for sale 10507 W. Pico Boulevard OFFICE | RETAIL ACQUISITION OPPORTUNITY IN WEST L.A. WESTMAC Commercial Brokerage Company 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 Phone 310.778.7700 DRE# 01096973 www.westmac.com For More Information Contact: Listing Broker T.C. Macker, CCIM President D. 310.966.4352 [email protected] DRE# 01232033 © 2020 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. 2 for sale 10507 W. Pico Boulevard LOS ANGELES, CA 90064 © 2020 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 introducing 10507 W. Pico Boulevardfor sale EXECUTIVE SUMMARY WESTMAC Commercial Brokerage, as exclusive agent, is pleased to present the sale of 10507 W. Pico Boulevard, a two-story commercial building in West L.A., less than one mile from Century City and Fox Studios. 10507 W. Pico Boulevard is a recently renovated office/retail building comprised of approximately 5,772-rentable- square feet on approximately 4,633-square feet of land located one block West of Beverly Glen Boulevard in West Los Angeles. The property is made up of 3 units: a retail unit currently leased to an optometrist (tenant vacating on 4/30/2020) , a vacant retail unit previously leased to a restaurant, and a recently renovated, vacant second floor office unit which features a mezzanine level. The building recently underwent major capital improvements including new skylights, new balconies, and a new roof. There is a rear parking lot with room for approximately 5-7 cars, and ample of parking along the street and surrounding neighborhoods. Built in 1981, the property offers tenants excellent visibility along Pico Boulevard, a major Los Angeles street that runs from the Pacific Ocean in Santa Monica to Central Avenue in Downtown Los Angeles. 10507 W. Pico Boulevard is close proximity to major amenities including shopping, dining, and entertainment, in addition to accessible transportation, and major area employers that includes Google’s future Silicon Beach headquarters at the former Westside Pavilion, UCLA in Westwood, and Fox Studios. 10507 W. Pico 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. 4 W. Pico Boulevardfor sale EXECUTIVE SUMMARY 5 PROPERTY INFORMATION 10507 W. PICO BOULEVARD, LOS ANGELES, CA 90064 APN 4315-005-011 BUILDING SIZE ± 5,772-rentable-square feet per BOMA BUILDING SIZE (± 5,040-square feet per tax record ) LOT SIZE ± 4,633-square feet BUILT 1981; renovated in 2019 ZONING C2-1VL-O-POD STORIES Two (2) plus Mezzanine level FRONTAGE 42’ on Pico TENANCY Multiple # OF UNITS Three (3) OCCUPANCY 20% (building will be 100% vacant after 4/30/2020) PARKING Five (5) striped spaces in rear lot (room for ±7 cars stacked); plenty of street parking along Pico Blvd. (metered) and ample free street parking in the surrounding streets & neighborhood SALE PRICE $3,950,000 ($684/SF) *check with City of Los Angeles for specific uses 6 PROPERTY INFORMATION parcel map aerial view N N pico boulevard 7 UNIT 10509 (vacant) Located on the first floor, unit 10509 is made up of approximately 1,077-leasable-square feet. The unit is currently vacant and was previously leased to a restaurant. 8 UNIT 10511 (tenant vacating 4/30/2020) Located on the first floor, unit 10511 is made up of approximately 1,152-leasable-square feet (1,120 SF per lease). The unit is currently leased to Hodes Vision Optometrywho will be vacating the unit on April 30, 2020. 9 UNIT 10507 (vacant) The second floor office unit is made up of approximately 3,543-rentable-square feet and includes a mezzanine level. The interior was recently renovated and features several new skylights, vaulted ceilings that measures approximately 17’ (at drop ceiling), new mezzanine-level balconies, fresh paint, and brand new pergo flooring throughout. 10 11 12 13 PROPERTY HIGHLIGHTS HIGHLY VISIBLE BUILDING ALONG MAJOR THOROUGHFARE HIGH VISIBILITY Well positioned with great signage facing highly traveled Pico Boulevard. Estimated traffic volume at Prosser Avenue and Pico Boulevard reported at well over 44K vehicles per day. USER OR INVESTOR OPPORTUNITY Building is currently 80% vacant. This unique offering presents a great opportunity for owner-users or investors looking to partially occupy and/or lease out to office users and/ or retailers looking for high visibility along one of L.A’s biggest thoroughfares. PRIME OFFICE/RETAIL LOCATION Demand is huge and supply is always limited - Westside rents have consistently grown, outperforming virtually all rents in the Western United States. There are dozens of shops along pedestrian friendly Pico Boulevard, and the area is home to some of entertainment’s most popular media giants. The Westside Pavilion shopping mall, will soon be home to nearly 600k SF of Google offices, which will be known as One Westside when it is complete in 2022. MAJOR AREA EMPLOYERS This part of West L.A. has seen huge growth thanks to major area employers, including Fox Studios, UCLA, and Century City; where vast office towers house the high earning lawyers, investors, and entertainment professionals who make up a large part of the neighborhood’s affluent residents. AMPLE WALKABLE AMENITIES Dozens of businesses and storefronts dot the tree-lined streets along Pico Boulevard, giving pedestrians a “shop and walk” small town in the big city appeal. Nearby area retailers include John O’ Groats, FOOD, Louise’s Trattoria, Domino’s Pizza, McDonald’s, Subway, The Stalking Horse Brewery, Pico Playhouse, Chase Bank, and many others. RECENT CAPITAL IMPROVEMENTS The building underwent several capital improvements in 2019, including a new roof, several new skylights and mezzanine-level balconies, and brand new flooring throughout. 14 PROPERTY HIGHLIGHTS HIGHLY VISIBLE BUILDING ALONG MAJOR THOROUGHFARE 15 BOMA FLOOR PLANS UP 10511 1,152 */$ HVAC UP HVAC 10509 1,077 */$ UP Gross Leasable Unenclosed Common Area Area Area 10507 W. PICO BLVD. 1st FLOOR LOS ANGELES, CA 90064 Updated: 01/17/2020 16 FLOOR PLANS UP HVAC UP HVAC UP Major Vertical Floor Service & Building Occupant Occupant Tenant Building Inter-Building Inter-Building Penetration Amenity Area Service Area Storage Area Ancillary Area Amenity Area Service Area Amenity Area 10507 W. PICO BLVD. 1st FLOOR LOS ANGELES, CA 90064 Updated: 01/17/2020 17 DN 10507-02B 309 USF 327 RSF 10507 1,906 USF 2,020 RSF DN UP DN UP Major Vertical Floor Service & Building Occupant Occupant Tenant Building Inter-Building Inter-Building Penetration Amenity Area Service Area Storage Area Ancillary Area Amenity Area Service Area Amenity Area 10507 W. PICO BLVD. 2nd FLOOR LOS ANGELES, CA 90064 Updated: 01/17/2020 18 10507- MZ-A 53 USF 55 RSF 10507 MEZZANINE OPEN TO USF BELOW RSF 10507- MZ-B 53 USF 55 RSF Major Vertical Floor Service & Building Occupant Occupant Tenant Building Inter-Building Inter-Building Penetration Amenity Area Service Area Storage Area Ancillary Area Amenity Area Service Area Amenity Area 10507 W. PICO BLVD. MEZZANINE LOS ANGELES, CA 90064 Updated: 01/17/2020 19 w. picoview ofboulevard pico boulevard from mezzanine balcony LEISURE Rancho Park Golf Course is a half block East of the subject property. It hosted the Los Angeles Open on the PGA Tour and also was the site of events on the Senior PGA Tour and LPGA Tour. AREA SUMMARY RANCHO PARK NEIGHBORHOOD IN WEST L.A. Rancho Park is a residential neighborhood in the Westside of the city of Los Angeles, California. The community is nestled between West Los Angeles and Cheviot Hills. This enclave draws young professionals and families and is home to residents working in a variety of professional occupations. Rancho Park’s tree-lined streets give it an almost suburban feel. Those same trees provide plenty of shade for pedestrians taking the short walk to the shops and restaurants on Pico or to play a round of golf at one of the nearby courses. With the advent of nearby Century City, the area soon found itself becoming a highly desirable neighborhood. The presence of massive nearby employers like Fox Studios and UCLA, as well as the Expo Line station, easy access to the 10 and 405 freeways, and many arterial streets nearby, makes commuting in and out convenient for residents, employees and visitors. ucla fox studios one westside century city (rendering) 21 The neighborhood was once a part of Westwood until Olympic Blvd. The subject property is approximately 2.5 miles from UCLA campus and only 2 miles from Wilshire Boulevard. Major area thoroughfares include Pico, Westwood, Olympic, Sepulveda, and Beverly Glen Boulevards, along with Overland and Manning Avenues. WALK SCORE 10507 W. Pico Boulevard 76 VERY WALKABLE pico boulevard Century City is also located nearby. Major area thoroughfares include Pico, Westwood, Olympic, Sepulveda, and Beverly Glen Boulevards, along with Overland and Manning Avenues. Rancho Park Golf Club is charming and beautiful, this 9-hole 3-par short course shares the facilities with the adjacent Rancho Park championship golf course. This picturesque course has perfectly groomed tree-lined holes ranging in length from 82 to 148 yards. W. Pico Boulevard pico boulevard N WESTWOOD 10507 W.