17 Commercial Real Estate areas in Culver City to Pay Attention at
November 1st, 2013 by Diane Moore
As a commercial real estate investor, thoroughly investigating specific projects in certain cities is a priority. The more research collected on particular projects will ultimately be of the utmost importance in determining their validity and potential. Commercial real estate investing is highly lucrative if you know where to look, and it is crucial to know how to analyze the data so that you always make a secure, lucrative investment that will yield high returns.
Culver City, California for instance, provides numerous opportunities for potential investors, and it is essential that each of these projects are carefully scrutinized for the hidden problems that they might hold, as well as the hidden potential. In addition to this, the actual information about Culver City is vital in helping you to preempt certain market fluctuations and allowing you to make a more accurate decision about what project to invest in. Here are the main factors to take into consideration:
Population Size and Statistics
Culver City has a population density of 7687 people per square mile, and approximately 40 thousand people in total. Of this population, the distribution of those with an education and relationships can also be used in commercial real estate information.
Average Household Income
As of 2011, the median household income in Culver City was: $70,241 which has increased by approximately $20,000 since 2000, predominantly due to a revitalization of the city and increased number of film and other entertainment businesses to the area.
This also means that property prices have increased in terms of residential houses and condos. As of 2011, the average value was $534,905 with rentals averaging $1478 per month. This is higher than the California average.
Aside from the film industry, here are the other most common industries in Culver City, which shows you what commercial real estate projects are possibly more viable to invest in.
One of the main attractions that has boosted the commercial real estate values and increased the demand for real estate in Culver City is the reintroduction of the light rail passenger service. This has transformed the city into a vibrant urban hub and has rejuvenated the economy.
With this information at hand and by looking into more details surrounding the city, one can more readily determine the types of commercial real estate that would be better to invest in, and which investment projects would have the greatest potential for growth.
Culver City currently offers some of the affordable rents in the LA region, thus offering great business opportunities. Thanks to the ongoing restricting and redevelopment, the Culver City has become one of the top popular destinations.
Also, it is important to know that Culver City offers high quality municipal services, like:
- The Culver City Fire department that has become the first Department in California to be accredited by the Commission on Fire Accreditation International.
- The city provides with a full-service Police Department that performs the highest safety level, thus making the life of the city residents, businesses and visitors very comfortable and probably one of the safest in California.
And now, let’s have a look at some of the main current and future commercial real estate areas and projects in Culver City and what they offer investors.
New Expo Line Project
This new project is in the process of the construction work and will be directly linked to the new Expo line. This development is said to contain stores, apartments, art galleries, a hotel and numerous restaurants, which will dramatically enhance the rents and provide to be a reliable, steady source of revenue for investors over time. According to expert real estate broker Zac Card, the rentals in this new development are going to be roughly $6 per square foot, which will put it in line with Santa Monica’s Main Street.
Resurgence in commercial real estate during 2000, meant that many new, daring office buildings were built which have since attracted tenants, and therefore investors. In addition to this, public spaces were renovated in order to aid in bringing new life and therefore new business to the area.
This is one of the main streets in Culver City and is always a popular investment hub. A project here that might be of interest is the new construction on a bridge which is said to be costing in the region of $63 million.
9808 Venice Blvd.
Thanks to the outstanding panoramic view, Botman Physicians Plaza could be a great leasing place. There is an abandon space for the parking that creates an easy and comfortable access. This Plaza features a diverse community of medical professionals and on-site pharmacy.
5732 Buckingham Parkway
Another great commercial real estate spot with beautiful landscaped business park. Also, it is located very close to the main regional shopping center, various hotels and restaurants, comfortable parking areas etc. The building currently offers the 7 private offices, conference areas, kitchen and other important facilities. The general available spacer makes 4,161 SF.
This upcoming commercial real estate project will redevelop the two northern corners of Washington Boulevard and Centinela Avenue. The project will include the market hall that will be a center place for the singular vendors to gather under one roof and sell their products, mostly nutrition.
The Commercial General Zoning allows up to a 56’ high mixed-use project with residential above commercial uses or an all-commercial use such as offices, retail,
services and restaurants.
The Town Plaza Expansion
This project is aimed at redeveloping the 9300 Culver Boulevard parking lot into a brand new commercial building, and doubling the size of the existing Town Plaza. A public hearing is scheduled Nov. 4 to consider a petition to add the building and the surrounding 53,111 square feet of parking to the Town Plaza Community Improvement District.
This project includes the mixed use building with 32 low-and moderate-income residential units, a manager’s unit and 10,700 square feet of commercial space. The Tilden Terrace project is aimed at making a step in furthering the City’s efforts in meeting its obligations towards the Regional Housing Needs Assessment and the Comprehensive Housing Strategy.
This commercial real estate project is aimed at redeveloping the 12800 block of Washington Boulevard and to construct a 37,000 square foot commercial building. It will also redevelop the one block long for two four-unit apartment building and a small commercial building, thus living up the west end of the town. The building will be about 6.000 square feet of ground floor, public parking, and the second and third floors (31.000 square feet) available.
This area is surely one of the busiest one on Culver City. It includes the regional shopping centers together with various local neighborhood services, inviting restaurants and retailers. Such major stores as Target, Bed Bath and Beyond, TJ Maxx and many other favorite among the consumers’ stores which make this area even more attractive for the potential investors.
Jefferson Boulevard Corridor
This area can be called a center for new media companies and other creative industries. Apart from other business buildings, you will find the Culver City Park, which is the community’s largest recreational facility with a big amount of playing fields, popular dog parks and much more. Therefore, this could be a great target for the commercial real estate investors, combining the business and leisure activities.
The corridor carries a high volume of regional through traffic. It connects population and employment centers in the South Bay to those in MidCity Los Angeles, Century City, Beverly Hills and Hollywood.
Helms Bakery District
This district is playing a significant role in the lives of the Culver City habitants thanks to the historic Helms and Bakery Building that stand there since 1931, and became the center of the contemporary furniture, outstanding cuisine and highly important part of the Culver City life.
It is an 86 acre district that has found a new life as a creative office space for technology, advertising, fashion and entertainments tenants, and situated close the central zone. Owing to its internationally alike architecture, there are various well-known businesses who have opened their offices in this district.
This area could be definitely called the center of galleries, that are exhibiting the new coming and already famous artists. The importance of this district has become even greater and confirmed in the New York Times in 2007 that has praised the art scene of the Culver City.
It is a major regional mall that may contain up to 200 stores. Furthermore, this mall offers the big possibilities of the retail space, restaurant businesses and outdoor activities. The major brands like JC Penney, Macy’s, Marshals and others are situated here.
La Cienega South
It is the famous Art District that includes houses with unique collection of handpicked antiques, furnishing etc. There are many major companies that represent the region’s biggest and most influential importers, artists in the flourishing design district that mostly caters the rising stars of the interior design, retail business and other industries. Thus, such area could be rather interesting for the investors aimed at the artistic sector.
While walking down the streets of this Avenue you will find numerous significant landmarks, which include Washington Boulevard, The veterans Memorial Complex and Senior center at Culver Boulevard, and of course the famous Raintree Plaza shopping center.
This district has become the transit of the Exposition Light Rail extension from Downtown Los Angeles. It also includes the mixture of retail, residential and office spaces.
There is also a new project that is aimed to build the Exposition Light Rail Transit Line that will evaluate the market and financial feasibility of the potential development, create visual aids, diverse visualization products etc. Thanks to the individual station areas, the surrounding neighborhoods and commercial districts may have the positive changes.
The transit stations may be the catalyst for revitalization and economic development of the older building facilities, thus attracting capital investment.
Therefore, as you may have noticed, Culver City has a vast variety of commercial property possibilities and the last important thing left is finding the right commercial real estate agent who will be able to guide you through the whole process of finding the perfect project with a high potential level.
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