FOR SALE | 2537 Lincoln Boulevard, Santa Monica, CA 90405
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OFFERING MEMORANDUM David Knowlton, SIOR, CCIM FOR SALE Executive Vice President 949.468.2307 RARE 0.438 ACRE RESIDENTIAL/COMMERCIAL DEVELOPMENT OPPORTUNITY [email protected] LOCATED IN THE HEART OF SANTA MONICA’S LINCOLN BLVD NEIGHBORHOOD CORRIDOR Cal DRE Lic #00893394 2537 Lincoln Boulevard, Santa Monica, CA 90405 Disclaimer: Information included or referred to herein is furnished by third parties and is not guaranteed as to its accuracy or completeness. You understand that all information included or referred to herein is confidential and furnished solely TABLE OF CONTENTS for the purpose of your review in connection with a potential purchase of the subject property. Independent estimates of pro forma income and expenses should be developed by you before any decision is made on whether to make any purchase. Summaries of any documents are not intended to be comprehensive or all-inclusive, but rather only outline some of the provisions contained therein and are qualified in their entirety by the actual documents to which they relate. The asset owner(s), their servicers, representatives and/ I EXECUTIVE SUMMARY or brokers, including but not limited to NAI Capital Inc., and their respective agents, representatives, affiliates and employees, (i) make no representations A. Opportunity Overview .............................2 or warranties of any kind, express or imp lied, as to any information or B. Property Highlights & Sale Terms ............3 projections relating to the subject asset(s), and hereby disclaim any and all such warranties or representations, and (ii) shall have no liability whatsoever arising from any errors, omissions or discrepancies in the information. Any II THE OFFERING solicitation for offers to purchase the subject asset(s) is subject to prior A. Property Overview ..................................4 placement and withdrawal, cancellation or modification without notice. B. Aerials ...................................................5 C. Location Maps .......................................7 Contact Information D. Assessor’s Parcel Map ..........................8 E. Zoning Overview ....................................9 David Knowlton, SIOR, CCIM F. Demographics .....................................11 Executive Vice President 949.468.2307 G. Retail Trade Aerial ...............................12 [email protected] Cal DRE Lic #00893394 III AREA OVERVIEW NAI Capital A. Greater Los Angeles Region ................13 1920 Main Street, Suite 100 B. City of Santa Monica ............................14 Irvine, CA 92614 C. Local Economy ....................................15 D. City Contact Information ......................16 I | EXECUTIVE SUMMARY A. Opportunity Overview NAI Capital Inc has been selected to offer this unique 0.438 Acre High Density Residential/Commercial Development Opportunity in the exclusive City of Santa Monica. Southern California is one of the top entertainment/tourism destinations in the world and Santa Monica rests in the middle of it all. The subject property is one of the few development opportunities within this upscale Beach City. With a daily traffic count of over 37,000 motorists per day, the site is within a short walking distance to Santa Monica Beach and Santa Monica Pier. The Property is zoned General Commercial (“GC”) which is intended to maintain areas for affordable and market rate housing and a broad range of commercial uses that provide necessary daily services such as auto sales and auto repair, convenience retail, hotels, hardware stores and small restaurants. Limited setbacks all around, as well as street/alley frontage on three sides, improve the efficiency of this site for development. Depending on the project, the maximum FAR is 1.25 to 2.0. A detailed list of allowed uses is included in the Zoning Overview section of this package. The Site is located one parcel away from Ocean Park Boulevard in the middle of Santa Monica’s “Lincoln Boulevard Neighborhood Corridor”; a stretch of Lincoln between the I-10 Freeway and the City limits at Ozone Avenue that has been targeted for improvements by the City. The “Lincoln Neighborhood Corridor Plan” (The “LiNC”) was adopted in April 2017. It is a streetscape plan that provides a range of short- and long-term enhancements to the public right of way along Lincoln Boulevard. Utilizing a strategy that balances tactical urbanism and the desire for “Pop-Up Placemaking”, the plan includes a $5.5M investment in Lincoln Boulevard with new medians and crosswalks, lighting and landscaping. The LiNC improvements will begin in early 2020 with an expected construction time of 18 months from commencement. You may access the City’s LiNC website and a visual representation of the streetscape improvements with the following links: https://www.smgov.net/departments/pcd/plans/streetscapes/lincoln- neighborhood-corridor-plan-(linc)/ https://www.smgov.net/uploadedFiles/Departments/PCD/Plans/Streetscapes/ Envision-Lincoln/01.24.2017_%20LiNC_Schematic_FullCorridor_PC%20 Version.pdf 2537 LINCOLN BOULEVARD | EXECUTIVE SUMMARY | 2 I | EXECUTIVE SUMMARY B. PROPERTY HIGHLIGHTS & SALE TERMS PROPERTY Prime 0.438 acre development opportunity PROPERTY FEATURES located in the middle of Santa Monica’s Lincoln Boulevard Neighborhood Corridor. • Excellent High Density Residential/Commercial Development Opportunity • Corner Location with Frontage on Three Sides; Two Streets and a Public Alley • 180’ Street Frontage on Lincoln Boulevard LOCATION Situated 0.6 mile south of the 10 Freeway, 2.6 miles from the 405 Freeway and 0.7 mile from Santa Monica State • Traffic Count of Over 37,000 Motorists Per Day Beach; in the heart of beautiful Santa Monica. • Estimated Ave. HH: 1 Mile-$123,887; 3 Miles-$133,752; 5 Miles-$139,287 • Minimum Building Setbacks • Maximum FAR Range of 1.25 to 2.0 ACCESS AND VISIBILITY Rectangular-shaped, corner location with 180’ of frontage on Lincoln Boulevard, 135’ frontage on Maple Street, and • Zoning Allows High Density Residential & Many Commercial Uses 180’ frontage along the rear public alley; Outstanding • Minutes from 10 & 405 Freeways street circulation. • Walking Distance to Santa Monica Beach & Santa Monica Pier • Nearby to Retail, Schools & Parks LAND USE DESIGNATION General Commercial (“GC”) which is intended to maintain • Excellent Demographics areas for affordable and market rate housing and a broad range of commercial uses. • APN 4284-008-016 CITY INVESTMENT City will invest $5.5M to enhance the public right of way along Lincoln Boulevard. CURRENT USE Currently leased to a car wash operator. Lease expires on 10/31/2019. Tenant has no options to renew or purchase. SALE TERMS • Price: $7,355,000 • Due Diligence Period: TBD 2537 LINCOLN BOULEVARD | EXECUTIVE SUMMARY | 3 II | THE OFFERING A. PROPERTY OVERVIEW ADDRESS 2537 Lincoln Boulevard, Santa Monica, CA 90405 SITE SIZE 19,100 SF (approximately) APN 4284-008-016 ZONING General Commercial (“GC”) UTILITIES/INFRASTRUCTURE Electric – On site Water - On site Phone - On site Sewer - On site Gas - On site Street – Yes Sidewalk – Yes Curb/gutter – Yes IMPROVEMENTS: Approximately 4,919 SF operating car wash and auto service bays 2537 LINCOLN BOULEVARD | THE OFFERING | 4 II | THE OFFERING B. AERIAL 2537 LINCOLN BOULEVARD | THE OFFERING | 5 II | THE OFFERING B. AERIAL 2537 LINCOLN BOULEVARD | THE OFFERING | 6 II | THE OFFERING C. LOCATION MAPS 10 2537 LINCOLN BOULEVARD | THE OFFERING | 7 II | THE OFFERING D. ASSESSOR’S PARCEL MAP 2537 LINCOLN BOULEVARD | THE OFFERING | 8 II | THE OFFERING E. ZONING OVERVIEW The Property is zoned General Commercial (“GC”). This Zoning District is intended to COMMERCIAL USES maintain areas for affordable and market rate housing and a broad range of commercial • Animal Care, Sales and Services (CUP) • Farmers Markets (CUP) uses that provide necessary daily services such as auto sales and auto repair, convenience retail, hotels, hardware stores, and small restaurants while respecting • Pet Day Care Services (MUP) • General Market (CUP) adjacent residential neighborhoods and established neighborhood commercial areas. • Veterinary Services (MUP) • Liquor Stores (CUP) ALLOWED USES • Alternative Fuels and Recharging • Funeral Parlors and Mortuaries (CUP) Facilities (CUP) • Instructional Services (CUP) RESIDENTIAL USES • Automobile Rental (MUP) • Elderly and Long-Term Care • Live-Work (Possible CUP) • Single-Unit Dwelling • Automobile/Vehicle Repair (CUP) • Family Day Care • Bed and Breakfast (MUP) • Duplex • Automobile/Vehicle Washing (CUP) • Residential Care • Hotels and Motels (CUP) • Multiple-Unit Structure • Service Station (MUP) • Residential Care, Senior • Maintenance and Repair Services (CUP) • Senior Citizen Multiple-Unit Residential • Towing and Impound (CUP) • Hospice • Nurseries and Garden Centers (CUP) • Single-Room Occupancy Housing • Banks and Credit Unions (CUP) • Supportive Housing • Office (CUP) • Group Residential (MUP) • Business Services (CUP) • Transitional Housing • Parking, Public or Private (CUP) • Congregate Housing • Bars/Nightclubs/Lounges (CUP) • Personal Services (CUP) • Senior Group Residential • Restaurants • Tattoo or Body Modification Parlor PUBLIC AND SEMI-PUBLIC USES . 2,500 SF & Smaller (MUP) • Adult Day Care • Cultural Facilities (CUP) . 2,501-5,000 SF (MUP) • Retail Sales (CUP) • Child Care and Early Education Facilities • Hospitals and Clinics (CUP) . 5,001 & UP (CUP) • Medical Marijuana Dispensaries (CUP) • Colleges and Trade Schools, Public • Schools, Public or Private (CUP) • Equipment Rental (CUP) • Swap Meets