sign in sign up
<<
Home , La Cienega Boulevard, Melrose Avenue

926-928 N. LA CIENEGA BLVD , CA

CORY STEHR Lee & Associates®-LA North/Ventura, Inc. Principal Corporate ID #01191898 A Member of the Lee & Associates Group of Companies 818.933.0304 15250 , Suite 100 Sherman Oaks, CA 91403 [email protected] 818.986.9800 Main | 818.933.0405 Fax BRE # 01851029 PROPERTY HIGHLIGHTS

926-928 North La Cienega (“Property”) offers an owner/ PRICE $5,250,000 ADDRESS 926-928 N. La Cienega Blvd, Los Angeles, CA 90069 user or investor the opportunity to acquire rare retail space

in the exiting La Cienega Design Quarter “(LCDQ)” of West PRICE PSF $1,193 PARCEL NO. 5529-006-047 . Situated slightly north of Melrose Place and south of Santa Monica Blvd, the property is well positioned to serve the needs of various luxury and boutique retail concepts. PRO FORMA CAP RATE 5.5% YEAR BUILT 1949

Featuring expansive floor to ceiling glass window frontage on PRO FORMA NOI $290,000 ZONING LAC4-1VL , the Property is highly visible to both north and southbound traffic and is within walking distance to a host of major restaurants and designers such as Nobu, Barton G., The RENTAL RANGE PSF $5.50-7.00 NNN FLOORS 1 Belmont, Koi, RH West Hollywood, Kreiss, and Design Within Reach.

This amenity-rich location feeds a consistent flow of new development, EST. NNN CHARGES PSF $1.32 LAND AREA 4,575 SF particularly luxury apartments attracting young, affluent professionals looking for both luxury and convenience. As a result, the West Hollywood market has grown significantly and continues to diversify its core base of businesses, tenants, and trendy concepts that cater to some of the most sophisticated clientele in the country. INVESTMENT OVERVIEW

926-928 N La Cienega is a rare offering of a well-located retail asset in the heart of West Hollywood. The property is ideal for an owner/user given today’s record low interest rate environment, offering qualified buyer’s a chance to own the property for 10% down payment and 25 year fully-amortizing debt with a blended interest rate of 3.75% allowing for a monthly payment of approximately $24k per month.

Occupancy along La Cienega has risen over the past year as tenants other than design and furniture have found a home on the street. Asking lease rates range from $5.00-$7.50 per sq. ft. for ground-floor space between the 700-900 block. Assuming an investor was able to lease the space for $5.50-$6.00 per sq. ft. per month NNN, the property would achieve a stabilized cap rate of approximately 5.50%-6.00%. RETAIL FOOD & DRINKS HOTELS

1 1 Nobu Los Angeles 1 Sunset Marquis Hotel 2 Melrose Place Shopping District 2 Barton G. 2 Mondrian Los Angeles A Oscar De La Renta 3 The Belmont 3 Sofitel Los Angeles B Glossier 4 Koi Los Angeles 5 Fig & Olive INSTITUTIONS 6 E.P. and L.P. 1 Cedars-Sinai Medical Center 2 Pacific Design Center

926-928 N. LA CIENEGA BOULEVARD Los Angeles, CA 90069 AERIAL MAP N

MEMBERS-EAST SIDE W E 1 ALT for Living

2 B David Levine

3 S Caché Sunset Blvd. 4 Christopher Farr MAP NOT TO SCALE 5 Harbinger & Harbinger by Hand

6 Hollywood Sierra Kitchens 101 FWY 7 Kreiss

8 Marge Carson Holloway Dr. 9 Paul Ferrante, Inc.

10 Remains Lighting

11 Renaissance Design Studio

WEST HOLLYWOOD 12 Richard Shapiro Studiolo

Westmount Dr. Westmount 13 Serena & Lily Design Shop NW Knoll Dr. NW K 14 Tabarka Studio no ll 11 D 15 . Una Malan W 25 e 16

Larrabee St. Larrabee Waterworks s

W Hancock Ave. Hancock t m 18 e 8 s N o t u b 33 n o t 2 u D r r 40 n . e 14 MEMBERS-WEST SIDE

N. San Vicente Blvd. Vicente N. San D 39 r . 6 17 Arteriors MEMBERS-EAST SIDE W E Willoughby Ave. 1 18 Barakat Gallery ALT for Living 2 B David Levine Rugby Dr. 21 19 Circa Lighting 15 3 Caché S 46 20 Claremont Furnishing Sunset Blvd. 10 1 Fabrics Co. 4 Christopher Farr Santa Monica Blvd. 28 MAP NOT TO SCALE 3 21 Compas Stone International 5 37 Harbinger & Harbinger by Hand 12 Waring Ave. 22 Design Within Reach 6 Hollywood Sierra Kitchens

101 FWY 27 23 Dragonette Ltd 7 Kreiss 24 Farrow & Ball Sherwood Dr. 24 5 8 Marge Carson Holloway Dr. 4 405 FWY 35 25 Filmore Clark 9 Paul Ferrante, Inc. N. Croft Ave. Ave. Croft N. Santa Monica 20 26 Gracie 10 Remains Lighting 34 27 Hammer and Spear 11 Renaissance Design Studio

WEST HOLLYWOOD 23 28 HOFA - House of Fine Arts 12 Richard Shapiro Studiolo 29 16 29 Hollywood at Home Westmount Dr. Westmount Melrose Pl. 13 Serena & Lily Design Shop 30 NW Knoll Dr. NW 30 F 9 K Jamal’s Rug Collection 14 Tabarka Studio no G ll 11 D 31 r Janet Yonaty 15 Una Malan N . W 25

Huntley Dr. Huntley 32 e Jasper 16

Larrabee St. Larrabee Waterworks s NW Knoll Dr. Knoll NW W N Ave. Hancock t m 18 e MEMBERS-EAST SIDE

West Dr. Westmount N. La Peer Dr. Peer La N.

Westbourne Dr. Westbourne 33 8 W E s o John Nelson Antiques Hollywood t u 1 ALT for Living b 33 13 n o 2 Public t 2 B 34David Levine u D John Nelson Antiques r r 40 Library n . 3 Caché 14 PDC 26 42 S 47 32 e MEMBERS-EAST(2nd Location) SIDE MEMBERS-WEST SIDE N. San Vicente Blvd. Vicente N. San Melrose Ave. Sunset Blvd. W E D 394 Christopher Farr r MAP NOT TO SCALE . 35 1 6 ALT for Living 17 Arteriors 5 Harbinger Jonas & Harbinger by Hand Willoughby Ave. 6 Hollywood2 SierraB David Kitchens Levine 18 17 22 36 44 38 43 41 101 FWY 36 Mansour | Mansour Modern Barakat Gallery 31 7 Kreiss 3 Caché S 48 19 Rugby Dr. 218 Marge37 CarsonMarc Phillips Decorative Rugs 19 Circa Lighting HollowaySunset Dr. Blvd. 9 Paul Ferrante,4 15 Christopher Inc. Farr 46 38 20 Claremont Furnishing MAP NOT TO SCALE 10 Remains Martyn Lighting Lawrence Bullard N. San Vicente Blvd. 7 5 10 Harbinger1 & Harbinger by Hand Fabrics Co. 45 2811 Renaissance Design Studio WEST HOLLYWOOD Santa Monica Blvd. 39 McKinnon and Harris N. Robertson Blvd. 12 Richard6 Shapiro3 Hollywood Studiolo Sierra Kitchens 21 Compas Stone International 37 40 Westmount Dr. Westmount 101 FWY 13 Serena & MecoxLily Design ShopGardens NW Knoll Dr. 12 NW 7 Kreiss Waring Ave. 22 Rosewood Ave. K 14 Tabarka Studio Design Within Reach no ll 11 41 D Mehraban Rugs r 15 Una Malan . 8 Marge Carson W 27 23 Dragonette Ltd 25 e 16 Holloway Dr. St. Larrabee Waterworks s 42 W Hancock Ave. Hancock Nicky Rising LTD t 18 m 9 e 8 Paul Ferrante, Inc. s o 24 t Farrow & Ball u 5 b 33 n Sherwood Dr. 24 o t 2 43 4 u D Rose Tarlow Melrose House r 40 10 r Remains Lighting n .

e 14 MEMBERS-WEST SIDE 25 N. San Vicente Blvd. Vicente N. San Filmore Clark 405 FWY 35 D 39 r . 6 17 A44rteriors Ave. Croft N. 110 FWY Willoughby Ave. 11RH Renaissance West Hollywood Design Studio Santa Monica 20 26 18 Barakat Gallery Gracie WEST HOLLYWOOD Downtown LA 45 12 Tufenkian Artisan Carpets 3419 Richard Shapiro Studiolo Beverly Blvd. Blvd. Cienega La N. Rugby Dr. 21 Circa Lighting 27 15 Hammer and Spear 46 20 Claremont Furnishing Westmount Dr. Westmount 46 13 West Serena Hollywood & Lily Design Fireside Shop NW Knoll Dr. 10 1 Fabrics Co. Santa Monica Blvd. 28 28 N 23 BBQ and Appliances HOFA - House of Fine Arts W 3 21 Compas14 Stone International K 37 Tabarka Studio n 12 o Waring Ave. 29 16 ll 11 22 Design Within Reach Melrose Pl. 29 Hollywood at Home D 47 15 Wired Custom Lighting r Una Malan . 27 3023 Dragonette Ltd W 25 30 Jamal’s Rug Collection e 5 24 Farrow48 16 &Woven FBall 9 Larrabee St. Larrabee Sherwood Dr. 24 Waterworks s 4 W Hancock Ave. Hancock t Beverly Center G 405m FWY 18 35 25 Filmore Clark e 31

8 Ave. Croft N. Janet Yonaty s Santao Monica 20 t u 26 Gracie b 33 n o t 2 34

Huntley Dr. Huntley 27 32 u D Hammer and Spear Jasper BEVERLY HILLS r r 40 LOS ANGELES Dr. Knoll NW n . e 14 23 28 HOFAMEMBERS-WEST - House of Fine Arts SIDE

West Dr. Westmount RESTAURANTS N. La Peer Dr. Peer La N. N. San Vicente Blvd. Vicente N. San 39 Dr. Westbourne 33 John Nelson Antiques D 29 16 29 r Melrose Pl. Hollywood at Home Hollywood. 6 17 30 Arteriors 13 Willoughby Ave. 30 F Fig & Olive Public F 9 Jamal’s Rug Collection 34 John Nelson Antiques G Library 31 Janet Yonaty18 Barakat Gallery PDC 26 42 47 Melrose Ave. 32 G Pacifique (2nd Location) Huntley Dr. Huntley 32 Jasper Rugby Dr. 21 Dr. Knoll NW 19 Circa Lighting

West Dr. Westmount N. La Peer Dr. Peer La N. 35 Westbourne Dr. Westbourne 33 John Nelson Antiques Jonas Hollywood 10 FWY 15 13 Public 46 LAX 34 John Nelson20 Claremont Antiques Furnishing Library PDC 17 22 36 44 38 43 41 (2nd Location) 36 Mansour | Mansour Modern 26 42 4731 Melrose Ave. 3210 1 Fabrics Co. Santa Monica Blvd. 28 35 48 19 Jonas 3 21 Compas Stone International 37 Marc Phillips Decorative Rugs 17 22 36 44 38 43 41 36 Mansour | Mansour Modern 31 37 12 48 19 Waring Ave. 37 Marc Phillips22 Design Decorative Within Rugs Reach 38 Martyn Lawrence Bullard N. San Vicente Blvd. 38 Martyn Lawrence7 Bullard N. San Vicente Blvd. 7 45 27 45 23 39 39 McKinnon andDragonette Harris Ltd McKinnon and Harris N. N.Robertson Robertson Blvd. Blvd. 40 Mecox24 Gardens Farrow & Ball 40 RosewoodSherwood Ave. Dr. 24 5 Mecox Gardens 4 41 Mehraban Rugs Rosewood Ave. 25 405 FWY 35 42 Nicky Rising FLTDilmore Clark 41 Mehraban Rugs N. Croft Ave. Ave. Croft N. Santa Monica 20 43 Rose Tarlow26 Melrose House Gracie 42 44 Nicky Rising LTD 34 110 FWY RH West Hollywood 27 Downtown LA 45 Tufenkian ArtisanHammer Carpets and Spear Beverly Blvd. Blvd. Cienega La N. 43 Rose Tarlow Melrose House 46 West Hollywood Fireside 23 28 HOFA - House of Fine Arts BBQ and Appliances 44 110 FWY RH West Hollywood 29 16 47 Wired Custom Lighting Melrose Pl. 29 HollywoodDowntown at Home LA 30 48 Woven 45 Tufenkian Artisan Carpets

Beverly Blvd. Blvd. Cienega La N. Beverly Center 30 F 9 Jamal’s Rug Collection G 46 West Hollywood Fireside BEVERLY HILLS LOS ANGELES 31 Janet Yonaty RESTAURANTS BBQ and Appliances F Fig & Olive

Huntley Dr. Huntley 32 Jasper 47 NW Knoll Dr. Knoll NW Wired Custom Lighting G Pacifique

West Dr. Westmount N. La Peer Dr. Peer La N. Westbourne Dr. Westbourne 33 John Nelson Antiques Hollywood 10 FWY 48 Woven 13 LAX Public Beverly Center 34 John Nelson Antiques Library PDCsource 26LCDQ42 47 Melrose Ave. 32 (2nd Location) BEVERLY HILLS 35 JonasLOS ANGELES 926-928RESTAURANTS N. LA CIENEGA BOULEVARD 17 22 36 44 38 43 41 36 Mansour | Mansour Modern 31 F Fig & OliveLos Angeles, CA 90069 48 19 37 Marc Phillips Decorative Rugs G Pacifique 38 Martyn Lawrence Bullard N. San Vicente Blvd. 7 45 39 McKinnon and10 Harris FWY N. Robertson Blvd. LAX 40 Mecox Gardens Rosewood Ave. 41 Mehraban Rugs

42 Nicky Rising LTD

43 Rose Tarlow Melrose House

44 110 FWY RH West Hollywood Downtown LA 45 Tufenkian Artisan Carpets

Beverly Blvd. Blvd. Cienega La N. 46 West Hollywood Fireside BBQ and Appliances

47 Wired Custom Lighting

48 Woven Beverly Center BEVERLY HILLS LOS ANGELES RESTAURANTS

F Fig & Olive

G Pacifique

10 FWY LAX MARKET OVERVIEW DEMOGRAPHICS

1 MILE 3 MILE 5 MILE POPULATION 42,071 261,333 826,393

DAYTIME POPULATION 46,937 248,552 564,548

MEDIAN AGE 41.6 39.3 37.3

AVERAGE HH INCOME $119,041 $125,883 $108,846

MEDIAN HH INCOME $78,685 $74,669 $63,074

926-928 N. LA CIENEGA BOULEVARD Los Angeles, CA 90069 PARCEL MAP

926-928 N. LA CIENEGA BOULEVARD Los Angeles, CA 90069 PHOTOS

926-928 N. LA CIENEGA BOULEVARD Los Angeles, CA 90069 MARKET AREA & OVERVIEW

Nestled just below the with Beverly Hills to the West and such retailers as Balenciaga and Brooks Brothers (which moved from Hollywood to the East, West Hollywood occupies just 1.9 square miles, Rodeo Drive in Beverly Hills) and restaurants including Cal Mare, making it one of the smallest and densest cities in California. Farmhouse and Yardbird. The city’s population of 37,255 residents is mostly professional with many Construction of the $300-million Edition Hotel and Residences has just employed in media and arts professions. been completed bringing 190 new guest rooms and 20 condominium In fact, West Hollywood is frequently called “The Creative City” because residences. The $240-million Pendry Hotel & Residences is currently 40 percent of businesses in West Hollywood are in entertainment, interior under construction, and the Bond Hotel & Residences, with an anticipated design, fashion, art and communications industries. 86 hotel rooms, 70 residences, a restaurant and art gallery is moving through the city’s development process. The city also houses some 400 home furnishings, design and textile businesses, making it the hub of the interior design community of Los Meanwhile, WeHo, is reaping the benefits of the current trends in creative Angeles. Many of these businesses are housed in the Pacific Design office leasing much like Santa Monica, Culver City and its Hollywood Center, which recently underwent an expansion and renovation, and the neighbor. The Lot Studios, home to Oprah Winfrey Network since 2014, WeHo Design District, an area bounded by , Beverly is undergoing a 98,000-square foot expansion and recently inked a lease Boulevard and Robertson Boulevard. WeHo Design District has 250 deal with Showtime, which is moving to the facility from Westwood. shopping destinations including the upper echelon of home design and apparel retailers. Home design stores include Luminaire, Rose Tarlow, Fendi Casa, RH West Hollywood, Gary Trudell and Leclaireur. Among the apparel designers with shops in the city are Christian Louboutin, AllSaints, Moschino, rag & bone and Stella McCartney. Immediate neighbors of the Subject Property include interior design firm Madeline Stuart, designer and high-end paints and wallpaper retailer Farrow & Ball. In all, the city is home to 6,070 businesses, accounting for 49,227 workers in the city. and tourism accounts for 1.2 million visitors to the city annually. In the most recent fiscal year, these WeHo businesses generated $18.2 million in sales tax, up from $16.4 million in 2016. The just completed $500 million renovation of Beverly Center, a few blocks from the Subject Property, marked a development boom that is continuing in West Hollywood. With its facelift, Beverly Center added

926-928 N. LA CIENEGA BOULEVARD Los Angeles, CA 90069