PRIME SANTA MONICA INVESTMENT OPPORTUNITY Exclusively Listed By: T.C. Macker, CCIM Managing Director 310.966.4352 tcmacker@westmac.com BRE#01232033
EXECUTIVE SUMMARY Coldwell Banker Commercial WESTMAC is pleased to present the sale of 2705 Pico Boulevard in prime Santa Monica. The property is an approximately 4,130 square foot two-structure offering with single tenant occupancy located on an approximately 9,351 square foot lot situated off major arterial Pico Boulevard. The heavily trafficked thoroughfare is home to vibrant, walkable retailers and restaurants serviced by pedestrian friendly sidewalks and easily accessible to the I-10 freeway and Metro Light Rail. The property is surrounded by a vast residential district dotted by a host of recreational parks and various educational institutions, and catered to by an array of local-serving retailers. The property is part of Silicon Beach, evident by the number of employers who flocked to the area by way of start-ups and Fortune 500 companies now residing among the city s existing media giants. This area of Santa Monica thrives as a busy office and retail market and is a unique opportunity for an investor looking to acquire property in a highly sought-after, family friendly, e-commerce driven locale. 2017 Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates. All Rights Reserved. Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial and the Coldwell Banker Commercial Logo are registered service marks owned by Coldwell Banker Real Estate LLC, dba Coldwell Banker Commercial Affiliates
Downtown Santa Monica opportunity in heart of Silicon Beach
INVESTMENT HIGHLIGHTS»» 100% leased to long-term tenants below market rents (Tenant lease 28% under market)»» Property can be easily convertible to office or creative space»» Prime Santa Monica location in heart of Silicon Beach»» Part of a vibrant commercial boulevard with plentiful walkable amenities»» Surrounded by dense, affluent residential neighborhood with strong workforce and established commercial areas»» Located along highly trafficked thoroughfare Pico Boulevard Traffic count at Pico Blvd. and 26th St. (0.02 SW) is 29,854 cars per day.»» Easily accessible to I-10 Freeway, Metro Station (Bergamont/26th Street), and Santa Monica Airport
PROPERTY INFORMATION APN Building Size Lot Size Parking Zone Occupancy Year Built Building Height Foundation Exterior Walls Interior Roof Frontage Walk Score 4274-008-037 Approximately 4,130 square feet Approximately 9,351 square feet Nine (9) spaces are possible if existing playground were converted to parking (2.2 per square foot) MUBL Mixed Use Boulevard Low / C-4 Single Tenant, Occupied 1957 One (1) story Concrete slab Concrete block Vinyl tile floors, painted gypsum-board walls and suspended T-bar, ceilings with recessed florescent light fixtures and acoustic tile inserts Flat, covered with built-up and rolled asphalt composition Approximately 51 feet on north-side of Pico Boulevard Very Walkable (82)
LEASE ABSTRACT Tenant Size Term Commencement Lease Expiration Option to Extend Current Rent Increases CAM Security Deposit Personal Guaranty Lease Form Kindergarten LA, LLC Approximately 4,130 square feet 5 years, 6 months February 1, 2011 August 14, 2021 3 60 months periods (On 1st extension) $9,277.83 per month, NN ($2.24/SF) on a modified gross basis (tenant pays utilities and routine maintenance, landlord pays taxes) 3% annual See Financial Summary for details $17,490 Yes AIR Standard Industrial/Commercial Single-Tenant Lease -- Gross
FINANCIAL SUMMARY Approximate NOI Cap Rate Asking Price: $79,061 (taxes adjusted to asking price) 2.87% $2,750,000
AREA OVERVIEW Santa Monica California is a beachfront city in western Los Angeles County. Situated on Santa Monica Bay, the city is bordered on three sides by the city of Los Angeles -- Pacific Palisades on the north, Brentwood on the northeast, West Los Angeles and Mar Vista on the east and Venice on the southeast. Santa Monica is home to many Hollywood celebrities and executives and is a mixture of affluent single-family neighborhoods, renters, professionals and students. The Census Bureau 2010 population for Santa Monica is 89,736. Partly because of its agreeable climate, Santa Monica had become a famed resort town by the early 20th century. The city has experienced a boom since the late 1980s through the revitalization of its downtown core and significant job growth and increased tourism. Los Angeles, and Santa Monica in particular, are a magnet for entrepreneurs and a breeding ground for innovation, especially in media. Los Angeles has produced some of today s massive companies, such as Snapchat and Tinder. Los Angeles is now the third-most-prominent outpost for startups in America, after San Francisco and New York. As the Los Angeles tech community has grown, it s clear that Santa Monica is the heart of Silicon Beach (named after its proximity to the Pacific Ocean). In the first six months of 2013, start-ups in Silicon Beach raised over $500 million in funding, and there were 94 new start-ups and nine acquisitions. In 2016, the city s startups received around $3 billion in funding, around 6x more than in 2012, according to research firm CB Insights, further showing that the area is a leading hub for the tech industry. The subject property sits along a vibrant commercial boulevard located in the heart of Silicon Beach, surrounded by a multitude of business parks, tech start-ups and longestablished media giants.
PICO BOULEVARD Starbucks SUBJECT PROPERTY
Pico Boulevard is a vibrant commercial boulevard that provides an enhanced environment for pedestrians and includes a wide choice of local-serving retail, expanded mobility, and shared parking. Walkable retailers include Starbucks, Whole Foods 365, Morgan Wixson Theatre, Trader Joes, Yum Yum Donuts, Santa Monica Dance Studio, 99 Cents Only Store, YogaRat,, Barkowski lounge, Mandarin restaurant and many more.
2705 P I C O BOULEVARD SANTA MONICA, CALIFORNIA FOR MORE INFORMATION: T.C. Macker, CCIM Managing Director 310.966.4352 tcmacker@westmac.com BRE#: 01232033 Coldwell Banker Commercial WESTMAC 1515 S. Sepulveda Boulevard, Los Angeles, CA 90025 310.478.7700 www.westmac.com Company BRE#: 01096973