For Sale 2245-2251 Westwood Boulevard Los Angeles, CA 90064 For Sale | Two Freestanding Commercial Buildings in West L.A. 2245-2251 Westwood BoulevardLos Angeles, CA 90064 T.C. Macker, CCIM President D. 310.966.4352 [email protected] DRE# 01232033 Jennifer Moscoso Associate D. 310.966.4397 [email protected] DRE# 02044716 Lauren Sackler Associate D. 310.966.4351 [email protected] DRE# 02082395 WESTMAC Commercial Brokerage Company 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 Phone 310.778.7700 Company DRE# 01096973 www.westmac.com © 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. © 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. 2245-2251 WESTWOOD BOULEVARD Executive Summary WESTMAC Commercial Brokerage Company, as exclusive agents, are pleased to present for sale, 2245-2251 Westwood Boulevard in West Los Angeles. 2245-2251 Westwood Boulevard is situated on one parcel, and is comprised of one single-story retail building, and one two-story mixed-use building. The retail building, which has 40’ of frontage on Westwood Boulevard, is approximately 1,800 square feet, is currently subdivided into two spaces, but occupied by a single tenant. The mixed-use building is set behind the retail building, separated by 5 tandem parking spaces (10 total). The mixed-use building is comprised of four units totaling approximately 2,600 square feet. The bottom floor of the building is approximately 1,400 square feet and will be delivered leased (lease pending). The top floor of the building is divided into two residential units (each 1 bedroom, 1 bath) of about 600 square feet each, separated by a main stairway. They are occupied by one long term tenant and one new tenant (lease pending). The parcel is zoned LAC4 and a TOC (Transit Oriented Communities) Tier 3 which allows for greater development potential for developers looking to build in a revitalizing area. They property is located one-quarter mile from One Westside, the site of a former shopping mall which is being converted into nearly 600,000 square feet of offices, which Google has pre-leased. 2245-2251 Westwood Boulevard offers buyers the opportunity to purchase on Westwood Boulevard, a street best known for it’s ample retail amenities within a densely populated part of West Los Angeles. 4 5 6 Property Summary ADDRESS 2245-2251 Westwood Blvd., Los Angeles, CA 90064 APN 4322-002-017 BUILDING SIZE ± 4,400-square feet (3,642 SF per tax record) LAND SIZE ± 5,400-square feet (5,405 SF per tax record) PROPERTY TYPE Retail & Mixed-Use BUILT 1940 ZONING C4-1VL-POD; Tier 3 TOC FRONTAGE 40’ along Westwood Blvd. (front building only) TENANCY Multiple PARKING Room for approximately ten (10) cars parked (5 tandem spaces) Investment Summary OWNERSHIP Fee Simple NOI $159,375 CAP RATE 3.98% SALE PRICE $4,000,000 ($909/SF) PROPERTY TOURS Contact Listing Agents for Details 7 Property Composition The property is being offered for sale. Offering includes both front and rear commercial buildings. The front building is comprised of 2 retail units currently leased to the same tenant.. The back building is comprised of 4 office/residential units, the ground floor has two 2 office units which will be leased to one tenant, and two second-floor apartment units. Each unit is one-bedroom, one bath. Both apartment units will be delivered leased. 8 Aerial View Parcel Map 9 Financial Summary INCOME ANALYSIS Total Buildings +/- 4,400-sf Total Land +/- 5,400-sf Total Parking 10 (5 tandem spaces) INCOME ANALYSIS EXPENSES ANNUAL Gross Rental Income $210,000 Taxes $48,800 Less Operating Expenses ($50,625) Insurance $1,825 NOI $159,375 Total $50,625 - Real Estate Taxes are estimated at 1.22% based on a purchase price of $4,000,000. - Tenants pay expenses. Owner pays for Taxes and Insurance. - Income analysis does not take into account renovations costs, Tenant Improvements, Carry or Leasing Commissions. 10 RENT ROLL RENT RENT UNIT USE SIZE RENT (PSF) NOTES (MONTHLY) (ANNUAL) Front Building 4045 Retail 900 sf $4.17 $3,750 $45,000 Units 4045 & 4047 leased by same tenant. 4047 Retail 900 sf $4.17 $3,750 $45,000 Lease term ends at end of year. No options. Total 1,800 sf $7,500 $90,000 Rear Building 4049 A & 4051 A Recording Studio 1,400 sf $4.29 $6,000 $72,000 Lease (pending). Term 1 year. No options. 4049 B Apartment 600 sf $2.50 $1,500 $18,000 Long term tenant. MTM. 4051 B Apartment 600 sf $4.17 $2,500 $30,000 Lease (pending). Term 1 year. Total 2,600 sf $10,000 $120,000 Total Property 4,400 sf $17,500 $210,00 11 Front Building 2245-2247Westwood Boulevard Building Summary The front building, 2245-2247 Westwood Boulevard is comprised of one-story approximately 1,800-square feet. There are 2 total units. Each unit is approximately 900-square feet. Both of the units are occupied by a single retail tenant (see lease abstract). The building is well maintained and each unit is separately metered. 12 Lease Abstract UNIT USE Retail UNIT # 2245 & 2247 (entire bldg.) Westwood Boulevard UNIT SIZE ± 1,800-square feet LEASE TERM Expires end of 2019, then MTM OPTION None RENT $7,500 per month for both units PARKING Two (2) spaces EXPENSES: Tenants pay all utilities. Owner pays taxes & insurance 13 Back Building 2249-2251Westwood Boulevard Building Summary The rear building, 2249-2251 Westwood Boulevard is comprised of approximately 2,600-square feet. There are 4 total units - 2 office units (2449A & 2451A) located downstairs and 2 one-bedroom, one bath apartment units (2449B & 2451B) on the second floor. The first floor is made up of approximately 1,400-square feet, and the second floor approximately 1,200-square feet. The ground-floor can be divided into 2 spaces or kept as one. The entire rear building will be delivered leased (see lease abstract). The building is well maintained, and newly painted. 14 Lease Abstract 1st Floor UNIT USE Recording Studio UNIT # 2251 A & B (entire 1st flr.) UNIT SIZE ± 1,400-square feet LEASE TERM One (1) year; commencing 12/2019 OPTION None RENT $6,000 per month PARKING Two (2) spaces Lease Abstract 2nd Floor UNIT USE Apartment UNIT USE Apartment Westwood Boulevard UNIT # 2249-B UNIT # 2251-B UNIT SIZE ± 600-square feet UNIT SIZE ± 600-square feet LEASE TERM MTM LEASE TERM One (1) year; commencing 12/2019 OPTION None OPTION None RENT $1,500 per month RENT $2,500 per month PARKING One (1) space PARKING One (1) space EXPENSES: All tenants pay electric and water. Owner pays taxes & insurance 15 Unit 4249A & 4251A (1st floor) 16 Unit 4251-B (2nd floor) 17 Offering Highlights HIGH VISIBILITY Front Building provides ample frontage which presents a great signage opportunity along highly-traveled Westwood Boulevard; 0.03 miles SW from the intersection of Olympic and Westwood Boulevards, where estimated traffic volume is over 56K vehicles per day. PRIME WESTSIDE LOCATION Bustling with retailers, surrounded by dense residential neighborhoods, minutes from UCLA and the future Google offices taking over the Westside Pavilion, and in the heart of technology-driven Silicon Beach, 2245-2551 Westwood Boulevard offers buyers unbeatable locale. INVESTOR OPPORTUNITY Building will be delivered 100% leased,offering owners with opportunity to own along a major Los Angeles commerce corridor. FUTURE DEVELOPMENT OPPORTUNITY The land is zoned C-4 and a TOC (Transit Oriented Communities) Tier 3 which allows for greater height, residential density and FAR for development. Buyers are encouraged to contact city about potential developments. 18 DENSE, AFFLUENT RESIDENTIAL POPULATION Area is surrounded by dense residential streets and hundreds of apartment units. The population within a 3-mile radius of the property is estimated at over 320,000. The median household income within 1-mile of the property is over $95,000. 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 Snapchat, Google, USC, Sony, Electronic Arts, and many others. Google will also be moving into the now developing offices at the former Westside Pavilion. AMPLE WALKABLE AMENITIES Plentiful walkable amenities along Westwood Boulevard including Starbucks, Chase Bank, Poquito Mas, Pastina Trattoria, Matteo’s, Hertz, Pitfire Pizza, California Chicken Cafe, and many more. ACCESSIBILITY & TRANSIT ORIENTED The property is easily accessible to both the 10 and 405 freeways. It’s located just South of Olympic Boulevard and North of Pico Boulevard, and is less than 0.5 miles East of Sepulveda Boulevard. Westwood Boulevard is also pedestrian friendly with multiple City bus stops. It is also approximately one mile NE from the Metro’s Expo Rail line at Exposition and Sepulveda Boulevard. 19 WEST L.A. Market Highlights The property is located on prominent Westwood Boulevard, just south of Olympic Boulevard. The area has seen recent growth due to the announcement of two major office developments. Demographics Hudson Pacific Properties and Macerich have partnered to transform the Westside Pavilions Mall (the middle of which intersects Pico Boulevard and Westwood Boulevard) into a 584,000 square foot office campus, which has been pre- leased to Google.