BRANDON MICHAELS GROUP 1901 WILSHIRE BLVD 1901 WILSHIRE & 1143 19TH ST | SANTA MONICA, CA 90403 OFFERING MEMORANDUM PRESENTED BY: BRANDON MICHAELS Senior Managing Director of Investments Senior Director, National Retail Group Tel: (818) 212-2794 Fax: (818) 212-2710 [email protected] License: CA #01434685 1901 WILSHIRE BLVD www.BrandonMichaelsGroup.com BEN BROWNSTEIN Senior Associate Director, National Retail Group Director, Industrial Properties Group Tel: (818) 212-2812 [email protected] SANTA MONICA License: CA: #02012808 www.BrandonMichaelsGroup.com FINANCIAL ANALYSIS COMPARABLES ANALYSIS BRANDON MICHAELS GROUP OFFICES NATIONWIDE www.marcusmillichap.com 2 3 GLOBAL TOURISM DESTINATION GETTING AROUND Santa Monica, California offers more than its beach and year-round warm weather. Its proximity to the At 8.3 square miles, Santa Monica is a bicyclist paradise. greater Los Angeles area makes Santa Monica the perfect base for vacationers and business travelers alike. Now that Santa Monica is home to Santa Monica Bike Center, the nation’s largest full-service bike center, • 8.7 million visitors came to Santa Monica last year visitors can live like a local by embracing the eco-friendly lifestyle of this active and progressive community. • 4.2 million visitors come to Santa Monica from outside of the United States annually • $1.96 billion dollars generated by tourism to our local economy last year • 13,350 jobs supported by tourism in Santa Monica SHOPPING & DINING People may think of Santa Monica as a laid-back AFFLUENT NEIGHBORHOOD WHY BUY beachside city, but Santa Monica's shopping and dining options rival cosmopolitan destinations DEMOGRAPHICS IN like Manhattan and nearby Beverly Hills and other shopping spots in LA. That’s because its array ● Median age: 39 of offerings range from one-of-a-kind California SANTA MONICA? cuisine to iconic labels and straight-from-the- Average household income within a 3 mile radius: $123,532 ● runway styles- all within a walkable locale. Population within a 5 mile radius: 462,567 ● SIGNIFICANT OPPORTUNITY WEATHER While other parts of the world may experience brutal Rare opportunity to purchase in a strong rental market. Significant amount of winters and hot humid summers, the Santa Monica movement and turnover in the immediate marketplace, creating an opportunity WALKABILITY community is fortunate to enjoy bright blue skies, stunning for new construction to enter the market and position the submarket for the sunsets, and cool ocean breezes year round. This near- future. Upon completion of surrounding developments and with continuing 1901 Wilshire Boulevard rates at a 89/100 on perfect weather allows an active and relaxing lifestyle improvements to the immediate area, the Santa Monica rental market will walkscore.com, allowing residents, visitors, throughout the entire year. experience significant growth and offer outstanding returns for long term investors. and daytime employees the convenience of accessing retail, restaurants, and more by foot. WILSHIRE 4 5 EXECUTIVE SUMMARY 1901 A RARE OPPORTUNITY TO ACQUIRE A WILSHIRE BOULEVARD PROPERTY WITH SIGNIFICANT GROWTH POTENTIAL IN WILSHIRE WORLD-RENOWNED SANTA MONICA LOCATION BLVD Marcus & Millichap has been selected to exclusively market for sale 1901 Wilshire Blvd & 1143 19th, iconically located at the corner of Wilshire Boulevard and 19th St in the highly sought-after City of Santa Monica. Situated on Wilshire Boulevard, one of Southern California’s busiest arterial thoroughfares, the Properties offer premiere exposure with 70 Feet of frontage along Wilshire Boulevard on a corner Lot. Santa Monica is among the top luxury destinations in the world, and this irreplaceable location can put an Owner-User or Investor in the heart of one of the most famously known destinations for celebrities, wealthy residents, and tourists alike. The city has become a haven for the rich and famous due to its unique boutiques and trendy nightlife, while placed directly adjacent to the Pacific Ocean. 1901 Wilshire is located 1 mile away from the 3rd Street Promenade, one of the premier shopping and dining destinations on the West Coast. 1901 Wilshire Boulevard offers the unique opportunity to acquire one of the most impressive storefront locations in Southern California. 1901 Wilshire Boulevard is a 1 story ±8,008 square foot storefront retail building, and 1143 19th St is a ±7,200 square foot, 22 spot parking lot directly behind. Coupled by the high-end neighborhood & World Class Location, these properties make for an ideal flagship site for a high-end tenant or an upscale mixed-use development. There is tremendous potential as current rent in the area has created an affluent community surrounding Santa Monica, making this an ideal time to purchase property along Wilshire Boulevard. Upon the completion of the surrounding developments and continuing improvements to the immediate area, the rental market will experience significant growth and offer outstanding long-term returns for investors. There has been a significant amount 2.1 4,926 89 of movement and turnover within the marketplace, creating an opportunity for new concepts to enter the market and position this submarket for the square miles of walkable hotspots, 4,926 Businesses within a 1901 Wilshire Blvd scores an 89/100 future. With no long-term lease commitments and two month-to-month tenants, this Property offers investors or owner-users countless possibilities restaurants, nightlife, and shopping in 1 square mile of 1901 Wilshire Blvd on Walkscore.com for the future. Santa Monica 6 7 8 9 PROPERTY OVERVIEW 1901 Wilshire Boulevard Property Address 1143 19th Street Santa Monica CA, 90403 Price Request for Offers Property Type Storefront Retail FRONT Building SF 8,008 Land SF (Wilshire Blvd Only) 10,497 Land SF (19th St Only) 7,200 Total Land SF 17,697 Year Built 1938 APN's 4276-008-010 | 4276-008-009 Zoning (1901 Wilshire Blvd) MUB SIDE Zoning (1143 19th St) R2 Type of Ownership Fee Simple 3 Parking Spaces in the rear of 1901 Wilshire Parking 22 Parking Spaces in parking lot located at 1143 19th St 25 Parking Spaces Total 10 11 REAR INVESTMENT HIGHLIGHTS IRREPLACEABLE WILSHIRE BOULEVARD LOCATION - Located on a highly walkable stretch of Wilshire Boulevard in Santa Monica, Wilshire Boulevard continues to be among the busiest east-west arterial thoroughfares in all of Los Angeles. Wilshire Boulevard extends from the center of Downtown, all the way to the Pacific Ocean. The location boasts designer labels, popular restaurants, and boutiques and is famously known for being a preferred destination of celebrities, wealthy residents, and tourists 1143 19TH STREET alike TROPHY ASSET- 1901 Wilshire has the potential to be developed into one of the most impressive storefronts on all of Wilshire Boulevard. The asset allows opportunity for a flagship site for an upscale tenant but can also be redeveloped and subdivided into a multiple unit mixed-use domain WALKABILITY - 1901 Wilshire has a score of 89/100 for walkability and 85/100 for Bike-ability. Iconic retailers and trendy/hip boutiques and restaurants populate Wilshire 1901 Boulevard and it is a popular haven for the rich and famous AERIAL TREMENDOUS GROWTH POTENTIAL- Current rent in the area has created WILSHIRE an affluent community surrounding Santa Monica, making this an ideal time to BLVD purchase property along Wilshire Boulevard. Upon the completion of the surrounding developments and continuing improvements to the immediate area, the rental market will experience significant growth and offer outstanding long-term returns for investors NEIGHBORHOOD- Major hotspots and destinations in the City of Santa Monica, such as the 3rd Street Promenade, PCH, Santa Monica Pier, and Venice Boardwalk, are all within walking distance. Right in the immediate corridor are tenants such as, Gap, 1901 Citibank, Walgreens, Coldstone Creamery, & Wholefoods WILSHIRE RARE OPPORTUNITY- Extremely rare opportunity to purchase a redevelopment on BLVD Wilshire Boulevard in Santa Monica. The last property of this size that sold on Wilshire this close to the Ocean was July 2016 AFFLUENT SANTA MONICA NEIGHBORHOOD- The demographics of the local Santa Monica Community reflect average household incomes exceeding $100,000. Adjacent communities include, Malibu, Silicon Beach, Pacific Palisades, Venice, Brentwood, & Playa Vista AREA HOSPITAL- The Properties are located between UCLA Health Center & Providence Saint John’s Hospital 12 13 PROPERTY SUMMARY COMPANY SF % $ $/SF EXPIRATION CITY OF SANTA MONICA House of Billiards* 5,600 70% - - Vacant at COE LAND USE DESIGNATIONS LOCATION Centimeter Upholstery 2,408 30% $2,500 $1.04 M2M 1901 Wilshire Blvd & 1143 19th St, Santa Monica CA 90103 RENT ROLL *House of Billiards is willing to negotiate a sale leaseback at the close of escrow. 1901 SITE WILSHIRE The subject property is located on the corner of Wilshire Boulevard and 19th Street BLVD SQUARE FOOTAGES The building square footage is approximately 8,008 square 5,600 SF 2,408 SF feet and the total land square footage is 17,617 square feet FRONTAGE AND ACCESS 70 feet of frontage on Wilshire Boulevard. Access is from Wilshire Place FLOOR PLAN The above square footage is appoximate. Buyer should verify building measurements. ZONING 1901 Wilshire Blvd - MUB | 1143 19th St - R2 YEAR BUILT The subject property was built in 1938 R2 TRAFFIC COUNTS Intersection of Wilshire Blvd and 19th Street: 32,712 vehicles per day MUB PARKING The subject property consists of 25 striped parking