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W. Pico Boulevard BRANDON MICHAELS GROUP W. PICO BOULEVARD 8600 West Pico Boulevard . Los Angeles, CA 90035 INVESTMENT ADVISORS BRANDON MICHAELS Senior Managing Director of Investments Senior Director, National Retail Group PROPERTY OVERVIEW Tel: (818) 212-2794 Fax: (818) 212-2710 [email protected] License: CA #01434685 www. BrandonMichaelsGroup .com FINANCIALS COMPARABLES S. HOLT AVE BRANDON MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM AREA OVERVIEW W. PICO BLVD 16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com 2 3 ADJACENT TO CENTURY CITY Century City is a 176-acre (71.2 ha) neighborhood and business district in Los Angeles’ Westside. Outside of Downtown Los Angeles, PICO BOULEVARD Century City is one of the metropolitan area’s most prominent employment centers, and its skyscrapers form a distinctive skyline on the Westside. Important to the economy are the Westfield Century City shopping center, business towers, and Fox Studios. Pico Boulevard is a major Los Angeles street that runs from the Pacific Ocean at WHY BUY ON Appian Way in Santa Monica to Central Avenue in Downtown Los Angeles, California, USA. Pico runs parallel south of Olympic Boulevard and is one of the southernmost major streets leading into Downtown Los Angeles, running AFFLUENT NEIGHBORHOOD WEST PICO north of Venice Boulevard and south of Olympic Boulevard. Demographics: Median Age:36 Average Household Income within a 1-mile radius: $106,883 BLVD Population within a 5-mile radius: 974,970 WEST PICO BLVD COMMUNITY DESIGN Pico Boulevard should present a distinct identity as the neighborhood’s main SIGNIFICANT OPPORTUNITY commercial corridor, and that development visually provides a sense of place. It has the potential of becoming an active, vibrant and vital community serving, Extremely rare opportunity to purchase in a transitioning rental pedestrian-oriented commercial area. market. Significant amount of movement and turnover in the immediate marketplace, creating an opportunity for new concepts to enter the market and position the submarket for the future. 4 BLVD PICO WEST 5 Pico-Robertson Century City Century City Beverly Hills A rare opportunity to acquire a West Los Angeles jewel box in the highly desirable Pico-Robertson sub-market. Marcus & Millichap has been selected to exclusively market for sale 8600 West Pico Boulevard, a 14,176 square foot retail building situated on 11,175 square feet of land zoned C4 in Los Angeles, CA. 8600 West Pico Boulevard is well located in the Pico Robertson submarket of Los Angeles, adjacent to Beverly Hills and Culver City just west of the signalized corner of Pico Boulevard and La Cienega Boulevard. This prime West Los Angeles location benefits from a dense and affluent surrounding demographic. 8600 West Pico Boulevard consists of a 14,176 square-foot commercial building which was previously occupied by Blueprint Furniture, who successfully operated as a modern and contemporary furniture store in the area since 1989. The subject property benefits from excellent frontage with 100 linear feet of frontage along Pico Boulevard and unique signage which creates ideal visibility. Daily traffic counts exceed 45,000 vehicles per day, further adding to the uniqueness of the subject property. The building’s glass façade lining Pico Boulevard creates a strong and memorable impression and exposes the interior of the building to the outside natural light. The subject property will be delivered vacant at the close of escrow, making this an ideal opportunity for an Owner-User Buyer looking for a prime westside location, or an investor or developer looking to acquire an excellent location with significant growth potential. 8600 West Pico Boulevard is situated on 11,175 square feet of land zoned C4-1-O, within a tier 3 Transit Oriented Community (TOC). There is significant development in the immediate area, with thousands of new residential units coming online as well as high end commercial and office space. The growth in the immediate area creates significant upside for this prime location. Located just minutes from Beverly Hills and Century City, 8600 West Pico Boulevard is ideally located in a densely populated, affluent West Los Angeles sub-market with the average household income exceeding $120,000 within a one-mile radius and over 1,000,000 people within a five mile radius. Century City is the most prominent business district in Los Angeles outside of Downtown, and Beverly Hills is an international icon for its concentration of luxury and high-end shops and restaurants. Immediate national and regional retailers surrounding the subject property include Ralphs, Walgreens, CVS, Office Depot, The Coffee Bean, Beverly Hills Marriott, Mr. C Beverly Hills, Factor's Famous Deli, Shiloh’s Steakhouse, and many more. EXECUTIVE SUMMARY 6 IRREPLACEABLE WEST LOS ANGELES BEVERLY INVESTMENT HIGHLIGHTS HILLS/CENTURY CITY LOCATION Located less than two miles from world famous Rodeo Drive of Beverly Hills and Century City, one of the most prominent business districts in Los Angeles. WALKING DISTANCE TO A MULTITUDE OF AMENITIES Neighboring tenants include high-end restaurants such as Trattoria $106,883 MID-WILSHIRE Average Household Income KOREATOWN Natalie and Shiloh’s Steakhouse, the luxurious Mr. C Beverly Hills Within 1-mile Radius DOWNTOWN LA Hotel, Ralphs, Walgreens, CVS, and Office Depot. AFFLUENT NEIGHBORHOOD The average household income is $125,572 within a one-mile radius. HIGHLY TRAFFICKED STREET Pico Boulevard is one of the main thoroughfares that runs from the 8590 Pico Boulevard Pacific Ocean to Downtown Los Angeles. Hotels (both luxury and Brand New 7-Story, 36-Unit Apartment Building economy) line the blocks, as do a rich variety of restaurants and boutiques. Over 45,000 vehicles pass the subject property per day. 154,852 OWNER-USER OPPORTUNITY Households Within 3-mile Radius The building will be delivered vacant, creating a unique opportunity for an Owner-User Buyer to occupy a portion or the entire building. UNIQUE SIGNAGE AND EXCELLENT VISIBILITY S. HOLT AVE Large signage and 100 feet of frontage on heavily trafficked West Pico Boulevard. SIGNIFICANT DEVELOPMENT IN THE IMMEDIATE AREA W. PICO BLVD Thousands of new residential units and high-end commercial space coming online in the immediate and surrounding areas, creating 953,780 significant growth potential. Population Within 5-mile Radius CORNER LOCATION ZONED C4 11,175 square feet of land well positioned within a Tier 3 Transit Oriented Community. 8 9 PROPERTY INFORMATION 8600 West Pico Boulevard ADDRESS Los Angeles, CA 90035 PRICE $6,495,000 CENTURY CITY PRO FORMA CAP RATE 8.09% CULVER CITY BEVERLYWOOD PRICE/SF $458 PRICE/SF (LAND) $581 BUILDING SF 14,176 GROUND FLOOR SF 10,308 8590 Pico Boulevard SECOND STORY SF 3,868 Brand New 7-Story, 36-Unit Apartment Building LAND SF 11,175 ZONING LAC4 TOC Tier 3 APN NUMBER 4303-019-006 YEAR BUILT 1937/1950 TYPE OF OWNERSHIP Fee Simple S. HOLT AVE Interest Offered: W. PICO BLVD 100% fee simple interest in a 14,176 SF retail property located at 8600 West Pico Boulevard, Los Angeles, CA 90035. Terms of the Sale: Property is being offered on a free and clear basis. Property Tours: Prospective purchasers are encouraged to visit the site prior to submitting offers. All property tours must be PROPERTY HIGHLIGHTS SUMMARY OF TERMS SUMMARY coordinated through the listing broker. 10 11 LOCATION PROPERTY DETAILS 8600 West Pico Boulevard Los Angeles, CA 90035 SITE CENTURY CITY The subject property is located on the southwest corner of West BEVERLY HILLS WEST HOLLYWOOD Pico Boulevard and South Holt Avenue. 47,608 SQUARE FOOTAGES Traffic Volume Counts of 47,608 The total building SF is 14,176 SF. The total lot size is 11,175 SF. Along West Pico Boulevard YEAR BUILT The property was built in 1937. CROSS STREETS The cross streets are West Pico Boulevard (East/West) and South Holt Avenue (North/South). TRAFFIC COUNTS The traffic volumes along West Pico Boulevard are 47,608 vehicles 62,663 per day. 68,096 Businesses in a 8590 Pico Boulevard 5-mile Radius FRONTAGE Seven-story with 36 Units Brand New Apartments 100 Feet on West Pico Boulevard; 114 Feet on South Holt Ave. PARKING 9 Surface parking spaces at the rear of the property. ZONING W. PICO BLVD S. HOLT AVE The zoning is LAC4. $10,358,154 APN NUMBER $10,358,154 of Consumer The APN number is 4303-019-006. Spending in a 5-mile Radius TRANSIT ORIENTED COMMUNITY (TOC) The TOC is Tier 3. 12 13 FINANCIALS RENT ROLL PRICING TENANT SF BLDG % PRO FORMA RENT PRO FORMA RENT/SF LEASE TYPE 8600 W. Pico Boulevard Address Los Angeles, CA 90035 First Floor 10,308 73% $36,078.00 $3.50 NNN Second Floor 3868 27% $7,736.00 $2.00 NNN Pricing: $6,495,000 TOTAL 14,176 100% $43,814.00 $3.09 - Pro Forma CAP Rate: 8.09% Price/SF: $458 PRO FORMA OPERATING DATA Price/SF (Land): $581 INCOME AND EXPENSE PRO FORMA OPERATING EXPENSES PER YEAR PER SF Building SF: 14,176 Scheduled Lease Income $525,768 Taxes @1.25% $77,940 $5.50 NNN Charges $129,307 Insurance $5,529 $0.39 Land SF: 11,175 Effective Gross Income $655,075 Utilities $6,379 $0.45 Pro Forma NOI: $525,768 Expenses $129,307 Trash $5,670 $0.40 Net Operating Income $525,768 Repairs & Maintenance $9,923 $0.70 Management $21,031 $1.48 Reserves $2,835 $0.20 TOTAL $129,307 $9.12/$0.76 14 15 SALES COMPARABLES 1 6055 W. Pico Blvd. Los Angeles PRICE/SF CAP CLOSE OF 3 # ADDRESS SALES PRICE PRICE/SF BLDG SF LAND SF 2 1737 S. La Cienega Blvd. Los Angeles (LAND) RATE ESCROW 3 8213-8223 W. 3rd St. Los Angeles 4 6055 W.
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