Owner User Office Building For Sale with Living Space PROPERTY HIGHLIGHTS
ADDRESS: APN: BUILDING SF: 5534-008-013 1117 N GOWER STREET 4,426 SF LOS ANGELES, CA
LAND SF: YEAR BUILT: ZONING: 6,499 SF 1953 LAR3
Live/Work.An opportunity to own an approximately 4,426 square foot commercial mixed used building in prime Hollywood. Ground floor features open space with high ceilings ideal for multiple office uses. Second floor features a one bedroom one bathroom apartment complete with kitchen, fireplace and washer/dryer hookups.
asking price: $2,995,000 Parcel map Hollywood Market Overview
OVERVIEW Situated in the city of Los Angeles, just north of downtown, Hollywood has long been known as the center of the entertainment industry and is undergoing a rebirth to solidify its position as a major employment, retail, and recreation center. As one of the fastest growing residential markets in the United States, public and private developers have recently invested $4 billion in the neighborhood, with new residential, mixed-use, and commercial projects redefining the area, indicative of Hollywood’s revitalization success.
The entertainment industry is the backbone of Hollywood’s economy, home to one of the largest concentrations of entertainment and media companies in the world. Numerous major motion picture studios, television and radio studios, record companies, and post-production companies call the neighborhood home. With the iconic Hollywood sign overlooking the neighborhood on Mount Lee, Hollywood serves as the epicenter of Los Angeles’ tourism industry. More office space is under construction in Hollywood than anywhere else in Los Angeles County, attracting additional entertainment and media companies, as well as various corporate relocations.
AREA FACTS: DEMOGRAPHICS: • With the lure of a career in Hollywood, Los • 1st Largest City in California (Los Angeles). Angeles is one of the “Top U.S. Cities where • Hollywood’s Median Age: 37. Millennials want to Live” - Realtor.com. • Hollywood’s population is forecast to • Viacom, Netflix, and Fender Guitar have grow 4.6% over the next five years, recently relocated to Hollywood, set to outpacing the national average of 4.0%. occupy more than 568,000 square feet of • 33% of residents ages 25 and older space. Variety.com; Viacom.com/news. hold a bachelor’s degree or higher, • More office space is being built in Hollywood compared to 29% nationally. than anywhere else in Los Angeles County • Hollywood’s average household - Hollywood Chamber of Commerce. income is projected to reach $64,816 by 2022, up 10.9% from 2017. HOLLYWOOD, CALIFORNIA - LARGEST EMPLOYERS
KAISER PERMANENTE UNIVERSAL STUDIOS *PARAMOUNT PICTURES CHILDREN’S HOSPITAL Los Angeles Medical Center (5,000 employees) (5,000 employees) Los Angeles (6,000 employees) (4,990 employees)
*SUNSET GOWER / LOS ANGELES HOLLYWOOD PRESBYTERIAN LIVE NATION BRONSON STUDIO CITY COLLEGE MEDICAL CENTER (1,000 employees) (2,500 employees) (1,420 employees) (1,200 employees)
J2 GLOBAL, INC. *THE PROSPECT STUDIOS Source: Hollywood Guide Outlook *Includes clients, employees, and tenants housed (860 employees) (850 employees) on-site and seasonal variations in employment Entertainment
Hollywood is known as the THE PROSPECT STUDIOS world capital for the entertainment industry and is responsible for $120 billion in total economic output. The entertainment industry in Greater Los Angeles supports over 162,000 direct jobs, 590,000 indirect jobs, and 85,000 independent contractors. The industry boasts an annual payroll in excess of $18.9 billion with salaried employees earning over $117,000 annually. Prominent Hollywood entertainment businesses include Paramount, CBS Studio Center, The Prospect Studios, CNN, Netflix, Viacom, Capitol Records, and Technicolor.
837,000 $117,000 $120 BILLION JOBS SUPPORTED AVERAGE ANNUAL SALARY ECONOMIC OUTPUT
studios
Hollywood is home to the PARAMOUNT PICTURES largest number of television and cinema production centers in North America, with Los Angeles being home to 80% of all entertainment industry employers in the nation. All major U.S. television networks and movie studios including ABC, CBS, NBC, Paramount, Sony, Universal, and Warner Brothers have facilities located in the area. Paramount, remains the only major motion picture company to be headquartered in Hollywood and occupies 1.9 million square feet of executive office, sound, production, and equipment space.
1.9 MILLION 80% SQUARE-FOOT STUDIO OF INDUSTRY EMPLOYERS ARE LOCALLY BASED tourism
World renowned destinations including HOLLYWOOD WALK OF FAME the Hollywood Walk of Fame, Universal Studios Hollywood, Hollywood Bowl, and Dolby Theatre, make Hollywood a tourism destination. Los Angeles hosted 47.3 million visitors in 2016, setting a new record and making it one of the most visited cities in the nation. The Hollywood Walk of Fame remains one of the most visited attractions in the world with over 10 million visitors annually. The hospitality sector supports over 509,000 local jobs and is one of the fastest growing employment sectors in the region.
47.3 MILLION 10 MILLION 590,000 ANNUAL VISITORS ANNUAL HOLLYWOOD JOBS SUPPORTED WALK OF FAME VISITORS employment hubs
DOWNTOWN LOS ANGELES Hollywood is located within 10 miles of some of Greater Los Angeles’ largest employment centers, which encompass over 92.9 million square feet of office space. Located seven miles from Hollywood, Downtown L.A. is home to over 550,000 employees. Beverly Hills known as the luxury capital of the world is also home to prominent employers including Fox Interactive Media and Morgan Stanley. Burbank Media District is home to Warner Brothers, Walt Disney Studios, and NBC, three of the largest motion picture and television facilities in the world.
92.9 MILLION+ 550,000 SQUARE FEET OF OFFICE SPACE WITHIN 10 MILES DOWNTONW L.A. EMPLOYEES For further information please contact: JEFF PION MICHELLE ESQUIVEL-HART CBRE, INC. Vice Chairman Senior Vice President 1840 Century Park East Lic. 00840278 Lic. 01290582 Suite 900 +1 310 550 2537 +1 310 550 2525 Los Angeles, CA 90067 [email protected] [email protected]
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