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Brandon Michaels 1036 BRANDON S. GRAND AVENUE MICHAELS LOS ANGELES, CA 90015 GROUP 1 INVESTMENT ADVISORS BRANDON MICHAELS SAM LIBEROW Senior Managing Director Investments Vice President Investments Senior Director, National Retail Group Director, National Multi Housing Group Tel: (818) 212-2794 Tel: (818) 212-2795 Fax: (818) 212-2710 Fax: (818) 212-2710 [email protected] [email protected] License: CA #01434685 License: CA #01933858 BEN BROWNSTEIN Investment Associate National Retail Group Tel: (818) 212-2812 Fax: (818) 212-2710 [email protected] License: CA #01933858 www.BrandonMichaelsGroup.com OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM 2 3 COMPLETED Luxury Hotel and Home to LA APEX II Residences UNDER CONSTRUCTION Lakers, LA Clipprs, $1 Billion luxury Holland Partner LA Sparks, LA condo & hotel, Group - 341 $500 million, twin Kings and the developed by apartments, retail 35-story towers with world’s Most 648 apartments and Fleming’s prime Chinese based 48,000 SF of retail, successful arena Steakhouse Greenland USA 2-acre rooftop park Katsuya and pool deck Tom’s Urban Cleo 205 apartments, The Los Angeles Smashburger 888 SOUTH 19,500 SF of retail Convention Center Ford’s Filling Station HOPE from CIM Group hosts annual events Lucky Strike CIM Group - 34 such as the Los Set to be complete Yard House Hoke Poke Angeles Auto Show, story tower, 526 in 2019, it includes Philz Coffee the Anime Expo, and residential units a Park Hyatt Hotel, Jersey Mike’s Subs many others. 7-story retail podium, 504 condos developed by Being 825 SOUTH based Oceanwide ATELIER HILL 1212 Group 33 story tower with FLOWER 50-story building 363 apartments, with 516 rental 10,000 SF of retail Omni Group is apartments building a pair of MACK URBAN 1036 aboev 5,000 SF high-rises with 730 TOWER of retail W. PICO BOULEVARD PICO W. apartments LEVEL Mack Urban is 151 condos 33 story tower creating an urban developed by with 300 Trumark Urban The Hanover village with 1,900 S. GRAND AVENUE HOPE STREET completely rental units, small LOS ANGELES, CA 90015 Co. developed furnished units by parks, and the apartment community, which 9TH STREET Onni Group completed in 2015. 7-story 247 rental GRAND AVENUE units by Wolff 11TH STREET Company 201 residential units with retail 7-story featuring 293 The Hanover rental units, 15,000 Co. developed SF of retail by Wolff the apartment Company. community, which completed in 2015. OLIVE STREET OLYMPIC BOULEVARD 12TH STREET 12TH 362 apartments by Mack Urban 4 5 HILL STREET $98K RESIDENTS MEDIAN INCOME DTLA $101K WORKERS EXECUTIVE SUMMARY MEDIAN INCOME Marcus & Millichap is pleased to present the opportunity to acquire 1036 S. Grand Avenue, a 7,500 SF free-standing retail building located in the booming South Park district of Downtown Los Angeles. South Park is the premiere sports and entertainment destination of Southern California. South Park is the premier district in Downtown Los Angeles, home to the Staples Center, L.A. Live entertainment and dining complex, and the Los Angeles Convention Center. In addition, South Park is a growing residential community with billions of dollars in new residential, retail, office, and hospitality construction. South Park accounts for 70% of Downtown Los Angeles’ residential construction, with over 20 new projects scheduled to commence by 2018. The booming residential construction in South Park has brought on a number of new and exciting projects, including a brand new Whole Foods and redesign of a flagship Macy’s. 1036 S. Grand is a unique free-standing retail building, located adjacent to multiple new developments including Level, a high-rise fully furnished luxury apartment building, and 1000 Grand by Windsor, a brand new high end apartment community. 1036 S. Grand is a 7,500 SF retail building complete with 25 foot truss ceilings, massive skylights, floor- to-ceiling brick walls, and concrete floors. The building is currently vacant, ideal for an owner-user Buyer or investor who desires to be in the heart of burgeoning South Park in Downtown Los Angeles. 6 7 PLAT MAP ADDRESS 1036 S. Grand Avenue, Los Angeles, CA SITE LOCATION The subject property is on S. Grand Avenue, just north of W. 11th Street and south of W. Olympic Boulevard. SQUARE FOOTAGES A free-standing building with bulding square footage of 7,500 SF on a 7,851 SF lot. FRONTAGE AND ACCESS Approximately 51 feet of frontage on Grand Avenue. YEAR BUILT PROPERTY OVERVIEW The property was built in 1912. ZONING 1036 S. Grand Avenue, PROFORMA CAP RATE 7. 23% ADDRESS The zoning is LAR5. Los Angeles, CA 90015 OCCUPANCY Vacant ASKING PRICE $4,980,000 PARKING YEAR BUILT 1912 BLDG SF 7,500 SF Six spaces in the rear of the building. ZONING LAR5 LAND SF 7,851 SF APN 5139-010-007 BUILDING FEATURES PRICE/SF (BLDG) $664.00 Approximately 25 foot truss ceilings, massive skylights, floor to PROPERTY TYPE Retail ceiling brick walls, concrete floors PRICE/SF (LAND) $634.00 TYPE OF OWNERSHIP Fee Simple 8 9 UNIQUE INDUSTRIAL STYLE BUILDING INCLUDING 25 FOOT TRUSS CEILINGS, MASSIVE SKYLIGHTS, FLOOR-TO-CEILING BRICK WALLS, AND CONCRETE FLOORS 10 11 LOCATED IN THE BOOMING SOUTH PARK DISTRICT OF EXCELLENT DEMOGRAPHICS DOWNTOWN LOS ANGELES $98,000 average median household income of residents South Park is the premiere sports and event destination of Southern living in Downtown Los Angeles California, home to Staples Center, L.A. Live entertainment and dining complex, and the Los Angeles Convention Center 19 million annual visitors to Downtown LA South Park is a growing residential community with exciting new 79% of residents have earned a college degree or higher shopping, nightlife, and dining amenities including a brand new Whole 500,000+ weekday population Foods and redesign of flagship Macy’s 66% of residents are between the ages of 23-44 South Park has over 5,000 apartment units and 416,000 SF of new retail space currently in development The growth in Downtown has tripled South Park’s population to more than 5,000 people Over 500,000 people work in Downtown LA UNIQUE FREE-STANDING RETAIL BUILDING BILLIONS OF DOLLARS OF DEVELOPMENT TAKING PLACE IN SOUTH PARK Unique free-standing retail building with 25-foot truss ceilings, massive skylights, floor to ceiling brick walls, and concrete floors Oceanwide Plaza, located at Flower and 11th Street, is a $1 billion project including a Park Hyatt Hotel. Building is currently vacant, making this an ideal opportunity for an Owner-User Buyer or Value-Add Investor Metropolis, located on James M. Wood Boulevard and Francisco St, is a $1 billion project including a Hotel Indigo 1020 S. Figueroa, located on Figueroa Street and W. Olympic Boulevard, is a $700 million development with a W Hotel 1036 S. Grand is adjacent to the brand new Windsor apartments and Ten50, a new 25-story luxury residential tower Over 20 projects scheduled to commence by 2018 in South Park South Park accounts for 70% of Downtown Los Angeles’ residential 800+ construction NEW RESTAURANTS, BARS, RETAIL, $27.1 billion has been invested in new construction since 1999 NIGHTLIFE, AND AMENITIES SINCE 2008 2 million square feet of retail space is currently under construction INVESTMENT HIGHLIGHTS 12 13 FINANCIALS RENT ROLL Tenant SF % of Bldg ProForma Rent PF Rent/SF Lease Type Vacant 7,500 100% $30,000 $4.00 NNN ANNUALIZED OPERATING DATA Income and Expense Current Expenses Annual Per SF Scheduled Lease Income: $360,000 Taxes: 1.25% $65,938 $8.79 NNN Charges: $92,775 Insurance $3,000 $0.40 Effective Gross Income: $452,775 Utilities $3,375 $0.45 Expenses: $92,775 Trash $3,000 $0.40 Net Operating Income: $360,000 Repairs & Maintenance $5,250 $0.70 Loan Payment: $209,611 Management $14,400 $1.92 Pre-Tax Cash Flow: 7.5% $150,389 Reserves $1,500 $0.20 Principal Reduction: $60,211 Total Expenses $96,463 $12.86 Total Return Before Taxes: 10.6% $210,600 Pricing Price $4,980,000 ProForma CAP Rate 7. 23% Price/SF (bldg) $664.00 Price/SF (lot) $634.00 14 15 LEASE COMPARABLES Address Rent/Mo/SF Rent/Yr/SF Lease Type Space Avail Bldg SF 2 1 517 W. 7th Street, Los Angeles $5.00 $60.00 NNN 3,700 13,569 8 1 2 700 W. 7th Street, Los Angeles $5.00 $60.00 NNN 1,335 400,000 3 120 E. 8th Street, Los Angeles $3.50 $42.00 NNN 2,000 92,800 5 9 4 200 E. 9th Street, Los Angeles $5.00 $60.00 NNN 1,500 24,906 5 713 S. Broadway, Los Angeles $3.50 $42.00 MG 3,250 38,040 6 1001 S. Broadway, Los Angeles $4.75 $57.00 NNN 1,657 6,494 10 3 7 1053 S. Broadway, Los Angeles $6.00 $72.00 NNN 1,069 7,904 6 807-809 S Flower Street, Los 8 $3.50 $42.00 NNN 7,350 15,000 4 Angeles 7 9 801 S. Hill Street, Ls Angeles $7.00 $84.00 NNN 2,800 38,864 321 W. Olympic Boulevard, 10 $4.50 $54.00 NNN 1,853 14,886 Los Angeles Average $4.78 $57.30 2,651 65,246 16 RENT COMPARABLES 17 SALES COMPARABLES PRICE/SF $900.00 2 $882.54 $850.00 $800.00 $788.00 3 $765.70 1 $758.20 $750.00 $745.54 $703.33 $700.00 $650.00 1221 S. Hope Street, Los 464 S. Main Street, Los 1033 S. Olive Street, Los 777 E. Pico Boulevard, Los Average Subject Angeles Angeles Angeles Angeles Property 4 SALES COMPARABLES 18 (BLDG) SALES COMPARABLES 19 1 2 3 4 1221 S.
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