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Echo Park Purchase Opportunity Medical | Office & Retail Building with Parking

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Echo Park Purchase Opportunity Medical | Office & Retail Building with Parking Echo Park Purchase Opportunity Medical | Office & Retail Building with Parking Los1411 Angeles, CA 90026W. Sunset Blvd. Contents The Offering 04 The Details 06 The Location 08 Financial Proforma 16 1411 W. Sunset Blvd | Echo Park, LA The offering Jones Lang LaSalle Brokerage, as exclusive agent for the owner, is pleased to present this unique opportunity to acquire a rare, mixed-use medical, office and retail property in the Echo Park neighborhood of Los Angeles. The building measures +/- 11,635 square feet (per assessor) and sits on +/- 13,264 square feet (per assessor) of C2-zoned land. The building fronts on world- famous Sunset Boulevard in a heavily traveled retail and restaurant corridor. Echo Park is experiencing substantial growth and significantly improving demographics. In addition to being named by the LA Times as one of the cities’ hippest neighborhoods, it is centrally located to many of LA’s coolest enclaves – Silver Lake, Chinatown, Frogtown, and Downtown. Finally, the current vacancy and short-term existing lease make this a prime development opportunity that allows 49 units by-right (buyer to verify). HIGHLIGHTS 1411 W. Sunset Blvd. 87 5 retail units on the 1st 21-car fenced lot w/ Over 1.2 MM people w/in (Very walkable) floor & 3 medical / office automatic gate a 5-mi radius and Median Walk score units on 2nd floor Parking Home Value of $765k w/in Easily Divisible a 1-mi radius Strong Demographics ASKING PRICE | $5,950,000 4 | 1411 W. Sunset – Echo Park JLL | 5 1411 W. Sunset Blvd | Echo Park, LA The details THE DETAILS Building +/- 11,635 sf Land +/- 13,264 sf | 0.30 acres Year Built 1990 Parcel Numbers 5406-010-020 & 5406-010-073 Stories 2 Zoning LAC2-1VL Parking 21 spaces DEVELOPMENT POTENTIAL (BUYER TO VERIFY) FAR: 1.5:1 = 19,896 sf Height Limit 3 stories Unit Count 49 Density Bonus TOC Tier 1, up to 36,476 sf and 68 units 6 | 1411 W. Sunset – Echo Park JLL | 7 1411 W. Sunset Blvd | Echo Park, LA The place to be In describing Echo Park, LA Weekly wrote in 2013 “depending on your point of view: [it’s] the poor man’s Silver Lake, the rich man’s Highland Park, the Williamsburg of the West Coast. .[o]r, it’s that strange little neighborhood you drive through getting to Dodger Stadium.” Now in 2019, Echo Park has come into its own and established itself as an independent enclave – grittier than Silver Lake, hipper than Downtown. Sunset Boulevard is its main artery, with numerous bars, restaurants, coffee shops, boutiques, and even a vintage video game parlor. A number of recent commercial developments have transformed historic buildings into beautiful, inviting retail storefronts. Dodger Stadium looms to the Northeast (a short half-mile walk away), and the 81 home games there drive constant weekday traffic to the area, with fans eager to grab a pregame meal, or a celebratory postgame drink. Additionally, Echo Park’s proximity to Hollywood and Downtown Los Angeles make it an ideal neighborhood for professionals seeking a manageable commute. The residential market is a dense mixture of historic and modern apartment buildings, and single-family homes. 8 | 1411 W. Sunset – Echo Park JLL | 9 Location overview 1411 W. Sunset Blvd | Echo Park, LA SAN FERNANDO ROAD SANTA MONICA BOULEVARD MANZANITA STREET SUNSET BOULEVARD Echo Park Market The US 101Hot Spots Elysian Park 110 Cookbook Los Angeles The Echo & Echoplex 101 Machine Project Hot Cactus AVENUE 26 GLENDALE BOULEVARD GLENDALE SUNSET BOULEVARD TRINITI Little Joy Cocktails NORTH AVENUE 21 Shortstop Dodgers Stadium 101 NORTH BROADWAY WESTERN AVENUE WESTERN Echo Park Lake DALY STREETDALY ALVARADO STREET BELLEVUE AVENUE Gold Room 110 BEVERLY BOULEVARD 1642 NORTH SPRING STREET ALPINE STREET Restaurants/Coffee Carroll Avenue in VALLEY BOULEVARD Angelino Heights Bar/Club (Victorian Homes) 101 Venues/Theatres/Events/Landmarks WEST 2ND STREET WILSHIRE BOULEVARD CESAR E CHAVEZ AVENUE MARENGO STREET Shopping 10 | 1411 W. Sunset – Echo Park Market JLL | 11 SOUTH WESTERN AVENUE SOUTH WESTERN DEWAP ROAD Location overview 1411 W. Sunset Blvd | Echo Park, LA FROGTOWN The Region LOS FELIZ 101 SILVER LAKE HOLLYWOOD 1411 W. Sunset Blvd. 101 ECHO PARK DODGER STADIUM 101 ANGELINO HEIGHTS HISTORIC FILIPINO TOWN 101 CHINATOWN KOREATOWN WESTLAKE NORTH DOWNTOWN LOS ANGELES 101 12 | 1411 W. Sunset – Echo Park JLL | 13 Location overview 1411 W. Sunset Blvd | Echo Park, LA 1750 N. Glendale Blvd. 70 units The Next Chapter COVO 2014 W. Sunset Blvd. 27 LIVE WORK LOFTS 36 units 1433 Waterloo St 1313 W Sunset Blvd (20 small lot homes) BRICK WORKS 1485-1501 W Sunset Blvd (mixed use) MOHAWK COLLECTIVE 1411 W. Sunset Blvd. 2134 Sunset Blvd (retail/office) 101 PALO ALTO HOTEL 1625 Palo Alto St 88 rooms 1601 Park Avenue 11 unit appartment ALEXAN SOUTH ECHO 1301 W Sunset Blvd 1900 W Temple St 200 unit (mixed use) 45 units (mixed use) 333B 333 Belmont Ave. MWD 69 units 1111 Sunset Blvd 101 (Mixed Use) ECHO PARK VILLAGE 316 Glendale Blvd (retail) EASTVIEW APARTMENTS 327 N. Boylston St. 121 units 4SITE 1246-1256 W. Court St. 54 units 14 | 1411 W. Sunset – Echo Park JLL | 15 1411 W. Sunset Blvd | Echo Park, LA Financial Proforma Square Footage | 3,042 sf Annual Rent | $46,859 gross Tenant | Cesar Velez, M.D. Options | Two, one-year options, but landlord may give notice terminating the lease prior to the option effectiveness EXISTING LEASE SUMMARY Office/Medical Unit |203 Expiration | January 31, 2020 PROFORMA SUMMARY ASSUMPTIONS PROFORMA Retail Square Footage +/- 5,818 Annual Rental Revenue $453,780 Retail Market Rent (NNN psf/mo) $4.50 Less 5% Vacancy ($22,689) Retail Annual Revenue $314,172 Net Operating Income $431,091 Office/Medical Square Footage +/- 5,817 Office/Medical Market Rent (NNN psf/mo) $2.00 Office/Medical Annual Revenue $139,608 16 | 1411 W. Sunset – Echo Park JLL | 17 1411 W. Sunset Blvd | Echo Park, LA Disclosure Materials contained in this Offering Memorandum are confidential, furnished solely for the purpose of considering the purchase of 1411 W. Sunset Boulevard (the “Property”) located in Los Angeles (Echo Park), California, described herein; and are not to be used for any other purpose or to be made available to any other person without the express written consent of Jones Lang LaSalle (“JLL”). The material is based, in part, upon information supplied by Seller and, in part, upon information obtained by JLL from sources they deem to be reliable. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents, but rather are outlines of some of the principal provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, JLL or any of their related entities as to the accuracy or completeness of the information contained herein. Prospective buyers and investors should make their own investigations, projections and conclusions. Interested buyers should be aware that the Seller is selling the Property in “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. It is expected that prospective buyers and investors will conduct their own independent due diligence concerning the Property, including, without limitation, such engineering and environmental inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the Property. No representations, expressed or implied, are made as to the foregoing matters by Seller, JLL or any of their officers, trustees, employees, affiliates and/or agent. 18 | 1411 W. Sunset – Echo Park JLL | 19 Contacts Chris Isola Bryan Lewitt Executive Vice President Managing Director +1 (213) 239-6045 +1 (213) 239-6044 [email protected] [email protected] 515 S. Flower Street, 13th Floor | Los Angeles, CA 90017 www.us.jll.com/capitalmarkets © 2019 Jones Lang LaSalle, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. 20 | 1411 W. Sunset – Echo Park.
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