina del Rey Harbor andwalking distance to the ocean. It is also near bike paths, and thePlaya Vista community of restaurants, grocery stores, and retail,but also vibrant Venice Beach (home of Google, Yahoo, Buzzfeed)and is not too far from Santa Monica (home of Lionsgate films,Universal Music Group, and Amazon Studios).
LOCATION OVERVIEWSix Parcels of Prime Development Opportunity at the heart ofSilicon Beach in Playa del Rey
Property Details & Highlights
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Maximum FAR 1:1 (Per D Limitation)
Maximum Height 37 ft. (Per D Limitation)
Minimum Setbacks
Front 0 ft.
Side 5 ft.
setbacks required only for residential
stories; add 1 foot of side setback for
each story over 2, not to exceed 16 ft.;
no side setback required for commercial
only uses; no side setbacks required for
mixed use project abutting street or
alley
Back 15 ft.
setbacks required only for residential
stories; add 1 foot of back setback for
each story over 3, not to exceed 20 ft.;
no rear setback required for commercial
only uses; no rear setbacks required for
mixed use project abutting street or
alley
Number Of Lots 6
Water Yes
Telephone Yes
Cable Yes
Sewer Yes
Max Buildable Area, Footprint 11,900 sq. ft.
Max Buildable Area, Envelope 15,003 sq. ft.
Max Dwelling Units 37
Affordable Units Required None
Parking Required 1 space per unit with less
than 3 habitable rooms
1.5 spaces per unit with 3
habitable rooms
2 spaces per unit with more
than 3 habitable rooms
1 space per guest room (first
30)
Transitional Height Limitations Portions of Buildings in C or
M zones with certain
distances of RW1 or more
restrictive zones shall not
exceed the following limits:
Distance (ft.) Height (ft.)
0-49 25
50-99 33
100-199 61
Required Open Space 100 sq ft per unit with less
than 3 habitable rooms
125 sq ft per unit with 3
habitable rooms
175 sq ft per unit with more
than 3 habitable rooms
Development Potential (By-Right)
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Maximum FAR 1.35:!
Maximum Height
Feet 48 ft.
Minimum Setbacks
Front 9 ft.
Side 5 ft.
setbacks required only for residential
stories; add 1 foot of side setback for
each story over 2, not to exceed 16 ft.;
no side setback required for commercial
only uses; no side setbacks required for
mixed use project abutting street or
alley
Back 12 ft.
setbacks required only for residential
stories; add 1 foot of back setback for
each story over 3, not to exceed 20 ft.;
no rear setback required for commercial
only uses; no rear setbacks required for
mixed use project abutting street or
alley
Required Open Space Up to 20% decrease in required
open space
Land Use General Commercial
Area Planning Commission West Los Angeles
Community Plan Area Westchester-Playa Del Rey
Neighborhood Council Westchester/Playa
Council District 11
Councilmember Mike Bonin
Max Buildable Area, Footprint 12,320 sq. ft.
Max Buildable Area, Envelope 20,254 sq. ft.
Max Dwelling Units 52
Affordable Units Required at least 11% for Very Low
Income, 20% for Low
Income, or 30% for Moderate
Income (for sale)
Parking Required 1 space per unit with 0-1
bedrooms; 2 spaces per
units with 2-3 bedrooms; 2.5
spaces per units with 4 or
more bedrooms
Transitional Height Limitations No additional height shall be
permitted for that portion of
a building in a Housing
Development Project that is
located within fifteen feet of
a lot classified in the R2
zone.
No additional height shall be
permitted for that portion of
a building in a Housing
Development Project that is
located within 50 feet of a lot
classified in an R1 or more
restrictive or Project located
on a lot sharing a common
lot line with or across an
alley from a lot classified in
an R1 or more restrictive
zone
Development Potential (With TOC Or DB)
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POSSIBLE RESTRICTIONS
- Rent Stabilization Ordinance- Specific Plan- Q/T Conditions- D Limitations- Coastal Zone
Properties may be subject to the Rent Stabilization Ordinance(RSO) must replace existing affordable units at a rate of 1 to 1 or20% of new proposed units, whichever is greater.
Per ORD-175981-SA120, All buildings shall have their primaryground floor pedestrian entrance facing Culver Boulevard. If thefront wall of the building is set back more than five feet from thefront property line, some type of pedestrian amenity(s) shall beprovided at the front of the building, such as a walkway, acourtyard, outdoor seating area, etc.; Residential uses shall beprohibited on the ground floor; Pole signs and illuminatedarchitectural canopy signs shall be prohibited; Exterior securitygrilles or permanently affixed security bars, or roll-down grilles thatconceal storefront windows shall be prohibited;
All areas of the site not developed with structures, parking areas,walkways or other pedestrian amenities shall be attractivelylandscaped.
Per ORD-167988, No building or structure shall exceed 37 feet inheight and The maximum FAR for the area shall not exceed 1.0:1as defined in Section 12.21.1 (A,5 and B,4) of the LAMC.
Properties may be subject to the requirements of the Los AngelesCoastal Transportation Corridor Specific Plan, which could limit thedevelopment potential of the site.Development Plans on this property will be subject to review by theCalifornia Coastal Commission
Property Report DisclaimerAll data are obtained from government sources. No attempthas been made to verify the data’s accuracy.This report is for informational purposes only. Do not rely onthis report to support real estate or investment decisions. Theonly authoritative source for the information in this report is thegovernment agencies from which the data was obtained.
Restrictions
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Six Parcels of Prime DevelopmentOpportunity at the heart of Silicon
Beach in Playa del Rey
Regional Map
SIX PARCELS OF PRIME DEVELOPMENT OPPORTUNITY AT THE HEART OF SILICON BEACH IN PLAYA DEL REY |
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Six Parcels of Prime DevelopmentOpportunity at the heart of Silicon
Beach in Playa del Rey
Aerial Map
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Location Maps
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POPULATION 1 MILE 3 MILES 5 MILES
Total population 15,137 117,508 325,943
Median age 39.4 37.8 37.8
Median age (male) 39.7 37.9 37.1
Median age (Female) 39.5 37.8 38.4
HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES
Total households 8,339 56,509 147,858
# of persons per HH 1.8 2.1 2.2
Average HH income $121,431 $109,126 $99,912
Average house value $502,745 $746,642 $762,550
* Demographic data derived from 2010 US Census
Demographics Map
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1 MILE 3 MILES 5 MILES
Total population 15,137 117,508 325,943
Median age 39.4 37.8 37.8
Median age (male) 39.7 37.9 37.1
Median age (female) 39.5 37.8 38.4
1 MILE 3 MILES 5 MILES
Total households 8,339 56,509 147,858
Total persons per HH 1.8 2.1 2.2
Average HH income $121,431 $109,126 $99,912
Average house value $502,745 $746,642 $762,550
* Demographic data derived from 2010 US Census
Demographics Report
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Additional Photos
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Additional Photos
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Additional Photos
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Additional Photos
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Additional Photos
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Additional Photos
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2655 First Street, Ste. 150Simi Valley, CA 93065T 805.777.7117
C 310.955.8755
CalDRE #01474579
PROFESSIONAL BACKGROUND
James is a seasoned real estate expert and broker with international experienceand a passion for people-driven service. With deep market knowledge he hasassisted buyers, sellers and investors.
After a career as an educator and administrator, Kim worked with Asian foreigninvestment focused on buying US-based real estate for high net worth Japaneseclients. He also spent brokerage years at SVN and was integral in all aspects ofstructured commercial real estate transactions.
Mr. Kim was brought on board by top real estate investment firm Kennedy Wilson,and rose to become Vice President of Real Estate Sales & Marketing and wasresponsible for the execution of auction and builder marketing services worldwide.He also co-founded a boutique real estate brokerage firm before moving to KellerWilliams Realty & KW Commercial.
Clientele included financial institutions, governments, developers and investors.These have included the successful sales of: single family homes, condominiumdevelopments, five-star resort properties, bank owned (REO), FDIC residential andcommercial properties, probate properties, apartment buildings, and incomeproperties.
Mr. Kim’s unique and varied abilities to manage complex real estate transactionshas resulted in sales of over $620 million in commercial and residential real estate.
James brings a diverse background and deep industry knowledge to his clients;currently as a Realtor and Director for KW Commercial in Ventura County/GreaterLos Angeles Area.
Married for 24 years to his high school sweetheart, when not busy in brokerage, hecan be found chasing after his five well-behaved children, ranging in age from 7 to15 years old.
JAMES KIM
Director
Advisor Bio & Contact Info
SIX PARCELS OF PRIME DEVELOPMENT OPPORTUNITY AT THE HEART OF SILICON BEACH IN PLAYA DEL REY |
