308 W Verdugo Ave 308 W Verdugo Ave Burbank, CA 91502 For more information contact: Cindy Hill, CCIM Senior Vice President 818.846.1611 [email protected] 00885625 Mark Maccalupo Senior Associate 818.432.1601 [email protected] 01930952 ● Newly Priced to Sell at $4,900,000 | 7.3% CAP! ● Production Office Building located in the Media Capital of the World with global production company tenant Fremantle ● New lease with (2) options totaling 7 years and has 3% annual increases; Tenants have 14 year history at this location ● Sale includes 16,500 sqft Building on a 21,522 sqft gated lot with approximately 24 parking spaces ● Buyer can also purchase second parking lot on Victory Blvd, 10,759 sqft, C-4 w/ 24 spaces; priced separately for $1.1 M Phone: 818-432-1500 ● Fax: 818-432-1501 ● 4061 Laurel Canyon Blvd. ● Studio City, CA 91604 ● www.valleyapartmentsales.com 308 W Verdugo Ave Burbank, CA 91502 REAL ESTATE INVESTMENT Analysis Analysis Date July 2017 Property Property 308 W Verdugo Ave Property Address 308 W Verdugo Ave Burbank, CA 91502 Year Built 1980 Purchase Information Financial Information Property Type Office All Cash Purchase Price $4,900,000 Tenants 1 Total Rentable Sq. Ft. 16,500 Loans Type Debt Term Amortization Rate Payment LO Costs All Cash Income & Expenses Contact Information Gross Operating Income $419,760 Cindy Hill, CCIM Monthly GOI $34,980 818.846.1611 Total Annual Expenses ($61,250) [email protected] Monthly Expenses ($5,104) 00885625 Mark Maccalupo 818.432.1601 [email protected] 01930952 p. 2 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. 308 W Verdugo Ave Burbank, CA 91502 EXECUTIVE SUMMARY ACQUISITION COSTS Purchase Price, Points and Closing Costs $4,900,000 Investment - Cash $4,900,000 INVESTMENT INFORMATION Purchase Price $4,900,000 Price per Tenant $4,900,000 Price per Sq. Ft. $296.97 INCOME, EXPENSES & CASH FLOW Gross Scheduled Income $419,760 Total Vacancy and Credits $0 Operating Expenses ($61,250) Net Operating Income $358,510 Debt Service $0 Cash Flow Before Taxes $358,510 FINANCIAL INDICATORS Cash on Cash Return Before Taxes 7.32% Debt Coverage Ratio N/A Capitalization Rate 7.32% Gross Income / Square Feet $25.44 Gross Expenses / Square Feet ($3.71) Operating Expense Ratio 14.59% p. 3 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. 308 W Verdugo Ave Burbank, CA 91502 PRO FORMA SUMMARY INCOME Actual Per SF Market Per SF Gross Potential Rent $419,760 $25.44 $419,760 $25.44 Less: Vacancy $0 $0.00 $0 $0.00 Effective Gross Income $419,760 $25.44 $419,760 $25.44 OPERATING EXPENSES Actual Per SF Market Per SF Taxes - Real Estate $61,250 $3.71 $61,250 $3.71 Total Expenses ($61,250) ($3.71) ($61,250) ($3.71) Net Operating Income $358,510 $21.73 $358,510 $21.73 p. 4 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. 308 W Verdugo Ave Burbank, CA 91502 PRO FORMA SUMMARY TENANT MONTHLY SCHEDULED INCOME Tenant Actual Market Original Productions $34,980 $34,980 TOTALS $34,980 $34,980 ANNUALIZED INCOME Actual Market Gross Potential Rent $419,760 $419,760 Less: Vacancy $0 $0 INVESTMENT SUMMARY Effective Gross Income $419,760 $419,760 Price: $4,900,000 Less: Expenses ($61,250) ($61,250) Year Built: 1980 Net Operating Income $358,510 $358,510 Tenants: 1 RSF: 16,500 Price/RSF: $296.97 ANNUALIZED EXPENSES Lot Size: 21,522 sf Actual Market Floors: 2 Taxes - Real Estate $61,250 $61,250 APN: 2451-022-032 Cap Rate: 7.32% Total Expenses $61,250 $61,250 Market Cap Rate: 7.32% Expenses Per RSF $3.71 $3.71 p. 5 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. 308 W Verdugo Ave Burbank, CA 91502 PROPERTY DESCRIPTION Legendary Production Location Media Capital of the World KW Commercial is pleased to represent the sale of the Legendary Production Office that created the new chapter and cultural phenomena of Docudrama TV. 308 W Verdugo has has been the Headquarters to Original Productions, where Emmy Nominated and Emmy Awarded titles including Deadliest Catch, Axmen, Storage Wars, Monster Garage, Ice Road Truckers, Biker Build-off, Jay Leno's Garage and 1000 Ways to Die were created. Legends in the TV and Film industry have walked these halls, Voice Overed in its Studios and finaled countless hours of programming in its Edit Bays along the 'Green Mile'. The Offering includes the 2 story 16,500 Sqft building on a gated and secured lot of 21,522 Sqft with approximately 24 parking spaces and the Victory Blvd site location is Zoned C-4 with approximately 24 parking spaces. The current tenants, Original Productions (owned by Fremantle) have a new MG lease with a 2 1/2 primary, (1) 2 1/2 year Option 1 and (1) 2 year Option 2; totaling 7 years and 3% annual increases. New lease period to begin November 1, 2017; OP has been at this location for 14 consecutive years. The Property is in excellent condition and has had upgrades and improvements as recent as last year. Building Details Based on Current Use: 25 Offices 7 Studio / Office 4 Executive Offices 1 Conference Room 3 Large Open Work Areas 14 Edit Bays 5 Recording Studio & 1 Voice Over Booths 7 Bathroom 1 Kitchen 1 Reception 5 Storage/ Vaults 1 Electrical / Computer Server Room p. 6 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. 308 W Verdugo Ave Burbank, CA 91502 PROPERTY PHOTOS Front Entrance Side Entry W Verdugo Reception Conference Open Staff Lounge Area Kitchen p. 7 All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein. 90804 | PLAN RR 2ND FLOOR DATE PLAN SCALE SHEET of 6 | " = 1'-0" STREET PROJECT 14240 4/24/17 APPROVED BY ER 16 1 3 VERDUGO All plans created by Precision Property civil engineering (Cal. Bus. & Prof. Code addition, PPM services and plans do not negligence. Measurements should be field arising out of such use. Furthermore, PPM (Cal. Bus. & Prof. Code §§8726-8727). In confirmed before commencing construction. for landscaping purposes (Cal. Bus. & Prof. FLOOR PLAN shall not be held liable for any damages or they are specifically intended, PPM shall not THOM BEERS used for any studies or activities defined as used for reasons other than those which constitute civil engineering (Cal. Bus. & Prof. Measurement Ltd "PPM" are made exclusively in our plans. In the event that plans are Code §§6702-6704), and thus should not be and as such do not constitute land surveying ensure the accuracy of information found be held liable for any damages or claims involve the determination of any property line, 308 WEST VERDUGO §6731). PPM makes every reasonable effort to any claims arising out of the use our plans unless such damage or claim is caused by our Code §8727). All plans created by PPM do not BURBANK, CA 91502 STREET PROJECT A BETTER BETT T 562.621.9100 WWW.PPMCO.NET PREPARED FOR PROJECT TYPE PROJECT NAME PROJECT ADDRESS 3626 E. PACIFIC COAST PRECISION PROPERTY MEASUREMENTS F 888.698.2966 HIGHWAY LONG BEACH CA 20'-3" 10'-6" 16'-3" 6'-7" 9'-3" I-BM ENTRY 9'-7" OFFICE B 4 16'-5" 11'-0" OFFICE 19'-8" ELECTRICAL 9'-9" OFFICE UP 159" OFFICE 11'-10" 4'-1" 7'-10" 5'-6" 2'-5" 3'-11" 15'-2" 4'-4" 8'-5" 8'-5" STUDIO STUDIO OFFICE OFFICE 9'-6" 3'-0" 7'-2" OFFICE OFFICE 4'-5" 10'-11" RESTROOM 3'-11" 10'-6" 10'-5" 7'-8" 9'-2" 9'-4" 6'-4" 7'-11" W/D 13'-4" 8'-5" 8'-5" STUDIO 7'-0" OFFICE STUDIO 12'-1" 9'-9" 5'-11" 5'-6" 20'-1" 11'-10" RESTROOM 8'-1" MAIL OFFICE 4'-3" 11'-4" OFFICE 6'-2" 5'-9" 12'-10" 10'-6" 26'-0" 11'-1" STUDIO 20'-6" 10'-4" 12'-7" 7'-4" OFFICE KITCHEN A 4 22'-5" 18'-0" VAULT STUDIO 8'-1" 24'-9" OFFICE 10'-3" 7'-3" 5'-0" 10'-6" 4'-11" 8'-5" 5'-0" 12'-4" 10'-4" 7'-4" OFFICE 9'-7" 14'-3" 8'-2" OFFICE 9'-5" 9'-2" 10'-11" 11'-10" OFFICE