east hollywood silver lake · angeles that is fankl ed on the northeast by atwater village and...
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SOUTHERN CALIFORNIA'S PREMIER SALES TEAM
SUNSET BLVD
SUNSET BLVD
EAST HOLLYWOODEAST HOLLYWOOD
ECHO PARKECHO PARK
SILVER LAKESILVER LAKE
LOS FELIZLOS FELIZ
SILVER LAKE, CA 90026
A UNIQUE DEVELOPMENT OPPORTUNITY IDEALLY LOCATED IN A TIER 1 TOC IN THE HIGHLY DESIRABLE, TRENDY AND HIP
LOS ANGELES COUNTY SUB-MARKET OF SILVER LAKE, CA
TABLE OF CONTENTS
01
02
03
PROPERTY OVERVIEW
COMPARABLES ANALYSIS
AREA OVERVIEW
INVESTMENT ADVISORS
CONFIDENTIALITY AND DISCLAIMER
The 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 ver-ified, 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. © 2018 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE
Marcus & 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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Instagram@brandonmichaelsgroup
Websitewww.brandonmichaelsgroup.com
BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com
TEAM MEMBERSSean BrandtVaughn BrownNicole CottrellSteven SchechterAustin Sreden
SOUTHERN CALIFORNIA'S PREMIER SALES TEAM
BEN BROWNSTEINSenior AssociateNational Retail GroupTel: (818) 212-2812Fax: (818) [email protected]: CA #02012808www.BrandonMichaelsGroup .com
ANDREW LEFFFirst Vice President InvestmentsDirector, National Retail GroupTel: (818) 212-2815Fax: (818) [email protected]: CA #01865688
01PROPERTYOVERVIEW
6
The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively market for Sale 3004-3016 West Sunset Boulevard, a rare mixed-use development opportunity ideally located on the northwest corner of Sunset Boulevard and Reno Street in the heart of Silver Lake. The subject property offers excellent frontage and visibility, benefiting from 115 feet of frontage along the world renowned Sunset Boulevard.
Silver Lake is a cultural neighborhood in the central region of Los Angeles. The area is best known for its restaurants and hole-in-the-wall hangouts. Known as “the city’s hippest neighborhood”, it is home to many annual street festivals and fairs. It is the home to the Indie Rock scene in Los Angeles. 3004-3016 West Sunset Boulevard is situated amongst some of the most popular dining, retail, and nightlife in the area. The “trend-setting” neighborhood has experienced tremendous growth and improvement as it continues to attract a younger demographic drawn in by the central location and unique neighborhood atmosphere.
The offering consists of a ~18,170 square foot lot zoned C2-1VL / Tier 1 TOC (Buyer to verify). With approximately 115 feet of frontage along Sunset, the property benefits from excellent walkability with a walk score of 86 out of 100, high traffic counts of over 49,000 vehicles driving along Sunset Boulevard every day, and strong demographics with population of 1,184,689 within a 5-mile radius.
3004-3016 West Sunset Boulevard creates an opportunity to acquire a well-located development opportunity in one of Southern California’s best locations. The gentrified demographic boasts an average household income of $83,823 and a median household income of $57,390. The property is currently operated as a parking lot. There is cash-flow in place from short term contracts for both parking and signage (contact broker for details). 3004-3016 West Sunset Boulevard is being offered on an unpriced basis.
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DOWNTOWN LADOWNTOWN LA
SILVER LAKESILVER LAKE
ECHO PARKECHO PARK
HISTORIC FILIPINOT TOWNHISTORIC FILIPINOT TOWN
GLENDALE GLENDALE CONJUCTIONCONJUCTION
WESTLAKE NORTHWESTLAKE NORTH
PARKMAN AVE
PARKMAN AVE
SILVER LAKE BLVD
SILVER LAKE BLVD
GLENDALE BLVD
GLENDALE BLVD
N ALVARADO STN ALVARADO ST
SILVER LAKE BLVDSILVER LAKE BLVD
SUN
SET
BLVD
SUN
SET
BLVD
OVE
R 49
,000
VEH
ICLE
S PE
R DA
Y
OVE
R 49
,000
VEH
ICLE
S PE
R DA
Y
SUNSET BLVD
SUNSET BLVD
N VENDOME ST
N VENDOME ST
CHINA TOWNCHINA TOWN
ECHO PARK LAKEECHO PARK LAKE
SILVER LAKE, CA 90026
A UNIQUE DEVELOPMENT OPPORTUNITY IDEALLY LOCATED IN A TIER 1 TOC IN THE HIGHLY DESIRABLE, TRENDY AND HIP
LOS ANGELES COUNTY SUB-MARKET OF SILVER LAKE, CA
EAST EAST HOLLYWOODHOLLYWOOD
THAI TOWNTHAI TOWNHOLLYWOODHOLLYWOOD
HYPERION AVEHYPERION AVE
FOUNTAIN AVEFOUNTAIN AVE
SANTA MONICA BLVDSANTA MONICA BLVD
SLIVER LAKE BLVDSLIVER LAKE BLVD
DESCANSO DR
DESCANSO DR
HOLLYWOOD SIGNHOLLYWOOD SIGN
BELLEVUE AVE
BELLEVUE AVE
SUNSET BLVD
SUNSET BLVD
LOS ANGELES ZOOLOS ANGELES ZOO
SILVER LAKESILVER LAKE
ECHO PARKECHO PARK
N VENDOME ST
N VENDOME ST
ELLETT PLELLETT PL
OCCIDENTAL BLVD
OCCIDENTAL BLVD
SLIVER LAKE BLVD
SLIVER LAKE BLVD
MICHELTORENA ST
MICHELTORENA STMALTMAN AVEMALTMAN AVE
GRIFFITH
PARK RD
GRIFFITH
PARK RD
SILVER LAKE RESERVOIR
GRIFFTH OBSERVATORYGRIFFTH OBSERVATORY
OCCIDENTAL BLVD
OCCIDENTAL BLVD
LOS FELIZLOS FELIZ
GLENDALEGLENDALE
• Rare Redevelopment Opportunity in the Heart of Silver Lake• 18,170 Square Foot Lot Zoned C2 / Tier 1 TOC• 115 Feet of Frontage on Sunset, Alley Access Behind• Walking Distance to the Area's Most Popular Restaurants, Bars, and Retailers• Easy Access to Downtown LA, Hollywood, Echo Park, Koreatown, Chinatown
SUNSET BLVD
SUNSET BLVD
INVESTMENT HIGHLIGHTS
10
3004 - 3016 SUNSET BLVD
PROPERTY HIGHLIGHTS
18,170 SFLAND SF
C2-1VLZONING
PROPERTY INFORMATION SUMMARY OF TERMS
PRICE: Request For Offer
LAND SF: 18,170 SF (0.45 Acres)
ZONING: C2-1VL
TRANSIT ORIENTED COMMUNITY: TIER 1
APN NUMBERS: 5426-017-029, 5426-017-030 5426-017-031, 5426-017-032
TIER 1TOC
A rare mixed-use development opportunity ideally located on the northwest corner of Sunset Boulevard and Reno Street in the heart of Silver Lake.
Interest Offered:100% fee simple interest in 3004-3016 Sunset Boulevard, 18,170 SF of land in Los Angeles, CA 90026.
Terms of the Sale:Property is being offered on a free and clear basis.
Property Tours:Prospective purchases are encouraged to visit the site and review all due diligence materials prior to submitting offers. Access to an outline due diligence is available portal. All property tours must be coordinated through the listing team.
HOLLOWOODHOLLOWOOD
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N RENO ST
N RENO ST
N VENDOME ST
N VENDOME ST
PARKMAN AVE
PARKMAN AVE
DESCANSO DRDESCANSO DR
SILVER LAKE BLVD
SILVER LAKE BLVD
SUNSET BLVD
SUNSET BLVD
OVER 49,000 VEHICLES PER DAY
OVER 49,000 VEHICLES PER DAY
SUNSET BLVD
SUNSET BLVD
OVER 49,000 VEHICLES PER DAY
OVER 49,000 VEHICLES PER DAY
EASTEASTHOLLOWOODHOLLOWOOD
SILVER LAKESILVER LAKE
LOS FELIZLOS FELIZ
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N VENDOME ST
N VENDOME ST
N RENO ST
N RENO ST
PARKMAN AVE
PARKMAN AVE
SILVER LAKE BLVD
SILVER LAKE BLVDSILVER LAKE BLVD
SILVER LAKE BLVD
SUNSET BLVD
SUNSET BLVD
OVER 49,000 VEHICLES PER DAY
OVER 49,000 VEHICLES PER DAY
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3004 - 3016 SUNSET BLVD
PROPERTY DETAILSThe property is situated amongst some of the most popular dining, retail, and nightlife in the area. The “trend-setting” neighborhood has experienced tremendous growth and improvement as it continues to attract a younger demographic drawn in by the central location and unique neighborhood atmosphere.
SITE
The subject property is located on the southwest corner of Sunset Boulevard and N Reno Street.
SQUARE FOOTAGE
The total land square footage is 18,170 SF (0.45 Acres).
APN NUMBERS
The APN numbers are 5426-017-029, 5426-017-030, 5426-017-031, 5426-017-032.
FRONTAGE
Approximately 115 Feet of frontage on Sunset Boulevard.
TRAFFIC COUNTS
The traffic counts along Sunset Boulevard are over 45,000 vehicles per day.
ZONING/TOC
The property is zoned C2-1VL within a Tier 1 TOC.
02COMPARABLESANALYSIS
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3004 - 3016 SUNSET BLVD
SALES COMPARABLES# ADDRESS PRICE LAND SF PRICE / SF
(LAND) ZONING SALES DATE
1 3224 - 3312 W Sunset BlvdLos Angeles, CA 90026 $11,350,000 32,000 $354.69 [Q]C2-1VL 6/20/2019
2 3225 W Sunset BlvdLos Angeles, CA 90026 $9,150,000 22,503 $406.61 [Q]C2-1VL 6/20/2019
3 3500 W 1st StLos Angeles, CA 90004 $17,385,000 50,007 $347.65 C2-1 6/2/2019
4 166 S Alvarado StLos Angeles, CA 90057 $7,800,000.00 18,748 $416.04 C2-1 11/9/2018
9 4629 - 4653 Maubert AveLos Angeles, CA 90027 $13,333,000.00 33,298 $400.41 R4-1 11/14/2018
AVERAGE $11,803,600 31,311 $385.08 - -
Average Land SF: 31,311
Average Price/SF: $385.08
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31,311AVG LAND SF
3004-3016 Sunset Blvd
1 3224 - 3312 W Sunset Blvd
2 3225 W Sunset Blvd
3 3500 W 1st St
4 166 S Alvarado St
5 4629 - 4653 Maubert Ave
1 2
3
4
5
SALES COMPARABLES | PRICE / SF (LAND)
$385AVG PRICE/SF (LAND)
03AREAOVERVIEW
3004 - 3016 SUNSET BLVD
SILVER LAKESilver Lake has comfortably maintained its position as the Eastside’s trendiest neighborhood thanks to a wealth of boutique shops and an ever-growing dining scene that makes room for both chic outdoor patios to an old-school tiki bar.
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Silverlake is a neighborhood in Los Angeles that is flanked on the northeast by Atwater Village and Elysian Valley, on the southeast by Echo Park, on the southwest by Westlake, on the west by East Hollywood and on the northwest by Los Feliz. It was deemed one of “the city’s hippest neighborhoods” by the Los Angeles Times for its multitude of unique and locally owned bars, night
clubs, cafes, restaurants and vintage/antique shops. Silver Lake is also one of LA’s most walkable neighborhoods with everything conveniently located on Sunset Boulevard. The eclectic enclave boasts a booming arts scene, creative residents, and Sunset Junction serves as the heart of Silver Lake with its retail corridor.
• Silver Lake is home to artists, writers, musicians, activists and entrepreneurs• Silver Lake is extremely bikable with a bike lane that runs the length of Sunset Boulevard with plenty of bike raps• Silver Lake is named after a reservoir and has plnety of outdoor space including the Silver Lake Recreation Center and multiple staircases that allow pedestrians up and down the neighborhood’s hills• Silver Lake is considered the new mecca of the LGBT community
AREA HIGHLIGHTS
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SILVER LAKESILVER LAKE
EAST HOLLYWOODEAST HOLLYWOOD
HOLLYWOODHOLLYWOOD
BEVERLY HILLSBEVERLY HILLSCENTURY CITYCENTURY CITY
CENTRAL LOS ANGELESCENTRAL LOS ANGELES
LOS FELIZLOS FELIZ
3.6 MILES FROM THE PROPERT
3.6 MILES FROM THE PROPERTYY
7.8 MILES FROM THE PROPERT
7.8 MILES FROM THE PROPERTYY3.7 M
ILES FROM
THE PRO
PERT
3.7 MILES FRO
M TH
E PROPERTYY
1.6 M
ILES
FRO
M T
HE
PRO
PERT
1.6 M
ILES
FRO
M T
HE
PRO
PERT
YY
2 MILES FROM THE PROPERT
2 MILES FROM THE PROPERTYY
10 MILES FROM THE PROPERT
10 MILES FROM THE PROPERTYY
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3004 - 3016 SUNSET BLVD
SUNSET BOULEVARDEnvision a classic Hollywood scene and it's almost certain that sunshine and cruising along in a convertible are involved. And there's no spot more legendary to cruise than Sunset Boulevard.
The 22-mile-long road stretches from glittery Hollywood to beachy Malibu, connecting two of the highlights of Los Angeles while winding past Beverly Hills, Bel Air, UCLA and Brentwood. It's the perfect travel snapshot of Southern California life.
The road itself has changed since 1877, when real estate owner Horace H. Wilcox subdivided his 20+ acres of land along the old cattle trail route known as Sunset Boulevard. It grew bigger and got smaller as developers and property owners sold and purchased plots, and the most recent change came in 1994 when the eastern end of the street near Union Station was renamed Cesar Chavez Avenue.
Stretching from the bustle of downtown to glamorous Malibu, Sunset Boulevard stands out as the ultimate road to fame or fortune. Or at least that’s the dream. From scruffy clubs and neon to historic movie studios and beaches, this iconic street captures the very essence of L.A.—a clash of extremes all spread out beneath the California sun.
From the oldest part of Los Angeles near Olvera Street, the broad boulevard starts its path to the sea. Sunset Strip, the section between Havenhurst Drive and Doheny Drive, has a checkered history—it was the setting for counterculture protests in the 1960s, rock and roll decadence in the ‘70s and ‘80s, and has more recently undergone a chic renaissance, with luxury hotel towers and fine restaurants hidden behind ivy-covered walls. The boulevard then winds past the mansions of Beverly Hills and Bel Air, then heads west toward some of SoCal’s most famous beaches. Must-see stops along the way include the Guitar Center’s Hollywood RockWalk (a rock-star twist on the better-known Hollywood Walk of Fame), and the legendary Chateau Marmont, a castle-like luxury lodging that has housed its share of Hollywood indiscretions. Slip into the bar to have a drink, and see what celebrities might be hiding in dark corners.
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Total Population of Silver Lkae, Los Angeles, CA.
MALE FEMALE
43,338
49%51%EDUCATION
The Median Age is 37.3.
High School Graduate12%
Master’s Degree or Higher20%
Bachelor’s Degree37%
Some College or Associates Degree22%
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3004 - 3016 SUNSET BLVD
DEMOGRAPHICS
78,765Owner Occupied Households
within 5-m radius
361,867Renter Occupied Households
within 5-m radius
62,022Businesses within a 5-m radius
$83,823Average HH income within
1-m radius
$57,390Median HH income within
1-m radius
1,184,689Population within
5-m radius
1 MILE 3 MILES 5 MILES
2019 Population 58,810 564,418 1,184,689
2019 Households 22,066 220,013 440,632
2019 Average Household Size 2.50 2.50 2.50
2019 Median Household Income $57,390 $41,732 $43,378
2019 Average Household Income $83,823 $65,868 $68,374
2019 Owner Occupied Households 5,161 30,833 78,765
2019 Renter Occupied Households 16,905 189,180 361,867
<$25,000 5,225 71,008 140,940
$25,000 - $50,000 4,662 54,414 102,671
$50,000 - $75,000 3,616 31,976 65,414
$75,000 - $100,000 2,721 21,003 42,611
$100,000 - $125,000 1,717 13,866 28,088
$125,000 - $150,000 1,017 7,598 15,962
$150,000 - $200,000 1,157 8,715 19,539
$200,000+ 1,950 11,431 25,408
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SOUTHERN CALIFORNIA'S PREMIER SALES TEAM
SUNSET BLVD
SUNSET BLVD
EAST HOLLYWOODEAST HOLLYWOOD
ECHO PARKECHO PARK
SILVER LAKESILVER LAKE
LOS FELIZLOS FELIZ
BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com
BEN BROWNSTEINSenior AssociateNational Retail GroupTel: (818) 212-2812Fax: (818) [email protected]: CA #02012808www.BrandonMichaelsGroup .com
ANDREW LEFFFirst Vice President InvestmentsDirector, National Retail GroupTel: (818) 212-2815Fax: (818) [email protected]: CA #01865688