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For Sale | Two Freestanding Commercial Buildings in West L.A. Westwood Boulevard 2245-2251 Los Angeles, CA 90064 For Sale

For Sale 2245-2251 Westwood Boulevard...4. 2245-2251 WESTWOOD BOULEVARD. WESTMAC Commercial Brokerage Company, as exclusive agents, are pleased to present for sale, 2245-2251 Westwood

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Text of For Sale 2245-2251 Westwood Boulevard...4. 2245-2251 WESTWOOD BOULEVARD. WESTMAC Commercial...

  • For Sale | Two Freestanding Commercial Buildings in West L.A.

    Westwood Boulevard2245-2251

    Los Angeles, CA 90064

    For Sale

  • © 2019 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.

    WESTMAC Commercial Brokerage Company1515 S. Sepulveda Blvd., Los Angeles, CA 90025Phone 310.778.7700Company DRE# 01096973www.westmac.com

    T.C. Macker, CCIMPresidentD. [email protected]# 01232033

    Lauren SacklerAssociateD. [email protected]# 02082395

    Jennifer MoscosoAssociateD. [email protected]# 02044716

    Westwood Boulevard2245-2251Los Angeles, CA 90064

  • © 2019 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.

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    2245-2251 WESTWOOD BOULEVARD

    WESTMAC Commercial Brokerage Company, as exclusive agents, are pleased to present for sale, 2245-2251 Westwood Boulevard in West Los Angeles. 2245-2251 Westwood Boulevard is situated on one parcel, and is comprised of one single-story retail building, and one two-story mixed-use building.

    The retail building, which has 40’ of frontage on Westwood Boulevard, is approximately 1,800 square feet, is currently subdivided into two spaces, but occupied by a single tenant. The mixed-use building is set behind the retail building, separated by 5 tandem parking spaces (10 total).

    The mixed-use building is comprised of four units totaling approximately 2,600 square feet. The bottom floor of the building is approximately 1,400 square feet and will be delivered leased (lease pending). The top floor of the building is divided into two residential units (each 1 bedroom, 1 bath) of about 600 square feet each, separated by a main stairway. They are occupied by one long term tenant and one new tenant (lease pending).

    The parcel is zoned LAC4 and a TOC (Transit Oriented Communities) Tier 3 which allows for greater development potential for developers looking to build in a revitalizing area. They property is located one-quarter mile from One Westside, the site of a former shopping mall which is being converted into nearly 600,000 square feet of offices, which Google has pre-leased.

    2245-2251 Westwood Boulevard offers buyers the opportunity to purchase on Westwood Boulevard, a street best known for it’s ample retail amenities within a densely populated part of West Los Angeles.

    Executive Summary

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    ADDRESS 2245-2251 Westwood Blvd., Los Angeles, CA 90064

    APN 4322-002-017

    BUILDING SIZE ± 4,400-square feet (3,642 SF per tax record)

    LAND SIZE ± 5,400-square feet (5,405 SF per tax record)

    PROPERTY TYPE Retail & Mixed-Use

    BUILT 1940

    ZONING C4-1VL-POD; Tier 3 TOC

    FRONTAGE 40’ along Westwood Blvd. (front building only)

    TENANCY Multiple

    PARKING Room for approximately ten (10) cars parked (5 tandem spaces)

    Property Summary

    OWNERSHIP Fee Simple

    NOI $159,375

    CAP RATE 3.98%

    SALE PRICE $4,000,000 ($909/SF)

    PROPERTY TOURS Contact Listing Agents for Details

    Investment Summary

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    The property is being offered for sale. Offering includes both front and rear commercial buildings. The front building is comprised of 2 retail units currently leased to the same tenant.. The back building is comprised of 4 office/residential units, the ground floor has two 2 office units which will be leased to one tenant, and two second-floor apartment units. Each unit is one-bedroom, one bath. Both apartment units will be delivered leased.

    Property Composition

  • Parcel Map

    Aerial View

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    INCOME ANALYSIS

    Gross Rental Income $210,000

    Less Operating Expenses ($50,625)

    NOI $159,375

    - Real Estate Taxes are estimated at 1.22% based on a purchase price of $4,000,000.- Tenants pay expenses. Owner pays for Taxes and Insurance.- Income analysis does not take into account renovations costs, Tenant Improvements, Carry or Leasing Commissions.

    Total Buildings +/- 4,400-sf Total Land +/- 5,400-sf Total Parking 10 (5 tandem spaces)

    INCOME ANALYSIS

    Financial Summary

    EXPENSES ANNUAL

    Taxes $48,800

    Insurance $1,825

    Total $50,625

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    UNIT USE SIZE RENT (PSF) RENT (MONTHLY)RENT

    (ANNUAL) NOTES

    Front Building

    4045 Retail 900 sf $4.17 $3,750 $45,000 Units 4045 & 4047 leased by same tenant.

    4047 Retail 900 sf $4.17 $3,750 $45,000 Lease term ends at end of year. No options.

    Total 1,800 sf $7,500 $90,000

    Rear Building

    4049 A & 4051 A Recording Studio 1,400 sf $4.29 $6,000 $72,000 Lease (pending). Term 1 year. No options.

    4049 B Apartment 600 sf $2.50 $1,500 $18,000 Long term tenant. MTM.

    4051 B Apartment 600 sf $4.17 $2,500 $30,000 Lease (pending). Term 1 year.

    Total 2,600 sf $10,000 $120,000

    Total Property 4,400 sf $17,500 $210,00

    RENT ROLL

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    Building SummaryThe front building, 2245-2247 Westwood Boulevard is comprised of one-story approximately 1,800-square feet. There are 2 total units. Each unit is approximately 900-square feet. Both of the units are occupied by a single retail tenant (see lease abstract). The building is well maintained and each unit is separately metered.

    Westwood Boulevard2245-2247Front Building

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    Westwood BoulevardLease AbstractUNIT USE Retail

    UNIT # 2245 & 2247 (entire bldg.)

    UNIT SIZE ± 1,800-square feet

    LEASE TERM Expires end of 2019, then MTM

    OPTION None

    RENT $7,500 per month for both units

    PARKING Two (2) spaces

    EXPENSES: Tenants pay all utilities. Owner pays taxes & insurance

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    The rear building, 2249-2251 Westwood Boulevard is comprised of approximately 2,600-square feet. There are 4 total units - 2 office units (2449A & 2451A) located downstairs and 2 one-bedroom, one bath apartment units (2449B & 2451B) on the second floor. The first floor is made up of approximately 1,400-square feet, and the second floor approximately 1,200-square feet. The ground-floor can be divided into 2 spaces or kept as one. The entire rear building will be delivered leased (see lease abstract). The building is well maintained, and newly painted.

    Building SummaryWestwood Boulevard2249-2251

    Back Building

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    Westwood Boulevard

    EXPENSES: All tenants pay electric and water. Owner pays taxes & insurance

    UNIT USE Apartment

    UNIT # 2249-B

    UNIT SIZE ± 600-square feet

    LEASE TERM MTM

    OPTION None

    RENT $1,500 per month

    PARKING One (1) space

    Lease AbstractUNIT USE Apartment

    UNIT # 2251-B

    UNIT SIZE ± 600-square feet

    LEASE TERM One (1) year; commencing 12/2019

    OPTION None

    RENT $2,500 per month

    PARKING One (1) space

    2nd Floor

    UNIT USE Recording Studio

    UNIT # 2251 A & B (entire 1st flr.)

    UNIT SIZE ± 1,400-square feet

    LEASE TERM One (1) year; commencing 12/2019

    OPTION None

    RENT $6,000 per month

    PARKING Two (2) spaces

    Lease Abstract 1st Floor

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    Unit 4249A & 4251A (1st floor)

  • 17Unit 4251-B (2nd floor)

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    HIGH VISIBILITYFront Building provides ample frontage which presents a great signage opportunity along highly-traveled Westwood Boulevard; 0.03 miles SW from the intersection of Olympic and Westwood Boulevards, where estimated traffic volume is over 56K vehicles per day.

    PRIME WESTSIDE LOCATIONBustling with retailers, surrounded by dense residential neighborhoods, minutes from UCLA and the future Google offices taking over the Westside Pavilion, and in the heart of technology-driven Silicon Beach, 2245-2551 Westwood Boulevard offers buyers unbeatable locale.

    INVESTOR OPPORTUNITYBuilding will be delivered 100% leased,offering owners with opportunity to own along a major Los Angeles commerce corridor.

    FUTURE DEVELOPMENT OPPORTUNITYThe land is zoned C-4 and a TOC (Transit Oriented Communities) Tier 3 which allows for greater height, residential density and FAR for development. Buyers are encouraged to contact city about potential developments.

    Offering Highlights

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    DENSE, AFFLUENT RESIDENTIAL POPULATIONArea is surrounded by dense residential streets and hundreds of apartment units. The population within a 3-mile radius of the property is estimated at over 320,000. The median household income within 1-mile of the property is over $95,000.

    BOOMING COMMERCE HUBPart of Silicon Beach, the area is home to several major Class A office campuses occupied by some of the world’s leading media and entertainment companies. Area employers include Snapchat, Google, USC, Sony, Electronic Arts, and many others. Google will also be moving into the now developing offices at the former Westside Pavilion.

    AMPLE WALKABLE AMENITIESPlentiful walkable amenities along Westwood Boulevard including Starbucks, Chase Bank, Poquito Mas, Pastina Trattoria, Matteo’s, Hertz, Pitfire Pizza, California Chicken Cafe, and many more.

    ACCESSIBILITY & TRANSIT ORIENTEDThe property is easily accessible to both the 10 and 405 freeways. It’s located just South of Olympic Boulevard and North of Pico Boulevard, and is less than 0.5 miles East of Sepulveda Boulevard. Westwood Boulevard is also pedestrian friendly with multiple City bus stops. It is also approximately one mile NE from the Metro’s Expo Rail line at Exposition and Sepulveda Boulevard.

  • The property is located on prominent Westwood Boulevard, just south of Olympic Boulevard. The area has seen recent growth due to the announcement of two major office developments.

    Hudson Pacific Properties and Macerich have partnered to transform the Westside Pavilions Mall (the middle of which intersects Pico Boulevard and Westwood Boulevard) into a 584,000 square foot office campus, which has been pre-leased to Google. The office campus is scheduled for delivery in 2022 and is named One Westside.

    GPI purchased the former Westside Pavilion Macy’s store on the corner of Pico Boulevard and Overland Avenue and has started work on a $180 million renovation to transform the building into 230,000 square feet of office space. The project is named the West End and is scheduled for delivery in early 2021.

    2245-2251 Westwood Boulevard is located approximately one quarter mile from One Westside, and approximately one half (walkable) mile from the West End.

    Market HighlightsWEST L.A.

    20One Westside

    West End

    Demographics

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    DISTANCE FROM SUBJECT PROPERTY

    POPULATION 1-MILE 3-MILE 5-MILE

    Population (2019 Estimate) 38,710 320,384 698,381

    Population (2024 Forecast) 39.892 325,522 710,107

    BUSINESS 1-MILE 3-MILE 5-MILE

    Total Businesses 3,639 30,985 57,895

    Total Employees 33,395 356,203 622,454

    Total Consumer Spending $561,120 $4,155,204 $9,447,414

    HOUSEHOLD 1-MILE 3-MILE 5-MILE

    Households (2019 Estimate) 17,924 142,067 321,859

    Med. Household Income (2019) $95,611 $83,402 $85,555

    Avg. Household Income (2019) $125,679 $115,413 $117,096

    1-3-5 MILE

    Demographics

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    Westwood Blvd2245-2251

  • DISCLAIMER

    This offering has been prepared solely for informational purposes. It is designed to assist a potential buyer in determining whether it wishes to proceed with an in-depth investigation of the subject property. While the information contained herein is from sources deemed reliable, it has not been independently verified by WESTMAC Commercial Brokerage Company or by the Seller.

    This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent. It should be noted that any and all market analyses, estimates and projections contained in this Offering are provided for general reference purposes only and are based on assumptions related to the general economy, competition, real estate market trends, and other factors beyond the control of the Seller or Broker.

  • WESTMAC Commercial Brokerage Company | 1515 S. Sepulveda Blvd., Los Angeles, CA 90025 | 310.778.7700 | DRE# 01096973 | www.westmac.com

    T.C. Macker, CCIMPresidentD. [email protected]# 01232033

    Lauren SacklerAssociateD. [email protected]# 02082395

    Jennifer MoscosoAssociateD. [email protected]# 02044716

    For more sale information contact:

    Westwood Boulevard2245-2251Los Angeles, CA 90064

    For Sale