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Signalized Corner Retail OFFERING MEMORANDUM Signalized Corner Retail 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 OFFERING MEMORANDUM ■ APPROXIMATELY 2,940 SF RETAIL CENTER WITH ON-SITE PARKING ON 6,597 SF C3 ZONED LOT. ■ SIGNALIZED CORNER LOCATION WITH 50 FEET OF FRONTAGE ALONG WHITTIER BLVD. ■ 100% OF THE TOTAL INCOME IS PROVIDED BY NATIONAL TENANTS: EDIBLE ARRANGEMENTS & FIESTA AUTO INSURANCE. ■ EXCELLENT LOCATION; LESS THAN 1/4 MILE FROM THE TARGET CENTER, AND LESS THAN 1.5 MILES FROM THE CITADEL MALL & COMMERCE CASINO. ■ GREAT DEMOGRAPHICS; OVER 35,000 PEOPLE RESIDING WITHIN A 1-MILE RADIUS & OVER 215,000 PEOPLE RESIDING WITHIN A 3-MILE RADIUS. David Yashar, ICSC Member Omid Saleh Eric Simonyan Director [email protected] [email protected] [email protected] (310) 724-8066 (310) 724-8066 (310) 724-8043 BRE# 01980838 BRE# 01984661 BRE# 01102638 Keller Williams Realty Westside Phone: (310) 482-2500 ● 1642 Westwood Blvd Suite 300 ● Los Angeles, CA 90024 ● www.DavidYashar.com Each Office is Independently Owned and Operated OFFERING MEMORANDUM Confidentiality & Disclaimer 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by L.A. Westside in compliance with all applicable fair housing and equal opportunity laws. PRESENTED BY: KW COMMERCIAL DAVID YASHAR 1642 Westwood Blvd., Director Suite 300 0 310.724.8043 [email protected] Los Angeles, CA 90024 CalDRE #01102638 We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. www.kwcommercial.com 2 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Property Description PROPERTY OVERVIEW This Retail property is located at the signalized corner of Whittier Blvd & Leonard Ave. The property consists of single-story retail building and a parking lot totaling 2,940 SF (3,000 SF per seller) in size on 6,597 SF C3 zoned corner lot. The offering has good frontage with approximately 50 feet along Whittier Blvd. The subject property consists of 2 tenants; Edible Arrangements and Fiesta Auto Insurance. Both tenants are on a NNN lease with annual increases. Edible Arrangements has been at this location since 2006 and is on a lease thru January 2022 with 1 (5) year option. Fiesta Insurance has been at this location since 2017 and is on a lease thru January 2022 with 1 (5) year option. The subject property has approx. 10 on-site parking spaces in the rear, in addition to plenty of street parking. This offering will attract an investor who is looking for a 100% occupied retail property, with national tenants at above-market CAP rate, who would like to take advantage of its excellent signalized location. LOCATION OVERVIEW It is located at the Northwest signalized corner of Whittier Blvd. & Leonard Ave. Whittier Blvd is considered one of the major commercial thoroughfares in East Los Angeles. The property has great freeway access; approximately 1 mile from the 5 Freeway & about 1.5 miles from the 710 Freeway. It is situated less than 1/4 mile from the Target Center on Whittier Blvd. It is also less than 1.5 miles from Citadel Outlet Mall, and Commerce Casino. The demographics in the immediate area offer over 35,000 people residing within a 1-mile radius and over 215,000 people residing within a 3-mile radius. www.kwcommercial.com 3 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Tenant Description EDIBLE ARRANGEMENTS Edible Arrangements is a U.S. based franchising business that specializes in fresh fruit arrangements, melding the concept of fruit baskets with designs inspired by the floral business. Tariq Farid opened his first store in East Haven, Connecticut with his brother Kamran in 1999 and began franchising the concept in 2001. In 2009, Edible Arrangements signed a master franchise agreement in Rome, Hong Kong, and Turkey. They ended 2009 with a total of 940 stores in the U.S. and internationally. In January 2011, Edible Arrangements announced its 1,000th franchise agreement. In 2013, Entrepreneur magazine ranked Edible Arrangements 40th out of 500 Franchise's and appeared on its list of top Global Franchises and Fastest-Growing Franchises for five consecutive years. FIESTA AUTO INSURANCE AND TAX John Rost launched Fiesta Auto Insurance and Tax in 1999 to meet growing demand for auto insurance within the under-served Hispanic and blue-collar communities in Southern California. Fiesta Auto Insurance and Tax offers auto, home, business, rental property, boat and motorcycle insurance, as well as tax preparation services. As of 2017, Fiesta Auto Insurance and Tax has 175 Franchises within the U.S. www.kwcommercial.com 4 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Income Summary TENANT ANNUAL SCHEDULED INCOME Actual Proforma 2019 Gross Rent $64,998 $68,173 TOTALS $64,998 $68,173 ANNUALIZED INCOME Actual Proforma 2019 Gross Potential Rent $64,998 $68,173 INVESTMENT SUMMARY Less: Vacancy $0 ($2,045) Price: $1,150,000 Effective Gross Income $64,998 $66,128 Year Built: 1946 Less: Expenses $0 $0 SF Per Seller: 3,000 Net Operating Income $64,998 $66,128 Price / SF (Per Seller): $383.33 SF Per Title: 2,940 Price / SF (Per Title): $391.16 ANNUALIZED EXPENSES Lot Size (SF): 6,597 Actual Proforma 2019 Floors: 1 Property Taxes NNN NNN Parking: Rear & Street Insurance NNN NNN Zoning: LC-C3 Trash NNN NNN APN: 6342-033-018 Utilities NNN NNN Current Cap Rate: 5.7% Repairs & Maintenance NNN NNN Proforma Cap Rate: 5.8% Management NNN NNN Total Expenses $0 $0 Expenses Per RSF $0.00 $0.00 www.kwcommercial.com 5 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Rent Roll Monthly Proforma GLA Lease Lease CurrentMo Rent/ Rent Per Rent/ Monthly Rent/ Lease Tenant Name Occupied Commence Expire nthly Rent SF Lease SF Rent 2019 SF Increases Options Type */**Edible Arrangements 1,500 10/25/06 1/31/22 $3,305.00 $2.20 $3,404.15 $2.27 $3,506.27 $2.34 3% (1)-5yr NNN ***Fiesta Insurance 1,500 2/1/17 1/31/22 $2,111.50 $1.41 $2,111.50 $1.41 $2,174.85 $1.45 3% (1)-5yr NNN Total Square Feet 3,000 $5,416.50 $5,515.65 $5,681.12 *Edible Arrangements - Option at FMV, minimum 3%. ** Landlord has not enforced Edible Arrangement's yearly increase for 2018. ***Fiesta Insurance - Option at FMV, minimum 3% maximum 10% (1) SELLER DOES NOT GUARANTEE THE MEASUREMENTS OF EACH UNIT. BUYER IS RESPONSIBLE FOR MEASURING & VERIFYING THE SF FOR EACH/ALL UNITS!!! **DRIVE BY ONLY** **DO NOT DISTURB TENANTS!!!** www.kwcommercial.com 6 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Additional Photos www.kwcommercial.com 7 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Additional Photos www.kwcommercial.com 8 5929 WHITTIER BLVD., LOS ANGELES, CA 90022 | Additional Photos FACING EAST ON WHITTIER BLVD.
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