Martin McDermott 323.452.6762 martin@methodcre.com rare echo park creative flex for sale
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section 1 property information
RARE ECHO PARK CREATIVE FLEX FOR SALE investment 158 GLENDALE BLVD, LOS ANGELES, CA 90026 SALE PRICE: $7,250,000 Opportunity to purchase an extensively renovated industrial building at below the average sales comp price. Perfect for all types of creative endeavors. The sales price includes a set of in-process work delivered completed. Huge capital improvements unique among all the sale comps and in general Potential for garage area on-site plus a gated parking lot lease for 12 cars Perfectly located for creative users in Silver Lake, Echo Park, Chinatown and Downtown Possible Live/Work, retail and office conversions Located in an Enterprise Zone Lot Size: 0.21 Acres Building Size: 18,400 SF Zoning: RC4 (CW) U 3.7-O Year Built: 1922 Year Renovated: 2017 APN: 5160-013-011 1401 Westwood Boulevard // Los Angeles, CA 90024 // 323.477.2580 // methodcommercial.com section 1 / page 4
property description PROPERTY DESCRIPTION Extensively renovated two-story brick building includes new: membrane roof, 800 amp power service, 36 ton HVAC system, all windows, sewer line, lighting, beautiful high-end wood floor installed with sound-proofing on the 2nd floor. Additionally, the exterior has been upgraded by local artist with murals on the side and back, the front will get new paint on the ground floor, storefront glass in two of the bays, a high-end roll-up door and glass and steel storefront doors plus exterior lighting. The interior was returned to like new status by sandblasting and re-tucking the brick as needed. This building lays out well for both single and multi-tenant floor plans. This is a project in production now so elements of the renovation will be in different states depending on when you tour. ZONING RC4 (CW) U 3.7-O Enterprise zone Central City West Specific Plan Greater Echo Park Elysian Neighborhood Council Council District 1 section 1 / page 5
additional photos 2nd floor towards back 2nd floor towards front 2nd floor corner 2nd floor new windows detail section 1 / page 6
additional photos potential garage ground floor front window area section 1 / page 7
additional photos ground floor towards back ground floor towards vault old bank vault section 1 / page 8
floor plans section 1 / page 9
section 2 location information
regional map section 2 / page 11
location description LOCATION DESCRIPTION Located where Echo Park meets downtown Los Angeles, minutes to the 101 and 110 freeways and in the heart of a rapidly gentrifying and amenity growing neighborhood, 158 Glendale Boulevard offers a location perfect for a plethora of creative uses. A 5 minute drive to: The Broad and other downtown cultural icons, 4 minute drive to Sunset Blvd and the plethora of food, beverage and shopping and 2 minute drive to the urban oasis of Echo Park Lake and a 1 minute walk to the Eater LA dubbed "Echo Parks Coolest New Project" which includes: One Down Dog yoga, Clark Street Bread and Plancha Tacos. section 2 / page 12
aerial map section 2 / page 13
amenity map section 2 / page 14
section 3 sales comparables
sale comps summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF CLOSE 158 Glendale Blvd Los Angeles, CA 90026 $7,250,000 18,400 SF $394.02 - SALE COMPS PRICE BLDG SF PRICE/SF CLOSE 1 2 3 4 5 6 Eyeboogie Studios 180 Glendale Blvd Los Angeles, CA 90026 111 N Glendale Blvd Los Angeles, CA 90026 1655 Beverly Boulevard Los Angeles, CA 90026 1660 Beverly Blvd Los Angeles, CA 90015 1137 W 6th Street Los Angeles, CA 90017 2535 W Temple Street Los Angeles, CA 90026 $8,637,000 14,395 SF $600.00 On Market $1,750,000 4,088 SF $428.08 09/01/2016 $1,535,000 4,725 SF $324.87 03/01/2017 $7,782,000 22,000 SF $353.73 04/04/2017 $2,450,000 6,000 SF $408.33 01/05/2016 $2,695,000 6,426 SF $419.39 On Market AVERAGES $4,141,500 9,606 SF $431.14 - Also, 169 Glendale Blvd (located directly across the street) is on the market as a development site for multifamily. This land site is 15,599sf, unentitled, zoned C2-1-O and includes a 4,125sf industrial building. The asking price is $4,250,000 or $273 a land foot. section 3 / page 16
sale comps map SUBJECT PROPERTY 158 Glendale Blvd Los Angeles, CA 90026 1 EYEBOOGIE STUDIOS 2 111 N Glendale Blvd 180 Glendale Blvd Los Angeles, CA 90026 Los Angeles, CA 90026 3 1655 Beverly Boulevard Los Angeles, CA 90026 4 1660 Beverly Blvd Los Angeles, CA 90015 5 1137 W 6th Street Los Angeles, CA 90017 6 2535 W Temple Street Los Angeles, CA 90026 section 3 / page 17
sale comps SUBJECT PROPERTY 158 Glendale Blvd Los Angeles, CA 90026 1 EYEBOOGIE STUDIOS 180 Glendale Blvd Los Angeles, CA 90026 Sale Price: $7,250,000 Sale Price: $8,637,000 Lot Size: 0.21 AC Lot Size: 0.442951997 Year Built: 1922 Building SF: 14,395 SF Building SF: 18,400 SF Price PSF: $600.00 Price PSF: $394.02 Opportunity to purchase an extensively renovated industrial building at below the average sales comp price. Perfect for all types of creative endeavors. The sales price includes a set of in-process work delivered completed. In escrow this three building creative office "campus" built-out for production with edit bays and a small stage plus offices and open and break spaces. section 3 / page 18
sale comps 2 3 111 N Glendale Blvd Los Angeles, CA 90026 1655 Beverly Boulevard Los Angeles, CA 90026 Sale Price: $1,750,000 Sale Price: $1,535,000 Lot Size: 0.1 AC Lot Size: 0.14 AC Year Built: 1995 Year Built: 1955 Building SF: 4,088 SF Building SF: 4,725 SF Price PSF: $428.08 Price PSF: $324.87 Closed: 09/01/2016 Closed: 03/01/2017 Two story office building sold to an owner-user: the first floor is all parking and the 2nd floor is standard office. Inferior condition, same location, superior parking. Two story office building sold to an owner-user. Inferior location, superior parking, inferior condition. section 3 / page 19
sale comps 4 5 1660 Beverly Blvd Los Angeles, CA 90015 1137 W 6th Street Los Angeles, CA 90017 Sale Price: $7,782,000 Sale Price: $2,450,000 Lot Size: 1.1 AC Lot Size: 0.17 AC Year Built: 1949 Year Built: 1948 Building SF: 22,000 SF Building SF: 6,000 SF Price PSF: $353.73 Price PSF: $408.33 Closed: 04/04/2017 Closed: 01/05/2016 Occupancy: 0.0% Raw industrial building with good parking. Sold without any renovation or change of use work to an entertainment company. Location and Condition are inferior to Subject. Parking is superior to Subject. Two story office building sold to an owner-user. Similar location. Superior parking. Inferior condition. Closer to Downtown but further away from the hot areas of Echo Park, China town and Silver Lake. section 3 / page 20
sale comps 6 2535 W Temple Street Los Angeles, CA 90026 Sale Price: Lot Size: Year Built: Building SF: Price PSF: $2,695,000 0.2 AC 1970 6,426 SF $419.39 Two story office building sold to an owner-user in Historic Filipino town which is a similar location in terms of its proximity to Echo Park but further from Downtown. Similar to Subject as a two story office building. Superior parking. Inferior condition. section 3 / page 21
Thank For more information or to schedule a tour... You Martin McDermott 323.452.6762 martin@methodcre.com