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LOS ANGELES
32
CONFIDENTIALITY AND DISCLAIMER
Martin D. AgnewFirst Vice President Investments ENCINO Tel: (818) 212-2744Fax: (818) 212-2710magnew@marcusmillichap.com License: CA 01339034
Ryan R-SerlingSenior AssociateENCINOTel: (818) 212-2725Fax: (818) 212-2710rserling@marcusmillichap.com License: CA 01920619
Investment Sales:
OFFICES THROUGHOUT THE U.S. & CANADAwww.marcusmillichap.com
exclusively listed by: Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
NON-ENDORSEMENT NOTICE
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Aram GarikianAssociateENCINOTel: (818) 212-2669Fax: (818) 212-2710agarikian@marcusmillichap.com License: CA 02048363
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Marcus & Millichap is thrilled to present 405 Towne Ave as
a quality, creative office/industrial/retail owner-user or
investment opportunity in the heart of the new and improved
North Sea Neighborhood of DTLA.
Located just 2 blocks from Little Tokyo & the Arts District, this
building is a diamond in the rough. It features dramatic, heavily
built pour-in-place concrete pillars, typical of early 20th century
brutalist architecture, giving the building tremendous upside
in terms of creative space. In addition, the building is fully
functional, with an elevator that services all three levels.
405 Towne Avenue offers a unique opportunity for an investor
to purchase a property in a truly transforming, and hidden
neighborhood within Downtown LA. The property is perfectly
positioned to capitalize on the little-known secret of The North
Sea Neighborhood, the tremendous commercial potency of
Central Los Angeles, the creative revitalization of Downtown LA,
and the surging values in the Arts District.
The property will be delivered vacant at close of escrow, allowing
the buyer to either occupy the space, or convert it to a leased
investment. 405 Towne’s two most outstanding features are its
abundance of natural light and developing location.
405 TOWNE AVELos Angeles, CA
Offering Summary
PRICE $3,600,000
Rentable Building Area 16,500 SF
1st Floor/Price Per SF 5,500 SF / $300.00 SF
2nd Floor/Price Per SF 5,500 SF / $279.54 SF
Basement/Price Per SF 5,500 SF / $75.00 SF
Price/SF $218.18
Year Built 1925
Lot Size 5,488 SF / 0.13 Acres
405 TOWNE AVE
SITE DESCRIPTION
Heavy Power 400a/ 277-480v/ 3p/ 4w
Clear Height 8’5” Basement - 11’5 2nd Fl - 15’5” 1st Fl
Loading 1 Drive-In Loading Door
Number of Levels 3
PARCEL
APN 5147-009-019
Zoning M2-2D
Highly Functional Building with Freight Elevator Access on Every Level
Centrally located in the New & Improved North Sea Neighborhood
Enormous Windows on all 4 Sides of the Building
Tremendous Amount of Natural Light
Brand New, Refreshing Landscaping in Sidewalk Cut-Out
Fully Sprinklered Basement
Three Retail Storefronts
3 Block Walk from Little Tokyo & the Arts District High Ceilings
Free Un-Metered Street Parking
Delivered Vacant and Ready for Move-in
Ideal For:-Numerous Creative Uses (Upon City Approval)-Conventional Warehouse/Office/Retail
76
405 TOWNE AVEFLOOR PLANS
2ND FLOOR
BASEMENT
1ST FLOOR
ELEVATOR
ELEVATOR
ELEVATOR
EMERGENCY STAIRCASE
EMERGENCY STAIRCASE
EMERGENCY STAIRCASE
STAIRS
STAIRS
STAIRS
12’
12’
3’3’
3’
12’
100’+_
55’+_
55’+_
55’+_
17’
648 SF OFFICE W/ MEZZ
17’
17’
17’17’
STAIRS
15’ 5” CLEAR+_
11’ 5” CLEAR+_
8’ 5” CLEAR+_
RR
RR
RR
8’ X 10’
10’ X 12’
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Map
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Wilshire Blvd
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Downtown
MacArthur Park
FASHIONDISTRICT
SOUTHPARK
ARTS DISTRICT
FINANCIAL DISTRICT
HIST
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CIVICCENTER
LITTLETOKYO
CHINATOWN
Los Angeles River
NORTHSEA
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405 TOWNE AVEDISTRICT NEIGHBORHOODS
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1110
During the 1920’s, a relatively unknown, approximately twenty-acre northern section in the sprawling Los Angeles Industrial District was home to a concentrated number of businesses with names like American Fish, Holly Seafood and Central Fish & Oyster Company. With mottos like “If it swims, we have it!”, many of these family-operated companies were owned by Japanese, Italian and Irish immigrants who specialized in commercial fishing, processing, distribution and cross-pacific imports. Their smokehouses and cold storage facilities provided to local restaurants, hotels, airports, grocery stores, and civic institutions throughout Southern California.
In the late 1970’s, economic migration pushed the greater Industrial District near the brink of urban decay. Yet, dozens of these original seafood businesses remained and continued to operate, only hidden behind secure walls and fences. Sadly, their colorful, oceanic history faded while façades and sidewalks gradually fell into various states of disrepair.
In 2017, a close group of neighbors, including a handful of the 100 year-old seafood companies still owned by the original founders’ families, came together to reclaim their neighborhood’s lost identity as “The North Sea.” They’ve launched a self-funded, beautification program involving thematic murals, sidewalk landscaping, a variety of sculptural interventions, and lots and lots of elbow grease. Their mission is to restore a sense of place and community pride. They hope you enjoy our results! Please come visit them soon!
405 TOWNE AVE
NEIGHBORS:
Alaska Seafood
American Knitting
Game Source
Homeless Healthcare
Kansas Marine
Little Space Gallery
Los Angeles Fish
Company
Marvimon Productions
Mutual Trading
On-Line Seafood
One Potato
Rodriguez Seafood
Sea Marx Seafood
Umeya Rice Cake
Wild Fish
Yemetz Family Farm
www.northseadtla.net
1110
12
MarvimonProductions
Valentine and The Grass Room
Little Space
Gallerywith beer and wine
garden Coming Soon
LittLe Space GaLLeryLITTLE SPACE GALLERY, 603 EAST 4TH STREET, LOS ANGELES, CA, 90013
Founded by glassblower and sculptor Flynn Helper in 2016, the Little Space venue offers nearly 5,000 sq/ft of creative space, and a soon to come beer and wine garden.
“Little Space breaks the blue-chip norm of contemporary art in order to present some of the most innovative artists and musicians to the LA area. Little Space strives to share the narratives of creative artists, both emerging and seasoned. In other words: we work to keep the LA art scene at the top of its game.”
MarviMon productionSMARVIMON, 616 E 4TH ST, LOS ANGELES, CA 90013“We reinvent neglected, overlooked properties by adding love, plants and water. Original materials, objects and light are mixed in with the old in unexpected ways. Our experimental designs are informed by each site’s history both real and imagined.”
“Valentine, and The Grass Room are the two newest DTLA venues. Located in the blossoming North Sea Neighborhood, just around the corner from Millwick, directly across the street from Flora Chang and connected at the hip with each other, both are officially open to private events, courtyard wedding ceremonies and receptions, exhibitions and productions.”
“Flora Chang is an intimate gathering space for up to 30 guests, plus staff, perfect for private parties, rehearsal dinners, photo-shoots and more. It’s also a showroom/gallery for artworks, handmade objects and other far out stuff available at florachangshop.”
e. 4th Street
tow
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MarvimonProductionsFlora Chang
www.littlespacegallery.com
www.marvimon.com12 13
1514
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NEW DEVELOPMENTS Proposed—Four towers,
994 residential units, and 100K SF of commercial space.
THE ROWATLAS CAPITAL
LITTLE TOKYO GALLERIA
2110 BAYSTUDIO ONE ELEVEN
330 ALAMEDA
6th STREET VIADUCTCITY OF LOS ANGELES
MARVIMON
527 COLYTON
6 AMSUNCAL
520 MATEO
670 MESQUITGALLO/V.E. ESQUITIES
PRODUCE LA
SOHO HOUSESOHO HOUSE
COCA COLA
HOUSING
1.3 Million SF partially-open project with 6 buildings
comprised of creative office, 100 retailers, and
15 restaurants.
Proposed—186 live-work apartments, 22K SF retail
space, 400+ parking spaces.
1.8-acre campus-style development, 110 live-work
units as well as creative offices and ground-floor shops
and restaurants.
Existing—New-era, cozy event space made to
accommodate 750 people.
Under construction - Anticipated opening in 2020, replacement for 6th St bridge with 12 acres of park space,
bicycle and pedestrian paths.
15-acre 58-story mixed-use complex with 1,305
apartments, 431 condos, 412 hotel rooms, offices, shops, and restaurants.
Proposed—13-story structure with 310 live-work and
retail space.
Proposed—Up to 30 stories high. 800,000 SF creative
office space, 250 rental units, 2 hotels, shops, & restaurants.
All along the LA River.
13-story mixed use with 600 live-work,
60k SF retail and office, and 990 parking spots.
The next location of the private club/ hotel,
“Soho Warehouse” is an adaptive re-use project of an
existing 6-story building.
Proposed—5-story mixed use structure adjacent to 670 MESQUIT, with standalone
parking for 300 cars.
Proposed—7-story building to replace the Hart Hotel
at 508 E. 4th Street with 40 apartments.
Existing—123K SF creative office with rooftop penthouse
and restaurant.
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Proposed—8-story mixed-use with 220 live-work units, 70K commercial space
plus amenities.
ALAMEDA HOTEL PROJECT
1100 E 5th
641
SANTA FE BUSINESS CENTER
DIAMOND WALNUTTHE HILLCREST COMPANY
AMP LOFTSGREYSTAR
405 S. HEWITT
INDUSTRIAL
940 E. 4th STREET
2143 VIOLETONNI GROUP
676 S. MATEO
E. 3rd STREETLEGENDARY
668 S ALAMEDAAVALON BAY
Conversion of 44K SF warehouse to 66-unit condo hotel with ground floor retail.
A 4-story office building with 200 car garage.
Proposed—12-story mixed-use with 140 live-work lofts, 7K SF creative office, and
4-level underground garage.
Currently under construction 7-story building with
320 live-work units with 20,000 SF retail space and
390 parking spaces.
Former headquarters for California Walnut Growers Association converted into
creative office with retail and 57 live-work condos.
A 5-story, 346 unit, 482K SF mixed-use building.
11-story building with 225K SF of office about
500+ spot garage.
The Canadian development group filed plans to construct a 13-story mixed-use building with 509 live-work units with 76 set aside as affordable.
93 live-work units, 11 low-income apartments,
20K SF retail.
This nearly complete, $215-million project is
comprised of 472 apartments, 20K+ SF retail, and 922 parking spots.
Proposed—8-story mixed use project with 185 live-work
units & 30K+ SF of amenities & commercial space.
Proposed 7-story: 475 live-work units,
46,450 SF of commercial space. Expected completion 2022.
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405 TOWNE AVE
NeighborhoodDevelopments
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St
Venice Blvd
S Br
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and
Ave
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S M
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tW Jefferson BlvdW Adams Blvd
E Washington Blvd
E Olympic Blvd
E Washington Blvd
Hoop
er A
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Mat
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S Sa
nta
Fe A
ve
Soto
St
Soto
St
E 8th St
Whittier Blvd
Santa M
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Harbor
Fwy
Sant
a An
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E 4th St
E 4th St
S Al
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a St
S Figu
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St
S Oliv
e St S S
pring
St
S Flow
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W 8th St
W 7th St
Wilshire Blvd
W 6th St
W 2nd St
W 1st St
S Al
vara
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W 6th St
E 6th St
E 9th StE 8th St
E 3rd St
E 1st St
E 1st St
Alpine St
N Vignes St
Los Angeles
Downtown
FashionDistrict
Arts District
Financial District
Boyle Heights
MacArthur Park
E 4thSt
E 5th St
S San
Ped
ro St
S Cen
tral A
ve
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1010
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UPTOWN PUP
ARTS DISTRICT BREWERY
TOKYO MARKET PLACE
GOOD LIVER
MARVIMON
WURSTKUCHE
STUMPTOWN
JAPANESE VILLAGE PLAZA
IRON TRIANGLE BREWERY
DAILY DOSE
TONY’S SALOON
ER BAR
CHURCH & STATE
LITTLE BEAR
NANCY’S FANCY
PIZZANISTA
ANGEL CITY BREWERY
URBAN RADISH
ARTIST & CRAFTSMAN
BREAD LOUNGE
BESTIA
POUR HAUS
BASECOAT
LITTLE SPACE GALLERYNEIGHBORHOOD
AMENITIES
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three BLockS froMthe dtLa artS diStrict
towne avee 4
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405 TOWNE AVESALES COMPARABLES MAP
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$240.00
$280.00
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401E 7th St
519E 7th St
1107E 7th St
760Crocker St
506Stanford
Ave
722 TowneAve
714 TowneAve
531-535 STowne Ave
Average Price Per Square Foot
SALES COMPARABLES SALES COMPS AVG
405 TOWNE AVE(SUBJECT)
401 E 7th St
519 E 7th St
1107 E 7th St
760 Crocker St
506 Stanford Ave
722 Tow ne Ave
714 Tow ne Ave
531-535 S Tow ne Ave
SALES COMPARABLES
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405 TOWNE AVESALES COMPARABLES SALES COMPARABLES
SALES COMPARABLES
6
Close of Escrow 8/8/2017
Sales Price $1,982,776
Rentable SF 9,240
Price/SF $214.59
Year Built 1923
722 TOWNE AVE722 Towne Ave, Los Angeles, CA, 90021
7
Close of Escrow 8/8/2017
Sales Price $1,180,224
Rentable SF 5,500
Price/SF $214.59
Year Built 1925
Power 100-200a/ 120-240v
714 TOWNE AVE714 Towne Ave, Los Angeles, CA, 90021
8
Close of Escrow 1/13/2017
Day s On Market 109
Sales Price $4,150,000
Rentable SF 21,500
Price/SF $193.02
Year Built 1965
Power 600a/ 277-480v 3p 4w
Percentage of Of f ice 19.10%
531-535 S TOWNE AVE531-535 S Towne Ave, Los Angeles, CA, 90013
SALES COMPARABLES
405 TOWNE AVE405 Towne Ave, Los Angeles, CA, 90013
1
Close of Escrow 4/4/2016
Sales Price $4,850,000
Rentable SF 13,809
Price/SF $351.22
Year Built 1979
Power 600a/ 120-208v
Clear Height 16'
Percentage of Of f ice 5.80%
401 E 7TH ST401 E 7th St, Los Angeles, CA, 90014
2
Close of Escrow 4/19/2017
Day s On Market 180
Sales Price $3,000,000
Rentable SF 7,919
Price/SF $378.84
Year Built 1984
Power 20a/ 240v
Clear Height 17'
Percentage of Of f ice 6.60%
519 E 7TH ST519 E 7th St, Los Angeles, CA, 90014
Asking Price $3,600,000
Rentable SF 16,500
Price/SF $218.18
Year Built 1925
Power 400a/ 277-480v 3p 4w
Clear Height 8.5’-15.5’
Zoning M2-2D
2322
SALES COMPARABLES
SALES COMPARABLES
6
Close of Escrow 8/8/2017
Sales Price $1,982,776
Rentable SF 9,240
Price/SF $214.59
Year Built 1923
722 TOWNE AVE722 Towne Ave, Los Angeles, CA, 90021
7
Close of Escrow 8/8/2017
Sales Price $1,180,224
Rentable SF 5,500
Price/SF $214.59
Year Built 1925
Power 100-200a/ 120-240v
714 TOWNE AVE714 Towne Ave, Los Angeles, CA, 90021
8
Close of Escrow 1/13/2017
Day s On Market 109
Sales Price $4,150,000
Rentable SF 21,500
Price/SF $193.02
Year Built 1965
Power 600a/ 277-480v 3p 4w
Percentage of Of f ice 19.10%
531-535 S TOWNE AVE531-535 S Towne Ave, Los Angeles, CA, 90013
2524
405 TOWNE AVEMARKET OVERVIEW MARKET OVERVIEW
OVERVIEWGREATER DOWNTOWN LOS ANGELES
DOWNTOWN RENAISSANCEThe dow ntown area is undergoing a major renaissance due to the light rail and mixed-use projects such as L.A. Live attracting businesses and residents.
RAPID HOUSEHOLD GROWTHHousehold formation w ill increase briskly during the next f ive years at a level above the national rate.
ROBUST HEALTH SECTORHealthcare provides a large number of jobs in the dow ntown area, employing thousands of w orkers and supported by public healthcare initiatives.
Greater Dow ntown Los Angeles consists of the Downtown, Mid-Wilshire
and Hollyw ood submarkets. The continued revitalization of the market
will boost population gains. The population base of 820,000 people w ill
expand as more than 10,600 citizens are added over the next f ive
years, f illing new residential projects. Downtown houses numerous
corporations, retail and entertainment venues that draw commuters into
the city daily.
Major employers in the market include Farmers Insurance, Kaiser Permanente, Paramount Pictures, Deloitte, Ernst & Young, University of Southern California and Transamerica Insurance.
Building conversions and mixed-use developments that include housing are bringing residents back into the area. Young, urban professionals desiring shorter commutes and dow nsizing households seeking to live near amenities are absorbing these units.
A w ell-educated population provides companies w ith a skilled w orkforce. Roughly 38 percent of people age 25 and older hold a bachelor’s degree; among those residents, 11 percent also have earned a graduate or professional degree.
DEMOGRAPHICS
ECONOMY
METRO HIGHLIGHTS
* Forecast Sources: Marcus & Millichap Research Serv ices; BLS; Bureau of Economic Analy sis; Experian; Fortune; Moody ’s Analy tics; U.S. Census Bureau
820K2017
POPULATION:
348K2017
HOUSEHOLDS:
36.32017
MEDIAN AGE:
$42,500 2017 MEDIAN
HOUSEHOLD INCOME:
U.S. Median:37.8
U.S. Median:$56,3003.6%
Growth2017-2022*:
1.3%Growth
2017-2022*:
LOS ANGELES METRO AREA
Investors Compete With Owner-Users to DeployCapital Amid Tight Environment
Downtown redevelopment prompting industrial tightness as displaced tenants locate new spaces. The LosAngeles industrial market is fostering an incredibly tight market as tenants are displaced to make room fornew multifamily developments. The pace of construction amid the renovation of downtown properties intocondo, apartment and mixed-use projects remains elevated, fostering demand for modern spaces withinproximity of rail yards and twin ports. Builders have begun to respond to vacancy near the lowest levels everrecorded, pushing supply growth to the highest amount since 2007. Although construction will more thandouble 2016, vacancy will only modestly tick up as net absorption more than doubles. As a result oftremendous competition for existing spaces, particularly among owner-users, a high-single-digit pace of rentgrowth over the coming year will be achievable.
Tight operations, low relative yields spur investor allocations. Amid an environment of rising prices forindustrial properties, owner-users and investors alike have been acquiring assets throughout Los Angeles.Abundant commercial credit, even as interest rates have risen recently, are sponsoring a search for greatercash yields, pushing cap rates to the low-5 percent range countywide. Industrial properties in marqueesubmarkets such as the city of Industry, Inglewood and Pomona will exchange ownership well below theaverage first-year return, typically in the low- to mid-4 percent band. Owner-users remain the most activeacquirers, prompting upticks in prices per square foot and overall transaction prices due to their willingness topay up for quality product in the right locations. As a result, many private investors are elevating offers todeploy capital amid intense competition.
* ForecastSource: CoStar Group, Inc..
2726
405 TOWNE AVEMARKET OVERVIEW DEMOGRAPHICS
POPULA TION 1 Miles 3 Miles 5 Miles 2022 Projection
Total Population 39,381 464,125 1,248,079 2017 Estimate
Total Population 34,244 459,018 1,250,851 2010 Census
Total Population 30,526 434,100 1,193,519 2000 Census
Total Population 21,974 427,938 1,195,192 Daytime Population
2017 Estimate 179,302 667,891 1,306,991HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection
Total Households 22,176 151,842 396,246 2017 Estimate
Total Households 18,422 143,187 384,189Average (Mean) Household Size 1.41 2.95 3.10
2010 CensusTotal Households 16,012 133,937 364,673
2000 CensusTotal Households 10,232 119,188 346,720
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate
$200,000 or More 3.44% 2.17% 2.62%$150,000 - $199,000 3.63% 2.05% 2.38%$100,000 - $149,000 8.50% 6.31% 7.31%$75,000 - $99,999 6.20% 6.74% 7.97%$50,000 - $74,999 8.39% 12.86% 15.04%$35,000 - $49,999 7.23% 12.95% 14.43%$25,000 - $34,999 5.26% 12.87% 12.92%$15,000 - $24,999 11.40% 17.67% 16.23%Under $15,000 45.95% 26.38% 21.11%
Average Household Income $52,518 $49,087 $54,826Median Household Income $17,729 $29,643 $34,797Per Capita Income $37,008 $16,454 $17,423POPULA TION PROFILE 1 Miles 3 Miles 5 Miles Population By Age
2017 Estimate Total Population 34,244 459,018 1,250,851Under 20 5.59% 25.79% 26.78%20 to 34 Years 28.90% 29.71% 27.46%35 to 39 Years 9.27% 7.77% 7.72%40 to 49 Years 17.18% 13.06% 13.46%50 to 64 Years 22.98% 14.26% 15.08%Age 65+ 16.08% 9.41% 9.48%Median Age 43.68 31.88 32.50
Population 25+ by Education Level2017 Estimate Population Age 25+ 30,301 293,716 804,498Elementary (0-8) 6.36% 22.94% 21.09%Some High School (9-11) 13.91% 15.86% 15.04%High School Graduate (12) 18.52% 20.20% 20.95%Some College (13-15) 18.83% 12.84% 14.11%Associate Degree Only 5.57% 4.12% 4.37%Bachelors Degree Only 21.37% 12.85% 13.78%Graduate Degree 11.31% 4.71% 5.07%
Time Travel to WorkAverage Travel Time in Minutes 30 33 34
LOS ANGELES METRO AREA
2017 Market Forecast
Robust rent growth, tight vacancy and the nation’s busiest ports boost LosAngeles to third place.
Local firms will add 35,400 new workers this year, expanding payrolls by 0.8percent. Last year, 90,900 jobs were created, a 2.1 percent growth rate.
Exceptional market strength is translating into new construction, which reachthe highest pace since 2007 at 6.6 million square feet of industrial space. In2016,2.4 million square feet came to market.
The biggest supply increase in over a decade will trigger a 30-basis-point risein the metro vacancy rate to 2.4 percent. In the prior four quarters, vacancyrose 10 basis points as supplyoutpaced net absorption.
The average asking rent will advance 8.6 percent to $10.23 per square foot astenant competition pushes up prices in core industrial submarkets.
Value-add properties in outlying submarkets will attract greater selling pricesas tight operations in proximity to the ports sponsor more tenants to moveoutward.
* Forecast** Trailing 12 months through 1Q 2017Source: CoStar Group, Inc.
NII Rank3
Employmentup 0.8%
Construction6.6 million sq. ft.
Vacancyup 30 bps
Rentup 8.6%
Investment
2928
405 TOWNE AVE
IncomeIn 2017, the median household income for your selected geography is$17,729, compare this to the US average which is currently $56,286.The median household income for your area has changed by 84.04%since 2000. It is estimated that the median household income in yourarea will be $22,437 five years from now, which represents a changeof 26.56% from the current year.
The current year per capita income in your area is $37,008, comparethis to the US average, which is $30,982. The current year averagehousehold income in your area is $52,518, compare this to the USaverage which is $81,217.
PopulationIn 2017, the population in your selected geography is 34,244. Thepopulation has changed by 55.84% since 2000. It is estimated that thepopulation in your area will be 39,381.00 five years from now, whichrepresents a change of 15.00% from the current year. The currentpopulation is 63.99% male and 36.01% female. The median age of thepopulation in your area is 43.68, compare this to the US averagewhich is 37.83. The population density in your area is 10,898.68people per square mile.
HouseholdsThere are currently 18,422 households in your selected geography.The number of households has changed by 80.04% since 2000. It isestimated that the number of households in your area will be 22,176five years from now, which represents a change of 20.38% from thecurrent year. The average household size in your area is 1.41persons.
EmploymentIn 2017, there are 132,519 employees in your selected area, this isalso known as the daytime population. The 2000 Census revealed that55.73% of employees are employed in white-collar occupations in thisgeography, and 41.59% are employed in blue-collar occupations. In2017, unemployment in this area is 13.60%. In 2000, the average timetraveled to work was 30.00 minutes.
Race and EthnicityThe current year racial makeup of your selected area is as follows:36.10% White, 23.84% Black, 0.13% Native American and 23.01%Asian/Pacific Islander. Compare these to US averages which are:70.42% White, 12.85% Black, 0.19% Native American and 5.53%Asian/Pacific Islander. People of Hispanic origin are countedindependentlyof race.
People of Hispanic origin make up 24.92% of the current yearpopulation in your selected area. Compare this to the US average of17.88%.
HousingThe median housing value in your area was $428,317 in 2017,compare this to the US average of $193,953. In 2000, there were 518owner occupied housing units in your area and there were 9,714renter occupied housing units in your area. The median rent at thetime was $316.
Source: © 2017 Experian
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