GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003
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GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from illi Commercial Real Estate and should not be made available to any other person or entity without the written consent of illi Commercial Real Estate. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. illi Commercial Real Estate 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, illi Commercial Real Estate has not verified, and will not verify, any of the information contained herein, nor has illi Commercial Real Estate 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. The subject property contains operating businesses. Do not disturb tenants or speak with staff of businesses about this offering. Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 illi Commercial Real Estate is pleased to present an opportunity to purchase a retail and residential mixed-use property, located directly off the 110 Freeway in a strong urban infill area of Los Angeles. Positioned at the South East Corner of Florence Avenue and Broadway, the site serves a high volume of foot traffic and provides great exposure on a major intersection, with multiple bus stops and convenient freeway accessibility. The eclectic mix of tenants offer an array of goods and services to the local community. Many have been operating in the property for years, however, near -term lease expirations offer flexibility and upside through increased rents. Offered at a price of $5,500,000, Florence and Broadway presents an opportunity for an investor to own a well-positioned piece of Los Angeles real estate with in-place cash flow and long-term growth potential. APN 6031-002-003, 6031-002-004, 6031-002-020, 6031-002-023 Land Area 0.57 (ac) Building Area ±17,000 SF Zoning C2-1VL Use Code 1210 - Commercial - Store and Residential Combination Year Built 1927 Parking Open Parking Lot Sale Price $5,500,000 Price per SF $322 Cap Rate 4.38% Pro Forma Cap Rate 6.39% Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 With over 1.3 million residents in a 1-mile radius, Florence and Broadway is situated in one of the most densely populated areas of Los Angeles. In the immediate vicinity, neighboring retailers include Jack in the Box, McDonald’s. Pizza Hut, Winchell’s Donuts, Boost Mobile, Metro PCS, and more. The property is also a few blocks from the 77th Street Community Police Station, the 75th Street Elementary School, and Bethune Middle School. A few miles to the north is Downtown Los Angeles and Exposition Park, where visitors are drawn to the well-known Los Angeles Science Center, the world famous Natural History Museum, the Los Angeles Memorial Coliseum, the Shrine Auditorium, and University of Southern California Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 DEMOS 1 mile 3 mile 5 mile Population 70,916 578,288 1,149,765 Avg. HH Income $41,595 $45,591 $50,435 Daytime Pop. 7,098 58,440 281,565 Traffic Count ±41,200 cars per day Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 Units Unit Type SF Price/SF Potential $/SF Current Monthly Rent Potential Monthly Rent 252 Bakery Commercial 690 $3.12 $ 3.15 $ 2,150.00 $2,173.50 254 Restaurant Carrillo Commercial 690 $2.46 $ 3.15 $1,700.00 $2,173.50 248 Florence Commercial 690 $2.17 $ 3.15 $1,500.00 $2,173.50 250 Cell Phone Store Commercial 690 $2.17 $ 3.15 $1,494.00 $2,173.50 256 Apt. #201 Residential 700 $0.96 $1.00 $674.00 $700.00 256 Apt. #202 Residential 700 $0.98 $1.00 $686.00 $700.00 256 Apt. #203 - VACANT Residential 700 - $1.00 - $700.00 7200 Check Cashing Commercial 2,170 $2.47 $2.50 $5,364.00 $5,425.00 7202 GrouPex Commercial 1,355 $1.92 $2.25 $2,606.00 $3,048.00 7208 VACANT Commercial 2,170 - $2.30 $5,000.00 $4,991.00 7212 Elegance Beauty Commercial 1,360 $2.07 $2.25 $2,812.00 $3,060.00 7212 ½ Computer Store Commercial 650 $2.12 $3.15 $1,379.00 $2,047.00 7214 S. Broadway Commercial 1,000 $1.80 $2.25 $1,800.00 $2,250.00 7216 VACANT Commercial 600 - $3.15 - $1,890.00 7218 VACANT Commercial 1,010 - $2.25 - $2.272.50 7220 Barber Shop Commercial 1,010 $1.39 $2.25 $1,400.00 $2.272.50 MONTHLY $28,565.00 $38,051.25 YEARLY $342,780.00 $456,615.00 Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. GREAT MIXED-USE VALUE ADD OPPORTUNITY 248-256 Florence Avenue & 7200-7220 Broadway, Los Angeles, CA 90003 Florence and Broadway Proforma Purchase Price $5,500,000.00 Current Proforma All Units At Market Rent $342,780.00 $456,615.00 Property Gross Income (PGI) $342,780.00 $456,615.00 Vacancy Allowance $10,283.40 $13,698.45 Effective Gross Income (EGI) $332,469.60 $442,916.55 Total Revenue $332,469.60 $442,916.55 Reimbursable Operating Expenses: Property Taxes $68,750.00 $68,750.00 Tax Reimbursements $15,000 $15,000 Operating Expenses: Cleaning $1,570.00 $1,570.00 Insurance $9,690.00 $9,690.00 Management Fee $17,000.00 $17,000.00 Pest Control $1,567.00 $1,567.00 Trash Disposal $7,782.00 $7,782.00 Total Operating Expenses $106,359.00 $106,359.00 Net Operating Income (NOI) $241,137.60 $351,557.55 Cap Rate at $5.5 Million Sale Price 4.38% 6.39% Greg Offsay Manuel Napoles-Ramirez [email protected] [email protected] BRE #01837719 BRE #01960910 17547 Ventura Blvd, Suite 304 - Encino, CA 91316 - 818.501.2212 - www.illicre.com - BRE #01834124 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 the information.