2913-2917 S. Flower Street
USC Campus
USC Campus
USC Main Entrance
Property Overview
CAG is pleased to have exclusively listed 2917 & 2913 South Flower Street, a ±38 unit
residential development site and adjacent 33 unit apartment building by the University of
Southern California. The ±16,068 square foot site is zoned C2-1L which equates to R4, allowing
one unit per every 400 square feet. The property has an FAR of 3:1 and a height limit of six
stories (75 feet).
Just blocks from campus, this is a rare opportunity to develop a student housing apartment
building at one of the nation’s top universities that is situated less than two miles south of
Downtown Los Angeles.
In addition to the development site, the property also contains a 33 unit income producing
apartment building which is close to being fully occupied year round. The apartment building
comes with 16 on site surface parking spaces.
Alternatively, a buyer may choose to develop both parcels (±24,132 square feet). If both parcels
are developed, then a ±60 unit apartment building may be built.
2917 South Flower St
Location Highlights




2913 South Flower St

Great tenant base of USC students – only 20% of student body are housed on campus –
leaving ±29,600 students to find alternative living accommodations.
Phase One of the Expo line, which connects Downtown to Culver City via USC opened in
2012. Completion of Phase Two with full service to Santa Monica is slated to open in
2015, providing a 15-mile rail line from Downtown Los Angeles to Downtown Santa
Monica.
Area will benefit from $20 Million Figueroa Corridor Streetscape Project: Funded by
Proposition 1C grant from the California Department of Housing Community
Development, the project will aim to better support community life, economic
development and mobility along an iconic 3.5 mile section of Figueroa extending from
Exposition Park to Staples Center and Downtown Los Angeles. Improvements may
include landscaped medians, parkways with street trees and pedestrian lighting, new
transit stops and more (myfigueroa.com).
Proximity to major amenities include:
o
Exposition Park, home of the Natural History Museum, California Science Center,
African American Museum, IMAX Theater and Los Angeles Sports Arena.
o
The Coliseum, home of the USC Trojan Football, and Galen Center, home of USC
Basketball and Volleyball.
o
The Staples Center, the Los Angeles Convention Center, L.A. Live, which features
the Nokia Theatre and various restaurants, as well as the Walt Disney Concert Hall
(home of the LA Philharmonic), Dorothy Chandler Pavilion (home of LA Opera),
Mark Taper Forum and Ahmanson Theatre. The Historic Shrine Auditorium, past
host to the Academy Awards, American Music Awards, BET Awards and Grammys.
Convenient access to the 110, 10 and 101 Freeways.
Development Overview: Potential Project Scope
Development Overview: Potential Project Scope
Site Area (SF): + 16,068*
Site Area (Acres): + 0.37
Zoning: C2-1L
Net Rent: +32,300
Total Number of Units: +38
Total Number of Beds: +114
Est. Parking Area: +22,225
Total Parking Levels: 5
Est. Gross Building SF: +39,120
Est. Average Unit Size: 850
Est. Rent Per SF: $2.95
FAR: 3:1**
* Site refers to the parking lot portion of Parcel A and the entire Parcel B. See following page for details
** Buyer will need to verify FAR with City Planning Department
Proposed Project Summary
Based on the zoning and lot size, CAG believes
that ±38 units can be built on a newly divided lot
that contains Parcel B and the parking lot portion
of Parcel A. Due to the “L-Shaped” layout of the
apartment building and its accompanying parking
lot, this may be accomplished by supplying 16
parking spaces for the existing apartment building
to replace what has been taken and an easement,
or lot line adjustment will need to be recorded
between the two parcels.
Property Overview
2917 South Flower Street
Price: $1,550,000
5123-019-019
Building SF: 3,492 SF
Zoning: C2
Rent: Currently rented month to month but can be delivered vacant
Can potentially be rented to USC long-term or redeveloped into
Student Housing
2913 South Flower Street Rent Roll as of November 2014
2913 South Flower Street Potential Cash Flow and Analysis
Aerial Map – 2913 & 2917 South Flower Street
Dana Brody
Executive Managing Director
Commercial Asset Group, Inc.
1801 Century Park East, Suite 1420
Los Angeles, CA 90067
Direct: 310.272.7387
Main: 310.275.8222
Fax:
310.275.8223
Email: danab@cag-re.com
www.cag-re.com
www.brodyrealestategroup.com
Lic. 01429001
Lic. 01876070
These materials are based on information and content provided by others, which we believe are accurate. No guarantee, warranty or representation is made by
Commercial Asset Group, Inc. or its personnel. All interested parties must independently verify accuracy and completeness. As well, any projections, assumptions,
opinion, or estimates are used for example only and do not represent the current or future performance of the identified property. Your tax, financial, legal and toxic
substance advisors should conduct a careful investigation of the property and its suitability for your needs, including land use limitations. The property is subject to prior
lease, sale, change in price, or withdrawal from the market without notice.