for sale - loopnet€¦ · • 17 townhome style apartment/condo units, ranging in size from 1,506...

SILVER LAKE

For SaleL.A. River Development in Opportunity ZoneLocated in the heart of Frogtown

Nicole Mihalka+1 213 239 [email protected] # 01322414

Jones Lang LaSalle Brokerage, Inc.515 S Flower Street, Suite 1300Los Angeles, CA 90071Brokerage License # 01856260

LOS FELIZ ATWATER VILLAGE

Dana Vargas+1 213 239 [email protected] # 01943620

Adjacent Development Site

(not a part)

2645-2661 Blimp StreetLos Angeles, CA 90039

Fully Entitled land site of ±26,101 SF. Entitlements include:

• 17 townhome style apartment/condo units, ranging in size from 1,506-1,953 SF

• 16 x 3 bedroom units

• 1 x 2 bedroom unit

• 1,276 SF of commercial space

1801 Blake AvenueLos Angeles, CA 90039

Three commercial buildings totaling ±25,087 SF on a total of ±44,133 SF of land

±19,207 SF bow-truss office/warehouse

±1,980 SF retail/office fronting L.A. River

±3,900 SF office fronting Blake

Dedicated parking of 2 spaces per 1,000 SF (located on Blimp site)

mailto:[email protected]


Site Overview

2645-2661 Blimp Street Fully Entitled land site of ±26,101 SFAPN: 5542-009-024, -023, -022

1801 Blake AvenueA) ±19,207 SF bow-truss office/warehouseB) ±3,900 SF office C) ±1,980 SF retail/office fronting L.A. RiverLocated on a portion of APN: 5542-009-019

A

C

Property Highlights and Pricing• Buildings are currently in raw shell condition – ready for improvements• 2:1,000 dedicated parking for commercial buildings entitled on Blimp land• Total of ±25,087 SF of buildings and ±70,234 SF of land

• Total asking price: $12,000,000, allocated as follows:• $8,000,000 ($319/SF of building) for 1801 Blake commercial buildings • $4,000,000 ($153/SF of land) for Blimp entitled site • Average of $171/SF of land for both Blimp and Blake sites

Although information has been obtained from sources deemed reliable, neither Owner nor JLL makes any guarantees, warranties or representations, express or implied, as to the completeness or accuracy as to the information contained herein. Any projections, opinions, assumptions or estimates used are for example only. There may be differences between projected and actual results, and those differences may be material. The Property may be withdrawn without notice. Neither Owner nor JLL accepts any liability for any loss or damage suffered by any party resulting from reliance on this information. If the recipient of this information has signed a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2018 Jones Lang LaSalle IP, Inc. All rights reserved.

B

Site Plan – 1801 Blake Avenue




Future small lot subdivision site

(not a part)

19,207 SF

The Blake buildings are adjacent to another development site (not part of the offering) that is currently entitled for a 100-unit small lot subdivision, designed by acclaimed eastside firm Zago Architecture.

There is 2:1000 dedicated parking across the street for the commercial buildings included as part of the Blimp land entitlements

Rendering of future small lot subdivision (not a part)

3,900 SF 1,980 SF



Project Summary• LOT SIZE: ±26,101 SF

• ENTITLED BUILDING SIZE: ±28,420 SF

• ALLOWABLE FAR = 1.5: ±39,151 SF

• ZONING: [Q]CM-1VL

• UNIT BREAKDOWN: • 16 x 1 bedroom• 1 x 2 bedroom

Site Plan – 2645-2661 Blimp Street




Open Space Summary

Rendering

BEDROOMS QUANTITY HEIGHT RESIDENTIAL SF COMMERCIAL SF TOTAL SF

3 14 30’ 1,579 SF - 22,106 SF

2 1 30’ 1,506 SF - 1,506 SF

3 1 30’ 1,579 SF - 1,579 SF

3 1 30’ 1,953 SF 1,276 SF 3,229 SF

TOTAL: 17 TOTAL: 28,420 SF

RESIDENTIAL: 17 UNITS

Open Space Required: 175 SF/Unit 2,975 SF

Open Space Provided: 50 SF/Unit 850 SF Private Open Space

4,262 SF Common Open Space

Total Open Space Provided: 5,112 SF



Parking Summary – 2645-2661 Blimp Street




RESIDENTIAL: 17 UNITS(16 THREE-BDRM AND 1 TWO-BDRM)

Parking Required 2.25 Per Unit 38

Bicycle Reduction 10% 3.8

Parking Required 34

Parking Provided 34 (32 in units + 2 in lower level garage)

COMMERCIAL: 1,276 SF TOTAL ON BLIMP SITE25,410 SF TOTAL ON BLAKE SITE

Parking Required 1 Per 500 SF 57.6

Bicycle Reduction 20% 11.5 (Provided at 4 bikes per 1 car reduction)

Parking Provided 46 (in lower level garage)



Area Highlights

Located in prime Frogtown, walking Distance from La Colombe, Nomad, and much more

Close proximity to the 5, 110, 101 and 2 Freeways

Opportunity Zone location providing excellent tax incentives

Direct access to the L.A. River bike path

Rapidly developing urban landscape provides tremendous upside potential

Frogtown: The artistic epicenter of Los Angeles

Located at the center of the hottest neighborhoods in LA: Silver Lake, Los Feliz, Echo Park, Atwater Village, DTLA, Lincoln Heights, Mt. Washington, Glassell Park, Highland Park, Eagle Rock and Chinatown.

2820 Newell• La Colombe• Lucas Salon• Ways & Means

Nomad

Dodger Stadium

Downtown LA

Elysian Park

G2/Taylor Yards(future park site)

L.A. River

Future site of pedestrian

bridge

Nearby Amenities

Silver Lake Reservoir

Dodger Stadium

ATWATER VILLAGE

MOUNT WASHINGTON

HIGHLAND PARK

ECHO PARK

SILVER LAKE

◀ Ways & Means

Salazar ▶

◀ La Colombe

◀ Lucas Salon

◀ Whole Foods 365Wax Paper ▶

ACME ▶Spoke Bicycle Café ▶Modern Eats ▶

◀ Silver Lake Wine◀ The Red Lion

◀ Frogtown Brewery◀ Elysian Restaurant◀ Trader Joe’s

Blair’s ▶

55 Degree Wine ▶Bon Vivant ▶

Momed ▶Killspencer ▶

Casita del Campo ▶

Barbrix ▶

Speranza▶

Gelson’s ▶

◀ Proof Bakery

◀ All’Acqua

◀ Rio de Los Angeles Park

◀ The Klub Gymnastics

◀ Eagle Rock Brewery

Elysian Park

Nomad ▶◀ Café Nela

French General Store ▶

HOME ▶

Journeymen ▶

◀ Thank You For Coming

◀ Blake Avenue Lofts

◀ Modernica

◀ Taylor Yards

GLASSELL PARK

CYPRESS PARK

Wax Paper La Colombe

LOS FELIZ

Griffith Park

GLENDALE

◀ LAMILL Coffee Boutique◀ Alimento

◀ L&E Oyster Bar

◀ Intelligentsia◀ Pine and Crane

◀ Night + Market Song

◀ Sawyer◀ Trois Familia

◀ Silverlake Ramen◀ WOOD

Zebulon ▶

Salazar

The property at 1801 Blake Avenue offers a unique opportunity for developers and owner-users along a rapidly developing corridor in Frogtown. With acquisition opportunities in this area difficult to find, this site is prime.

The L.A. River Project aims to bring $1 Billion of development over the next 5-10 years including design from internationally acclaimed architect Frank Gehry. See https://la.curbed.com/maps/los-angeles-river-development-map-sixth-street-bridge for upcoming projects along this burgeoning corridor.

In April of 2018, Opportunity Zones were designated in 18 states. Several areas along the Los Angeles River are located within an Opportunity Zone, including the subjects sites. Opportunity Zones provide federal tax incentives including deferment on capital gains for qualifying Opportunity Zone Fund investments. See https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions for further details.

L.A. River Corridor and Opportunity Zone benefits

Rendering of the future L.A. River site Rendering of the future pedestrian bridge spanning the L.A. River

https://la.curbed.com/maps/los-angeles-river-development-map-sixth-street-bridge

https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions

for sale - loopnet€¦ · • 17 townhome style apartment/condo units, ranging in size from 1,506...

Documents