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FOR SALE
OWNER-USER BUILDING IN PREMIER BEVERLY HILLS
8620WILSHIREBOULEVARD
PRICE REDUCTION
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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
Jennifer MoscosoAssociateD. [email protected]# 02044716
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© 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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EXECUTIVESUMMARYWESTMAC Commercial Brokerage, as exclusive advisor, is pleased to present the sale of 8620 Wilshire Boulevard, a freestanding commercial building in coveted Beverly Hills surrounded by high-end retail, five-star dining establishments, and luxury hotels.
Blocks from the heavily traveled intersection of La Cienega Boulevard and Wilshire Boulevard, 8620 Wilshire Boulevard is comprised of one +/- 4,076-square foot single-story building on +/- 5,056-square feet of land nestled mid-block between S. Carson Road and S. Stanley Drive.
Built in 1951, the building offers unique design elements both with indoor and outdoor elements that make this property an architectural gem. The property previously operated as the Phillipe Chow restaurant with build-out that includes an outdoor courtyard, bar area, full kitchen with stainless steel appliances, and three private restrooms. The property is vacant with BHC3* zoning (check with city for allowable uses).
8620 Wilshire Boulevard is in close proximity to world class museums, shopping and dining including the Los Angeles County Museum, Petersen Automotive Museum, the Farmer’s Market, Beverly Connection, Beverly Center and La Cienega Boulevard’s Restaurant Row. 8620 Wilshire Boulevard is an incredible opportunity for buyers looking to purchase a preeminent location in one of the most in demand real estate markets in the world.
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PROPERTY INFORMATION
ADDRESS
APN
BUILDING SIZE
LOT SIZE
BUILT
ZONING
STORIES
FRONTAGE
TENANCY
OCCUPANCY
PARKING
SALE PRICE
8620 Wilshire Blvd., Beverly Hills, CA 90211
4333-018-035
+/- 4,076-square feet (per tax record)
+/- 5,056-square feet (per tax record)
1951
BHC3*
One (1)
42’ on Wilshire Blvd.
Single
Vacant
Metered street parking
$3,700,000 $3,400,000
*Must check with City of Beverly Hills for specific uses
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PARCEL MAP
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FLOORPLAN
WIL
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VD
AERIALVIEW
WILSHIRE BLVD �N
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PROPERTY HIGHLIGHTS
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HIGH VISIBILITYWell positioned with great signage facing highly traveled Wilshire Boulevard. Estimated traffic volume at La Cienega and Wilshire Boulevard reported at well over 50K vehicles per day.
OWNER USER OPPORTUNITYProperty is currently vacant, this unique offering presents a great location for owner-users or value creation potential to capitalize on the high demand, low supply in Beverly Hills.
PRIME RETAIL/OFFICE LOCATIONDemand is huge and supply is always limited - rents have consistently grown, outperforming virtually all the retail submarkets in the Western United States.
AFFLUENT DENSE RESIDENTIAL POPULATIONNumerous dense residential neighborhoods generate significant demand for area retailers and services. Upscale community, populated by a high-earning demographic with a median household income reported at more than $89,000.
AMPLE WALKABLE AMENITIESSurrounded by world class amenities, including the luxurious retailers, hotels and restaurants that cater to community residents, neigborhood workforce, and tourists from around the world.
CLOSE PROXIMITY TO NEW DEVELOPMENTSituated directly in the path of progress and development including 48,000-square feet of new residential and the future site of the Wilshire & La Cienega Purple Line.
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AREASUMMARY
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WALK SCORE
89Very Walkable
The Metro’s Purple Line is under construction at the northeast corner of Wilshire Blvd. and La Cienega Blvd. Estimated Completion: 2023
If you travel north on La Cienega, you will run directly through Beverly Hill’s Original Restaurant Row , it’s the city’s popular restaurant scene that stretches from Wilshire Boulevard to San Vicente Boulevard, offering excellent cuisine from mega chains to original concepts run by world renown chefs.
Gardenhouse is a new residential development under-construction at 8600 Wilshire Blvd.
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8620WILSHIREBOULEVARD
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METRO PURPLE LINE EXTENSION The Metro’s Purple Line is under construction at the corner of Wilshire Blvd. and La Cienega Blvd. Given its location on a highly utilized north/south thoroughfare, the station will create seamless links to travel destinations along and near La Cienega Blvd., such as Restaurant Row, Beverly Center and Cedars Sinai Medical Center.
NEARBY PARKING STRUCTURESAside from metered street parking, there are nearby parking structures within a few blocks of the subject property that offer daytime parking, monthly parking and valet services. Check with individual lots for rates and availability.
The original Restaurant Row in Beverly Hills is located on La Cienega Boulevard, between Wilshire Boulevard and San Vicente Boulevard. This small section on the eastern edge of Beverly Hills still hosts some of the area’s finest restaurants including Spice Affair, Lawry’s The Prime Rib, Shan Social House, Fogo de Chao, SLS Hotel’s The Bazaar, The Stinking Rose, Matsuhisa, Genwa Beverly Hills, Morton’s Steakhouse, and others. Nearby tourist attractions are Beverly Center shopping mall, The Grove, Original Farmers Market, Miracle Mile museums and Beverly Hills hotspots.
BEVERLY HILLS RESTAURANT ROW RESTAURANTS
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GARDENHOUSE New development next door at 8600 Wilshire Boulevard brings 48,000 SF mixed-use residential to the neighborhood. Gardenhouse is an architectural gem by renowned architect, MAD Architects.
POPULATION 1-MILE 3-MILE 5-MILE
Population (Current) 45,557 315,287 904879
Population (5 Yr. Forecast) 46,541 319,091 919,078
INCOME 1-MILE 3-MILE 5-MILE
Med. Household Income $85,296 $78,295 $61,718
Avg. Household Income $118,228 $110,325 $93,376
BUSINESS 1-MILE 3-MILE 5-MILE
Total Establishments 8,272 29,875 59,020
Total Employees 65,808 266,805 609,453
Total Consumer Expenditures $650,395 $4,141,158 $9,936,287
HOUSEHOLDS 1-MILE 3-MILE 5-MILE
Households (Current) 22,267 147,350 389,072
Owner Occupied 6,151 45,609 105,255
Renter Occupied 16,115 101,741 283,817
40% of families have an income greater than $150,000
There are 34,109 residents and a workday population of more than 200,000
There are 6 million visitors to Beverly Hills each year
Beverly Hills has 16 hotels, 2,200 rooms, including 5 five-star hotels
11,000 businesses operate in Beverly Hills: $1.7
billion annual retail & food sales and $2 million of
clothing sold every day
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AREA DEMOGRAPHICS
(Source: CoStar)
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*207-209 S. Robertson Boulevard, Beverly Hills, CA 90211
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215 S. La Cienega Boulevard, Beverly Hills. CA 90211
153-155 S. Robertson Boulevard, Beverly Hills, CA 90211
*207-209 S. Robertson Boulevard, Beverly Hills, CA 90211
SALE COMPARABLES
Sale Date 3/29/18 Property Type OfficeSale Price $9,250,000 Bldg SF 12,857 SFPrice/SF $719 Land SF 10,890 SFCap Rate 3.24% Year Built 1954APN # 4333-027-009 Zoning BHC3
*207-209 S. Robertson Blvd. is currently listed at $5.4MM
Sale Date 10/13/17 Property Type RetailSale Price $3,900,000 Bldg SF 3,727 SFPrice/SF $1,046 Land SF 5,331 SFCap Rate - Year Built 1952APN # 4333-009-002 Zoning BHC3
Sale Date 1/29/19 Property Type RetailSale Price $3,065,000 Bldg SF 2,623 SFPrice/SF $1,169 Land SF 5,144 SFCap Rate - Year Built 1945APN # 4333-008-005 Zoning BHC3
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Sale Date 6/21/19 Property Type OfficeSale Price $5,850,000 Bldg SF 4,539 SFPrice/SF $1,289 Land SF 6,290 SFCap Rate - Year Built 1951APN # 4333-005-017 Zoning BHC3YY
8901 Olympic Boulevard, Beverly Hills, CA 90211
337-339 S. Robertson Boulevard, Beverly Hills, CA 90211
Sale Date 3/8/19 Property Type Retail/OfficeSale Price $3,126,000 Bldg SF 4,493 SFPrice/SF $696 Land SF 4,791 SFCap Rate - Year Built 1951APN # 4333-010-007 Zoning BHC3
9200 W. Olympic Boulevard, Beverly Hills, CA 90212
Sale Date 2/22/19 Property Type OfficeSale Price $5,000,000 Bldg SF 5,472 SFPrice/SF $914 Land SF 6,543 SFCap Rate - Year Built 1936APN # 4333-001-003 Zoning BHC3T2
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416 S. Robertson Boulevard, Los Angeles, CA 90048
Sale Date 10/9/18 Property Type Retail/OfficeSale Price $5,200,000 Bldg SF 6,110 SFPrice/SF $851 Land SF 7,405 SFCap Rate - Year Built 1940APN # 4334-015-038 Zoning LAC2
8624 Wilshire Boulevard, Beverly Hills, CA 90211
Sale Date 7/3/18 Property Type RetailSale Price $3,500,000 Bldg SF 2,100 SFPrice/SF $1,667 Land SF 5,593 SFCap Rate - Year Built 1950APN # 4333-018-036 Zoning BHC3
186-194 N. Robertson Boulevard, Beverly Hills, CA 90211
Sale Date 3/6/18 Property Type RetailSale Price $9,500,000 Bldg SF 11,389 SFPrice/SF $834 Land SF 13,246 SFCap Rate 4.92% Year Built 1943APN # 4334-008-010 Zoning BHC344
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9145 Wilshire Boulevard, Beverly Hills, CA 90210
Sale Date 8/15/17 Property Type RetailSale Price $12,300,000 Bldg SF 10,658 SFPrice/SF $1,154 Land SF 13,991 SFCap Rate - Year Built 1959APN # 4342-032-030 Zoning BHC3
426 S. Robertson Boulevard, Los Angeles, CA 90048
Sale Date 9/8/17 Property Type RetailSale Price $7,800,000 Bldg SF 9,000 SFPrice/SF $867 Land SF 11,107 SFCap Rate - Year Built 1954APN # 4334-015-037 Zoning LAC2
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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.
WESTMAC Commercial Brokerage Company1515 S. Sepulveda Boulevard, Los Angeles, CA 90025Phone 310.778.7700Company DRE# 01096973www.westmac.com
T.C. Macker, CCIMPresidentD. [email protected]# 01232033
Jennifer MoscosoAssociateD. [email protected]# 02044716
For More Information
8620WILSHIREBOULEVARD
FOR SALE
