OWNER/USER COMMERCIAL OFFICE BUILDING 1610 Beverly Blvd Los Angeles, CA

Transcription

1 OWNER/USER COMMERCIAL OFFICE BUILDING 1610 Beverly Blvd Los Angeles, CA

2 N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E Non-Endorsements Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â 2017 Marcus & Millichap. All rights reserved. Los Angeles, CA ACT ID Y

3 TABLE OF CONTENTS SECTION INVESTMENT OVERVIEW 05 Property Overview Offering Summary Property Structure & Floorplan Property Photos Regional Map Local Map Aerial Photo MARKET COMPARABLES 14 Sales Comparables Lease Comparables MARKET OVERVIEW 24 Market Analysis Demographic Analysis 3

4 INVESTMENT OVERVIEW 4

5 PROPERTY OVERVIEW PROPERTY HIGHLIGHTS PROPERTY OVERVIEW Marcus & Millichap is pleased to present 1610 Beverly Boulevard, a two-story office building located in an exciting and rapidly developing sub-market in Los Angeles. Uniquely situated near Glendale Boulevard in the Temple/Beverly corridor, the property is located in extremely close proximity to Downtown Los Angeles and all its amenities. The offering measures a total of 5,520 square feet and is comprised of a 2,760 square foot office unit on the ground floor and four office units on the second floor. The ground floor office includes a sizable work space area in the middle of the unit with a number of office suites complimenting the main ground floor unit previously used as a law office. Amenities for the ground floor office unit include high ceilings, two bathrooms, and an exterior store front facade allowing for maximum light exposure. Built in 1953, the property benefits from brick and steel construction. The second floor office totals four separate office units; currently units 1,2, and 4 are occupied on month-to-month leases with unit 3 currently vacant. The upstairs tenants benefit from a total of two shared restrooms and a common area hallway with access on Beverly Boulevard as well as private back access to the parking lot in the rear. Many of the upstairs units have been renovated. Units 2 and 3 received recent upgrades including fresh interior paint, hardwood floors, with the added feature of exposed windows facing Beverly Boulevard blending great outdoor lighting with a more contemporary and open design. There are a total of 10 surface parking spaces secured by a gate in the rear of the property. The building includes recently updated HVAC units as well as a new fiber optic system. The ground floor office was recently gutted allowing for any future reconfiguration for either the future investor or owner/user. Utilities are separated by the ground and second floor allowing for better management efficiencies should an investor or owner/user intend to keep the upstairs leased with tenants Beverly Boulevard is the ideal opportunity for either the owner/user looking for that rare office opportunity near Downtown Los Angeles, Silverlake, and Westlake; or the investor looking to add value by repositioning the building with an aggressive leasing plan and taking advantage of this rapidly changing market. Excellent Downtown Los Angeles Location: The property maintains close proximity to many downtown amenities as well as a number of recent multi-family and mixed-use developments. Immediate Access to Both the 101 and 110 Freeways: Additionally the property is in near proximity to Glendale Boulevard which leads directly to Highway 2. Desirable Building Features: Open natural lighting,10 private parking spaces in rear, spacious work space areas, multiple restrooms, new fiber optics and HVAC. Owner/User and Investment Flex: An owner/user can either occupy both floors or just the ground floor with the opportunity to lease up the second floor. Financing: Due to the owner/user component of the offering, a future Buyer can benefit from the flexibility of SBA financing. Rapidly Rejuvenating Area: Located in the Temple/Beverly Corridor and is perfectly positioned to benefit from all the new projects taking hold as well as the metro lines. 5

6 EXECUTIVE SUMMARY Property Address THE OFFERING 1610 Beverly Boulevard, Los Angeles, CA OFFERING SUMMARY Price $1,795,000 Gross Leasable Area 5,520 SF Price Per Rentable SF $ Land Size 5,619 SF Price Per Land SF $ Suites (1) Ground Floor Unit (4) Second Floor Units SITE DESCRIPTION Assessor s Parcel Number Zoning LA-C2 Year Built 1953 Frontage on Beverly +/- 40 Occupancy 35% Ownership Fee Simple MAJOR TENANTS TENANT Unit Size LEASE EXPIRATION LEASE TYPE First Floor Office 2,760 SF Vacant N/A Rezac-Meyer Legal 1,500 SF MTM $1,450/Mo.Gross Unit SF Vacant N/A Pactrack 435 SF MTM $925/Mo. Gross 6 #

7 PROPERTY 1610 BEVERLY NAME BLVD PROPERTY STRUCTURE MARKETING & FLOORPLAN TEAM PROPERTY FEATURES Multi-Use Building 5,520 SF of Gross Leasable Area First floor vacant and second floor has one vacant and two month to month tenants Situated in the Temple/Beverly corridor adjacent to Downtown Los Angeles 10 secured parking spaces Accessible to both 101 & 110 freeways Walk Score: Very Walkable (80) Nearby prominent development projects 100,000+ people residing within 1 mile FIRST FLOOR 7

8 PROPERTY 1610 BEVERLY NAME BLVD PROPERTY MARKETING PHOTOS TEAM 8

9 PROPERTY 1610 BEVERLY NAME BLVD PROPERTY PHOTOS MARKETING (INTERIOR) TEAM 9

10 REGIONAL MAP 10

11 LOCAL MAP 11

12 AERIAL PHOTO 12

13 MARKET COMPARABLES 13

14 SALES COMPARABLES MAP (SUBJECT) Alschuler Law Center 2330 W 3rd St 2700 W 3rd Street 1655 Beverly Blvd 111 Glendale Blvd 1660 Beverly Blvd 2535 W Temple St SALES COMPARABLES 14

15 PROPERTY 1610 BEVERLY NAME BLVD SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES Average Price Per Square Foot $ $ $ $ Avg. $ $ $ $ $ $ $50.00 $ Beverly Blvd Alschuler Law Center 2330 W 3rd St 2700 W 3rd Street 1655 Beverly Blvd 111 Glendale Blvd 1660 Beverly Blvd 2535 W Temple St 15

16 PROPERTY 1610 BEVERLY NAME BLVD SALES MARKETING COMPARABLES TEAM SALES COMPARABLES 1610 Beverly Blvd, Los Angeles, CA, ALSCHULER LAW CENTER 1271 W 2nd St, Los Angeles, CA, W 3RD ST 2330 W 3rd St, Los Angeles, CA, Close of Escrow On Market List Price $1,795,000 Rentable SF 5,520 Price/SF $ Year Built 1953 Occupancy 35% Close of Escrow 9/20/2017 Sales Price $1,518,000 Rentable SF 5,232 Price/SF $ Year Built 1971 Occupancy 100% Close of Escrow 1/20/2017 Sales Price $1,900,000 Rentable SF 8,260 Price/SF $ Year Built 1951 Occupancy 85% 16

17 PROPERTY 1610 BEVERLY NAME BLVD SALES MARKETING COMPARABLES TEAM SALES COMPARABLES 2700 W 3RD STREET 2700 W 3rd St, Los Angeles, CA, BEVERLY BLVD 1655 Beverly Blvd, Los Angeles, CA, GLENDALE BLVD 111 Glendale Blvd, Los Angeles, CA, Close of Escrow 9/11/2017 Sales Price $2,650,000 Rentable SF 7,879 Price/SF $ Year Built 1949 Close of Escrow 3/22/2017 Sales Price $1,535,000 Rentable SF 4,690 Price/SF $ Year Built 1955 Close of Escrow 9/2/2016 Sales Price $1,750,000 Rentable SF 4,088 Price/SF $ Year Built

18 PROPERTY 1610 BEVERLY NAME BLVD SALES MARKETING COMPARABLES TEAM SALES COMPARABLES 1660 BEVERLY BLVD 1660 Beverly Blvd, Los Angeles, CA, W TEMPLE ST 2535 W Temple St, Los Angeles, CA, Close of Escrow 4/5/2017 Sales Price $7,782,000 Rentable SF 20,800 Price/SF $ Year Built 1952 Close of Escrow 10/24/2017 Sales Price $2,180,000 Rentable SF 6,105 Price/SF $ Year Built 1970 Parking Ratio

19 8 LEASE COMPARABLES MAP (SUBJECT) Beverly Blvd Beverly-Alvarado Medical Center 2221 Beverly Blvd 1655 Beverly Blvd

20 PROPERTY 1610 BEVERLY NAME BLVD AVERAGE RENT PER SQUARE FOOT LEASE COMPARABLES $30 $27 Avg. $25 $24 $21 $18 $15 $12 $9 $6 $3 $ Beverly Blvd 1908 Beverly Blvd Beverly-Alvarado Medical Center 2221 Beverly Blvd 1655 Beverly Blvd 20

21 PROPERTY 1610 BEVERLY NAME BLVD LEASE MARKETING COMPARABLES TEAM 1610 Beverly Blvd, Los Angeles, CA, BEVERLY BLVD 1908 Beverly Blvd, Los Angeles, CA, BEVERLY-ALVARADO MEDICAL CENTER 2105 Beverly Blvd, Los Angeles, CA, Rentable SF 8,909 Available SF 3,360 Asking Rent/SF $20.76 Year Built 1960 Occupancy 63% Lease Type Modified Gross Lot Size 0.24 Parking Ratio 0.50 Rentable SF 833 Available SF 833 Asking Rent/SF $28.80 Year Built 1970 Lease Type Modified Gross 21

22 PROPERTY 1610 BEVERLY NAME BLVD LEASE MARKETING COMPARABLES TEAM 2221 BEVERLY BLVD 2221 Beverly Blvd, Los Angeles, CA, BEVERLY BLVD 1655 Beverly Blvd, Los Angeles, CA, Rentable SF 3,390 Available SF 3,390 Asking Rent/SF $27.00 Year Built 1925 Occupancy 55% Lease Type NNN Lot Size 0.19 Rentable SF 4,690 Available SF 4,690 Asking Rent/SF $24.00 Year Built 1955 Lease Type Modified Gross Lot Size

23 MARKET OVERVIEW 23

24 PROPERTY 1610 BEVERLY NAME BLVD Created on December 2017 POPULATION 1 Miles 3 Miles 5 Miles 2021 Projection Total Population 98, ,831 1,248, Estimate Total Population 95, ,864 1,245, Census Total Population 90, ,753 1,188, Census Total Population 89, ,484 1,201,539 Current Daytime Population 2016 Estimate 102, ,168 1,315,308 HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2021 Projection Total Households 35, , , Estimate Total Households 33, , ,446 Average (Mean) Household Size Census Total Households 31, , , Census Total Households 27, , ,748 HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2016 Estimate $200,000 or More 2.20% 2.54% 3.46% $150,000 - $199, % 2.36% 2.73% $100,000 - $149, % 6.55% 7.55% $75,000 - $99, % 7.05% 7.83% $50,000 - $74, % 13.50% 15.04% $35,000 - $49, % 13.47% 13.38% $25,000 - $34, % 12.39% 12.12% $15,000 - $24, % 17.20% 15.94% Under $15, % 16.46% 14.98% Average Household Income $47,138 $51,818 $58,736 Median Household Income $27,057 $31,362 $34,981 Per Capita Income $16,779 $19,894 $20,650 MARKETING DEMOGRAPHICS TEAM POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age 2016 Estimate Total Population 95, ,864 1,245,329 Under % 21.62% 24.58% 20 to 34 Years 32.50% 30.28% 28.03% 35 to 39 Years 8.04% 8.22% 7.92% 40 to 49 Years 12.72% 14.12% 13.92% 50 to 64 Years 12.99% 15.71% 15.59% Age % 10.07% 9.97% Median Age Population 25+ by Education Level 2016 Estimate Population Age , , ,391 Elementary (0-8) 23.78% 17.08% 17.77% Some High School (9-11) 13.13% 12.46% 12.71% High School Graduate (12) 18.37% 20.12% 19.93% Some College (13-15) 11.61% 14.37% 15.28% Associate Degree Only 4.85% 4.74% 4.87% Bachelors Degree Only 15.85% 19.20% 17.65% Graduate Degree 5.36% 6.70% 6.77% Source: 2016 Experian 24

25 PROPERTY 1610 BEVERLY NAME BLVD Created on December 2017 MARKETING DEMOGRAPHICS TEAM POPULATION BY TRANSPORTATION TO WORK 1 Miles 3 Miles 5 Miles 2016 Estimate Total Population Bicycle 0.54% 1.34% 1.13% Bus or Trolley Bus 38.78% 25.59% 20.27% Carpooled 9.45% 9.38% 10.25% Drove Alone 38.94% 49.80% 55.87% Ferryboat 0.00% 0.00% 0.01% Motorcycle 0.15% 0.18% 0.20% Other Means 1.93% 1.50% 1.38% Railroad 0.06% 0.12% 0.09% Streetcar or Trolley Car 0.07% 0.07% 0.06% Subway or Elevated 0.72% 1.03% 0.83% Taxicab 0.18% 0.12% 0.08% Walked 5.83% 6.26% 5.27% Worked at Home 3.35% 4.61% 4.57% POPULATION BY TRAVEL TIME TO WORK 1 Miles 3 Miles 5 Miles 2016 Estimate Total Population Under 15 Minutes 11.91% 14.48% 14.65% Minutes 29.96% 30.38% 31.65% Minutes 36.87% 33.71% 33.25% Minutes 9.57% 8.15% 8.12% 90 or More Minutes 3.26% 3.29% 3.31% Worked at Home 3.35% 4.61% 4.57% Average Travel Time in Minutes Source: 2016 Experian 25

26 PROPERTY 1610 BEVERLY NAME BLVD MARKETING DEMOGRAPHICS TEAM Population In 2016, the population in your selected geography is 95,899. The population has changed by 7.57% since It is estimated that the population in your area will be 98, five years from now, which represents a change of 3.10% from the current year. The current population is 52.96% male and 47.04% female. The median age of the population in your area is 31.38, compare this to the US average which is The population density in your area is 30, people per square mile. Race and Ethnicity The current year racial makeup of your selected area is as follows: 33.16% White, 4.34% Black, 0.18% Native American and 17.66% Asian/Pacific Islander. Compare these to US averages which are: 70.60% White, 12.83% Black, 0.19% Native American and 5.43% Asian/Pacific Islander. People of Hispanic origin are counted independently of race. People of Hispanic origin make up 69.78% of the current year population in your selected area. Compare this to the US average of 17.77%. Households There are currently 33,517 households in your selected geography. The number of households has changed by 21.96% since It is estimated that the number of households in your area will be 35,829 five years from now, which represents a change of 6.90% from the current year. The average household size in your area is 2.80 persons. Housing The median housing value in your area was $495,989 in 2016, compare this to the US average of $190,673. In 2000, there were 1,943 owner occupied housing units in your area and there were 25,540 renter occupied housing units in your area. The median rent at the time was $452. Income In 2016, the median household income for your selected geography is $27,057, compare this to the US average which is currently $55,159. The median household income for your area has changed by 33.80% since It is estimated that the median household income in your area will be $30,365 five years from now, which represents a change of 12.23% from the current year. Employment In 2016, there are 98,158 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 33.40% of employees are employed in white-collar occupations in this geography, and 66.54% are employed in blue-collar occupations. In 2016, unemployment in this area is 9.38%. In 2000, the average time traveled to work was minutes. The current year per capita income in your area is $16,779, compare this to the US average, which is $30,249. The current year average household income in your area is $47,138, compare this to the US average which is $79,207. Source: 2016 Experian 26

27 P R E S E N T E D B Y Aria Pournazarian National Retail Group Los Angeles Office Tel: (213) Fax: (213) aria.pournazarian@marcusmillichap.com License: CA