FOR SALE PRICE REDUCTION WILSHIRE 8620 BOULEVARD OWNER-USER BUILDING IN PREMIER BEVERLY HILLS T.C. Macker, CCIM Jennifer Moscoso WESTMAC Commercial Brokerage Company President Associate 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 D. 310.966.4352 D. 310.966.4397 Phone 310.778.7700 [email protected] [email protected] Company DRE# 01096973 DRE# 01232033 DRE# 02044716 www.westmac.com 2 © 2019 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission. 3 4 EXECUTIVE SUMMARY WESTMAC Commercial Brokerage, as exclusive advisor, is pleased to present the sale of 8620 Wilshire Boulevard, a freestanding commercial building in coveted Beverly Hills surrounded by high-end retail, five-star dining establishments, and luxury hotels. Blocks from the heavily traveled intersection of La Cienega Boulevard and Wilshire Boulevard, 8620 Wilshire Boulevard is comprised of one +/- 4,076-square foot single-story building on +/- 5,056-square feet of land nestled mid-block between S. Carson Road and S. Stanley Drive. Built in 1951, the building offers unique design elements both with indoor and outdoor elements that make this property an architectural gem. The property previously operated as the Phillipe Chow restaurant with build-out that includes an outdoor courtyard, bar area, full kitchen with stainless steel appliances, and three private restrooms. The property is vacant with BHC3* zoning (check with city for allowable uses). 8620 Wilshire Boulevard is in close proximity to world class museums, shopping and dining including the Los Angeles County Museum, Petersen Automotive Museum, the Farmer’s Market, Beverly Connection, Beverly Center and La Cienega Boulevard’s Restaurant Row. 8620 Wilshire Boulevard is an incredible opportunity for buyers looking to purchase a preeminent location in one of the most in demand real estate markets in the world. 5 PROPERTY INFORMATION ADDRESS 8620 Wilshire Blvd., Beverly Hills, CA 90211 APN 4333-018-035 BUILDING SIZE +/- 4,076-square feet (per tax record) LOT SIZE +/- 5,056-square feet (per tax record) BUILT 1951 ZONING BHC3* STORIES One (1) FRONTAGE 42’ on Wilshire Blvd. TENANCY Single OCCUPANCY Vacant PARKING Metered street parking SALE PRICE $3,700,000 $3,200,000 *Must check with City of Beverly Hills for specific uses 6 PARCEL MAP 7 WILSHIRE BLVD N AERIAL VIEW FLOOR PLAN WILSHIRE BLVD 8 9 10 11 PROPERTY HIGHLIGHTS HIGH VISIBILITY Well positioned with great signage facing highly traveled Wilshire Boulevard. Estimated traffic volume at La Cienega and Wilshire Boulevard reported at well over 50K vehicles per day. OWNER USER OPPORTUNITY Property is currently vacant, this unique offering presents a great location for owner-users or value creation potential to capitalize on the high demand, low supply in Beverly Hills. PRIME RETAIL/OFFICE LOCATION Demand is huge and supply is always limited - rents have consistently grown, outperforming virtually all the retail submarkets in the Western United States. AFFLUENT DENSE RESIDENTIAL POPULATION Numerous dense residential neighborhoods generate significant demand for area retailers and services. Upscale community, populated by a high-earning demographic with a median household income reported at more than $89,000. AMPLE WALKABLE AMENITIES Surrounded by world class amenities, including the luxurious retailers, hotels and restaurants that cater to community residents, neigborhood workforce, and tourists from around the world. CLOSE PROXIMITY TO NEW DEVELOPMENT Situated directly in the path of progress and development including 48,000-square feet of new residential and the future site of the Wilshire & La Cienega Purple Line. 12 13 AREA SUMMARY 14 If you travel north on La Cienega, you will run WALK SCORE directly through Beverly Hill’s Original Restaurant Row , it’s the city’s popular restaurant scene that stretches from Wilshire Boulevard to San Vicente 89 Boulevard, offering excellent cuisine from mega chains to original concepts run by worold renown Very Walkable chefs. Gardenhouse is a new residential development under-construction at 8600 Wilshire Blvd. The Metro’s Purple Line is under construction at the northeast corner 8620 WILSHIRE of Wilshire Blvd. and La Cienega Blvd. BOULEVARD Estimated Completion: 2023 N 15 METRO PURPLE LINE EXTENSION The Metro’s Purple Line is under construction at the corner of Wilshire Blvd. and La Cienega Blvd. Given its location on a highly utilized north/south thoroughfare, the station will create seamless links to travel destinations along and near La Cienega Blvd., such as Restaurant Row, Beverly Center and Cedars Sinai Medical Center. NEARBY PARKING STRUCTURES Aside from metered street parking, there are nearby parking structures within a few blocks of the subject property that offer daytime parking, monthly parking and valet services. Check with individual lots for rates and availability. 16 GARDENHOUSE New development next door at 8600 Wilshire Boulevard brings 48,000 SF mixed-use residential to the neighborhood. Gardenhouse is an architectural gem by renowned architect, MAD Architects. BEVERLY HILLS RESTAURANT ROW RESTAURANTS The original Restaurant Row in Beverly Hills is located on La Cienega Boulevard, between Wilshire Boulevard and San Vicente Boulevard. This small section on the eastern edge of Beverly Hills still hosts some of the area’s finest restaurants including Spice Affair, Lawry’s The Prime Rib, Shan Social House, Fogo de Chao, SLS Hotel’s The Bazaar, The Stinking Rose, Matsuhisa, Genwa Beverly Hills, Morton’s Steakhouse, and others. Nearby tourist attractions are Beverly Center shopping mall, The Grove, Original Farmers Market, Miracle Mile museums and Beverly Hills hotspots. 17 AREA DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE Population (Current) 45,557 315,287 904879 Population (5 Yr. Forecast) 46,541 319,091 919,078 There are 34,109 residents and a workday population of more than 200,000 HOUSEHOLDS 1-MILE 3-MILE 5-MILE Beverly Hills has 16 hotels, 2,200 rooms, Households (Current) 22,267 147,350 389,072 including 5 five-star hotels Owner Occupied 6,151 45,609 105,255 Renter Occupied 16,115 101,741 283,817 11,000 businesses operate in Beverly Hills: $1.7 billion annual retail & food sales and $2 million of BUSINESS 1-MILE 3-MILE 5-MILE clothing sold every day Total Establishments 8,272 29,875 59,020 Total Employees 65,808 266,805 609,453 There are 6 million visitors to Beverly Hills each Total Consumer Expenditures $650,395 $4,141,158 $9,936,287 year INCOME 1-MILE 3-MILE 5-MILE 40% of families have an income Med. Household Income $85,296 $78,295 $61,718 greater than $150,000 Avg. Household Income $118,228 $110,325 $93,376 18 N 19 *207-209 S. Robertson Boulevard, Beverly Hills, CA 90211 20 SALE COMPARABLES 215 S. La Cienega Boulevard, Beverly Hills. CA 90211 Sale Date 3/29/18 Property Type Office Sale Price $9,250,000 Bldg SF 12,857 SF Price/SF $719 Land SF 10,890 SF Cap Rate 3.24% Year Built 1954 APN # 4333-027-009 Zoning BHC3 *207-209 S. Robertson Boulevard, Beverly Hills, CA 90211 Sale Date 10/13/17 Property Type Retail Sale Price $3,900,000 Bldg SF 3,727 SF Price/SF $1,046 Land SF 5,331 SF Cap Rate - Year Built 1952 APN # 4333-009-002 Zoning BHC3 153-155 S. Robertson Boulevard, Beverly Hills, CA 90211 Sale Date 1/29/19 Property Type Retail Sale Price $3,065,000 Bldg SF 2,623 SF Price/SF $1,169 Land SF 5,144 SF Cap Rate - Year Built 1945 APN # 4333-008-005 Zoning BHC3 *207-209 S. Robertson Blvd. is currently listed at $5.4MM 21 8901 Olympic Boulevard, Beverly Hills, CA 90211 Sale Date 6/21/19 Property Type Office Sale Price $5,850,000 Bldg SF 4,539 SF Price/SF $1,289 Land SF 6,290 SF Cap Rate - Year Built 1951 APN # 4333-005-017 Zoning BHC3YY 337-339 S. Robertson Boulevard, Beverly Hills, CA 90211 Sale Date 3/8/19 Property Type Retail/Office Sale Price $3,126,000 Bldg SF 4,493 SF Price/SF $696 Land SF 4,791 SF Cap Rate - Year Built 1951 APN # 4333-010-007 Zoning BHC3 9200 W. Olympic Boulevard, Beverly Hills, CA 90212 Sale Date 2/22/19 Property Type Office Sale Price $5,000,000 Bldg SF 5,472 SF Price/SF $914 Land SF 6,543 SF Cap Rate - Year Built 1936 APN # 4333-001-003 Zoning BHC3T2 22 416 S. Robertson Boulevard, Los Angeles, CA 90048 Sale Date 10/9/18 Property Type Retail/Office Sale Price $5,200,000 Bldg SF 6,110 SF Price/SF $851 Land SF 7,405 SF Cap Rate - Year Built 1940 APN # 4334-015-038 Zoning LAC2 8624 Wilshire Boulevard, Beverly Hills, CA 90211 Sale Date 7/3/18 Property Type Retail Sale Price $3,500,000 Bldg SF 2,100 SF Price/SF $1,667 Land SF 5,593 SF Cap Rate - Year Built 1950 APN # 4333-018-036 Zoning BHC3 186-194 N. Robertson Boulevard, Beverly Hills, CA 90211 Sale Date 3/6/18 Property Type Retail Sale Price $9,500,000 Bldg SF 11,389 SF Price/SF $834 Land SF 13,246 SF Cap Rate 4.92% Year Built 1943 APN # 4334-008-010 Zoning BHC344 23 426 S. Robertson Boulevard, Los Angeles, CA 90048 Sale Date 9/8/17 Property Type Retail Sale Price $7,800,000 Bldg SF 9,000 SF Price/SF $867 Land SF 11,107 SF Cap Rate - Year Built 1954 APN # 4334-015-037 Zoning LAC2 9145 Wilshire Boulevard, Beverly Hills, CA 90210 Sale Date 8/15/17 Property Type Retail Sale Price $12,300,000 Bldg SF 10,658 SF Price/SF $1,154 Land SF 13,991 SF Cap Rate - Year Built 1959 APN # 4342-032-030 Zoning BHC3 24 DISCLAIMER This offering has been prepared solely for informational purposes.