CBRE, Inc., as exclusive advisor to the seller, is pleased to present 12914 Cordary Ave., in the city of Hawthorne. The rectangular site is approximatley 14,002 SF with a zoning designation of R-3. The existing building is a vacant 6,910 SF former school with potential uses including office, storage or residential conversion.
The site’s zoning and lot area provide attractive town home, apartment, or residential development options. Buyer to verify density and other requirements including potential state, local and/or transit-based bonuses. With over 230,000 households within a 5-mile radius and increasing levels of educational achievement and housing prices, the Hawthorne market boasts a large qualified tenant base that is undeserved by the current aging housing supply. Additionally, the market skews younger, relatively, with Millennials making up nearly 45% of the population within a 5-mile radius. The Central South Bay submarket, which includes Hawthorne, Gardena, Lawndale, and Torrance is a growth market with just 3.7% multifamily vacancy currently (per CoStar) and a negligible number of construction starts. The average price asking rents are around $2,000 with a market cap of approximately 5.4%. The South Bay market has seen slower new apartment construction than surrounding markets with less than 5% inventory growth year-over-year.
12914 Cordary Ave. is adjacent to Hawthorne Memorial Park and Kornblum School. It is located off El Segundo Blvd., 5 blocks south of the Hawthorne Airport. This area is filled with a mix of local and corporate/national retail, dining and entertainment options. Hawthorne’s growth is evidenced by the recent Tesla/Space X development at Hawthorne Municipal Airport along with dozens of supporting technology startups nearby. The area is represented by County Supervisor Holy Mitchell and City Council member Alex Monteiro.
Please visit the Property Website www.cordaryave.com to access the Confidentiality Agreement and Virtual Deal Room.
Andrew Long
CBRE
