Executive Summary


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The Neema Group of Marcus & Millichap is pleased to present a rare opportunity to purchase a trophy site in Westwood, a double lot totaling 11,337 SF of land zoned {Q}RD1.5-1 located just off Ohio Ave between Wilshire Blvd and Santa Monica Blvd. The site will be delivered RTI, with plans in place to construct four-story building totaling 11 units and one level of subterranean parking with 23 spaces. The plans in-place propose a unit mix made up of the following:

Six 3+2 Units – 1,396-1,688 SF
Five 3+3+Den Townhouse Units 1,554-2,180 SF

The efficient, condominium standard design includes no common area spaces for the floor area to be maximized, the plans call for a 19,973 SF building with 3,083 SF of open space and height of 44’2”, all homes feature private open space. The California Density Bonus has been implemented for a 35% increase in density with one unit set aside as affordable. The site currently consists of two duplexes that will be delivered vacant at the close of escrow with no tenant relocation or buyouts required. Ideal neighborhood for families to reside and for an investor to achieve aggressive pro forma rents in a submarket with limited rental product; within a two-mile radius, the median home value is over $1 MM, and the average household income is $128,887.

The site is located within a premiere school district with access to Ralph Waldo Emerson Elementary, Fairburn Elementary, Saint Paul the Apostle School, and Westwood Charter Elementary School, among others. Irreplaceable location walking distance from the Los Angeles California Temple, blocks from major office buildings on Wilshire Blvd, and a quick commute to the heart of Westwood, Beverly Hills, and Century City. One mile from UCLA, 1.5 miles from the new Google Campus on Pico Blvd as well as Century City, walk score of 91 down the street from multiple Metro Local Lines on Westwood Blvd & Wilshire Blvd. The Metro’s Purple Line station will be added near Wilshire and Westwood Boulevards as part of Section 3 of the Purple Line Extension Transit Project that will run from West LA to Downtown Los Angeles set to open in 2027 just before the 2028 Summer Olympic Games. Easy access to the 405 Freeway, the University of Los Angeles (UCLA), Brentwood, Santa Monica, Pacific Palisades, Beverly Hills, Bel Air, West Los Angeles, Culver City, Venice, and Marina Del Rey

Area Overview

Westwood Village

Located on the Westside of Los Angeles, Westwood is a commercial and residential neighborhood that’s bordered by Beverly Hills to the east and Century City on the southeast. Westwood Village centers on a 1920s Mediterranean-style shopping precinct, now home to chain boutiques, coffee shops, and casual eateries. The acclaimed Geffen Playhouse presents new plays and classics, while movie theaters include the 1931 Regency Village, with its distinctive Spanish-inspired tower. Exhibitions at the nearby Hammer Museum range from old masters to contemporary art. Westwood was initially developed in 1919 by Arthur Letts, the founder of the Broadway and Bullock’s department stores. Developed in 1929 by Janss Investment Company. The campus of the University of California, Los Angeles (UCLA) is just north of Westwood Village.

Sawtelle Japantown

The neighborhood of Sawtelle Japantown (formerly known as Little Osaka) is a true gem of West Los Angeles. The historic area is home to a sizable Japanese American population and is known for the trendy shops and restaurants centered on Sawtelle Boulevard. Today, Sawtelle Japantown is represented not only by its Japanese American postwar settlers and their descendants, but by a diverse set of Asians and other ethnicities and backgrounds. Take a stroll through the neighborhood and shop kitschy boutiques, nosh on delicious multicultural fare and more.

Brentwood

Brentwood includes high-style boutiques and trendy restaurants balanced by large secluded houses in the foothills of the Santa Monica mountains. A tranquil refuge for residents, while maintaining a distinct presence in greater Los Angeles culture. One of the neighborhood’s defining features is the Getty, which delivers world-class art from its mountainside perch. Specialty food and clothing shops, like those in Farmshop, power this community’s sharp appearance and organic diet. The Brentwood Farmers Market, one of the best in LA, draws people from all over the city.

Santa Monica

Santa Monica is a beachside city of 8.3 square miles on the westside of Los Angeles County. Offering an environment of unparalleled natural beauty, the city is home to a mix of residential communities, commercial districts, and recreational venues. Santa Monica features three miles of Pacific beaches and the Santa Monica Pier.

Century City

This “city within a city” is home to a cluster of high-rises that command a visible stretch of L.A.’s skyline. Century City is located on the west side of Los Angeles, sandwiched between Beverly Hills, West Hollywood, and Cheviot Hills. It’s known for having distinct skyscrapers and civic buildings, which form a trademark skyline that is visible from several canyons throughout Los Angeles. Century City is also home to several businesses, talent agencies, emergency centers, and entertainment studios.

The culture here is dominated by the Westfield Century City shopping mall. The upscale center has nearly 50 shops and restaurants, as well as a grocery store. The Annenberg Space for Photography is also within the neighborhood’s boundaries and hosts free exhibits throughout the year.

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