FOR SALE | PRIME HARD SIGNALIZED CORNER RETAIL MINUTES FROM LAX
6200 W. MANCHESTER AVENUE LOS ANGELES, CA 90045 FOR SALE | PRIME HARD SIGNALIZED CORNER RETAIL MINUTES FROM LAX 6200 W. MANCHESTER AVENUE LOS ANGELES, CA 90045
BILL UKROPINA T.C. MACKER, CCIM Senior Executive Vice President President 626.844.2200 310.966.4352 [email protected] [email protected] DRE # 00820557 DRE # 01232033
COLDWELL BANKER COMMERCIAL NRT WESTMAC COMMERCIAL BROKERAGE COMPANY 388 S. Lake Ave., Pasadena, CA 91101 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 www.cbcnrt.com www.westmac.com Company DRE # 00616212 Company DRE # 01096973
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6200 W MANCHESTER AVE | OFFERING MEMORANDUM 2 3 EXECUTIVE SUMMARY
Coldwell Banker Commercial NRT and WESTMAC Commercial Brokerage Company are pleased to present the rare opportunity to acquire 6200 W. Manchester Ave., Los Angeles, California in the affluent community of Westchester, minutes from Los Angeles International Airport.
6200 W. Manchester Avenue is a ± 4,254 square foot retail building situated on ± 6,129 square feet of land at the signalized intersection of Manchester Avenue and Truxton. It is comprised of two (2) retail units. One (1) vacant space previously occupied by a liquor store, and one (1) fitness tenant occupying ± 2,167 square feet until August 31, 2023. There is a month-to-month billboard on top of the roof that is currently leased at $1,000 per month. There is ample free public parking located in a reciprocal parking lot adjacent the subject property.
Built in 1948, 6200 W. Manchester Avenue is located in the Westchester Triangle Commercial Historic District, a small historic district containing largely one-story buildings with prominent storefronts in the Commercial Vernacular style. The building features display windows, stone brick cladding, and projecting blade signage. The hard corner location and prominent signage offers tenants and users great visibility along a highly traveled thoroughfare.
6200 W. Manchester Avenue is located in the South Bay region of Los Angeles county, a short drive from LAX, Playa Vista, El Segundo, Manhattan Beach, and the future LA Rams/Chargers stadium. Nearby large employers include Northrup Grumman, The Aerospace Corporation, Lockheed Martin, Boeing, Teledyne, Space X, Tesla, Raytheon, and many more. Easy access to the 405/110/105 freeways, and ample amenities surround the property.
In addition, an influx of technology companies that make up Silicon Beach, Westchester is home to Loyola Marymount University, and a highly affluent demographic, which makes 6200 W. Manchester an excellent owner-user opportunity.
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 4 5 PROPERTY SUMMARY
ADDRESS 6200 W. Manchester Avenue, Los Angeles, CA 90045
APN 4123-003-014
BUILDING SIZE +/- 4,254 square feet (per tax record)
LAND SIZE +/- 6,129 square feet
TYPE Retail
BUILT 1948
ZONING LAC2
STORIES One (1)
NO. OF UNITS Two (2)
OCCUPANCY 51%
FRONTAGE Approx. 80’ along Manchester Avenue
PARKING Free parking located in the adjacent Reciprocal Parking Lot (see pg. 9 for map)
ASKING PRICE $3,388,000 ($796/SF)
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 6 PARCEL MAP
N
7 6200 W MANCHESTER AVE | OFFERING MEMORANDUM 8 RENT ROLL SUMMARY LEASE & OTHER DUE DILIGENCE DOCUMENTS AVAILABLE UPON REQUEST
TENANT SQ FT RENT MONTHLY RENT ANNUAL CAM% LEASE EXPIRES INCREASES
Fitness 2,167 $4,775 $57,300 51.6% 8/31/2023 3% annual
Billboard 0 $1,000 $12,000 - MTM -
Former Liquor Store (vacant) 2,087 $0 $0 - - -
Totals 4,254 $69,300
NOTES REGARDING FITNESS TENANT: Tenant is not responsible for real estate taxes. Tenant has one (1) three (3) year option to renew at Fair Market Rent. Tenant has the Right of First Refusal and has ten (10) days to purchase at the listed price.
9 PROPERTY HIGHLIGHTS
• OWNER USER OPPORTUNITY The building is currently 49% vacant, presenting owners users with opportunity to occupy space along an amenity rich Los Angeles commerce corridor.
• STRONG MARKET DEMOGRAPHICS Due to increasing demand from healthcare, biotech, e-commerce, & life science industries, and the close proximity to LAX and the Port of Los Angeles, homes have been in high demand and driving up prices. In addition, new developments like the stadium in Inglewood, the expansion of LAX and a resurgence of aerospace jobs coming back into the South Bay have helped fuel the boom.
• EXCELLENT VISIBILITY The building is on a hard corner at a signalized intersection. The building’s unique architecture includes excellent pylon signage and ample frontage which presents great visibility opportunity along highly-traveled Manchester Avenue. The estimated traffic volume is over 31K vehicles per day at the intersection of Manchester & Truxton, and over 52K vehicles per day at the intersection of Manchester and Sepulveda.
• AMENITY RICH AREA The property is located along major Manchester Avenue thoroughfare, one block east if major Sepulveda Boulevard. There are many dining and shopping options in the immediate area including the Runway Shopping Center. Surrounding retailers include: IHop, Staples, CVS, Trader Joe’s, Home Goods, TJ-Maxx, Panera Bread, Starbucks, Ralph’s, Ross Dress for Less, Kohl’s, Bed Bath and Beyond, and many others.
• BOOMING COMMERCE HUB Part of Silicon Beach, the area is home to several major Class A office campuses occupied by some of the world’s leading media and entertainment companies. Area employers include Snap, Inc., Google, Youtube, Sony, Electronic Arts, Pop Media, and many others.
• ACCESSIBILITY & TRANSIT ORIENTED The property is easily accessible to the 105 freeway, the 10 freeway, and the 405 freeway. The property is located just south from the Los Angeles International Airport (LAX).
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 10 MANCHESTER AVENUE
SUBJECT PROPERTY PARCEL ID: 4123-003-014
RECIPROCAL PARKING LOT SEPULVEDA BOULEVARD SEPULVEDA
RECIPROCAL PARKING LOT
Fresh on the scene is Platform, which houses art, eateries, and merchants. Platform is one of Culver City’s newest and most beautiful buildings comprised of a collection of the world’s best chefs, creative companies and vendors.
11 EXTERIOR | VACANT SPACE (FORMER LIQUOR STORE)
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 12 INTERIOR | VACANT SPACE
13 EXTERIOR | FITNESS TENANT (DBA “HORN STRENGTH CONDITIONING”)
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 14 INTERIOR | FITNESS TENANT
15 6200 W MANCHESTER AVE | OFFERING MEMORANDUM 16 17 AREA SUMMARY
Westchester is a neighborhood in Los Angeles and the Westside Region of Los Angeles County, California.
It is home to Los Angeles International Airport, Loyola Marymount University, Otis College of Art and Design, and Westchester Enriched Sciences Magnet Schools (formerly Westchester High School). The main part of Westchester is flanked by Playa Vista and Culver City on the north, Inglewood and Lennox on the east, Hawthorne on the southeast, Del Aire and El Segundo on the south and Playa del Rey on the west. It includes all of the Los Angeles International Airport.
Westchester began the 20th century as an agricultural area. The rapid development of the aerospace industry near Mines Field (as the Los Angeles Airport was then known), the move of then Loyola University to the area in 1928, and population growth in Los Angeles as a whole created a demand for housing in the area.
6200 W. Manchester Avenue is located in the Westchester Triangle Commercial Historic District. The Westchester Triangle Commercial Historic District is an excellent example of a postwar neighborhood shopping center planned as part of a larger postwar residential development, and illustrates the rapid growth of this part of Los Angeles in the immediate post-World War II period.
A total of 39,480 people lived in Westchester’s 10.81 square miles, according to the 2010 U.S. census, and that figure included the uninhabited acreage of the Los Angeles International Airport—resulting in a density of 3,652 people per square mile, among the lowest population densities in the city of Los Angeles but about average for the county.
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 18 19 N WESTCHESTER
110 PLAYA DEL REY 405 INGLEWOOD
Vista Del Mar LAX 105
1 W 120th St
E El Segundo Blvd EL SEGUNDO Vermont Ave
HAWTHORNE Hawthorne Blvd Hawthorne
Crenshaw Blvd AviationBlvd
Highland Ave Rosecrans Ave W Rosecrans Ave GARDENA Marine Ave
MANHATTAN BEACH Manhattan Beach Blvd 710
W Redondo Beach Blvd
107 Artesia Blvd 91
110 HERMOSA BEACH 405 Ripley Ave W 190th St
Prarie Ave
Crenshaw Blvd
Hermosa Ave 213
THE SOUTH BAY Del Amo Blvd Hawthorne Blvd Hawthorne REDONDO BEACH Torrance Blvd 47
The South Bay is a region of the S Western Ave TORRANCE CARSON Los Angeles metropolitan area, Sepulveda Blvd 405 located in the southwest corner 710 Lomita Blvd of Los Angeles County. The 1
name stems from its geographic 113 LOMITA location stretching along the WILMINGTON HARBOR CITY southern shore of Santa Monica PALOS VERDES ESTATE ROLLING HILLS Bay. The South Bay contains ESTATES 110 fifteen cities plus portions of the City of Los Angeles and ROLLING HILLS e
v
A
n unincorporated portions of the RANCHO r 47 ste PALOS VERDES e W
S
P county. The area is bounded by a lo s
Verde PORT OF s D the Pacific Ocean on the south r S LOS ANGELES
and west and generally by the SAN PEDRO City of Los Angeles on the north and east.
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 20 DISTANCE FROM SUBJECT PROPERTY 1.9 mi 6 mi
LAX MANHATTAN BEACH 7.2 mi 3.1 mi
HERMOSA BEACH PLAYA VISTA
MAJOR INDUSTRIES Importing/ Exporting, Aerospace, Automotive & AREA HIGHLIGHTS Oil Refining. • The South Bay region is considered the epicenter of Southern California’s thriving Industrial, Shipping & Exporting & manufacturing industry. SPACE X - HAWTHORNE BOEING - EL SEGUNDO • The area is home to several major Class A office campuses occupied by some of the world’s leading aerospace and research & manufacturing companies. CHEVRON - EL SEGUNDO PBF ENERGY - TORRANCE Area employers include Space X, Tesla, Boeing, Northrop Grumman, US Air Force, Aerospace Corporation, Raytheon Space and Airborne Systems, and many others.
TESLA - HAWTHORNE HONDA - TORRANCE • Millennials are flocking to area for its work/live/play environment.
• Close to the 405 and 105 Freeways which gives travelers accessibility to LAX PORT OF LOS ANGELES Orange County and various parts of Los Angeles County.
• Area gives immediate access to Los Angeles International Airport (LAX).
21 DEMOGRAPHICS
POPULATION 1-MILE 3-MILE 5-MILE
2020 Estimated Population 17,579 217,858 629,845
2025 Projected Population 17,805 219,268 632,362
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
2020 Estimated Households 6,904 82,969 246,808
2020 Avg. Household Income $133,299 $106,109 $102,895
2020 Med. Household Income $109,020 $74,835 $73,151
BUSINESS 1-MILE 3-MILE 5-MILE
Total Businesses 1,451 10,891 27,252
# of Employees 14,298 139,203 294,813
6200 W MANCHESTER AVE | OFFERING MEMORANDUM 22 LOCATION MAP N
LAX
23 6200 W MANCHESTER AVE | OFFERING MEMORANDUM 24 DISCLAIMER
This offering has been prepared solely for informational purposes. While the information contained herein is from sources deemed reliable, it has not been independently verified by WESTMAC Commercial Brokerage Company, Coldwell Banker Commercial NRT, or by the Seller.
This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent.
Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE.
The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer.
Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
25 6200 W. MANCHESTER AVENUE LOS ANGELES, CA 90045
FOR MORE INFORMATION CONTACT LISTING AGENTS.
BILL UKROPINA T.C. MACKER, CCIM Senior Executive Vice President President 626.844.2200 310.966.4352 [email protected] [email protected] DRE # 00820557 DRE # 01232033
COLDWELL BANKER COMMERCIAL NRT WESTMAC COMMERCIAL BROKERAGE COMPANY 388 S. Lake Ave., Pasadena, CA 91101 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 Company DRE # 00616212 Company DRE # 01096973