thousand - loopnet · 1 389 e thousand oaks blvd thousand oaks, ca 91360 $3,100,000 $433.99 $109.49...

G R O U P

BRANDON MICHAELS

A 9,250 SF VALUE-ADD STRIP CENTER IDEALLY SITUATED ON 28,459 SF OF LAND IN THE HIGH-DEMAND VENTURA

COUNTY SUBMARKET OF THOUSAND OAKS, CA

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1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP2

INVESTMENT ADVISORS:

BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

AUSTIN SREDENInvestment AssociateNational Retail GroupTel: (818) 212-2805Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

G R O U P

BRANDON MICHAELS

SOUTHERN CALIFORNIA'S PREMIER SALES TEAM16830 Ventura Blvd. Suite 100, Encino, CA 91436

www.marcusmillichap.com

31491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP

TABLE OF CONTENTS

2FINANCIAL ANALYSIS

1PROPERTY OVERVIEW

3COMPARABLES

4AREA OVERVIEW


The Brandon Michaels Group of Marcus & Millichap has been selected to market for sale 1501 E. Thousand Oaks Blvd, a 9,520 square foot strip center ideally situated on 28,495 SF of land in the high-end, affluent Ventura County sub-market of Thousand Oaks, CA.

1501 E. Thousand Oaks Boulevard is ideally located along Thousand Oaks Boulevard, the main retail thoroughfare that stretches from Thousand Oaks through Westlake Village to Agoura Hills. Ideally located on the east side of Thousand Oaks Boulevard, just south of Rancho Road and just north of Erbes Road, the subject property consists of a one-story retail strip with 30 surface parking spaces, a ratio of 3.15 per 1,000. The property benefits from 277 feet of linear frontage along Thousand Oaks Boulevard. The site has undergone significant improvements, including a brand new smooth stucco façade and high-end accents, adding to the appeal of the asset and creating a memorable impression on the over 20,000 vehicles that pass the center daily.

1501 E. Thousand Oaks Boulevard offers a plethora of options. This center is currently 63% occupied by the property owner, who will consider a sale-leaseback or vacating, depending on the desires of the Buyer. With ultimate flexibility, the center is prime for an owner-user Buyer looking to occupy a portion or all of the center, or an investor looking for a unique value-add opportunity to reposition a high-end Ventura County strip center. With an ideal layout and minimal bay depths, the center can be easily reconfigured into multiple smaller units, further adding to the value-add proposition.

Thousand Oaks Boulevard is undergoing a transformation as the city is providing developers with an increased incentive to develop through the advent of the Thousand Oaks Boulevard specific plan. The Thousand Oaks Boulevard (TOB) Specific Plan guides development to revitalize, beautify and create a mixed-use, pedestrian-friendly destination between Duesenberg Drive and Moorpark Road. Spearheaded by local business owners, the award-winning plan lays the foundation for improvements that benefit residents, visitors and businesses. There are a number of residential units slated for development, in addition to the brand-new development directly behind the subject property. With significant growth projections as a result of increased development, the future is bright for this affluent Ventura county locale.

1501 E. Thousand Oaks Boulevard benefits from an amenity rich location with a plethora of dining options and an immediate population of over 144,145 people within a five-mile radius. The affluent area boasts an average household income of over $125,515 within a three-mile radius, and over $138,948 for households within five miles, 10% with household incomes north of $200,000. The area is lined with multi-million-dollar homes, high-end hotels, and upscale restaurants and is a haven for a host of celebrities, athletes, and executives who reside in the surrounding areas.

Thousand Oaks Civics Arts Plaza William Rolland Stadium Gardens of the World KCLU Broadcast Center

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INVESTMENT HIGHLIGHTS

1 2EXCELLENT THOUSAND OAKS LOCATION ALONG THOUSAND OAKS BOULEVARD

WELL LOCATED STRIP CENTER WITHSIGNIFICANT UPGRADES AND IMPROVEMENTS

▶ Ideally located just North of Erbes Road along prestigious Thousand Oaks Boulevard

▶ 277 feet of linear frontage with excellent visibility and access

▶ Amenity rich submarket with multiple restaurants, retailers, office space, and hotels in the immediate area

▶ Within close proximity to the 101 Ventura Freeway & the Moorpark 23 Freeway allowing for easy freeway access

▶ Significant development in the immediate area creates a unique value-add opportunity in a high-demand growing submarket

▶ 9,520 square foot strip center ideally situated on 28,495 square feet of land zoned

▶ Complete renovation enhances the positive business environment

▶ Memorable smooth stucco / stone façade caters to the local and national tenants in the immediate area

▶ Plentiful parking totaling 30 parking spaces in the front of the property

▶ High daily traffic counts of 28,036 vehicles per day

▶ Excellent ingress and egress


3 4VALUE-ADD OPPORTUNITY WITHDEVELOPMENT POTENTIAL AFFLUENT VENTURA COUNTY SUB-MARKET

▶ 3,500 square foot vacancy combined with 6,020 square foot space that is occupied by the seller creates numerous options for an Owner-User buyer looking to occupy a portion or all of the building or an investor looking to reposition the center immediately

▶ Unique value-add opportunity with a multitude of options

▶ Potential development opportunity utilizing the Thousand Oaks Specific Plan, which promotes mixed-use development and a pedestrian friendly environment

▶ Strong rental pocket with significant growth projections

▶ Average household income over $103,000

▶ Over 11,000 households within five miles. 22% of households have an average income north of $200,000

▶ Thousand Oaks Specific Plan promotes development along Thousand Oaks Boulevard

▶ Multiple residential units slated for construction in the immediate area creating significant growth opportunity

▶ Close proximity to Amgen, a major Ventura County employer

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8 1491-1501THOUSAND OAKS BLVD | OFFERING MEMORANDUM

Address 1501 Thousand Oaks BoulevardThousands Oaks, CA 91362

Price $4,000,000

Price/SF (Building) $420

Price/SF (Land) $140

ProForma Cap Rate 7.75%

Building SF 9,520

Lot Size 25,495

Current Occupancy Vacant

Parking Spaces 30 Surface Parking Spaces

Parking Ratio Ratio of 3.15/1,000 SF

Year Built 2000

APN Number 670-0-160-360

Zoning Commercial

PRICE/SF(BLDG)

$420PRICE/SF(LAND)

$140NEWBURY PARK

THOU

SAND

OAKS BLVD

PROPERTY HIGHLIGHTS


MOORPARK FWY

N RANCHO RD

CAMARILLO

THOU

SAND

OAKS BLVD

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MOORPARK FWY

N RANCHO RD

THOUSAND OAKS BLVD

CAMARILLO

11THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP

ADDRESS1501 Thousand Oaks BoulevardThousand Oaks, CA 91364

SITE LOCATIONThe property is located South of Rancho Road and North of Ebers Road on the Northern Corner of Thousand Oaks Boulevard and Megan Place, between N. Rancho Road and South Conejo School Road

SQUARE FOOTAGES

The total building SF is 9,520 SF. The total land SF is 28,495 SF.

TRAFFIC COUNTSThe traffic counts at the intersection of East Thousand Oaks Boulevard and South Rancho Road are approximately 8,822 vehicles per day.

PARKING SPACESThe property offers 30 surface parking spaces.

PARKING RATIOThe parking ratio is 3.15 per 1,000 SF.

YEAR BUILTThe property was built in 2000.

ZONINGThe zoning is Commercial

APN NUMBERThe APN number is 670-0-160-360.

MOORPARK

Avg Household Income in a 5-mile radius

$137,948

Population in a 5-mile radius139,727

Households in a 5-mile radius50,375

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RENT ROLL

PRO FORMA OPERATING DATA

TENANT SF BLDG % PRO FORMA RENT PRO FORMA RENT/SF LEASE TYPE

Vacant 3,000 32% $2.50 $7,500.00 NNN

Instrumental Music-Seller 6,520 68% $2.50 $16,300.00 NNN

TOTAL 9,520 100% $23,800.00

PRO FORMA

Scheduled Lease Income $237,480

NNN Charges $84,251

Effective Gross Income $321,731

Vacancy (5%) $11,874

Expenses $84,251

Net Operating Income $225,606

PROJECTED EXPENSES PROJECTED EXPENSES/SF

[email protected]% $50,000 $5.25

Insurance $3,332 $0.35

Utilities $4,284 $0.45

Trash $3,808 $0.40

Grounds Maintenance $2,951 $0.31

Repairs & Maintenance $6,664 $0.70

Miscellaneous $3,713 $0.39

Management $9,499 $1.00

TOTAL $84,251 $8.85/$0.74

FINANCIAL ANALYSIS


PRICING

Address 1491-1501 E Thousand Oaks Blvd Thousand Oaks, CA 91362

Price $4,000,000

Price/SF (Building) $420

Price/SF (Land) $140

Pro Forma CAP Rate 7.75%

Building SF 9,520

Land SF 28,495

APN Number 670-0-160-360

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# ADDRESS SALE PRICE PRICE/SF PRICE/SF (LAND) BLDG SF LAND SF CAP RATE ZONING COE

1 389 E Thousand Oaks BlvdThousand Oaks, CA 91360 $3,100,000 $433.99 $109.49 7,143 28,314 5.80% C2 02/25/2019

2 556 E Thousand Oaks BlvdThousand Oaks, CA 91360 $1,400,000 $336.30 $66.25 4,163 21,131 - C2 12/07/2018

3Camelot Plaza2410-2418 E Thousand Oaks BlvdThousand Oaks, CA 91362

$2,475,000 $550.00 $216.86 4,500 11,413 - C2 10/15/2018

4 3200 E Thousand Oaks BlvdThousand Oaks, CA 91362 $1,050,000 $525.00 $135.42 2,000 7,754 6.00% C2 05/04/2018

5Office Depot Plaza 25 E Hillcrest DrThousand Oaks, CA 91360

$6,603,982 $328.26 $74.11 20,118 89,106 - C3 02/13/2019

AVERAGE (S): $2,925,796 $434.71 $120.43 37,924 31,544 5.90%

SALES COMPARABLES

$433.99 AVG / PRICE SF

$109.49AVG / PRICE SF

(LAND)


SALES COMPARABLES | PRICE / SF

1 2

3

4

5

389 E Thousand Oaks Blvd

$600

$433.99

$336.30

$550 $525

$328.26

$434.71$500

$400

$300

$200

$100

$0556 E Thousand

Oaks BlvdCamelot Plaza 3200 E Thousand

Oaks BlvdOffice Depot Plaza Average

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One of the best places to live in Ventura County.Thousand Oaks is the second-largest city in Ventura County, California, United States. It is in the northwestern part of Greater Los Angeles, approximately 40 miles (64 km) from Downtown Los Angeles and is less than 15 miles (24 km) from the Los Angeles neighborhood of Woodland Hills. It is named after the many oak trees present in the area, and the city seal is adorned with an oak.

The city forms the central populated core of the Conejo Valley. Thousand Oaks was incorporated in 1964, but has since expanded to the west and east. Two-thirds of neighboring Westlake Village and most of Newbury Park were annexed by the city during the late 1960s and 1970s. The Los Angeles County–Ventura County line crosses at the city’s eastern border with Westlake Village. The population was estimated to be 129,339 in 2015, rising from 126,683 at the 2010 census. Thousand Oaks is 55 square miles, which, for comparison, is 20 percent larger than San Francisco.

Thousand Oaks was considered in 2002 as one of the safest cities in the U.S. based on consistent FBI reporting. It was ranked the fourth-safest among cities with a population greater than 100,000 in the United States by the FBI’s 2013 Uniform Crime Reports.

AREA OVERVIEW

THOUSAND OAKS


Conejo Valley Art MuseumConejo Valley Art Museum is a museum located at Janss Marketplace in Thousand Oaks, California. Established in 1978, the museum showcases fine art, modern art, abstracts, textiles and sculptures. Displays are changing periodically and often include artwork featured on national tours. The museum has hosted art collections from artists such as Howard Brodie, David Rose and Elizabeth Williams.

The Oaks Shopping CenterThe Oaks Shopping Center is a two-level indoor/outdoor, regional shopping mall located in Thousand Oaks, California. It is owned and managed by Macerich. Accessible from the US Highway 101 Ventura Freeway midway between downtown Los Angeles and Santa Barbara, it is one of two malls in its area (competing with the Simi Valley Town Center) and the largest shopping center in Ventura County. Over five million visit the mall each year.

Conejo Players Theatre Conejo Players Theatre is a performing arts theater in Thousand Oaks, California. Established in 1958, it is the oldest theater in the city -- as well as one of the oldest in Southern California. It hosts a full season of Mainstage shows each year, including musicals and plays -- plus special events, workshops, improv comedy performances, holiday shows, and a long-running children’s theatre program taught by theater professionals.

POINTS OF INTEREST

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Nestled in the foothills of the Santa Monica Mountains, Westlake Village isone of Los Angeles’s best kept secrets. Located in the heart of Malibu wine country, this idyllic, Southern California retreat is a short drive from the iconic beaches of Malibu and Ventura, and offers a number of attractions and things to do.

Much of Westlake Village is surrounded by open space, including hikingand horse trails, as well as the vast Santa Monica Mountains National Recreation Area. The lake lies within the watershed of Malibu Creek. In addition to its role as a bedroom community for Los Angeles via the Ventura Freeway, it is also home to many large commercial offices andthe headquarters of the Dole Food Company, K-Swiss and J.D. Power and Associates.

Visitors to Westlake Village have positive things to say about this family friendly city and its restaurants. While in town, you’ll be able to enjoy theCivic Arts Plaza and Gardens of the World. You can take some time todiscover the surrounding area and sights like Clago’s Pond and Chumash Indian Museum. Westlake Village also has several golf courses and country clubs: the Westlake Golf Course, Sherwood Country Club, and North Ranch Country Club.

A welcoming city, Westlake Village has a variety of hotels to choose from, including the Four Season Hotel offering 5-Star amenities, luxury guest, rooms, and a world class spa.

AREA OVERVIEWWESTLAKE VILLAGE


An idyllic retreat set within acres of gardens near Los Angeles, Malibu and Santa Barbara, his luxury hotel destination allows you to create a place of work and productivity, active leisure, deep relaxation and personal improvement – or perhaps all four – in Westlake Village.

In addition to the sun-filled luxury hotel rooms and suites near Malibu with views of the Santa Monica mountains, enjoy outstanding finedining restaurants, trendy lounges, and one of the Los Angeles area’s most comprehensive spa and wellness programs, all enhanced by fivestar Four Seasons service.

FOUR SEASONS HOTELWESTLAKE VILLAGE

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AREA OVERVIEWSHOPPING | RETAILThe PromenadeWith a mix of stylish boutiques, popular global brands and the latest trends in fashion, beauty, home goods and more, The Promenade at Westlake brings you the ultimate shopping experience in the area. The Westlake Promenade is a great place to shop, hang out, have dinner and see a movie. There are several restaurants including Paul Martin’s, Marmalade, Farfalla, The Grill, Lemonade and more. There’s also a Barnes and Noble, Vintage Grocers, Nike Store, and many boutique stores.

Shoppes at Westlake VillageThe Shoppes at Westlake Village is a luxurious shopping mall in the heart of Westlake Village that provides residents of the community with many great shops and restaurants to visit, as well as events to be a part of. This 240,000 sq. ft. shopping center was originally opened in 2014 and offers a clean and friendly destination for local residents and visitors to spend time with friends and family. You can spend your time at the Shoppes socializing or window-shopping for your next purchase in this luxurious outdoor shopping mall.

There are numerous outdoor eating areas situated around the shopping venues, providing you with a premier destination for a picnic in the lovely Southern California weather. When you’re not shopping, there are more than enough comfortable benches in the area for you and your friends or family to relax. In total, there are well over a dozen stores for you to enjoy in this shopping center, as well as numerous highly-rated restaurants, from Hook Burger to Olio Pizzeria. No matter what you’re looking for, you’re sure to find it and more at Shoppes at Westlake Village!


When you’re a resident of Westlake Village and the surrounding areas, you’re served by the shopping, dining, entertainment, and amenities that are provided by the The Promenade and Shoppes at Westlake Village.

These shoppes offer variety and a destination away from home that will provide you with everything you could possibly need, from clothing and jewelry to a wide range of unique and delicious dining experiences.

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Total Population of Thousand Oaks, CAThe median age is 43.5

MALE

Less Than High School High School or GED Some College or Associates Degree

Bachelor’s Degree or Higher

FEMALE

128,909

51%49%

14%6% 30% 50%

EDUCATION

BUSINESSES

The city’s economy is based on a small range of businesses, with biotechnology, electronics, automotive, aerospace, telecommunications, healthcare, and financing occupying most of Thousand Oaks’ employment sector. Amgen, Teledyne Technologies, SAGE Publications, and Skyworks Solutions have corporate headquarters in the city, while Bank of America, Baxter International, General Dynamics Corporation, Verizon, Verizon Wireless, Volkswagen, Audi, General Motors, BMW, Silver Star Automotive Group, and Anthem Blue Cross manage regional offices. Thousand Oaks also has large employers as Los Robles Hospital & Medical Center, Conejo Valley Unified School District, City of Thousand Oaks, Hyatt Hotels, and California Lutheran University headquartered in the city. The city was also the former home to the corporate offices of Wellpoint and GTE, which later became Verizon, which relocated in the last decade. Hewlett-Packard was also previously located here.

DEMOGRAPHICS


36,929Owner Occupied Households

within 5-m radius

14,084Renter Occupied Households

within 5-m radius

8,916Businesses within a 5-m radius

$137,948Average HH income within 5-m radius

$110,804Median HH income within 5-m radius

141,181Population within 5-m radius

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G R O U P

BRANDON MICHAELS

BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

AUSTIN SREDENInvestment AssociateNational Retail GroupTel: (818) 212-2805Fax: (818) [email protected]: CA #01434685www.BrandonMichaelsGroup.com

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thousand - loopnet · 1 389 e thousand oaks blvd thousand oaks, ca 91360 $3,100,000 $433.99 $109.49...

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