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O C E A N D R I V EMANHATTAN BEACH, CA 90266
elevenTWELVE
o f f e r i n g m e m o ra n d u m
EXCLUSIVELY LISTED BY:
NICK DAYAssociate
direct (310) [email protected]
LIC #02045449 (CA)
KYLE MATTHEWS Chairman & CEO
direct (310) [email protected]
LIC #01469842 (CA)
MICHAEL PAKRAVAN SVP & National Director
direct (310) [email protected]
LIC #01706065 (CA)
MANHATTAN BEACH, CA 3
Property Description
O C E A N D R I V EMANHATTAN BEACH, CA 90266
elevenTWELVETABLE OF CONTENTS
Investment Summary5Area Maps6Area Overview9
1112 OCEAN DRIVE4
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THE STRANDTHE STRAND
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THE STRAND HOUSE
PUBLIC PARKINGPUBLIC PARKING
MANHATTAN BEACH, CA 5
I N V E S T M E N T S U M M A R Y
Beachfront Property in Public Downtown District off The Strand in Manhattan Beach.
Dense High-Income Community home to several parks, boutiques, brunch cafes, pubs, upscale eateries | Average Household Income $237k+
Multiple New Build Development Avenues | Potential for residential (check with city) | Adjacent public parking lot ensures unobstructed water views for unforeseen future.
THE OPPORTUNITY
Property Description
1112 Ocean Dr is a breathtaking beachside property located at the head of Manhattan Beach Pier. Within a one block radius: Shellback’s, The Strand House, Rock’ N Fish, Brewco, Mangiamo, Little Sister, and Skechers HQ. Manhattan Beach is home to several parks, boutiques, brunch cafes, pubs, and upscale eateries centered around the Downtown District. is consistently ranked one of the most expensive zip codes in the US and best school districts in LA county. Offering features a 11,198 SF of Class B office building on a 5,227 SF lot (0.12 AC); All short leases, creating redevelopment potential, in a zoning district targeted to service the public.
OFFERING PRICE: BEST OFFER
GLA: 0.12 AC (5,227 SF)
RSF: 8,926 SF
*TOTAL BUILDING AREA: 11,198 SF (potential for 15k SF (check with city)
GOI: $738,000
OPERATING EXPENSES: $184,000
DEBT & DISTRIBUTION (ANNUAL): $249,480
EXISTING LOAN: PNC
PRINCIPAL BALANCE: $3,645,372
INTEREST RATE: 4.50%
NOI: $138,935
Financial Analyisis
Sole Ownership for past 34 years | Entire block on the beach | High Profile signage | 16 car underground parking garage
Offering Summary
1112 OCEAN DRIVE6
City of Manhattan Beach Specific Plan (Zoning & Regulations)
Click here for City of Manhattan Beach Downtown Specific Plan
MANHATTAN BEACH, CA 7
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R O S E N C R A N S A V E
R E T A I LA T H L E T AB L U E M E R C U R YB O N O B O SK E N D R A S C O T TL O U & G R E YL U C K Y B R A N DL U L U L E M O NM A D E W E L LN O R E S T F O R B R I D G E TO U T E R K N O W NP L A N E T B L U EP R A N AQ U A T R I N ER A B B I T L A D D E R SS A N L O R E N Z O S U G A R F I N AW A R B Y PA R K E R
R E S T A U R A N T SH O P D O D D YL I L S I M M Z Y SM E N D O C I N A F A R M SN O R T H I T A L I AP E E T S C O F F E EP R E S S E D J U I C E R YS U P E R B A F O O D & B R E A DT O C A Y A O R G A N I C AT R U E F O O D K I T C H E NU M I B Y H A M A S A K UV A N L E E U W E N I C E C R E A M
S E R V I C E SB E E L A C U R E SF A C E H A U SS O U L C Y C L EV I C A R A
R E T A I LA C T I V EA N T H R O P O L O G I EB A N A N A R E P U B L I CB C B G M A X A Z R I AB E S T B U YD I C K S S P O R T I N G G O O D SH & MH O M E G O O D SJ . C R E WJ O S . A B A N KN O R D S T R O M R A C KO R A N G E T W I S TPA P E R S O U R C EP E T S M A R TT E M P T R E S S C O S M E T I C ST H E C O N T A I N E R S T O R EU LT AW H O L E F O O D S M A R K E T
R E S T A U R A N T SC A L I F O R N I A F I S H G R I L LC A K E M I XM A A R M A L A D E C A F EM E LTP I N K B E R R YS A LT C R E E K G R I L L ES T A R B U C K SS O O M S O O MV E G G I E G R I L L
S E R V I C E SB A R R Y ’ S B O O T C A M PD R Y B A RH A M M E R & N A I L SL E G A C Y D A N C E A C A D E M YM I R A C L E S M I L EN A I L G A R D E NS T R I P - T SW O N D E R T R E E K I K D SY O G A W O R K S
P L A Z A E L S E G U N D O T H E P O I N T
R E T A I LA N N T A Y L O RA P P L EB A T H & B O D Y W O R K SB E Y O N D T H E S O A PC H I C O ’ SC V SD E S T I N A T I O N M A T E R N I T YD I A N E ’ S B E A C H W E A RE L I & E L L A R O S EF R A N C E S C A’ S C O L L E C T I O N SG A PH O L LY & H U D S O NJ A N I E & J A C KJ E N N Y C R A I GJ . J I L LK I E H L’ S S I N C E 1 8 5 1L O F TM A C Y ’ SM A C C O S M E T I C SO R I G I N SP E T T E R Y B A R NR A L P H ’ SS E P H O R AS O M A I N T I M A T E SS U N G L A S S H U TT A L B O T ST E A L & S A G ET O M M Y B A H A M A V I C T O R I A’ S S E C R E TW I L L I A M S - S O N O M A
R E S T A U R A N T SC A L I F O R N I A P I Z Z A K I T C H E NC H I L I ’ S G R I L L & B A RC O F F E E B E A N & T E A L E A FC O R N E R B A K E R YD A N M O D E R N C H I N E S EI S L A N D ’ S F I N E B U R G E R S & D R I N K SJ O E Y M A N H A T T A N B E A C HO L I V A E G A R D E N I T A L I A N K I T C H E NS U S I E C A K E ST A C O N E F L A V O R G R I L LT I N R O O F B I S T R OU R B A N P L A T E S
S E R V I C E SB A N K O F A M E R I C AC H A S E B A N K C I T I B A N KS T E I N O P T O M E T R I C C E N T E RS U P E R C U T SU N I O N B A N KU S B A N KW E L L S F A R G O B A N K
M A N H A T T A N V I L L A G E
M A N H A T T A N M A R K E T P L A C E
R E S T A U R A N T SH O U S T O N ’ SJ A M B A J U I C EL I D A D I M A N H A T T A NR I S T O R A N T EN O T H I N G B U N D T C A K E SPA C H A N G A T H E C O F F E EB E A N & T E A L E A FT H E H U M M U S F A C T O R YT H E R I C E T E R I Y A K I S U S H I R O L LU N I O N P I Z Z A C O .Y O G U R T L A N D
R E T A I LB R I S T O L F A R M SC V S P H A R M A C YG N CH E L E N C Y C L E S
S E R V I C E SE U R O P E A N W A X C E N T E RO N E W E S T B A N KP L A N E T B E A U T Y
M A N H A T T A N G A T E W A Y
R E T A I LB A R N E S & N O B L EB E V M OC R O W N J E W E L E R SM O T H E R ’ S M A R K E TO F F I C E D E P O TO L D N A V YP I E R 1 I M P O R T SR E IT H E V I T A M I N S H O P P ET R A D E R J O E ’ S
R E S T A U R A N TC A F E R I O M E X I C A N G R I L LI L F O M A I O
R E S T A U R A N T SC A L O K I T C H E N + T E Q U I L AP H I L Z C O F F E EP I E R 7 6R A N D Y ’ S D O N U T SS H A K E S H A C KT E N D E R G R E E N S
A P O L L O L A N D I N G
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Ammenties Map
1112 OCEAN DRIVE8
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Surrounding Area
MANHATTAN BEACH, CA 9
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P U B L I C PA R K I N G
Manhattan Beach, CAManhattan Beach is one of the three Beach Cities that make up the South Bay. Situated conveniently close to LAX, Manhattan Beach is a popular attraction for beach lovers thanks to the ultra-smooth sand volleyball nets and picture perfect water that offers breathtaking views and just the right amount of waves to make it a hot spot for surfing.
Downtown Manhattan Beach is the bustling center of the city, loaded with high-end boutiques, retailers, and many popular casual and fine-dining restaurants.
The Manhattan Beach Pier is a 928-foot pier that houses the free Roundhouse Aquarium located at the end of Manhattan Beach Boulevard. The South Bay Bicycle Trail and a pedestrian only walkway run through the beach providing users with an intimate glimpse at some of L.A.’s most expensive beach side homes, parallel views of the Pacific Ocean, and a scenic view of the Palos Verdes Peninsula to the South. The path will take you all the way to Hermosa Beach, which is just a couple of miles south and makes for a good scenic route.
Demographics
Downtown Manhattan Beach
150 Retailers
50+ Restaurants
Weekly Farmer’s Market
DEMOGRAPHICS 1-MILE 3-MILE 5-MILE2025 Projection 19,756 121,745 358,432
2020 Estimate 19,530 119,589 352,416
2010 Census 19,455 116,388 345,323
Growth 2020-2025 1.16% 1.80% 1.71%
HOUSEHOLDS 1-MILE 3-MILE 5-MILE2025 Projection 8,140 50,454 133,835
2020 Estimate 8,073 49,650 131,578
2010 Census 8,131 48,683 129,057
Growth 2020-2025 0.83% 1.62% 1.72%
INCOME 1-MILE 3-MILE 5-MILE2020 Avg. Household Income $237,737 $183,986 $133,882
2.1 Mi of Beachfront
1112 OCEAN DRIVE10
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South BayThe South Bay is an industrial hub near the Ports of LA and Long Beach and LAX. It is a region of the Los Angeles metropolitan area, located in the southwest corner of Los Angeles County. The name stems from its geographic location stretching along the southern shore of Santa Monica Bay. The South Bay contains fifteen cities plus portions of the City of Los Angeles and unincorporated portions of the county. The area is bounded by the Pacific Ocean on the south and west and generally by the City of Los Angeles on the north and east.
The South Bay is the epicenter of Southern California’s thriving Industrial, Shipping & Exporting & manufacturing industry.
The area is home to several major Class A office campuses occupied by some of the world’s leading aerospace and research & manufacturing companies. Area employers include Space X, Tesla, Boeing, Northrop Grumman, US Air Force, Aerospace Corporation, Raytheon Space and Airborne Systems, and many others.
The beach cities of Manhattan Beach and Hermosa Beach is home to a large population of high-income earning residence. The median home value in Manhattan Beach is almost $2.5MM. In Hermosa Beach, the median home value is $1.7MM.
Millennials are flocking to area for its work/live/play environment.
Area gives immediate access to Los Angeles International Airport (LAX), Hawthorne Airport. Port of Los Angeles and Port of Long Beach.
MANHATTAN BEACH, CA 111112 OCEAN DRIVE11
This Offering Memorandum contains select information pertaining to the business and affairs of 1112 Ocean Dr, Manhattan Beach, CA 90266 (“Property”). It has been prepared by Matthews Real Estate Investment Services. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Matthews Real Estate Investment Services. The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum for the Property, you agree:
1. The Offering Memorandum and its contents are confidential;2. You will hold it and treat it in the strictest of confidence; and3. You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental
to the interest of the Seller.
Owner and Matthews Real Estate Investment Services expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of the Property or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Matthews Real Estate Investment Services or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
CONFIDENTIALITY AGREEMENT & DISCLAIMER
1112 OCEAN DRIVE12
O C E A N D R I V EMANHATTAN BEACH, CA 90266
elevenTWELVE
o f f e r i n g m e m o ra n d u m
EXCLUSIVELY LISTED BY:
NICK DAYAssociate
direct (310) [email protected]
LIC #02045449 (CA)
KYLE MATTHEWS Chairman & CEO
direct (310) [email protected]
LIC #01469842 (CA)
MICHAEL PAKRAVAN SVP & National Director
direct (310) [email protected]
LIC #01706065 (CA)
