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OFFERING MEMORANDUM
G R O U P
BRANDON MICHAELS
1630santa
monica1630 SANTA MONICA BOULEVARDS A N T A M O N I C A , C A 9 0 4 0 4
17TH STREET SANTA MONICA BOULEVARD
SELLER FINANCING POTENTIALLY AVAILABLE
BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com
AUSTIN SREDENAssociateNational Retail GroupTel: (818) 212-2805Fax: (818) [email protected]: CA #02023489www. BrandonMichaelsGroup.com
G R O U P
BRANDON MICHAELS
OFFICES NATIONWIDEwww.marcusmillichap.com
PRESENTED BY:
1630 SANTA MONICA BLVD
SANTA MONICA
COMPARABLES ANALYSIS
FINANCIAL ANALYSIS
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Rare opportunity to purchase in a strong rental market. Significant amount of movement and turnover in the immediate marketplace, creating an opportunity for new construction to enter the market and position the submarket for the future. Upon completion of surrounding developments and with continuing improvements to the immediate area, the Santa Monica rental market will experience significant growth and offer outstanding returns for long term investors.
Median age: 39
Average household income within a 3 mile radius: $123,532
Population within a 5 mile radius: 462,567
Santa Monica, California offers more than its beach and year-round warm weather. Its proximity to the greater Los Angeles area makes Santa Monica the perfect base for vacationers and business travelers alike.
• 8.7 million visitors came to Santa Monica last year
• 4.2 million visitors come to Santa Monica from outside of the United States annually
• $1.96 billion dollars generated by tourism to our local economy last year
• 13,350 jobs supported by tourism in Santa Monica
SIGNIFICANT OPPORTUNITY
DEMOGRAPHICS
AFFLUENT NEIGHBORHOOD
GLOBAL TOURISM DESTINATION
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People may think of Santa Monica as a laid-back beachside city, but Santa Monica's shopping and dining options rival cosmopolitan destinations like Manhattan and nearby Beverly Hills and other shopping spots in LA. That’s because its array of offerings range from one-of-a-kind California cuisine to iconic labels and straight-from-the-runway styles- all within a walkable locale.
1901 Wilshire Boulevard rates at a 89/100 on walkscore.com, allowing residents, visitors, and daytime employees the convenience of accessing retail, restaurants, and more by foot.
At 8.3 square miles, Santa Monica is a bicyclist paradise. Now that Santa Monica is home to Santa Monica Bike Center, the nation’s largest full-service bike center, visitors can live like a local by embracing the eco-friendly lifestyle of this active and progressive community.
SHOPPING & DINING
WALKABILITY
WEATHER
GETTING AROUND
While other parts of the world may experience brutal winters and hot humid summers, the Santa Monica community is fortunate to enjoy bright blue skies, stunning sunsets, and cool ocean breezes year round. This near-perfect weather allows an active and relaxing lifestyle throughout the entire year.
WHY BUY IN
SANTA MONICA?
SANT
MO
NICA
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Marcus & Millichap has been selected to exclusively market for sale 1630 Santa Monica Boulevard, ideally located at the signalized corner of Santa Monica Boulevard and 17th St in the highly sought-after city of Santa Monica, CA. Situated on Santa Monica Boulevard, one of Southern California’s busiest arterial thoroughfares, the property offers excellent exposure with 75 Feet of frontage along Santa Monica Boulevard on a signalized corner Lot.
Santa Monica is among the top luxury destinations in the world, and this irreplaceable location can put an Owner-User or Investor in the heart of one of the most famously known destinations for celebrities, wealthy residents, and tourists alike. The city has become a haven for the rich and famous due to its unique boutiques and trendy nightlife, while placed directly adjacent to the Pacific Ocean. 1630 Santa Monica is located 1 mile away from the 3rd Street Promenade, one of the premier shopping and dining destinations on the West Coast.
1630 Santa Monica Boulevard offers the unique opportunity to acquire one of the most impressive locations in Southern California. 1630 Santa Monica Boulevard is a 7,513 square foot, 35 parking space lot with a small office structure located at the rear of the property. Coupled by the high-end neighborhood & World Class location, this property makes for an ideal flagship site for a high-end tenant or an upscale mixed-use development.
There is tremendous potential as current rent in the area has created an affluent community surrounding Santa Monica, making this an ideal time to purchase property along Santa Monica Boulevard. Upon the completion of the surrounding developments and continuing improvements to the immediate area, the rental market will experience significant growth and offer outstanding long-term returns for investors. There has been a significant amount of movement and turnover within the marketplace, creating an opportunity for new concepts to enter the market and position this submarket for the future. This property offers investors or owner-users countless possibilities for the future.
A RARE OPPORTUNITY TO ACQUIRE A SANTA MONICA BLVD SIGNALIZED CORNER LOCATION WITH SIGNIFICANT
REDEVELOPMENT POTENTIAL IN WORLD-RENOWNED SANTA MONICA LOCATION
EXECUTIVE SUMMARY
6,0311.66,031 Businesses within a
1 square mile of 1630 Santa Monica Blvd1.6 square miles of walkable hotspots, restaurants, nightlife, and shopping in
Santa Monica
1630 Santa Monica Boulevard scores an 89/100 on Walkscore.com
89
1630santa
monica1630 SANTA MONICA BOULEVARDS A N T A M O N I C A , C A 9 0 4 0 4
1630santa
monica
17TH STREET SANTA MONICA BOULEVARD
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8 9
Property Address 1630 Santa Monica BlvdSanta Monica CA, 90404
Price $3,995,000
Property Type Land Development
Building SF 1,100
Land SF 7,513
Year Built 1959
APN's 4282-019-001
Zoning SMC4YY-General Commercial
Type of Ownership Fee Simple
Parking 35
PROPERTY OVERVIEWSITE
SQUARE FOOTAGES
FRONTAGE AND ACCESS100 feet on 17th St and 75 feet on Santa Monica Blvd
ZONING1630 Santa Monica Boulevard is located within zoning of SMC4YY-General Commercial
YEAR BUILTThe subject property was built in 1959
TRAFFIC COUNTSIntersection of Santa Monica Boulevard and 17th Street: 25,906 vehicles per day
PARKINGThe subject property consists of 35 parking spaces
The building square footage is approximately 1,100 square feet and the total land square footage is 7,513 square feet
PLAT MAP
COMPANY SF % RENT RENT/SF EXPIRATION OPTIONS
Santa Monica European Cars 1,100 100% $8,000 $7.27 10/31/2022 None
PLAT MAP
RENT ROLL
1630santa
monicaPROPERTY SUMMARY
SANTA MONICA LAND USE DESIGNATIONS
AREA OVERVIEW
1630santa
monica
The subject property is located on the south signalized corner of Santa Monica Boulevard and 17th Street
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INVESTMENT HIGHLIGHTSIRREPLACEABLE SANTA MONICA BOULEVARD LOCATION - Located on a highly walkable stretch of Santa Monica Boulevard in Santa Monica. Santa Monica Boulevard continues to be among the busiest east-west arterial thoroughfares in all of Los Angeles. Santa Monica Boulevard extends from East Hollywood, all the way to the Pacific Ocean. The location boasts designer labels, popular restaurants, and boutiques and is famously known for being a preferred destination of celebrities, wealthy residents, and tourists alike
POTENTIAL DEVELOPMENT OPPORTUNITY- 1630 Santa Monica Boulevard has the potential to be redeveloped. The asset allows opportunity for a flagship site for an upscale tenant but can also be redeveloped and subdivided mixed-use project
WALKABILITY - 1630 Santa Monica Boulevard has a score of 89/100 for walkability and 85/100 for Bike-ability. Iconic retailers and trendy/hip boutiques and restaurants populate Santa Monica Boulevard and it is a popular haven for the rich and famous
TREMENDOUS GROWTH POTENTIAL- Current rent in the area has created an affluent community surrounding Santa Monica, making this an ideal time to purchase property along Santa Monica Boulevard. Upon the completion of the surrounding developments and continuing improvements to the immediate area, the rental market will experience significant growth and offer outstanding long-term returns for investors
HIGHLY AMENITIZED SUB-MARKET- Major hotspots and destinations in the City of Santa Monica, such as the 3rd Street Promenade, PCH, Santa Monica Pier, and Venice Boardwalk, are all within walking distance. Right in the immediate corridor are tenants such as, Gap, Citibank, Walgreens, Coldstone Creamery, & Wholefoods
AFFLUENT SANTA MONICA NEIGHBORHOOD- The demographics of the local Santa Monica Community reflect average household incomes exceeding $100,000. Adjacent communities include, Malibu, Silicon Beach, Pacific Palisades, Venice, Brentwood, & Playa Vista
AREA HOSPITAL- 1630 Santa Monica Boulevard is located within close proximity to the UCLA Health Center & Providence Saint John’s Hospital
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SANTA MONICA14 15
SANTA MONICAThe blend of Santa Monica’s natural beauty, award winning dining, incomparable hotel collection and famed shopping options, all on one of California’s most iconic stretches of shoreline, creates a truly unforgettable seaside destination.
LOCATIONSanta Monica sits perched on the Pacific Ocean at the crossroads of Pacific Coast Highway and California Interstate Highway 10. Set along 3.5 glistening miles of coastline, the city is bordered by Malibu and Venice and is easily accessible from Los Angeles International Airport.
COASTLINE AND BEACHESBroad, glistening beaches stretch for 26 miles along the scenic Santa Monica Bay, with 3.5 of those miles falling within Santa Monica proper. Primary beaches include Santa Monica State Beach and Will Rogers State Beach, both of which are popular for swimming, surfing, running, and beachvolleyball.
ACCOMODATIONSSanta Monica is home to some of the most unique, celebrated hotels in all of Southern California. The city’s incomparable hotel collection is made up of 36 hotel properties with more than 3,500 hotel rooms that range from high-style boutique hideaways, to world-famous oceanfront resorts.
DININGSanta Monica emerged as an international culinary destination in the 1980s and has remained in the top echelon of American dining thanks to its many celebrity chefs and the new generation of culinary innovators who continue to invigorate the city’s dining scene.
SHOPPINGSanta Monica’s tempting collection of global retail brands, haute boutiques and unique local offerings has turned the beachside city into an internationally celebrated shopping destination. From Downtown’s Third Street Promenade and Santa Monica Place, to upscale boutiques along the celebrity-filled Montana Avenue and the fun, shopping in Santa Monica offers something for everyone and truly immerses the visitor in the diverse character of the city.
TOP ATTRACTIONSSANTA MONICA PIERThis true Southern California icon was built in 1909 and is one of SantaMonica’s most beloved and well-known landmarks. It is home to an amusement park and the Santa Monica Aquarium, in addition to dining options that range from gourmet fare to cotton candy and ice cream cones.
PACIFIC PARKPacific Park is a full-service amusement park located on the Pier with rides and attractions such as the five-story West Coaster roller coaster, the nine-story Pacific Plunge tower ride, and the nine-story Pacific Wheel, the only over-water ferris wheel in California.
PACIFIC WHEELPacific Park’s nine-story Pacific Wheel is the world’s first and only solarpowered ferris wheel. The ferris wheel’s 160,000 energy efficient LED lights create an 85-foot high computer generated light show for nighttime beach-goers to enjoy. It also provides riders with spectacular views of the Santa Monica coastline and is a central focal point on the Santa Monica Pier.
THIRD STREET PROMENADEThe sprawling Third Street Promenade is the bustling hub of Downtown Santa Monica. This pedestrian only, open-air shopping destination is only two blocks from the city’s popular beaches and is noted for its weekly farmers’ market, terrific shopping, street performers, ample dining options, and of course, people watching.
FARMER'S MARKETSanta Monica offers four weekly farmers’ markets where the city’sresidents and chefs pick up the country’s freshest produce, flowers, meats, cheeses, nuts, fish, and more. Named the best in the country by Travel + Leisure, the Santa Monica Farmers Market truly sets the tone for local dining.
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Total Population of Santa Monica. The median age is 40.
MALE
High School Associates Degree Bachelor’s Degree Grad Degree
FEMALE
SANTA MONICA DEMOGRAPHICS
92,478
51%49%
23.9%6.5% 38.5% 31.1%
EDUCATION
BUSINESSES
Santa Monica has an excess of 35,000 businesses. Spanning from Santa Monica to Playa Del Rey, the area has a flourishing hub of innovative companies putting down roots outside of the San Francisco tech epicenter. Known as "Silicon Beach," due to its proximity to surf and sand, the tech community's attraction to the area is partly credited to its proximity to LAX and the diversity of LA’s industries.
• UCLA Medical center, Santa Monica• City of Santa Monica• Santa Monica College
• Providence St. John's Health Care• RAND Corporation• Activision Publishing
• Lionsgate Entertainment Group• Universal Music Group• RetailET Ehitehall Inc.
TOP EMPLOYERS
76,778Owner Occupied Households
within 5-m radius
137,734Renter Occupied Households
within 5-m radius
462,567Population within a 5-m radius
$123,322Average HH income within 3-m radius
$92,110Median HH income within 3-m radius
417,111Daytime Population within 5-m radius
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COMPARABLES ANALYSIS2120
$409.76
$511.48
$590.64
$371.37 $370.96
$450.84
$0.00
$100.00
$200.00
$300.00
$400.00
$500.00
$600.00
$700.00
1 2 3 4 5 6
ADDRESS SALES PRICE LAND SQUARE FOOT PRICE/LAND SF CLOSE OFESCROW
1 3214-3218 Highland AveSanta Monica $4,300,000 10,494 $409.76 10/19/2016
2 1427 Lincoln BlvdSanta Monica $3,787,500 7,405 $511.48 1/31/2017
3 1626 Lincoln BlvdSanta Monica $16,425,000 27,809 $590.64 4/20/2017
4 1443 18th StSanta Monica $2,750,000 7,405 $371.37 3/24/2017
5 1413 Michigan AveSanta Monica $6,625,000 17,859 $370.96 10/19/2017
AVERAGE $6,777,500 14,194 $450.84
SALES COMPARABLES - LAND
12
SALES COMPARABLES | PRICE/LAND SQUARE FOOT
AVERAGE
3
45
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G R O U P
BRANDON MICHAELS
1630santa
monica 1630 SANTA MONICA BOULEVARDS A N T A M O N I C A , C A 9 0 4 0 4
BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com
AUSTIN SREDENAssociateNational Retail GroupTel: (818) 212-2805Fax: (818) [email protected]: CA #02023489www. BrandonMichaelsGroup.com