owner/user commercial office building 1610 beverly …...1610 beverly boulevard is the ideal...

OWNER/USER COMMERCIAL OFFICE BUILDING

1610 Beverly Blvd • Los Angeles, CA 900261

1610 BEVERLY BLVD

Los Angeles, CA

ACT ID Y0141023

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 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.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE

CONSIDERED AN APPRAISAL. This information has been 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. References to

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. Â© 2017 Marcus &

Millichap. All rights reserved.

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TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 05

Property Overview

Offering Summary

Property Structure & Floorplan

Property Photos

Regional Map

Local Map

Aerial Photo

MARKET COMPARABLES 14

Sales Comparables

Lease Comparables

MARKET OVERVIEW 24

Market Analysis

Demographic Analysis

1610 BEVERLY BLVD

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1610 BEVERLY BLVD

4

INVESTMENT

OVERVIEW

PROPERTY OVERVIEW

1610 BEVERLY BLVD

PROPERTY HIGHLIGHTS

Marcus & Millichap is pleased to present 1610 Beverly Boulevard, a two-story office building located in an exciting and rapidly developing sub-market in Los Angeles.

Uniquely situated near Glendale Boulevard in the Temple/Beverly corridor, the property is located in extremely close proximity to Downtown Los Angeles and all its amenities.

The offering measures a total of 5,520 square feet and is comprised of a 2,760 square foot office unit on the ground floor and four office units on the second floor. The ground

floor office includes a sizable work space area in the middle of the unit with a number of office suites complimenting the main ground floor unit previously used as a law office.

Amenities for the ground floor office unit include high ceilings, two bathrooms, and an exterior store front facade allowing for maximum light exposure. Built in 1953, the

property benefits from brick and steel construction.

The second floor office totals four separate office units; currently units 1,2, and 4 are occupied on month-to-month leases with unit 3 currently vacant. The upstairs tenants

benefit from a total of two shared restrooms and a common area hallway with access on Beverly Boulevard as well as private back access to the parking lot in the rear. Many

of the upstairs units have been renovated. Units 2 and 3 received recent upgrades including fresh interior paint, hardwood floors, with the added feature of exposed windows

facing Beverly Boulevard blending great outdoor lighting with a more contemporary and open design. There are a total of 10 surface parking spaces secured by a gate in the

rear of the property.

The building includes recently updated HVAC units as well as a new fiber optic system. The ground floor office was recently gutted allowing for any future reconfiguration for

either the future investor or owner/user. Utilities are separated by the ground and second floor allowing for better management efficiencies should an investor or owner/user

intend to keep the upstairs leased with tenants.

1610 Beverly Boulevard is the ideal opportunity for either the owner/user looking for that rare office opportunity near Downtown Los Angeles, Silverlake, and Westlake; or the

investor looking to add value by repositioning the building with an aggressive leasing plan and taking advantage of this rapidly changing market.

PROPERTY OVERVIEW

▪ Excellent Downtown Los Angeles Location: The property maintains close

proximity to many downtown amenities as well as a number of recent multi-family

and mixed-use developments.

▪ Immediate Access to Both the 101 and 110 Freeways: Additionally the property is

in near proximity to Glendale Boulevard which leads directly to Highway 2.

▪ Desirable Building Features: Open natural lighting,10 private parking spaces in

rear, spacious work space areas, multiple restrooms, new fiber optics and HVAC.

▪ Owner/User and Investment Flex: An owner/user can either occupy both floors or

just the ground floor with the opportunity to lease up the second floor.

▪ Financing: Due to the owner/user component of the offering, a future Buyer can

benefit from the flexibility of SBA financing.

▪ Rapidly Rejuvenating Area: Located in the Temple/Beverly Corridor and is

perfectly positioned to benefit from all the new projects taking hold as well as the

metro lines.

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1610 BEVERLY BLVD

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EXECUTIVE SUMMARY

OFFERING SUMMARY

6

MAJOR TENANTS

TENANT Unit SizeLEASE

EXPIRATIONLEASE TYPE

First Floor Office 2,760 SF Vacant N/A

Rezac-Meyer Legal 1,500 SF MTM $1,450/Mo.Gross

Unit 3 435 SF Vacant N/A

Pactrack 435 SF MTM $925/Mo. Gross

THE OFFERING

Property Address1610 Beverly Boulevard, Los Angeles, CA

90026

Price $1,795,000

Gross Leasable Area 5,520 SF

Price Per Rentable SF $325.18

Land Size 5,619 SF

Price Per Land SF $319.45

Suites(1) Ground Floor Unit(4) Second Floor Units

SITE DESCRIPTION

Assessor’s Parcel Number 5153-013-003

Zoning LA-C2

Year Built 1953

Frontage on Beverly +/- 40’

Occupancy 35%

Ownership Fee Simple

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

PROPERTY STRUCTURE & FLOORPLAN

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FIRST FLOOR

PROPERTY FEATURES

▪ Multi-Use Building

▪ 5,520 SF of Gross Leasable Area

▪ First floor vacant and second floor has one

vacant and two month to month tenants

▪ Situated in the Temple/Beverly corridor

adjacent to Downtown Los Angeles

▪ 10 secured parking spaces

▪ Accessible to both 101 & 110 freeways

▪ Walk Score: Very Walkable (80)

▪ Nearby prominent development projects

▪ 100,000+ people residing within 1 mile

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

PROPERTY PHOTOS

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PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

PROPERTY PHOTOS (INTERIOR)

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REGIONAL MAP

1610 BEVERLY BLVD

10

LOCAL MAP

1610 BEVERLY BLVD

11

AERIAL PHOTO

1610 BEVERLY BLVD

12

1610 BEVERLY BLVD

13

MARKET

COMPARABLES

1610 BEVERLY BLVD

SALES COMPARABLES MAP

14

1610 BEVERLY BLVD

(SUBJECT)

Alschuler Law Center

2330 W 3rd St

2700 W 3rd Street

1655 Beverly Blvd

111 Glendale Blvd

1660 Beverly Blvd

2535 W Temple St

SALES COMPARABLES

1

2

3

4

5

7

6

15

PROPERTY NAME1610 BEVERLY BLVD

SALES COMPARABLESSALES COMPARABLES SALES COMPS AVG

Avg. $334.73

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$450.00

$500.00

1610

Beverly

Blvd

Alschuler

Law Center

2330

W 3rd St

2700 W 3rd

Street

1655

Beverly

Blvd

111

Glendale

Blvd

1660

Beverly

Blvd

2535 W

Temple St

Average Price Per Square Foot

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

SALES COMPARABLES

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SALES COMPARABLES

1610 BEVERLY BLVD1610 Beverly Blvd, Los Angeles, CA, 90026

1

Close of Escrow 9/20/2017

Sales Price $1,518,000

Rentable SF 5,232

Price/SF $290.14

Year Built 1971

Occupancy 100%

ALSCHULER LAW CENTER1271 W 2nd St, Los Angeles, CA, 90026

2



Rentable SF 8,260

Price/SF $230.02

Year Built 1951

Occupancy 85%

2330 W 3RD ST2330 W 3rd St, Los Angeles, CA, 90057

Close of Escrow On Market

List Price $1,795,000

Rentable SF 5,520

Price/SF $325.18

Year Built 1953

Occupancy 35%

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

SALES COMPARABLES

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SALES COMPARABLES

3



Rentable SF 7,879

Price/SF $336.34

Year Built 1949

2700 W 3RD STREET2700 W 3rd St, Los Angeles, CA, 90057

4



Rentable SF 4,690

Price/SF $327.29

Year Built 1955


5



Rentable SF 4,088

Price/SF $428.08

Year Built 1995

111 GLENDALE BLVD111 Glendale Blvd, Los Angeles, CA, 90026

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

SALES COMPARABLES

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SALES COMPARABLES

6



Rentable SF 20,800

Price/SF $374.13

Year Built 1952


7



Rentable SF 6,105

Price/SF $357.08

Year Built 1970

Parking Ratio 2.80

2535 W TEMPLE ST2535 W Temple St, Los Angeles, CA, 90026

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1610 BEVERLY BLVD

LEASE COMPARABLES MAP

1610 BEVERLY BLVD

(SUBJECT)

1908 Beverly Blvd

Beverly-Alvarado Medical

Center

2221 Beverly Blvd

1655 Beverly Blvd4

7

8

9

11

20

12

14

15

16

17

13

18

10

4

1

2

3

19

PROPERTY NAME1610 BEVERLY BLVD

LEASE COMPARABLES

20

AVERAGE RENT PER SQUARE FOOT

Avg. $25

$0

$3

$6

$9

$12

$15

$18

$21

$24

$27

$30

1610

Beverly

Blvd

1908

Beverly

Blvd

Beverly-Alvarado

Medical Center

2221

Beverly

Blvd

1655

Beverly

Blvd

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

LEASE COMPARABLES

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1

Rentable SF 8,909

Available SF 3,360

Asking Rent/SF $20.76

Year Built 1960

Occupancy 63%

Lease Type Modified Gross

Lot Size 0.24

Parking Ratio 0.50


2

Rentable SF 833

Available SF 833


Year Built 1970


BEVERLY-ALVARADO MEDICAL CENTER2105 Beverly Blvd, Los Angeles, CA, 90057

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

LEASE COMPARABLES

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Rentable SF 3,390

Available SF 3,390


Year Built 1925

Occupancy 55%

Lease Type NNN

Lot Size 0.19

3


4

Rentable SF 4,690

Available SF 4,690


Year Built 1955


Lot Size 0.14


1610 BEVERLY BLVD

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MARKET

OVERVIEW

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

DEMOGRAPHICS

Source: © 2016 Experian

Created on December 2017

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2021 Projection

Total Population 98,875 561,831 1,248,002

▪ 2016 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2016 Estimate 102,566 709,168 1,315,308

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2021 Projection

Total Households 35,829 212,200 437,832

▪ 2016 Estimate


Average (Mean) Household Size 2.80 2.58 2.81

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2016 Estimate

$200,000 or More 2.20% 2.54% 3.46%

$150,000 - $199,999 1.96% 2.36% 2.73%

$100,000 - $149,000 5.34% 6.55% 7.55%

$75,000 - $99,999 6.54% 7.05% 7.83%

$50,000 - $74,999 11.69% 13.50% 15.04%

$35,000 - $49,999 12.18% 13.47% 13.38%

$25,000 - $34,999 13.03% 12.39% 12.12%

$15,000 - $24,999 20.01% 17.20% 15.94%

Under $15,000 16.41% 16.46% 14.98%

Average Household Income $47,138 $51,818 $58,736

Median Household Income $27,057 $31,362 $34,981

Per Capita Income $16,779 $19,894 $20,650

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2016 Estimate Total Population 95,899 552,864 1,245,329

Under 20 24.73% 21.62% 24.58%

20 to 34 Years 32.50% 30.28% 28.03%

35 to 39 Years 8.04% 8.22% 7.92%

40 to 49 Years 12.72% 14.12% 13.92%

50 to 64 Years 12.99% 15.71% 15.59%

Age 65+ 9.01% 10.07% 9.97%

Median Age 31.38 33.98 33.52

▪ Population 25+ by Education Level

2016 Estimate Population Age 25+ 62,417 379,331 828,391

Elementary (0-8) 23.78% 17.08% 17.77%

Some High School (9-11) 13.13% 12.46% 12.71%

High School Graduate (12) 18.37% 20.12% 19.93%

Some College (13-15) 11.61% 14.37% 15.28%

Associate Degree Only 4.85% 4.74% 4.87%

Bachelors Degree Only 15.85% 19.20% 17.65%

Graduate Degree 5.36% 6.70% 6.77%

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PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

DEMOGRAPHICS


Created on December 2017

POPULATION BY

TRANSPORTATION TO WORK1 Miles 3 Miles 5 Miles

▪ 2016 Estimate Total Population

Bicycle 0.54% 1.34% 1.13%

Bus or Trolley Bus 38.78% 25.59% 20.27%

Carpooled 9.45% 9.38% 10.25%

Drove Alone 38.94% 49.80% 55.87%

Ferryboat 0.00% 0.00% 0.01%

Motorcycle 0.15% 0.18% 0.20%

Other Means 1.93% 1.50% 1.38%

Railroad 0.06% 0.12% 0.09%

Streetcar or Trolley Car 0.07% 0.07% 0.06%

Subway or Elevated 0.72% 1.03% 0.83%

Taxicab 0.18% 0.12% 0.08%

Walked 5.83% 6.26% 5.27%

Worked at Home 3.35% 4.61% 4.57%

POPULATION BY TRAVEL TIME TO

WORK1 Miles 3 Miles 5 Miles

▪ 2016 Estimate Total Population

Under 15 Minutes 11.91% 14.48% 14.65%

15 - 29 Minutes 29.96% 30.38% 31.65%

30 - 59 Minutes 36.87% 33.71% 33.25%

60 - 89 Minutes 9.57% 8.15% 8.12%

90 or More Minutes 3.26% 3.29% 3.31%

Worked at Home 3.35% 4.61% 4.57%

Average Travel Time in Minutes 35 34 33

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Income

In 2016, the median household income for your selected geography is

$27,057, compare this to the US average which is currently $55,159.

The median household income for your area has changed by 33.80%

since 2000. It is estimated that the median household income in your

area will be $30,365 five years from now, which represents a change

of 12.23% from the current year.

The current year per capita income in your area is $16,779, compare

this to the US average, which is $30,249. The current year average

household income in your area is $47,138, compare this to the US

average which is $79,207.

Population

In 2016, the population in your selected geography is 95,899. The

population has changed by 7.57% since 2000. It is estimated that the

population in your area will be 98,875.00 five years from now, which

represents a change of 3.10% from the current year. The current

population is 52.96% male and 47.04% female. The median age of

the population in your area is 31.38, compare this to the US average

which is 37.69. The population density in your area is 30,521.02

people per square mile.

Households

There are currently 33,517 households in your selected geography.

The number of households has changed by 21.96% since 2000. It is

estimated that the number of households in your area will be 35,829

five years from now, which represents a change of 6.90% from the

current year. The average household size in your area is 2.80 persons.

Employment

In 2016, there are 98,158 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

33.40% of employees are employed in white-collar occupations in

this geography, and 66.54% are employed in blue-collar occupations.

In 2016, unemployment in this area is 9.38%. In 2000, the average

time traveled to work was 35.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

33.16% White, 4.34% Black, 0.18% Native American and 17.66%

Asian/Pacific Islander. Compare these to US averages which are:

70.60% White, 12.83% Black, 0.19% Native American and 5.43%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 69.78% of the current year

population in your selected area. Compare this to the US average of

17.77%.

PROPERTY NAME

MARKETING TEAM

1610 BEVERLY BLVD

Housing

The median housing value in your area was $495,989 in 2016,

compare this to the US average of $190,673. In 2000, there were

1,943 owner occupied housing units in your area and there were

25,540 renter occupied housing units in your area. The median rent at

the time was $452.


DEMOGRAPHICS

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www.MarcusMillichap.com

Aria Pournazarian

National Retail Group

Los Angeles Office

Tel: (213) 943-1874

Fax: (213) 943-1800

[email protected]

License: CA 01918248

P R E S E N T E D B Y

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owner/user commercial office building 1610 beverly …...1610 beverly boulevard is the ideal...

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