1977 Carmen Ave - Monastery of the Angels
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1977 Carmen Ave - Monastery of the Angels
52,572 SF Specialty Building Offered at $15,000,000 in Los Angeles, CA 90068
Investment Highlights
- Premium 3.77-acre property in Hollywood Hills
Executive Summary
Proposals Due: January 16, 2025
While the Nuns do not want to overly restrict the range of proposals submitted for consideration, the Nuns have dramatically decreased the anticipated property value in hopes that (1) a long-term ground lease might be considered which would increase the likelihood that the Nuns would retain ownership of the property while supporting a mission aligned use of the property or, alternatively, (2) by offering a discounted value to a new owner who may propose a use in alignment with the Four Dominican Pillars of Prayer, Study, Community and Service. The following is provided to assist Interested Parties in preparation of their proposals.
• DISCOUNTED PROPERTY VALUE - Fifteen Million Dollars ($15,000,000)
• GROUND LEASE: Terms to include a) an annual market rate return on the Discounted Property Value, (b) a personal guarantor, (c) an agreement to not have annual payments contingent on the proposed projects success, and (d) not being subordinated to future debt.
• OTHER CONSIDERATIONS - To the extent the offer price or ground lease does not meet the Discounted Property Value, the proposer should provide a clear explanation for how the project's mission and/or alignment with the four Dominican Pillars of community, ministry (service), study, and prayer might justify said discount
• CONTINGENCIES - Any and all contingencies should be clearly detailed, with a preference for limiting said contingencies
• DEPOSIT STRUCTURE - To the extent contingencies exist and the feasibility period is extended, deposits should be significant, nonrefundable and released to the property owner throughout the proposed period.
• OUTSIDE DATE FOR CLOSE OF ESCROW or LEASE TRANSITIONS - There is a preference for a close of escrow or lesae transition period within 60-90 days, as opposed to a lengthier period
• EXPERIENCE - Demonstrated expertise and experience in the delivery of projects that compare to the proposed project
• FINANCIAL STRENGTH - Proof of the financial resources required to successfully execute a project this nature and scope
While the Nuns do not want to overly restrict the range of proposals submitted for consideration, the Nuns have dramatically decreased the anticipated property value in hopes that (1) a long-term ground lease might be considered which would increase the likelihood that the Nuns would retain ownership of the property while supporting a mission aligned use of the property or, alternatively, (2) by offering a discounted value to a new owner who may propose a use in alignment with the Four Dominican Pillars of Prayer, Study, Community and Service. The following is provided to assist Interested Parties in preparation of their proposals.
• DISCOUNTED PROPERTY VALUE - Fifteen Million Dollars ($15,000,000)
• GROUND LEASE: Terms to include a) an annual market rate return on the Discounted Property Value, (b) a personal guarantor, (c) an agreement to not have annual payments contingent on the proposed projects success, and (d) not being subordinated to future debt.
• OTHER CONSIDERATIONS - To the extent the offer price or ground lease does not meet the Discounted Property Value, the proposer should provide a clear explanation for how the project's mission and/or alignment with the four Dominican Pillars of community, ministry (service), study, and prayer might justify said discount
• CONTINGENCIES - Any and all contingencies should be clearly detailed, with a preference for limiting said contingencies
• DEPOSIT STRUCTURE - To the extent contingencies exist and the feasibility period is extended, deposits should be significant, nonrefundable and released to the property owner throughout the proposed period.
• OUTSIDE DATE FOR CLOSE OF ESCROW or LEASE TRANSITIONS - There is a preference for a close of escrow or lesae transition period within 60-90 days, as opposed to a lengthier period
• EXPERIENCE - Demonstrated expertise and experience in the delivery of projects that compare to the proposed project
• FINANCIAL STRENGTH - Proof of the financial resources required to successfully execute a project this nature and scope
Taxes & Operating Expenses (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
$99,999
|
$9.99
|
Taxes & Operating Expenses (Actual - 2024) Click Here to Access
| Taxes | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts In Escrow
Walk Score ®
Very Walkable (85)
PROPERTY TAXES
| Parcel Number | 5586-003-012 | Improvements Assessment | $1,776,338 |
| Land Assessment | $1,105,714 | Total Assessment | $2,882,052 |
PROPERTY TAXES
Parcel Number
5586-003-012
Land Assessment
$1,105,714
Improvements Assessment
$1,776,338
Total Assessment
$2,882,052
zoning
| Zoning Code | RD1.5-1XL (General Plan Land Use Low Medium II: 18-29 dwelling units/net acre) |
| RD1.5-1XL (General Plan Land Use Low Medium II: 18-29 dwelling units/net acre) |
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1977 Carmen Ave - Monastery of the Angels
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