18TH & BROADWAY FOR SALE | 15,000 SF OF DEVELOPABLE SantaLAND IN SANTA Monica MONICA 2 18TH & BROADWAY | Santa Monica FOR SALE 18TH & BROADWAY Santa Monica EXCLUSIVELY LISTED BY:
T.C. MACKER, CCIM JENNIFER MOSCOSO WESTMAC COMMERCIAL BROKERAGE COMPANY President Associate 1515 S. Sepulveda Boulevard, 310.966.4352 310.966.4397 Los Angeles, CA 90025 [email protected] [email protected] DRE# 01096973 DRE# 01232033 DRE# 02044716 www.westmac.com
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4 18TH & BROADWAY | Santa Monica EXECUTIVE SUMMARY 1807 BROADWAY +1449 18TH ST
WESTMAC Commercial Brokerage Company, as exclusive agent, is pleased to present the sale of 1807 Broadway and 1449 18th Street (“18th and Broadway”), two parcels of land on the NEC of Broadway and 18th Street totaling 15,000 square feet in Santa Monica, California.
The property is zoned Mixed-Use Boulevard Low (MUBL) giving buyers an opportunity for future development. The property is currently leased to a local car dealer as a parking lot for $13,733 a month. The lease expires on September 30, 2020 with no option to extend. This is a rare opportunity for a buyer/developer to receive income while they process their entitlements.
The first class location is 0.2 miles from the Expo Metro Station at 17th and Colorado and easily accessible from all over Los Angeles via the I-10 Freeway on ramp and offramp at 20th Street. The property is a few block from both Santa Monica UCLA Medical Center and Providence St. John’s Medical Center. Large complexes, such as the Watergarden and Colorado Center, are nearby, and are home to leading employers like Amazon, Oracle, Universal Music Group, CBS, Edmunds, Viacom, Lionsgate and many more! There are numerous walkable amenities, including a grocery story (Santa Monica Co-Opp), coffee, restaurants, fitness and shopping.
The underlying zoning allows for mixed-use (retail and apartments), office, medical (with CUP) and other potential uses, making 18th & Broadway one of the last blank canvases left in all of Santa Monica!
5 1807 Broadway, Santa Monica, CA 90404 & Address: 1449 18th Street, Santa Monica, CA 90404
Lot Size: 15,000 SF total (7,500 SF each)
Zoning: MUBL (Mixed Use Boulevard Low) Price: $7,495,000 2 parcels $/PSF: $500/SF on land of land
OFFERING SUMMARY 6 18TH & BROADWAY | Santa Monica N
2 parcels of land
Broadway 18th Street
15,000 SF OF LAND FOR SALE IN SANTA MONICA
18th Court
7 PROPERTY OVERVIEW Parcel Map APN(s): 4275-010-013 & 4275-010-014
Cross Streets 18th Street and Broadway
Neighborhood: Mid City (Santa Monica)
Zoning: MUBL ‘‘ 50’
14 13
Use: Parking Lot ‘‘ 150’
Dimensions 150’ x 100’
150’ on Broadway Frontage 100’ on 18th Street
Walk Score 89 (Very Walkable)
50 8 18TH & BROADWAY | Santa Monica N Aerial View 18th Court 14
13
9 Tenant: TKAT Inc.
LEASE ABSTRACT Use: Parking Lot
Rent: $13,733.33 per month
Lease Commencement: October 15, 2018
Lease Expiration: September 30, 2020
Security Deposit: $26,000
Options: None
10 18TH & BROADWAY | Santa Monica Summary of Lease Both parcels are currently leased to one tenant for use as a parking lot. The current tenant is responsible for the upkeep of the property. The tenant’s lease ends on September 30, 2020. There is no option to extend.
11 PROPERTY HIGHLIGHTS
IRREPLACEABLE SANTA MONICA LOCATION Commonly referred to as “Silicon Beach” due to the technological and entrepreneurial boom that has caused a spike in demand for area office, retail and housing markets.
DENSE IMMEDIATE POPULATION WITH AFFLUENT AREA DEMOGRAPHICS Santa Monica attracts a number of high-level executives, celebrities and other high-earning individuals thanks to the city’s close proximity to the entertainment business and its central location within Silicon Beach.
ACCESSIBILITY & TRANSIT ORIENTED Located 0.2 miles from the Metro Rail Expo Line station at 17th Street and Colorado. The I-10 Freeway is approximately 0.5 miles from the property, giving travelers access to and from all parts of the city. A Big Blue Bus stop is located at corner of Broadway and 18th Court.
NEAR POPULAR TOURIST DESTINATIONS Less than 1.5 miles from Downtown Santa Monica, Santa Monica State Beach, Santa Monica Pier, and the Third Street Promenade. The Third Street Promenade brings an average of 40,000 pedestrians to Downtown Santa Monica per day.
12 18TH & BROADWAY | Santa Monica DOWNTOWN SANTA MONICA 1.3 miles
18th Street
Broadway 13 The property contains two (2) parcels of land currently used as a parking lot. Each parcel of land is 7,500 SF for a total of DEVELOPMENT 15,000 square feet of land. Both parcels are zoned Mixed-Use POTENTIAL Boulevard Low (MUBL). The zoning allow for a new two to three story development and 1.25 to 1.75 FAR (18,750 SF – 26,250 SF building based on a 15,000 square foot lot). 100% affordable projects here have an increased FAR of 2.0 and maximum height of 47’. PossibleZONING: MUBL | SPECIFIC Buildable PLAN: GENERAL PLAN Tier 2 - w/ The zoning for this part of Broadway encourages the Tier 1 - Base Community transformation of pedestrian friendly streets. The following is Standard Benefit Provisions pulled from Santa Monica’s zoning code: This Zoning District is intended to facilitate the transformation of sections of boulevards Maximum Height: 2/32’ 3/36’ into vibrant, highly walkable areas with broad, pedestrian-friendly sidewalks, trees, landscaping, and local-serving uses with new Maximum Stories: Two (2) Three (3) buildings that step down in relationship to the scale and character of adjacent low density neighborhoods. Allowable ground floor Maximum FAR: 1.25 1.75 uses include active, local-serving retail, open spaces such as plazas, service-oriented commercial uses, and residential and Possible Buildable: 18,750 SF 26,250 SF hotel uses in limited areas. Residential development for all income levels is the predominant use above the first floor.
14 18TH & BROADWAY | Santa Monica 5/9/2020 ArcGIS - Santa Monica Zoning
Santa Monica Zoning Zoning
Single-Unit Residential Low Density Residential Medium Density Residential High Density Residential Ocean Park Single- Unit Residential
Ocean Park Duplex
Ocean Park Low Density Residential Ocean Park Medium Density Residential Ocean Park High Density Residential Mixed-Use Boulevard Low
Mixed-Use Boulevard
General Commercial
Neighborhood Commercial Industrial Conservation
Office Campus
Healthcare Mixed- Use
zoning application 600ft
City of Santa Monica Planning and Community Development Department | Emilio Solano Los Angeles County Assessor 500 W Temple Street Los Angeles, CA 90012 [email protected] | Bureau of Land Management, Esri, HERE, Garmin, INCREMENT P, NGA, USGS
https://www.arcgis.com/home/webmap/print.html 1/1 Aerial View
The finding and recommendations in this report are based upon public information available. We believe that this report provides factual review of current zoning designation and development regulations for the Site. However, due to discretionary methods used by the City of Los Angeles for denoting zones and previous zoning actions, it is possible that this information may not reflect future City actions related to the subject site. Also, regulations and procedures for the planning and development process in the City of Los Angeles are frequently changed or updated. For these reasons, Seller nor WESTMAC Commercial Brokerage Company cannot guarantee the accuracy of this report and cannot guarantee that there are no errors or omissions in this report. 15 16 18TH & BROADWAY | Santa Monica 17 AREA SUMMARY: SANTA MONICA Santa Monica
Santa Monica is Southern California’s premier coastal destination for business, entertainment, shopping, and upscale housing. Consisting of 8.5 square miles, Santa Monica is bordered by the Pacific Ocean on the west and features 3-miles of scenic coastline along Santa Monica Bay. Bordering cities include the Pacific Palisades to the north, Brentwood and West Los Angeles to the east, and Venice to the south. Santa Monica is one of the oldest cities in Los Angeles County and has become a major business center and high-end residential locale, as well as a popular restaurant and entertainment district.
More than 7 million visitors a year come to Santa Monica because it is a renowned beach city and close to other Los Angeles attractions. Santa Monica Beach averages more than 300 days of sunshine a year and offers some of the best sunsets on the West Coast.
Downtown Santa Monica draws thousands of visitors and residents to its streets and coastline. Located alongside the famous Pacific Coast Highway, Downtown Santa Monica is home to the Santa Monica Pier, Third Street Promenade, Santa Monica Place Shopping Center, Palisades Park and Santa Monica beach. With breathtaking ocean views that stretch as far as the eye can see, it has arguably the best sightseeing a city can offer.
18 18TH & BROADWAY | Santa Monica DEMOGRAPHICS1-3-5 Mile
Demographics from 1-3-5 Miles From Subject Property POPULATION 1-Mile 3-Mile 5-Mile Population (2020 Estimate): 40,319 229,509 481,581
HOUSEHOLD 1-Mile 3-Mile 5-Mile Median HH Income (2020): $93,400 $100,165 $97,439
Average HH Income (2020): $118,579 $132,303 $130,397
BUSINESS 1-Mile 3-Mile 5-Mile # of Businesses: 5,851 21,049 38,308
Consumer Spending: $562,366 $3,394,273 $6,749,588
19 SantaMID Monica CITY
Mid-City is geographically defined by Washington Avenue to the north, Centinela Avenue to the east, Colorado Avenue (adjacent to the industrial areas) and Santa Monica Boulevard to the south and 5th Street to the west. The area to the east of this neighborhood connects central Santa Monica to the West Los Angeles area, while the area to the west is a dense urban area characterized by its wide variety of architectural styles.
Mid-City is intersected by three major boulevards (Broadway, Santa Monica - Mid City - LUCE (Land Use Circulation Element) Santa Monica Boulevard and Wilshire Boulevard), and has an array of neighborhood- and regional-serving businesses and amenities within a short walk of most homes. The commercial ZILLOW HOME VALUE INDEX services not only provide the neighborhood with products and Median Home Value $1,138,905 services, but they also offer an assortment of employment opportunities for area residents.
A significant feature of Mid-City is Santa Monica’s medical ZILLOW RENT INDEX industry, which is anchored by Santa Monica-UCLA Medical Median Rent Price $3,500 Center and Saint John’s Health Center. These large complexes draw thousands of workers and patients to their locations every day.
20 18TH & BROADWAY | Santa Monica MID CITY
21 PLAYA VISTA MARINA DEL REY VENICE
MAR VISTA
PICO BOULEVARD
18TH & BROADWAY
BROADWAY
19TH STREET Santa Monica 22 18TH & BROADWAY | Santa Monica VENICE N OCEAN PARK
OLYMPIC BOULEVARD
MEMORIAL PARK COLORADO BOULEVARD
18TH & BROADWAY 17TH STREET
18TH STREET
SANTA MONICA BOULEVARD 23 LOCATION MAP
18TH & BROADWAY Santa Monica
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PacificOcean
24 18TH & BROADWAY | Santa Monica 18thStreet Broadway
18thCourt
25 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 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.
26 18TH & BROADWAY | Santa Monica DISCLAIMER
27 18TH & BROADWAY FOR SALE | 15,000 SF OF DEVELOPABLE SantaLAND IN SANTA Monica MONICA
FOR MORE INFORMATION CONTACT:
T.C. MACKER, CCIM JENNIFER MOSCOSO President Associate 310.966.4352 310.966.4397 1515 S. Sepulveda Boulevard, [email protected] [email protected] Los Angeles, CA 90025 DRE# 01232033 DRE# 02044716 DRE# 01096973 www.westmac.com