COLE AVENUE LOS ANGELES, CA 90038 BRANDON MICHAELS A 2,800 SF OFFICE BUILDING IDEALLY LOCATED GROUP IN THE HEART OF HOLLYWOOD, CA SOUTHERN CALIFORNIA'S PREMIER SALES TEAM INVESTMENT ADVISORS BRANDON MICHAELS ANDREW LEFF Senior Managing Director of Investments First Vice President Investments Senior Director, National Retail Group Director, National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2815 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] License: CA #01434685 License: CA #01865688 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup.com CONFIDENTIALITY AND DISCLAIMER 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 Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap 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 con- dition 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, Marcus & Millichap has not verified, and will not verify, any of the informa- tion contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee iden- tified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) 1 2 3 BRANDON PROPERTY OVERVIEW SALES COMPARABLES AREA OVERVIEW MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 01 PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS Highly Improved / Turn-Key Office Building Total Interior Remodel / New Flooring / New HOLLYWOOD Roof / Multiple Skylights Throughout Flexible Floor Plan for One or More Tenants / Gated Secure Parking Lot Hollywood Media District / State Enterprise Zone / Opportunity Zone Neighbors Include Paramount, RED Studios, Raleigh Studios, Television Center, MILK Studios and more COLE AVE Distance To: 0.9 MILE Sunset Gower Studios CAHUENGA BLVD 1.0 MILE WILCOX AVE Hollywood Palladium SANTA MONICA BLVD 1.1 MILES Hollywood Walk of Fame 1.2 MILES Hollywood & Vine 1.6 MILES Hollywood TCL Theatre 1.9 MILES Hollywood & Highland 7.6 MILES Downtown Los Angeles 6 7 MID WILSHIRE DTLA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market 953 Cole Avenue, ideally located one parcel south of the southwest corner of Cole Avenue and Romaine Street in the heart of Hollywood, California. 953 Cole Avenue consists of a 2,800 square-foot single-story office building situated on a 6,308 square-foot lot, offering unlimited potential for an array of creative uses. This architecturally significant COLE AVENUE building has undergone a major remodel including high grit polish concrete floors throughout and LOS ANGELES, CA 90038 a brand new roof with ~10 strategically placed skylights creating a bright, flexible floor-plan. The property can be utilized by a single tenant or multiple units, with front and rear private access and a gated parking lot for 8+ vehicles. 953 Cole Avenue is situated within the Hollywood Media District as well as a Los Angeles State Enterprise Zone, offering a variety of benefits to a new owner such as potential tax incentives and revised parking requirements (Buyer to verify). The property is zoned LAMR1 and falls within Tier 1 of the TOC as well as a qualified Opportunity Zone. Hollywood is experiencing explosive growth and is home to some of the world’s most prominent entertainment and production companies such as Netflix, Viacom, Live Nation, CNN, and many others. 953 Cole Avenue is situated minutes from Paramount Pictures, RED Studios, Television Center, Sunset Las COLE AVE Palmas Studios, Raleigh Stuiods, and many other industry hubs. 953 Cole Avenue is ideal for any owner-user or investor seeking a turn-key asset in prime Hollywood. ROMAINE ST 8 9 PROPERTY HIGHLIGHTS ADDRESS 953 Cole Avenue Los Angeles, CA 90038 DTLA PRICE $2,650,000 BUILDING SF 2,800 SF PRICE/SF (BUILDING) $946 LAND SF 6,308 SF PRICE/SF (LAND) $420 Television YEAR BUILT 1961 Center PARKING 10 spaces with stacking ZONING MR1-1-SN (Los Angeles State Enterprise Zone) TOC Tier 1 APN NUMBER 5533-021-002 COLE AVE ROMAINE ST Note: Please Contact Broker for Details on Current Rent Roll 10 11 Front Parking Area PROPERTY SITE The subject property is located near the intersection of Cole Avenue and DETAILS Romaine Street. SQUARE FOOTAGES The total building square footage is 2,800 SF. The total land square footage is 6,308 SF. YEAR BUILT The subject property was built in 1961. Driveway PARKING 10 parking spaces are available. The parking ratio is 3.79 per 1,000 SF. ZONING The zoning of the subject property is MR1-1-SN (Los Angeles State Enterprise Zone). TOC The subject property is located within a Tier 1 TOC . APN NUMBER The APN number is 5533-021-002. 12 13 INTERIOR PHOTOS 14 15 02 SALES COMPARABLES SALES COMPARABLES ADDRESS PRICE BUILDING SF LAND SF PRICE/SF(BLDG) SALES DATE 953 Cole Ave 1 6422 Selma Avenue 1 6422 Selma Ave 1 $9,000,000.00 6,609 6,622 $1,361.78 11/30/18 Los Angeles, CA 90028 6 2 2 6507 De Longpre Ave 3 5735 Melrose Ave 4 6507 De Longpre Avenue 2 $4,100,000.00 4,320 7,405 $949.07 5/8/18 Los Angeles, CA 90028 4 1111 North Las Palmas Ave 5 729-733 Seward St 5 3 5735 Melrose Avenue 6 1463 Tamarind Ave 3 $8,625,000.00 8,596 11,482 $1,003.37 3/9/20 Los Angeles, CA 90038 7 7 424 North Larchmont Blvd 1111 North Las Palmas 4 Avenue $5,200,000.00 4,634 8,886 $1,122.14 1/7/20 Los Angeles, CA 90038 SALES COMPARABLES | PRICE/SF 729-733 Seward Street 5 $23,413,500.00 21,350 32,883 $1,096.65 2/24/20 Los Angeles, CA 90038 $1,058 AVG PRICE/SF 1463 Tamarind Avenue 6 $4,165,000.00 4,364 8,407 $954.40 5/24/19 Los Angeles, CA 90028 424 North Larchmont 7,673 7 Boulevard $3,525,000.00 3,840 5,663 $917.97 3/11/20 AVG BUILDING SF Los Angeles, CA 90004 AVERAGE $8,289,785.71 7,673 11,621 $1,057.91 - 18 19 03 AREA OVERVIEW POINTS OF INTEREST 1 HOLLYWOOD ROOSEVELT HOTEL The Hollywood Roosevelt Hotel hosted the first Academy Awards ceremony . It is the oldest continually operating hotel in Los Angeles. Hollywood, the home of movie studios, many of L.A.'s most 2 HOLLYWOOD WALK OF FAME popular and historic tourist The Hollywood Walk of Fame immortalizes the destinations, and its world- entertainment industry’s biggest celebs with famous namesake boulevard. distinctive five-pointed terrazzo-and-brass stars embedded in the sidewalks of Hollywood Boulevard HOLLYWOOD, CA From the Walk of Fame to and Vine Street. Hollywood is a neighborhood in the central region of Los Angeles, California. Its name has come to be a behind-the-scene tours, UNIVERSAL STUDIOS HOLLYWOOD shorthand reference for the U.S. film industry and the people associated with it. Many of its studios such Hollywood is a true bucket-list 3 as Paramount Pictures, Warner Bros., and Universal Pictures were founded there and Paramount still has destination Learn the secrets of moviemaking magic and look its studios there.