For Sale Executive Summary
FOR SALE EXECUTIVE SUMMARY
LOS FELIZ 1710-1716 NORTH VERMONT AVENUE RESTAURANT / NIGHTCLUB LOS ANGELES, CA 90027 & OFFICE THE OFFERING
OFFERING PRICE $9,200,000
Price Per Rentable SF $564.76
Building Size 16,290 SF*
Total Parcel Size 15,861 SF Parcel Size (Building) 8,398 SF Exclusively Listed By: Parcel Size (Parking Lot) 7,463 SF
Year Built/Renovated 1922/2009
APN (Building) 5590-026-003 APN (Parking Lot) 5590-026-005
Current Occupancy 100%
* The total square footage of the building includes the basement addition of 1,000 square feet which is used for refrigeration
EXECUTIVE SUMMARY Marcus & Millichap is pleased to present for sale “Rockwell”, located in the heart of the eminent Los Feliz submarket at 1710-1716 North Vermont. The property consists of a two-story building measuring approximately 16,290 square feet including the basement addition which measures approximately 1,000 square feet and two separate kitchens. Built in 1922, the two-story patio restaurant was added in 2009. The first floor is occupied by Rockwell, a restaurant, bar and cabaret venue. The second floor includes eight offices of which three are occupied by the current owner and the other five are on month-to-month leases. The building is situated on a parcel of land measuring approximately 8,398 square feet with an adjacent parking lot measuring approximately 7,463 square feet. The adjacent lot is located at 4638 Kingswell Avenue with 29 spaces serving the parking needs of the building. The parking lot is located in a Tier 3 TOC overlay, thereby giving it a nice development potential down the road.
Los Feliz is a relaxed hillside enclave that draws both established and up-and-coming creative types. There are plenty of old-school watering holes, hip shops, vintage stores, coffee shops and trendy bistros such as The Figaro Bistro. Los Feliz is home to the historic single movie screen, the Vista Theater, numerous bars, restaurants catering to nightlife, and a pair of exemplary Frank Lloyd Wright homes located on Vermont Avenue as well as Hollywood Boulevard. The neighborhood borders sprawling Griffith Park, beloved by locals for its hiking, concerts at the Greek Theater and stargazing at Griffith Observatory and Planetarium. Whether you’re a tourist just in town or a local looking for a fun laid-back backdrop to Hollywood, Los Feliz is the place which is one of Los Angeles’ hottest neighborhoods. Largely catering to a young and creative professional demographic, the area has witnessed a dynamic change, while still retaining its artsy character and individual Los Feliz personality.
The current tenant, Rockwell is one such example of the Los Feliz market with a trendy and unpretentious restaurant, bar, and live entertainment. This is an outstanding opportunity for investors seeking to acquire in one of the most desirable submarkets in Los Angeles.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed 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. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future www.marcusmillichap.com performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 (Activity ID: ZAA0140198)
SALE PRICE SALE PRICE PER SF PER PRICE $564.76 $9,200,000
Near the Vermont / Sunset Red Line Metro Station / Sunset Red Line Metro Vermont Near the 5 and 101 Freeways Area to Easy Access Minutes to the Hospital District (Saban Research Institute, Children’s DistrictMinutes the Hospital Children’s to Institute, (Saban Research TOC 3 Tier Redevelopment, Future for Allows CUP Allowing for Entertainment Venue and Alcohol Sales and Alcohol Venue Entertainment for CUP Allowing to Improvements in 2009 with Extensive Beautifully Renovated Nine Surface Spaces Parking Twenty Premier Los Feliz-Vermont Corridor Feliz-Vermont Los Premier PartLot Offering of the Included as Sale with Rare Dual Parcel ► ► ► ► ► ► ► ► ► Patio, Offices, and Offices, Exterior Patio, Major Development for Slated Kaiser Hospital, Permanente) ► ► ► ► ► ► ► ► ►
INVESTMENT HIGHLIGHTS INVESTMENT EXECUTIVE SUMMARY EXECUTIVE
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