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OFFERING MEMORANDUM - $3,500,000
OWNER-USER/RETAIL REPOSITIONING SITECORNER SITE WITH PARKING5860 NORTH FIGUEROA STREETLOS ANGELES, CA 90042
This Memorandum (“Offering Memorandum”) has been prepared by BRC
Advisors, Inc. based on information that was furnished to us by sources
we deem to be reliable. No warranty or representation is made to the
accuracy thereof; subject to correction of errors, omissions, change of
price, prior sale, or withdrawal from market without notice.
This Memorandum is being delivered to a limited number of parties who
may be interested in and capable of purchasing the Property. By its
acceptance hereof, each recipient agrees that it will not copy, reproduce
or distribute to others this Memorandum in whole or in part, at any time,
without the prior written consent of BRC Advisors, Inc., and it will keep
permanently confidential all information contained herein not already
public and will use this Confidential Memorandum only for the purpose of
evaluating the possible acquisition of the Property.
This Memorandum does not purport to provide a complete or fully
accurate summary of the Property or any of the documents related thereto,
nor does it purport to be all-inclusive or to contain all of the information,
which prospective buyers may need, or desire. All financial projections are
based on assumptions relating to the general economy, competition and
other factors beyond the control of the Owner and, therefore, are subject
to material variation. This Memorandum does not constitute an indication
that there has been no change in the business or affairs of the Property or
the Owner since the date of preparation of this Memorandum.
This Memorandum is being delivered by BRC Advisors, Inc., to prospective
purchasers with the understanding that all prospective purchasers will
conduct their own independent investigation of those matters, which they
deem appropriate in order to evaluate this offering. Additional information
and an opportunity to inspect the site will be made available to interested
and qualified prospective purchasers. BRC Advisors, Inc., reserves the
right to request the return of any or all of the information enclosed.
FINANCIALSPROPERTY OVERVIEW
BRC ADVISORS
BRC Advisors is pleased to present for sale, an extraordinary value-add opportunity to own a newer retail building on a hard signalized corner in the trendy and densely populated Highland Park neighborhood. This offering consists of a 3,389 square foot building containing three retail units each with frontage onNorth Figueroa Street. The building was constructed in 2002 by the current owners of the property who also own and operate the well-established Quicker Printer shop at the corner of N. Figueroa and Avenue 59 (part of the subject property). Being that the owners constructed the property for their own use, they used their �finest materials and the property was built with excellent quality construction. Additionally, they had plans for a second story which they did not end up constructing, but the �first �floor was construct-ed to be able to support a second story in the future. There are a total of 14 parking spaces located onsite to the rear of the building with its entrance at Avenue 59. Besides the Quicker Printer shop which occupies approximately 1,200 square feet, there is a yoga studio occupying approximately 1,500 square feet, and an insur-ance agency occupying approximately 700 square feet, both of which can be vacated.
PRICE:
OWNERSHIP:
BUILDING SF:
LOT SIZE:
PRO-FORMA NOI:
PRO-FORMA CAP RATE:
NUMBER OF UNITS:
YEAR BUILT:
TENANCY:
ZONING:
PARKING:
PARKING RATIO:
FRONTAGE:
PROPERTY TYPE:
APN:
$3,500,000
Fee Simple
3,389 sf
7,552 sf
$216,000
6.17%
3
2002
Multiple
LAC2
14
4/1000
50’ on N. Figueroa Street
140’ on S Ave 59,
Retail
5492-011-021
PROPERTY OVERVIEW
BRC ADVISORS
There are many transportation options in Highland Park. It is served by the Highland Park (LACMTA station), along Metro's Gold Line light rail line. The station is an island platform located near the intersection of North Avenue 57 at Marmion Way, only 900 feet from the subject property. It is also served by Metro Local bus lines 81, 83, 176, and 256, as well as LADOT's DASH Highland Park/Eagle Rock bus line. Additionally, Highland Park is served by the historic Arroyo Seco Parkway (California State Route 110), formerly known as the Pasadena Freeway.
The property is in a great dense infill location and Highland Park is experi-encing a burgeoning gentrification attracting young professionals from all over Los Angeles.
**The property benefits from being located within the designated “State Enterprise Zone” which does not require additional parking for changes of use. This allows an investor to add more restaurant and food tenants to the property which tend to pay higher rents.
BUYER TO VERIFY ALL INFORMATION ABOVE, INCLUDING BUT NOT LIMITED TO THE CONSTRUCTION OF THE PROPERTY, POTENTIAL TENANTS COMING TO THE AREA, SQUARE FOOTAGE, WHATCAN POTENTIALLY BE BUILT ON THE SECOND STORY ETC…
PROPERTY OVERVIEW
BRC ADVISORS
DESCRIPT ION SPECIF ICATION
PRICE:
OWNERSHIP:
BUILDING SF:
LOT SIZE:
PRO-FORMA NOI:
PRO-FORMA CAP RATE:
NUMBER OF UNITS:
YEAR BUILT:
TENANCY:
ZONING:
PARKING:
PARKING RATIO:
FRONTAGE:
PROPERTY TYPE:
APN:
$3,500,000
Fee Simple
3,389 sf
7,552 sf
$216,000
6.17%
3
2002
Multiple
LAC2
14
4/1000
50’ on N. Figueroa Street
140’ on S Ave 59,
Retail
5492-011-021
BRC ADVISORS
RENT ROLL - PRO FORMA
TENANT PRO FORMAPSF
$4.50
$5.50
$5.00
NNN
NNN
NNN
SF. FT LEASE TYPE
DESCRIPT ION
VACANT*
VACANT
PRINTER SHOP**
PARKING***
TOTAL
$6,750
$3,850
$6,000
$1,400
$18,000
1,500sf
700 sf
1,200 sf
3,400 sf
PRO FORMARENT MONTHLY
(OWNER OCCUPIED)
*Cur rent ly occup ied but can potent ia l l y be vacated** Cur rent ly occup ied by Se l le r . Se l le r wi l l do a lease-back fo r a per iod o f 6 -12 months (o r longer )*** Potent ia l fo r leas ing out to Bars & Restaurant a f te r hours .
DEMOGRAPHICS
BRC ADVISORS
TRAFFICCOUNTS
AVERAGEAGE
AVERAGEHOUSEHOLD
INCOME
24,800 35.70 $86,997
POPULATION
741,2925 mile radius3 mile radius1 mile radiusN Figueroa St & N Ave 59
Source: www.Costar.com
PROPERTY PHOTO
BRC ADVISORS
BRC ADVISORS
PLAT MAP
STREET MAP
BRC ADVISORS
BRC ADVISORS
AERIAL SATELL ITE MAP
DOWNTOWN LOS ANGELES
N. FIGUEROA STREET
SUBJECT PROPERTY
This information has been secured from sources we believe to reliable, however we make no representation or warranties 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.
ELIZABETH CLARKSENIOR VICE PRESIDENT
Beverly Hills Office9301 Wilshire Blvd., Suite 206
Beverly Hills, CA 90210310.525.3702 Office310.740.7283 Cell310.421.4184 Fax
[email protected] BRE: 01811246
ARDY ISHAL SENIOR VICE PRESIDENT
Beverly Hills Office9301 Wilshire Blvd., Suite 206
Beverly Hills, CA 90210310.525.3703 Office310.433.2739 Cell213.784.5437 Fax
[email protected] BRE: 01769601
Beverly Hills Office9301 Wilshire Blvd., Suite 206
Beverly Hills, CA 90210310.698.7489 Office310.698.7489 Cell213.807,9389 Fax
[email protected] BRE: 01789284
CHRIS CHASINSENIOR INVESTMENT ASSOCIATE
