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Olive Tree GardensAn Entitled 34MKT + 3BMR Unit Apartment Development Site

Permit Ready

Approved Tentative Map

Slab-on-Grade Construction

Introduction

Situated in Sylmar (City of Los Angeles) against the beautiful backdrop of the San Gabriel

Mountains on a residentially dominated segment of Foothill Blvd., Olive Tree Gardens will offer the

perfect opportunity to immediately begin construction on 37 spacious, mapped, apartment units.

The unique and highly visible corner lot development site is one of the last of its kind in the area.

The product has been designed to maximize both rentability and cost effectiveness of

construction.

The entitled and permit-ready development opportunity is being offered on an exclusive basis for

$3,450,000.

Please contact Listing Broker; Evanisko Realty & Investment, Inc. for additional information

regarding your interest in acquiring this development opportunity.

[email protected]

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mailto:[email protected]

❑ Permit Ready. Immediately commence construction [just pay Quimby

fees and Building Permits] on one of the most economically viable housing

products to construct in today’s cost environment. The project is vested out of

the linkage fee and JJJ.

❑ Approved Tentative Map. The project affords both individual unit sell-

out and rent/stabilize exit options.

❑ No Podium. Slab-on-Grade Construction. A function of the large site

area and low density zoning. A slab on grade apartment project of any

reasonable magnitude in the city of LA is an absolute rarity.

❑ Priced. The price has been set at $3,450,000.

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Average Unit Size:

1,242 SF [All 2 and 3 Bed]

All Surface Parking

74 Total Stalls

Slab-on-Grade Construction

[No Structural Podium]

Highly visible corner

lot site

1. Site / Pages 6-12

This section provides the key housing sales data required to formulate

revenue assumptions for the subject development.

2. Situation // Pages 13-28

This section provides all essential information pertaining to the subject

development site including a detailed description of the entitlements for

75 attached townhome condominium units.

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S I T E

The Property:

Address: 14401 Foothill Blvd. Los Angeles [Sylmar], CA 91342.

APN: 2502-024-020

Land Area: 48,703.6 [1.12 acres]

Zoning: (T)(Q) RD1.5-1

TOC/Opportunity Zone: No and No. SB1818 [35% bonus density was used]

Existing Improvements: Existing 1,847 SF SFR Built 1944 [2+1]. Vacant. Demo Permit.

Price: $3,450,000


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The Entitlements and Plans:

1. Tentative Tract Map:

▪ TT-68744 [Extended to Nov. 27, 2023]▪ Originally Processed in 2007 and approved for 27 attached townhome

condominiums. Planning has acknowledged and approved the modifications

to allow current bonus density project under existing entitment cases. Prior

approved plot plan contained herein for reference purposes.

2. Zone Change:

▪ APCNV-2007-522-ZC-ZV-BL-SM [Extended to Nov. 27, 2023]▪ Originally Processed in 2007 and approved for 27 attached townhome

condominiums. Planning has acknowledged and approved the modifications

to allow current bonus density project under existing entitment cases. Prior

approved plot plan contained herein for reference purposes.

3. Construction Drawings:

▪ Plan Check # B16VN17825▪ 37 slab-on-grade [no structural podium] units including 3 units @ Very Low

Income Level

▪ Total Project Leasable/Salable SF: 45,969 SF

▪ Total Project Buildable SF: 48,110 SF

▪ Average unit size: 1,242 SF

Site Development Options

Execute existing RTI plans for 37 mapped slab on grade flat units with 3 units BMR

Resubmit plans for 27 mapped market rate three story townhomes.

Option A Option B

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Olive Tree Gardens

** Excel project matrix included in DD materials.

*** Units market in red represent the required BMR (Very Low Income) units.

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** The site plan below was the initial site

plan approved in 2007 as part of the

zone change approval. Blocks (rows) of

attached tri-level condominium

townhomes.

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B-Permit Bond Estimate: $359,000

SITUATION

Olive Tree Gardens

Olive View-UCLA Medical Center

Olive View–UCLA Medical Center is a hospital, funded by Los Angeles County located in the

Sylmar neighborhood of Los Angeles, California. It is one of the primary healthcare delivery systems

in the north San Fernando Valley, especially the area's large indigent population. Olive View is also

the closest county hospital serving the Antelope Valley after High Desert Hospital was converted to

an urgent care clinic in 2003. The 377-bed replacement facility built on the old Sylmar site was

opened on May 8, 1987. Olive View incorporated UCLA in its name, becoming Olive View–UCLA

Medical Center in 1992.

Olive View–UCLA Medical Center has an affiliation with the David Geffen School of Medicine at

UCLA, offering residency programs in major specialty areas as well as providing an on-campus

School of Nursing. It is also a rotation site for medical students at UCLA.

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Olive Tree Gardens

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1 16601 Foothill Blvd. Sylmar, CA 91342

Rockwood at the Cascades Apartments. A

community of 223 apartment Built in 2005 on

Foothill Blvd. approx. 2.5 miles from the

subject site.

1,033 SF 2 Bed Units

$2,327/Mo.

Olive Tree Gardens

13775 Glenoaks Blvd. #10 Sylmar, CA 91342

A detached condo built in 2000 approx. 1.2

miles from the subject site. The rates below

were compiled from apartments.com.

3 Bed / 3 Bath: Just released. 1,253 SF

Asking Rent: $2,495

Approx. $1.99 /PSF

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2

16

1,253 SF 3 Bed Unit

$2,495/Mo.

Olive Tree Gardens

12445 San Fernando Rd. Sylmar, CA 91342

COSMO Residential

A community of 61 apartment Built in 2014

approx. 1.8 miles from the subject site.

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$2,205/Mo.

Olive Tree Gardens

12871 San Fernando Rd. Sylmar, CA 91342

An 18 unit apartment building built 2015. 1.6

miles from the subject site.

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18

4

3 Bed Unit

$2,977/Mo.

Olive Tree Gardens

11777 Foothill Blvd. Sylmar, CA 91342

An 124 unit apartment community built 1985.

4.5 miles from the subject site. The rates

below were compiled from

apartments.com.

1 Bed / 1 Bath: 652 SF

$1,799

$2.76/PSF

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Olive Tree Gardens

13140 Dronfield Ave. Sylmar, CA 91342

An 96 unit apartment community built 2007.

1.12 miles from the subject site.

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$2,459/Mo.

Tovara [1.76 Miles From Subject]

13323 Foothill Blvd.

Sylmar, CA 91342

Product: 204 attached three story condominiums

Status: Units Currently For Sale

Size Range: Mostly circa 1,774 SF

HOA: $284/mo.

Pricing: $470,000 +/- Range

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TOVARA COMMUNITY - 74 BRAND NEW TRI-LEVEL TOWNHOMES in the heart of Sylmar. NO MELLO ROOS.

THREE beautifully decorated models - 1,774 sqft - 4 bedrooms 3.5 bathrooms, 1,774 sqft - 5 Bedrooms 4

bathrooms, and 1,914 sqft - 5 bedrooms 5 bathrooms. Community is fully gated and has a Community park

with BBQ grills, picnic tables, Tot lot, and bike racks. All of our homes have an amazing spacious bedroom

and full bathroom at first floor. The Architecture of each home is breath taking from open kitchen with a

center island (Plan1 models), kitchen window (some in Plan2 models), granite counter tops with 6”

backsplash, cultured marble countertops in bathrooms, energy efficient double white vinyl dual glazed

windows, energy efficient tankless water heater, energy efficient LED recessed lighting, standard stainless

steel package. These townhomes are conveniently located near all grade level schools/Charters, several

recreational parks including Hansen Dam Aquatic Center (water park, fishing, hiking, golfing, horseback

riding, etc.), libraries, minutes from malls, and shopping centers. We are located off the 210 freeway which

connect with 14, 5, 2, and 118 freeways.

Cabrillo Collection [1.83 Miles From Subject]

13323 Foothill Blvd.

Sylmar, CA 91342

Product: 84 detached small lot homes

Status: Units Currently For Sale

Size Range: Circa 1,500-1,600 SF

HOA: $20/mo.

Pricing: Mid $500,000 +/- Range

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BRAND NEW, SINGLE FAMILY HOMES! This listing is for one, single family home in The Cabrillo Collection. A

new home community of 84 homes in Sylmar. There are two models to choose from and two builder

models to tour. Packed with pre-installed upgrades. * 4 Bedrooms + Loft * Stainless Steel Appliances *

Ceasarstone Counter-Tops * Mosaic Tile Backsplash * Recessed Lighting * Master Suite w- Walk In Closet *

Washer and Dryer Included * Smart Front Door Camera * Smart Garage Door Opener * * Smart Lighting *

Smart Thermostat * 2-Car Garage w- Direct Access * Solar Power * Vinyl Fence * Landscaped Back Yard

w- Sprinkler System * Pre-Plumbed for EV Car Charger * Tile and Carpet Floors * Brand New City Park at the

front of the community. FINAL PHASE. Homes are ready for move fall move-ins. *** *** These Smart Homes

are the Smart Choice for Smart Living. * Low HOA. ONLY $20 per month. First time buyer financing and

year end incentives available. * Photos are of the models and the community.

Full Due Diligence Package Contents:

1. Planning Approvals. City of Los Angeles Notice of Determinations and

extension letters for the approved entitment cases pertaining to the site andproject.

2. Permit Ready Construction Documents for 37 UnitsA. Architectural PlansB. CivilC. GeotechnicalD. LandscapeE. LIDF. MechanicalG. PlumbingH. StructuralI. Street Improvement + B-Permit Bond EstimateJ. Park Fee Calculation Letter

3. Preliminary Title Reports.A. Fidelity Builder Services

Please execute and return the Confidentiality Agreement containedherein for access to the full Due Diligence Package.

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or

implied, as to the accuracy of the information. References to square footage or age are approximate. Any elevation or rendering is

provided for reference purposes only. A buyer must verify the information and bears all risk for any inaccuracies. All materials and

information received or derived from the Listing Brokers, their directors, officers, agents, advisors, affiliates and/or any third-party

sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the Property,

compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the

Property, projected financial performance of the Property for any party’s intended use or any and all other matters. Neither Listing

Broker nor their respective directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied,

as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any

source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due

diligence to determine these and other matters of significance to such party. The Listing Brokers will not investigate or verify any such

matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN

INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or in escrow for a transaction is urged to verify all

information and to conduct its own inspections and investigations including through appropriate third party independent professionals

selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and

reports and consulting appropriate independent professionals. The Listing Brokers shall not serve as financial advisors to any party

regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial

modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be

provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any

applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to

determine rents or potential rents from or for the Property. Legal questions should be referred to an attorney. Tax questions should be

discussed with a certified public accountant or tax attorney. Title questions should be referred to a title officer or real estate and/or land-

use counsel. Questions regarding the condition of the property and whether the property complies with applicable governmental

requirements should be discussed with appropriate engineers, architects, contractors, other consultants and/or governmental

agencies.

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Please return this signed Confidentiality Agreement for access to the Due Diligence Package contents listed on page 23 of this brochure.

The undersigned has been advised that Evanisko Realty & Investment, Inc. (the “Broker”) has

been retained on an exclusive basis by the property owners (“Owner”) with respect to the

offering for sale of an entitled development site in Los Angeles, CA (the “Property”). The Owner

has indicated that all inquiries and communications with respect to the contemplated

investment in and acquisition of the Property be directed to the Broker. The undersigned is a

principal in connection with the possible acquisition of the Property.

The Broker has available, for your review, certain information (“Confidential Information”)

concerning the potential acquisition of the Property. On behalf of the Owner, Broker shall make

such Confidential Information available to the undersigned upon execution of this Confidentiality

Agreement. The Confidential Information is intended solely for your own limited use in

considering whether to pursue the acquisition of the Property. This is not an agreement to sell the

Property or an offer of sale. No agreement shall be binding upon the Owner, or any of its

associated or affiliated companies, nor shall any agreement be deemed to exist, at law or

equity, until the Owner of the Property enters into a formal and final binding written agreement

regarding the acquisition of the Property.

By executing this Confidentiality Agreement you agree that the Confidential Information

provided is confidential, that you will hold and treat it in the strictest confidence, and that you will

not disclose or permit anyone else to disclose the Confidential Information to any person, firm or

entity without prior written authorization of the Owner and the Broker, except in connection with

the evaluation of the Property that the information may be disclosed to your partners,

employees, legal counsel and lenders or pursuant to a court order. Additionally you agree to

not to disclose your receipt of the Confidential Information, your interest in purchasing the

property and/or the terms or conditions of any offer(s) you make to purchase the Property, or

take any other action that could adversely effect the potential development of the Property.

Owner expressly reserves the right, in its sole discretion, to reject ay or all proposals or expressions

of interest in the Property and to terminate discussions with any party at any time with or without

notice.

Accepted and Agreed [Date] ______________________ Signature _________________________

Name [Print] ___________________________________ Company ________________________

Address ____________________________ City __________ State _________ Zip __________

Phone ________________ Office _________________ Email ____________________________

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Olive Tree Gardens

Exclusive Listing Broker:

Evanisko Realty & Investment, Inc.BRE 01383591Frank Evanisko(818) 985-9700

[email protected]

www.TheDevelopmentBrokers.com

Since its inception in 2004, Evanisko Realty & Investment, Inc.has tirelessly pursued the mastery of a unique balancedimplementation of both real estate brokerage and land useconsulting. The ability to skillfully provide both services hasestablished Evanisko as one of the most invaluable strategicpartners for stakeholders in sale transactions involving realestate slated for all forms of redevelopment in the SouthernCalifornia marketplace. Evanisko’s closed transactionalresume spans dozens of Southern California zoningjurisdictions and project uses with a special focus on exclusivelandowner representation in the disposition of urban infill realestate slated for various forms of new housing developmentand product types.

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mailto:[email protected]

http://www.thedevelopmentbrokers.com/