OwlDistrict

Master planning

Wilshire House

Proposed for 4141 Wilshire Blvd · editing level 1 · lot 21,761 sf

Levels 3

Floor to floor 13 ft

Ground

Above

Also copy this outline onto the other levelsRent 100% of base

Drag a corner to reshape this floor only. The other levels keep their own outlines. Drag the square on an edge to pull a new corner. This plate is 10,445 sf.

Parking stalls 18

Each stall is 9 by 18 ft along Wilshire, with a drive aisle between rows. Open space on the lot is about 11,316 sf. Retail is pink, office is blue, housing is orange.

Live feasibility

Study model for this massing. Caps are Height District 1 on a commercial lot: FAR 1.5 and 75 ft.

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.