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3855 Motor Ave, Culver City, CA Offering Memorandum 3750 Jasmine Ave ™ LOS ANGELES, CA CONTENTS 04 PROPERTY OVERVIEW 06 AREA OVERVIEW 12 FINANCIAL OVERVIEW EXCLUSIVELY LISTED BY: DANIEL WITHERS Senior Vice President - Multifamily Direct +1 818 923 6107 Mobile +1 310 365 5054 [email protected] License No. 01325901 (CA) CO-LISTED WITH: JEFFREY LOUKS Marcus and Millichap Direct +1 818 212 2780 Mobile +1 310 941 5899 [email protected] License No. 00908473 (CA) 3750 Jasmine Ave LOS ANGELES, CA ™ CULVER CITY VENICE BLVD 3 | PROPERTY SECTION OVERVIEW 01 | 4 3750 Jasmine Ave LOS ANGELES, CA LOCAL MAP PROPERTY OVERVIEW 3750 Jasmine Avenue is a 40-unit apartment building located in close proximity to Downtown Culver City. Built in 1976, the property is situated on Jasmine Avenue just off Venice Boulevard walking distance to the trendy restaurants, shopping, entertainment and night life that the area has to offer. The two-story property consists of thirteen studios and twenty-seven one-bedroom, one-bathroom units. Key property features include private balconies, controlled gated access, secured reserved parking and an on-site laundry facility. The location boasts easy access to the Culver City Metro Station which has transit lines connecting the area to Santa Monica and Downtown Los Angeles as well as to both the 405 and 10 Freeways. The area is currently booming with large companies that are currently located and moving to the immediate area including Sony, Amazon, Apple, Google and HBO. Current rents are significantly below market and buyer could have tremendous upside as units turn. PROPERTY HIGHLIGHTS • 40-Units, Built in 1976 • Unit Mix: (13) Studios, (27) 1+1 • Walk Score of 92 – Walker’s Paradise • Short Walk to Downtown Culver City • Located in proximity to the Culver City Metro Station • Extremely low rents with tremendous upside as units turn • Minutes away from cafes, restaurants, coffee shops, entertainment, and night life • Growing entertainment and tech hub with local employers including HBO, Google, Apple, Amazon and Sony • 27,022 square foot building on a 21,655 square foot lot zoned LAR3 5 | AREA SECTION OVERVIEW 02 | 6 LOS ANGELES, CA As the second largest metropolitan area in the United States, the Los Angeles Metropolitan Statistical Area, or the Southland, consists of both Los Angeles and Orange Counties. These two counties also make up the inner core of the Greater Los Angeles urbanized region. Los Angeles County, one of California’s original 27 counties, is one of the nation’s largest counties both in land area and population. With nearly 10 million residents, the Los Angeles population accounts for approximately 27 percent of California’s population. The area continues to grow, especially given the vigorous residential development in downtown LA. Famously known for a heavily entertainment industry based economy, the Los Angeles metropolitan area attracts many visitors. Consequently, leisure and hospitality is also a leading industry and has experienced recent growth in employment. It is now the sixth largest hotel market in the United Sates. The Los Angeles-Orange County metro area alone has an enormous economy with an estimate $866 billion GMP. Together with Ventura, Riverside and San Bernardino Counties, Orange and Los Angeles county make up the Greater Los Angeles Area, a combined statistical area that is the third largest economic center in the world after the Greater Tokyo and New York metropolitan areas. LARGE FUTURE HEADQUARTERS TO SEVERAL INCREASING ECONOMY POPULATION GROWTH ENTERTAINMENT STUDIOS CULVER CITY, CA ECONOMY Culver City is quickly becoming a major hub for new media ventures, as Amazon recently Culver city continues to be sought after by both people and businesses looking to call announced plans to lease 280,000 square feet of space at the Culver Studios, which is home. Culver City’s studios, officially nicknamed “The Heart of the Screenland” have just a few blocks from the Apple site. produced hundreds of award winning films. Culver city is a hip, modern, and progressive community that sits right between the While media is still king in Culver City and has a heavy presence, start-ups including beach and downtown Los Angeles. Culver City combines unique restaurants and Criteo, MeUndies, and Steelhouse all make their homes in town and more are likely to entertainment with a rapidly expanding multimedia hub. Culver City is an ideal retail follow. location on Los Angeles’ Westside, just minutes from LAX, Marina Del Rey, Santa Monica, and Downtown Los Angeles. Surrounded by nearly 295,000 households within TOP EMPLOYERS a five mile radius, and a network of high-volume freeways (the 405 (San Diego) and the 10 (Santa Monica), Culver City offers great opportunity for businesses. A daytime population of 60,000 creates tremendous demand for retail and personal services in the City’s business districts. Culver City captures more than twice its share of Los Angeles County employment and 3x its share of sales tax revenues. 7 | DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2010 Census 50,621 287,837 814,277 2019 Estimate 51,960 297,760 851,630 2024 Projection 53,219 305,811 876,266 Growth 2010-2019 2.65% 3.45% 4.59% Growth 2019-2024 2.42% 2.70% 2.89% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2010 Census 23,979 123,319 358,372 2019 Estimate 24,647 127,539 375,519 2024 Projection 25,272 130,987 386,823 Growth 2010-2019 2.79% 3.42% 4.79% Growth 2019-2024 2.54% 2.70% 3.01% INCOME 1-MILE 3-MILE 5-MILE 2019 Avg. $102,807 $120,796 $121,195 Household Income 126,683 $100,081 3.4% POPULATION MEDIAN UNEMPLOYMENT HOUSEHOLD INCOME RATE | 8 PLATFORM This luxury shopping complex has brought nearly 20 high-end eateries and shops to Culver City, with outposts of Blue Bottle Coffee and Van Leeuwen, as well as mindful-living staples like Sweetgreen and SoulCycle, and the meat-centric butcher/restaurant the Cannibal. The colorful complex sits just across the street from the Culver City Metro stop, making it both a convenient stop on the way to Santa Monica and a destination in its own right. CULVER HOTEL Culver City‘s historic Culver Hotel was once the part-time residence to Old Hollywood, from Clark Gable and Joan Crawford to Greta Garbo and Buster Keaton. Charlie Chaplin supposedly sold the hotel to John Wayne for a buck, while tales of apparitions surround the Neo-Renaissance–designed hotel. Locals and tourists alike can drop in for a nightcap at the hotel‘s lobby bar, while overnight guests can lie their heads at one of the 46 newly renovated rooms. KENNETH HAHN STATE RECREATION AREA Griffith may get all of the attention, but Kenneth Hahn is impressive in both size and topography for a park in the middle of the Westside. On top of the usual list of amenities, the Culver City-adjacent park contains a lotus pond, fishing lake and sand volleyball court. But the urban oasis really establishes itself with more than seven miles of walking and hiking trails through the Baldwin Hills, with views of almost every corner of the LA Basin—from the South Bay and the Pacific Ocean to Downtown and the San Gabriel Mountains. 9 | HBO AMAZON STUDIOS HBO has agreed to lease a five-story office building under construction on Amazon has recently moved into Culver City, making a statement that the Venice Boulevard in Culver City as the premium cable network cements tech empire is moving to Culver City. The full Culver Studios redevelopment, plans to abandon its longtime corporate offices in Santa Monica. HBO’s referred to as the “innovation plan,” will grow the existing campus from new home — beginning in 2021 — will be part of the Ivy Station mixed- roughly 358,000 square feet of studios and media production space to an use development, a $350-million project that will include apartments, over 720,850-square-foot complex with production space, sound stages, restaurants and shops. The site is adjacent to the Culver City station of the and offices designed by Gensler. Metro Expo Line. New additions to the studio site will include five new office buildings and The area is turning into a central hub for entertainment studios. News of two new parking structures with over 1,900 parking spaces for studio the eventual move comes as HBO undergoes a major revamp as its new workers. Amazon will lease four of the five new office buildings. corporate bosses prepare to launch a streaming service later this year to compete with Apple, Netflix Inc., Amazon.com Inc. and Walt Disney Co. APPLE GOOGLE Apple announced plans to boost its L.A. presence, saying it expects to have more than 1,000 employees in Culver City, Calif., over the next three Google recently locked down nearly 585,000 SF of office space at Westside years, including its growing entertainment team. The move is part of the Pavilion with a 14-year lease. The development is scheduled to be complete tech giant’s broader initiative to create 20,000 jobs in the U.S. by 2023 and in 2022 and will be known as One Westside, a first-ofits-kind conversion includes a new $1 billion facility in North Austin, Texas. from shopping mall to creative office. The multiple year commitment made by Google, a company with an already long list of office space on the Earlier this year Apple agreed to lease a new 128,000-square-foot office Westside, further demonstrates the value and high demand for space in building in Culver City, set to open in late 2019, after HBO nixed plans to West Los Angeles.
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