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8946 Sepulveda Eastway

Los Angeles (City), CA 90045
  • $4,800,000
  • STATUS: Active
  • ON SITE: 168 Days
  • ID#: SW21127707
UPDATED: 92 min ago
$4,800,000
  • 0
    BEDS
  • 0.25
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1975
County:

School Ratings & Info

Listing provided courtesy of Janine Love of Exceptional Realty

Description

Located in the Westchester Business District, a stones throw to Los Angeles International Airport and only minutes from the 105 & 405 freeways. This Multi-Use Property has been used as an Event Center, Church, Catering Company or Gourmet Restaurant & was originally a Library. Potential for Apartment Development Site - (please read below). It sits on the corner of Sepulveda Eastway & Westchester Pkwy. This 7,744 Sq Ft Building features a 3,000 Sq Ft Auditorium/Event Area with a Stage. Along with a Nice Bar/Serving Area. 2 separate offices or Dressing Rooms(?) or ? Rooms Sit on each side of the stage.Full Commercial Kitchen w/huge underground Oil Vat. Commercial His/Her Bathrooms with 4 stalls each. 2 storage areas and 8 on-site gated parking (more parking possibly available across the street). Lot size is 12,913 which would allow the development of 32 conventional market-rate units to be developed onsite (see Below) - Zoned LAR4 which would enable an Apartment Development of unlimited height. There are 2 adjacent Apartment Buildings on Sepulveda Eastway Remodeled in 2011 to make it an event center.***This property qualifies as a Tier 3 property under the Los Angeles law defining "Transit-OrientedCommunities." As a Tier 3 property, the ordinance provides a 70% density bonus for including 'verylow income' (VLI) or 'low income' (LI) units in the property. That would mean there is the potential todevelop 57 units on the site. If you are providing VLI units you have to provide 14% of the units forthose tenants. If you are providing LI units you have to set aside 23% of the units. So that means, in a57 unit development, 8 units would have to be allocated for VLI tenants or 13 units for LI tenants. (CIMGroup completed construction on a 137-unit 5-story apartment building with Tier 3 densitybonuses on the same block a few years ago).This property is also for lease @ 18k per monthDISCLAIMER: The information provided above relating to potential development is our interpretation ofthe current development laws. We are not making any representation or guarantee as to the accuracyof the information. A prospective buyer/developer should conduct his own independent investigation ofthe development potential of the site and verify all of the information provided above.

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Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-03T00:26:52.457. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RGA Homes | Coldwell Banker Realty. Licensed in the State of California, USA.
www.rgahomes.com/homes/118429517
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8946 Sepulveda Eastway Los Angeles (City), CA 90045

  • Price: $4,800,000
  • Status: Active
  • On Site: 168 Days
  • Updated: 92 min ago
  • ID#: SW21127707
0
Beds
0
Baths
0
½ Baths
0.25
Acres
1975
Built
Neighborhood:
C34 - Los Angeles Southwest
County:
Los Angeles
Area:
C34 - Los Angeles Southwest
Property Description
Located in the Westchester Business District, a stones throw to Los Angeles International Airport and only minutes from the 105 & 405 freeways. This Multi-Use Property has been used as an Event Center, Church, Catering Company or Gourmet Restaurant & was originally a Library. Potential for Apartment Development Site - (please read below). It sits on the corner of Sepulveda Eastway & Westchester Pkwy. This 7,744 Sq Ft Building features a 3,000 Sq Ft Auditorium/Event Area with a Stage. Along with a Nice Bar/Serving Area. 2 separate offices or Dressing Rooms(?) or ? Rooms Sit on each side of the stage.Full Commercial Kitchen w/huge underground Oil Vat. Commercial His/Her Bathrooms with 4 stalls each. 2 storage areas and 8 on-site gated parking (more parking possibly available across the street). Lot size is 12,913 which would allow the development of 32 conventional market-rate units to be developed onsite (see Below) - Zoned LAR4 which would enable an Apartment Development of unlimited height. There are 2 adjacent Apartment Buildings on Sepulveda Eastway Remodeled in 2011 to make it an event center.***This property qualifies as a Tier 3 property under the Los Angeles law defining "Transit-OrientedCommunities." As a Tier 3 property, the ordinance provides a 70% density bonus for including 'verylow income' (VLI) or 'low income' (LI) units in the property. That would mean there is the potential todevelop 57 units on the site. If you are providing VLI units you have to provide 14% of the units forthose tenants. If you are providing LI units you have to set aside 23% of the units. So that means, in a57 unit development, 8 units would have to be allocated for VLI tenants or 13 units for LI tenants. (CIMGroup completed construction on a 137-unit 5-story apartment building with Tier 3 densitybonuses on the same block a few years ago).This property is also for lease @ 18k per monthDISCLAIMER: The information provided above relating to potential development is our interpretation ofthe current development laws. We are not making any representation or guarantee as to the accuracyof the information. A prospective buyer/developer should conduct his own independent investigation ofthe development potential of the site and verify all of the information provided above.
Exterior Features

Construction Materials BrickBrick VeneerConcrete Fencing Block Lot Features 0-1 Unit/AcreCorner LotLawnPavedRectangular Lot Parking Total 8 Roof Other Sign On Property YN Yes

Interior Features

Building Features Recreation Room Cooling Central AirElectric Cooling YN Yes Heating Central Heating YN Yes

Property Features

Additional Parcels YN No Anchors Co Tenants 0 Business Type BakeryBuild To SuitBar/Tavern/LoungeChurchClothingCommercialComputerDance StudioChild CareDistributionDeli/CateringDoughnutEducation/SchoolElectronicsFood & BeverageFlorist/NurseryFitnessGift ShopHealth FoodHobbyHealth Services Common Interest None Current Financing None Electric Electricity - On Property Exclusions None Inclusions Wolf Commercial Stove And All Kitchen Equipment Laundry Features Common Area Listing Agreement Exclusive Right To Sell Listing Service Full Service Listing Terms CashCash To New Loan1031 Exchange Number Of Units Leased 0 Property Sub Type Mixed Use Security Features Security Gate Special Listing Conditions Standard Utilities Cable AvailableElectricity ConnectedNatural Gas AvailablePhone AvailableSewer ConnectedWater Connected Water Source Public Zoning Lar4



Based on information from California Regional Multiple Listing Service, Inc. as of 2021-12-03T00:26:52.457. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS or RGA Homes | Coldwell Banker Realty. Licensed in the State of California, USA.
 
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RGA Homes | Coldwell Banker Realty
3790 Via De La Valle Suite 301
Del Mar CA, 92014
Listing provided courtesy of Janine Love of Exceptional Realty