Broker Opinion of Value — Confidential

The Corsa Avenue Assemblage

5700, 5706 & 5716 Corsa Avenue · Westlake Village, CA 91362
Site Area
4.72 AC
Parcels
3
Max Density
94 Doors
HBU
For-Sale TH
List Price
$22,000,000
Glen Scher
Glen Scher
Senior Managing Director Investments
Mobile(818) 212-2808
EmailGlen.Scher@marcusmillichap.com
LicenseCA 01962976
Filip Niculete
Filip Niculete
Senior Managing Director Investments
Mobile(818) 212-2748
EmailFilip.Niculete@marcusmillichap.com
LicenseCA 01905352
James DeBuiser
James DeBuiser
Senior Director Investments
Direct(805) 351-7144
EmailJames.DeBuiser@marcusmillichap.com
LicenseCA 01965942
Prepared for The Property Ownership Group · May 12, 2026
Section 01 — Executive Overview

A 4.72-Acre, Three-Parcel Townhome Development Assemblage

The Corsa Avenue Assemblage offers a rare 4.72-acre, three-parcel development opportunity on Corsa Avenue in Westlake Village's Mixed Use Corsa District — one of Southern California's highest-income, highest-rated-school submarkets. The combined site delivers regulatory headroom for up to 94 for-sale townhomes under the City's 20-unit-per-acre density cap, with the 145-unit zone-wide cap functionally unabsorbed (no other Mixed Use Corsa projects publicly entitled as of May 2026).

Entitlement is via a discretionary Planned Development Permit (PDP) requiring City Council approval through public hearing. Benchmark runway is approximately 24 months based on the adjacent Lindero Residential Project's regulatory track record. The assemblage thesis is core: at 4.72 acres, the combined site supports the institutional-scale 94-door product profile that no single parcel can deliver standalone.

Demolition of approximately 72,602 SF of 1985-1989 commercial improvements is required for vacant delivery. The Promenade at Westlake (Caruso), The Shoppes at Westlake Village, Four Seasons Hotel Westlake Village, and US-101 freeway access are all within one mile of the site.

4.72
Acres Combined
94
Doors Max
20/ac
Density Cap
145
Zone-Wide Cap
$180K
Median HHI
10/10
LVUSD Test Rank
Investment Highlights
01
3-Parcel Assemblage Control

The only known 3-parcel development control on Corsa Avenue at 4.72 acres — unlocks institutional-scale 94-door product no single parcel can deliver standalone.

02
Top-Decile School District

LA County side of Westlake Village — assigned to Las Virgenes USD (top 10% of California, 10/10 testing rank, Agoura High School feed).

03
Retail & Hospitality Cluster

The Promenade at Westlake (Caruso, 206K SF), The Shoppes at Westlake Village (240K SF, Target-anchored), Four Seasons Hotel — all within one mile.

04
US-101 Freeway Adjacency

Approximately 0.5 mile south of subject. 40 miles / ~45 min off-peak to Downtown LA via 101 corridor.

05
Unabsorbed Zone-Wide Cap

Mixed Use Corsa District 145-unit zone-wide cap is functionally unabsorbed — subject 94-door base case fits with ~51-unit headroom remaining.

06
Demolition-Ready Delivery

Approximately 72,602 SF of 1985-1989 commercial/industrial improvements; existing tenant leases reported <2 years remaining; vacant delivery achievable.

07
Affluent Buyer Demographics

Median household income $179,954 (2024, Westlake Village city), 81.9% owner-occupancy, top decile statewide — supports a Class A townhome sellout at $700-$800/SF.

Section 02 — Assemblage Thesis

Why the Combined Site Is Worth More Than the Sum of Its Parts

The three-parcel package is the headline. At 4.72 combined acres and a regulatory ceiling of 94 doors, the assembled site delivers the institutional-scale product profile that merchant townhome builders underwrite. None of the three parcels achieves this standalone:

  • 5700 Corsa (1.07 ac) alone produces approximately 16-18 setback-compliant doors — sub-scale for a merchant builder, narrower buyer pool, lower per-door realization.
  • 5706 Corsa (1.26 ac) alone produces approximately 20-22 setback-compliant doors — same sub-scale dynamic; deep interior setback constraints (30 feet abutting another property) "eat" buildable area.
  • 5716 Corsa (2.39 ac) alone produces approximately 40 setback-compliant doors — viable standalone, but constrained by an in-place cell tower lease without termination or relocation clauses, which narrows the standalone buyer pool.

Combined, the 4.72-acre site supports the 94-door product profile that Williams Homes (Savannah Simi Valley — 66 TH triplex configuration, "fastest selling community in Ventura County while developing"), City Ventures (Eginhouse Artesia — 2025 BIA MAME Best Infill Community), Trumark Homes, Tri Pointe Homes, and Toll Brothers all underwrite. The combined-versus-sum-of-standalones math produces an assemblage premium of approximately +36% on the standalone sum, translating to approximately $2.0M-$3.0M of incremental value distributed to each smaller-parcel owner and a smaller premium to 5716.

Section 03 — Site & Property

Three Contiguous Parcels on Corsa Avenue

Address APN Lot SF Acres Existing Use Bldg SF Year
5700 Corsa Ave 2054-029-044 46,490 1.07 Commercial Office 19,730 1985
5706 Corsa Ave 2054-029-045 54,972 1.26 Industrial Warehouse 12,504 1985
5716 Corsa Ave 2054-029-058 103,951 2.39 Class B Office (Corsa Executive Plaza) 40,368 1987
Combined Assemblage 205,413 4.72 To be demolished for vacant delivery 72,602
5700-5716 Corsa Avenue assemblage aerial
5700-5716 Corsa Avenue — 4.72-acre, three-parcel assemblage.

Zoning Snapshot

  • Specific PlanNorth Business Park Specific Plan
  • ZoneMixed Use Corsa
  • Allowed UsesMF / Office / Restaurant / Hotel
  • Max Density20 u/ac
  • Max Height55' / 3 stories
  • Max Lot Coverage40%
  • Front Setback (Corsa Ave)10'
  • Interior Setback30' abutting property
  • Zone-Wide Cap145 units (174 w/ bonus)
  • Entitlement PathwayPDP — discretionary

Parking Standards

  • Studio / 1BR1.5 spaces / unit
  • 2BR / 3BR+2.0 spaces / unit
  • Guest0.25 spaces / unit
  • Private Outdoor Space200 SF / unit min

Source: North Business Park Specific Plan, Mixed Use Corsa District standards (City of Westlake Village).

Section 04 — Location & Submarket

Westlake Village — Conejo Valley's Top Affluent Submarket

Identity. Westlake Village is a master-planned Conejo Valley city of approximately 7,743 residents, with a median household income of $179,954 and 81.9% owner-occupancy — the demographic profile of an affluent, family-anchored, executive submarket. The subject parcels sit on the Los Angeles County side of the city's split jurisdiction, which places them in the highly-rated Las Virgenes Unified School District. Identity is defined by Westlake Lake, the Four Seasons Hotel, the Promenade at Westlake, and a sustained life-science employment cluster anchored by Amgen.

Demand drivers. Demand for Westlake Village for-sale product is driven by the Conejo Valley executive employment base — Amgen, Dole Food Company, Bank of America operations, Anthem Blue Cross, and Los Robles Regional Medical Center together anchor a white-collar workforce of approximately 88% in the broader Conejo Valley area. The US-101 corridor delivers approximately 45-minute off-peak access to Downtown Los Angeles, with quick connections to the Westside, Burbank, Glendale, and Ventura County. Las Virgenes USD's top-decile testing rank further anchors family-buyer demand.

Trajectory. Westlake Village's housing trajectory is shaped by the North Business Park Specific Plan (adopted 2020, amended 2021 and again September 2025), which rezoned approximately 200 acres of underutilized commercial property for residential, mixed-use, and senior-living development. The adjacent Lindero Residential Project — a 693-unit density-bonus proposal at 5601/5655/5701 Lindero Canyon — represents the broader pipeline. The Mixed Use Corsa District itself remains functionally unabsorbed at a zone-wide 145-unit cap, leaving meaningful entitlement headroom for the subject 94-door PDP-pathway program.

FeatureDetail
SubmarketWestlake Village — Conejo Valley, Mixed Use Corsa District
School DistrictLas Virgenes USD (top 10% CA, 10/10 testing rank)
High School FeedAgoura High School (LVUSD)
Walk Score58 — Somewhat Walkable
Bike Score36 — Somewhat Bikeable
Major FreewayUS-101 — approximately 0.5 mile south
Retail Anchor 1The Promenade at Westlake (Caruso) — Cinepolis Luxury Cinemas, Sephora, 23+ shops
Retail Anchor 2The Shoppes at Westlake Village — Target, In-N-Out, 100K+ SF upscale shops
Hospitality AnchorFour Seasons Hotel Westlake Village (5-star)
Median HHI (city)$179,954 (2024) — top decile statewide
Section 05 — Highest & Best Use

94-Door For-Sale Townhome Program — PDP Track

The highest and best use is a for-sale townhome program executed under the City of Westlake Village's Mixed Use Corsa District zoning. The base case is 94 three-bedroom townhomes averaging 1,800 SF, sited within the 30-foot interior-setback and 10-foot Corsa Avenue setback envelope, configured as three-story attached product with two-car garages.

Entitlement is a discretionary Planned Development Permit (PDP) requiring City Council approval through a noticed public hearing — this is the same regulatory pathway used by the adjacent Lindero Residential Project, where the preliminary application was filed June 13, 2023, the formal application December 11, 2023, and incompleteness was determined January 10, 2024. Buyers should underwrite an approximate 24-month entitlement runway for the subject program, recognizing that a straight 20-unit-per-acre PDP without density bonus or affordability set-aside should process more cleanly than Lindero's 50%-bonus density program.

The 145-unit zone-wide cap across all 11 Mixed Use Corsa parcels remains functionally unabsorbed as of May 2026, leaving the subject's 94-door base case with approximately 51 units of headroom for other Mixed Use Corsa parcels that may seek future entitlement.

Entitlement Pathway Note

The Mixed Use Corsa District allows residential development up to 20 units per acre subject to a Planned Development Permit, including a noticed public hearing before the City Council. This is a discretionary entitlement, not a by-right approval. State Density Bonus Law (SDBL) is available on top of the base density for projects providing affordability set-asides (up to 50% bonus). SB 35 / SB 423 streamlined ministerial review is not currently available because the City's 6th Cycle Housing Element is HCD-certified.

Buyer Profit at $22M Land Basis

DoorsGross Sellout @ $750/SFPotential ProfitMargin
94 (best case)$126,900,000$18,500,00014.6%
90 (-4)$121,500,000$16,400,00013.5%
86 (-8)$116,100,000$14,200,00012.2%

Profit calculated at $22M land basis (grossed to $29.1M future value over 24-month entitlement at 15% discount), 1,800 SF avg unit, $750/SF sellout, $375/SF hard cost, 18% soft, $0.73M demolition, $3.6M entitlement carry. Margins above the 12-15% merchant-builder threshold are preserved even in the downside 86-door scenario; upside if final pricing trades into the comp-implied $125-$133/SF range.

Land Residual Inputs (Best Case)

  • Doors94
  • Avg Unit SF1,800 SF
  • Total Saleable SF169,200 SF
  • Sellout $/SF$750/SF
  • Gross Sellout$126.9M
  • Hard Cost $/SF$375/SF
  • Soft Cost18% of hard
  • Profit Margin13% of revenue
  • Entitlement Runway24 months
  • Cell Tower (5716)Buyer-DD item
  • Land Residual (PV)~$23.6M best case / $20-24M sensitivity
Section 06 — Sellout Comparables

Conejo Valley Townhome Sellout Pricing

Resale 1980-era townhome communities in Westlake Village proper anchor the pricing floor. New-construction product earns a 15-25% premium for contemporary aesthetic, modern unit plans, two-car garages, and current-code construction. Underwriting assumes $750/SF base sellout for Class A new TH delivered 2027-2029.
Community Year Built Unit SF Range 2025 YTD Avg Sale 2024 Avg Sale $/SF Range Avg DOM
Stoneybrook Townhomes (Westlake Village) 1980 1,835-2,752 $1,322,667 $1,253,433 $540-$640 73
Westlake Canyon Oaks (Westlake Village) late 70s-early 80s 1,300-2,800 $1,172,500 $1,210,719 $540-$640 20
Braemar Townhomes (Westlake Village) ~1980 1,645-2,474 $1,103,000 (median list) — $545.85 (avg) —
Hidden Canyon (Westlake Village) 1970s-80s 1,254+ (smaller tier) $642,000 (1 comp) — $512 (1 comp) —
Agoura Hills Market Median (H1 2025, mixed stock) mixed — $1,450,000 (median) — $636.72 (median) —

Synthesis. 1980-era resale townhome PSF in Westlake Village clusters at $540-$640. The Agoura Hills H1 2025 market median of $636.72/SF (which includes a mix of resale and newer stock) provides a directional anchor for newer product. Applying a 15-25% new-construction premium produces the underwriting band of $700-$800/SF gross sellout, with $750/SF as the base case for the subject's Class A, 2027-2029 delivery timeline.

Section 06A — Land Sale Comparables

Corsa Avenue & Lindero Canyon Trade History

Five recent transactions within the Mixed Use Corsa District and immediately adjacent Mixed Use Lindero District anchor the land-PPSF basis. The two Lindero Canyon parcels were assembled by Lindero Middle LLC / W W W West Windsor LLC (same Beverly Hills ownership group) in 2022 to entitle the 693-unit Lindero Residential Project — the same PDP-track residential redevelopment thesis the subject targets. The most recent Corsa Avenue trade (5711 Corsa, December 2025) confirms current single-parcel pricing remains in the $125/SF land range.
Address Sale Date Acres Lot SF Sale Price $/SF Land Note
5711 Corsa Ave (APN 2054-029-041) 12/16/25 1.29 56,093 $7,012,500 $125.02 Light industrial · 16,500 SF bldg · single parcel; Magicians Holding LLC
5655 Lindero Canyon Rd (APN 2054-029-050) 11/7/22 6.99 304,526 $40,000,000 $131.36 Commercial office · 40,960 SF bldg (6 bldgs) · Lindero Residential Project assemblage; Lindero Middle LLC
5601 Lindero Canyon Rd (APN 2054-029-051) 2/3/22 5.40 235,181 $32,000,000 $136.07 Commercial office · 115,790 SF bldg · Lindero Residential Project assemblage; W W W West Windsor LLC
5743 Corsa Ave (APNs 2054-029-055 + -056) 8/25/21 2.77 120,748 $13,000,000 $107.66 Commercial office · 63,233 SF bldg · 2-parcel assemblage; Westlake Village Pinnacles LLC
5707 Corsa Ave (APN 2054-029-042) 9/23/20 1.29 56,201 $3,650,000 $64.95 Commercial office · 22,068 SF bldg · single parcel; pre-cycle; Corsa Investors LLC
SUBJECT — Corsa Assemblage (5700 + 5706 + 5716) List 2026 4.72 205,413 $22,000,000 $107.10 Commercial office + industrial warehouse · 72,602 SF existing bldgs (to demo) · 3-parcel residential redevelopment assemblage
Note on comp set. All five trades above transacted as income-producing commercial / industrial properties — not as vacant-delivery development sites. Buyers acquired existing tenancies and underlying land at the basis shown. The subject, by contrast, is being marketed as a vacant-delivery redevelopment opportunity. The $/SF land comparison is informative for raw basis but the buyer thesis behind each comp included in-place income alongside redevelopment optionality.
Subject — Corsa Assemblage
Land sale comparables (click pins for detail)

Synthesis. The Lindero Residential Project assemblage — the most directly comparable transaction in the immediate submarket, executed under the same PDP-track residential redevelopment thesis the subject targets — traded at a weighted-average $133.40/SF land across the two known parcels (5655 and 5601 Lindero Canyon, $72M combined / 539,707 SF). The most recent Corsa Avenue trade (5711 Corsa, December 2025) confirms current single-parcel pricing at $125.02/SF land. The subject's list-price basis of $107.10/SF land sits materially below both anchors — at the floor of the 5-year Corsa-corridor trade history — positioning the assemblage to attract aggressive competitive bidding from entitlement-tolerant merchant builders. At this basis, buyers preserve mid-teens profit margins (12-15%) even in the downside 86-door scenario, with significant upside if final pricing trades into the comp-implied $125-$133/SF range.

Section 07 — Pricing & Land Residual

Recommended List Price: $22,000,000

Reconciled Pricing Range

  • Land Residual (Base, PV)$23.6M
  • Recommended List$22,000,000
  • Per Acre~$4.66M / ac
  • Per Door (94)~$234K / door
  • List vs. Residual~7% below modeled basis

Land Residual Sensitivity (PV, $M)

Sellout $/SF94 doors90 doors86 doors
$700 (-7%)$18.0M$17.1M$16.2M
$750 (base)$23.6M$22.5M$21.3M
$800 (+7%)$29.2M$27.8M$26.4M

Land residual (PV) across sellout PSF × door count. 24-month entitlement runway at 15% discount, 13% builder margin, 1,800 SF avg unit, $375/SF hard, 18% soft, $0.73M demo, $3.6M carry. $22M list = ~7% below modeled base case.

Section 08 — Per-Parcel Allocation

Combined $22M List Allocates as Follows

Parcel Acres % of Total Pro-Rata Allocation Net to Seller
5700 Corsa Ave 1.07 22.67% $4,987,000 $4.99M
5706 Corsa Ave 1.26 26.69% $5,872,000 $5.87M
5716 Corsa Ave 2.39 50.64% $11,141,000 $11.14M
Combined Assemblage 4.72 100% $22,000,000 $22.00M

Assemblage Premium — Standalone vs. Joined

Every individual seller realizes meaningfully more value participating in the combined assemblage than they would selling their parcel alone:

Owner Standalone Resolution Assemblage Share Uplift ($) Uplift (%)
5700 Corsa $3.2M-$3.6M $4.99M +$1.4M-$1.8M +40-55%
5706 Corsa $4.0M-$4.4M $5.87M +$1.5M-$1.9M +35-45%
5716 Corsa $9.0M-$10.5M $11.14M (gross) +$0.6M-$2.1M +6-24%

Standalone benchmarks reflect setback-compliant door counts on each parcel underwritten independently. The 5716 assemblage share is shown gross of any buyer-funded cell tower mitigation; sellers retain the full $11.14M allocation, with mitigation cost factored into the buyer's offer. The assemblage thesis is value-accretive to each seller individually.

Section 09 — Risk Disclosures

Buyer Due Diligence Items

1. Discretionary Entitlement. The Mixed Use Corsa District requires Planned Development Permit approval by the City Council through a noticed public hearing. This is not a by-right entitlement. The Lindero Residential Project (adjacent, Mixed Use Lindero District, 693 units via State Density Bonus Law) was filed under SB 330 in June 2023, formally applied in December 2023, and was deemed incomplete in January 2024 — approximately 28+ months in pre-completeness as of May 2026. Buyer should underwrite a comparable 24-month entitlement runway and engage local entitlement counsel.
2. Cell Tower Lease on 5716 (Buyer Due-Diligence Item). A cell tower currently operating on 5716 Corsa is subject to a lease with no termination or relocation clauses per seller correspondence. This is disclosed as a buyer due-diligence item; no purchase price reserve has been allocated against the seller side. Buyer mitigation framework: (a) carrier buyout (full lease termination negotiation), (b) temporary carrier relocation during construction, or (c) phased development around the tower footprint. Buyers are expected to factor mitigation cost into their offer. The 5716 owner has been asked to coordinate direct outreach to the carrier to support buyer-side diligence.
3. 145-Unit Zone-Wide Cap. The Mixed Use Corsa District is subject to a zone-wide cap of 145 units across all 11 parcels (expandable to approximately 174 with state density bonus). Subject 94-door base case sits within the cap with approximately 51 units of headroom. Buyer should verify cap status with the City of Westlake Village Planning Department prior to formal entitlement submittal, particularly given the September 2025 amendment to the North Business Park Specific Plan (amendment scope under review by buyer counsel recommended).
4. Demolition / Asbestos. Existing improvements totaling approximately 72,602 SF were constructed 1985-1989. Asbestos and environmental surveys are required as part of buyer due diligence. Demolition budget is estimated at approximately $10/SF plus a $400K environmental reserve.
5. Vacant Delivery Requirement. This analysis assumes the property is delivered vacant at the close of escrow. Existing tenant leases are reported at <2 years remaining; buyer should confirm via lease abstract during due diligence.