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G R O U P
BRANDON MICHAELS
LOS ANGELES, CA 90004
627 N. LARCHMONT BOULEVARD
G R O U P
BRANDON MICHAELS
INVESTMENT ADVISORS:
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 accura-cy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the cur-rent or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
FLOYD SHAHEENAssociateDirector, National Retail GroupTel: (818) 212-2667Fax: (818) [email protected] License: CA: 01960743
BRANDON MICHAELSSr. Managing Director InvestmentsDirector, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685
2 3
Marcus & Millichap has been selected to exclusively market for sale 627 N. Larchmont Boulevard, a mixed-use retail and office building located in the highly desirable Larchmont Village in Los Angeles, CA.
627 N. Larchmont Boulevard benefits from an excellent location just south of Melrose Avenue on Larchmont Boulevard. The subject property is two blocks north of the heart of Larchmont Village, one of the few walkable and pedestrian friendly streets in Los Angeles. Larchmont Village is a unique neighborhood that is only a half square mile and known for its quaint, old-town shopping street and historic homes. The block of Larchmont Boulevard between Beverly Boulevard and First Street is a charming shopping district that has a variety of chic and upscale eateries, boutiques, and cafes including Café Gratitude, Salt & Straw, Bardonna, and more.
Larchmont Village is well located within the greater Los Angeles sub-market, with easy access to Hollywood, Hancock Park, Mid City, Downtown, and Koreatown. Hollywood is the entertainment destination of the word with an abundance of media and entertainment employers, and Hancock Park is an extremely upscale, affluent neighborhood.
627 N. Larchmont Boulevard is 4,230 SF of ground floor and second-story space that will be delivered vacant at the close of escrow. This creates a unique owner-user opportunity or a true value-add opportunity in an upscale Los Angeles location. 627 N. Larchmont Boulevard represents a rare opportunity to acquire an irreplaceable mixed-use location along a highly coveted shopping corridor in Los Angeles, CA.
Larchmont Village is not only historically significant to Los Angeles but also home to a charming and quaint walkable shopping district that serves the residents of the area.
EXECUTIVE SUMMARY627 North Larchmont Boulevard, Los Angeles, CA 90004
LOS ANGELES, CA 90004
627 N. LARCHMONT BOULEVARD
54
MELROSE AVENUE
BEVERLY BOULEVARD
LARCHMONT BOULEVARD
BardonnaBurger LoungeErin McKenna’s BakeryGo Get Em TigerJamba JuiceJeni’s Ice CreamKiku SushiKreation OrganicLarchmont Bungalow
Larchmont Village Wine, Spirits & CheeseLe Pain QuotidienLe Petit GreekLouise’s TrattoriaMurayaMr. Holmes BakehouseNoah’s Bagels
POUR VOUS
ASTRO BURGER
CAFE AMERICANA ON MELROSE
OSTERIA MAMMA
COFFEE + FOOD
LARCHMONT VILLAGETHE WILTERN
DOWNTOWN LA
HOLLYWOOD
HANCOCK PARK
KOREATOWN
LARCHMONT VILLAGE
LARCHMONT VILLAGE
65 ACRE LOT CONTAINING 30 STAGES
PRODUCTION STUDIO WITH 13 SOUND STAGES
PeetsPradoPressed JicerySalt & StrawSam’s BagelsStarbucksSweetfin PokeTacos Tu MadreVernettiVillage Pizzeria
BRICKS & SCONES
LOS ANGELES, CA 90004
627 N. LARCHMONT BOULEVARD
6 7
CHARMING BOUTIQUESAND HIGH-END EATERIES LINE THE BLOCK OF LARCHMONT VILLAGE
PROPERTY INFORMATION
DISTANCE TO:
MELROSE AVENUE500 FEET
HOLLYWOOD: 1 MILE
THE GROVE: 2.6 MILES
LARCHMONT VILLAGE: 0.5 MILES
PARAMOUNT STUDIOS: 0.2 MILES
KOREATOWN: 2.5 MILES
FINANCIAL INFORMATION
ADDRESS 627 N. Larchmont Boulevard,Los Angeles, CA 90004
BLDG SF 4,230 SF
SF BREAKDOWN
Front Building: Ground Floor SF: 2nd Floor SF:
Rear Building:
3,230 SF1,615 SF 1,615 SF
1,000 SF
LOT SIZE 7,023 SF
TYPE OF PROPERTY Retail/Office
APN 5523-012-018
YEAR BUILT 1921
ZONING LAC2
TYPE OF OWNERSHIP Fee Simple
PRICE $3,350,000
PROFORMA CAP RATE 4.94%
PRICE/SF (BLDG) $791.96
OCCUPANCY Vacant
PROPERTY OVERVIEWL
AR
CH
MO
NT
B
OU
LE
VA
RD
M E L R O S E A V E N U E
Cafe Americano on
Melrose Osteria Mamma Bluebird
Cafe GratitudeMario’s Peruvian &
Seafood
LOS ANGELES, CA 90004
627 N. LACHMONT BOULEVARD
8 9
Irreplaceable Larchmont Village Location Located on Larchmont Boulevard just south of Melrose Avenue.
Upscale Shopping and Eatery DistrictLarchmont Village is well known for its walkable small town charm, a variety of boutique shopping and unique restaurants and cafes.
Walkability One-of-a-kind retail and trendy/hip boutiques and restaurants populate Larchmont Boulevard and make for a highly walkable street. 627 N. Larchmont Boulevard is rated 88/100 on walkscore.com.
Located Near Popular Tourist AttractionsLarchmont Village is proximate to Hollywood, The Grove, West 3rd Street, and the trendy shopping district on Melrose Avenue.
Dense Immediate Population1,058,074 people within a five-mile radius and a daytime population of 566,391 within a five-mile radius
Affluent Los Angeles SubmarketAverage household income of $68,832 within a five-mile radius.
Owner-User OpportunityBuilding is currently vacant allowing for excellent owner-user opportunity or value-add opportunity.
LOCATION627 N. Larchmont Boulevard, Los Angeles, CA 90004
SITEThe subject property is located just south of the southwest corner of Melrose Avenue and N. Larchmont Boulevard.
SQUARE FOOTAGESThe building square footage is 4,230 SF on a 7,023 SF lot. The front two-story building is approximately 3,230 SF and the rear building is 1,000 SF.
FRONTAGE AND ACCESSApproximately 50 feet of frontage on Larchmont Boulevard.
YEAR BUILTThe property was built in 1921.
ZONINGThe zoning is LAC2.
APN’SThe APN is 5523-012-018.
TRAFFIC COUNTSMelrose Avenue and N. Larchmont Boulevard: 39,447 vehicles per day
PROPERTY INFORMATIONINVESTMENT HIGHLIGHTS
627 N. LARCHMONT BOULEVARD IS WALKING DISTANCE TO THE HEART OF LARCHMONT VILLAGE
10 11
RENT ROLL
PROFORMA ANNUALIZED OPERATING DATA
TENANT SF % PROFORMA RENT PROFORMA RENT/SF
Front Building 3,230 76% $11,305.00 $3.50
Rear Building 1,000 24% $3,500.00 $3.50
Total 4,230 100% $14,805.00 $3.50
INCOME AND EXPENSE % PROFORMA
Scheduled Lease Income $177,660
NNN Charges: $67,610
Effective Gross Income: $245,270
Vacancy 5% $12,264
Expenses $67,610
Net Operating Income $165,396
EXPENSES ANNUAL PER SF
Taxes (1.25%) $40,200 $9.50
Insurance $1,058 $0.25
Utilities $7,826 $1.85
Trash $846 $0.20
Janitorial $3,173 $0.75
Repairs & Maintenance $7,403 $1.75
Management $7,106 $1.68
Total Expenses $67,610 $15.98/$1.33
FINANCIAL ANALYSIS
12 13
ADDRESS 429 N. LARCHMONT BOULEVARD, LOS ANGELES
Sales Price $4,450,000.00
Price/Sf $825.76
Bldg SF 5,389
Lot Size 6,299
Close of Escrow 4/4/2017
ADDRESS 530 N. LARCHMONT BOULEVARD, LOS ANGELES
Sales Price $1,125,000.00
Price/Sf $792.25
Bldg SF 1,420
Lot Size 5,622
Close of Escrow 1/11/2017
ADDRESS 579 N. LARCHMONT BOULEVARD,
Sales Price $1,730,000.00
Price/Sf $1,030.99
Bldg SF 1,678
Lot Size 7,000
Close of Escrow 6/8/2016
SALES COMPARABLES
1 2 3
1
2
3
14 15
SALES COMPARABLES
$825.76 $792.25
$1,030.99
$883.00
$-
$200.00
$400.00
$600.00
$800.00
$1,000.00
$1,200.00
429 N. Larchmont Boulevard, LosAngeles
530 N. Larchmont Boulevard, LosAngeles
579-581 N. Larchmont Boulevard, LosAngeles
Average
SALES COMPARABLES PRICE/SF
16 17
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LARCHMONT VILLAGELarchmont Village (Larchmont) is a small neighborhood bordered by Hollywood to the North, East Hollywood to the east, Koreatown to the Southeast, and Hancock Park to the west. Larchmont is only a half-square mile and is known for its quaint, old-town shopping street and historic homes. Larchmont Village is located in one of the oldest and most historically significant neighborhoods in Los Angeles and is bordered by some of the most well preserved homes in the city, ranging from 1920’s California bungalows to grand estates. Larchmont Village is known for its unique architecture.
Larchmont Boulevard is home to a quaint and friendly shopping district in the center of Larchmont. As a Main Street retail district to Hancock Park, Windsor Square and nearby Paramount Studios, Larchmont maintains a small town feel and serves as a lovely community gathering place. Larchmont has a variety of wonderful family friendly restaurants, sidewalk cafes and upscale boutiques along the block between Beverly Boulevard. It is home to chic and trendy eateries like Cafe Gratitude, Portland based Salt & Straw, Go Get Em Tiger, and others.
BardonnaBurger LoungeErin McKenna’s BakeryGo Get Em TigerJamba JuiceJeni’s Ice CreamKiku SushiKreation OrganicLarchmont BungalowLarchmont Village Wine, Spirits & CheeseLe Pain QuotidienLe Petit GreekLouise’s Trattoria
Alegria BazaarBlends SneakerBonne ChanceCh BoutiqueDaas OptiqueFlicka Children’s ClothingGoorin BrosHardwearHeavenly CoutureLFmo VintMr TurkThe LibraryTrina TUrk
Bellacures Nail SalonBlue MercuryDMH AestheticsJessica’s From SunsetLarchmont Barber ShopLarchmont Beauty CenterMAC CosmeticsMalin + Goetz
FlywheelRadiance of LifeYogaworks
MurayaMr. Holmes BakehouseNoah’s BagelsPeetsPradoPressed JicerySalt & StrawSam’s BagelsStarbucksSweetfin PokeTacos Tu MadreVernettiVillage Pizzeria
FOOD & DRINKS SHOPPING BEAUTY & WELLNESS HEALTH & FITNESS
L A R C H M O N T B O U L E V A R D
AREA OVERVIEWAREA OVERVIEW
GO GET EM TIGER
A DESTINATION FOR STYLISH SHOPPING & DINING
LOS ANGELES, CA 90004
627 N. LACHMONT BOULEVARD18 19
ArcLight HollywoodHollywood PalladiumHollywood/VineEgyption TheatreHollywood Pantages TheatreW Hollywood
Burger LoungeGo Get Em TigerKiku SushiLarchmont BungalowLouise’s TrattoriaPradoSalt & Straw
Blue Jam CafeUrth CafeBCBG MaxazriaDieselJoieMarc JacobsSweet Lady JaneNARSInk Sack
KitsonMoniue LhuillierRevolve ClothingJonathan AdlerTheoryJohnny CupcakesAlexander McQueenTenoversix
AppleAnthropologieBanana RepublicCoachBarnes & NobleCrate & Barrel
FreshGAPTopshop TopmanSephoraNordstrom
HOLLYWOOD
LARCHMONT VILLAGE
MELROSE AVENUE
THE GROVE
AREA OVERVIEW
THE GROVEThe Grove is a world-renowned shopping, dining and entertainment destination with unparalleled stores like Anthropologie, Apple, Michael Kors, Coach and Nordstrom. Guests are enamored with the old-fashioned trolley rides and magnificent dancing fountains that have become a “must see” in Los Angeles.
ORIGINAL FARMERS MARKETFirst opened by local farmers in 1934, this cultural-historic landmark was once a dairy farm and even took a turn as an oil field. It now houses more than 70 shops and restaurants, offering everything from oysters to authentic Mexican cuisine, burgers and sandwiches. For those with a sweet tooth, don’t miss the iconic Bob’s Coffee & Donuts.
MELROSE AVENUE SHOPPING DISTRICTJust north of the Property is the trendy Melrose shopping and dining district which spans from La Brea to the Beverly Center. This street is one of the most vibrant, organic dining, shopping, and entertainment districts in Los Angeles. The street features an eclectic mix of boutique and high-end design retailers.
BEVERLY CENTERThis 871,000 square-foot, eight-story regional shopping center is anchored by Macy’s and Bloomingdales. The project also offers a Cineplex Odeon Theatre Complex as well as 160 specialty shops and over 20 restaurants and eateries. The Beverly Center is undergoing a $500 million renovation that will be completed in 2018. Renovations include:
SURROUNDING RETAIL MAJOR EMPLOYERSCedar Sinai Medical CenterUCLAKaiser Permanente Medical centerFOx StudiosParamount PicturesLos Angeles CountyCapitol RecordsABCCBS
POINTS OF INTERESTLACMAPacific Design CenterLa Brea Tar PitsEl Rey TheatreBeverly Hills
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AREA OVERVIEW AREA OVERVIEW
HOLLYWOODHollywood has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Hollywood has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Hollywood one of the more desirable submarkets in the greater Los Angeles area.
In the past decade, Hollywood has experienced significant gentrification and development, specifically along Hollywood Boulevard. Most notable is the Hollywood and Highland Center, which includes 75 retailers, several historic theatres along with night clubs, restaurants, movie theatre, and bowling lanes. Nearly 84.2 percent of all Hollywood residents are currently renters. A significant portion of the population still falls into key renter age groups. Younger age cohorts are expected to post solid growth over the next several years, which bodes well for apartment owners.
Additionally, residents enjoy easy access to the 101 Freeway as well as a stop on the Metro Red Line. Beyond the city limits, residents can quickly travel South to Orange County and San Diego and North to Ventura and Santa Barbara.
HANCOCK PARKHancock Park is a historic and affluent residential neighborhood in the central region of the City of Los Angeles, California. Developed in the 1920s, the neighborhood features architecturally distinctive residences. Hancock Park is studded with elegant Tudor, English, and Spanish and American Colonial Revival homes. It is one of the oldest, most well-preserved neighborhoods in Los Angeles and one of the most intact historic enclaves in the country. The neighborhood is low density, with a 70.7% white, highly educated, older-aged population of 10,600+ people. Most of the residents are home owners. There are four private and two public schools in the area. The neighborhood surrounds the grounds of the Wilshire Country Club
1 MILE 3 MILES 5 MILES
2014 Population 45,116 533,395 1,058,074
2014 Households 19,132 235,866 440,809
2014 Average Household Size 2.36 2.23 2.34
2014 Daytime Population 14,511 198,167 566,391
2014 Owner Occupied Housing Units 20.46% 15.30% 20.64%
2014 Renter Occupied Housing Units 79.54% 84.70% 79.36%
2014 Vacant 2.65% 2.79% 3.39%
$ 0 - $14,999 20.1% 19.7% 21.0%
$ 15,000 - $24,999 15.4% 14.9% 14.7%
$ 25,000 - $34,999 13.2% 12.1% 11.3%
$ 35,000 - $49,999 13.6% 14.0% 13.2%
$ 50,000 - $74,999 14.3% 15.3% 14.5%
$ 75,000 - $99,999 7.4% 7.9% 7.9%
$100,000 - $124,999 5.6% 5.5% 5.6%
$125,000 - $149,999 2.9% 3.0% 3.2%
$150,000 - $199,999 2.2% 3.1% 3.4%
$200,000 - $249,999 1.7% 1.5% 1.8%
$250,000 + 3.9% 3.0% 3.5%
2014 Median Household Income $36,233 $38,127 $38,032
2014 Per Capita Income $29,143 $29,171 $29,069
2014 Average Household Income $68,308 $65,287 $68,832
DEMOGRAPHICS
21%Owner Occupied Housing within 5-m radius
79%Renter Occupied Housing within 5-m radius
440,809Households within a 5-m radius
$68,308Average HH income within 1-m radius
$68,832Average HH income within 5-m radius
$65,287Average HH income within 3-m radius
22 23
G R O U P
BRANDON MICHAELS
FLOYD SHAHEENAssociateDirector, National Retail GroupTel: (818) 212-2667Fax: (818) [email protected] License: CA: 01960743
BRANDON MICHAELSSr. Managing Director InvestmentsDirector, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685