Transcript
Page 1: 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

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

Westwood Boulevard2245-2251

Los Angeles, CA 90064

For Sale

Page 2: 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

© 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

Page 3: 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

© 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

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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)

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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.

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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

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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.

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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 Boulevard2245-2251

Los Angeles, CA 90064

For Sale