Offering Memorandum€¦ · NON-ENDORSEMENT & DISCLAIMER NOTICE. CONFIDENTIALITY & DISCLAIMER. The information contained in the following Marketing Brochure is proprietary and strictly

1260 SOUTH SOTO STREETRetai l Shopping Center

Offering Memorandum

NON-ENDORSEMENT & DISCLAIMER NOTICECONFIDENTIALITY & DISCLAIMERThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by

the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of

Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to

establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due

diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the

income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the

property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal

regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s

plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained

from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained

herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever

regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the

information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2017 Marcus & Millichap. All rights reserved.

NON-ENDORSEMENT NOTICEMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this

marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or

endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of

Marcus & Millichap, and is solely included for the purpose of providing tenant lessee

information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILL ICHAP AGENT FOR MORE DETAILS.

1260 SOUTH SOTO STREETR E T A I L S H O P P I N G C E N T E R

EXCLUSIVELY L ISTED BY

O F F I C E S N AT I O N W I D E A N D T H R O U G H O U T C A N A D A

WWW.MARCUSMILLICHAP.COM

Moon L imSenior Associate

Cell 213.308.2056 Office 213.943.1844

[email protected] CA 01903050

Richard TovarAssociate

Cell 626.422.5819Office 213.943.1844


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EXECUTIVE SUMMARYSECTION 1 Offering Highlights • Investment Overview • Investment Highlights

PROPERTY DESCRIPTIONSECTION 2 Property Details • Local Aerial Map • Property Photos • Regional Map

MARKET OVERVIEWSECTION 4 Demographics Summary • Demographics Highlights

FINANCIAL ANALYSISSECTION 3 Pricing Details • Operating Data • Operating Statement • Rent Roll • Lease Expiration Summary

TABLE OF CONTENTS

EXCLUSIVELY LISTED BY:


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 inaccuracies. Any projections, opinions, as-sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate

Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0140067

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EXECUTIVESUMMARY

1260 SOUTH SOTO STREET

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OFFERING HIGHLIGHTS

1260 South Soto Street, Los Angeles, CA

OFFERING PRICE

$14,250,000CAP RATE

5.09%

VITAL DATA

Price $14,250,000

Cap Price 5.09%

Price/SF $447.16

Gross Square Feet 31,868 SF

Occupancy 89.10%


MANY TENANTS ON SHORT TERM OR A

MONTH TO MONTH LEASE, PROVIDING

OPPORTUNITY TO INCREASE RENTS

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INVESTMENT OVERVIEWMarcus & Millichap is pleased to present for sale 1260 South Soto Street located between 8th and Olympic, just south of the 5,10, and 60

freeways. This one-story retail center is an excellent value-add or future development opportunity for the investor/developer looking to acquire

investment property in one of the most sought after markets in the country.

Built in 1985, the Gross Leasable Area(GLA) measures approximately 31,868 square feet on a parcel of land measuring approximately 60,113

square feet(1.38 Acres). The property benefits from a highly visibility on Soto Street and it is ideally located to serve between the Boyle Heights

and East Los Angeles Communities.

The property is currently 89.10 percent occupied and offers a net operating income of $725,000. The opportunity to attain market rents and

management efficiencies will drive value at this location.

► Prime Los Angeles Location

► Many Tenants On A Short Term Or Month To Month Lease

► Features Outstanding Foot And Vehicle Traffic

► Ample Parking Spaces

► Major Anchored By El Pollo Loco

► Major Street With High Traffic Volume

► Close Proximate To Major Freeways (5, 10, 60, and 101)

► Surrounded By Many Major National Retailers

► Excellent Visibility And Street Exposure

► Multiple Entries On The Site

PRIME LOS ANGELES LOCATION

VALUE ADD OPPORTUNITY

DENSE POPULATION DEMOGRAPHICS

INVESTMENT HIGHLIGHTS



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PROPERTYDESCRIPTION


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PROPERTY DETAILSPrime Downtown Los Angeles Location with mix of 21 tenants. Excellent location with high average daily traffic volume. The property is anchored by El Pollo Loco and offers minimal management obligation. Property is located on South Soto Street between 8th Street and Olympic, just south of the 5, 10, 101 and 60 freeways.

PROPERTY NAME HERE

Property Address1260 South Soto Street,

Los Angeles, CA 90023

List Price $14,250,000

Number of Units 21

Number of Buildings 3

Number of Stories 1

Year Built 1985

Gross Leasable Area(GLA) 31,868 SF

Lot Size 1.38 Acres / 60,000 SF

Parking 56

Current NOI $725,000

Current CAP Rate 5.09%

Proforma NOI $919,622

Proforma Cap Rate 6.45%

Zoning C2

Price Per Building SF $447.16

Price Per Land SF $238.00

APN 5170-018-019

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Santa Monica Bay

San Pedro Bay

West Fork SanGabriel River

San G

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ChatsworthReservoir

Van NormanLakes

San GabrielReservoir

MorrisReservoir

Rio Hondo River

Los Angeles River

Sant

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BreaLa Habra

Fullerton

Placentia

BuenaPark

Anaheim

Orange

CypressVillaPark

StantonGardenGroveRossmoor

SealBeach

SantaAna

Westminster

HuntingtonBeach

Tustin

FountainValley

SimiValley

SantaClarita

LOS ANGELES

SanFernando

Glendale

NorthridgeLa

Crescenta

Pasadena

La CanadaFlintridge

Burbank

Altadena

Duarte

Monrovia

GlendoraArcadia

SierraMadre

HiddenHills

Westlake

ThousandOaks

Newbury Park

Camarillo

Oxnard

Ventura

Ojai

AgouraHills

SanDimas

AzusaSan

Marino

SouthPasadena Temple

CitySanGabrielBeverly

Hills Alhambra CovinaBaldwinPark

CharterOak

El Monte

WestHollywood

RosemeadMonterey

Park

WalnutEast LosAngeles

La PuenteSanta

MonicaMontebello

DiamondBar

CulverCity

HaciendaHeights

PointDume Pico

Rivera

Whittier

RowlandHeightsBell

MaywoodHuntington

Park

MarinaDel Rey

InglewoodBell

Gardens

Downey

SouthGateWestmont South

WhittierLynwood

HawthorneNorwalk

El Segundo WillowbrookLa Mirada

Compton ParamountGardenaBellflower

ManhattanBeach Lawndale

RedondoBeach

Cerritos

Torrance

Carson

LongBeach

HermosaBeach

Lomita

Rancho PalosVerdes

WestCovina

LOS ANGELESCOUNTY

VENTURACOUNTY

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Santa Monica Bay

San Pedro Bay

West Fork SanGabriel River

San G

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ChatsworthReservoir

Van NormanLakes

San GabrielReservoir

MorrisReservoir

Rio Hondo River

Los Angeles River

Sant

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BreaLa Habra

Fullerton

Placentia

BuenaPark

Anaheim

Orange

CypressVillaPark

StantonGardenGroveRossmoor

SealBeach

SantaAna

Westminster

HuntingtonBeach

Tustin

FountainValley

SimiValley

SantaClarita

LOS ANGELES

SanFernando

Glendale

NorthridgeLa

Crescenta

Pasadena

La CanadaFlintridge

Burbank

Altadena

Duarte

Monrovia

GlendoraArcadia

SierraMadre

HiddenHills

Westlake

ThousandOaks

Newbury Park

Camarillo

Oxnard

Ventura

Ojai

AgouraHills

SanDimas

AzusaSan

Marino

SouthPasadena Temple

CitySanGabrielBeverly

Hills Alhambra CovinaBaldwinPark

CharterOak

El Monte

WestHollywood

RosemeadMonterey

Park

WalnutEast LosAngeles

La PuenteSanta

MonicaMontebello

DiamondBar

CulverCity

HaciendaHeights

PointDume Pico

Rivera

Whittier

RowlandHeightsBell

MaywoodHuntington

Park

MarinaDel Rey

InglewoodBell

Gardens

Downey

SouthGateWestmont South

WhittierLynwood

HawthorneNorwalk

El Segundo WillowbrookLa Mirada

Compton ParamountGardenaBellflower

ManhattanBeach Lawndale

RedondoBeach

Cerritos

Torrance

Carson

LongBeach

HermosaBeach

Lomita

Rancho PalosVerdes

WestCovina

LOS ANGELESCOUNTY

VENTURACOUNTY

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RegionalMap

1260 South Soto Street

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SITE PLAN

Suite Tenant Name GLA Suite Tenant Name GLA Suite Tenant Name GLA

1 Medical Office 2,800 9 VACANT 1,500 15 Alma Family Services 1,954

2 Soto Kids Nutrition 1,040 10 Metro PCS 1,040 16 Vida Nueva Ministry 2,500

3 Furniture Store 1,040 11 Paola Nail Shop 1,040 17 Thai Silk Express 900

4 Restaurant 1,040 12 New Donuts 1,040 18 Employment Office 1,298

5 VACANT 1,976 13 Silver Coast Auto Ins Svc 1,600 19 Payday Loan, Check Cashing 1,800

6 Japanese Restaurant 1,200 14 Dental Office 1,400 20 El Pollo Loco 2,500

7&8 Multi Serve 2,100 21 Mexican Seafood 2,100

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5.09% 6.45%CAP RATE PROFORMA CAP RATE

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FINANCIALANALYSIS


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PRICING DETAIL

Price $14,250,000

Down Payment $5,400,000 40%

Number of Suites 21

Price Per SqFt $447.16

Gross Leasable Area (GLA) 31,868 SF

Lot Size 1.38 Acres

Year Built/Renovated 1985

Occupancy 89.10%

Returns Year 1 Year 2

CAP Rate 5.09% 6.45%

Cash-on-Cash 2.71% 6.13%

Debt Coverage Ratio 1.27 1.61

Financing 1st Loan

Loan Amount $8,550,000

Loan Type New

Interest Rate 4.50%

Amortization 25 Years

Year Due 2027

Loan information is subject to change. Contact your Marcus & Millichap Capital Corporation representative.

Summary Operating Data

Year 1 Year 2Scheduled Base Rental Income $847,128 $1,030,284Total Reimbursement Income 18.7% $158,696 17.3% $178,125Other Income $0 $0Potential Gross Revenue $1,005,824 $1,208,409General Vacancy ($20,410) ($25,905)Effective Gross Revenue $985,414 $1,182,504Less: Operating Expenses 26.4% ($260,414) 22.2% ($262,883)Net Operating Income $725,000 $919,622

Tenant Improvements $0 $0

Leasing Commissions $0 $0Capital Expenditures $0 $0Cash Flow $725,000 $919,622Debt Service ($570,284) ($570,284)Net Cash Flow After Debt Service 2.71% $154,716 6.13% $349,338Principal Reduction $189,409 $198,110Total Return 6.04% $344,125 9.60% $547,448

Operating Expenses Year 1 Year 2CAM $41,369 $42,610Insurance $6,800 $7,004Real Estate Taxes $178,125 $178,125Management Fee $34,120 $35,144Other Expenses - Non Reimbursable $0 $0Total Expenses $260,414 $262,883

Expenses/SF $8.17 $8.25

Income

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OPERATING STATEMENT

Income Year 1 Per SF Year 2 Per SF

Scheduled Base Rental Income 847,128 26.58 1,030,284 32.33Expense Reimbursement Income

158,696 4.98 178,125 5.59Total Reimbursement Income $158,696 60.9% $4.98 $178,125 67.8% $5.59

Potential Gross Revenue 1,005,824 31.56 1,208,409 37.92General Vacancy (20,410) 3.0% (0.64) (25,905) 3.0% (0.81)

Effective Gross Revenue $985,414 $30.92 $1,182,504 $37.11

Operating Expenses Year 1 Per SF Year 2 Per SF

10,676 0.34 10,996 0.356,537 0.21 6,733 0.212,960 0.09 3,049 0.10

882 0.03 908 0.03511 0.02 526 0.02

2,530 0.08 2,606 0.081,869 0.06 1,925 0.06

386 0.01 398 0.0113,869 0.44 14,285 0.45

1,149 0.04 1,183 0.04Insurance 6,800 0.21 7,004 0.22Real Estate Taxes 178,125 5.59 178,125 5.59Management Fee 34,120 3.5% 1.07 35,144 3.0% 1.10

Total Expenses $260,414 $8.17 $262,883 $8.25Expenses as % of EGR 26.4% 22.2%Net Operating Income $725,000 $22.75 $919,622 $28.86Notes and assumptions to the above analysis are on the following page.

UtilitiesTrash RemovalRepairs & Maintenance

Real Estate Taxes

Common Area Maintenance (CAM)

SuppliesOffice SuppliesAccountingBank ChargesContributionsLegalLicenses & Permits

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TENANT RENT ROLL% Monthly

Square Bldg Rent per Total Rent Total Rent Changes Changes LeaseTenant Name Suite Feet Share Comm. Exp. Sq. Ft. Per Month Per Year on to Type

Medical Office 1 2,800 8.8% 10/1/16 9/30/20 $0.89 $2,500 $30,000 N/A N/A N

Soto Kids Nutrition 2 1,040 3.3% 9/15/07 M to M $2.61 $2,712 $32,544 Jan-2019 $292 N

La Jerezana 3 1,040 3.3% 4/15/13 M to M $2.69 $2,800 $33,600 Jan-2019 $2,912 N

Restaurant 4 1,040 3.3% 3/1/15 M to M $2.16 $2,250 $27,000 Jan-2019 $2,912 N

VACANT 5 1,976 6.2% $0.00 $0 $0 Dec-2018 $5,533 N

Japanese Restaurant 6 1,200 3.8% 8/1/16 3/31/24 $3.02 $3,621 $43,452 N/A N/A N

Multi Serve 7 1,050 3.3% 3/1/17 2/29/20 $2.02 $2,125 $25,500 Mar-2018 $2,175 N

Multi Serve 8 1,050 3.3% 3/1/17 2/29/20 $2.02 $2,125 $25,500 Mar-2018 $2,175 N

VACANT 9 1,500 4.7% $0.00 $0 $0 Dec-2018 $4,200 N

Metro PCS 10 1,040 3.3% 8/1/17 7/31/19 $2.16 $2,250 $27,000 Aug-2018 $2,475 N

Paola Nail Shop 11 1,040 3.3% 12/1/04 M to M $2.98 $3,100 $37,200 N/A N/A N

New Donuts 12 1,040 3.3% 1/1/15 12/31/19 $3.32 $3,450 $41,400 Jan-2019 $3,550 N

Silver Coast Auto Ins Svc 13 1,600 5.0% 4/1/16 3/31/19 $1.64 $2,625 $31,500 Apr-2018 $2,756 N

Dental Office 14 1,400 4.4% 10/15/16 10/15/21 $2.71 $3,798 $45,570 Oct-2018 $3,963 N

Alma Family Services 15 1,954 6.1% 7/1/13 M to M $1.41 $2,750 $33,000 Jan-2019 $5,471 N

Vida Nueva Ministry 16 2,500 7.8% 8/1/17 7/31/19 $1.00 $2,500 $30,000 Aug-2018 $3,200 N

Thai Silk Express 17 900 2.8% 6/1/08 M to M $4.13 $3,714 $44,568 N/A N/A N

Book Store 18 1,298 4.1% 10/1/17 9/30/19 $1.39 $1,800 $21,600 Jan-2019 $3,635 N

Su Casa De Cambio 19 1,800 5.6% 7/1/12 M to M $3.02 $5,441 $65,286 N/A N/A N

El Pollo Loco 20 2,500 7.8% 6/28/84 5/31/37 $5.56 $13,900 $166,800 Jun-2022 $15,400 N

Mexican Seafood 21 2,100 6.6% 9/1/13 M to M $3.35 $7,025 $84,300 N/A N/A N

Total 31,868 $2.21 $70,485 $845,820

Occupied Tenants: 19 Unoccupied Tenants: 2 Occupied GLA: 89.10% Unoccupied GLA: 10.90%

Lease Dates

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LEASE EXPIRATION SUMMARY

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Jan-2018 Jan-2019 Jan-2020 Jan-2021 Jan-2022 Jan-2023 Jan-2024 Jan-2025 Jan-2026 Jan-2027

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10

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Lease Expiration Summary

% of SQFT Expiring Cumulative % of SQFT Expiring Number of Commercial Leases/Tenants Expiring

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1,153,489TOTAL POPULATION WITHIN 5-MILE RADIUS

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MARKETOVERVIEW


POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection

Total Population 24,941 341,669 1,146,148

2017 Estimate


2010 Census


2000 Census


Current Daytime Population

2017 Estimate 31,712 543,598 1,258,074

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection

Total Households 6,549 100,993 332,816

2017 Estimate


Average (Mean) Household Size 3.91 3.29 3.40

2010 Census


2000 Census


Occupied Units

2022 Projection 6,549 100,993 332,816

2017 Estimate 6,592 99,611 335,069

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate

$150,000 or More 3.76% 4.35% 3.87%

$100,000 - $149,000 8.33% 7.09% 7.00%

$75,000 - $99,999 7.12% 7.42% 7.98%

$50,000 - $74,999 15.55% 14.41% 15.05%

$35,000 - $49,999 12.90% 13.40% 14.75%

Under $35,000 52.34% 53.31% 51.35%

Average Household Income $51,797 $51,019 $51,036

Median Household Income $32,953 $31,974 $33,949

Per Capita Income $12,991 $15,260 $14,815

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure $54,129 $52,342 $53,424

Consumer Expenditure Top 10 Categories

Housing $16,780 $16,062 $16,426

Shelter $11,245 $10,842 $11,076

Transportation $8,131 $7,765 $8,063

Food $5,768 $5,649 $5,771

Personal Insurance and Pensions $4,136 $3,990 $4,166

Utilities $2,725 $2,551 $2,643

Health Care $2,721 $2,517 $2,614

Entertainment $1,957 $1,881 $1,937

Apparel $1,761 $1,697 $1,735

Household Operations $1,193 $1,119 $1,136

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2017 Estimate Total Population 25,541 340,462 1,153,489

Under 20 31.64% 28.89% 29.15%

20 to 34 Years 24.92% 26.91% 27.17%

35 to 39 Years 7.61% 7.73% 7.49%

40 to 49 Years 12.92% 13.22% 12.95%

50 to 64 Years 13.02% 14.05% 14.22%

Age 65+ 9.90% 9.17% 9.01%

Median Age 30.62 31.58 31.17

Population 25+ by Education Level

2017 Estimate Population Age 25+ 15,243 212,733 710,756

Elementary (0-8) 29.76% 25.81% 25.15%

Some High School (9-11) 18.91% 17.87% 16.98%

High School Graduate (12) 18.54% 20.06% 21.41%

Some College (13-15) 10.83% 13.00% 13.16%

Associate Degree Only 4.60% 3.69% 4.13%

Bachelors Degree Only 6.94% 9.23% 9.53%

Graduate Degree 2.47% 3.70% 3.52%

DEMOGRAPHIC SUMMARY

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IncomeIn 2017, the median household income for your selected geography is$32,953, compare this to the US average which is currently $56,286.The median household income for your area has changed by 32.04%since 2000. It is estimated that the median household income in yourarea will be $36,746 five years from now, which represents a changeof 11.51% from the current year.

The current year per capita income in your area is $12,991, comparethis to the US average, which is $30,982. The current year averagehousehold income in your area is $51,797, compare this to the USaverage which is $81,217.

PopulationIn 2017, the population in your selected geography is 25,541. Thepopulation has changed by 4.49% since 2000. It is estimated that thepopulation in your area will be 24,941.00 five years from now, whichrepresents a change of -2.35% from the current year. The currentpopulation is 50.25% male and 49.75% female. The median age ofthe population in your area is 30.62, compare this to the US averagewhich is 37.83. The population density in your area is 8,128.74 peopleper square mile.

HouseholdsThere are currently 6,344 households in your selected geography. Thenumber of households has changed by 10.72% since 2000. It isestimated that the number of households in your area will be 6,549five years from now, which represents a change of 3.23% from thecurrent year. The average household size in your area is 3.91 persons.

EmploymentIn 2017, there are 18,525 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that33.19% of employees are employed in white-collar occupations inthis geography, and 67.08% are employed in blue-collar occupations.In 2017, unemployment in this area is 4.96%. In 2000, the averagetime traveled to work was 30.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:49.87% White, 1.01% Black, 0.03% Native American and 1.49%Asian/Pacific Islander. Compare these to US averages which are:70.42% White, 12.85% Black, 0.19% Native American and 5.53%Asian/Pacific Islander. People of Hispanic origin are countedindependently of race.

People of Hispanic origin make up 95.34% of the current yearpopulation in your selected area. Compare this to the US average of17.88%.

HousingThe median housing value in your area was $327,851 in 2017,compare this to the US average of $193,953. In 2000, there were1,404 owner occupied housing units in your area and there were4,325 renter occupied housing units in your area. The median rent atthe time was $525.

Source: © 2017 Experian

DEMOGRAPHIC HIGHLIGHTS

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E X C L U S I V E LY L I S T E D B Y


Moon LimSenior Associate

Cell 213.308.2056 Office 213.943.1844


Richard TovarAssociate

Cell 626.422.5819Office 213.943.1844


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