601-611 N ALVARADO ST & 2103-2127 BELLEVUE AVE Los Angeles, CA 90026 MATTHEW R. KANNER Executive Managing Director | The Kanner Group of KW Commercial C: 323.605.2114 | P: 323.664.9033 | F: 323.395.0680 E: [email protected] | www.thekannergroup.com www.EchoParkCreativeCampus.com CalBRE: 01349203 TABLE OF CONTENTS SECTION ONE.....................05 PROPERTY OVERVIEW SECTION TWO....................37 COMPARABLES SECTION THREE....................45 MARKET OVERVIEW The information contained in this document has been obtained from sources believed reliable. While The Kanner Group does not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors, which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. The Kanner Group and The Kanner Group. logo are service marks of The Kanner Group and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. SECTION 1 PROPERTY OVERVIEW THE KANNER GROUP OF KW COMMERCIAL | 5 601-611 N ALVARADO ST & 2103-2127 BELLEVUE AVE - INVESTMENT SUMMARY INVESTMENT SUMMARY TYPE OF LIST PRICE $9,900,000 Owner-User/Investment OWNERSHIP EST. SQFT (bldg) 25,420 SF* PRICE/SF (bldg) $389.46* 130’ *Per Plans *Per Plans **Per County Assessor 22,900 SF** **Per County Assessor $432.31** 2111-2115 TOTAL SQFT (lot) 33,908 SF PRICE/SF (lot) $291.97 260’ 5402-039-004, 5402-039-007, APN OCCUPANCY Single - Tenant 5402-039-009, 5402-039-011 2107 ZONING CM-1VL/P-1VL PARKING 52 Surface Spaces 611 601 607 ADDRESS PROPERTY TYPE YEAR BUILT 601 N Alvarado Street Creative Offices 1953 33,908 SF LOT 607 N Alvarado Street Creative Offices 1953 611 N Alvarado Street Creative Offices, Gym, Live/Work 1957 Creative Offices, Production Studio, 2107 Bellevue Ave 1927 & 1968 601-611 N ALVARADO ST. Live/Work 2103-2127 BELLEVUE AVE. ECHO PARK, CA 90026 2111-2115 Bellevue Ave Sound Stage, Parking 1977 2123 Bellevue Ave Parking N/A OWNER-USER OPPORTUNITY CREATIVE OFFICE CAMPUS 2127 Bellevue Ave Potential Parking N/A This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. 6 | References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 601-611 N ALVARADO ST & 2103-2127 BELLEVUE AVE - PROPERTY HIGHLIGHTS • The shortage of studios in Hollywood and adjacent submarkets has • Potential to add value through combining space to add cubic square led to rising rental rates and limited availability. Further, demand by the footage, making office space considerably more valuable with 18+ ft entertainment and technology industries including the high-profile ceilings, and building out private outdoor space off Live/Work Space B additions of Netflix and Viacom, have made Hollywood and adjacent patio. submarkets such as Silver Lake, Los Feliz and Echo Park the hottest creative office market, resulting in the lowest vacancy and highest rental • Located in Echo Park, the property is in a neighborhood that has rates for this specific use. undergone tremendous revitalization. It is directly adjacent to Downtown Los Angeles to the South, Silver Lake to the West, and Chinatown to the • Ideal corporate headquarters investment for an owner-user seeking a East, all of which are thriving submarkets. The property is less than a block lease savings trade-off. The purchase provides an owner-user investor from the 101 Freeway and CA-2, and 1.5 miles away from the 110 Freeway, protection against future rental market uncertainty and rate hikes, as well giving it excellent access to the greater Los Angeles region. as after-tax equity accumulation. • The Echo Park sub-market has seen a renaissance since the early 2000s, • Significant market constraints including limited office supply and increasing population and changing demographics, with a population of production space, coupled with growing demand from users desiring 58,370 in a 1 mile radius and an average household income of $74,861 live-wok proximity. (Per Esri 2018) • Creative Office is ready for occupancy and easily modified to suit users’ • The property lies within an Enterprise Zone which provides incentives for needs! It features high ceilings, polished concrete floors, operable reduce parking requirements for some uses. windows, dedicated HVAC units, private patio and a great mix of private offices/meeting spaces and open workspace. On the mezzanine level • The square footage of the stages at the Campus Studio Lot is approximately is a fully-equipped gym and a work area Other amenities include open 5,742 SF. Full lighting grids are installed at 18’ on Stage 22 . There are wood truss ceiling, exposed Brick and a full kitchen. approximately 52 parking spaces available on site. • The buildings are uniquely positioned for a variety of uses, including creative office, Media end-user and entertainment. This unique offering comes at a time when both studio and creative office space demand are at an all-time high. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the THE KANNER GROUP OF KW COMMERCIAL | 7 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 601-611 N ALVARADO ST & 2103-2127 BELLEVUE AVE - PROPERTY DESCRIPTION SITE DESCRIPTION SPECIFICATION PHYSICAL DESCRIPTION SPECIFICATION BUILDING ESTIMATED SIZE 25,420 SF* *Per Plans CONSTRUCTION TYPE Reinforced Masonry, Stucco **Per County Assesor 22,900 SF** TOTAL LAND AREA 33,908 SF FOUNDATION Concrete Slab NUMBER OF FLOORS 2-3 Stories FIRE PROTECTION Fire Extinguishers FLOOR-TO-AREA RATIO 0.87 HVAC Roof Mounted ZONING CM-1VL/P-1VL RESTROOMS 8 PARKING 52 Spaces CROSS STREET Bellevue Avenue PARKING RATIO 1.53/1,000 SF HIGHWAY ACCESS 101, 110 and 5 Freeways YEAR BUILT 1927, 1953, 1957, 1968, 1977 TRAFFIC COUNT ±44,000 Vehicles Per Day CURRENT LEASE TERM(S) Vacant LOT DIMENSIONS 130’ x 260.5’ TRANSIT ORIENTED Tier 1 STREET FRONTAGE 130 Feet on Alvarado Street COMMUNITY This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy 8 | of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. *This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the THE KANNER GROUP OF KW COMMERCIAL | 9 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. PLAT MAP 2127 2123 2111-2115 2107 BELLEVUE AVE BELLEVUE 601 607 611 N N ALVARADO ST This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy 10 | of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. ZONING MAP N N This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the THE KANNER GROUP OF KW COMMERCIAL | 11 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 3D RENDERING N This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy 12 | of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. 3D RENDERING 2115 - 2127 Bellevue 2103 Bellevue 2107 Bellevue 601 - 607 Alvarado St 611 Alvarado St B3: B1: B2: A1: A2: Estimated SF: 5,742 Estimated SF: 4,993 Estimated SF: 3,680 Estimated SF: 4,975 Estimated SF: 6,030 Year Built: 1977 Year Built: 1927 Year Built: 1968 Year Built: 1953 Year Built: 1957 Floor 1 (Sound Stage) Floor 1 (Brick Creative Office) Floor 1 (Production Studio) Floor 1 (Creative Office) Floor 1 (Creative Office) Mezzanine (Studio, Office/ Floor 2 (Brick Creative Office Floor 2 (Live/Work) Floor 2 (Storage/Lounge) Floor 1 + 3 (Live/Work) Dressing Room) Mezzanine) Floor 2 (Storage/Lounge) Floor 2 (Gym) This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the THE KANNER GROUP OF KW COMMERCIAL | 13 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. ESTIMATED BUILDING SQUARE FOOTAGE EXHIBIT BUILDING FLOOR ADDRESS DESCRIPTION ESTIMATED SF per plans