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1048 S Los Angeles Street Is Located Less Than Three Miles from the Ferrante, a Massive 1,500-Unit Construction Project, Scheduled for Completion in 2021

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1048 S Los Angeles Street Is Located Less Than Three Miles from the Ferrante, a Massive 1,500-Unit Construction Project, Scheduled for Completion in 2021 OFFERING MEMORANDUM A Signalized Corner Mixed-Use Retail and Office Property Ideally located in the heart of Downtown Los Angeles in the Iconic Fashion District brandonmichaelsgroup.com INVESTMENT ADVISORS Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 [email protected] CA License: 01434685 Matthew Luchs First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] CA License: 01948233 Ben Brownstein Senior Investment Associate National Retail Group National Industrial Properties Group Tel: 818.212.2812 [email protected] CA License: 02012808 Contents 04 Executive Summary 10 Property Overview 16 Area Overview 28 FINANCIAL ANALYSIS Executive Summary 4 1048 S. Los Angeles St The Offering A Signalized Corner Mixed-Use Retail and Office Property Ideally located in the heart of Downtown Los Angeles in the Iconic Fashion District The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 1048 South Los Angeles Street, a two-story multi-tenant mixed-use retail and office property ideally located on the Northeast signalized corner of Los Angeles Street and East 11th Street. The property is comprised of 15 rental units, with eight retail units on the ground floor, and seven office units on the second story. 1048 South Los Angeles Street is to undergo a $170 million renovation. currently 86% occupied. Three units are The property is located in the heart of vacant, one of which is on the ground the iconic fashion district of Downtown floor, and two of which are on the Los Angeles, which is home to over second story. All of the occupied units 2,000 independently owned wholesale are on month-to-month leases, with and retail businesses and spans 100 one exception which is set to expire blocks in Downtown Los Angeles. The in September of 2021. This creates an subject property is ideally located excellent opportunity for an owner- less than one mile from the STAPLES user to occupy a portion or all of the Center, Los Angeles Convention property for their own use, or for an Center, and LA Live. investor to stabilize the property. 1048 South Los Angeles Street will 1048 South Los Angeles Street is benefit from the DTLA 2040 Plan, located less than one mile from which will encourage development Santee Alley, which features the throughout the community. The DTLA largest selection of fabrics throughout 2040 Plan which will increase jobs, Southern California, and is located less housing, transportation, open space, than one mile from the Los Angeles and amenities, adding 125,000 new Flower Market, the largest flower residents, 70,000 new housing units, market in the United States, which is set and 55,000 new jobs. Executive Summary 5 investment highlights EXCELLENT DOWNTOWN LOS ANGELES FASHION DISTRICT LOCATION • Ideally located within the Los Angeles Fashion District which features over 4,000 independently owned retailers and wholesalers • Less than one mile from the STAPLES Center, LA Live, and the Los Angeles Convention Center • Located less than half of a mile from “Santee Alley” • Located within close proximity to a number of new developments and substantial renovation projects PRIME FASHION DISTRICT SIGNALIZED CORNER LOCATION • NE signalized corner of Los Angeles Street and 11th Street • 86% current occupancy • The combination of 14% current vacancy and month to month leases allows an owner-user to occupy a portion or all of the existing building • Vacancies and short-term leases create an excellent opportunity for a value-add investor to stabilize the property 6 1048 S. Los Angeles St investment highlights SIGNIFICANT DEVELOPMENT IN THE IMMEDIATE AREA WITHIN THE BOUNDARIES OF THE DTLA 2040 PLAN • Less than one half mile from “The Intersection” at Los Angeles and 9th Streets, which is home to a number of contemporary showrooms which bring in nearly 1.5 million visitors to the area each year • Located within close proximity to a number of new developments, including the proposed $170 million re- development of the Southern California Flower Market, and proposed $170 million dollar renovation of the California Market Center • DTLA 2040 Plan will rejuvenate the community as the strongest market of Southern California once again • The DTLA 2040 Plan which will increase jobs, housing, transportation, open space, and amenities, adding 125,000 new residents, 70,000 new housing units, and 55,000 new jobs • Located in the “Transit Core” of the Community Plan will allow for long-term upside due to a significant emphasis on community growth STRONG UNDERLYING DEMOGRAPHICS AND DENSE IMMEDIATE POPULATION • Over 49,900 people are located within one mile of the property, 546,600 within three miles of the property, and 1,273,200 within five miles of the property. • There are over 24,800 households within one mile of the property, 175,200 within three miles of the property, and 394,300 within five miles of the property. • Average household income is over $87,700 within one mile of the property, $57,500 within three miles of the property, and $63,000 within five miles of the property. Executive Summary 7 < 3 Miles Ferrante Apartments 1,150 Residential Units Tower < 1 Mile S. Main St S. Los Angeles St 8 1048 S. Los Angeles St < 1 Miles $170 Million Renovation Tower $170 Million Renovation Santee St W. Olympic Blvd E. 11th St S. Los Angeles St Property Overview 9 property summary Address 1048 S. Los Angeles St Los Angeles, CA 90015 Price $5,500,000 Property Type Mixed Use; Retail and Office Building Size 15,229 Lot Size 7,814 Price per SF (Bldg) $361 Price per SF (Lot) $704 Rent Per SF $1.59 Per Month Ground Floor: 8,443 SF Second Story: 5,902 SF Year Built / Renovated 1922 / 2009 Occupancy 86% APN 5145-020-005 Zoning M2-2D Specific Plan DTLA 2040 Plan Type of Ownership Fee Simple 10 1048 S. Los Angeles St Property Overview 11 Property Overview 12 1048 S. Los Angeles St property description LOCATION 1048 S. Los Angeles St Los Angeles, CA 90015 SITE The property is located on the Northeast signalized intersection of Los Angeles Street and East 11th Street BUILDING SIZE 15,229 SF LOT SIZE 7,814 SF UNITS 8 Retail Units, Ground Floor 7 Office Units, Second Floor PARKING None APN # 5145-020-005 ZONING M2-2D; Light Manufacturing FRONTAGE 140’ on East 11th Street 55’ on S. Los Angeles Street TRAFFIC COUNT Over 15,000 Vehicles Per Day Property Overview 13 Property/Area PHOTOS 14 1048 S. Los Angeles St Property Overview 15 15 6 8 14 5 13 7 11 12 9 4 3 2 1 10 STAPLES CENTER L.A. LIVE S MAIN ST E 12TH ST S LOS ANGELES ST E PICO BLVD 16 1048 S. Los Angeles St 18 19 17 21 1 1 WREN Apartments 16 20 22 OLiVE DTLA Apartments 22 33 GL Apartments 44 E On Grand Apartments 55 Circa LA Apartments 23 66 1101-1199 S Flower St - Ocean Wide Plaza 7 7 1212 S Flower St - Hope + Flower 88 USC Stevens Center for Innovation 99 1149 S. Hill Street - South Park Center E 11TH ST 1010 Axis Apartments 1111 717 Olympic 1212 APEX Apartments 1313 TCW Tower E 12TH ST 1414 777 Tower 1515 InterContinental Los Angeles S LOS ANGELES ST 1616 City National Bank 1717 Aon 1818 U.S. Bank Tower 1919 Bank of America Plaza 2020 Deloitte 2121 Two California Plaza 2222 Millennium Biltmore Hotel Los Angeles E PICO BLVD 2323 California Market Center SANTEE ST Property Overview 17 Property Floor Plans 18 1048 S. Los Angeles St Property Overview 19 AREA Overview 20 1048 S. Los Angeles St Los Angeles, California The Los Angeles Fashion District, which 1048 South Los Angeles Street is located Street to the North, as defined by the features over 4,000 independently in the heart of Downtown Los Angeles Downtown Los Angeles Neighborhood in the iconic Fashion District. The Council. owned and operated retail and wholesale fashion district is home to over 4,000 businesses, is located within the independently owned and operated retail Along with the current developments in boundaries of the DTLA 2040 Plan which and wholesale businesses, the largest the area, the entire Downtown Community will increase jobs, housing, transportation, flower market in the United States, and will benefit from the DTLA 2040 Plan. open space, and amenities, adding 125,000 the largest selection of textiles and The future vision for the community will new residents, 70,000 new housing units, notions in the United States. The district increase jobs, housing, transportation, open space and amenities. The goal by and 55,000 new jobs boasts 56 galleries and art studios, 8 co- working & shared creative spaces, and 2040 is to add approximately 125,000 over 175 design studios. new residents, 70,000 new housing units, and 55,000 new jobs. This growth plan The Los Angeles Fashion District is will help reinforce Downtown as the bordered by Main street to the West, primary jobs center of Southern California Washington Boulevard to the South, the and allow retail, office, and industrial to Los Angeles River to the East, and 7th continue to grow and thrive. Area Overview 21 The Los Angeles Fashion District spans 100 blocks, with more than 2,000 stores and warehouses selling fashions and accessories at 30% to 70% off retail prices. SPANNING 100 BLOCKS IN THE HEART OF DOWNTOWN The LA Fashion District is one of the top approximately 70% of the Fashion District destinations for wholesale buyers, retail and is available to the trade-only buyers. It is shoppers, fashion students, designers and an essential destination for buyers, retailers, Los Angeles stylists.
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