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E. Washington Boulevard
S. Los A
ngeles Stre
et
S. Main Street
FOR SALE // 129 E. Washington Boulevard & 1812-1840 S. Main Street
DTLA Development opportunity
Address 129 E. Washington Boulevard and 1812-1840 S. Main Street, Los Angeles, CA 90015
Total Land Area 66,785 SF (1.53 Acres)
Total Improvements 23,774 SF
Number of Parcels Five
Zoning C2
Location The site is located just south of the I-10 Freeway, along the north side of E. Washington Boulevard between S. Main Street and S. Los Angeles Street.
Access
The off-ramp for I-10 W is located just north of the Property along S. Los Angeles Street. Travelers heading east on I-10 can access the property by turning south on Maple Avenue and then right onto E. Washington Boulevard. An alleyway bisects the Property, allowing for additional access from E. 18th St. to the north. The site has existing curb cuts along E. Washington Blvd. and S. Main Street.
Parking Approximately 70% of the site is currently used for grade-level parking.
Topography The site is level at street grade.
opportunity Highlights• 1.5-acre development site in the heart of downtown Los Angeles’ revitalization activity• Located just south of the I-10 Freeway and ½ mile east of the
I-110 Freeway• Frontage along three highly trafficked streets; S. Main Street, E. Washington Boulevard., and S. Los
Angeles Street• Four blocks from the Metro Blue Line, which runs directly through Downtown LA and Long Beach• WalkScore of 92 (“Walker’s Paradise”) and Transit Score of 90 (“Rider’s Paradise”)• One block from Broadway Square, a 1.7 million SF mixed-use development project that will bring new
residential, hotel, and retail to the immediate area, and The REEF / LA Mart, an 800,000 SF creativeoffice redevelopment project
Cushman & Wakefield of California, Inc. , as Exclusive Agent, is pleased to present the opportunity to acquire Washington & Main (the “Property”), a 1.5-acre development site in the heart of Downtown Los Angeles’ (“DTLA”) renaissance. The Property is located just south of the I-10 Freeway and east of the I-110 Freeway, two of the most highly trafficked freeways in the entire United States, which provide convenient access to the broader Los Angeles Metropolitan Area. Washington & Main is walking distance to South Park and the Fashion District, and only a five-minute drive to the Financial District, Historic Core, and Arts District. The Property is situated along the north side of East Washington Boulevard, between South Main Street and South Los Angeles Street.
The Opportunity
Area Address APN Parcel SizeExisting
Improvement Size
One 1812 S. Main Street 5127-024-001 4,221 SF (0.10 Acres) None
One 1822 S. Main Street 5127-024-002 4,221 SF (0.10 Acres) None
One 1826-1832 S. Main Street 5127-024-003 8,442 SF (0.19 Acres) None
ONE (TOTAL) 16,884 SF (0.39 Acres)
Two 1834-1840 S. Main Street 5127-024-017 20,413 SF (0.47 Acres) 22,674 SF
Three 129 E. Washington Boulevard 5127-024-018 29,488 SF (0.67 Acres) 1,100 SF
TOTAL SITE 66,785 SF (1.53 Acres) 23,774 SF
The U.S. economy added 313,000 jobs in February, the most since July 2016 and the unemployment rate remained unchanged at 4.1%, a 17-year low. Locally, Los Angeles County’s unemployment rate was 4.5% in February, down from 4.9% one year ago. The unemployment rate is expected to decline slowly over the next two years, falling to 4.3% in 2018 and reaching 4.1% in 2019 as the county, similar to the state, starts to tick above full employment. In the last twelve months, nonfarm employment grew by 61,500 jobs, for a 1.4% annual growth.
Given the tightness of the labor market, near-term job growth is not expected to venture too far north of 1.0%. As in recent years, industries leading the way with job gains are expected to be Health Care, Leisure and Hospitality, and Construction. Los Angeles has a serious shortfall in housing construction, despite a modest increase in permitted units. The county’s economic growth
potential will be constrained by its labor force, and the region’s capacity to provide housing that will meet the varied needs of those workers and their families. This is not limited to low income and workforce housing needs, but extends further up the income scale to affordability concerns for moderate and upper middle income households as well.
Market overview
Umemployment Rate
4.9% (Q1 17)
Umemployment Rate
4.5% (Q2 18)
employment Rate
4.41M (Q1 17)
employment Rate
4.47M (Q2 18)
los angeles county
*Average Jan-Feb
E. Washington Boulevard
S. Los Angeles Street
S. Main Street
ONE
TWOTHREE
©2018 Cushman & Wakefield NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). AS APPLICABLE, WE MAKE NO REPRESENTA-TION AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) IN QUESTION.
MIKE CONDON, JR.+1 213 629 7379
License #01884476
KELLI SNYDER+1 213 629 6514
License #02004355
BRIANNA DEMUS+1 213 955 5140
[email protected] #02049585
ERICA FINCKSenior Financial Analyst
+1 213 426 [email protected]
BEN SCHWARTZFinancing Expertise
+1 858 625 [email protected]
