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ARTESIA BLVD 13331 Artesia Boulevard BRANDON MICHAELS GROUP ARTESIA BLVD 13331 Artesia Boulevard. Cerritos, CA 90703 A 12,758 SF NNN STRIP CENTER IDEALLY SITUATED ON 52,758 SF OF LAND LOCATED IN CERRITOS, CA INVESTMENT ADVISORS BRANDON MICHAELS Senior Managing Director of Investments Senior Director, National Retail Group Tel: (818) 212-2794 ARTESIA BLVD Fax: (818) 212-2710 [email protected] 13331 Artesia Boulevard. Cerritos, CA 90703 License: CA #01434685 BEN BROWNSTEIN Senior Associate National Retail Group Tel: (818) 212-2812 Fax: (818) 212-2710 [email protected] License: CA #02012808 www.BrandonMichaelsGroup .com BRANDON MICHAELS GROUP SOUTHERN CALIFORNIA'S PREMIER SALES TEAM 16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com 1. PROPERTY OVERVIEW 2. FINANCIAL ANALYSIS 3. COMPARABLES 4. AREA OVERVIEW 2 3 13331 ARTESIA BOULEVARD . CERRITOS, CA 90703 EXECUTIVE SUMMARY OFFERING MEMORANDUM Cerritos Towne Center Cerritos Towne Center Cerritos Towne Center Gold Fortune Market A 12,758 SF NNN Strip Center Ideally Situated On ARTESIA BLVD 52,758 SF Of Land Located In Cerritos, CA 13331 Artesia Boulevard. Cerritos, CA 90703 The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for sale 13331 Artesia Boulevard, a 12,758 square foot multi-tenant strip center situated on 52,758 square feet of land in Cerritos, CA. The subject property is part of a larger center that is occupied by Gold Fortune Supermarket, Waba Grill, Bank of the West, and a host of other service oriented tenants. 13331 Artesia Boulevard is ideally located on the NW signalized corner of Artesia Boulevard and Carmenita Road. 13331 Artesia Boulevard is currently 84% occupied to a seasoned tenant mix of local tenants that cater to the direct needs of the surrounding residents. This well stabilized center has a tiered lease roll-over structure which minimizes downside risk and an average rent per square foot of $2.16 plus NNN. With suite sizes averaging 1,397 square feet with minimal bay depth, the units are easily leasable and experience minimal tenant improvement costs between tenants. Daily traffic counts exceed 20,000 vehicles per day. The center benefits from excellent parking, allowing for a multitude of potential uses. 1331 Artesia Boulevard sits in the heart of a dense Los Angeles County sub-market, with over 635,000 people within a five mile radius. The affluent demographic boasts a well above average household income of $123,863 within one mile of the subject property. The subject property sits in the heart of dense residential consisting of single family homes, and is one block east of the Cerritos Towne Center. There are over 60,000 households within three miles of the subject property, many of which utilize the site for their daily consumer needs. The Cerritos Towne Center is a power center that combines offices, retail, hotel and entertainment facilities in one master planned project. The Towne Center includes the Cerritos Center for the Performing Arts,[20] a 203-room Sheraton hotel and more than one million square feet (93,000 m²) of office space. The retail portion of the project includes several anchors and specialty shops. The Cerritos Towne Center is home to 20,192 19.553 $5,917,181 tenants such as Kohl’s, Trader Joe’s, Starbucks, Men’s Warehouse, Best Buy, and TGI Fridays. Traffic Volume Counts of 20,192 Vehicles at the Businesses in a 5-Mile Radius Consumer Spending of Intersection of Artesia Blvd and Carmenita Rd $5,971,181 in a 5-Mile Radius Cerritos is an affluent suburban city in Los Angeles County, California, United States, and is one of several cities that constitute the Gateway Cities of southeast Los Angeles County. It is part of the Los Angeles–Long Beach–Anaheim, California Metropolitan Statistical Area designated by the Office of Management and Budget. This 8..83 square mile city is made up of a mostly Asian and Caucasian demographic. 4 5 13331 ARTESIA BOULEVARD . CERRITOS, CA 90703 INVESTMENT HIGHLIGHTS OFFERING MEMORANDUM INVESTMENT HIGHLIGHTS ARTESIA FWY • Affluent Cerritos location with an average household income north of $123,000 within one mile Heritage Park • 84% Current Occupancy • Shadow Anchored by Gold Fortune Supermarket and Bank Frontier Park of the West • The center ideally caters to the daily needs of the surrounding residents ARTESIA FWY • NNN Leases • Excellent Parking • Dense Immediate Population north of 635,000 people ARTESIA FWY Cerritos Park $123,863 East 2019 Average Household Income in a 1-Mile Radius ARTESIA BLVD 636,292 CARMENITA RD 2019 Population in a 3-Mile Radius CARMENITA RD 6,470 2019 Households in a 1-Mile Radius 6 7 13331 ARTESIA BOULEVARD . CERRITOS, CA 90703 PROPERTY OVERVIEW OFFERING MEMORANDUM LOCATION 13325-13349 Artesia Boulevard Cerritos, CA 90703 SITE 13331 Artesia Boulevard The subject property is located at the northwest corner ADDRESS Cerritos, CA 90703 of Artesia Boulevard and Carmenita Road. SQUARE FOOTAGES PRICE $4,500,000 The total building SF is 12,758 SF. The total lot size is CURRENT CAP RATE 5.73% 52,758 SF. YEAR BUILT PRO FORMA CAP RATE 6.71% The property was built in 1970. BUILDING SF 12,758 CROSS STREETS LAND SF 52,758 The cross streets are Artesia Boulevard (East/West) and Carmenita Road (North/South). PRICE/SF $353 TRAFFIC COUNTS PRICE/SF (LAND) $85 The traffic volumes on the intersection of Artesia SUMMARY OF TERMS Boulevard and Carmenita Road are approximately 20,192 CURRENT OCCUPANCY 84% Interest Offered: vehicles per day. 100% fee simple interest in a 12,758 SF property located ZONING CECN at 13331 Artesia Boulevard, Cerritos, CA 90703. PARKING 36 Parking spaces are available. APN NUMBER 7008-015-003 Terms of the Sale: Property is being offered on a free and clear basis. ZONING YEAR BUILT 1970 The zoning is CECN. Property Tours: PARKING 36 Parking Spaces Prospective purchasers are encouraged to visit the site APN NUMBER prior to submitting offers. All property tours must be TYPE OF OWNERSHIP Fee Simple coordinated through the listing broker. The APN number is 7008-015-003. 8 9 13331 ARTESIA BOULEVARD . CERRITOS, CA 90703 FINANCIAL ANALYSIS OFFERING MEMORANDUM RENT ROLL ANNUALIZED OPERATING DATA PRICING LEASE PRO FORMA PRO FORMA UNIT TENANT SF BLDG % LEASE ENDS OPTIONS INCREASES RENT RENT/SF INCOME AND EXPENSE CURRENT PRO FORMA START RENT RENT/SF 2019 - $110 increase; Scheduled Lease Income $273,934 $323,254 2020 - $110 increase; 13331 Artesia Boulevard 13325 Cerritos Pharmacy 2,000 16% 8/6/2010 12/31/2022 $3,500.00 $1.75 $3,610.00 $1.81 ADDRESS 2021 - $115 increase; Cerritos, CA 90703 2022 - $115 increase NNN Charges $84,961 $101,021 13327 VACANT 2,000 16% $- $0.00 $4,000.00 $2.00 PRICE $4,500,000 Effective Gross Income $358,895 $424,275 13331 Hair Expert 1,200 10% 6/19/2016 7/1/2021 1 - 5 year FMV at Option $2,650.00 $2.21 $2,650.00 $2.21 13333 Cerritos Cleaners 1,500 12% 8/1/2012 M2M $3,123.00 $2.08 $3,123.00 $2.08 Vacancy 5% $21,214 CURRENT CAP RATE 5.73% 13337 WLC One-Kokio Chicken 1,250 10% 10/21/2014 10/21/2019 1 - 5 year FMV at Option $2,595.00 $2.08 $2,595.00 $2.08 Expenses $101,021 $101,021 PRO FORMA CAP RATE 6.71% 13341 Lee's Barber Shop 630 5% 2/17/2011 M2M $1,564.46 $2.48 $1,564.46 $2.48 Option Year 1- $2712 Net Operating Income $257,873 $302,040 Option Year 2- $2794 PRICE/SF $353 13343 O Hair Salon 1,250 10% 10/1/2015 10/1/2020 1 - 5 year Option Year 3- $2877 $2,482.00 $1.99 $2,482.00 $1.99 OPERATING EXPENSES PER YEAR PER SF Option Year 4- $2964 Option Year 5- $3053 Taxes @1.25% $56,250 $4.41 PRICE/SF(LAND) $85 FMV at Option + 3% 13345 Dr. Susie Kim 1,000 8% 5/24/2011 5/24/2021 1 - 5 year $2,812.19 $2.81 $2,812.19 $2.81 Annual Increases Insurance $3,250 $0.25 VJ&KS Corp-Korean BUILDING SF 12,758 13349 1,750 14% 12/1/2009 M2M $4,101.18 $2.34 $4,101.18 $2.34 Electricity $9,600 $0.75 Rest TOTAL 12,580 100% - - - $22,827.83 $1.81 $26,937.83 $2.14 Landscaping $7,200 $0.56 LAND SF 52,758 Management $10,957 $0.86 Trash $4,500 $0.35 Lighting Services $2,184 $0.17 Parking Lot Sweeping $7,080 $0.55 TOTAL $101,021 $7.92/$0.66 10 11 13331 ARTESIA BOULEVARD . CERRITOS, CA 90703 COMPARABLES OFFERING MEMORANDUM SALES COMPARABLES PRICE/SF CLOSE OF # ADDRESS SALES PRICE PRICE/SF BLDG SF LAND SF CAP RATE ZONING (LAND) ESCROW 1112 N Brookhurst St 1 Hanshaw Center $3,540,489 $252.89 $91.02 14,000 38,899 - C1 1/31/2017 Anaheim, CA 92801 5 4 3201-3225 Carson St Lakewood Country Club 2 $6,950,000 $474.31 $157.81 14,653 44,039 6.00% C1 5/4/2017 1 1112 N Brookhurst St Center 3201-3225 Carson St Lakewood, CA 90712 2 3 30 Centerpointe Dr 3 30 Centerpointe Dr 1 4 8236-8244 Firestone Blvd Bldg L - Centerpointe La 3 $6,550,000 $315.22 $66.83 20,779 98,010 - B-1 8/30/2018 2 5 8230-8240 Norwalk Blvd Palma 6 8111 Rosecrans Ave La Palma, CA 90623 13331 Artesia Blvd 8236-8244 Firestone Blvd 4 Bldg. 1 - Downey Gateway $6,463,841 $559.20 $197.85 11,559 32,670 - M2 1/24/2018 SALES COMPARABLES | PRICE/SF Downey, CA 90241 8230-8240 Norwalk Blvd Subject 5 $4,492,007 $333.06 $109.70 13,487 40,946 - C1 10/5/2018 Whittier, CA 90606 Property: $353 8111 Rosecrans Ave 6 $4,350,000 $337.68 $123.29 12,882 35,284 5.01% C-3 10/25/2018 Paramount, CA 90723 Average $5,391,056 $378.73 $124.42 14,560 48,308 - - - 12 13 13331 ARTESIA BOULEVARD .
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