8946 Sepulveda Eastway

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. Currently Leased & New Owner Must Uphold Lease or do a buy out.***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.