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Master planning

Wilshire bar

Lot 21,761 sf

4141 Wilshire Blvd · CR(PKM)-1 · level 1

Wilshire level. The door and the exit stair are on the south face.

Four generative schemes

Same rents, 6% vacancy, 32% expenses, 5.75% cap. Park Mile L has highest study residual (−$4,059,968). Wilshire bar has highest yield (3.4%). Every scheme inside the cap is short of the assessor land basis.

Rhino Compute / Grasshopper

Sends form, levels, and floor-to-floor height to Grasshopper solve API.

Park Mile pre-check

Numbers clear. Park Mile still has to review it

6 of 8 closed. 2 still with the city.

The measured numbers fit Height District 1. Specific-plan approval and the design board are still open. This is not a clearance letter.

Completeness

  • Massing on the lotPass

    3 levels, 31,335 sq ft

    A scheme has to sit on 4141 Wilshire before the numbers can be read.

  • On the parcelPass

    Corners and edge midpoints are inside the lot

    The ground floor stays inside the 4141 Wilshire parcel. The commercial permission does not cross the lot line.

Compliance

  • UsePass

    shops, apartments

    CR limited commercial on this lot.

  • Floor areaPass

    1.44 FAR

    Height District 1: 1.5 times the lot (32,641 sq ft).

  • HeightPass

    3 levels, 39 ft

    Height District 1 on this commercial lot: 6 stories or 75 ft, whichever is tighter.

Still with the city

  • Specific planReview

    Not a filed approval

    Park Mile Specific Plan, Ordinance 162,530. Wilshire from Wilton Place to Highland Avenue.

  • Design boardReview

    Not reviewed

    Park Mile design board.

  • Historic edgePass

    This parcel is outside the HPOZ

    Hancock Park and Wilshire Park HPOZ stops behind the boulevard lot.

Reading of the published zone for this parcel. Not a city clearance letter.

South is Wilshire. The amber dot is the door. The dark bar is the exit stair. The teal bar is the elevator from that door. The stone shape is the lot, 21,761 sf. The ground floor is inside Height District 1.

Building code

Shops under apartments

7 of 7 closed.

The Wilshire door, the exit stair, and the elevator are in the building. Sprinklers are on, so the floor over the shops is the 1-hour separation and every apartment floor is covered.

Building code

  • OccupancyPass

    Group M, mercantile (IBC 309.1); Group R-2, apartments (IBC 310.3)

    IBC 304.1, 309.1, and 310.3.

  • Mixed usePass

    1-hour floor drawn over the shops

    Table 508.4, sprinklered column. IBC 420.3 makes that floor a horizontal assembly.

  • SprinklersPass

    Sprinklered throughout

    IBC 903.2.8 and 420.4. A Group R fire area is sprinklered throughout.

  • Fair HousingPass

    18 apartments, elevator from Wilshire

    Four or more dwellings are covered. An elevator makes every apartment floor a covered floor.

  • Accessible entrancePass

    Door on the Wilshire face

    2010 ADA Standards. The public entrance is on the sidewalk side.

  • High-risePass

    Top of the massing is 39 ft

    High-rise starts above 75 feet to an occupied floor, measured from fire-department access.

  • Means of egressPass

    Stair discharges to the Wilshire door

    IBC Chapter 10. The exit stair reaches the public way. The elevator is not the exit.

IBC 2021, the 2010 ADA Standards, and the Fair Housing Act, for this lot. Los Angeles reviews under the California Building Code. Not a plan-check approval.

Live feasibility

Study model for this massing on 4141 Wilshire. Height District 1 is FAR 1.5 and 75 ft. Park Mile review sits on top of those numbers.

The building

Levels3cap 6
Height39 ftcap 75 ft
Footprint10,445 sflot 21,761 sf
Open space11,316 sf
Parking stalls189 × 18 ft
Gross area31,335 sf
Net area25,695 sf
Floor area ratio1.44cap 1.5

Income

Retail: 9,401 sf net × $52/sf = $488,833

Housing: 16,294 sf net × $51/sf = $831,017

Potential rent$1,319,850
After 6% vacancy$1,240,659
NOI after 32% expenses$843,648

Cost

Retail hard: 10,445 sf × $520/sf = $5,431,481

Housing hard: 20,890 sf × $450/sf = $9,400,640

Hard cost$14,832,121
Soft, 22% of hard$3,263,067
Contingency, 7% of hard$1,038,248
Finance, 5% of hard + soft$904,759
Land basis$5,089,800
Total cost$25,127,996

Return

Value at 5.75% cap$14,672,140NOI / cap
Yield on cost3.4%NOI / total
Residual land−$5,366,056value − built

Residual land is $10,455,856 under the assessor land basis. The finished value does not cover what the lot is assessed at plus the cost to build.