Executive Summary

DOWNLOAD OFFERING MEMORANDUM

• The Neema Group of Marcus & Millichap is pleased to present a rare, generational development opportunity in the highly coveted Pico-Robertson neighborhood of Los Angeles at 9500 W Pico Blvd, a prominent corner location of W Pico Blvd & S Beverly Dr that spans the entire block.
• The subject property totals 25,821 SF of land zoned C4-1VL-O; the project has been entitled for a six-story mixed-use project totaling 149,150 SF consisting of 108 apartment units and 3,250 SF of ground-floor retail as well as two levels of basement parking with 180 spaces
• The plans include an attractive unit mix made up of the following:
  35 Singles: 485-615 SF (six set aside as affordable
  55 One-Bedrooms: 560-845 SF (10 set aside as affordable)
  12 Two-Bedrooms: 875-1,220 SF (two set aside as affordable)
  Six Three-Bedrooms: 1,285-1,400 SF (one set aside as affordable)
  Retail: 3,250 SF total – 1,000 SF corner restaurant and 2,250 SF divisible retail
• In addition, plans include a plethora of amenities for tenants such as a 4,700 SF rooftop deck and pool, second and fifth-floor terraces, a 2,000 SF fitness center, 1,000 SF lounge, and 1,500 SF coworking space; 60 of the residential units have balconies
• The site currently consists of a carwash and 7,236 SF office building that generates income of $753,492 annually
• Although a market-rate project has been entitled, there is also potential for a 100% affordable housing project through ED-1; ownership has preliminary plans for 203 affordable housing units (contact agent for additional details)
• Iconic Pico-Robertson location across the street from the Beverly Hills Marriott and Residence Inn; the property is down the street from Hillcrest Country Club, Fox Studios and one of the largest employment hubs of Los Angeles, Century City
• Located one mile south of the Golden Triangle, one of the top retail destinations in the world; the site also benefits from the thousand of square feet of office and retail just north along S Beverly Blvd
• Located in an affluent neighborhood with a significant affordability gap between renting and home ownership; within a two-mile radius of 9500 W Pico Blvd, the median home value is over $1 million, and the average household income is over $137,000

Area Overview

PICO – ROBERTSON

Pico-Robertson is an affluent Los Angeles neighborhood bordered on the west by Pico-Robertson is the heart of the city’s Jewish community, with kosher restaurants and supermarkets, Jewish day schools and high schools, and six synagogues. The area has a strong community feel with dozens of restaurants along the main thoroughfares of Pico

Boulevard and South Robertson Boulevard. DESIRABLE BEVERLYWOOD NEIGHBORHOOD IN THE PICO-ROBERTSON AREA. The spectrum of neighborhoods in Los Angeles is wide and varied. They range from worldclass luxury homes and beach cities to apartments homes and offices converted from formerly vacant warehouses with graffiti on the exterior walls. When thinking about Los Angeles there are a handful that come to the top of everyone’s mind – Pico Robertson is one neighborhood that will likely fly under the radar.

Yet despite the area’s low-key existence, Pico Robertson boasts arguably the most significant and strong thread of cultural heritage of any region in Los Angeles. Take a stroll down Pico Boulevard east of Robertson and Kosher deli’s, bakeries, and synagogues dominate one’s view delivering rich history and flavors. Turn right onto streets like Corning, Bedford, and Shenandoah and the vibe becomes relaxed densely populated by young professional apartment dwellers who work in surrounding areas such as Beverly Hills, Century City, and Culver City

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