905 Cole Avenue. RARE 5,000 SF Owner / User Office & Studio Building Hollywood Media District SALES OFFERING

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Gary Holmes
5 years ago
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1 RARE 5,000 SF Owner / User Office & Studio Building Hollywood Media District SALES OFFERING

01 02 03 07 executive summary property description location description floorplan / plot plan lease vs.

2 executive summary property description location description floorplan / plot plan lease vs. 09 buy analysis sales 10 comparables table of contents FIRST PROPERTY REALTY CORPORATION Micheal S. Geller mgeller@firstproperty.com license # Ben Silver bsilver@firstproperty.com license # Wilshire Boulevard, Suite 425 Beverly Hills, CA This confidential Sales Offering is intended solely for your limited use and benefit in determining whether you desire to express any further interest in the purchase of the fee interest for, Los Angeles, California, (the "Property"). This Sales Offering contains selected information pertaining to the Property and does not propose to be all inclusive or to contain all of the information which prospective purchasers may desire. It should be noted that all financial projections provided herein are for general reference purposes only. The projections are based on assumptions relating to the general economy, competition and other factors beyond the control of the ownership entity (the "Owner") and therefore, are subject to material variation. Additional information and an opportunity to inspect the property are available to interested and qualified prospective buyers. Neither the Owner nor First Property Realty Corporation, nor any of their respective representatives, have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Sales Offering or any of its contents. No legal commitment or obligation shall arise by reason of this Sales Offering or its contents. Owner and First Property Realty Corporation expressly reserve the right, at their sole discretion, to reject any or all expressions of interest, offers to purchase the Property and/or to terminate discussions with any entity at any time. Owner shall have no legal commitment or obligation to any entity reviewing this Sales Offering or making an offer to purchase the Property unless and until a fully executed written agreement(s) for the purchase of the Property and all contractual conditions and obligations thereunder have been satisfied or waived by Owner and at Owner's sole discretion.

OWNER/USER CREATIVE & STUDIO OPPORTUNITY executive summary First Property Realty Corporation is the exclusive sales and marketing agent for the sale of the fee interest in, Hollywood, an approximate

3 OWNER/USER CREATIVE & STUDIO OPPORTUNITY executive summary First Property Realty Corporation is the exclusive sales and marketing agent for the sale of the fee interest in, Hollywood, an approximate 5,000 square foot, two story, creative office and studio building that is leased to two separate tenants thru 12/31/17 with no existing tenant renewal rights. The offering represents a unique opportunity for a user or investor to acquire a well appointed creative office and studio building in one of the hottest office markets in the greater Los Angeles area, as evidenced by Netflix recent occupancy in the first phase of its iconic 325,000 SF campus on Sunset Blvd in Hollywood. Given the flexible space divisions, a less than 5,000 square foot owner/user can occupy a portion of the Building and lease out the balance of the Building for future expansion. The Property features approximately 2,000 square feet of high end creative offices and an approximate 3,000 square foot studio with a 14 clear height ceiling, a two wall Cove Cyc, sound proofing, a 10 x10 loading door with drive in capability and upgraded electrical. The studio space is easily converted to additional creative office space, if needed. Constructed in 1966, the wood frame and stucco building features eight on-site parking spaces with additional parking currently available from across the street neighbor Television Center. Other note worthy neighbors within walking distance are Milk Studios, RED Studios, The Formosa Group, Hollywood Center Studios, Delux Studios and Paramount Studios. 905 Cole Ave. is located on the west side of the street, one property from the corner of Willoughby Ave & Cole Ave. The Property is offered on an As-is, Where-is basis. INVESTMENT OVERVIEW Purchase Price/Terms: APN: Zoning: $3,799,000 ($760/SF) - All Cash MR1-1-SN Percentage Leased: 100% (all leases expire by 12/31/17 with no renewal options) Year Built: 1966 Stories: Two stories Building Size: Approx. 5,000 Square Feet Land Size: 6,163 square feet (0.14 acres) Lot Dimensions: x 50 Parking: 8 spaces with stack parking Ownership: Fee Simple 01

UNIQUE CREATIVE BUILDING property description 905 Cole Ave. is well suited for creative office and studio production.

Unique attributes of this L shaped building include approximately 2,000 square feet of high end creative offices on 2 stories with custom kitchens on each floor, glass conference

The approximately 3,000 square foot studio features an approximate 14 foot clear height ceiling, 10 X10 loading door with drive-in capability, upgraded electrical systems, custom

4 UNIQUE CREATIVE BUILDING property description 905 Cole Ave. is well suited for creative office and studio production. Currently configured into four separate office spaces, the individual suites can easily be combined for a single building user, or alternatively rented individually. Unique attributes of this L shaped building include approximately 2,000 square feet of high end creative offices on 2 stories with custom kitchens on each floor, glass conference room, hardwood floors, multiple skylights, and several restrooms including a full bathroom with shower. The approximately 3,000 square foot studio features an approximate 14 foot clear height ceiling, 10 X10 loading door with drive-in capability, upgraded electrical systems, custom built Cyc wall, catwalk above the Cyc to hang backgrounds and green screens, private changing and hair/makeup room and storage. The Property is serviced by rooftop HVAC package units. Prominent signage opportunities exist on the building. A large surface lot accessed from Cole Avenue provides for up to eight vehicles using a stack parking arrangement. 02

LOCATION location description The property is located in the Hollywood office submarket one of the hottest

Netflix (415,000 SF), Viacom (167,000SF) and The Oprah Winfrey Network (40,000 SF) all recently moved to

In addition, the immediate area, known as the Hollywood Media District, has witnessed an influx of

New multi-family developments with nearly 1,500 units were filed in the last year with many more currently

The Hollywood office submarket is recognized as one of the more accessible office submarkets on the Westside

5 LOCATION location description The property is located in the Hollywood office submarket one of the hottest submarkets on Los Angeles Westside. Netflix (415,000 SF), Viacom (167,000SF) and The Oprah Winfrey Network (40,000 SF) all recently moved to Hollywood from adjacent city locations. In addition, the immediate area, known as the Hollywood Media District, has witnessed an influx of residential and mixed-use development. New multi-family developments with nearly 1,500 units were filed in the last year with many more currently under construction. The Hollywood office submarket is recognized as one of the more accessible office submarkets on the Westside with its location between Downtown LA, Beverly Hills, West Hollywood and the San Fernando Valley. The central location is very convenient for its occupants, and is also served by the 101 Freeway and major thoroughfares Highland Avenue and Santa Monica Blvd. GOLD S GYM TELEVISION CENTER ROMAINE ST PARAMOUNT STUDIOS CAHUENGA BLVD COLE AVE DOWNTOWN LA RED STUDIOS LARCHMONT VILLAGE MILK STUDIOS WILLOUGHBY AVE KOREA TOWN 03

N LA BREA AVE N HIGHLAND AVE SEWARD ST N BRONSON AVE N WESTERN AVE location

Theater Dakota Hollywood High School W SUNSET BLVD JIM HENSON STUDIOS Hollywood/

Cat Future Spotted Pig BUZZ FEED Veggie GrillHollywood Gwen Amoeba NETFLIX

Hollywood Corner Salt s Cure Egyptian Theater Redbury Hotel Katsuya Hollywood

Jam Cafe SANTA MONICA BLVD FUNNY OR DIE THE LOT STUDIOS M Cafe Franco on Melrose

TELEVISION CENTER STUDIOS Grub 905 Cole Ave MILK STUDIOS RED STUDIOS Petit Trois

L.I.AM PRODUCTION LIN PICTURES Mario s Providence Xiomara Wilshire Country Club

Forever PARAMOUNT STUDIOS RALEIGH STUDIOS N WILTON PL 101 FREEWAY ON/OFF RAMP

6 N LA BREA AVE N HIGHLAND AVE SEWARD ST N BRONSON AVE N WESTERN AVE location description Public Kitchen & Bar Jones Hollywood Loews Hollywood Hotel Chinese Theater Dakota Hollywood High School W SUNSET BLVD JIM HENSON STUDIOS Hollywood/ Highland Center HOLLYWOOD BLVD Stout Burgers Groundwork VIACOM Coffee The Hungry Cat Future Spotted Pig BUZZ FEED Veggie GrillHollywood Gwen Amoeba NETFLIX Palladium Records SUNSET Arclight Cinema BRONSON SUNSET GOWER STUDIOS The Hollywood Corner Salt s Cure Egyptian Theater Redbury Hotel Katsuya Hollywood Littlefork VINE ST Pantages Theatre Metro Red Line M W Hotel N GOWER ST 101 Blu Jam Cafe SANTA MONICA BLVD FUNNY OR DIE THE LOT STUDIOS M Cafe Franco on Melrose Umeda 2 HOLLYWOOD 2 CENTER STUDIOS Chi SPACCA Mozza Rao s FORMOSA DELUXE TELEVISION CENTER STUDIOS Grub 905 Cole Ave MILK STUDIOS RED STUDIOS Petit Trois Trois Mec MELROSE AVE WILL.I.AM PRODUCTION LIN PICTURES Mario s Providence Xiomara Wilshire Country Club The Larchmont Osteria Mamma Cafe Gratitude Lemonade Larchmont Village Hollywood Forever PARAMOUNT STUDIOS RALEIGH STUDIOS N WILTON PL 101 FREEWAY ON/OFF RAMP CONWAY STUDIOS FORMOSA GROUP SIM DIGITAL & SAE INSTITUTE SIREN STUDIOS HOLLYWOOD CENTER STUDIOS HOLLYWOOD ENTERTAINMENT DISTRICT TELEVISION CENTER CAHUENGA BLVD BLVD WILLOUGHBY AVE COLE AVENUE AVENUE 04

location description The Property is centrally located within The

television and internet content production companies.

Media District including Paramount Studios, RED Studios, Milk Studios,

Located 1 mile from the Property is the heart of Hollywood at Hollywood

the W Hotel and the Metro Red Line station.

7 location description The Property is centrally located within The Hollywood Media District which primarily supports feature film, television and internet content production companies. Major entertainment and studio facilities are located in the Hollywood Media District including Paramount Studios, RED Studios, Milk Studios, Hollywood Center Studios, The Formosa Group and Television Center. Located 1 mile from the Property is the heart of Hollywood at Hollywood & Vine which offers many restaurants, entertainment venues, new housing, the W Hotel and the Metro Red Line station. To the southeast of the Property is Larchmont Village with boutique shops and restaurants including Café Gratitude, Lemonade and The Larchmont. 05

375 multifamily units plus 370,000 square feet of retail and restaurant space.

8 location description The areas surrounding the Property have become attractive for residential development. Projects in the pipeline include: 1) Proposed new development by CIM Group at 5601 Santa Monica Blvd. 375 multifamily units plus 370,000 square feet of retail and restaurant space. 2) Under construction development by AvalonBay Communities at 6677 Santa Monica Blvd. 695 multifamily units and 25,000 square feet of commercial space. 06

9 Floorplans 48 CATWALK CYC WALL STUDIO RESTROOM STOR. RR KITCHEN HAIR / MAKEUP ROOM 10 6 KITCHEN RR W/ SHOWER RR LOADING OUTDOOR SEATING AREA CONFERENCE ROOM FIRST FLOOR 19 SECOND FLOOR Cole Avenue *NOT TO SCALE 07

10 Site Plan / Plot Plan BUILDING FOOT PRINT PARKING SITE PLAN PLOT PLAN 08

rental rates which have reached historical highs given the strong demand for space.

Coupled with todays favorable financing at low interest rates, the opportunity to own your own studio and office instead of renting makes considerable

11 lease vs. buy analysis 905 Cole Ave. is a unique opportunity for an owner-user to purchase a move-in ready creative office and studio instead of renting similar space nearby at current rental rates which have reached historical highs given the strong demand for space. The availability of a fully built-out boutique studio for purchase is a rare opportunity. Coupled with todays favorable financing at low interest rates, the opportunity to own your own studio and office instead of renting makes considerable financial sense. Rent Vs. Purchase Comparison* Rental Analysis: Square Feet: Rent / SF: 5,000 square feet $3.50 NNN Subtotal: $17,500 Parking $100/space: $800 Total Monthly Rental Cost: $18,300 Purchase Analysis: Loan amount with 30% down payment $2,660,000 Interest Rate 4.50% Amortization 30 Years Monthly P&I Payment $13,448 Total Monthly Cost to Own: $13,448 *Excluding NNN Charges 09

SALES COMPARABLES In determining the listing price for 905 Cole Ave.

within the general vicinity of the Property were considered.

The prior use of the comparable properties were typically office and

the intent by the buyer to owner-occupy as creative office and

Land Sq.Ft. 910 N Citrus 12/14/16 5,000 sf 5,750 sf Sales Price Price/Sq.

Larchmont Blvd 4/3/17 5,389 SF 6,299 SF $4,450,000 $826/SF User 0.

2.13/1000 5707 Melrose Ave 12/1/16 10,390 SF 19,602 SF $9,900,000

12 SALES COMPARABLES In determining the listing price for 905 Cole Ave., market sales comparables which have occurred within the last 24 months within the general vicinity of the Property were considered. The sales comps are contained below. The prior use of the comparable properties were typically office and production use and the majority of the comparable properties sold with the intent by the buyer to owner-occupy as creative office and production use. Property Address Sale Date Bldg. Sq.Ft. Land Sq.Ft. 910 N Citrus 12/14/16 5,000 sf 5,750 sf Sales Price Price/Sq.Ft. $3,500,000 $700/SF Type of Parking Ratio Sale User 2/1, N Larchmont Blvd 4/3/17 5,389 SF 6,299 SF $4,450,000 $826/SF User 0.74/ Lillian Way 6/5/15 3,290 SF 6,742 SF $2,600,000 $790/SF User 2.13/ Melrose Ave 12/1/16 10,390 SF 19,602 SF $9,900,000 $954/SF User 2.3/ Seward St 11/29/16 6,000 SF 13,155 SF $5,050,000 $842/SF User 4.83/ Seward St 7/1/16 4,234 SF 6,573 SF $3,725,000 $880/SF User 2.8/

Hollywood s Premier Sublease Move-in Ready - $200 SF Buildout - Gensler Design

Hollywood s Premier Sublease Move-in Ready - $200 SF Buildout - Gensler Design 6555 BARTON AVENUE, HOLLYWOOD EXCLUSIVE SUBLEASING AGENT: 310.789.1900 Partially Leased to Sublease Terms Available: Immediately