BOV – 3837 College Ave, Culver City, CA 90232

Track Record

LA Apartment Advisors at Marcus & Millichap

The LAAA Team is one of Southern California's most active multifamily and development land brokerage groups. Founded by Glen Scher and Filip Niculete, we are dedicated to delivering expert multifamily brokerage services in Los Angeles, helping investors navigate the market with precision, strategy, and results-driven execution. With over 458 closed transactions and $1.46B+ in total sales volume, our team thrives on providing data-driven insights, strategic deal structuring, and hands-on client service to maximize value for our clients.

458+

Closed Transactions

$1.46B+

Total Sales Volume

3,913+

Units Sold

Avg Days to Accepted Offer

Glen Scher

Senior Managing Director, Investments

Glen Scher is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. A UC Santa Barbara graduate in Economics, Glen launched his career in 2014 and earned Rookie of the Year from the SFV Business Journal by 2016. A former Division I golfer, he captured three collegiate titles and was named UCSB Male Athlete of the Year. Glen and the LAAA Team have closed over 458 transactions totaling $1.46 billion+.

Glen.Scher@marcusmillichap.com · (818) 212-2808 · CA Lic. 01962976

Filip Niculete

Senior Managing Director, Investments

Filip Niculete is a Senior Managing Director at Marcus & Millichap and co-founder of the LAAA Team. Born in Romania and raised in the San Fernando Valley, Filip studied Finance at San Diego State University and began his career at Marcus & Millichap in 2011. Known for execution, integrity, and relentless work ethic, Filip and the LAAA Team have closed over $1.46 billion in transactions and consistently lead the market in active inventory across Los Angeles.

Filip.Niculete@marcusmillichap.com · (818) 212-2748 · CA Lic. 01905352

Team Members

Aida Memary

Associate, Investments

Logan Ward

Associate, Investments

Morgan Wetmore

Associate, Investments

Luka Leader

Associate, Investments

Alexandro Tapia

Associate, Investments

Blake Lewitt

Associate, Investments

Mike Palade

Agent Assistant

Tony H. Dang

Business Operations Manager

Marketing Approach

Data-Driven Marketing + Proven Performance

30K+

Targeted Emails

500+

Developer Calls / Listing

3.7

Avg Offers / Listing

97.6%

Avg SP/LP Ratio

Direct Developer Outreach

500+ targeted calls per listing focused on active infill developers in the Culver City / Westside submarket. Personal follow-up within 48 hours. The LAAA Team maintains a proprietary database of developers who have acquired CCR4-zoned land within 2 miles of the subject.

Email Campaigns

30,000+ qualified investor and developer contacts segmented by deal type (entitlement plays, by-right projects, density bonus specialists) and geography. Multi-touch drip campaigns with pro forma support materials included in every outreach.

Online Platforms

MarcusMillichap.com, CoStar, Crexi, LoopNet, Ten-X, and a custom property website. Development land listings require a different buyer pool than income properties — our digital marketing is targeted to developers, not passive investors.

Office & Industry Network

Office-wide agent blast to 100+ agents, industry networking events, and strategic broker co-marketing. The LAAA Team actively coordinates with entitlement consultants and architects familiar with Culver City's ODS and DOBI programs who can introduce pre-qualified developer clients.

Investment Overview

Downtown Culver City Development Site – 3837 College Ave

The LAAA Team is proud to present 3837 College Avenue, a 7,499 SF infill development parcel in the heart of Culver City's High-Density Multifamily zone (CCR4). Situated within the city's updated General Plan 2045 zoning framework (effective December 2024), the site is designated for 70 dwelling units per acre, yielding 12 by-right base units with the potential to reach 18+ units through California's State Density Bonus Law and Culver City's local DOBI Tier 4 bonus — available to sites within Transit Priority Areas near the E-Line (Expo) Metro station, approximately 0.4 miles away.

The site's proximity to the Metro E-Line station triggers AB 2097 zero-parking requirements, eliminating the cost of structured or subterranean parking for qualifying projects. This is among the most financially significant entitlement advantages available in the Culver City market — the difference between a project that pencils and one that doesn't. At an 18-unit yield, the development economics support a land valuation of $2,000,000 based on a residual land value analysis anchored to comparable land sales and developer profit expectations.

CCR4 / High-Density Multifamily Zoning

Zoned CCR4 under Culver City's updated General Plan 2045 (effective 12/18/24), allowing 70 dwelling units per acre as base density. The site's 7,499 SF lot yields 12 base units by right — before any density bonus is applied.

18+ Units via Density Bonus

Combining California's State Density Bonus Law (up to 50% increase = +6 units) and Culver City's DOBI Tier 4 local bonus (+5 units for Transit Priority Area proximity), the site can support up to 23 theoretical units, with 18 units being the developer-realistic target based on massing and open space requirements.

AB 2097 Zero-Parking

Approximately 0.4 miles from the Culver City E-Line (Expo) Metro station, the site qualifies for AB 2097 zero minimum parking requirements. For a developer, eliminating subterranean parking ($50,000/space) saves $800,000–$900,000 in hard costs and dramatically improves project feasibility.

Culver City's Thriving Employment Ecosystem

Within walking distance of Sony Pictures, Amazon Studios, Apple TV+, and Beats Electronics. Culver City is among the most supply-constrained rental markets in Los Angeles, with sustained Class A and B apartment demand driven by entertainment, tech, and media tenants paying among the highest rents on the Westside.

Residual Land Value Supported at $2.0M

Developer's residual land value analysis at an 18-unit yield, $300/SF hard cost construction, and a $12M finished value supports land pricing of $1.8M–$2.0M. The LAAA Team's suggested list price of $2,000,000 aligns with the La Salle comp ($304/SF) and provides a developer's profit margin of approximately 11.4% on net revenues.

Comparable Entitled Site Sold at $303/SF

4030 La Salle Avenue (6,752 SF, CCR4, with approved 4-unit plans) sold for $2,050,000 ($303/SF) in May 2025. Even utilizing only a fraction of its CCR4 density potential, the shovel-ready entitlement premium pushed the price above $2M — validating the subject's land value at a comparable or superior $/SF basis given its larger lot and higher-density potential.

SB 8 Tenant Protections & Affordable Housing Requirement

The property is currently tenant-occupied, triggering SB 8 (Senate Bill 8) requirements that mandate an affordable housing component in any new development. This effectively requires a larger project to absorb the affordable set-aside while maintaining feasible developer economics. A density bonus program (18+ units with 2 VLI units) is the most viable path forward — the affordable units satisfy SB 8 obligations while the bonus density ensures the project pencils at the suggested land price.

Location Overview

Downtown Culver City – Culver City, CA 90232

3837 College Avenue is situated in one of the most supply-constrained and in-demand development corridors in Los Angeles County. Culver City's Downtown core — anchored by Washington Boulevard and Culver Boulevard — has undergone a sustained transformation driven by the relocation and expansion of major entertainment and technology employers. The site is located one block from Culver Boulevard, placing it within a short walk of a dense retail and restaurant corridor, a thriving creative office market, and one of the Westside's most active transit hubs.

The Metro E-Line (Expo Line) Culver City Station is approximately 0.4 miles from the subject, providing direct rail access to Santa Monica, USC, Downtown Los Angeles, and beyond. This transit proximity is not merely a lifestyle amenity — it is the legal trigger for AB 2097 zero-parking requirements and Culver City's DOBI Tier 4 density bonus, both of which substantially enhance the site's development economics.

Location Details

Walk Score~90 (Walker's Paradise)

Transit Score~75 (Excellent Transit)

Nearest MetroE-Line (Expo) – ~0.4 mi

Nearest FreewayI-405 (~1.5 mi) / I-10 (~1.2 mi)

Sony Pictures~0.5 mi

Amazon Studios~0.6 mi

Downtown Culver City~0.2 mi (Culver Blvd)

Nearest GroceryTrader Joe's (~0.4 mi)

Transit Priority AreaYes – AB 2097 Qualified

Demand Drivers

Major EmployersSony, Amazon, Apple, Beats

Southern CA Hospital~0.7 mi

Culver City Median HH Income~$110,000+

Renter Population~55%

Avg 2BR Market Rent (Area)$3,800–$4,500/mo

Vacancy Rate (Submarket)< 4%

New Supply PressureLow (constrained infill)

Culver City Rent ControlYes (pre-1995 buildings)

New Construction ExemptYes (AB 1482 applies)

Property Details

3837 College Ave, Culver City, CA 90232

Site Overview

Address3837 College Ave, Culver City, CA 90232

Lot Size (SF)7,499 SF

Lot Size (Acres)0.172 Acres

ZoningCCR4 (High-Density Multifamily)

General Plan DesignationHigh-Density Multifamily (Eff. 12/18/24)

Allowable Base Density70 du/ac

Current StructuresVerify – likely existing residential

Existing EntitlementsNone – raw land

Development Potential

Base Units (By-Right)12 Units

State Density Bonus (+50%)+6 Units (2 VLI units req.)

DOBI Tier 4 Local Bonus (+40%)+5 Units

Theoretical Max Yield23 Units

Developer-Realistic Yield18 Units

AB 2097 Parking ExemptionYes – 0 min. parking req.

Transit Priority AreaYes – E-Line Station ~0.4 mi

Ministerial Approval EligibleYes (per ODS compliance)

Estimated Building SF~20,000 SF (5–6 stories)

Est. Completion Year2029

Density Analysis

Unit Yield Breakdown – 3837 College Ave

Based on Culver City's updated zoning (effective December 2024) and applicable state and local density bonus programs, the site supports a layered yield calculation:

Base Units (By-Right)

70 du/ac × 0.172 ac = 12.04 units
CCR4 / High-Density Multifamily Zone

State Density Bonus

50% bonus via AB 2011 / SDBL
Requires 2 Very-Low Income (VLI) units

18+

Developer-Realistic Yield

+5 via DOBI Tier 4 (TPA) = 23 theoretical max
18 units realistic given massing & open space

Component	Units	Mechanism	Requirement
Base Density	12	CCR4 Zoning – 70 du/ac	By-Right
State Density Bonus (50%)	+6	California SDBL	2 VLI Affordable Units
DOBI Tier 4 Local Bonus	+5	Culver City Transit Priority Area	Match VLI affordability level
Theoretical Maximum	23	Full stacked bonus	Massing feasibility TBD
Developer-Realistic Target	18	Adjusted for massing / open space	Used in residual analysis

AB 2097 Impact: Because the site is within 0.5 miles of the Culver City E-Line station, minimum parking requirements are zero under AB 2097. Eliminating a typical 16-space subterranean garage saves approximately $800,000 in hard costs ($50,000/space), directly increasing the land's residual value to a developer. This is among the most significant entitlement advantages in the Culver City development market.

Buyer Profile & Anticipated Objections

Target Developers & Data-Backed Responses

By-Right / Ministerial Developers

Developers experienced in Culver City's Objective Design Standards who can execute a ministerial approval — avoiding discretionary review — for the 18-unit program. These buyers price land based on a residual land value model with a 9–12% profit target on net revenues and pay a premium for sites with clear development programs.

Density Bonus Specialists

Operators experienced in structuring affordable housing set-asides (VLI units, Section 8 vouchers) who actively seek sites qualifying for DOBI Tier 4 bonuses. These buyers understand that the DOBI incentives — combined with AB 2097 parking elimination — make Culver City transit-adjacent infill sites among the most attractive in LA.

1031 Exchange Buyers / Merchant Builders

Investors executing tax-deferred exchanges who are transitioning from income property into development land — often with a build-to-sell strategy. The Culver City submarket's depth of demand at the finished apartment level ($600/SF+ on a 20,000 SF building = $12M+ exit) makes this an attractive exchange target.

Assemblage / Adjacent Owner

Buyers with adjacent parcels who can combine lots to increase yield, reduce per-unit land cost, and create a more efficient development footprint. Assemblage buyers frequently pay a premium above residual land value given the scarcity of infill Culver City parcels and the multiplicative effect on their existing site's development potential.

Anticipated Buyer Objections

Q: Does the project actually pencil at $2.0M for the land?

A: Yes — and the residual analysis confirms it. At 18 units, 20,000 SF of rentable area, $300/SF hard cost, and a finished value of $12,000,000 ($600/SF), total development costs including subterranean parking and soft costs total approximately $9.04M. At a $2.0M land price, the developer's profit is approximately $1.26M (11.4% of net revenues) — a strong return for a well-located Culver City infill site with ministerial approval eligibility. Buyers who can eliminate parking under AB 2097 improve this margin materially.

Q: Why doesn't the land include entitlements or approved plans?

A: The site is being offered as raw land, which reflects pricing. The 4030 La Salle Avenue comp ($2.05M) included approved 4-unit plans — but was a 747 SF smaller lot utilizing only a fraction of its CCR4 density. For a buyer with existing Culver City relationships with architects and expeditors, the ministerial/by-right approval pathway (no discretionary hearings required under ODS compliance) significantly reduces entitlement risk and timeline versus projects that require City Council approval.

Q: Can you actually get 18 units on 7,499 SF?

A: The massing challenge is real but solvable. At 18 units on 20,000 SF of rentable area, the building would be approximately 5–6 stories. Culver City's ODS allows 65+ foot heights for density-bonus projects near transit. The zero-parking requirement under AB 2097 is critical — without it, 16 subterranean parking spaces would consume the entire ground floor and make 18 units infeasible. With zero parking, the ground floor becomes rentable area, and the open space requirement (~2,300 SF) can be addressed via rooftop deck. Buyers should engage a Culver City-experienced architect for a massing study during due diligence.

Q: How confident are you in the $1.8M–$2.0M trade range?

A: Three independent methods converge on this range. (1) Land comp analysis: La Salle ($303/SF) and Lafayette ($328/SF) bracket the $293–$328/SF range; at 7,499 SF, this produces $2.20M–$2.46M, adjusted down for lack of entitlements to a $1.8M–$2.0M trade range. (2) Residual land value: developer's analysis supports $1.8M–$2.0M land value at an 11–13% developer profit margin. (3) $/buildable unit: $2.0M ÷ 18 units = $111,111/buildable unit, consistent with Westside infill land trades for transit-adjacent CCR4 sites.

Land Comparables

Closed Development Land Sales – Culver City

#	Address	Zoning	Lot SF	Sale Price	$/Land SF	Units/Potential	Sold Date	DOM	Notes
★	3837 College Ave (Subject)	CCR4	7,499	—	—	18 (dev. target)	—	—	Transit Priority Area
1	4030 La Salle Ave, Culver City LAAA COMP	CCR4*	6,752	$2,050,000	$304	4 (w/ approved plans)	05/2025	56	Shovel-ready; duplex + 2 ADUs
2	4076 Lafayette Pl, Culver City LAAA COMP	CCR4YY	7,698	$2,525,000	$328	18–36 (assemblage)	11/2025	30	Sold w/ 4080 Lafayette; density bonus eligible; AB 1287

Comp 1 — 4030 La Salle Ave (Culver City) — $2,050,000 / $304/SF: A 6,752 SF CCR4 lot that sold in May 2025 with fully approved and permitted plans for a 4-unit development (duplex + 2 ADUs). Despite using only a fraction of its CCR4 density potential (~4 of a possible 10+ units), the shovel-ready status commanded $2.05M. Adjusting for the subject's larger lot (+11%), higher density potential (+premium), and lack of entitlements (-discount), the implied land value for 3837 College is approximately $2.10M–$2.25M.

Comp 2 — 4076 & 4080 Lafayette Pl (Culver City) — $5,500,000 total / $328/SF per lot: A 15,402 SF double-lot assemblage at the corner of Lafayette Place and Braddock Drive, one block from Culver Blvd. Sold for land value at a density bonus-eligible site with 18 by-right units and up to 36 units under AB 1287. With 254 feet of frontage and an established density bonus program, this represents the upper-bracket benchmark. At $328/SF applied to the subject's 7,499 SF, implied value is approximately $2,460,000 — setting the ceiling of the trade range.

Valuation Summary: Three methods converge on the $1.8M–$2.0M trade range for 3837 College Ave: (1) $/SF comp analysis: $304–$328/SF × 7,499 SF = $2.28M–$2.46M, adjusted down for lack of entitlements; (2) Residual land value: developer's model at 18 units yields $1.8M–$2.0M land value at 11–13% profit margin; (3) $/buildable unit: $2.0M ÷ 18 units = $111,111/unit, consistent with Westside transit-adjacent infill trades. Suggested List Price: $2,000,000.

Financial Analysis

Developer's Residual Land Value & Investment Underwriting

Suggested List Price

$2,000,000

A trade price in the current development environment of $1,800,000 — $2,000,000

$267/SF

Price / Land SF

$111K

Price / Buildable Unit

Buildable Units (Target)

Finished Apartment Building – Stabilized Value

Based on the LAAA Team's underwriting of an 18-unit completed development at market rents, the stabilized apartment building supports a finished value of approximately $12,000,000 ($600/SF on 20,000 SF).

Rent Roll – Pro Forma (Market Rents)

4 Units – 1BR/1BA (700 SF)$3,600/mo each

12 Units – 2BR/2BA (1,100 SF)$4,200/mo each

2 Units – 2BR/2BA ELI (Affordable)$1,411/mo each

Additional Income ($100/unit)$1,800/mo

Monthly Scheduled Gross Income$69,422

Annualized Gross Income$833,064

Stabilized Operating Statement (Pro Forma)

Gross Scheduled Income$833,064

Vacancy (3%)($24,992)

Effective Gross Income$808,072

Operating Expenses($243,303)

Net Operating Income$564,770

Market Cap Rate4.71%

Estimated Finished Value$12,000,000

Developer's Residual Land Value Analysis

Land Price	$/Buildable Unit	$/Land SF	Total Dev. Cost	Const. Loan Interest	Developer's Profit	Profit % of Revenue	Developer's Cap Rate
$2,200,000	$122,222	$293	$9,240,000	$621,000	$1,036,000	9.44%	5.97%
$2,100,000	$116,667	$280	$9,140,000	$614,000	$1,147,000	10.44%	6.05%
$2,000,000 ← Suggested	$111,111	$267	$9,040,000	$608,000	$1,257,000	11.45%	6.13%
$1,900,000	$105,556	$253	$8,940,000	$601,000	$1,368,000	12.46%	6.21%
$1,800,000	$100,000	$240	$8,840,000	$594,000	$1,478,000	13.46%	6.30%

Assumptions: 18 buildable units; 20,000 SF rentable; $300/SF hard cost; $800,000 subterranean parking (16 spaces × $50,000); 4% soft costs; 8% construction loan rate over 2 years; 8.5% cost of sale; $12,000,000 estimated finished value. Developer profit calculated as Net Revenues less Total Development Costs including land and holding costs. Note: If buyer qualifies for AB 2097 zero-parking, the $800,000 parking cost is eliminated, increasing profit at any given land price by approximately $800,000 — making even the $2.2M list price highly attractive.

Annualized Operating Expenses (Pro Forma)

Operating Expenses

Real Estate Taxes (1.2% of $12M)$144,000

Insurance$10,000

Utilities$6,480

Repairs & Maintenance ($500/unit)$9,000

Trash$4,800

Elevator$2,400

Reserves ($250/unit)$4,500

Landscaping$3,600

Management Fee (4% GSR)$33,323

On-Site Manager$21,600

General & Admin$3,600

Total Expenses$243,303

Per Unit$13,517

Per SF$12.17

Development Costs Summary

Rentable SF20,000 SF

Hard Cost (Rentable @ $300/SF)$6,000,000

Subterranean Parking (16 spaces)$800,000

Soft Costs (4% of Hard)$240,000

Total Development Costs$7,040,000

Total Cost per SF$352

Total Cost per Unit$391,111

Finished Value (Est.)$12,000,000

$/SF Finished Value$600/SF

$/Unit Finished Value$666,667

This analysis is based on information believed to be reliable but not guaranteed. Projected rents, expenses, and construction costs are estimates using LAAA Team broker-optimistic benchmarks and available market data as of April 2026. Actual results may vary. Buyers should conduct independent due diligence including verification of zoning designations, density bonus eligibility, massing feasibility, and current entitlement timelines with Culver City Planning.