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1155-S-Los-Angeles-OM-PRINT.Pdf INVESTMENT ADVISORS BRANDON MICHAELS MATTHEW LUCHS BEN BROWNSTEIN Senior Managing Director of Investments First Vice President Investments Senior Associate Senior Director, National Retail Group National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 519-1429 Cell: (818) 212-2812 Fax: (818) 212-2710 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] [email protected] License: CA #01434685 License: CA #01948233 License: CA # 02012808 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com Steven Schechter Andrew Leff Austin Sreden Sean Brandt First Vice President First Vice President Investment Associate Investment Associate Investments Investments Lauren Sackler Nicole Cottrell Zachary Saloff Vaughn Brown Investment Associate Investment Associate Investment Associate Investment Associate 2 TABLE OF CONTENTS 1 2 3 4 PROPERTY OVERVIEW AREA OVERVIEW FINANCIAL ANALYSIS COMPARABLES ANALYSIS 3 PROPERTY PROPERTY OVERVIEW DTLA 2040 COMMUNITY PLAN DTLA 2040 is the updated community plan for Downtown Los Angeles. It’s goal is to create and implement a future vision for Downtown Los Angeles and will support and sustain the ongoing revitalization while thoughtfully accommodating projected future growth. DTLA 2040 will help shape the future of Downtown Los Angeles, by reinforcing its jobs orientation; supporting a transit and pedestrian environment; growing and supporting its residential community; strengthening the unique character of each neighborhood; and creating linkages between Downtown's many distinct districts. NEIGHBORHOOD DEMOGRAPHICS Median age: 36.7 • Average household income within a 1 mile radius: $86,632 • Population within a 5 mile radius: 1,278,924 • SIGNIFICANT OPPORTUNITY Current rent in the area has created an affluent community surrounding Downtown Los Angeles, making this an ideal time to purchase property in the center of Downtown. Upon the completion of the surrounding developments and continuing improvements to the immediate area, the rental market will experience significant growth and offer outstanding long-term returns for investors. LOS ANGELES LOS 6 GETTING AROUND The Los Angeles Metro is affordable, relatively easy to use, and services most of Los Angeles County and its top attractions. The public transit system consists of Metro Buses, DASH Buses, and Metro Rail Trains. Short trips of 3 miles or less can often be quicker by bike than by car, especially in traffic. Downtown’s bike system has racked up more than 182,500 trips, representing about 453,000 miles traversed. WHY BUY SHOPPING & DINING In DTLA you'll find shopping surprises around every corner. Discover great deals and selection whether you're hunting for fashion, florists, or IN furniture. DTLA was listed by The New York Times as number 5 of "52 Places to Go in 2014." Chefs from all over the world come here to make their mark. From Grand Central Market, recipient of Bon Appetit’s Best Restaurants of the Year, to DTLA the Michelin-starred Patina and Watergrill, to homestyle tacos and artisan sausage and beer, Downtown LA will inspire every palate. WEATHER While other parts of the world may experience brutal winters and hot humid summers, Los Angeles is fortunate to WALKABILITY enjoy bright blue skies, stunning sunsets, and cool breezes year round. This near-perfect weather allows an active and 1155-1159 S Los Angeles Street has a score of relaxing lifestyle throughout the entire year. 91/100 for Walkability, 100/100 for Ride-ability, and 74/100 for Bike-ability. Discover great selections of dining, shopping, and accommodations. 7 SIGNALIZED CORNER SINGLE-STORY MULTI-TENANT RETAIL STOREFRONT IDEALLY LOCATED IN THE DENSELY POPULATED FASHION DISTRICT ON THE NW SIGNALIZED CORNER OF LOS ANGELES STREET AND EAST 12TH STREET IN THE EPICENTER OF DOWNTOWN LOS ANGELES The Brandon Michaels Group of Marcus and Millichap has been selected to exclusively represent for sale 1157 South Los Angeles Street, a single-story multi-tenant retail property ideally located at the NW signalized corner of Los Angeles Street and East 12th Street. The subject property is comprised of seven retail units with an ideal average square footage of 1,220 square feet per unit. These ideal unit sizes benefit from minimal bay depths and are easily releasable. The property also features a payphone, which adds additional revenue. One of the seven storefront units is currently vacant, and five of the retail spaces have leases which are set to expire in 2021, creating an excellent opportunity for an investor to stabilize the property or for an owner-user to occupy the site for their own use. 1157 South Los Angeles Street is ideally located in the heart of the fashion district of Downtown Los Angeles, which is home to over 2,000 independently owned wholesale and retail businesses. The subject property is located less than one mile from the Los Angeles Flower Market, the largest flower market in the United States which is set to undergo a $170 million renovation, and isless than half a mile from Santee Alley, home to the largest selection of fabrics throughout Southern California. The Downtown Fashion District spans 100 blocks in Downtown Los Angeles and is well known for its contemporary showrooms which bring in nearly 1.5 million visitors each year. The property is located less than one mile from LA Live, Los Angeles Convention Center, and the STAPLES Center.1157 South Los Angeles Street will be a direct benefactor of the DTLA 2040 Plan. Located directly in the Transit Core section, the goal and vision for the immediate community will be to emphasize growth and development in the multi-family, entertainment, and office sectors. 8 S LOS ANGELES ST E 12TH ST 1.0 11,626 91 1.0 Square Miles of Walkable Hotspots, 11,626 Businesses within 1 Square Mile of Walker’s Paradise Restaurants, Nightlife, Venues, and The Subject Property A Walk Score of 90 out of 100 Shopping in Downtown Los Angeles 9 INTERCONTINENTAL DOWNTOWN LA USC TOWER AT SOUTH SOUTH CITY WEST PARK CENTER PARK CALIFORNIA MARKET CENTER BROADWAY PALACE APARTMENTS BANK OF AMERICA FINANCIAL CENTER AXIS APARTMENT S MAIN ST S LOS ANGELES ST E 12TH ST 10 Staples Center THE LOS ANGELES FASHION DISTRICT IS HOME TO A NUMBER OF HIGH-PROFILE DEVELOPMENT PROJECTS AND IS LOCATED WITHIN THE BOUNDARIES OF THE DTLA 2040 PLAN WHICH WILL INCREASE JOBS, HOUSING, TRANSPORTATION, OPEN SPACE, AND AMENITIES, ADDING 125,000 NEW RESIDENTS, 70,000 NEW HOUSING UNITS, AND 55,000 NEW JOBS 1157 South Los Angeles Street is located within the Downtown Los Angeles Fashion District. The district features more than 2,000 independently owned wholesale and retail businesses. The property is located less than one mile from Santee Alley, which features the largest selection of fabrics in Southern California, and is located approximately one mile from the Los Angeles Flower District, the largest flower market in the United States. The Los Angeles Fashion District is bordered by Main street to the West, Washington Boulevard to the South, the Los Angeles River to the East, and 7th Street to the North, as defined by the Downtown Los Angeles Neighborhood Council. The property is located less than one half mile from “The Intersection,” a selection of contemporary showrooms located at the intersection of Los Angeles and 9th Street. The showrooms host a number of industry events, such as “Market Week” as well as various sample sales, which bring in an estimated 1.5 million visitors each year. The contemporary showroom buildings include the California Market Center, Cooper Design Space, The Gerry Building, Lady Liberty Building, and New Mart. The Los Angeles Fashion District is home to a number of substantial new developments. 1157 S Los Angeles Street is located less than one mile from a proposed $170 million redevelopment of the Southern California Flower Market. The southern building would be demolished to make room for a 15-story building with 323 residential units, 64,000 square feet of office space, 64,000 square feet of wholesale space, and approximately 10,000 square feet of event space. Less than one half mile from the subject property, the district’s California Market Center is set to undergo a $170 million renovation, with the goal to attract big-name tenants who have otherwise been flocking to Culver City and Playa Vista. Less than one half mile from the subject property, at 11th and Main Streets, the Los Angeles City Council has approved an eight-story building which would bring 379 apartment units, and 26,000 square feet of retail and office space on the ground floor. Along with the current developments in the area, the entire Downtown Community will benefit from the DTLA 2040 Plan. The future vision for the community will increase jobs, housing, transportation, open space and amenities. The goal by 2040 is to add approximately 125,000 new residents, 70,000 new housing units, and 55,000 new jobs. This growth plan will help reinforce Downtown as the primary jobs center of Southern California and allow retail, office, and industrial to continue to grow and thrive. The property benefits from excellent demographics within the immediate sub-market, with over 51,800 people located within one mile of the property, 559,000 within three miles of the property, and 1,278,900 within five miles of the property. There are over 24,800 households within one mile of the property, 178,800 within three miles of the property, and 395,800 within five miles of the property. Average household income is over 86,600 within one mile of the property, 57,200 within three miles of the property, and 62,900 within five miles of the property. 11 PROPERT Y OVERVIEW 1155-1159 S Los Angeles St ST JAMES PARK Property Address Los Angeles CA 90015 Price $2,700,000 Building SF 8,470 LOS ANGELES TRADE TECHNICAL COLLEGE Land SF 8,456 ABRAM FRIEDMAN Price/SF (Bldg) $318.77 OCCUPATIONAL CENTER Price/SF (Land) $319.30 S BROADWAY Current CAP Rate 3.56% Pro Forma CAP Rate 4.53% Year Built 1995 PICO BLVD Walk Score Walker’s Paradise (91) 145' on E 12th St Frontage 65' on S Los Angeles St APN Number 5139-016-019 Zoning LAM2 Type of Ownership Fee Simple 12 L.A.
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