SOUTHERN CALIFORNIA'S PREMIER SALES TEAM LOS FELIZ
EAST HOLLYWOOD SILVER LAKE
SUNSET BLVD
ECHO PARK
A UNIQUE DEVELOPMENT OPPORTUNITY IDEALLY LOCATED IN A TIER 1 TOC IN THE HIGHLY DESIRABLE, TRENDY AND HIP SILVER LAKE, CA 90026 LOS ANGELES COUNTY SUB-MARKET OF SILVER LAKE, CA 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 BEN BROWNSTEIN TEAM MEMBERS Senior Associate Sean Brandt National Retail Group Vaughn Brown Tel: (818) 212-2812 Nicole Cottrell Fax: (818) 212-2710 Steven Schechter [email protected] Austin Sreden License: CA #02012808 www.BrandonMichaelsGroup .com TABLE OF CONTENTS 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 condition 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 ver- ified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and PROPERTY OVERVIEW 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 01 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 identified 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. COMPARABLES ANALYSIS 02
Website www.brandonmichaelsgroup.com Instagram AREA OVERVIEW @brandonmichaelsgroup 03 SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 01 PROPERTY OVERVIEW DOWNTOWN LA
CHINA TOWN GLENDALE CONJUCTION
WESTLAKE NORTH ECHO PARK LAKE
ECHO PARK A UNIQUE DEVELOPMENT OPPORTUNITY IDEALLY LOCATED SUNSET BLVD IN A TIER 1 TOC IN THE HIGHLY DESIRABLE, TRENDY AND HIP N ALVARADO ST LOS ANGELES COUNTY SUB-MARKET OF SILVER LAKE, CA GLENDALE BLVD HISTORIC FILIPINOT TOWN SILVER LAKE, CA 90026
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for Sale 3004-3016 West Sunset Boulevard, a rare mixed-use development opportunity ideally located on the northwest corner of Sunset Boulevard and Reno Street in the heart of Silver Lake. The subject property offers excellent frontage and visibility, benefiting from 115 feet of frontage along the world renowned Sunset Boulevard. SILVER LAKE BLVD
PARKMAN AVE Silver Lake is a cultural neighborhood in the central region of Los Angeles. The area is best known for its restaurants and hole-in-the-wall hangouts. Known as “the city’s SILVER LAKE BLVD hippest neighborhood”, it is home to many annual street festivals and fairs. It is the home to the Indie Rock scene in Los Angeles. 3004-3016 West Sunset Boulevard is situated amongst some of the most popular dining, retail, and nightlife in the area. The “trend-setting” neighborhood has experienced tremendous growth and improvement as it continues to attract a younger demographic drawn in by the central location and unique neighborhood atmosphere. N VENDOME ST SILVER LAKE The offering consists of a ~18,170 square foot lot zoned C2-1VL / Tier 1 TOC (Buyer to verify). With approximately 115 feet of frontage along Sunset, the property benefits from excellent walkability with a walk score of 86 out of 100, high traffic counts of over 49,000 vehicles driving along Sunset Boulevard every day, and strong demographics with population of 1,184,689 within a 5-mile radius.
3004-3016 West Sunset Boulevard creates an opportunity to acquire a well-located development opportunity in one of Southern California’s best locations. The gentrified demographic boasts an average household income of $83,823 and a median household income of $57,390. The property is currently operated as a parking lot. There is cash-flow in place from short term contracts for both parking and signage (contact broker for details). 3004-3016 West Sunset Boulevard is being offered SUNSET BLVD
on an unpriced basis. OVER 49,000 VEHICLES PER DAY
6 7 HOLLYWOOD SIGN
GRIFFTH OBSERVATORY LOS ANGELES ZOO GLENDALE
SILVER LAKE HOLLYWOOD THAI TOWN RESERVOIR LOS FELIZ
FOUNTAIN AVE SUNSET BLVD
GRIFFITH PARK RD RD PARK PARK GRIFFITH GRIFFITH
SANTA MONICA BLVD
HYPERION AVE
MALTMAN AVE
EAST MICHELTORENA ST HOLLYWOOD INVESTMENT HIGHLIGHTS SILVER LAKE • Rare Redevelopment Opportunity in the Heart of DESCANSO DR
N VENDOME ST Silver Lake • 18,170 Square Foot Lot Zoned BELLEVUE AVE
SLIVER LAKE BLVD C2 / Tier 1 TOC SUNSET BLVD • 115 Feet of Frontage on OCCIDENTAL BLVD Sunset, Alley Access Behind ELLETT PL ECHO PARK • Walking Distance to the Area's SLIVER LAKE BLVD OCCIDENTAL BLVD Most Popular Restaurants, Bars, and Retailers • Easy Access to Downtown LA, Hollywood, Echo Park, Koreatown, Chinatown 3004 - 3016 SUNSET BLVD PROPERTY HIGHLIGHTS HOLLOWOOD LOS FELIZ
OVER 49,000SUNSET VEHICLES BLVD PER DAY A rare mixed-use development opportunity ideally located on the northwest corner of Sunset Boulevard and Reno Street in the heart of Silver Lake. EAST HOLLOWOOD
DESCANSO DR 18,170 SF C2-1VL TIER 1 SILVER LAKE LAND SF ZONING TOC
PROPERTY INFORMATION SUMMARY OF TERMS N VENDOME ST
PRICE: Request For Offer Interest Offered: 100% fee simple interest in 3004-3016 Sunset Boulevard,
LAND SF: 18,170 SF (0.45 Acres) 18,170 SF of land in Los Angeles, CA 90026. OVER 49,000 VEHICLES PER DAY Terms of the Sale: SUNSET BLVD ZONING: C2-1VL N RENO ST SILVER LAKE BLVD Property is being offered on a free and clear basis. TRANSIT ORIENTED TIER 1 Property Tours: COMMUNITY: Prospective purchases are encouraged to visit the site and review all due diligence materials prior to submitting offers. PARKMAN AVE 5426-017-029, 5426-017-030 APN NUMBERS: Access to an outline due diligence is available portal. All 5426-017-031, 5426-017-032 property tours must be coordinated through the listing team.
10 11 SILVER LAKE BLVD 3004 - 3016 SUNSET BLVD SILVER LAKE BLVD PROPERTY DETAILS
The property is situated amongst some of the most popular dining, retail, and nightlife in the area. The “trend-setting” neighborhood has experienced tremendous growth and improvement as it continues to attract a younger demographic drawn in by the central location and unique neighborhood atmosphere.
SUNSET BLVD PARKMAN AVE OVER 49,000 VEHICLES PER DAY
SITE SQUARE FOOTAGE APN NUMBERS
The subject property is located on the The total land square footage is 18,170 The APN numbers are 5426-017-029, southwest corner of Sunset Boulevard SF (0.45 Acres). 5426-017-030, 5426-017-031, N RENO ST and N Reno Street. 5426-017-032.
FRONTAGE TRAFFIC COUNTS ZONING/TOC
Approximately 115 Feet of frontage on The traffic counts along Sunset The property is zoned C2-1VL within a N VENDOME ST Sunset Boulevard. Boulevard are over 45,000 vehicles Tier 1 TOC. per day.
12 13 02 COMPARABLES ANALYSIS 3004 - 3016 SUNSET BLVD SALES COMPARABLES 3004-3016 Sunset Blvd 5 1 3224 - 3312 W Sunset Blvd PRICE / SF # ADDRESS PRICE LAND SF ZONING SALES DATE (LAND) 2 3225 W Sunset Blvd
1 2 3 3500 W 1st St 3224 - 3312 W Sunset Blvd 1 $11,350,000 32,000 $354.69 [Q]C2-1VL 6/20/2019 Los Angeles, CA 90026 4 166 S Alvarado St
3 5 4629 - 4653 Maubert Ave
3225 W Sunset Blvd 2 $9,150,000 22,503 $406.61 [Q]C2-1VL 6/20/2019 4 Los Angeles, CA 90026
3500 W 1st St 3 $17,385,000 50,007 $347.65 C2-1 6/2/2019 Los Angeles, CA 90004 SALES COMPARABLES | PRICE / SF (LAND)
166 S Alvarado St 4 $7,800,000.00 18,748 $416.04 C2-1 11/9/2018 Los Angeles, CA 90057 31,311 AVG LAND SF
4629 - 4653 Maubert Ave 9 $13,333,000.00 33,298 $400.41 R4-1 11/14/2018 Los Angeles, CA 90027 AVERAGE $11,803,600 31,311 $385.08 - - $385 Average Land SF: 31,311 AVG PRICE/SF (LAND)
Average Price/SF: $385.08
16 17 03 AREA OVERVIEW 3004 - 3016 SUNSET BLVD
CENTURY CITY SILVER LAKE BEVERLY HILLS
Silver Lake has comfortably maintained its position as the Eastside’s trendiest neighborhood thanks to a wealth of HOLLYWOOD boutique shops and an ever-growing dining scene that makes room for both chic outdoor patios to an old-school tiki bar.
3.7 MILES FROM THE PROPERT EAST HOLLYWOOD 7.8 MILES FROM THE PROPERT
10 MILES FROM THE PROPERT LOS FELIZ
CENTRAL LOS ANGELES Y
Y 3.6 MILES FROM THE PROPERTY Y
Y
Y 2 MILES FROM THE PROPERT
AREA HIGHLIGHTS 1.6 MILES FROM THE PROPERT • Silver Lake is home to artists, writers, musicians, activists and entrepreneurs • Silver Lake is extremely bikable with a SILVER LAKE bike lane that runs the length of Sunset Silverlake is a neighborhood in Los clubs, cafes, restaurants and vintage/ Boulevard with plenty of bike raps Angeles that is flanked on the northeast antique shops. Silver Lake is also one • Silver Lake is named after a reservoir by Atwater Village and Elysian Valley, of LA’s most walkable neighborhoods and has plnety of outdoor space on the southeast by Echo Park, on the with everything conveniently located including the Silver Lake Recreation southwest by Westlake, on the west by on Sunset Boulevard. The eclectic Center and multiple staircases that East Hollywood and on the northwest enclave boasts a booming arts allow pedestrians up and down the by Los Feliz. It was deemed one of “the scene, creative residents, and Sunset neighborhood’s hills city’s hippest neighborhoods” by the Junction serves as the heart of Silver • Silver Lake is considered the new Los Angeles Times for its multitude of Lake with its retail corridor. mecca of the LGBT community unique and locally owned bars, night
20 21 3004 - 3016 SUNSET BLVD SUNSET BOULEVARD
Envision a classic Hollywood scene and it's almost certain that sunshine and cruising along in a convertible are involved. And there's no spot more legendary to cruise than Sunset Boulevard.
The 22-mile-long road stretches from glittery Hollywood to beachy Malibu, connecting two of the highlights of Los Angeles while winding past Beverly Hills, Bel Air, UCLA and Brentwood. It's the perfect travel snapshot of Southern California life.
The road itself has changed since 1877, when real estate owner Horace H. Wilcox subdivided his 20+ acres of land along the old cattle trail route known as Sunset Boulevard. It grew bigger and got smaller as developers and property owners sold and purchased plots, and the most recent change came in 1994 when the eastern end of the street near Union Station was renamed Cesar Chavez Avenue.
Stretching from the bustle of downtown to glamorous Malibu, Sunset Boulevard stands out as the ultimate road to fame or fortune. Or at least that’s the dream. From scruffy clubs and neon to historic movie studios and beaches, this iconic street captures the very essence of L.A.—a clash of extremes all spread out beneath the California sun.
From the oldest part of Los Angeles near Olvera Street, the broad boulevard starts its path to the sea. Sunset Strip, the section between Havenhurst Drive and Doheny Drive, has a checkered history—it was the setting for counterculture protests in the 1960s, rock and roll decadence in the ‘70s and ‘80s, and has more recently undergone a chic renaissance, with luxury hotel towers and fine restaurants hidden behind ivy-covered walls. The boulevard then winds past the mansions of Beverly Hills and Bel Air, then heads west toward some of SoCal’s most famous beaches. Must-see stops along the way include the Guitar Center’s Hollywood RockWalk (a rock-star twist on the better-known Hollywood Walk of Fame), and the legendary Chateau Marmont, a castle-like luxury lodging that has housed its share of Hollywood indiscretions. Slip into the bar to have a drink, and see what celebrities might be hiding in dark corners.
22 23 3004 - 3016 SUNSET BLVD DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
2019 Population 58,810 564,418 1,184,689
43,338 2019 Households 22,066 220,013 440,632 Total Population of Silver Lkae, Los Angeles, CA. The Median Age is 37.3. 2019 Average Household 2.50 2.50 2.50 Size 2019 Median Household 1,184,689 $57,390 $57,390 $41,732 $43,378 51% 49% Income Population within Median HH income within MALE FEMALE 2019 Average Household 5-m radius 1-m radius $83,823 $65,868 $68,374 EDUCATION Income
2019 Owner Occupied 5,161 30,833 78,765 Households
2019 Renter Occupied 16,905 189,180 361,867 Households
<$25,000 5,225 71,008 140,940 361,867 62,022 12% 22% 37% 20% Renter Occupied Households Businesses within a 5-m radius High School Graduate Some College or Associates Degree Bachelor’s Degree Master’s Degree or Higher $25,000 - $50,000 4,662 54,414 102,671 within 5-m radius
$50,000 - $75,000 3,616 31,976 65,414
$75,000 - $100,000 2,721 21,003 42,611
$100,000 - $125,000 1,717 13,866 28,088
$125,000 - $150,000 1,017 7,598 15,962
$150,000 - $200,000 1,157 8,715 19,539 $83,823 78,765 Average HH income within Owner Occupied Households $200,000+ 1,950 11,431 25,408 1-m radius within 5-m radius
24 25 SOUTHERN CALIFORNIA'S PREMIER SALES TEAM LOS FELIZ
EAST HOLLYWOOD SILVER LAKE
SUNSET BLVD
ECHO PARK
BRANDON MICHAELS ANDREW LEFF BEN BROWNSTEIN Senior Managing Director of Investments First Vice President Investments Senior Associate Senior Director, National Retail Group Director, National Retail Group National Retail Group Tel: (818) 212-2794 Tel: (818) 212-2815 Tel: (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 #01865688 License: CA #02012808 www.BrandonMichaelsGroup.com www.BrandonMichaelsGroup .com