VENICE, CA
Yellowbird Tech Center--a hard-to-find “Small Building” with Sanctuary Design features and layout: An Architect-designed, two-story 4,917 square foot mixed-use, Green building with Flex-space layouts and a Class-A Showroom. Comprised of Sanctuary Design features and layout in the heart of Venice and Silicon Beach.
Located in the heart of Venice and Silicon Beach--the center of the creative coastal communities of Santa Monica, Venice, Marina del Rey, Culver City and Playa Vista. brandonmichaelsgroup.com
INVESTMENT ADVISORS
BRANDON MICHAELS Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 [email protected] CA License: #01434685
MATTHEW LUCHS First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] CA License: #01948233
AUSTIN SREDEN Investment Associate Member, National Retail Group Tel: 818.212.2805 [email protected] CA License: #02023489 VENICE, CA
Table of Contents 04 10 14 20 Executive Summary Property Overview Area Overview Financial Analysis VENICE, CA
Executive Summary 724 LINCOLN BLVD
A two story, 4,917 square foot live-work office/showroom building with sanctuary design features and a range of open plan and private office options. Located mid-way between Santa Monica and Marina del Rey on the Lincoln corridor, 724 Lincoln has a premium 38’ Lincoln Blvd. frontage with a passing traffic count of over 54,000 vehicles per day. THE OFFERING
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent Gary Neville, the architect, and the building owner, for the sale of 724 Lincoln Boulevard, the iconic 4,917 square foot Yellowbird Tech Center--a high- visibility, flagship-quality building with excellent elevated signage opportunities and façade lighting options. PROPERTY SUMMARY The first floor is a 2,601 square foot office/showroom with direct access to and from the Lincoln sidewalk via a negative pressure vestibule. Rear doors provide access to 724 Lincoln Boulevard, Address and from the building’s private parking courtyard adjacent to the Dillon Court alley-- Venice, CA 90291 which leads to and from the Vernon Ave. and Indiana Ave. side streets. Price Though currently partitioned into two (2) HVAC zones and four spaces, both zones Request for Offer may be easily opened to provide an interconnected, full-floor showroom experience Building Size 4,917 with continuous circulation and access to two ADA-compliant bathrooms as well as one guest bathroom & shower. In addition, two large 400 square foot rear offices-- Lot Size 3,500 one, an executive office with a private bathroom and shower and the other, a three- person office/conference room with a full kitchen. This provides direct access to the Year Built 1958 Showroom as well as to the rear Parking Courtyard.
All spaces are Turnkey and Move-in Ready. They are fully improved to Class-A Year Renovated 2007 standards, with hard-wired data ports, recessed lighting and power feeds in place for gallery track lighting on all walls. All demising walls are gallery quality, ply-reinforced, Parking 3 - 4 Spaces 10” acoustic STC 65 double-walls. All flooring is large format porcelain tile. Each zone has a dedicated, 3-Ton-24/7 HVAC and dedicated data closet. Five (5) dropped- APN 4243-030-008 ceiling storage mezzanines provide an extra 330 square feet of overhead bulky-item and archive storage space. Zoning [Q]C2-1-CDO
Marcus & Millichap 5 EXECUTIVE SUMMARY
Access to the second floor is via a negative pressure stairway directly from the entry vestibule and the Lincoln Blvd. sidewalk. Currently the floor has two similar sized standard suites with panoramic views and natural lighting throughout. Each suite has an open plan work area, two private offices, bathroom with shower, kitchenettes and a walk-in storage room and data CULVER PUBLIC MARKET closet. 26,000SF Development The standard suites may be combined into a 2,316 square foot SuperSuite with four private offices. Each suite comfortably serves 6 to 11 occupants with excellent physical distancing clearances, as required.
724 Lincoln Boulevard is known as the area’s first eco-oriented Green Mixed-use project which jump-started Lincoln Boulevard into the Tech Office market in 2008. The Yellowbird Tech Center has formerly been head offices for numerous established Tech companies and Startups, home to the globally respected Sea Shepherd Conservation Society, and Campaign and Planning office for U.S. Congressman Ted Lieu. Yellowbird is the only building in Venice to have ever hosted a sitting U.S. President--President Barack Obama.
The property is located on the prime northern section of Venice’s Lincoln Boulevard --just three blocks south of Rose Avenue and bound by Vernon Avenue and Indiana Avenue. Numerous amenities, including Penmar Park and recreational fields, are within a 4-block radius and easy walking distance.
The Abbot Kinney Shopping District is less than a mile away, Marina restaurants and harbor activities less than two miles, and Venice Beach is about 2.3 miles. There are many recently completed Marina residential units available for lease and a flourishing architectural-quality area housing market.
4,917 SF 3,500 SF INDIANA AVE (STREET PARKING AVAILABLE)
TWO-STORY MIXED-USE OF LAND OFFICE BUILDING
6 Brandon Michaels Group NEPTUNE MARINA 724 LINCOLN BLVD $300M Residential Project Venice Beach 585 Units VENICE CANALS AMLI MARINA DEL REY $300M Residential Project 526 Units VENICE BOARDWALK
ABBOT KINNEY BLVD
LINCOLN BLVD (54,256 VPD)
VENICE, CA
INDIANA AVE (STREET PARKING AVAILABLE)
Marcus & Millichap 7 VERNON AVE (STREET PARKING AVAILABLE) SUNSET AVE AREA OVERVIEW
VENICE BEACH INVESTMENT HIGHLIGHTS
WORD-RENOUNED VENICE, CA LOCATION FLAGSHIP DESIGN - COASTAL CLIMATE NUMEROUS AMENITIES - EASY PARKING » VENICE/SILICON BEACH--Surrounded by the coast’s creative communities. » LINCOLN BOULEVARD---A 5-10 minute Connection to Everywhere: Santa Monica, Marina del Rey, Culver City, Playa Vista, LAX (13 minutes)
IDEAL FOR THE COLLABORATIVE PROFESSIONS TO WORK UNDER ONE ROOF AGAIN: MIXED-USE----LIVE-WORK---- LIVE-IN COMPOUND » PREMIUM QUALITY BUILD: Design; Interiors; Materials » SANCTUARY DESIGN FEATURES: No Lobby; No Elevators; No Hallways No Public Bathrooms; No Central Air » PRIVATE BATHROOMS: Four (4) Private Bathrooms w/ Showers + 2- ADA-Compliant First Floor Bathrooms » TOTAL FLEXIBILITY: Full-Building Full-Floor Private Suites (6)--Each w/ Separate Entry
8 Brandon Michaels Group 724 LINCOLN BLVD
VENICE SIGN IDEAL OWNER-USER OR VALUE ADD OPPORTUNITY » The Property will be delivered vacant, making this an excellent value-add opportunity to stabilize property » Sale/Leaseback or Expense Offset Strategies: Owner-User Partial Occupancy w/ with Full-floor Leaseback to Seller. » Straight Office / Live-Work / Live-in Compound with the comforts of home in your office » Excellent nearby Parking (No-cost / Off-site) Numerous street parking spaces are available along Indiana and Vernon Avenue
STRONG DEMOGRAPHICS
» There are over 38,300 people located within one mile of the property, 241,000 located within three miles of the property, and 508,000 within five miles of the property
» There are over 18,400 households located within one mile of the property, 118,000 within three miles of the property, and VENICE CANALS 239,000 within three miles of the property
» Average household income exceeds $137,900 within three miles of the property, $125,000 within three miles, and $128,100 within five miles
ABBOT KINNEY BLVD
Marcus & Millichap 9 VENICE, CA
Property Overview 724 LINCOLN BLVD
PROPERTY DESCRIPTION
ADDRESS: 724 Lincoln Blvd, Venice, CA 90291
PRICE: Request for Offer
BUILDING SIZE: VENICE, CA 4,917
LOT SIZE: 3,500
YEAR BUILT: 1958
YEAR RENOVATED: 2007 LINCOLN BLVD (54,256 VPD) PARKING: 3 - 4 SPACES
APN: 4243-030-008
ZONING: [Q]C2-1-CDO
Marcus & Millichap 11 STAIRWAY TO 2ND. FLOOR (STE. CD + STE. D)
DOORWAY TO STE. A PROPERTY PHOTOS
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PARCEL MAP
VENICE, CA
PROPERTY PHOTOS
Marcus & Millichap 13 PROPERTY PHOTOS
14 Brandon Michaels Group 724 LINCOLN BLVD
Marcus & Millichap 15 16 Brandon Michaels Group 724 LINCOLN BLVD
PROPERTY PHOTOS
Marcus & Millichap 17 PROPERTY PHOTOS
18 Brandon Michaels Group 724 LINCOLN BLVD
PROPERTY PHOTOS
Marcus & Millichap 19 AREA OVERVIEW
VENICE, CA
VENICE, CA
VERNON AVE (STREET PARKING AVAILABLE)
LINCOLN BLVD (54,256 VPD) Area Overview
20 Brandon Michaels Group 724 LINCOLN BLVD VENICE, CALIFORNIA Venice, CA is a world-renowned Southern California destination known for its canals, expansive beaches, and iconic boardwalk which contribute to the city’s status as the biggest tourist attraction in Los Angeles, which attracts over 15 million tourists annually
724 Lincoln Boulevard is ideally located within world-famous Greenleaf, Salt & Straw, and The Butcher’s Daughter. Approximately Venice, CA, the city which serves as the biggest tourist attraction in one mile from the property is the Venice Boardwalk, an over 2-mile greater Los Angeles. Venice is home to Abbot Kinney Boulevard, strip which regularly hosts hundreds of street vendors and performers Venice Boardwalk, and the Venice Canals. The city is surrounded by alongside restaurants and food venues. The boardwalk takes you substantial development in nearby Mar Vista and Marina Del Rey. along a number of amenities such as the skate plaza, sport courts, and Muscle Beach. One- and one-half miles from the property are The subject property is just one mile from popular Abbot Kinney the Venice Canals, four canals which are about one quarter mile long Boulevard, a mile long strip of popular restaurants, shops, and each, originally built by Abbot Kinney as part of Venice of America. galleries reflecting the unique qualities of Venice. Popular restaurants The canals are touted as a popular attraction to both tourists and on the street include Abbot’s Pizza Company, Blue Bottle Coffee, locals alike.
INDIANA AVE (STREET PARKING AVAILABLE)
Marcus & Millichap 21 AREA OVERVIEW
Two and a half miles from the property is the upcoming development In neighboring Marina Del Rey, 2 miles from the subject property, is of Culver Public Market, an approximately 26,000 square foot the 585-unit development of AMLI Marina Del Rey. The $300-million development located at the intersection of Washington Boulevard residential project is located at 4242 Via Marina, and contains units and Centinela Avenue. The development will feature over 20,000 ranging from 643 to 2,240 square feet. There are 8,000 square feet square feet of vendor space, as well as an outdoor plaza at the of commercial space within the six buildings which front the Marina. northwest corner of the intersection. The northeast corner of Amenities include poolside spas and cabanas, three roof decks, kayak the intersection will be developed into two one-story buildings, loaners, kayak storage, and a two-story fitness center. containing a total of 5,230 square feet of space. Urban Space has signed on as a tenant, they specialize in building food halls and public markets.
MALIBU
VENICE BEACH
MARINA DEL REY
22 Brandon Michaels Group 724 LINCOLN BLVD
Neptune Marina is located just over two miles from the subject property, and features 526 residential units. The project is comprised of a series of five-story buildings, containing a mix of one-, two- and three-bedroom apartments. The $300-million project hosts ample amenities, reservable Kayaks and Bicycles, paddle board and HOUSEHOLDS AVG HOUSEHOLD INCOME kayak storage, a game room, two fitness centers, 239,000 WITHIN A 5MILE $130,000 WITHIN A 5MILE and skydecks with outdoor Chef’s kitchens.
724 Lincoln Boulevard is surrounded by a plethora of national credit tenants, including Ross Dress for Less, Rite Aid, Ralphs, CVS, and Staples. Nearby restaurants include Subway, McDonalds, Pizza SANTA MOINCA Hut, Domino’s Pizza, El Pollo Loco, Starbucks, and WEST HOLLYWOOD Chick-fil-a.
This dense affluent immediate sub-market benefits from over 500,000 people within five miles of the subject property. There is significant growth VENICE, CA projected over the upcoming five years with a significant amount of residential development slated within a few miles of the property. There are over 239,000 households within five miles of the subject property, and over 18,000 households within one mile. The average household income CULVER CITY ranges between $125,000 - $137,900 within one to five miles.
Marcus & Millichap 23 AREA OVERVIEW
LOS ANGELES METRO DEVELOPMENT PIPELINE SUMMARY
9 3 10
1 4 5 VENICE, CA 11 7
SUBJECT 6 UNDER CONSTRUCTION
RECENTLY COMPLETED 2 8 SUBMARKET BOUNDARY
Start Finish Property Name Address Developer Units Stories Year Year 1 1550 Lincoln Boulevard 1550 Lincoln Blvd, Santa Monica, CA 90401 WS Communities 100 5 2018 2021 2 AMLI Marina Del Rey 4242 Via Marina, Marina del Rey, CA 90292 AMLI Residential 585 5 2015 2021 3 Broadway & Cloverfield 1450 Cloverfield Blvd, Santa Monica, CA 90404 LaTerra Development 49 3 2019 2021 4 Catherine Santa Monica I 800 Colorado Ave, Santa Monica, CA 90401 Century West Partners 90 5 2018 2020 5 Catherine Santa Monica II 1625 Lincoln Blvd, Santa Monica, CA 90401 Century West Partners 192 5 2019 2021 6 G8 13448 Beach Ave, Marina del Rey, CA 90292 California Landmark Group 230 5 2017 2020 7 Junction Santa Monica 1641 Lincoln Blvd, Santa Monica, CA 90404 Cypress Equity Investments 66 4 2018 2020 8 Neptune Marina 14126 Marquesas Way, Marina del Rey, CA 90292 Legacy Partners 526 5 2017 2020 9 Santa Monica & Yale 2822 Santa Monica Blvd, Santa Monica, CA 90404 LaTerra Development 50 3 2020 2021 10 The Millennium Santa Monica 2929 Pennsylvania Ave, Santa Monica, CA 90404 The Dinerstein Companies 356 5 2016 2021 11 The Park 500 Broadway, Santa Monica, CA 90401 Witkoff 249 7 2019 2022
24 Brandon Michaels Group 724 LINCOLN BLVD
DEMOGRAPHICS BY RADIUS
497,758 $93,190 $144,420 POPULATION HOUSEHOLDS AVERAGE HH INCOME WITHIN A 5-MILE WITHIN A 5-MILE WITHIN A 5-MILE
38 64% 291,789 MEDIAN AGE BACHELOR’S DEGREE EMPLOYED CIVILIANS OR HIGHER 16+ PUPULATION
1-MILE 3-MILE 5-MILE
2019 Population 37,391 238,783 497,758
2019 20-34 Population 9,108 62,156 136,278
2019 Median Household Income $95,784 $90,053 $93,190
2019 Average Household Income $146,164 $137,594 $144,420
2019 Median Age 39.7 39.5 38.8
2019 Bachelor’s Degree or Higher Summary 62.2% 61.6% 64.0%
2019 Employed Civilians 16+ Pupulation 23,188 141,519 291,789
Sources: IPA Research Services, RealPage, Inc. Marcus & Millichap 25 brandonmichaelsgroup.com
INVESTMENT ADVISORS
BRANDON MICHAELS Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 [email protected] CA License: #01434685
MATTHEW LUCHS First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] CA License: #01948233
AUSTIN SREDEN Investment Associate Member, National Retail Group CONFIDENTIALITY AND DISCLAIMER Tel: 818.212.2805 The information contained in the preceding marketing brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party [email protected] receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This marketing brochure has been prepared to provide summary, unverifi ed information to prospective purchasers, and to establish only a preliminary CA License: #02023489 level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. © 2021 Marcus & Millichap. All rights reserved. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTING AGENTS FOR MORE DETAILS.