1610 Broadway Santa Monica, Ca 90404
Santa Monica Pier Third Street Promenade Expo Station Water Garden 1610 BROADWAY Colorado Center SANTA MONICA
Savills Studley has been retained as the Exclusive Agent to extend qualified principals the opportunity to acquire 1610 Broadway, Santa Monica CA 90404. Built in 1989 and renovated with a design by David Fobes Hibbert in 2000 and 2008, this property contains seven very creative units and provides for a unique housing option in the heart of Santa Monica. The Property s strong surrounding demographics and market fundamentals, proximity of high-paying jobs, retail/entertainment amenities, Walk Score of 89, combined with the quality, and value-add potential, make this property an outstanding investment opportunity. Investment Highlights 1610 Broadway, Santa Monica CA 90404 Price: $9,195,000 $8,950,000 NOI (Year 1): $239,845 with 15% vacancy Current Cap Rate (Year 1): 3.2% (assuming 100% occupancy) Pro-Forma NOI: $361,439 Pro-Forma Cap Rate: 4.0% Current GRM: 20.9 Pro-Forma GRM: 18.4 Five 2 + 2 units, one 2 + 2.5 and one 3 + 3 Below market rents Building Size: +/- 11,211 SF, per rent roll +/- 8,292 SF, per tax record 14 Parking spaces Lot Size: 7,503 SF Zoning: MUBL (Mixed-Use Boulevard Low) High ceilings, High Speed internet access, surround sound system, stainless steel appliances, private wood decks, stone and Caesarstone countertops and high-end finishes * Buyer to confirm Live-work use with the city. ** Pro-Forma Rents are based on market apartment rents There is a potential for the units to be rented as live work at Santa Monica office market rents on a per square foot basis.
Rent Roll Unit BD/BA Sq. Ft. Rent/Mo. Lease Expiration Pro-Forma Rent/Mo. TMobile Antenna on Roof $2,727.00 $2,717.00 Verizon Antenna on Roof $2,000.00 $2,000.00 101 2/2.50 1,699 $4,500.00 mo-to-mo $5,000.00 102 2/2.00 2,173 Vacant $6,000.00 103 2/2.00 1,832 $4,700.00 mo-to-mo $5,500.00 201 2/2.00 2,260 $5,750.00 mo-to-mo $6,000.00 301 3/3.00 1,545 $4,200.00 mo-to-mo $5,500.00 302 2/2.00 833 $2,620.00 mo-to-mo $4,000.00 303 2/2.00 869 $2,900.00 mo-to-mo $4,000.00 7 Units 11,211 $30,440.13 $41,760.13 Expenses (Per Month) Property Taxes $8,245 Utilities $1,042 Insurance $900 Pest Control $80 Janitorial & Landscape $150 Total Operating Expenses: $10,458 *The Verizon lease is currently in final lease negotiations at the time of the production of these materials.
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. The Downtown Santa Monica District is the home of the Third Street Promenade, a major outdoor pedestrian-only shopping district that stretches for three blocks between Wilshire Blvd. and Broadway. Third Street is closed to vehicles for those three blocks to allow people to stroll, congregate, shop and enjoy street performers. Santa Monica Place, featuring Bloomingdale s and Nordstrom in a three-level outdoor environment, is located at the south end of the Promenade. After a period of redevelopment by Macerich, the shopping center reopened in the fall of 2010 as a modern shopping-entertainment complex with more outdoor space. Santa Monica is one of the most environmentally active municipalities in the nation. The city proposed a Sustainable City Plan in 1992 and in 1994, it was one of the first cities in the nation to adopt a comprehensive sustainability plan, setting waste reduction and water conservation policies for both public and private sectors through its Office of Sustainability and the Environment. Eighty-two percent of the city s public works now run on alternative fuels, including nearly 100% of the municipal. The subject property is located close Downtown Santa Monica, surrounded by shopping, restaurants and hotels. The property is near I-10 Freeway and new Expo light rail station at 17th Street and Santa Monica College. The city is also in the process of implementing a 5 year and 20 year Bike Action Plan with a goal of attaining 14 to 35% bicycle mode share by 2030 through the installation of enhanced bicycle infrastructure throughout the city. Other environmental features include curbside recycling, curbside composting bins (in addition to trash, yard-waste and recycle bins), farmers markets, community gardens, garden-share, an urban forest initiative, a hazardous materials home-collection service, green business certification and a municipal bus system which is currently being revamped to integrate with the Expo Line. The city s climate, walkability, access to transit, and lifestyle make it one of the most exciting places to live and do business in the country.
Listing Brokers Steve Walbridge Executive Vice President 213-553-3842 swalbridge@savills-studley.com License 00821038 Corporate License 00388260 Craig Newlands, CCIM, LEED Green Assoc. Managing Director 310-444-1020 cnewlands@savills-studley.com License 01348897 Corporate License 00388260
Disclosure The material contained in this Investment Offering Brochure is furnished solely for the purpose of considering the purchase of 1610 Broadway and is not to be used for any other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of Savills Studley or Owner, or used for any purpose whatsoever other than the evaluate the possible purchase of the Property. The only party authorized to represent the Property Owner ( Owner ) in connection with the sale of the Property is Savills Studley and no other person is authorized b the Owner to provide any information or to make any representations other than contained in this Investment Offering Brochure. If the person receiving these materials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to Savills Studley. Neither Savills Studley nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future performance of the Property. This Offering Brochure may include certain statements and estimates by Savills Studley with respect to the projected future performance of the Property. These Assumptions may or may not be proven to be correct, and there can be no assurance that such estimates will be achieved. Further, Savills Studley and the Owner disclaim and all liability for representations or warranties, expressed or implied, contained in or omitted from this Investment Offering Brochure, or any other written or oral communication transmitted or made available to the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed and delivered Real Estate Purchase Agreement between it and Owner. The information contained herein is subject to change without notice and recipient of these materials shall not look to Owner or Savills Studley, nor any of their officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Investment Offering Brochure are advised and encouraged to conduct their own comprehensive review and analysis of the Property.