Investment Overview

Marcus & Millichap is pleased to offer for sale a total of ten vacant and unimproved parcels of land of which seven parcels are located in Los Angeles and three parcels are located in Glendale, California. The development site consists of 27.14 acres of un-entitled land currently zoned A1 (Los Angeles parcels) and ROS III (Glendale parcels). The individual parcels are all irregular in shape. All of the parcels are contiguous except for one small Glendale parcel which is land locked and accessible off of Blackmore Drive. Accessibility to the parcels is currently by a frontage road called Carmel Drive with approximately 100 feet of frontage backing to the hillsides and mountain slopes. The lots sit on the back and front side of the hill and there is a fire road which runs across the hilltop. Due to the steep rolling and sloping hillside terrain, the usable lot utility is estimated to be 17.59 acres. Based on the A1 and ROS III zoning classification, the surrounding land uses and the city of Los Angeles Zoning Regulations and the restricted density for the site, predicted on the lot size and current zoning, the site may be suitable for a high-end luxury single family home development of approximately 10 homes. The Los Angeles master plan has these lots designated as ROS (Residential Open Space zone). Some of the permitted uses in the A1-(Agricultural) Los Angeles zoning allow single family dwellings, parks, playgrounds, community centers, golf courses, home occupations, greenhouses, farming, nurseries, raising of livestock, and equine facilities and trails. The minimum lot size is five acres with a minimum average width of 300 feet except for residential dwelling units which shall be no less than 2.5 acre parcels. The ROS III zoning (Glendale) allows low density residential with a minimum lot size of 12,000-square feet, a 25 foot height limit and 40 percent of the lot left for open space or landscaping. As this zoning allowed standards in the older and flatter residential section of the city, it is likely that modifications may be required for the hillside development due to the minimum lot size and open space requirement. The subject parcels sit at the northeast quadrant of the Glendale (2) Freeway and the Ventura (134) Freeway. Accessibility is only via Glenoaks Boulevard to the north and Mount Carmel Drive to the immediate easterly border. The subject parcels are situated in an urban in-fill pocket area bounded and influenced on the north by the city of Glendale and on the south by the Eagle Rock section of Los Angeles. Pasadena lies directly to the east. The immediate area has an established mix of commercial and good quality residential development with diverse neighborhoods and demographics. Average prices of single family homes in the area are above $900,000 and $429 per square foot. Glendale Adventist Hospital lies just to the west of the property also on the transition of the 134 and the 2 Freeway. Glendale is Los Angeles County's third largest city with a population over 200,000. The ideal location has excellent freeway access with the Glendale Freeway, the Ventura Freeway and the Pasadena Freeway (210) easily accessible. Glendale is a progressive community that offers the best in urban-suburban living and is an optimal location for businesses of varying sizes. Nearby are headquarters for many well known companies, including, Nestle USA, IHOP Corporation, The Walt Disney Company, Walt Disney Imagineering, Dreamworks, State Compensation Insurance Fund, and Baxter Bioscience. Glendale Junior College and Occidential College are minutes away. This assemblage of 27 acres allows for a diversity of low density uses. The site offers unsurpassed mountain and canyon views and is ideally location within a dense thriving and popular area of Los Angeles.