437 5TH LONG BEACH, CA
THE PROMENADE
PINE AVENUE
LONG BEACH BOULEVARD ELM AVENUE
METRO BLUE LINE STATION
437
5TH E 5TH STREET LONG BEACH, CA
E 6TH STREET
A premier, fully entitled 18-unit mixed use development opportunity in Downtown Long Beach, CA INVESTMENT ADVISORS 1 2 3 4 LONNIE MCDERMOTT EXECUTIVE INVESTMENT AREA OVERVIEW COMPARABLES FIrst Vice President Investments SUMMARY HIGHLIGHTS Senior Director, National Land Group Tel: (818) 212-2745 Fax: (818) 212-2710 [email protected] License: CA: 01874375
BRANDON EVANS Investment Associate National Land Group Tel: (818) 212-2699 Fax: (818) 212-2710 [email protected] License: CA: 02058494
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 CALL FOR OFFERS the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opin- ions, assumptions or estimates used herein are for example purposes only and do BID DEADLINE: MAY 9, 2018 not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
2 3 437 5TH LONG BEACH, CA
4 5 6 LONG BEACH, CA 5TH 437
50 FEET 50 FEET
EXECUTIVE SUMMARY Long offers Beach live/work/play apremier pedestrian-oriented environment The including a total of 23 parking spaces.including atotal of23parking The buildingwillsitover 72-foot onelevel 5-story ofsubterranean andonelevel parking, ofon-grade designed, comprised of16,2bedroom unitsand2,3bedroom penthouse unitswithrooftop decks. allowing to theproject bedelivered with to“Ready IssuePermits.” The was project thoughtfully and 552square foot retail development. The currentSafety, hasfiledplans withBuildingand 437 East5thStreet is0.17acres ofland, whichisfullyentitled for an18unitmixed-use multifamily residentsomething to satisfy andvisitor theneedsofevery alike. found intheEast Village andtherenovated Pike Pine, onSouth create adowntown that has Pine Avemaking akeyretail andfood destination. These newoptions, whenaddedto those Hamburgerinstitutions liketheKressMarket, Mary’s, by andMade Millworks, the OmeletInn Pumped somethinguniqueto eachbring thestreet Nutrition andjointhelong-timeanchor eateries joined the Pie Chocolates, Bar in 2016-17. Romeo Plant Crepe Junkie, Crafters and also continues to improve. Pine Avenue destination asseveral isemerging new asaculinary downtown into one of the most desirable in the region. neighborhoods development Retail improvementsdevelopment, and transportation increasing economic are activity transforming places tobecoming live, andwalkable oneofthemostthriving work andplay Smart inAmerica. years. With now projects inthepipeline, dozens Downtown oflarge-scale iswell onitsway to Downtown Long hasexperienced Beach amajorinfluxofdevelopment over thelast couple marinas, andnumerous highprofile office towers and residential developments. end neighborhoods, boutiquebars/restaurants, oneoftheworld’s mostsought-after master-planned center ofabroad range ofemployment andretail options, 437East5thStreet issurrounded by affluent high- Pine distancelocated ofthebeach andHistoric withinwalking Avenue, andconvenietly positionedinthe yielding aninvestor/developer landlord favored conditions market withsignificant growth potential. Centrally young adult demographic, dense immediate to population, entry, high barriers and strong fundamentals market 437 East5thStreet isideallylocated ofDowntown inthehighdemandsubmarket Long whichboastsahigh-end Beach, sideof5thStreet inDowntownnorth Long CA. Beach, ispositionedonapproximatelyThis uniquedevelopment opportunity 7,503square feet ofvacant land. Marcus & Millichap, as the exclusive listing agent, is pleased to present 437 E 5th Street, a fully entitled located 18-unit mixed on the use development opportunity
ultimate California Southern playground waterfront 7 PRIME LONG BEACH DEVELOPMENT OPPORTUNITY Approximately 50 feet of frontage and visibility along East 5th Street, one block from Elm Avenue, one of the main north south thoroughfares in Long Beach Subject Property is within City of Long Beach, Downtown Planned Development District, and Downtown Long Beach Mixed Use land use district LONG BEACH BOULEVARD Easy access to the 710 and 405 freeways METRO BLUE LINE Proximate to Palos Verdes, Seal Beach, Orange County, and the South Bay STATION 5th and Elm is one of the most walkable neighborhoods in Los Angeles County with a walk score of 97/100 Metro Blue Line and the 5th Street Station is a 5-minute walk from the property (0.3 miles) Unique opportunity in the epicenter of Downtown Long Beach to construct a fully entitled mixed-use, multi-family development project. IRREPLACEABLE DOWNTOWN LOCATION
Tremendous revitalization in Long Beach over the past couple years with 52 new E 4TH STREET development projects in the pipeline. Long Beach is a major destination for visitors and residents alike, with attractions like the Convention Center bringing 1.6 million visitors annually. ELM AVENUE Creative businesses are taking root in Long Beach due to its access to the Metro, city life, and live/work spaces Long Beach’s major landmarks include The Queen Mary, Aquarium of the Pacific, Long Beach Convention Center, Latin American Art Museum, and Historic Pine Avenue Long Beach is a place of continuing development as it currently has an E 5TH STREET expected growth of 5,000 units, 1,500,000 sf of office, and 500,000 sf of retail E 6TH STREET 437 STRONG IMMEDIATE DEMOGRAPHICS Average household Income of $71,169 in the Downtown Core 5TH LONG BEACH, CA Population of 470,130 Strong local economy with significant job growth over a multitude of diverse sectors INVESTMENT HIGHLIGHTS INVESTMENT
8 9 SHORELINE VILLAGE (1.3 MILES AWAY)
437 5TH THE OFFERING LONG BEACH, CA
PROPERTY SUMMARY
437 E 5th St, Address Long Beach, CA 90802
Price Request For Offer
Land Size (SF) 7,503 SF
Land Size (Acres) 0.17 Acres
APN’s 7281-002-025
Zoning PD30
Land Use District Downtown Planned Development
Specific Plan Downtown Mixed Use District
10 11 THE QUEEN MARY (2.5 MILES AWAY) SUNSET MEDIA TOWER PROPOSED UNIT MIX
UNIT # TYPE SF 201 2 Bedroom 1,049 202 2 Bedroom 861 203 2 Bedroom 861 204 2 Bedroom 981 301 2 Bedroom 1086 302 2 Bedroom 861 303 2 Bedroom 861 304 2 Bedroom 982 401 2 Bedroom 1,086 402 2 Bedroom 861 403 2 Bedroom 861 404 2 Bedroom 982 501 2 Bedroom 1,086 502 2 Bedroom 861 503 2 Bedroom 861 THE PROPERTY 504 2 Bedroom 982 601 3 Bedroom Penthouse 1,493 602 3 Bedroom Penthouse 1,373 East 5th Street ● The Epicenter of Downtown Long Beach Total Residential 17,929 An approximately 7,503 square feet (0.17 acres) of land located at 437 East 5th Street, ideally located in the epicenter of Downtown Long Beach, providing convenient walkability to the city’s popular boutique restaurants and retailers, Historic Pine Avenue, The Promenade, 5th Street Station, and The Aquarium of the Pacific. SUMMARY OF TERMS TAX MAP INTEREST OFFERED ADDRESS SQUARE FOOTAGES MAJOR CROSS STREETS 100% fee simple interest in 437 East 5th St, a 7,503 437 East 5th Street, The site is comprised of a total of 7,503 square Elm Ave and East 5th Street square foot land development site. LINDEN AVENUE Long Beach, CA 90802 feet of vacant land
TERMS OF THE SALE SITE FRONTAGE AND ACCESS NEAREST TRANSIT Property is being offered on a free and clear basis. The subject property is located on the north side 50 feet of frontage along East 5th Street and Metro Blue Line - 5th Street Station (0.3 miles) of E 5th Street, between Elm Avenue and Pacific access from East 5th Street and Cereza Way Avenue PROPERTY TOURS ZONING APN ENTITLED FOR Prospective purchasers are encouraged to visit the site prior to submitting offers. (PD-30) Downtown Planned Development District 7281-002-025 An 18 unit mixed use development to be delivered “RTI” E 5TH STREET 12 13 14
THE DEVELOPMENT Parking Provided Parking RequiredBicycle Parking Required Floor Area Maximum AllowableFAR: (Per Building Height: Area: Allowable Height: Zoning) Required Yards: Coverage: Lot Building Footprint: Lot Area: Zoning: commercial over space (total 1level 6story) ofsubterranean parking. overProposed 1leveland552square unitapartment ofgrade foot 5story-18 parking 437 East5thStreet PROJECT INFORMATIONPROJECT PARKING TABULATION ZONING DATA
(PD-30) Downtown(PD-30) Planned Development District
23 spaces (14 standard -9compact) Guest Spaces:
TOTAL 1st Floor (parking) = 1,170 SF 1st Floor (parking) 2nd Floor =4,110SF 3rd Floor 6th Floor =3,200SF 5th Floor =4,110SF 4th Floor =4,110SF Commercial: Residential : Side Yards: 5’
4 spaces (1per 5units) 18x1perunit 0perunit 18x0.25perunit =20,810SF
= 4,110SF Front Yard:6’ Rear Yard:Rear 0’ 6,868SF
30,000 SF 7,503 SF 72 Feet 91.57% 80 Feet 4 :1
LEVEL AREA PER FLOOR NAME TYPE OCC. AREA NAME UNIT AREA NET AREA SCHEDULE TYPE AREA PER OCCUPANCY LEVEL # AREA AREA 15 EAST ELEVATIONS
NORTH SOUTH
WEST
16 17 HYATT REGENCY THE QUEEN MARY AQUARIUM OF THE PACIFIC Where the city meets the beach, a true urban experience.
437 East 5th Street is ideally located in the high demand submarket of Downtown Long Beach, which boasts a high-end young adult demographic, dense immediate population, high barriers to entry, and strong market fundamentals yielding an investor/developer landlord favored market conditions with significant growth potential. Centrally located within walking distance of the beach and Historic Pine Avenue, and convenietly positioned in the center of a broad range of employment and retail options, 437 East 5th Street is surrounded by affluent high-end neighborhoods, boutique bars / restaurants, one of the world’s most sought-after master-planned marinas, and numerous high profile office towers and residential developments.
Downtown Long Beach has experienced a major influx of development over the last couple years. With dozens of large-scale projects now in the pipeline, Downtown is well on its way to becoming one of the most thriving and walkable places to live, work and play in America. Smart development, increasing economic activity and transportation improvements are transforming downtown into one of the most desirable neighborhoods in the region. Retail development also continues to improve. Pine Avenue is emerging as a culinary destination THE PROMENADE as several new eateries joined the Pie Bar in 2016-17. Romeo Chocolates, Plant Junkie, Crepe Crafters and Pumped Nutrition each bring something unique to the street and join the long-time anchor institutions like the Kress Market, Hamburger Mary’s, the Omelet Inn and Made by Millworks, making Pine Ave a key retail and food destination. These new options, when added to those found in the East Village and the renovated Pike on South Pine, create a downtown that has something to satisfy the needs of every resident and visitor alike.
28,500 52 RAINBOW HARBOR
NEW JOBS EXPECTED BY 2040 NEW DEVELOPMENT PROJECTS LONG BEACH LONG 18 19 PEDESTRIAN BRIDGE NOTABLE ATTRACTIONS
1 AQUARIUM OF THE PACIFIC The world’s largest ocean Aquarium of the Pacific Long Beach Meet more than 11,000 species.
2 LONG BEACH CRUISE TERMINAL Carnival Corporation & plc -global cruise Co. & one of the largest vacation companies in the world.
3 THE QUEEN MARY The 1936 art deco ocean liner Queen Mary, hotel, restaurants and tours
4 SHORELINE VILLAGE A waterfront shopping, dining and entertainment center that overlooks Long Beach’s Rainbow Harbor. DOWNTOWN LONG BEACH 5 ANTHELION HELICOPTERS Helicopter Tours of Long Beach offers some of Los Angeles’ most sought after flight A stylish, yet casual neighborhood ● A vibrant arts district with casual dining, boutique retail, and luxury hotels training and aerial photography Living in DTLB offers residents a particularly unique characteristic: a lifestyle where urban living meets the waterfront. From apartments offering the best amenities south of LA to the city’s most bike-friendly and walkable neighborhood, DTLB takes livability to the level that only Long Beach can offer. Downtown Long Beach is the central hub in the city for incredible culinary delights and well-crafted libations. From world-recognized craft breweries to some of the best pizza this side of Naples, 6 ART THEATRE OF LONG BEACH DTLB’s gastronomical offerings are amongst the best in the region. With a south-facing coast and the comforts of rooms that range from the luxurious and boutique-y one-of-a-kind return to the Golden Age of Cinema- 4th Street Retro Row. to accessible and affordable, downtown welcomes vistors with open arms. From being the home to the nation’s leading Latin American art museum to the annual Pow! Wow! event, Long Beach is a vibrant arts city—and its epicenter is in DTLB. 7 THE PIKE OUTLETS Downtown Long Beach is at the center of Southern California business. A burgeoning urban environment, Downtown Long Beach features a waterfront business The Pike Outlets is an open-air entertainment, dining and nightlife destination. harbor, a historic architectural district, and a cultural arts scene.
Long Beach’s love of events and entertainment revolves around creating communal, unique experiences that attract locals and outsiders alike. With thousands of people attending everything 8 CAFE’ SEVILLA SPANISH RESTAURANT & TAPAS BAR from free concerts to celebrating our dogs, from honoring the leaders of Downtown to gatherings Café Sevilla is an authentic, Spanish bistro & tapas bar-over 40 tapas, from regions delving into all things culinary, downtown is the central hub for happenings in Long Beach. in Spain..
20 21 METRO BLUE LINE WALKSCORE The Blue Line is a 22.0-mile light rail line running north-south between Los Angeles and Long Beach, California, passing through Downtown Los Angeles, South Los Angeles, Watts, Willowbrook, Compton, Rancho Dominguez and Long Beach in Los Angeles County. It is one of six lines in the Metro Rail system. Opened in 1990, it is the system’s oldest and second busiest line with an estimated 22.38 million boardings per year as of December 2017. The Blue Line Fleet has 69 cars. It is operated by the Los Angeles County Metropolitan Transportation Authority. The Blue Line passes near the cities of Vernon, Huntington Park, 97 South Gate, Lynwood, and Carson. The famous Watts Towers can be seen from the train near 103rd Street station. The under-construction Regional Connector would directly link this line to Union Station and beyond.
Walker’s Paradise: Daily errands do not require a car PEDESTRIAN & TRANSIT ORIENTED
Located on 5th and Elm Avenue, 437 East 5th Street sits in a premier pedestrian and transit oriented location in Long Beach. The location is designated as a “Walker’s Paradise” with a “Walkability” score of 97 by WalkScore.com, which means daily errands do not require a car. 437 East 5th Street is a five minute walk from the Metro Blue Line at the 5th Street Station. 80
LONG BEACH CULTURAL AMENITIES LONG BEACH RETAILERS Aquarium of the Pacific CVS Pharmacy Historic Pine Avenue Citylights Streetwear Transit is convenient for most trips The Queen Mary Cityology Art Theatre of Long Beach Long Beach Antique Long Beach Convention Center Market RESTAURANT/NIGHTLIFE OPTIONS GROCERY STORES Cafe’ Sevilla El Super King’s Seafood Market Vons 87 Rock Bottom Restaurant & Brewery Smart & Final Extra! The Laugh Factory Top Valu Market The Pike Outlets Historic Pine Avenue Flat as a pancake, excellent bike lanes
22 23 NOTABLE BUSINESSES
225 NEW BUSINESSES SINCE 2012 1.5M SF OFFICE SPACE EXPECTED BY 2035
64% MAJOR EMPLOYERS 52 FOF BUSINESSES SURVEYED EXPECT PROJECTS IN DEVELOPMENT TO GROW THEIR OVERALL BUSINESS IN 2018 Long Beach benefits from its proximity to a wide variety of major employers. In the immediate MAJOR EMPLOYERS area are Frontier Communications, CSU Long Beach, Spectrum, Boeing, and Port of Long Beach. Long Beach Unified School District As such, residents have easy access to myriad jobs in the education industry as well as the health Long Beach City College care sector. Additionally, Long Beach offers easy commutes to major nearby employment hubs in CSU Long Beach Carson, Torrance, Manhattan Beach, Orange County and Silicon Beach. Frontier Communications Long Beach Transit Metropolitan Transportation Authority Port of Long Beach Longshoremen’s Union Aquarium of the Pacific Long Beach Convention Center Long Beach Memorial Hospital Long Beach St. Mary’s Hospital Long Beach Chamber of Commerce Boeing Southern California Edison Spectrum Communications
24 25 LONG BEACH CIVIC CENTER LONG BEACH’S TALLEST TOWER More than two dozen major projects are slated for development over the next few years, transforming Long Beach into a major worldwide destination.
Downtown Long Beach has experienced a major influx of development over THE QUEEN MARY the last couple years. With dozens of large-scale projects now in the pipeline, The beautiful but aging Queen Mary, moored in Long Beach since Downtown is well on its way to becoming one of the most thriving and walkable 1967, is due for an extensive overhaul overseen by the ship’s new places to live, work and play in America. Smart development, increasing economic operator, Urban Commons. The developer also plans to construct activity and transportation improvements are transforming downtown into one an enormous $250 million entertainment complex next to the of the most desirable neighborhoods in the region. Retail development also ship—complete with ice climbing and rooftop surfing pavilions. continues to improve. Pine Avenue is emerging as a culinary destination as several new eateries joined the Pie Bar in 2016-17. Romeo Chocolates, Plant Junkie, Crepe Crafters and Pumped Nutrition each bring something unique to the street and 1126 Queens Hwy, Long Beach, CA 90802 join the long-time anchor institutions like the Kress Market, Hamburger Mary’s, the Omelet Inn and Made by Millworks, making Pine Ave a key retail and food destination. These new options, when added to those found in the East Village and the renovated Pike on South Pine, create a downtown that has something to satisfy the needs of every resident and visitor alike.
With dozens of projects now in the works for Downtown Long Beach, the immediate area is expecting a major rise in population, employment, and THE QUEEN MARY LONG BEACH CIVIC CENTER economic growth The New Long Beach Civic Center Project will bring to downtown a revitalized civic core to serve local residents and businesses, attract visitors and provide safe and efficient city operations to serve the citizens of Long Beach. The $520 million, design-build-finance-operate-maintain civic center LONG BEACH’S TALLEST TOWER will replace the old city hall and provide efficient new offices Once built, this 35-story residential tower will be the tallest in Long Beach. The for the Port of Long Beach, a new city library and a retail 221-unit building will rise right next to a 17-story complex called The Current. marketplace and public park that will serve residents and Planned by the same developers, the two buildings will be connected by a visitors of Long Beach for years to come. Plenary Edgemoor 10,000-square-foot plaza. Civic Partners began its exploration of the Long Civic Center by talking to residents from the many neighborhoods of 777 E Ocean Blvd, Long Beach, CA 90802 Long Beach. The design achieves a place where the diversity and richness of Long Beach comes together in one new civic center. The simple elegance of the New Civic Center plan brings new state-of-the-art facilities, new residents and new vitality to Long Beach to make the Civic Center a place that’s truly “of and for the people of Long Beach.”
DEVELOPMENT West Gateway, Long Beach, CA 26 27 28
DEVELOPMENT STUDENT HOUSING COMPLEX 328 Pacific Ave, CA 90802 Beach, Long recent presentation Garcia. from Mayor Robert of residential with325 units, structures according to a Blue Linestation would lotwithapair replace aparking This ambitiousdevelopment nearthePacific Avenue LARGE-SCALE RESIDENTIAL COMPLEX STUDENT HOUSING COMPLEX 151 E5thSt, Long 90802 CA Beach, the former Place City ShoppingCenter, as now known The Streets. museum. developmentThe issetto amid BlueLine-adjacent rise classrooms, lab space, and a new venue to house the school’s art students at California State University Long along with a few Beach, This mixed willinclude800unitsofhousingfor useproject 150 W Ocean Blvd, Long 90802 CA Beach, dogspa obligatory fitness like apool,room/yoga sundeck, studio, andtheincreasingly will be catered to young professionals and will feature amenities and thebeach.According to thearchitects, theupscaleapartments nice views andconvenientsome very access to bothpublictransit an Ocean Avenue lotandpromises to offer parking future residents The Togawa onthesite isrising of project SmithMartin-designed OCEANAIRE OCEANAIRE 29 30
DEVELOPMENT AQUARIUM OF THE PACIFIC 100 EOcean Blvd, Long 90802 CA Beach, 36stories andinclude morerise than500 rooms. agreement that would withthecity allow to theproject that developer Lifereports American hasproposed an development are stillbeingworked out;Longbeachize new restaurant space to thearea. Plans for thelarge Long bringing hundreds Beach, ofguestrooms and This hotel tower ofDowntown would intheheart rise GLASSY HOTELGLASSY TOWER AQUARIUM OF THE PACIFIC 320 Golden Shore320 Golden #100,Long 90802 CA Beach, million budget. hasalready andtheaquarium raised $40millionofits $53 parties The newdesign hasalready beenapproved by alltherelevant gallery,exhibits, atheater, anart andanewticketingarea. square feet ofspace for visitors to explore, includinganewarea for Pacific. An expansion will give anadditional29,000 the aquarium Big changes are in store for Long Beach’s huge Aquarium of the 500 W Broadway, Long 90802 CA Beach, center, room, community andarooftop deckwithapoolandspa. cafe. Once complete, thebuildingwilloffer amenities likeafitness space willinclude1,168square feet ofretail anda2,267-square-foot for willalso beincluded. 80bicycles Street-levelparking commercial with191spaces. structure As aconditionparking ofapproval, commission. The atop buildingwillbeconstructed athree-level units,three-bedroom according presented to a staff report to the 32two-bedrooms, 41one-bedrooms, and fourstudio apartments. Located at 500 West Broadway, issetto theproject include65 SEVEN-STORY APARTMENT COMPLEX SEVEN-STORY APARTMENT COMPLEX 31 SONATA 32
DEVELOPMENT SONATA 240 Long Blvd, Beach Long 90802 CA Beach, 5,773 square feet ofcreative offices. space, 3,200square feet ofspace for theUniversity, and students, of commercial alongwith11,459 square-feet including 141affordable units for CSULB graduate structure. The buildingswilloffer 375apartments, residential tower21-story and a separate seven-story and integrated into It’s theproject). setto includea buildingwillbepreserved Boulevard (theModerne-style beloved, butshuttered Acres onLong ofBooks Beach This majormixed usecomplex isplannedaround the BROADWAY BLOCK SONATA Long 90802 CA Beach, 442 W Ocean Blvd and207EastSeaside Way, Square 2,incollaboration withMark Tessier LandscapeArchitecture. are bothdesigned by Long architecture Beach-based Studio firm T Seaside Way, are beingdeveloped by EnsembleInvestments and The two projects, located at 442 West Ocean Boulevard and207 East to thearea. apartments located within a half-mile of one another, a total will bring of 207 Downtown Long Beach. Together, buildings, thepairoffive-story Two sleeknewresidential developments have broken ground in 1235 Long Blvd, Beach Long 90813 CA Beach, commercial space. such asagym,publicplazas and6,000square feet ofground-floor Plans aswell also callfor services, asamenities on-site supportive veterans andseniors development housingfor willinclude 160unitsofsupportive toand isexpected openin2019.Once complete, thetwo-building This affordable housing complex broke groundOctober, in 2017 THE BEACON THE BEACON 33 635 PINE AVE 34
DEVELOPMENT SONATA 245 W Broadway, Long 90802 CA Beach, context ofthesurrounding neighborhood. featuring staggered building heights to match the look, The withacontemporary isportrayed project anda gallery art kitchen.”“bike units and8,500square feet ofretail space, includingan replace agovernment office buildingwith222 residential This project, whichbroke ground 2017,will inspring AMLI PARC BROADWAY THE PACIFIC 230 W 3rd St, Long 90802 CA Beach, summer 2019. beganinDecember,Construction finishis 2017andexpected income residents. bedroom ofwhich 17willbesetasidefor apartments, moderate townhouses alongitsground floor,two- and as well asstudios, one- buildingfeaturea seven-story 163residential units. Plans callfor The Pacific, located at 3rd Street and Pacific Avenue, will consistof 101 Alamitos Ave, Long 90802 CA Beach, One Eleven. Long were projects Beach designed by localarchitecture Studio firm ground calledtheLinden.All onasmallerproject three Downtown and abitofretail/restaurant space. The developer alsorecently broke residentialbehind thisseven-story development with 136 condos Developer SARESREGISGroup, whichisbuilding The Pacific, isalso 101 ALAMITOS AVENUE 101 ALAMITOS AVENUE 35 THE WESTIN LONG BEACH
THE QUEEN MARY
Once a world-class ocean liner, the Queen Mary Hotel offers guests unique accommodations and a wide array of attractions that simply cannot be found anywhere else. Each stateroom is unique with its own personality and offers a real glimpse into what transatlantic travel was like during the 30’s, 40’s and 50’s. With an impressive history and tradition of excellence, the Queen Mary Hotel is more than a place to rest one’s head – it’s an entire experience.
THE HILTON
The Hilton hotel in Long Beach, CA offers exceptional service, international flair and an elegant ambiance near the World Trade Center. The high-end hotel offers convenient access to the beach, a spacious pool, and central location allowing visitors the opportunity to discover the hidden treasures of Long Beach.
LUXURY HOTELS THE WESTIN Prepare for a productive and rejuvenating stay at The Westin Long Beach, an elevated hotel located in downtown Long Beach, California, near the beach. This property is a 10-minute walk from the beach. With over 1000 hotel rooms in the works right now, Long Located across from the Terrace Theater, Performing Arts Center and Convention Center, this Long Beach is expected to have 5 new hotels by 2025. Beach hotel offers modern guest rooms with plush bathrobes and slippers. Guests can relax at the hotel’s outdoor pool and hot tub. LONG BEACH HOTELS Occupancy for Long Beach hotels exceed the countrywide average by nearly 5 percentage points, due to an up-tick in corporate and group travel and strong Hyatt Centric The Pike Crowne Plaza LA Harbor convention and meeting business. The Westin Long Beach The Queen Mary Approximately 5 hotels are in the planning stage or under construction, Residence Inn by Marriott Best Western HYATT REGENCY representing a mix of new construction and conversions/renovations of historic Hyatt Regency Renaissance Long Beach buildings Courtyard by Marriott Hilton Long Beach Located on a premiere waterfront spot in the heart of Downtown, the Hyatt Regency Long Beach is Hotel Maya The Varden Hotel An increase of 34% in the total number of rooms from 2000 to 2025 the only 4 Diamond Award-winning Long Beach, CA hotel with all 528 guestrooms and suites offering ocean or harbor views. With a combination of style, sophistication, comfort, and the ideal site, we will Average occupancy of 84% for hotels in Long Beach today make your experience memorable and enjoyable whether you are traveling for business or pleasure. 10% increase in occupancy rates
36 37 SALES COMPARABLES
SALE COMPARABLES - MULTIFAMILY
# NAME ADDRESS UNITS SALE PRICE CAP RATE $/UNIT $/SF BLDG SF YEAR BUILT SALE DATE
1 Tech Coast Lofts 137 W 6th St 11 $4,850,000 4.75% $440,909 $374.37 12,955 2016 2/6/2017
2 The Edison 100 Long Beach Blvd 156 $65,400,000 4.00% $419,230 $573.68 114,000 2016 12/4/2017
3 The Current 707 E Ocean Blvd 223 $132,850,000 4.35% $595,739 $590.44 225,000 2016 7/7/2017 1
Average 4.37% $485,293 $512.83
2 3
38 39 TECH COAST LOFTS COMPARABLES
SALES COMPARABLES - MULTIFAMILY
1 TECH COAST LOFTS 2 THE EDISON Address 137 W 6th St Address 100 Long Beach Blvd Units 11 Units 156 Sale Price $4,850,000 Sale Price $65,400,000 CAP Rate 4.75% CAP Rate 4.00% $/Unit $440,909 $/Unit $419,231 $/SF $374.37 $/SF $573.68 Blg SF 12,955 Blg SF 114,000 Year Built 2016 Year Built 2016 Sale Date 2/6/2017 Sale Date 12/4/2017
3 THE CURRENT Address 707 E Ocean Blvd Units 223 Sale Price $132,850,000 CAP Rate 4.35% $/Unit $595,739 $/SF $590.44 Blg SF 225,000 Year Built 2016 Sale Date 7/7/2017
40 41 COMPARABLES
LEASE COMPARABLES- MULTIFAMILY
1 SOFI @ 3RD 2 THE EDISON Address 225 W 3rd Street Address 100 Long Beach Blvd BR/BA 1 BD/1 BA BR/BA 2 BD/2 BA Unit SF 588 Unit SF 1,035 $/SF $3.29 $/SF $3.43 Lease Price $1,935 Lease Price $3,545 Year Built 1990 Year Built 2016
3 PINE AT 6TH 4 THE CURRENT Address 555 Pine Avenue Address 707 E Ocean Boulevard BR/BA 1 BD/1 BA BR/BA 2 BD/2.5 BA Penthouse Unit SF 656 Unit SF 1,258 $/SF $3.10 $/SF $4.52 Lease Price $2,035 Lease Price $5,690 Year Built 1987 Year Built 2016
42 43 BRANDON MICHAELS First Vice President Investments Director, National Retail Group Tel: (818) 212-2794 Fax: (818) 212-2710 [email protected] License: CA #01434685
LONNIE MCDERMOTT Vice President Investments Senior Director, National Land Group Tel: (818) 212-2745 Fax: (818) 212-2710 [email protected] License: CA: 01874375
ELI APPEL Investment Associate Tel: (818) 212-2707 Fax: (818) 961-0917 [email protected] License: CA: 01918652 THE PROMENADE
PINE AVENUE
LONG BEACH BOULEVARD ELM AVENUE
METRO BLUE LINE STATION
437
5TH E 5TH STREET LONG BEACH, CA LONNIE MCDERMOTT BRANDON EVANS FIrst Vice President Investments Investment Associate Senior Director, National Land Group Member, National Land Group Tel: (818) 212-2745 Tel: (818) 212-2699 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] License: CA: 01874375 License: CA: 02058494
44