Embed Size (px)
Citation preview
3101WASHINGTON BLVDMARINA DEL REY, CA 90292
EXCLUSIVELY LISTED BY
ELLIOT SCHWARTZWestside Commercial Real Estate Specialist
(310) 909-2308 main(818) 312-3120 mobile
[email protected]: CA: 02020686
NON-ENDORSEMENT DISCLAIMER NOTICE
CONFIDENTIALITY 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. 2019 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.
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y .P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
EXECUTIVESUMMARYof f e r i n g d e t a i l s | i n ve s t m e n t o ve r v i e w | t e n a n t d e t a i l s
OFFERING DETAILS3101 WASHINGTON BOULEVARD
Address 3101 Washington Blvd, Marina Del Rey, CA, 90292
APN 4229-006-039
Building SF +/- 3,243 Square Feet*
Lot SF +/- 3,268 Square Feet
Zoning LAC2 (TOC Tier 1)
Year Built 1984
Parking 8 spaces
$5,000,000Total Price
* Estimated 600 SF on third story not accounted for on title
I N V E S TMEN T H I G H L I G H T S
Marcus and Millichap is proud to present 3101 Washington Boulevard located in the highly desirable market of Marina Del Rey. The property is on the corner of Washington Boulevard and Yale Avenue, in a TOC Tier 1 location. The property is comprised of a 3,243 square foot building on a 3,268 square foot lot zoned LAC2
providing an investor flexibility in use.
3101 WASHINGTON BOULEVARDMarina Del Rey, CA, 90292
» Located in the heart of Silicon Beach
» Blocks away from Google. Microsoft, and other tech companies
» Last year, venture capitalists placed an estimated $4.2 billion to back LA-area tech start ups
» Covered parking on-site and ample street parking
» Corner lot
TENANT DETAILS
Unit A
Current Tenant Denise Fast
Tenant's Lease Month to Month
Current Rent $5,000 (Tenant exercised additional five year option)
Unit B
Current Tenant Vacant
Market Rent $5,000
Unit C
Current Tenant FutureTech Staffing
Tenant's Lease Month to Month
Current Rent $2,600
UNIT A - DENISE FAST
UNIT B - VACANT
UNIT C - FUTURETECH
MARKETOVERVIEWa re a o ve r v i e w | m a r ke t c o m pa r a b l e s
The robust growth of Silicon Beach supported the absorption of nearly 1.9 million square feet of office space during the past 12 months. Leasing velocity was largely driven by expanding media, tech and entertainment companies that inked agreements for Class A space. Marketing agency Trailer Park, along with Apple and Tesla all recently signed leases for spaces that exceed 100,000 square feet. This stout rate of overall absorption placed the
region’s vacancy rate at a cycle-low level entering the second quarter, positioning the market to handle the 1.2 million square feet of new supply slated for completion this year. Expansion of the local office sector coupled with limits on development has a growing number of owners hesitant to sell well-located, older properties now considered trophy assets by some buyers. This reluctance resulted in a recent reduction
in listings volume, translating to a more than 40 percent drop in deal flow over the past year. Buyers targeting sub-$500-per-square-foot pricing compete heavily for Class B properties at 3 percent minimum yields. Larger Class A buildings and campuses are coveted by institutional and foreign capital willing to accept returns in the 2 percent range and pricing that rarely dips below $600 per square foot.
RARE VALUE ADD OPPORTUNITY IN THE HEART OF SILICON BEACH
MARINA DEL REY
Silicon Beach is the Westside region of the Los Angeles metropolitan area that is home to over 500 tech startup companies, with emphasis on the coastal strip north of LAX to Santa Monica Mountains, but the term may be applied loosely or colloquially to refer to most anywhere in the LA Basin. Major technology companies have opened offices in the region including Google, Yahoo!, YouTube, BuzzFeed, Facebook, Salesforce, AOL, Electronic Arts, EdgeCast Networks, and MySpace. Additionally, several mobile ventures seeded here like Snapchat and Tinder.
In 2012, the region was considered the second- or third-hottest tech hub in the world, according to some metrics. Nevertheless, the headquarters of these established corporate tech titans tends to be elsewhere, though the region has had startups proliferation. Unlike the traditional definition of Silicon Valley (Menlo Park to Santa Clara) where the economy is overwhelmingly technology geared, Silicon Beach, much like San Francisco, tends to have a more diversified economy whereby tourism, finance, and/or other industries also play a major role.
SILICON BEACH
SILICON BEACH
1
SALES COMPARABLES3101 WASHINGTON BOULEVARD
PROPERTIES
3101 Washington Blvd | Marina Del Rey, CA 90292
1 1613 Lincoln Blvd | Venice, CA , 90291
2 202 Main Street | Venice, CA 90291
2
4
35
3 1 0 1 WASH I NGTON
B LVD
3 1308-1312 Abbot Kinney Blvd | Venice, CA , 90291
4 2318 Lincoln Blvd | Venice, CA , 90291
5 13321 Beach Ave | Marina Del Rey, CA , 90292
13 1 0 1 Wa s h i n g t o n B l v d3101 Washington Blvd | Marina Del Rey, CA 90292
Offering Price $5,000,000Building Size +/- 3,243 SF*
Land Size +/- 3,268 SF
Zoning LAC2 (TOC Tier 1)
APN 4229-006-039
Year Built 1984
1 6 1 3 L i n c o l n B l v d1613 Lincoln Blvd | Venice, CA 90291
Sale Price $2,350,000
Sale Date March 23, 2018
Zoning LAC2
Price Per SF $921.57
Building Size 2,550 SF
Land Size 2,614 SF Lot
Year Built 1924
Note: The property had one vacant unit which was underwritten at market rent.
* Estimated 600 SF on third story not account for on title
20 2 Ma i n S t202 Main Street | Venice, CA 90291
1 3 0 8 - 1 3 1 2 A bbo t K i n n ey B l v d1308-1312 Abbot Kinney Blvd | Venice, CA 902912 3
Sale Price $4,500,000
Sale Date December 28, 2017
Zoning LAM1
Price Per SF $865.38
Building Size 5,200 SF
Land Size 4,792 SF Lot
Year Built 1921
Note: Property was completely vacant at the time of sale. There was extensive deferred main-tenance. The buyer remodeled the building.
Sale Price $16,500,000
Sale Date November 8, 2018
Zoning LAC2
Price Per SF $3,541.53
Building Size 4,659 SF
Land Size 5,396 SF Lot
Year Built 1956
Note: The seller, MedMen, fully occupied the property at the time of sale, and is leasing it back. MedMen is in the cannabis business. The income of this property is estimated around the $825,000 range using market metrics.
1 3 3 2 1 B e a c h A v e13321 Beach Ave | Marina Del Rey, CA 90292523 1 8 L i n c o l n B l v d
2318 Lincoln Blvd | Venice, CA 902914
Sale Price $4,900,000
Closing Date February 22, 2019
Zoning N/A
Price Per SF $1,186
Building Size 4,130 SF
Land Size 12,475 SF Lot
Year Built 1977
Asking Price $5,575,000
On Market
Zoning LACM(GM)
Price Per SF $729.33
Building Size 7,644 SF
Land Size 9,148 SF Lot
Year Built N/A
Note: Property has been on the market for a very long time with limited written offer interest. The property is listed with a small firm and doesn’t have the same national platform that Marcus and Millichap has.
3101WASHINGTON BLVDMARINA DEL REY, CA 90292
EXCLUSIVELY LISTED BY
ELLIOT SCHWARTZWestside Commercial Real Estate Specialist
(310) 909-2308 main(818) 312-3120 mobile
[email protected]: CA: 02020686
