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May 2019
INVESTMENT SALES OFFERING
1727-1731 OCEAN PARK BOULEVARDSanta Monica Retail Building
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Big and Tiny Premises
executivesummary03locationdescription04propertydescription06financialsummary07floorplan08salescomparables09
tabl
e of
con
tent
s This confidential Sales Offering is intended solely for your
limited use and benefit in determining whether you desire to
express any further interest in the purchase of the fee interest
for 1727-1731 Ocean Park Boulevard, Santa Monica, California (the
“Property”). This Sales Offering contains selected information
pertaining to the Property and does not propose to be all inclusive
or to contain all of the information which prospective purchasers
may desire.
It should be noted that all financial projections provided
herein are for general reference purposes only. The projections are
based on assumptions relating to the general economy, competition
and other factors beyond the control of the ownership entity (the
“Owner”) and therefore, are subject to material variation.
Additional information is available to interested and qualified
prospective buyers. Neither the Owner, nor First Property Realty
Corporation, nor any of their respective representatives, have made
any representation or warranty, expressed or implied, as to the
accuracy or completeness of this Sales Offering or any of its
contents. No legal commitment or obligation shall arise by reason
of this Sales Offering or its contents.
Owner and First Property Realty Corporation expressly reserve
the right, at their sole discretion, to reject any or all
expressions of interest, offers to purchase the Property and/or to
terminate discussions with any entity at any time. Owner shall have
no legal commitment or obligation to any entity reviewing this
Sales Offering or making an offer to purchase the Property unless
and until a fully executed written agreement(s) for the purchase of
the Property and all contractual conditions and obligations
thereunder have been satisfied or waived by Owner and at Owner’s
sole discretion. Disclosure: Micheal Geller and Jeffrey Resnick, as
owners of First Property Realty Corporation, have a financial
interest in Owner.
FIRST PROPERTYREALTY CORPORATION
Micheal S. [email protected] #00800010
Jeffrey E. [email protected]
#00405333
8447 Wilshire Boulevard, Suite 425, Beverly Hills CA, 90211 •
310.789.1900
1727-1731 OCEAN PARK BOULEVARD
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1727-1731 Ocean Park Boulevard
SANTA MONICACREATIVERETAIL/OFFICEINVESTMENTOPPORTUNITY
First Property Realty Corporation is the exclusive marketing
agent for the sale of the fee interest in 1727-1731 Ocean Park
Boulevard, a 4,074 square foot single-story building that is 100%
leased thru mid 2021 to two tenants, including fitness studio Santa
Monica Fit Body and upscale day care/co-working company Big and
Tiny. The offering represents a unique opportunity for an investor
to acquire a fully leased creative retail/office building in one of
the hottest commercial real estate submarkets in the greater Los
Angeles area. Constructed in 1946, and remodeled 2016 & 2018,
the building features a gorgeous 18’ high exposed wood bow-truss
ceiling with eight (8) on site parking spaces off the alley behind
the building. The Property is situated within the trendy Sunset
Park neighborhood, which is close to major employers Snapchat, Hulu
and Santa Monica Community College. 1727-1731 Ocean Park Blvd. is
located on the north side of the street, mid block between 18th St.
and 17th St. Local Kitchen and Wine Bar, Love Coffee and local
favorite Bob’s Market are across the street. The Property is
offered on an “As-is”, “Where-is” basis.
Purchase Price/Terms: $4,149,000 - All CashCap Rate:
4.5%Interest: Fee InterestAssuming Existing Financing: Approx.
$1.85 M @ 4.25% thru April 2023Occupancy: 100% leased thru mid
2021Building Size: 4,074 Square Feet (per County Assessor)No. of
Stories: One storyLand Size: 6,534 square feet (0.15 acres)No. of
Parking Spaces: 8 striped parking spaces
INVESTMENT OVERVIEW
exec
utiv
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Big and Tiny Premises
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1727-1731 Ocean Park Boulevard
The Property is located in the City of Santa Monica – one of the
hottest commercial space submarkets in Los Angeles County. 40
hotels, 400+ restaurants and 1,300,000+ square feet of retail are
all located within the eight square miles that encompass the beach
front city of Santa Monica. The primary retail destination is three
wildly successful pedestrian only blocks known as the Third Street
Promenade, an eclectic mix of street performers, shopping and
dining. The average asking rental for retail space in Santa Monica
is $6.45 SF, NNN according to CoStar Realty Information. The median
home price in Santa Monica is $1.4M.
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1727 - 1731Ocean Park Boulevard1727 - 1731Ocean Park
Boulevard
loca
tion
desc
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nRED HOT SANTA MONICACOMMERCIAL SPACE MARKET
3rd Street Promenade
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1727-1731 Ocean Park Boulevard
location description (cont.)
1 MILE 3 MILEPopulation: 28,728 282,038Households: 12,767
139,802Average Age 41.00 40.70Median HH Income $90,102
$88,104Daytime Employees 16,172 $201,554
DEMOGRAPHICSCollection Street Cross Street Traffic Vol YearOcean
Park Blvd 16th St SW 19,176 2017
TRAFFIC
1727-1731 Ocean Park Boulevard is located within the trendy
Sunset Park neighborhood of Santa Monica. The Sunset Park
neighborhood has witnessed significant regentrification over the
last 10 years with the arrival of new restaurants, shops and
sizeable investment in new and remodeled housing.. Neighboring
residential and office parks provide consistent foot traffic during
the week and over the weekend which help support local retail
businesses on Ocean Park Boulevard. Local Restaurant and Wine Bar
and Love Coffee have opened directly across the street from the
Property with the past 24 months; Snapchat recently relocated is
corporate headquarters to Ocean Park Boulevard approximately ½ mile
from the Property. Santa Monica City College, a thriving campus
with approximately 34,000 students, is located two blocks to the
north of the Property. The Sunset Park neighborhood is composed of
primarily single family residences which have risen in value by
over 200% since 2000. The convenient central location is served by
the Santa Monica (10) Freeway which is located 1 mile from the
Property via the 26th Street on/off ramps. The Bergamont Expo Line
Light Rail Station is located 1½ mile from 1727-1731 Ocean Park
Boulevard.
Ocea
n Park
Blvd.
Ocea
n Park
Blvd.
1727-1731Ocean Park
SaSaSantntn aaa MoMoM ninicacaaCoCoColllleggegee
Santa MonicaCollege
Bob’s Market
Ocean Pilates
Treats Frozen Yogurt Edelweiss Flower BotiquePartner’s Trust
Merrihew’s Sunset Gardens
Pardee PropertiesSlice Thyme Cafe Market
Shake Shack Burgers
Cafe Bolivar
Twist
ArtfulSeventh Muse
Baby Daze Boutique
Local Kitchen & Wine Bar
Walkability Score: Very Walkable (79)
WALKABILITY
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1727-1731 Ocean Park Boulevard
Building Area: 4,074 square feetLand Area: 6,534 square feet
(0.15 acres)Stories/Height: One storyParking Spaces: 8 striped
parking spaces
Year Built: 1946Zoning: SMC2APN: 4273-023-028Lot Dimensions: 54’
(Ocean Park frontage)
The original 1946 construction of this 4,074 square foot, single
story mid-century modern building is well suited for retail and
creative office space. Recent renovations have exposed creative
architectural elements including concrete floors, a beautiful 18’
high wood bow-truss ceiling, masonry exterior and glass store front
system. Both tenant spaces were remodeled in 2016 and 2018,
respectively. Each suite has one restroom, and is serviced by
rooftop HVAC package units. Prominent signage opportunities exist
on the large facade fronting Ocean Park Blvd. There are eight
single parking spaces (including one handicap space) located at the
rear of the building. A private outdoor area is located in the back
of Big and Tiny.
prop
erty
des
crip
tion
UNIQUE CREATIVE RETAIL/OFFICEBUILDING
1727-1731 Ocean Park Boulevard
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1727-1731 Ocean Park Boulevard
finan
cial
sum
mar
y
1727 Ocean Park: $90,921 NNN ($4.04/sf/mo)1731 Ocean Park:
$95,634 NNN ($3.62/sf/mo)Estimated Net Operating Income: $186,555
NNN ($3.82/sf/mo)
CURRENT INCOME
Square Feet Lease Expiration Renewal Option1727 Ocean Park:
1,874 SF June 30, 2021 5 yr. option at FMV1731 Ocean Park: 2,200 SF
July 31, 2021 3 yr. option at FMV
LEASE SUMMARY
Lender: Standard Life InsuranceOutstanding Principal Balance:
Approx. $1,850,000Interest Rate: 4.25% fixedFirst Maturity Date:
April 2023
EXISTING ASSUMABLE LOAN
EXCELLENT100% LEASEDINVESTMENTOPPORTUNITY
Santa Monica Fit Body Premises
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1727-1731 Ocean Park Boulevard
Floorplan / Plot Plan
1727 1731
Ocean Park Blvd.
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09PAGE
1727-1731 Ocean Park Boulevard
SALES COMPARABLES
In determining the listing price for 1727-1731 Ocean Park
Boulevard, market sales comparables which have occurred within the
last 36 months within the general vicinity of the Property were
considered. The sales comps are contained below. The prior use
profile of the comparable properties was typically retail, or
office.
Property Address Sale Date Bldg. Sq.Ft.Land Sq.Ft.
Sales PricePrice/Sq.Ft.
Type of Sale
Parking
3215 Pico Blvd 03/19/19 1,600 sf2,501 sf
$1,567,000$979.38
Owner/User 4 surface tandem spaces
Comments: Buyer is owner/user in the jewelry business Single
story retail building
3215 Pico Blvd 01/18/19 2,500 sf5,227 sf
$2,259,500$903.80
Owner/User 6 parking spaces
Comments: Building had deferred maintenance
3360 Ocean Park 07/27/18 9,367 sf25,125 sf
$9,568,119$1,027.47
Investor Surface parking lot
Comments: Subject to ground lease with 80 years remaining
Located at Santa Monica Business Park Leased to El Torito
1730-1732 Ocean Park 09/26/16 3,821 sf6,970 sf
$3,300,000$863.65/SF
Investor 4 surface spaces
Comments: Across the street from subject property 50% improved
for 2nd story office, remainder retail space 5% Cap Rate
1614-1616 Ocean Park 03/18/16 3,779 sf7,013 sf
$2,900,000$767.40/SF
Investor 12 surface spaces
Comments: Single story retail building Built in 1946
