Investment Property for Sale
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INVESTMENT PROPERTY FOR SALE 11955 W WASHINGTON BOULEVARD CULVER CITY, CALIFORNIA 30 UNIT MIXED-USE BUILDING WITH ±8,665 GROUND FLOOR RETAIL Presented by TABLE OF CONTENTS Executive Summary EXCLUSIVE LISTING AGENTS Investment Strategy Floor Plans Duncan Lemmon Site Plan Principal Underground Parking Lic. 00857008 Level 2 +1 310 899 2733 Level 3 [email protected] Building Photos Parcel Map Richard DeGirolamo Demographics Associate Regional Map Lic. 02041817 Area Overview +1 310 899 2731 Culver City [email protected] LA Tech and Start-Up Community The Rise of Silicon Beach Local Mixed-Use Develpments Culver City Tenants Playa Vista Tenants Marina/Venice Tenants City Transit Map Financial Overview Income and Expenses Commercial Rent Roll Residential Rent Roll Market Comparables Map of Residential Rental Properties Residential Rental Properties Sold Multi-Family Properties Business Disclosure & Confidentiality Agreement Presented by INVESTMENT STRATEGY For the investor, The Oliver is extremely well located on a major commercial corridor between Culver City and West Los Angeles within 3 miles to beaches, 5 miles to the Los Angeles International Airport (LAX) and a short distance to freeway access via the I-405 San Diego Freeway, 90 Marina Freeway, I-10 Santa Monica Freeway, and the 1 Pacific Coast Highway. The surrounding area includes world renowned Marina Del Rey, Playa Vista & Venice. The Oliver is a brand new mixed-use development completed and leased in 2016. All leases are at or below market rate as Culver City offers no rent control. The 30 units (24-2BR and 6-1BR) were architecturally designed for comfort and lifestyle with 9 foot high ceilings, operable windows, functional patio decks and high quality finishes throughout. The unique floor plans are designed to flow intuitively. Amenities include en-suite storage and laundry. The residence is extremely secure with private subterranean parking that provides parking spaces for each resident. The Oliver was designed as a future residential condominium. The Oliver’s Commercial Retail component offers the tenancy 15 foot high ceilings, floor-to-ceiling glass, high street visibility, and excellent parking on-grade. With credit tenants including Yoga Salt, The Hive, and Wall Street PIzza occupying the ground floor commercial retail, the investor enjoys on a high quality, stress-free cash flow. OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 3 EXECUTIVE SUMMARY Lee & Associates Los Angeles West, Inc. as exclusive advisor to Bastion BUILDING DETAILS Development is pleased to present a unique mixed use development site Address 11955 W Washington Blvd, Culver City, CA near the Downtown Culver City area and with excellent 405 freeway access. Building Size 43,385 Rentable SF Highlights: Land Area 26,885 SF Land Area .48 Acres • Newly constructed mixed-use project in heart of Culver City West • 30 Class A Residential Units with ± 8,665 SF of ground floor retail Year Built 2016 • Situated at the corner of Marcasel Ave & Washington Blvd with over 220’ Occupancy 100% of frontage along Washington Blvd • Property falls within renowned Culver City Unified School District Tenancy 30 Unit Residential with ±8,665 SF Retail • Immediate proximity to Venice, Marina Del Rey, Playa Del Rey and Santa Parking ±90 Spaces Monica Zoning CG • Adjacent to the Marina Loft District with access to the I-405 San Diego Freeway and Pacific Coast Highway APNs 4233-014-025, 4233-014-026, 4233-014-028 • Local population of over 291,000 with average household income Asking Price $29,500,000.00 exceeding $108k in 3-Mile Radius • A short drive from LAX – The 6th busiest airport in the world Cap Rate 4.24% • Bordering Silicon Beach which is experiencing rapid growth in rents OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 4 FLOOR PLANS Site Plan Marcasel Ave Washington Blvd. OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 5 FLOOR PLANS Underground Parking Marcasel Ave Washington Blvd. OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 6 FLOOR PLANS Level 2 201 202 203 204 205 206 207 301 302 303 304 305 306 215 213 212 211 209 208 315 313 312 311 309 308 OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 7 FLOOR PLANS Level 3 301 302 303 304 305 306 307 315 313 312 311 309 308 OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 8 BUILDING PHOTOS OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 9 PARCEL MAP OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 10 LOCAL DEMOGRAPHICS 220 FT FRONTAGE (DRONE IMAGE + ON WASHINGTON BLVD TRAFFIC COUNT/ FRONTAGE/ HOUSEHOLDS/ HH $) 14,778-24,885 2016 TRAFFIC VOLUME WITHIN 1 MILE OF THE OLIVER WITHIN 3 MILES OF THE OLIVER 2016 Est Population 45,507 2016 Est Population 291,478 2016 Households 18,337 2016 Households 126,163 2016 Avg Income $87,168 2016 Avg Income $106,090 Median Home Value $729,675 Median Home Value $789,991 OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 11 REGIONAL MAP LAX MARINA DEL REY PLAYA VISTA VENICE CULVER WEST SANTA MONICA 405 AIRPORT THE OLIVER CULVER CITY OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 12 AREA OVERVIEW Culver City, LA & Silicon Beach Culver City LA Tech & Start-Up Community Downtown Culver City is a charming collection of outdoor cafes, unique Los Angeles is the third-largest market for venture capital investment in shops, galleries and nightlife opening onto tree-lined boulevards perfect for the United States, with $4.2 billion invested in the last year alone, and it’s an afternoon stroll. Striking landmark buildings are home to a vast array perhaps the market where capital commitments are increasing at the fastest of entrepreneurial business and creative enterprises, along with a wide pace. Silicon Beach is also home to a number of start-up incubators and selection of services for local residents. It boasts a City Hall of stunning accelerators, such as Amplify.LA, Science, Idealab, Disney Accelerator, and architecture, as well as as the “Shortest Main Street in the USA”. Book- TechStars Cedars Sinai. Local distinguished higher education institutions ended by entertainment powerhouses Sony Studios and The Culver Studios, headquartered in and around Silicon Beach include Loyola Marymount Downtown Culver City is a perfect combination of small-town charm and University and Otis College of Art and Design, California Institute of urban living - truly Los Angeles’ best kept secret! Technology, University of California Los Angeles, and University of Southern California. Los Angeles graduates more engineers than any other American Culver City has become an urban hub for business and entertainment since urban center with students of broad, diverse backgrounds, gender, and racial the light-rail returned in 2012. Millions of dollars have been poured into diversity. real estate development. Culver City’s reputation as a walkable city with high end restaurants, gastropubs and flourishing art scene is only a decade old. Commercially, the market changed in 2000 with thought provoking The Rise of Silicon Beach architecture created by Eric Owen Moss in the Hayden Tract. The City also began renovating downtown public areas in order to attract new businesses. Silicon Beach is The Oliver’s neighboring Westside region of the Los Angeles The Culver City scene began to attract younger generations with new bars metropolitan area that is home to over 500 tech companies. A few major and restaurants. Milennials are now calling Culver City a great place to live technology companies who have set up offices in Silicon Beach include and work. Google, Yahoo!, YouTube, SnapChat, Facebook, Twitter, Buzzfeed, AOL, Electronic Arts, and Tesla. The Region is one of the fastest growing hubs in the world for tech start-ups. What separates Silicon Beach from Silicon Valley is the confluence of technology and entertainment. Apple, Amazon, HBO have recently planned over 500,000 SF of creative space to build out original content studios. OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 13 AREA OVERVIEW Local Mixed-Use Developments 10 11671-11677 W National Blvd 48 units with Retail Culver City Market Hall 26,000 Rentable SF 10601 Washington Blvd 135 units with 14,000 SF Retail 405 Palms Blvd and Centinela Ave 32 units with 2,991 SF Retial 11960 W Washington Blvd 97 Units with 15,000 SF Retail 12803 Washington Blvd 12717-12761 Washington Blvd 37 Units with 7,200 SF Retail Future Redevelopment OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 14 AREA OVERVIEW Culver City Tenants OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 15 AREA OVERVIEW Playa Vista Tenants OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 16 AREA OVERVIEW Marina/Venice Tenants OFFERING MEMORANDUM THE OLIVER - 11955 WASHINGTON BLVD, CULVER CITY 17 Metro Local & Limited Approximate frequency in minutes Weekdays Saturdays Sundays Line Peaks Day Eve Day Eve Day Eve 2 5-15 12 12-60b 13-15 16-60b 17-20 20-60b 4 9-12 15 15-30f 10-15 12-30f 12-20 12-30f 10 8-15 18-20 30-60 20 30-60 20 30-60 14 5-8 15 15-60 15-30 30-60 18-25 30-60 16 3-8 8-10 12-30 6-12 12-30 6-12 15-30 17 30 60 60a –––– 18 3-8 10 20-60 5-15 15-60 10-15 15-60 20 6-15 11-12 20-30f 15-20 20-30f 20 20-30f 28 6-15 20 20-30 10-12 20-30 14-15 20-30 30 6-12 8 20-60 8-10 20-60 10-15 20-60 33 6-15 15-20 20-60f 15-20 15-60f 20-25 20-30f 35 12 12 20-60 15 15-60 20 20-60 37 5-8 15 15-60 15-30