10340 santa monica boulevard...10340 santa monica boulevard. los angeles, ca. act id z0380351. non-...

10340 SANTA MONICA BOULEVARDLos Angeles, CA 90025

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10340 SANTA MONICA BOULEVARDLos Angeles, CAACT ID Z0380351

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of anycorporation'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 orsubsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee informationabout this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information hasbeen secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. Referencesto square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

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P R E S E N T E D B Y

Laura Alice Scaturro

National Office and Industrial Properties GroupWest Los Angeles OfficeTel: (310) 909-5472Fax: (310) [email protected]: CA 01942167

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TABLE OF CONTENTS

SECTION

PROPERTY OVERVIEW 01

MARKET OVERVIEW 02

10340 SANTA MONICA BOULEVARD

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PROPERTY

OVERVIEW

PROPERTY OVERVIEW


PROPERTY OVERVIEW

Marcus & Millichap is pleased to present 10340 Santa Monica Boulevard, a trophy professional office building located in a highly desirable West Los

Angeles neighborhood sandwiched between Beverly Hills, Century City, and Westwood. The exterior features a glass facade with modern accents.

Originally constructed in 1959, located on Highway 2, the property offers easy access to the 405 FWY, numerous restaurants, banks, and shopping. The

property sits on a slight north/south sloping incline that enhances the building design and layout. There are 8 on grade secured parking spaces that enter

on Santa Monica Blvd.

PROPERTY OVERVIEW

Approximate Square Footage: 3,700

Price: $3.25 NNN

Term: 2-5 Years

Parking: 8 Secured Parking Spaces

Modern Classic Architecture with Owner / User Feel

Walking Distance to Restaurants, Shopping, Banks, and the Newly Remodeled Westfield Century City

Central Location in West Los Angeles Near Century City, Beverly Hills, Westwood, and Freeway Access

Onsite Management and Cleaning Services Provided

Large Private Offices, Reception Area, Exclusive Kitchenette & Bathrooms, HVAC, and Screening / Conference Room

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REGIONAL MAP


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LOCAL MAP


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AERIAL PHOTO


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WESTFIELD CENTURY CITY

NEIGHBORHOOD


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PROPERTY PHOTOS


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FLOOR PLAN


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*Drawing Not to Scale


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MARKET

OVERVIEW

MARKET OVERVIEW

OVERVIEWWESTSIDE CITIES, LOS ANGELES

GROWING TECH SECTORThe region’s growing high-tech sector has awarded the Santa Monica/Venice area the nickname of “Silicon Beach,” attracting companies such as Google.

WELL-EDUCATED WORKFORCEArea residents are well educated. A majority of adults possess at least a bachelor’s degree and more than a quarter also have a graduate degree.

HIGH INCOMESEducational attainment translates into a median household income that is well above the national average. High home prices, however, keep the homeownership level near 40 percent.

The Westside Cities area is located west of downtown Los Angeles and

north of Los Angeles International Airport. The market contains the

following submarkets: Brentwood-Westwood-Beverly Hills; Palms-Mar

Vista; and Santa Monica-Marina del Rey. Cities from Venice to Playa Del

Rey to Culver City are all located within these submarkets. The region is

projected to add 12,000 residents through 2022, resulting in the

formation of more than 7,600 households.

Major employers in the region include entertainment giants 21st Century Fox and Sony Pictures. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment, as is marketing and advertising.

The large healthcare industry is represented by UCLA Medical Group, Cedars-Sinai Medical Center, Providence Health and Services, and the local VA.

Educational institutions including UCLA, Loyola Marymount and Pepperdine University employ more than 42,000 workers.

Tourism and retail shopping are major drivers of the local economy.

DEMOGRAPHICS

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ECONOMY

METRO HIGHLIGHTS

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau


649K2017

POPULATION:

300K2017

HOUSEHOLDS:

39.42017

MEDIAN AGE:

$81,400 2017 MEDIAN

HOUSEHOLD INCOME:

U.S. Median:

37.8U.S. Median:

$56,3002.5%

Growth2017-2022*:

1.9%

Growth2017-2022*:

MARKET OVERVIEW


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LOS ANGELES METRO AREA

Elevated Tenant Space Demand Invigorates Market; Construction Rising to Meet the Need

Robust absorption negates wave of new supply. Office-using companies have driven Los Angeles County

employment growth over the past three years, adding a combined 48,900 professionals. In 2018, increased

hiring by tech and health organizations prolongs this trend, underscoring vigorous demand for office space

during a span of elevated construction. Downtown Los Angeles welcomes nearly 1.3 million square feet

including the 955,000-square-foot renovation of Broadway Trade Center, dubbed 801 Broadway. Sizable

projects in West Los Angeles and South Bay also support an influx of new space. The metro’s stable

delivery of pre-leased office developments should allow net absorption to keep pace with construction. As

tenant demand remains robust, vacancy hovers at a 10-year-low rate, supporting a sustainable uptick in

rent.

Larger, higher-quality assets steer deal flow, drive pricing. Continued positive net absorption of office

square feet and cycle-low vacancy fuel investor confidence this year, expanding the metro’s already diverse

buyer pool. More investors competing for fewer assets could place upward pressure on record pricing, with

institutions pursuing well-located assets. Tech sector expansion and a lack of new office construction within

Silicon Beach lure out-of-town buyers to Santa Monica and other portions of West Los Angeles, where

Class A and B buildings of various vintages trade at 3 to 5 percent cap rates. Below-metro average per

square foot pricing and higher average returns are available in Woodland Hills, Burbank/Glendale/Pasadena

and El Segundo. Downtown Los Angeles’ continued revitalization maintains investor interest for core and

Mid-Wilshire-located properties. In these locales, older Class B assets with re-tenanting possibilities

routinely sell netting yields in the 5 percent range.

* ForecastSources: Marcus & Millichap Research Services; BLS; CoStar Group, Inc.

MARKET OVERVIEW


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LOS ANGELES METRO AREA

2018 Market Forecast

Strong inventory increases the past two years drops Los Angeles down one

spot in this year’s Index.

Los Angeles County employers will bolster payrolls by 53,000 positions in

2018 after adding 46,700 workers in 2017. Office-using firms create 23,000

jobs this year.

Delivery volume exceeds last year’s total, prolonging a span of cycle-high

office construction.

Vacancy holds steady at 14.0 percent on net absorption of 3.6 million

square feet. Last year vacancy declined 40 basis points.

Above-average rent growth in West Los Angeles and South Bay advances

the metro’s average asking rate to $38.95 per square foot. This year’s

increase is down slightly from 2017, when a 6.1 percent gain was recorded.

Increased hiring by health-related companies motivates more investors to

pursue medical office properties during a span of limited vacancy. The Tri-

Cities and San Fernando Valley assets net buyers 5 to high-6 percent cap

rates with entry costs often below the metro average.* ForecastSources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics

NOPI Rank

21, down 1 place

Employment

up 1.2%

Construction

4.2 million sq. ft.

Vacancy

no change

Rent

up 5.4%

Investment

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2017 Experian

Created on June 2018

POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection

Total Population 35,830 301,731 702,188

2017 Estimate


2010 Census


2000 Census


Current Daytime Population

2017 Estimate 67,757 459,556 877,931

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection

Total Households 18,525 139,648 327,059

2017 Estimate


Average (Mean) Household Size 1.97 2.07 2.10

2010 Census


2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate

$200,000 or More 24.99% 14.83% 13.92%

$150,000 - $199,999 8.92% 7.62% 7.61%

$100,000 - $149,000 17.65% 15.42% 15.23%

$75,000 - $99,999 10.21% 11.87% 11.42%

$50,000 - $74,999 12.78% 15.30% 15.54%

$35,000 - $49,999 7.59% 10.08% 10.22%

$25,000 - $34,999 4.45% 6.33% 6.90%

$15,000 - $24,999 4.39% 7.18% 7.74%

Under $15,000 9.17% 10.74% 10.50%

Average Household Income $170,390 $124,799 $120,783

Median Household Income $103,434 $74,553 $71,935

Per Capita Income $88,257 $58,347 $56,274

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2017 Estimate Total Population 35,117 297,281 693,799

Under 20 15.25% 17.25% 17.48%

20 to 34 Years 20.65% 31.57% 27.58%

35 to 39 Years 7.02% 7.95% 8.31%

40 to 49 Years 12.86% 12.55% 14.25%

50 to 64 Years 18.61% 15.97% 17.60%

Age 65+ 25.59% 14.72% 14.77%

Median Age 45.28 35.67 37.89

Population 25+ by Education Level

2017 Estimate Population Age 25+ 27,997 214,492 518,569

Elementary (0-8) 1.36% 2.70% 3.68%

Some High School (9-11) 2.16% 3.03% 3.95%

High School Graduate (12) 7.36% 9.59% 11.53%

Some College (13-15) 14.93% 15.51% 16.84%

Associate Degree Only 4.05% 5.00% 5.35%

Bachelors Degree Only 37.15% 36.16% 34.29%

Graduate Degree 32.44% 27.25% 23.20%

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PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS


Created on June 2018

POPULATION BY TRANSPORTATION TO WORK 1 Miles 3 Miles 5 Miles

2017 Estimate Total Population

Bicycle 0.98% 1.29% 1.33%

Bus or Trolley Bus 2.19% 5.44% 5.74%

Carpooled 5.42% 5.38% 6.14%

Drove Alone 71.72% 69.20% 70.61%

Ferryboat 0.00% 0.00% 0.00%

Motorcycle 0.02% 0.27% 0.37%

Other Means 0.73% 0.75% 0.74%

Railroad 0.00% 0.00% 0.02%

Streetcar or Trolley Car 0.08% 0.03% 0.02%

Subway or Elevated 0.12% 0.06% 0.08%

Taxicab 0.02% 0.04% 0.09%

Walked 5.01% 8.48% 5.62%

Worked at Home 13.73% 9.07% 9.23%

POPULATION BY TRAVEL TIME TO WORK 1 Miles 3 Miles 5 Miles

2017 Estimate Total Population

Under 15 Minutes 25.91% 21.62% 19.77%

15 - 29 Minutes 30.28% 35.47% 33.84%

30 - 59 Minutes 23.12% 25.40% 27.91%

60 - 89 Minutes 3.28% 3.91% 4.47%

90 or More Minutes 1.07% 1.35% 1.38%

Worked at Home 13.73% 9.07% 9.23%

Average Travel Time in Minutes 26 27 29

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IncomeIn 2017, the median household income for your selected geography is$103,434, compare this to the US average which is currently $56,286.The median household income for your area has changed by 47.24%since 2000. It is estimated that the median household income in yourarea will be $116,309 five years from now, which represents a changeof 12.45% from the current year.

The current year per capita income in your area is $88,257, comparethis to the US average, which is $30,982. The current year averagehousehold income in your area is $170,390, compare this to the USaverage which is $81,217.

PopulationIn 2017, the population in your selected geography is 35,117. Thepopulation has changed by 7.14% since 2000. It is estimated that thepopulation in your area will be 35,830.00 five years from now, whichrepresents a change of 2.03% from the current year. The currentpopulation is 45.95% male and 54.05% female. The median age ofthe population in your area is 45.28, compare this to the US averagewhich is 37.83. The population density in your area is 11,176.31people per square mile.

HouseholdsThere are currently 18,137 households in your selected geography.The number of households has changed by 7.58% since 2000. It isestimated that the number of households in your area will be 18,525five years from now, which represents a change of 2.14% from thecurrent year. The average household size in your area is 1.97 persons.

EmploymentIn 2017, there are 76,005 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that90.42% of employees are employed in white-collar occupations inthis geography, and 9.69% are employed in blue-collar occupations.In 2017, unemployment in this area is 3.32%. In 2000, the averagetime traveled to work was 26.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:79.19% White, 1.66% Black, 0.06% Native American and 12.06%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 5.48% of the current yearpopulation in your selected area. Compare this to the US average of17.88%.

PROPERTY NAME

MARKETING TEAM


HousingThe median housing value in your area was $912,310 in 2017,compare this to the US average of $193,953. In 2000, there were8,740 owner occupied housing units in your area and there were8,119 renter occupied housing units in your area. The median rent atthe time was $1,202.


DEMOGRAPHICS

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DEMOGRAPHICS

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www.MarcusMillichap.com

Laura Alice Scaturro

National Office and Industrial Properties GroupWest Los Angeles OfficeTel: (310) 909-5472Fax: (310) [email protected]: CA 01942167

P R E S E N T E D B Y

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10340 santa monica boulevard...10340 santa monica boulevard. los angeles, ca. act id z0380351. non-...

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