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Pico Blvd Los Angeles, CA 90035

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Pico Blvd Los Angeles, CA 90035 8750 Pico Blvd Los Angeles, CA 90035 OFFERING MEMORANDUM IDEAL OWNER-USER OR INVESTMENT OPPORTUNIT Y IN PICO ROBERTSON 5,728 SF OFFICE OR RETAIL SINGLE TENANT FREESTANDING BUILDING WITH 1 ADDITIONAL BILLBOARD INCOME CONFIDENTIALITY AND DISCLAIMER Marcus & Millichap Real Estate Investment Services, EXCLUSIVELY LISTED BY Inc. (“M&M”) is not affiliated with, sponsored by, or The information contained in the following Marketing endorsed by any commercial tenant or lessee identified Brochure is proprietary and strictly confidential. It is in this marketing package. The presence of any NEEMA AHADIAN intended to be reviewed only by the party receiving corporation’s logo or name is not intended to indicate Senior Managing Director of Investments it from Marcus & Millichap and should not be made or imply affiliation with, or sponsorship or endorsement available to any other person or entity without the by, said corporation of M&M, its affiliates or subsidiaries, Tel: (310) 909-5444 written consent of Marcus & Millichap. This Marketing or any agent, product, service, or commercial listing [email protected] Brochure has been prepared to provide summary, of M&M, and is solely included for the purpose of License: CA 01346750 unverified information to prospective purchasers, providing tenant lessee information about this listing to and to establish only a preliminary level of interest prospective customers. in the subject property. The information contained herein is not a substitute for a thorough due diligence Marcus & Millichap is not affiliated with, sponsored investigation. Marcus & Millichap has not made any by, or endorsed by any commercial tenant or lessee investigation, and makes no warranty or representation, identified in this marketing package. The presence of any with respect to the income or expenses for the subject corporation’s logo or name is not intended to indicate property, the future projected financial performance or imply affiliation with, or sponsorship or endorsement of the property, the size and square footage of the by, said corporation of Marcus & Millichap, its affiliates property and improvements, the presence or absence or subsidiaries, or any agent, product, service, or of contaminating substances, PCB’s or asbestos, the commercial listing of Marcus & Millichap, and is solely compliance with State and Federal regulations, the included for the purpose of providing tenant lessee physical condition of the improvements thereon, or information about this listing to prospective customers. the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue ALL PROPERTY SHOWINGS ARE BY its occupancy of the subject property. The information APPOINTMENT ONLY. PLEASE CONSULT YOUR contained in this Marketing Brochure has been obtained MARCUS & MILLICHAP AGENT FOR MORE from sources we believe to be reliable; however, Marcus DETAILS. & Millichap has not verified, and will not verify, any of the information 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 West Los Angeles Office appropriate measures to verify all of the information set forth herein. 12100 West Olympic Boulevard NON-ENDORSEMENT NOTICE Suite 350 Los Angeles, CA 90064 2 EXECUTIVE SUMMARY 8750 Pico Blvd LOS ANGELES, CA 90035 The Neema Group of Marcus & Millichap is pleased to present 8750 W Pico Blvd, located on a highly visible signalized corner in an ideal Pico Robertson location on W Pico Blvd just off of S Robertson Blvd. Built in 1971, this single-tenant freestanding building is ideal for an owner-user or investor looking to acquire a building surrounded by an abundance of shopping, restaurants, entertainment, and amenities in a central Los Angeles neighborhood. Totaling 5,728 SF, the space is currently occupied by a consulting company on a gross lease expiring July 31, 2021. The building consists of a large, open bullpen area with an entrance leading to reception, along with multiple private offices already built-out. The total monthly rent is $9,500 with an additional $3,500 per month in income generated by the month-to- month billboard lease. There are a total of four parking spaces in the rear of the property. The Pico-Robertson neighborhood is an established Los Angeles community known for being highly walkable, providing an array of amenities within a half-mile radius of the subject property. With a walk score of 96, 8750 W Pico Blvd is adjacent to Walgreens, shares the block with the area’s finest dining options, and is around the corner from Canfield Elementary School and La Cienega Park. With over 46,000 people living within a mile radius and over 44,000 cars per day, this location is highly visible within one of the most affluent areas of Central Los Angeles. 3 SUBJECT PROPERTY S ROBERTSON BLVD ELAT MARKET PICO BLVD 4 INVESTMENT HIGHLIGHTS 8750 Pico Blvd LOS ANGELES, CA 90035 • The Neema Group of Marcus & Millichap is • The Pico-Robertson neighborhood is an pleased to present 8750 W Pico Blvd, located on established Los Angeles community known for a highly visible signalized corner in an ideal Pico being highly walkable and providing an array of Robertson location on W Pico Blvd just off of S amenities within a half mile radius of the subject Robertson Blvd. property. • Built in 1971, this single-tenant freestanding • With a walk score of 96, 8750 W Pico Blvd is building totaling 5,728 SF is ideal for an owner- adjacent to Walgreens, shares the block with the user or investor looking to acquire a building area’s finest dining options, and is around the surrounded by an abundance of shopping, corner from Canfield Elementary School and La restaurants, entertainment, and amenities in a Cienega Park central Los Angeles neighborhood. • With over 46,000 people living within a mile • The space is currently occupied by a consulting radius and over 44,000 cars per day, this location company on a gross lease expiring on July 31, is highly visible within one of the most affluent 2021. areas of Central Los Angeles. • The total monthly rent is $9,500 with an additional $3,500 per month in income generated by the month-to-month billboard lease. • There are a total of four parking spaces in the rear of the property. 5 INVESTMENT OVERVIEW PROPERTY INFORMATION 8750 Pico Blvd SUBJECT PROPERTY Address: Los Angeles, CA 90035 Approx. Gross SF: 5,728 SF Approx. Lot Size: 6,535 SF Year Built: 1971 APN 4303-001-003 Zoning C4-1-O PRICING Asking Price $7,260,000 Price Per SF $1,267 6 AREA OVERVIEW PICO ROBERTSON PICO-ROBERTSON is within the Brentwood– Westwood–Beverly Hills submarket. Between 2010 and 2018, the submarket’s population increased from 229,895 to 243,453. During that same period, average household income increased from $133,726 to $159,325. Pico-Robertson has seen a flurry of development from firms including Mercy Housing of California, RBM of California and The Albert Group Architects. PICO-ROBERTSON is an affluent Los Angeles neighborhood bordered on the west by Beverlywood and Cheviot Hills, on the north by Beverly Hills, and on the east by Mid-City. Pico-Robertson is the heart of the city’s Jewish community, with kosher restaurants and supermarkets, Jewish day schools and high schools, and six synagogues. The area has a strong community feel with dozens of restaurants along the main thoroughfares of Pico Boulevard and South Robertson Boulevard. 7 AMENTIES MAP MUNCHIES WELLNESS PHARMACY ELAT MARKET CENTURY PICO PHARMACY 8 7 5 0 Pico BLVD 8 COMPARABLES MAP 2 1 4 5 3 8 7 5 0 Pico BLVD 9 SUBJECT PROPERTY SALES COMPARABLES 8750 Pico Blvd ADDRESS BUILDING SIZE 5,728 SF Los Angeles CA SALES PRICE $7,260,000 PRICE / SF $1,267 01 02 03 154-156 S Robertson Blvd 329-335 S Robertson Blvd 9080 W Pico Blvd ADDRESS ADDRESS ADDRESS Los Angeles, CA 90048 Los Angeles, CA 90048 Los Angeles, CA 90048 SALES PRICE $10,397,000 SALES PRICE $10,100,000 SALES PRICE $6,810,000 BUILDING SF 7,050 SF BUILDING SF 6,000 SF BUILDING SF 4,839 SF PRICE / SF $1,474 PRICE / SF $1,683 PRICE / SF $1,407 DATE SOLD 1/3/2020 DATE SOLD 11/15/2019 DATE SOLD 5/24/2019 10 SALES COMPARABLES 04 05 8401 W 3rd St 8901 Olympic Blvd ADDRESS ADDRESS Los Angeles, CA 90048 Beverly Hills, CA 90211 SALES PRICE $6,810,000 SALES PRICE $5,850,000 BUILDING SF 4,839 SF BUILDING SF 4,539 SF PRICE / SF $1,407 PRICE / SF $1,289 DATE SOLD 5/24/2019 DATE SOLD 6/21/2019 11 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.) 12 8750 Pico Blvd Los Angeles, CA 90035 EXCLUSIVELY LISTED By NEEMA AHADIAN Senior Managing Director of Investments Tel: (310) 909-5444 [email protected] West Los Angeles Office License: CA 01346750 12100 West Olympic Boulevard Suite 350 Los Angeles, CA 90064 13.
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