13715 ENTURA - LoopNet...Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities,

G R O U P

BRANDON MICHAELS

VENTURA13715

SHERMAN OAKS, CA

Property Overview

Investment Highlights

Financials

Area Overview

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BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) [email protected]: CA #01434685

16830 Ventura Blvd. Suite 100, Encino, CA 91436www.marcusmillichap.com

G R O U P

BRANDON MICHAELS

INVESTMENT ADVISORS

BEN BROWNSTEINSenior AssociateAssociate Member, National Retail GroupTel: (818) [email protected]: CA #02012808

VENTURA13715

SHERMAN OAKS, CA

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Marcus & Millichap has been selected to exclusively market for sale 13715 Ventura Boulevard, a mixed-use retail/office property located along Ventura Boulevard in the affluent, high-demand submarket of Sherman Oaks, CA. 13715 Ventura Boulevard is ideally located along a prime stretch of Ventura Boulevard just West of Woodman Avenue and East of Hazeltine Avenue on the north side of the street. The immediate area has undergone significant growth and is home to a number of restaurants, local and national retailers, and a plethora of other uses which make this one of the most desirable locales in the San Fernando Valley.

A MIXED-USE RETAIL/OFFICE PROPERTY LOCATED ALONG WORLD RENOWNED VENTURA BOULEVARD IN THE AFFLUENT, HIGH-DEMAND SUBMARKET OF SHERMAN OAKS, CA

VENTURA13715

SHERMAN OAKS, CA

13715 Ventura has two ground level storefront retail units averaging 1,278 SF with excellent visibility and frontage along Ventura Boulevard, and a 1,221 square foot second story office unit that was previously an apartment unit. All leases are currently on a month to month basis, creating a unique opportunity for an investor who is looking to re-position a well-located asset along prestigious Ventura Boulevard, or an Owner-User Buyer who can utilize a portion or all of the building for their specific use.

Ventura Boulevard is the primary east/west thoroughfare through the San Fernando Valley, and the world’s longest avenue of contiguous business. Ventura Boulevard has always been the most concentrated location for mom and pop shops and small businesses in the Valley; nowadays it has pockets of housing, mini-malls, and shops, along with a wide assortment of businesses, schools, and other establishments. Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities, executives, athletes, and entertainers alike. Sherman Oaks is considered one of the strongest San Fernando Valley submarkets, home to trendy night spots, high end eateries, and a wide variety of shopping options. The dense immediate location benefits from over 540,000 people within a five mile radius and an overage household income north of $75,000.

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PROPERTY DESCRIPTION

Address 13715-13717 Ventura BlvdSherman Oaks, CA 91423

APN’s 2271-018-006

Number of Stories 2

Year Built 1949

Building SF 3,777 SF

Lot Size 4,600 SF

Zoning LAC2-1VL

Parking Spaces 8 uncovered parking spaces in the rear of the building

Parking Ratio 1.74 Spaces per 1,000 SF

Price $2,075,000

Current Cap Rate 2.40%

Pro Forma Cap Rate 6.11%

Price SF (Building) $549

Price SF (Land) $451

Current NOI $49,743

Current Average Rent/SF $1.91

PROPERTY INFORMATION

FINANCIAL INFORMATION

VENTURA BOULEVARDWOODMAN AVEN

UE

ENCINO VAN NUYS

VENTURA13715

SHERMAN OAKS, CA

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EXCELLENT SHERMAN OAKS LOCATION ALONG VENTURA BOULEVARD

y Ideally located on the north side of Ventura Boulevard, just west of Woodman Avenue

y Ventura Boulevard is the world’s longest avenue of contiguous business

y The immediate area offers a plethora of local and national retailers, a wide variety of dining options, and an expansive residential market with some of the most expensive homes throughout Los Angeles County

y High daily traffic counts along Ventura Boulevard, the primary east/west thoroughfare through the San Fernando Valley

UNIQUE INVESTMENT OR OWNER-USER OPPORTUNITY

y All leases are on a month-to month basis, creating a multitude of potential options

y Rents are significantly below market, allowing an investor to realize significant rental upside

y Retail units are ideal in size, averaging 1,200 square feet per unit

y Units are easily leasable and offer minimal costs between tenants and protect against downside risk

$110,0983-mile radius median HH income

197,4503-mile radius population

$1.14MAVG single family home price

INVESTMENT HIGHLIGHTS

UPSCALE SHERMAN OAKS SUB-MARKET

y Home to numerous celebrities, executives, athletes, and entertainers alike

y Hip-trendy night spots attract a hip and vibrant demographic

y A multitude of dining and nightlife options line Ventura Boulevard throughout Sherman Oaks

y The surrounding residential is a wide mix of multi-million dollar homes and high-end luxury multi-family units with significant growth projected

y The area has undergone significant rental growth as a result of a vibrant local economy

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INTEREST OFFERED:100% fee simple interest in 13715 Ventura Boulevard, a 3,300 SF mixed-use retail/office property located in prime Sherman Oaks, CA

TERMS OF THE SALE:Property is being offered on a free and clear basis.

PROPERTY TOURS:Prospective purchasers are encouraged to visit the site prior to submitting offers. All property tours must be coordinated through the listing broker.

SUMMARY OF TERMS

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LOCATION13715 Ventura Blvd,Sherman Oaks, CA 91423

SITEThe subject property is located on the North side of Ventura Boulevard, just two parcels west of Woodman Avenue

SQUARE FOOTAGESThe subject property consists two ground level storefront retail units averaging 1,278 SF and a 1,221 square foot second story multifamily / office unit.

CROSS STREETSThe cross streets are Ventura Boulevard (East/West) and Woodman Avenue (North/South).

PARKINGA total of 8 parking spaces in the rear of the building.

PARKING RATIO1.74 Parking Spaces per 1,000 SF

YEAR BUILTThe property was built in 1949

ZONINGZoning is LAC2-1VL

PROPERTY DETAILS

VENTURA13715

SHERMAN OAKS, CA

VENTURA BOULEVARD

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LARGEST TENANTS

Pride 'N Joy Pet Grooming1,325 SFMonth-to-Month

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SUITE TENANT

32%

33%

35%of building

102

201

Lash Factory 1,231 SFMonth-to-Month

Production1,221 SFMonth-to-Month

35%33% 32%

% O

F B

UIL

DIN

G

LEASE EXPIRATION

AVERAGE SUITE SIZES

M2M M2M M2M

0-2000 SF69%

5000+ SF22%

2000-5000 SF9%

LEASE ANALYSIS 32%1,221 SF 33%

1,231 SF

35%1,325 SF

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SUITE TENANT SF % OF SF LEASE EXP RENT RENT/SF PRO FORMA PF $/SF

101 Pride N' Joy Pet Grooming 1,231 33% M2M $2,800.00 $2.27 $4,308.50 $3.50

102 Lash Factory 1,325 35% M2M $2,600.00 $1.96 $4,637.50 $3.50

201 Production/Apartment* 1,221 32% M2M $1,800.00 $1.47 $3,052.50 $2.50

TOTAL 3,777 100% $7,200.00 $1.91 $11,998.50 $3.18

RENT ROLL

Potential Rental Upside

71%

Potential Rental Upside

M2M

Upstairs Apartment Unit

2BED 1BATH

VENTURA BOULEVARD

WOODMAN AVENUE

*2 Bedroom 1 bathroom unit currently being occupied as office16 17

TAXES

WATER

INSURANCE

INCOME AND EXPENSECURRENT PRO FORMA

Scheduled Lease Income $86,400 $143,982 NNN Charges $23,606 Effective Gross Income $86,400 $167,588

Vacancy $4,320 $8,379Expenses $32,338 $32,338

Net Operating Income $49,743 $126,871

EXPENSES

$/YEAR $/YEAR/SFTaxes @ 1.25%: $25,938 $6.87 Insurance $2,700 $0.71 Water $1,200 $0.32 Maintenance $2,500 $0.66

PRICINGPrice: $2,075,000Current Cap Rate 2.40%Pro Forma Cap Rate 6.11%Price SF (Building) $549Price SF (Land) $451Building SF 3,777Land SF 4,600

FINANCIAL ANALYSIS

EXPENSE BREAKDOWN

MAINTENANCE

1918

NAME SALES PRICE PRICE/SF BUILDING SF LOT SF YEAR BUILT

CLOSE OF ESCROW

1 4325-4327 Woodman Ave, Sherman Oaks, CA 91423 $2,550,000 $643.94 3,960 8,102 1948 6/11/2018

2 13535 Ventura Blvd, Sherman Oaks, CA 91423 $4,000,000 $800.80 4,995 9,194 1997 9/26/2018



5 12230-12232 Ventura Blvd, Studio City, CA 91604 $3,360,000 $752.35 5,990 5,000 1938 7/16/2018

Average $744.16

SALES COMPARABLES MAP

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SUBJECT PROPERTY

4325-4327 Woodman Ave

13535 Ventura Blvd

14460 Ventura Blvd

6918 Owensmouth Ave

7098 Owensmouth Ave

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SALES COMPARABLES

Sold

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Address 13535 Ventura Blvd Sherman Oaks

Sales Price $4,000,000Price/SF $800.80Building SF 4,995 Lot SF 9,194 Close of Escrow 9/26/2018

Address 15027 Ventura BlvdSherman Oaks


Address 4325-4327 Woodman AveSherman Oaks


SALES COMPARABLES

Address 12230-12232 Ventura Blvd Studio City




$1000

$900

$800

$700

$600

$500

$400

$300

$200

$100

PRICE PER SQUARE FOOT

AVG: $744.16

4325-4327 Woodman Ave

13535 Ventura Blvd

14460 Ventura Blvd

15027 Ventura Blvd

12230-12232 Ventura Blvd

$643.94

$800.80

$694.68

$829.04

$752.35

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# ADDRESS RENT/SF/YEAR RENT/SF/MONTH LEASE TYPE AVAILABLE SF YEAR BUILT

1 13702 Ventura Blvd, Sherman Oaks, CA 91423 $72.00 $6.00 NNN 1,450 1966

2 13355 Ventura Blvd, Sherman Oaks, CA 91423 $54.00 $4.50 NNN 2,000 1955

3 13608-13612 Ventura Blvd, Sherman Oaks, CA 91423 $43.20 $3.60 NNN 1,500 1947

4 14084 Ventura Blvd, Sherman Oaks, CA 91423 $52.20 $4.35 NNN 700 1942

Average $55.35 $4.61

RENT COMPARABLES MAP

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Subject Property

13702 Ventura Blvd - $6.00


13608-13612 Ventura Blvd - $3.60


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RENT COMPARABLES

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RENT COMPARABLES


Rent/SF/YR $72.00 Rent/SF/Mo $6.00 Lease Type NNNAvailable SF 1,450 Year Built 1966



Address 13608-13612 Ventura Blvd Sherman Oaks



Rent/SF/YR $52.20 Rent/SF/Mo $4.35 Lease Type NNNAvailable SF 700 Year Built 1942

$10.00

$9.00

$8.00

$7.00

$6.00

$5.00

$4.00

$3.00

$2.00

$1.00

RENT PER SQUARE FOOT

AVG: $4.61

$6.00

$4.50

$3.60

$4.35

13702Woodman Ave

13355 Ventura Blvd

13608-13612Ventura Blvd

14084Ventura Blvd

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# ADDRESS SIZE RENT/MONTH RENT/SF TYPE YEAR BUILT

1 14220 Dickens St, Sherman Oaks, CA 91423 925 $2,050.00 $2.22 2+1 1957

2 4441 Woodman Ave, Sherman Oaks, CA 91423 1,200 $2,250.00 $1.88 2+2 1977

3 13157 Riverside Dr, Sherman Oaks, CA 91423 1,500 $3,895.00 $2.60 3+2 1972

4 13439 Moorpark St, Sherman Oaks, CA 91423 900 $2,100.00 $2.33 2+1.5 1957

Average $2.23

MULTIFAMILY RENT COMPARABLESRENT COMPARABLES MAP

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Subject Property

14220 Dickens St

4441 Woodman Ave

13157 Riverside Dr

13439 Moorpark St

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Sherman Oaks is an affluent community located in the San Fernando Valley region of Los Angeles, which includes a portion of the Santa Monica mountains. Balancing urban attitudes with suburban amenities, hip cafes and boutiques are always close by on Ventura Boulevard.

Two major shopping malls, Sherman Oaks Galleria and Westfield Fashion Square, are located here. Van Nuys Sherman Oaks Park boasts miles of baseball diamonds, basketball courts, jogging tracks and glassy knolls to enjoy.

Sherman Oaks is home to business executives, athletes, and entertainers alike. The neighborhood has experienced steady growth in luxury home values, averaging $1.14M in tody's market.

AVERAGE HOUSEHOLD INCOME

$119,303

Westfield Fashion Square

a prime valley location

SHERMAN OAKS GALLERIA

THE ROOSEVELT

VENTURA BOULEVARD

Sherman Oaks,

POPULATION GROWTH EXPECTED BY 2021

1.30%

PROJECT AVG HOUSEHOLD INCOME GROWTH BY 2021

22.10%OF THE POPULATION IS BETWEEN

THE AGES OF 20 AND 44

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THE SAN FERNANDO VALLEYLLEY

STUDIO CITY NOHO ARTS DISTRICT

Also known as “The Valley,” the San Fernando Valley spans 260 square miles and is home to approximately 1.82 million people. The area is situ-ated approximately 12 miles northwest of Downtown Los Angeles and is bounded by the Santa Monica Mountains to the south, the San Gabriel Mountains to the north and east, and Simi Hills to the west. Notable facts about the San Fernando Valley include:

AT A GLANCE

Sherman Oaks Galleria

“The Valley” is a premier location for residents to live, work, and play

The Sherman Oaks Galleria includes 700,000 square feet of Class A office space overlooking a 300,000 square foot retail and entertainment complex. Located at the intersection of the 101 and 405 freeways, the Galleria is home to myriad employers and shopping options.

Sepulveda Basin Recreation AreaApproximately two miles from the subject property, Sepulveda Basin Recreation Area and Lake Balboa/Anthony C. Beilenson Park are home to two golf courses, a sports complex, and a 19,600 square foot playground.

Ventura BoulevardIconic Ventura Boulevard, is the primary east–west thoroughfare in the San Fernando Valley. Extending 18 miles from Studio City to Woodland Hills, Ventura Boulevard is known as the “backbone” of the San Fernando Valley with scores of bars, restaurants, retail shopping, and other convenient neighborhoodamenities.

Van Nuys/Sherman Oaks Recreation CenterThe 65 acre park offers baseball fields, basketball courts, children’s play areas, a football field, and indoor gym, a soccer field, tennis courts, volleyball courts, and running paths.

Universal Studios and CityWalk Located approximately seven miles from Addison Arms, Universal CityWalk offers entertainment, dining, and shopping. CityWalk is located within Universal Studios, one of the most famous fi lm studios in the world

Universal Studios and CityWalk Within a 10-minute walk of the subject property, Westfield Fashion Square is an 850,000 square feet two-level enclosed shopping center anchored by Bloomingdale’s and Macy’s.

� The San Fernando Valley is Home to Over 63,000 Businesses and 535,000

Jobs

� Average Household Income Has Grown by 24.53% from 2000-2015 and is

Projected to Grow an Additional 13.19% by 2020

� Approximately 49% of The Valley’s Households are Renters

� Average Vacancy Across the San Fernando Valley is 2.24%

� The Valley is a Key Entrepreneurial Hub in Los Angeles with Half of LA

County Contractors, a Third of all Business Professionals, and a Number of

Healthcare Professionals Calling the Area Home

� Notable Industries Include Entertainment, Foreign Trade, Business Services,

Health Services, Aerospace, and Advanced Manufacturing

� Several Fortune 500 Companies Including The Walt Disney Company,

Anheuser-Busch, Nestle, and Health Net, as well as Several Additional

Fortune 1,000 Companies are Located in the Valley

� Industry Leaders in Advanced Manufacturing Including Northrop Grumman,

Aerojet, and JMR Electronics are Located in The Valley

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13715 Ventura Boulevard, the subject property ideally sits in the center of a major concentration of retail amenities. As demand for urban-living continues to spike, renters increasingly desire walkable neighborhoods. 13715 Ventura Boulevard epitomizes the highly sought after urban-living community boasting the title of “Very Walkable” and enjoying a Walk-Score of 80. The Property is within walking distance to numerous restaurants and entertainment hotspots that include Tipsy Cow, Crave Café, MidiCi Pizza Company, Anejo Cantina & Grill, and Anajak Thai Cuisine, to name a few.

CULTURAL AMENITIES�� Westfield Fashion Square�� Sherman Oaks Galleria�� Van Nuys / Sherman Oaks �� Recreation Center�� Ventura Boulevard��

RESTAURANT/NIGHTLIFE OPTIONS�� ArcLight Cinemas�� Public School 818�� Tipsy Cow�� Mendocino Farms�� Crave Cafe

RETAILERS�� CVS Pharmacy�� Target�� Urban Outfitters�� Hollywood Farmer’s Market��

GROCERY STORES�� Whole Foods�� Pavilions�� Gelson’s Market�� Vons

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Many errands can be accomplished by foot

Several nearby public transportation options

Flat as a pancake, some bike lanes

WALKSCORE

WESTFIELD FASHION SQUARE

PEDESTRIAN & TRANSIT ORIENTED

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Extending 18 miles from Studio City to Woodland Hills, Ventura Boulevard is known as the “backbone” of the San Fernando Valley with scores of bars, restaurants, retail shopping, and other convenient neighborhood amenities.

SHOPPING AND RETAILSherman Oaks GalleriaThe Sherman Oaks Galleria includes 700,000 square feet of Class A office space overlooking

a 300,000 square foot retail and entertainment complex. The three-level mall was built on the site of Moses Sherman's original 1911 thousand-acre investment in the area, at the pres-ent-day intersection of Ventura and Sepulveda boulevards. It opened in 1980 with two de-partment stores.Pacific Theatres' Pacific 4 occupied the uppermost level of the mall. The mall became famous in the early 1980s as being the center of the teenage mall culture and a well-known teenage hangout. Located at the intersection of the 101 and 405 freeways, the Galleria is home to myriad employers and shopping options.

Ventura BoulevardVentura Boulevard, the primary east–west thoroughfare in the San Fernando Valley, is locat-ed a short three-minute drive from 14419 W Riverside Drive. Extending 18 miles from Studio City to Woodland Hills, Ventura Boulevard is known as the “backbone” of the San Fernando Valley with scores of bars, restaurants, retail shopping, and other convenient neighborhoo-damenities.

Westfield Fashion SquareWestfield Fashion Square, formerly Sherman Oaks Fashion Square, is a shopping mall in the Sherman Oaks area of Los Angeles, California and Van Nuys, Los Angeles. It is owned by Westfield Group. Its anchor stores are Bloomingdale's and Macy's. Westfield Fashion Square underwent a major renovation in 2013 creating a more cosmopolitan look and an upgraded food court. Westfield Fashion Square has been featured in many television and film produc-tions including Malcolm in the Middle, The Office, Clueless and The Ellen DeGeneres Show.

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SHERMAN OAKS LA LA COUNTY

Total Population 52,894 3,957,268 10,208,773

Total Households 25,752 1,390,333 3,403,857

Median Household Income $72,430 $49,626 $56,699

Average Household Income $119,303 $82,177 $86,746

Median Age 40.1 35.0 35.8

Vacancy (2Q 2017) 4.20% 4.30% 3.90%

Median Home Price (3Q 2017) $1,143,000 $699,000 $514,000

Monthly Housing Payment $6,340 $3,483 $2,561

Average Asking Rent (2Q 2017) $2,267 $1,692 $1,651

Affordability Gap $4,073 $1,791 $910

Percentage Gap 179.7% 105.9% 55.1%

� Continued demand for residential properties is driven by local jobs, educational institutions and accessible public transit.

� Multiple large-scale shopping, grocery and employment options make Sherman Oaks a premier live / work / play community

� 41.30% of the population is between the ages of 22 and 44

� 37.10% of households are earning more than $100,000 annually

Sherman Oaks is a community of entertainers, entrepreneurs, residents, and celebrities living the authentic Valley experience.

DEMOGRAPHICS

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BEN BROWNSTEINSenior Associate

Associate Member, National Retail GroupTel: (818) 212-2812

[email protected]: CA #02012808

G R O U P

BRANDON MICHAELS

BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail Group

Tel: (818) [email protected]

License: CA #01434685

VENTURA13715

SHERMAN OAKS, CA

Documents

13715 ENTURA - LoopNet...Homes south of Ventura are considered to be among the most expensive in Los Angeles County, ranging from $2 million to $50 million and home to numerous celebrities,