for sale 2028-2030 montana avenue · 2019. 10. 21. · 2028-2030 montana avenue 4. westmac...
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SANTA MONICA INVESTMENT OPPORTUNITY ALONG MONTANA AVENUE
2028-2030 MONTANA AVENUEFOR SALE
SANTA MONICA, CA 90403
WESTMAC COMMERCIAL BROKERAGE COMPANY1515 Sepulveda Boulevard, Los Angeles, CA 90025310.478.7700 / www.westmac.comCompany DRE# 01096973
T.C. MACKER | PRESIDENT310.966.4352 | tcmacker@westmac.comDRE # 01232033www.westlacommercial.com
JENNIFER MOSCOSO | ASSOCIATE310.966.4397 | moscoso@westmac.comDRE # 02044716www.westlacommercial.com
© 2019 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission.
© 2019 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission.
2028-2030 MONTANA AVENUEFOR SALE
SANTA MONICA, CA 90403
2028-2030 MONTANA AVENUE | Santa Monica 4
WESTMAC Commercial Brokerage Company is pleased to present the opportunity to acquire 2028-2030 Montana Avenue in Santa Monica. 2028-2030 Montana Avenue is located in the upscale Montana Shopping District of Santa Monica. 2028-2030 Montana Avenue is situated on two parcels comprising of a single-tenant one-story commercial building approximately 4,000-square feet and a parking lot. The total land size is approximately 8,000-square feet. There are approximately eight (8) parking spaces in the parking lot. The property is zoned residential with a CUP which permits the use of the property as a market (no expiration date).
The tenant is a market called The Farms. The current lease expires November 4, 2028. The monthly triple net (NNN) rent is currently about $14,063 with CPI adjustments each July 1.
Located along Montana Avenue, 2028-2030 Montana Avenue is walking distance to an abundance of high-end retailers, restaurants, and businesses all of which are part of the popular shopping destination known as the “Montana Avenue Shopping District” in the affluent Wilshire Montana neighborhood. 2028-2030 Montana Avenue is also a short 4-block walk to Wilshire Boulevard and minutes from Santa Monica’s bustling tourism industry, including Santa Monica Beach, Santa Monica Pier and Third Street Promenade
2028-2030 Montana Avenue offers buyers ease of management and stable cash flow along a highly coveted street in one of the most sought after markets in the world.
EXECUTIVE SUMMARY: THE FARMSMontana Avenue Investment Opportunity
OFFERING MEMORANDUM 5
2028-2030 MONTANA AVENUE | Santa Monica 6
ADDRESS 2028-2030 Montana Avenue,Santa Monica, CA 90403
APN(S) 4277-005-001; 4277-005-002
BUILDING SIZE ± 4,000-square feet
LOT SIZE ± 8,000-square feet
PARKING Approximately eight (8) spaces in rear lot
CURRENT USE Full Line Grocery and Liquor Store
OCCUPANCY Single; Occupied by The Farms
PROPERTY INFORMATIONBUILT 1925
STORIES One (1)
ZONING SMR2* with CUP permit for market use
FRONTAGE 80’ along Montana Ave.; 100’ along 21st St.
APPROXIMATE NOI $168,763
CAP RATE 3.3%
ASKING PRICE $5,100,000 ($1,275/sf)
MONTANA AVENUE
21ST STREET
N
7OFFERING MEMORANDUM
AERI
AL VI
EW
BUILDING REAR
PARKING LOT
PARCEL MAP
N
2028-2030 MONTANA AVENUE | Santa Monica 8
Well known neighborhood market with longevity and an affluent customer base.
Well-maintained building.
High visibility with great signage along Montana Avenue.
Ample parking in rear lot (8 spaces).
Located in Santa Monica’s upscale Wilshire Montana neighborhood.
Short walking distance to outstanding shopping, dining, and lifestyle amenities along Montana Avenue and Wilshire Boulevard.
Unbeatable location, minutes from Downtown Santa Monica and tourist hot spots including: Santa Monica Beach, Santa Monica Pier, Third Street Promenade, and Palisades Park.
Easily accessible by public transportation.
PROPERTY HIGHLIGHTS
OFFERING MEMORANDUM 9
2028-2030 MONTANA AVENUE | Santa Monica 10
OFFERING MEMORANDUM 11
2028-2030 MONTANA AVENUE | Santa Monica 12
INVESTMENT HIGHLIGHTSStable Cash Flow - Current rent of $3.51 per square foot per month triple net (NNN) provides a consistent cash flow for buyers with significant future upside if tenant vacates.
Long Term Tenancy - Tenant has occupied this location for 30 years; this longevity has acquired a dedicated customer base that helps drive sales.
Ease of Management - Minimal landlord responsibilities.
Location Upside - Tenants and properties in this location benefit from Santa Monica’s booming tourism economy and Silicon Beach’s market drivers, including a constant influx of employees and consistent demand for housing, making Santa Monica an exclusive place to live and work.
High Demand, Low Supply - The imbalance between supply and demand for commercial property in Santa Monica results in a lack of quality real estate options for buyers. 2028-2030 Montana Avenue presents a rare opportunity to purchase property along Montana Avenue – a street along which few properties have traded over the last decade.
OFFERING MEMORANDUM 13
2028-2030 MONTANA AVENUE | Santa Monica 14
TENANT PROFILEA longtime staple and neighborhood favorite, The Farms market is a convenience store which features fresh food and produce, a full-service deli, and a wide selection of wine and spirits. The combination of an expansive butcher section and sidewalk seating creates a comfortable environment for customers to purchase and enjoy their food. The Farms is a beloved neighborhood market with a dedicated community-centered consumer base.
THE FARMS
ESTABLISHED IN 1989
SPECIALTIES: BBQ, DELI & CUSTOMER SERVICE
NEIGHBORHOOD GROCERY STORE
PET FRIENDLY
OFFERING MEMORANDUM 15
2028-2030 MONTANA AVENUE | Santa Monica 16
LEASE ABSTRACTTENANT Sean McGuire (dba “The Farms”)
SIZE 4,000-square feet
TERM Single ten (10) year term (Lessee exercised renewal option on November 5, 2018)
COMMENCEMENT November 5, 2018(Original Lease Date is March 30, 1989)
EXPIRATION November 4, 2028
CURRENT RENT $14,063.64 NNN monthly ; $168,763.68 NNN annually
INCREASES CPI adjusts every July
OPTION TO EXTEND None
*CAMApproximately $52,000 annually (±$1.08 per square foot, per month)** Real estate taxes, insurance, building maintenance and other expenses paid by tenant
RIGHT OF FIRST REFUSAL Ten (10) days written notice at accepted price and terms from third party
LEASE FORM AIR Standard Industrial Lease
* CAM is estimated. Taxes will be assessed at higher value upon sale (Price * 1.25%). Does not take into account down time, TIs, reserves or capital improvements.
** Real estate taxes and insurance reimbursed by tenant; other expenses paid directly.
OFFERING MEMORANDUM 17
LOS ANGELES INTERNATIONAL AIRPORT
WILSHIRE-MONTANA
SANTA MONICA BOULEVARD
N
SANTA MONICAPrime
VENICE
2028-2030 MONTANA AVENUESANTA MONICA, CA 90403
WILSHIRE-MONTANA
DOWNTOWN SANTA MONICA
MONTANA AVENUE
MONTANA SHOPPING DISTRICT
MONTANA AVENUE SHOPPING DISTRICT (FULL LIST OF RETAILERS ON PG 20)
SANTA MONICA PIER
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Montana Avenue
2028-2030 MONTANA AVENUE | Santa Monica 20
The property’s location within the Montana Shopping District offers unparalleled access to lifestyle amenities within a short walk
MontanaMontana Avenue is home to a stretch of more than 150 restaurants and retailers. Though it’s merely blocks from Downtown Santa Monica, it feels removed from all the hustle and bustle. From sunrise to sunset, a steady stream of shoppers browse the surrounding storefronts amid a relaxed crowd of A-list celebrities, families, and out-of-towners, none of whom seem in a hurry to leave.
SHOPPING DISTRICT
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p M
ater
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t Bed
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iam
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oma
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Montana Avenue
21OFFERING MEMORANDUM
OSTERIA BIGOLI ROSTI PORTOFINO LE MACRON BAKERY THE COURTYARD KITCHEN
SANTA MONICA PIER PACIFIC PARK
SANTA MONICA PLACE THIRD STREET PROMENADE
SANTA MONICA BEACH
FARMERS MARKET
PALISADES PARK
MAIN STREET
2028-2030 MONTANA AVENUE | Santa Monica 22
Santa MonicaAREA SUMMARYMore than 7 million visitors a year come to Santa Monica, a renowned beach city which is close to a multitude of other Los Angeles attractions. Santa Monica Beach averages more than 300 days of sunshine a year and offers some of the best sunsets on the West Coast. Santa Monica is known as a walkable and bike-friendly town, allowing visitors to get around with ease and experience the myriad of shops, restaurants, and attractions.
The city of Santa Monica has experienced tremendous growth as a dining and entertainment center serving the Los Angeles area. The city has been actively redeveloping its core, transforming historic and functionally outdated buildings into trendy retail and entertainment venues, including a $50 million restoration of the iconic City Hall building, a $55 million, seven acre redesign of Palisades Park, and a $265 million renovation of the Santa Monica Place mall, which is adjacent to Third Street Promenade, the city’s premier retail and entertainment hub.
santa monica
veniceplaya vista
south baylax
23
UCLA Medical Center
City of Santa Monica
Santa Monica College
Providence Saint John’s Health Center
Santa Monica Malibu Unified School District
Snap Inc.
Activision Publishing Inc.
Lionsgate Entertainment
Rand Corporation
Hulu
TOP TEN SANTA MONICA EMPLOYERS
Santa Monica has experienced a boom since the late 1980s, which can be seen in the revitalization of its downtown area, significant job growth and increased tourism. These facets have all exploded thanks to the emergence of the booming tech industry which has engulfed the area in what is known today as Silicon Beach. The economic boom has led to a rise in the cost of housing, a spike in employment rates, and a revitalized interest in development projects, which experts forecast will continue to thrive.
The region has attracted an estimated 500 tech companies, ranging from startups to established tech giants. Recognizable names like Google and Facebook, are neighbors with buzzy startups, like Bird and Fair. In an analysis of over 175 local startups, Mediakix found Silicon Beach startups to be worth over an estimated $155 billion in valuation. This valuation will continue to grow as Silicon Beach expands, attracting more entrepreneurs and investors to the region.
Santa Monica has emerged as the center of the technology, entertainment, and digital information industries in Southern California thanks to the rise of Silicon Beach
pacific ocean
2028-2030 MONTANA AVENUE | Santa Monica 24
DEMOGRAPHICS
POPULATION 1-MILE 3-MILE 5-MILE
Population (2019 Estimate) 30,329 213,177 438,995
Population (2024 Forecast) 30,474 217,815 447,196
BUSINESS 1-MILE 3-MILE 5-MILE
Total Businesses 3,543 18,398 32,612
Total Employees 25,009 179,921 373,912
Total Consumer Spending $473,950 $3,106,924 $6,221,982
HOUSEHOLD 1-MILE 3-MILE 5-MILE
Households (2019 Estimate) 14,398 103,996 204,886
Med. Household Income (2019) $111,375 $91,471 $91,864
Avg. Household Income (2019) $138,086 $123,369 $124,625
FROM SUBJECT PROPERTY
CITY OF SANTA MONICA
ZILLOW HOME VALUE INDEX
Med. Home Value $1,663,700
ZILLOW RENT INDEX
Avg. Rent Paid (homes, condos, apts)
$5,087
OFFERING MEMORANDUM 25
SANTA MONICA
MONTANA AVENUE2028-2030
BEVERLY HILLS
VENICE
DOWNTOWNLA
HOLLYWOOD
MARINA DEL REY
CULVER CITY
WEST LA
MID WILSHIRE KOREATOWNBRENTWOOD
WESTCHESTER
SILVERLAKE
USC
UCLA
INGLEWOOD
LEIMERT PARK
Npacific ocean
2028-2030 MONTANA AVENUE | Santa Monica 26
729 Montana Avenue, Santa Monica, CA 90403Sale Date 3/29/17 Property Type Retail/OfficeSale Price $15,500,000 Bldg SF 10,175 SFPrice/SF $1,523 Land SF 14,810 SFCap Rate - Year Built 2001APN # 4293-011-015 Zoning SMC2
1620 Montana Avenue, Santa Monica, CA 90403Sale Date 2/21/17 Property Type OfficeSale Price $3,500,000 Bldg SF 2,736 SFPrice/SF $1,279 Land SF 4,792 SFCap Rate - Year Built 1965APN # 4281-001-002 Zoning SMC2YY
1620 Montana Avenue, Santa Monica, CA 90403Sale Status On Market Property Type OfficeSale Price $4,700,000 Bldg SF 2,736 SFPrice/SF $1,718 Land SF 4,792 SFCap Rate - Year Built 1965APN # 4281-001-002 Zoning SMC2YY
SALE COMPARABLESMontana
27OFFERING MEMORANDUM
SALE COMPARABLES
1031-1033 Montana Avenue, Santa Monica, CA 90403Sale Date 4/17/15 Property Type OfficeSale Price $3,800,000 Bldg SF 2,929 SFPrice/SF $1,297 Land SF 5,380 SFCap Rate - Year Built 1950APN # 4280-024-015 Zoning SMC2YY
1028-1034 Montana Avenue, Santa Monica, CA 90403Sale Date 1/26/16 Property Type RetailSale Price $6,500,000 Bldg SF 4,118 SFPrice/SF $1,578 Land SF 7,405 SFCap Rate 4.42% Year Built 1954APN # 4281-024-001 Zoning SMC2
1505 Montana Avenue, Santa Monica, CA 90403 (part of portfolio)Sale Date 1/31/14 Property Type RetailSale Price $6,640,454 Bldg SF 5,632 SFPrice/SF $1,179 Land SF 9,997 SFCap Rate - Year Built 1984APN # 4279-026-029 Zoning SMC2*
2028-2030 MONTANA AVENUE | Santa Monica 28
29OFFERING MEMORANDUM
This offering has been prepared solely for informational purposes. While the information contained herein is from sources deemed reliable, it has not been independently verified by WESTMAC Commercial Brokerage Company or by the Seller.
This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent.
Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE.
The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer.
Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.
DISCLAIMER
FOR MORE INFORMATION CONTACT:
JENNIFER MOSCOSO310.966.4397moscoso@westmac.comDRE #02044716
T.C. MACKER, CCIM310.966.4352tcmacker@westmac.comDRE #01232033
1515 S Sepulveda Boulevard, Los Angeles, CA 90025310.478.7700 | DRE #01096973www.westmac.com
2028-2030 MONTANA AVENUEFOR SALE
SANTA MONICA, CA 90403
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