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For Sale 10507 W for sale 10507 W. Pico Boulevard OFFICE | RETAIL ACQUISITION OPPORTUNITY IN WEST L.A. For More Information Contact: T.C. Macker, CCIM President D. 310.966.4352 [email protected] DRE# 01232033 WESTMAC Commercial Brokerage Company 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 Phone 310.778.7700 DRE# 01096973 www.westmac.com © 2020 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission. 2 for sale 10507 W. Pico Boulevard LOS ANGELES, CA 90064 © 2020 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission. 3 highly visible owner-user or investment opportunity along major pico boulevard 10507 W. Pico Boulevard 4 EXECUTIVE SUMMARY WESTMAC Commercial Brokerage is pleased to present the sale of 10507-10511 W. Pico Boulevard (“10507 W. Pico Boulevard”), a two-story +/- 5,772 SF recently renovated office/retail building on +/-4,633 SF of land located one block West of Beverly Glen Boulevard in West Los Angeles. Built in 1981, 10507 W. Pico Boulevard is comprised of two (2) ground floor retail units (previously leased to an optometrist and a restaurant), and a second floor office unit which features a mezzanine level. The building recently underwent major capital improvements including new skylights, new balconies, and a new roof. There is a rear parking lot with room for approximately 5-7 cars, and ample of parking along the street and surrounding neighborhoods. The building is 100% vacant. 10507 W. Pico Boulevard offers excellent visibility along Pico Boulevard, a major Los Angeles street that runs from the Pacific Ocean in Santa Monica to Central Avenue in Downtown Los Angeles. It is in close proximity to ample amenities, including shopping, dining, and entertainment. The location has plenty of accessible transportation, and is near major area employers that includes Google’s future Silicon Beach headquarters at the former Westside Pavilion, UCLA in Westwood, Century City, and Fox Studios. 10507 W. Pico Boulevard is an incredible opportunity for buyers looking to purchase a preeminent location in one of the most in demand real estate markets in the world. 5 PROPERTY SUMMARY N aerial view N pico boulevard parcel map 6 PROPERTY PROFILE ADDRESS 10507-10511 W. Pico Blvd., Los Angeles, CA 90064 APN 4315-005-011 BUILDING SIZE ± 5,772 SF per BOMA BUILDING SIZE (± 5,040 SF per tax record ) LOT SIZE ± 4,633-square feet PROPERTY SUMMARY TYPE Retail/Office (check with City for specific uses) BUILT 1981; renovated in 2019 ZONING C2-1VL-O-POD STORIES Two (2) plus Mezzanine level FRONTAGE 42’ on Pico TENANCY Multiple # OF UNITS Three (3) VACANCY 100% PARKING Five (5) striped spaces in rear lot (room for ±7 cars stacked); plenty of street parking along Pico Blvd. (metered) and ample free street parking in the surrounding streets & neighborhood $3,725,000 ($645/SF) pico boulevard SALE PRICE 7 UNIT 10509 Located on the first floor, unit 10509 is made up of approximately 1,077-leasable-square feet. The unit was previously leased to a restaurant. 8 UNIT 10511 Located on the first floor, unit 10511 is made up of approximately 1,152-leasable-square feet (1,120 SF per lease). The unit was previously leased to Hodes Vision Optometry. 9 UNIT 10507 The second floor office unit is made up of approximately 3,543-rentable-square feet and includes a mezzanine level. The interior was recently renovated and features several new skylights, vaulted ceilings that measures approximately 17’ (at drop ceiling), new mezzanine-level balconies, fresh paint, and brand new pergo flooring throughout. 10 11 12 13 14 PROPERTY HIGHLIGHTS HIGH VISIBILITY - Well positioned with great signage facing highly traveled Pico Boulevard. Estimated traffic volume at Prosser Avenue and Pico Boulevard reported at well over 44K vehicles per day. USER OR INVESTOR OPPORTUNITY Building is currently 100% vacant. This unique offering presents a great opportunity for owner-users or investors looking to partially occupy and/or lease out the rest. PRIME OFFICE/RETAIL LOCATION Westside rents have consistently grown, outperforming virtually all rents in the Western United States. There are dozens of shops along pedestrian friendly Pico Boulevard, and the area is home to some of entertainment’s most popular media giants. The Westside Pavilion shopping mall, will soon be home to nearly 600k SF of Google offices, which will be known as One Westside when it is complete in 2022. MAJOR AREA EMPLOYERS This part of West L.A. has seen huge growth thanks to major area employers, including Fox Studios, UCLA, and Century City; where vast office towers house the high earning lawyers, investors, and entertainment professionals who make up a large part of the neighborhood’s affluent residents. AMPLE WALKABLE AMENITIES Dozens of businesses and storefronts dot the tree-lined streets along Pico Boulevard, giving pedestrians a “shop and walk” small town in the big city appeal. Nearby area retailers include John O’ Groats, FOOD, Louise’s Trattoria, Domino’s Pizza, McDonald’s, Subway, The Stalking Horse Brewery, Pico Playhouse, Chase Bank, and many others. RECENT CAPITAL IMPROVEMENTS The building underwent several capital improvements in 2019, including a new roof, several new skylights and mezzanine-level balconies, and brand new flooring throughout. 15 BOMA FLOOR PLANS UP 10511 1,152 */$ HVAC UP HVAC 10509 1,077 */$ UP Gross Leasable Unenclosed Common Area Area Area 10507 W. PICO BLVD. 1st FLOOR LOS ANGELES, CA 90064 Updated: 01/17/2020 16 FLOOR PLANS UP HVAC UP HVAC UP Major Vertical Floor Service & Building Occupant Occupant Tenant Building Inter-Building Inter-Building Penetration Amenity Area Service Area Storage Area Ancillary Area Amenity Area Service Area Amenity Area 10507 W. PICO BLVD. 1st FLOOR LOS ANGELES, CA 90064 Updated: 01/17/2020 17 DN 10507-02B 309 USF 327 RSF 10507 1,906 USF 2,020 RSF DN UP DN UP Major Vertical Floor Service & Building Occupant Occupant Tenant Building Inter-Building Inter-Building Penetration Amenity Area Service Area Storage Area Ancillary Area Amenity Area Service Area Amenity Area 10507 W. PICO BLVD. 2nd FLOOR LOS ANGELES, CA 90064 Updated: 01/17/2020 18 10507- MZ-A 53 USF 55 RSF 10507 MEZZANINE OPEN TO USF BELOW RSF 10507- MZ-B 53 USF 55 RSF Major Vertical Floor Service & Building Occupant Occupant Tenant Building Inter-Building Inter-Building Penetration Amenity Area Service Area Storage Area Ancillary Area Amenity Area Service Area Amenity Area 10507 W. PICO BLVD. MEZZANINE LOS ANGELES, CA 90064 Updated: 01/17/2020 19 LEISURE Popular Rancho Park Golf Course and the Cheviot Hills Recreation Center are located a short block East of the subject property. AREA SUMMARY RANCHO PARK NEIGHBORHOOD IN WEST L.A. Rancho Park is a residential neighborhood in the Westside of the city of Los Angeles, California. The community is nestled between West Los Angeles and Cheviot Hills. This enclave draws young professionals and families and is home to residents working in a variety of professional occupations. Rancho Park’s tree-lined streets give it an almost suburban feel. Those same trees provide plenty of shade for pedestrians taking the short walk to the shops and restaurants on Pico or to play a round of golf at one of the nearby courses. With the advent of nearby Century City, the area soon found itself becoming a highly desirable neighborhood. The presence of massive nearby employers like Fox Studios and UCLA, as well as the Expo Line station, easy access to the 10 and 405 freeways, and many arterial streets nearby, makes commuting in and out convenient for residents, employees and visitors. ucla fox studios one westside century city (rendering) 20 view of pico boulevard from mezzanine AREA SUMMARY 21 The neighborhood was once a part of Westwood until Olympic Blvd. The subject property is approximately 2.5 miles from UCLA campus and only 2 miles from Wilshire Boulevard. Major area thoroughfares include Pico, Westwood, Olympic, Sepulveda, and Beverly Glen Boulevards, along with Overland and Manning Avenues. WALK SCORE 10507 W. Pico Boulevard 76 VERY WALKABLE pico boulevard 22 Century City is also located nearby. Major area thoroughfares include Pico, Westwood, Olympic, Sepulveda, and Beverly Glen Boulevards, along with Overland and Manning Avenues. Rancho Park Golf Club is charming and beautiful, this 9-hole 3-par short course shares the facilities with the adjacent Rancho Park championship golf course. This picturesque course has perfectly groomed tree-lined holes ranging in length from 82 to 148 yards. W. Pico Boulevard pico boulevard N 23 WESTWOOD 10507 W. PICO BLVD. 113 -113 WESTWOOD6 BLVD. 8 5 CENTURY CITY WESTWOOD BLVD. BRENTWOOD 1633 6 2 10534 W. PICO BLVD. 1 S. OVERLAND AVE. 2476 CHEVIOT HILLS 11741 W. PICO BLVD. Providence St. John’s 4 3 N 11600 W. PICO BLVD. PALMS MAR VISTA CULVER CITY24 SALE COMPARABLES PICO ROBERTSONoffice/retail sold within 2-miles within the last 2 years of the subject property BLDG SF LOT SF SALE DATE PRICE $/PSF 1 2476 S Overland Ave 7,598 5,227 7/2/2019 $6,200,000 $816 2 10534 W Pico Blvd 5,365 5,501 9/11/2018 $4,250,000 $792 W. PICO BLVD.
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