Offering Memorandum and Pertinent Information: https://properties.berkadia.com/10011-washington-blvd-474387/p/1
PRICE: Market Price
Berkadia and CBRE are pleased to present THE ONE at 10011 Washington Boulevard in the heart of Culver City’s “tech-tainment” capital, home to Apple, HBO and Amazon. This Best-In-Class development site is on over an acre of land and benefits from the newly approved MIIP zoning. The MIIP zoning allows for unlimited residential units, unlimited height, and streamlined approvals (no CEQA). A Gensler Massing Study for the site provides for 259 residential units with only one level of below-grade parking (per MIIP Zoning), with the opportunity to increase the number of units by reducing the average unit size. Alternatively, a developer could pursue the previously entitled project for 207 residential units.
The site is in the phenomenal Culver City submarket, located directly at the border of Culver City, across from Sony Studios and One Culver, home to Apple, Halcyon Studios, WeWork, and Equinox. With a Walkscore of 97, the area is considered a “Walker’s Paradise” with access to a plethora of daily amenities, employment and entertainment. The area has strong demographics with an Average Housing Value of over $1.7M within one mile, an Average Household Income of over $176k within Culver City and an average monthly rent of $3,970 for 4 & 5 star communities in the submarket. Neighboring rental communities are achieving rents over $6 psf. To view Offering Memorandum and other Pertinent Information, visit the property website.
This is a phenomenal development opportunity in one of the nation’s top markets.
