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13715 ENTURA VSHERMAN OAKS, CA BRANDON MICHAELS GROUP INVESTMENT ADVISORS BRANDON MICHAELS Senior Managing Director Investments Senior Director, National Retail Group Property Overview Tel: (818) 212-2794 [email protected] 1 License: CA #01434685 BEN BROWNSTEIN Senior Associate Associate Member, National Retail Group Tel: (818) 212-2812 [email protected] Investment Highlights License: CA #02012808 2 13715 ENTURA VSHERMAN OAKS, CA 3 Financials BRANDON MICHAELS GROUP 4 Area Overview 16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com 2 3 A MIXED-USE RETAIL/OFFICE PROPERTY LOCATED ALONG WORLD RENOWNED VENTURA BOULEVARD IN THE AFFLUENT, HIGH-DEMAND SUBMARKET OF SHERMAN OAKS, CA 13715 Marcus & Millichap has been selected to exclusively market for sale 13715 Ventura Boulevard, a mixed- use retail/office property located along Ventura Boulevard in the affluent, high-demand submarket ENTURA of Sherman Oaks, CA. 13715 Ventura Boulevard is ideally located along a prime stretch of Ventura SHERMAN OAKS, CA Boulevard just West of Woodman Avenue and East of Hazeltine Avenue on the north side of the street. The immediate area has undergone significant growth and is home to a number of restaurants, local and national retailers, and a plethora of other uses which make this one of the most desirable locales in the V San Fernando Valley. 13715 Ventura has two ground level storefront retail units averaging 1,278 SF with excellent visibility and frontage along Ventura Boulevard, and a 1,221 square foot second story office unit that was previously an apartment unit. All leases are currently on a month to month basis, creating a unique opportunity for an investor who is looking to re-position a well-located asset along prestigious Ventura Boulevard, or an Owner-User Buyer who can utilize a portion or all of the building for their specific use. Ventura Boulevard is the primary east/west thoroughfare through the San Fernando Valley, and the world’s longest avenue of contiguous business. Ventura Boulevard has always been the most concentrated location for mom and pop shops and small businesses in the Valley; nowadays it has pockets of housing, mini- malls, and shops, along with a wide assortment of businesses, schools, and other establishments. Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities, executives, athletes, and entertainers alike. Sherman Oaks is considered one of the strongest San Fernando Valley submarkets, home to trendy night spots, high end eateries, and a wide variety of shopping options. The dense immediate location benefits from over 540,000 people within a five mile radius and an overage household income north of $75,000. 4 5 ENCINO VAN NUYS PROPERTY DESCRIPTION FINANCIAL INFORMATION Price $2,075,000 Current Cap Rate 2.40% Pro Forma Cap Rate 6.11% Price SF (Building) $549 Price SF (Land) $451 VENTURA BOULEVARD Current NOI $49,743 Current Average Rent/SF $1.91 13715 ENTURA PROPERTY INFORMATION VSHERMAN OAKS, CA 13715-13717 Ventura Blvd Address Sherman Oaks, CA 91423 APN’s 2271-018-006 Number of Stories 2 Year Built 1949 Building SF 3,777 SF Lot Size 4,600 SF Zoning LAC2-1VL 8 uncovered parking spaces in Parking Spaces the rear of the building Parking Ratio 1.74 Spaces per 1,000 SF WOODMAN AVENUE 7 UPSCALE SHERMAN OAKS SUB-MARKET y Home to numerous celebrities, executives, athletes, and INVESTMENT HIGHLIGHTS entertainers alike y Hip-trendy night spots attract a hip and vibrant demographic EXCELLENT SHERMAN OAKS LOCATION ALONG VENTURA BOULEVARD y A multitude of dining and nightlife options line Ventura Boulevard throughout Sherman Oaks y Ideally located on the north side of Ventura Boulevard, just west of Woodman Avenue y The surrounding residential is a wide mix of multi-million y Ventura Boulevard is the world’s longest avenue of contiguous business dollar homes and high-end luxury multi-family units with significant growth projected y The immediate area offers a plethora of local and national retailers, a wide variety of dining options, and an expansive residential market with some of the most expensive y The area has undergone significant rental growth as a homes throughout Los Angeles County result of a vibrant local economy y High daily traffic counts along Ventura Boulevard, the primary east/west thoroughfare through the San Fernando Valley UNIQUE INVESTMENT OR OWNER-USER OPPORTUNITY $110,098 3-mile radius median HH income y All leases are on a month-to month basis, creating a multitude of potential options y Rents are significantly below market, allowing an investor to realize significant rental upside 197,450 y Retail units are ideal in size, averaging 1,200 square feet per unit 3-mile radius population y Units are easily leasable and offer minimal costs between tenants and protect against downside risk $1.14M AVG single family home price 9 SUMMARY OF TERMS INTEREST OFFERED: 100% fee simple interest in 13715 Ventura Boulevard, a 3,300 SF mixed-use retail/ office property located in prime Sherman Oaks, CA TERMS OF THE SALE: Property is being offered on a free and clear basis. PROPERTY TOURS: Prospective purchasers are encouraged to visit the site prior to submitting offers. All property tours must be coordinated through the listing broker. 10 11 PROPERTY DETAILS LOCATION 13715 Ventura Blvd, Sherman Oaks, CA 91423 SITE The subject property is located on the North side of Ventura Boulevard, just two parcels west of Woodman Avenue SQUARE FOOTAGES 13715 The subject property consists two ground level storefront retail units averaging 1,278 SF and a 1,221 square foot second story multifamily ENTURA / office unit. SHERMAN OAKS, CA CROSS STREETS The cross streets are Ventura Boulevard (East/West) and Woodman Avenue (North/South). V PARKING VENTURA BOULEVARD A total of 8 parking spaces in the rear of the building. PARKING RATIO 1.74 Parking Spaces per 1,000 SF YEAR BUILT The property was built in 1949 ZONING Zoning is LAC2-1VL 12 13 AVERAGE SUITE SIZES LEASE ANALYSIS 22%32%5000+ SF 1,221 SF 33% 1,231 SF 9% 2000-5000 SF 69% 35%0-2000 SF LARGEST TENANTS 1,325 SF SUITE TENANT Pride 'N Joy Pet Grooming 50 101 35% 1,325 SF of building Month-to-Month 45 40 35% 35 33% 32% 102 Lash Factory 30 33% 1,231 SF Month-to-Month 25 % OF BUILDING 20 15 201 Production 32% 1,221 SF 10 Month-to-Month 5 M2M M2M M2M LEASE EXPIRATION 14 15 71% Potential Rental Upside RENT ROLL VENTURA BOULEVARD SUITE TENANT SF % OF SF LEASE EXP RENT RENT/SF PRO FORMA PF $/SF M2M Pride N' Joy WOODMAN AVENUE 101 1,231 33% M2M $2,800.00 $2.27 $4,308.50 $3.50 Potential Rental Upside Pet Grooming 102 Lash Factory 1,325 35% M2M $2,600.00 $1.96 $4,637.50 $3.50 201 Production/Apartment* 1,221 32% M2M $1,800.00 $1.47 $3,052.50 $2.50 2BED 1BATH TOTAL 3,777 100% $7,200.00 $1.91 $11,998.50 $3.18 Upstairs Apartment Unit *2 Bedroom 1 bathroom unit currently being occupied as office 16 17 FINANCIAL ANALYSIS PRICING INCOME AND EXPENSE Price: $2,075,000 CURRENT PRO FORMA Current Cap Rate 2.40% Scheduled Lease Income $86,400 $143,982 Pro Forma Cap Rate 6.11% NNN Charges $23,606 Price SF (Building) $549 Effective Gross Income $86,400 $167,588 Price SF (Land) $451 Vacancy $4,320 $8,379 Building SF 3,777 Expenses $32,338 $32,338 Land SF 4,600 Net Operating Income $49,743 $126,871 EXPENSES $/YEAR $/YEAR/SF Taxes @ 1.25%: $25,938 $6.87 EXPENSE BREAKDOWN Insurance $2,700 $0.71 Water $1,200 $0.32 Maintenance $2,500 $0.66 MAINTENANCE WATER INSURANCE TAXES 18 19 SALES COMPARABLES MAP SALES COMPARABLES YEAR CLOSE OF NAME SALES PRICE PRICE/SF BUILDING SF LOT SF BUILT ESCROW 1 4325-4327 Woodman Ave, Sherman Oaks, CA 91423 $2,550,000 $643.94 3,960 8,102 1948 6/11/2018 2 13535 Ventura Blvd, Sherman Oaks, CA 91423 $4,000,000 $800.80 4,995 9,194 1997 9/26/2018 4 3 3 14460 Ventura Blvd, Sherman Oaks, CA 91423 $2,480,000 $694.68 3,570 4,792 1995 9/26/2018 1 2 4 15027 Ventura Blvd, Sherman Oaks, CA 91403 $2,090,000 $829.04 2,521 11,321 1940 3/27/2018 5 5 12230-12232 Ventura Blvd, Studio City, CA 91604 $3,360,000 $752.35 5,990 5,000 1938 7/16/2018 Average $744.16 SUBJECT PROPERTY 1 4325-4327 Woodman Ave Sold 2 13535 Ventura Blvd 3 14460 Ventura Blvd 4 6918 Owensmouth Ave 5 7098 Owensmouth Ave 20 21 SALES COMPARABLES PRICE PER SQUARE FOOT $1000 $900 $829.04 $800.80 4325-4327 Woodman Ave 13535 Ventura Blvd 14460 Ventura Blvd $800 Address Address Address $752.35 Sherman Oaks Sherman Oaks Sherman Oaks AVG: $744.16 Sales Price $2,550,000 Sales Price $4,000,000 Sales Price $2,480,000 $700 $694.68 Price/SF $643.94 Price/SF $800.80 Price/SF $694.68 $643.94 Building SF 3,960 Building SF 4,995 Building SF 3,570 $600 Lot SF 8,102 Lot SF 9,194 Lot SF 4,792 Close of Close of Close of 6/11/2018 9/26/2018 9/26/2018 $500 Escrow Escrow Escrow $400 $300 $200 $100 15027 Ventura Blvd 12230-12232 Ventura Blvd Address Address Sherman Oaks Studio City 4325-4327 13535 14460 15027 12230-12232 Woodman Ave Ventura Blvd Ventura Blvd Ventura Blvd Ventura Blvd Sales Price $2,090,000 Sales Price $3,360,000 Price/SF $829.04 Price/SF $752.35 Building SF 2,521 Building SF 4,466 Lot SF 11,321 Lot SF 5,000 Close of Close of 3/27/2018 7/16/2018 Escrow Escrow 22 23 RENT COMPARABLES MAP RENT COMPARABLES # ADDRESS RENT/SF/YEAR RENT/SF/MONTH LEASE TYPE AVAILABLE SF YEAR BUILT 1 13702 Ventura Blvd, Sherman Oaks, CA 91423 $72.00 $6.00 NNN 1,450 1966 2 13355 Ventura Blvd, Sherman Oaks, CA 91423 $54.00 $4.50 NNN 2,000 1955 3 13608-13612 Ventura Blvd, Sherman Oaks, CA 91423 $43.20 $3.60 NNN
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    Shift Happens: Don’t Miss “Happy Days” Preparing Your this Month’s Star Shares Volume 36, NumberBusiness 47 for SuperServing Moon Warner Center Since 1982 Her Story January 10, 2019 ***Whenthe stripping Next inQuake - take out date line below Valley Vantage - we’re getting double lines!!!From Her Happy Days Farm See Page 11 See “Nighttrek” Page 10 See Page 13 L A S V I R G E N E S A N D CALABASAS ENTERPRISE Volume 48, Number 47 Serving Calabasas Since 1963 January 10, 2019 NEWS IN BRIEF GovernmentWidow of Shutdown? Murdered Fire Safety?Camper Get SuesYour QuestionsOver Answered His Death CongressmanErica Wu, the widowBrad of ShermanTristan Beaudette,will host whohis firstwas Valleyshot and Town killed Hall last MeetingJune while of thecamping year onin MalibuSaturday, Creek January State 19.Park, Congressmanhas filed a $90Sherman million willlawsuit. discuss Wu issuesis suing such both as the ongoingcounty of government Los Angeles shutdown, and the immigration,state of California the economy, for what fireshe Despite rain, teachers strike at Serrania Charter in safetyalleges andwas theirdisaster failure assistance, to warn CongressmanTristan Beaudette Brad Sherman Woodland Hills. At right, West Valley Woodland Hills airportthe public noise, about Social the Securitystring of andshootings Medicare—and in and around other Chamber member Bryna Hornstein and daughter on issuesthe park facing for Congress.the last two Sherman’s years. Beaudette staff will was be onshot hand while to the picket line. assistasleep constituents in a tent with with his immigration,two daughters. IRS, Prior Social to his Security death andthere Medicare, were seven and other other unsolved issues involvingshootings federalin the area agencies.
  • Value-Add Opportunity

    Value-Add Opportunity

    52-U NIT A PA RTMENT B U ILDING TARZANA, CALIFORNIA RESEDA GARDENS $10,500,000 www.ResedaGardens.com FOR MORE INFORMATION, PLEASE CONTACT: LAURIE LUSTIG-BOWER Executive Vice President Lic 00979360 +1 310 550 2556 [email protected] KADIE PRESLEY WILSON Senior Sales Director Lic 01476551 +1 310 550 2575 [email protected] VALUE-ADD OPPORTUNITY SOUTH EASTERN EXPOSURE SANTA PACIFIC MONICA OCEAN ENCINO VENTURA BLVD 101 TARZANA RESEDA PARK LAKE VICTORY BLVD RESEDA BLVD 5 EXECUTIVE SUMMARY www.ResedaGardens.com 6 EXECUTIVE SUMMARY CBRE, Inc., as exclusive agent, is pleased to present for sale Reseda Gardens, a value-add 52-unit apartment property located in the San Fernando Valley neighborhood of Tarzana, just one mile north of famous Ventura Boulevard. The Property, with address 6251-67 Reseda Boulevard, is priced below replacement cost at $10,500,000 and has significant upside potential. Built in 1960, the Property has been owned by the same family for almost 20 years. The current ownership upgraded a handful of units with new laminate flooring and paint and was able to achieve significantly higher rents. If a buyer were to upgrade the units further and bring all the tenants to market, the upside potential is approximately 28% and the cash-on-cash return would be approximately 5%. Reseda Gardens features a sparkling swimming pool and a well-manicured lawn in a courtyard- OPPORTUNITY HIGHLIGHTS style building. It has a desirable unit mix of mostly one and two bedroom units with a handful of three • Priced Below Replacement Costs bedrooms as well.