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11946
STUD
IO C
ITYVentura Boulevard11946 Ventura Boulevard, Studio City CA 91604
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 accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccu-racies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not repre-sent the current or future performance of the property. Mar-cus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap
BRANDON MICHAELSFirst Vice President InvestmentsDirector, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685
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EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
FINANCIAL ANALYSIS
AREA OVERVIEW
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Marcus & Millichap has been selected to exclusively market for sale 11946 Ventura Boulevard, mixed-use retail and office building located along Ventura Boulevard in the highly desirable Los Angeles submarket of Studio City, CA. 11946 Ventura Boulevard consists of three retail storefronts on the ground floor and four office units on the second floor. The building is 4,049 SF situated on 5,659 square feet of C2 zoned land along a prime stretch of Ventura Boulevard, just west of Laurel Canyon Boulevard.
11946 Ventura Boulevard benefits from an excellent location on Ventura Boulevard in Studio City. Ventura Boulevard is the world’s longest avenue of contiguous businesses, and the primary east-west thoroughfare through the San Fernando Valley. 11946 Ventura Boulevard is ideally located in a highly walkable and pedestrian friendly portion of the 18 mile Boulevard. Studio City’s famed Ventura Boulevard is a premier shopping destination known for its bevy of popular national chains, smaller unique retailers, great restaurants, and trendy, hip nightlife. Sushi Row on Ventura Boulevard is a throng of highly regarded sushi restaurants. Trader Joe’s and a myriad of restaurants are within walking distance. CBS Studios, which includes eighteen sound stages and over 210,000 square feet of supporting office space is located directly across from 11946 Ventura Boulevard. At this unique stretch of Ventura Boulevard, trend-setting retailers, beauty bars and fitness studios, local craft specialties, and bars and restaurants abound.
11946 Ventura Boulevard is currently 100% leased to a mix of stable and seasoned tenants local tenants that thrive at this location. The property benefits from excellent visibility along Ventura Boulevard and the retail units are an ideal size ranging between 600 – 650 square feet.
11946 Ventura Boulevard is a rare opportunity to acquire an irreplaceable Ventura Boulevard, Studio City mixed-use property in one of the strongest sub-markets in Los Angeles.
EXECUTIVE SUMMARY
STUDIO CITY HAS BECOME THE NEW HUB FOR SERIOUS DINING, NIGHTLIFE AND SHOPPING. A BEVY OF POPULAR RETAILERS AS WELL AS TRENDY AND HIP RESTAURANTS POPULATE THIS PRIME STRETCH OF VENTURA BOULEVARD.
THE MOST DESIRABLE STRETCH OF VENTURA BOULEVARD IN STUDIO CITY
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HIP BOUTIQUES, SUSHI, AND GASTROPUBS ON VENTURA BOULEVARD MAKE THE BOULEVARD AN IDEAL DESTINATION.
Property Address 11946 Ventura Boulevard, Studio City CA 91604
Property Type Storefront Retail/Office
Building SF 4,049 SF
Lot Size 5,659 SF
Type of Ownership Fee Simple
Zoning LAC2
Year Built 1937
APN 2369-016-015
Price $3,995,000
CAP Rate 3.23%
ProForma CAP Rate 4.15%
Price/SF (Bldg) $986.66
Price/SF $705.96
Net Operating Income $126,564
THE OFFERING
FINANCIAL INFORMATION
PROPERTY INFORMATION
11946
STUD
IO C
ITYVentura Boulevard
76
IRREPLACEABLE VENTURA BOULEVARD LOCATION - Located on the stretch of Ventura Boulevard in Studio City that is well known for its variety of shopping and unique restaurants and nightlife
HIGH TRAFFIC COUNTS - Daily traffic counts of approximately 36,297 vehicles a day on Ventura Boulevard
WALKABILITY - One-of-a-kind retail and trendy/hip boutiques and restaurants populate Studio City’s stretch of Ventura Boulevardand make for a highly walkable street. Rated 91/100 on walkscore.com
DAYTIME WORKING POPULATION - CBS Studio Center is located directly across from 11946 Ventura Boulevard, which provides eighteen sound stages and over 210,000 square feet of supporting office space
INVESTMENT HIGHLIGHTS
100% OCCUPIED - Secure and stable income stream
LOCATED NEAR POPULAR TOURIST ATTRACTIONS - Universal Studios Hollywood and City Walk are less than two miles away, Hollywood Bowl is 3 miles away
STUDIO CITY LOCATION - Proximate to Sherman Oaks, Toluca Lake, Hollywood, and North Hollywood
DENSE IMMEDIATE POPULATION - 589,826 people within a five-mile radius and a daytime population 279,340 within a five-mile radius
AFFLUENT LOS ANGELES SUBMARKET - Average household income of $122,756 within a one-mile radius and $103,933 average household income within a 3-mile radius
STRONG IMMEDIATE DEMOGRAPHICS - AN AVERAGE HOUSEHOLD INCOME OF $122,756 WITHIN A ONE MILE RADIUS
PROPERTY OVERVIEW
LOCATION11946-11950 Ventura Boulevard, Studio City CA 91604
SITEThe subject property is located on Ventura Boulevard, east of Laurel Canyon Boulevard.
SQUARE FOOTAGESThe building square footage is 4,049 square feet and the lot square footage is 5,659 square feet.
FRONTAGE AND ACCESS50 feet of frontage on Ventura Boulevard. Access is from Ventura Boulevard.
ZONINGZoning is LAC2.
PARKINGThe subject property provides a total of twelve surface spaces.
YEAR BUILTThe property was built in 1937.
TRAFFIC COUNTSVentura Boulevard: 36,297 vehicles per dayRadford Avenue: 1,334 vehicles per day
PLAT MAP98
MAJOR TENANTS OVERVIEW
PEPE’S NEW YORK PIZZANew York-style pizzas, whole or by the slice, star at this simple red-sauce counter joint.
Ownership PrivateStore Locations 1Website www.pepesnypizza.net
Royalty juice bar and cafe specializes in juices as well as a variety of gourmet healthy salads, sandwiches, and soups.
Ownership PrivateStore Locations 1Website www.royaltyjuicebarandcafe.com
ROYALTY JUICE BAR & CAFE
PARIS OPTIQUEParis Optique is an eyewear store that specializes in progressive lenses and sells a curated selection of eyewear.
Ownership PrivateStore Locations 2Website N/A
Tuning Fork LA
Kit Kraft
Urban OutfittersCVSFree People
M. Fredric
Pier 1 Imports
Wasteland
PizzaRev
Panera BreadBanana RepublicUmami Burger
BevMo!
Chop StopCrave Cafe
Pinkberry
Total Woman Gym + Spa
Which Wich Sandwiches
C the Salon
Vons
Studio City Farmers Market
Big 5 Sporting Goods
Artisan Cheese Gallery
United States Postal Service
Du Par’s Restaurant & Bakery
Tender Greens
McDonald’s
Teru SushiLaurel Tavern
Jumping Java
Page 71Lounge
CBS Studio Center
VENTURA BOULEVARD
LAU
REL CA
NYO
N BO
ULEVA
RD
Alfred CoffeeMcConnell’s Fine Ice Creams
KiwamiSushi Stop
Barrel and Ashes
Take a Bao
Pick Up Stix Fresh Asian Flavors
Trader Joe’s
Asanebo
Chase Bank
Color Me Mine
Fusion Sushi & RollVENTURA PLACE
A Salon of Studio City
Gurin
John Macaray
Lala’s Argentine Grill
Black Market Liquor Bar
Carlton Motor Lodge
Ceremony BarLa Loggia Restaurant
Joan’s on Third
11946
STUD
IO C
ITYVentura Boulevard
1110
VENTURA BOULEVARD
KIWAMI
CRAVE CAFE
11946
STUD
IO C
ITYVentura Boulevard
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FINANCIAL OVERVIEW
ADDRESS TENANT SF % LEASE START LEASE EXP OPTIONS RENT/MO RENT/SF CAM PRO
RENTPRO RENT/
SF
11946 Pizza 650 17% 1/1/2015 12/13/2019 - $3,490 $5.37 $400.00 $3,490 $5.37 11946.5 Paris Optical 600 16% 1/1/2013 12/31/2017 1 - 5 yr @ FMV $3,500 $5.83 - $3,500 $5.83 11948 Royalty Juice 600 16% 11/1/2016 9/30/2022 1 - 5 yr @ FMV $3,500 $5.83 - $3,500 $5.83 11950-1 Drop My Mi 1,050 27% 11/1/2016 10/31/2021 - $2,500 $2.38 - $2,500 $2.38 11950-2 Matt Carmody 200 5% 5/1/2016 4/30/2021 - $550 $2.75 - $1,000 $5.00 11950-4 Theru Sushi 375 10% 7/1/2013 6/30/2018 - $825 $2.20 - $1,200 $3.20 11950-4 Samille Fields 375 10% 2/1/2015 1/31/2017 - $920 $2.45 - $1,200 $3.20
Total 3,850 100% $15,285 $3.97 $16,390
RENT ROLL
ANNUALIZED OPERATING DATA
INCOME AND EXPENSE CURRENT PROFORMA
Scheduled Lease Income: $183,420 $196,680
NNN Charges: $4,800 $28,445Effective Gross Income: $188,220 $225,125
Expenses: $59,196 $59,196Net Operating Income: 3.2% $129,024 4.2% $165,929
EXPENSES % CURRENT PER SF
Taxes 1.20% $47,940 $11.84Insurance $2,067 $0.51 Utilities $4,763 $1.18 Janitorial $1,618 $0.40 Services $2,808 $0.69 Total Expenses $59,196 $14.62
PRICING
Price $3,995,000Building SF 4,049 SFLot Size 5,659 SFNet Operating Income $129,024Current CAP Rate 3.23%ProForma CAP Rate 4.15%
SUMMARY OF TERMS
INTEREST OFFERED:100% fee simple interest in 11946 Ventura Boulevard, a 4,049 square foot retail building located in Los Angeles, 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 agents.
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# ADDRESS SALES PRICE PRICE/SF BLDG SF LOT SF CLOSE OF ESCROW
1 10974 Ventura Boulevard, Studio City $3,300,000 $2,775.44 1,189 12,628 10/31/2016
2 11418 Ventura Boulevard, Studio City $875,000 $1,015.08 862 6,251 6/29/2015
3 12191 Ventura Boulevard, Studio City $9,900,000 $1,136.36 8,712 20,517 9/11/2015
4 12522-12528 Ventura Boulevard, Studio City $2,000,000 $755.00 2,649 7,078 2/24/2015
5 12033 Ventura Place, Studio City $5,400,000 $540.00 10,000 19,998 8/18/2016
6 12080 Ventura Place, Studio City $7,000,000 $534.11 13,106 8,699 1/11/2016
Average $4,745,833 $1,126 6,086 12,529
SALES COMPARABLES
SALES COMPARABLE PRICE/SF12
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56
$2,775.44
$1,015.08$1,136.36
$755.00
$540.00 $534.11
$1,126.00
$0.00
$500.00
$1,000.00
$1,500.00
$2,000.00
$2,500.00
$3,000.00
10974 VenturaBoulevard, Studio
City
11418 VenturaBoulevard, Studio
City
12191 VenturaBoulevard, Studio
City
12522-12528Ventura Boulevard,
Studio City
12033 VenturaPlace, Studio City
12080 VenturaPlace, Studio City
Average
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Address 10974 Ventura Boulevard, Studio City
Sales Price $3,300,000Price Per SF $2,775.44Bldg SF 1,189 SFLot SF 12,628 SFClose of Escrow 10/31/2016
Address 11418 Ventura Boulevard, Studio City
Sales Price $875,000Price Per SF $1,015.08Bldg SF 862 SFLot SF 12,628 SFClose of Escrow 10/31/2016
Address 12191 Ventura Boulevard, Studio City
Sales Price $9,900,000Price Per SF $1,136.36Bldg SF 8,712 SFLot SF 20,517 SFClose of Escrow 9/11/2015
Address 12522-12528 Ventura Boulevard, Studio City
Sales Price $2,000,000Price Per SF $755.00Bldg SF 2,649 SFLot SF 7,078 SFClose of Escrow 2/24/2015
Address 12033 Ventura Place, Studio City
Sales Price $5,400,000Price Per SF $540.00Bldg SF 10,000 SFLot SF 19,998 SFClose of Escrow 8/18/2016
Address 12080 Ventura Place, Studio City
Sales Price $7,000,000Price Per SF $534.11Bldg SF 13,106 SFLot SF 8,699 SFClose of Escrow 1/11/2016
SALES COMPARABLES SALES COMPARABLES
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AREA OVERVIEW
Formerly known as Laurelwood, Studio City is located on the north slope of the Santa Monica Mountains. It was part of the Rancho Ex-Mission San Fernando, a Mexican land grant, and named after the area’s studio lot, opened by Mack Sennett in 1927. That studio is now known as CBS Studio Center. Studio City is a conveniently located and popular Valley neighborhood just North of The Hollywood Hills and the Canyon. It is a low density area with a high income/education population demographic. Many celebrities live in Studio City, and several studios are located there. It is considered historic for Los Angeles with many of the homes being built at the earlier part of the 20th century. As a community that was born out of the entertainment industry, Studio City is regarded as the “Jewel of the Valley,” attracting actors, musicians, and writers and serving as a hub of the San Fernando Valley and a gateway to the Westside and Hollywood. Studio City is also convenient to major tourist attractions, Universal Studios and Universal City Walk, as well as convenient to Hollywood.
STUDIO CITY IS A MIX OF HIP ENCLAVES AND RESIDENTIAL NEIGHBORHOODS, HOME TO CELEBRITIES, STUDIO EXECUTIVES, AND FAMILIIES.
AREA OVERVIEW
MAJOR EMPLOYERS
POINTS OF INTEREST
Warner Brothers Studio Walt Disney Co. Nestle USA NBC Universal Kaiser Permanente Providence Health & Services Yahoo
PROXIMATE TO: Downtown Los Angeles Tri-Cities (Burbank/Glendale/
Pasadena) Hollywood San Fernando Valley North Hollywood Burbank
POINTS OF INTEREST Fryman Canyon Coldwater Canyon Park CBS Studio City Universal Studios Universal City Walk
NEARBY RETAIL Sherman Oaks Galleria Ventura Boulevard Westfield Fashion Square Universal City Walk Studio City Farmers Market Studio City Plaza
Universal City Walk Hollywood Bowl Universal Studios Fryman’s Canyon
DISTANCE TO:
DTLA12.8 miles
Beverly Hills7.8 miles
Santa Monica14 Miles
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VENTURA BOULEVARD
VENTURA BOULEVARD RETAIL
AREA OVERVIEW
In the San Fernando Valley, Ventura Boulevard is ground zero for boutique shopping. Studio City’s famed Ventura Boulevard features many popular national chains, along with smaller trendy boutiques. Urban Outfitters, American Apparel, and Free People flaunt their wares. Smaller boutiques like Dari, Hoity-Toity, and Diana’s Boutique offer unique styles. The main thoroughfare of Ventura Boulevard is where where you can also find a number of great restaurants, including the original Jerry’s Famous Deli, the Studio City Farmers’ Market, a great Italian Place called Mezzo Mondo, and vegetarian place called the Vegan Plate. Sushi Row is a throng of heavenly sushi restaurants clustered in one neighborhood, including Katsuya, Asanebo, and Iroha. The main shopping distrinct includes the four blocks of Ventura Boulevard between Laurel Canyon Boulevard and Whitsett Avenue.
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Universal Studios Hollywood
Universal City Walk
Hollywood Bowl
Warner Bros & Walt Disney Studios
minutes by car
minutes by car
minutes by car
minutes by car
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1 MILE 3 MILES 5 MILES
2014 Population 21,312 190,477 589,826
2014 Households 10,210 88,846 261,929
2014 Average Household Size 2.04 2.13 2.23
2014 Daytime Population 9,594 74,420 279,340
2014 Owner Occupied Housing Units 47.68% 38.61% 34.60%
2014 Renter Occupied Housing Units 52.32% 61.39% 65.40%
2014 Vacant 0.86% 2.36% 2.43%
2014 Median Household Income $76,506 $61,142 $54,463
2014 Per Capita Income $59,058 $48,571 $41,092
2014 Average Household Income $122,756 $103,933 $92,139
WALK SCOREAccording to walkscore.com, 11946 Ventura Boulevard is designated a “Walker’s Paradise”, and has a walk score of 91 out of 100, meaning daily errands do not require a car.
DEMOGRAPHICS
91Walkscore of 91/100
AREA OVERVIEW DEMOGRAPHICS
35%Owner Occupied Housing within 5-m radius
65%Renter Occupied Housing within 5-m radius
261,929Households within a 5-m radius
$122,756Average HH income within 1-m radius
279,340Daytime population within 5-m radius
$103,933Average HH income within 3-m radius
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UNIVERSAL STUDIOS HOLLYWOODUniversal Studios Hollywood is a film studio and theme park in the Universal City community of the San Fernando Valley region of the city of Los Angeles, California, United States. It is one of the oldest and most famous Hollywood film studios still in use. Its official marketing headline is “The Entertainment Capital of LA”. It was initially created to offer tours of the real Universal Studios sets and is the first of many full-fledged Universal Studios Theme Parks located across the world. Woody Woodpecker is the mascot for Universal Studios Hollywood.
NEARBY ATTRACTIONS NEARBY ATTRACTIONS
UNIVERSAL CITY WALKUniversal CityWalk Hollywood is a three-block entertainment, dining and shopping promenade. Universal City Walk provides more than 30 places to eat, 3 nightclubs, 19 screen theater with state of the art IMAX® and more than 30 unique shops. 5 Towers on Universal CityWalk is a state-of-the-art concert venue. CityWalk is located directly next to Universal Studios Hollywood.
CBS STUDIO CENTERCBS Studio Center is a full service facility with 18 sound stages on 40 acres. The lot has many exterior locations as well, including 3 permanent sets; New York Street, Central Park, and Residential Street. There are 18 office buildings and 20 bungalows comprising approximately 210,000 square feet of production office space. In addition over 200 permanent and portable dressing rooms; there are hair & makeup rooms, green rooms, and 9 multi-purpose rooms.
WARNER BROTHERS STUDIOGuests will explore our outdoor sets and soundstages used to create productions such as Gilmore Girls, The Big Bang Theory and Argo. Each tour includes exclusive access to original props, costumes, picture cars, and sets used from Batman to Friends. Additionally, studio tour guest will stop at the DC Universe: The Exhibit, the real Central Perk set, original Batmobiles, and so much more. Visit the best studio tour in Los Angeles and interact with all the magic of film making today! We get you closer to the entertainment you love.
FRYMAN CANYONLocated in the eastern Santa Monica Mountains on the north side of Mulholland Drive, 122-acre Fryman Canyon Park offers spectacular views, a fitness course, and access to the Betty B. Dearing Cross Mountain Trail. The Dearing Trail traverses the park and connects to Wilacre Park, Franklin Canyon, and Coldwater Canyon Park. The park is abundant with native chaparral, year round springs, and deeply wooded canyons. The trail is open to hikers, equestrians, and dogs on leash and under owner’s control
SPORTSMEN’S LODGE HOTELA Studio City landmark, this hotel was built on 8 acres of landscaped grounds, boasts waterfalls, gazebos, antive floral and fauna, and an olympic sized swimming pool. The Sportsmen’s Lodge Hotel has a rich history. Studio City became the center of a burgeoning film industry and the hotel became the hang-out of choice for newly minted celebrities such as Clark Gable, Bette Davis, John Wayne, Humphrey Bogart, Lauren Bacall, Spencer Tracy and Katharine Hepburn.
HOLLYWOOD BOWLThe Hollywood Bowl is an amphitheater in Hollywood, California. The Hollywood Bowl is known for its band shell, a distinctive set of concentric arches that graced the site from 1929 through 2003, before being replaced with a larger one beginning in the 2004 season. The shell is set against the backdrop of the Hollywood Hills and the famous Hollywood Sign to the Northeast. The “bowl” refers to the shape of the concave hillside the amphitheater is carved into. The bowl is owned by the County of Los Angeles and is the home of the Hollywood Bowl Orchestra, the summer home of the Los Angeles Philharmonic and the host of hundreds of musical events each year.
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BRANDON MICHAELSFirst Vice President Investments
Director, National Retail GroupTel: (818) 212-2794Fax: (818) 212-2710
[email protected]: CA #01434685
