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Santa Monica Dev Portfolio OM 3 CONTIGUOUS PARCELS OFFERING MEMORANDUM All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. ROGER PHILLIPS Director EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. 310.721.2896 Mobile Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to [email protected] DRE# 01057506 conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by KW Commercial in compliance with all applicable fair housing and equal opportunity laws. 251 S. Lake Avenue, Suite 320 Pasadena, CA 91101 DRE# 01444805 41 42 43 Address 3018 Pico Boulevard 3024 Pico Boulevard 3026 Pico Boulevard City Santa Monica, CA 90405 Santa Monica, CA 90405 Santa Monica, CA 90405 APN 4270-006-041 4270-006-042 4270-006-043 Zoning C4:NC (Neighborhood Commercial Overlay) C4:NC (Neighborhood Commercial Overlay) C4:NC (Neighborhood Commercial Overlay) Lot SF 5,961 5,774 5,586 Acres 0.1368 0.1326 0.1282 DISCLAIMER: The information contained herein is not a substitute for a thorough due diligence investigation. The Broker 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, zoning & land use, and the size and square footage of the property and improvements. OFFERING MEMORANDUM | PICO BOULEVARD 4 • Neighborhood Commercial Zoning • Max FAR -1.25 (Tier 1) -1.5(Tier 1 - including on-site affordable housing - 1.75(100% affordable housing) • Max Building Footprint -10,000 Sq. Ft. (Tier 1) -15,000 Sq. Ft. (Tier 2) • Max Height -2 Stories / 32’ (Tier 1) -2 Stories / 32’ (Tier 1- including on-site affordable housing -No limit to stories / 32’ (100% affordable housing) • Setbacks -10 ft. Minimum interior side and rear (when adjacent to residential ) Strategically located in an excellent Santa Monica location bordering West Los Angeles. Westwood, Brentwood, Mar Vista, Venice and Pacific Palisades are adjoining neighbors. It is near the 10 and 405 Freeways, giving travelers easy access to all parts of the City, including Santa Monica’s most famous attractions: the beach, pier, and world-class shopping & entertainment. Highly Desirable Community with Dense Retail Population » Plentiful Walkable Amenities - Many popular restaurants and retailers within walking distance» Close to Major Transportation including the I-405 and I-10 Freeways, Santa Monica Airport, LAX, and various stops along the Metro Expo Rail Line OFFERING MEMORANDUM | PICO BOULEVARD 5 Westside Towers Expo/Bundy Station Chase Bank Rejuice UnUrban Coffee Trader Joe’s Viet Noodle Pico Parking SureStay Virtual Snow McCable’s Guitar Address Building SF Lot SF Zoning Built Sale Date Price Price/SF Price/Lot SF 1 5,146 6,098 C4 1948 03/17/20 $3,279,000 $637.19 $537.72 1020 Pico Blvd Santa Monica, CA 90405 2 2,800 6,098 C4 1948 05/12/20 $3,100,000 $1,107.14 $508.36 1044 Pico Blvd Santa Monica, CA 90405 3 2,121 5,227 C4 1924 FOR SALE $2,600,000 $1,225.84 $497.42 823 Pico Blvd Santa Monica, CA 90405 4 1,298 2,614 C4 1948 FOR SALE $1,580,000 $1,217.26 $604.44 3113 Pico Blvd Santa Monica, CA 90405 5 2,050 7,841 NC 1946 FOR SALE $3,495,000 $1,704.88 $445.73 2019 18th St Santa Monica, CA 90404 6 2,488 7,405 NC 1921 FOR SALE $4,100,000 $1,647.91 $553.68 2651 Main St Santa Monica, CA 90405 7 2,285 4,500 NC 1956 FOR SALE $2,450,000 $1,072.21 $544.44 2116 Pico Blvd Santa Monica, CA 90405 8 2,488 7,405 NC 1921 FOR SALE $4,100,000 $1,647.91 $553.68 2651 Main St Santa Monica, CA 90405 9 5,924 6,098 NC N/A 08/30/18 $2,925,000 $493.75 $479.63 2740 Main St Santa Monica, CA 90405 Total/Averages 2,956 5,921 1939 $1,194.90 $525.01 OFFERING MEMORANDUM | PICO BOULEVARD 10 SANTA MONICA CA Santa Monica, California offers more than its beach and year round warm weather. Its proximity to the greater Los Angeles area makes Santa Monica the perfect base for vacationers and business travelers alike. MAIN STREET: Santa Monica’s Main Street bears the laid back artsy side of Santa Monica, a side of the city that has been characterized by a local, surf vibe for years. Consider the many art galleries and attractions such as the Edgemar Center for the Arts and Mindfulnest, which is one-part art gallery, one-part shop. Main Street is also home to one of the highest concentrations of coffee shops in Santa Monica. A variety of different boutique shops are scattered along Main Street and a weekly farmers market takes place every Sunday. MID-CITY: The furthest inland neighborhood in Santa Monica is known as Mid-City. This is the arts and entertainment hub of Santa Monica, and is home to a number of the largest entertainment companies. Mid-City also is where you’ll find one of the largest contemporary art collections in Los Angeles, Bergamot, which was formerly a railroad station but now houses a plethora of different art galleries. Some of Santa Monica’s best restaurants are in Mid-City, including Mélisse, which had won two Michelin stars. NEIGHBORHOODS OCEAN PARK BOULEVARD PICO BOULEVARD SANTA MONICA PIER Running southeast from the Santa Monica Pier is Running parallel to I-10 is perhaps the most ethnically The palm tree-lined avenue and views overlooking Ocean Park. That local, artsy aesthetic of Main Street diverse neighborhood in Santa Monica: Pico. The the Pacific Ocean make the Santa Monica Pier area extends here, comprising independent coffee shops, people here can vary, from college students strolling and Ocean Avenue one of the most iconic locations in boutique stores, and art galleries. Located just east of in and around Santa Monica College to locals popping Santa Monica. Unique hotels, such as The Georgian Ocean Park is the Santa Monica Airport. Not only is in and out of the clothing boutique shops, record and The Shore, dot Ocean Avenue while open-air this a working airport for private jet owners, but it stores, and art galleries. Saturday mornings on Pico restaurants and bars, such as Blue Plate Oysterette also is the location of the Museum of Flying, which feature a smaller, more local farmers market than the and The Bungalow, line the avenue. Just down from features numerous aircraft and artifacts, including a Downtown Santa Monica Farmers Market; the Pico Ocean Avenue is perhaps Santa Monica’s most Wright Flyer replica and World War II planes, and iteration usually comprises no more than 30-40 local famous attraction, the Santa Monica Pier. This adjacent to the Spitfire Grill. farmers. attraction dates back to 1909, and features a solar- paneled Ferris wheel, amusement park, aquarium, and live concerts and movies during the summer months. SILICON BEACH SYNERGY Silicon Beach is the Westside region of the Los Angeles metropolitan area that is Nevertheless, the headquarters of these established corporate tech titans tends home to over 500 tech startup companies, with emphasis on the coastal strip to be elsewhere, though the region has had startups proliferation.
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