OWNER USER OR INVESTOR OPPORTUNITY IN WEST L.A.

1050710507 W. Pico Boulevardfor sale

For More Information Contact:

2

© 2020 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.

WESTMAC Commercial Brokerage Company1515 S. Sepulveda Blvd., Los Angeles, CA 90025Phone 310.778.7700DRE# 01096973www.westmac.com

Listing Broker T.C. Macker, CCIMPresidentD. 310.966.4352tcmacker@westmac.comDRE# 01232033

3

© 2020 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.

LOS ANGELES, CA 900641050710507 W. Pico Boulevard

for sale

WESTMAC Commercial Brokerage, as exclusive agent, is pleased to present the sale of 10507 W. Pico Boulevard, a two-story commercial building in West L.A., less than one mile from Century City and Fox Studios.

10507 W. Pico Boulevard is a recently renovated office/retail building comprised of approximately 5,772-rentable-square feet on approximately 4,633-square feet of land located one block West of Beverly Glen Boulevard in West Los Angeles.

The property is made up of 3 units: a retail unit currently leased to an optometrist, a vacant retail unit previously leased to a restaurant, and a recently renovated, vacant second floor office unit which features a mezzanine level. The building recently underwent major capital improvements including new skylights, new balconies, and a new roof. There is a rear parking lot with room for approximately 5-7 cars, and ample of parking along the street and surrounding neighborhoods.

Built in 1981, the property offers tenants excellent visibility along Pico Boulevard, a major Los Angeles street that runs from the Pacific Ocean in Santa Monica to Central Avenue in Downtown Los Angeles. 10507 W. Pico Boulevard is close proximity to major amenities including shopping, dining, and entertainment, in addition to accessible transportation, and major area employers that includes Google’s future Silicon Beach headquarters at the former Westside Pavilion, UCLA in Westwood, and Fox Studios.

10507 W. Pico Boulevard is an incredible opportunity for buyers looking to purchase a preeminent location in one of the most in demand real estate markets in the world.

EXECUTIVE SUMMARY

4

1050710507 W. Pico Boulevardintroducing

for sale

EXECUTIVE SUMMARY

5

W. Pico Boulevardfor sale

6

*check with City of Los Angeles for specific uses

PROPERTY INFORMATION10507 W. PICO BOULEVARD, LOS ANGELES, CA 90064

APN

BUILDING SIZE

BUILDING SIZE

LOT SIZE

BUILT

ZONING

STORIES

FRONTAGE

TENANCY

# OF UNITS

OCCUPANCY

PARKING

SALE PRICE

4315-005-011

± 5,772-rentable-square feet per BOMA(± 5,040-square feet per tax record )

± 4,633-square feet

1981; renovated in 2019

C2-1VL-O-POD

Two (2) plus Mezzanine level

42’ on Pico

Multiple

Three (3)

20% (80% vacancy)

Five (5) striped spaces in rear lot (room for ±7 cars stacked); plenty of street parking along Pico Blvd. (metered) and ample free street parking in the surrounding streets & neighborhood

$3,950,000 ($684/SF)

7

aerial viewN

parcel map

PROPERTY INFORMATION10507 W. PICO BOULEVARD, LOS ANGELES, CA 90064

N

pico bou

levard

8

UNIT 10509 (vacant)

Located on the first floor, unit 10509 is made up of approximately 1,077-leasable-square feet. The unit is currently vacant and was previously leased to a restaurant.

UNIT 10511 (leased)

Located on the first floor, unit 10511 is made up of approximately 1,152-leasable-square feet (1,120 SF per lease). The unit is leased to Hodes Vision Optometry. They are a long standing tenant who has occupied the space since 2005. They are on a gross lease which expires on April 30, 2020, with one 5 year option remaining (see lease abstract on page 16 for details).

9

10

UNIT 10507 (vacant)

The second floor office unit is made up of approximately 3,543-rentable-square feet and includes a mezzanine level. The interior was recently renovated and features several new skylights, vaulted ceilings that measures approximately 17’ (at drop ceiling), new mezzanine-level balconies, fresh paint, and brand new pergo flooring throughout.

11

12

13

14

HIGH VISIBILITY Well positioned with great signage facing highly traveled Pico Boulevard. Estimated traffic volume at Prosser Avenue and Pico Boulevard reported at well over 44K vehicles per day.

USER OR INVESTOR OPPORTUNITY Building is currently 80% vacant. This unique offering presents a great opportunity for owner-users or investors looking to partially occupy and/or lease out to office users and/or retailers looking for high visibility along one of L.A’s biggest thoroughfares.

PRIME OFFICE/RETAIL LOCATION Demand is huge and supply is always limited - Westside rents have consistently grown, outperforming virtually all rents in the Western United States. There are dozens of shops along pedestrian friendly Pico Boulevard, and the area is home to some of entertainment’s most popular media giants. The Westside Pavilion shopping mall, will soon be home to nearly 600k SF of Google offices, which will be known as One Westside when it is complete in 2022.

MAJOR AREA EMPLOYERS This part of West L.A. has seen huge growth thanks to major area employers, including Fox Studios, UCLA, and Century City; where vast office towers house the high earning lawyers, investors, and entertainment professionals who make up a large part of the neighborhood’s affluent residents.

AMPLE WALKABLE AMENITIES Dozens of businesses and storefronts dot the tree-lined streets along Pico Boulevard, giving pedestrians a “shop and walk” small town in the big city appeal. Nearby area retailers include John O’ Groats, FOOD, Louise’s Trattoria, Domino’s Pizza, McDonald’s, Subway, The Stalking Horse Brewery, Pico Playhouse, Chase Bank, and many others.

RECENT CAPITAL IMPROVEMENTS The building underwent several capital improvements in 2019, including a new roof, several new skylights and mezzanine-level balconies, and brand new flooring throughout.

PROPERTY HIGHLIGHTSHIGHLY VISIBLE BUILDING ALONG MAJOR THOROUGHFARE

15

HIGH VISIBILITY Well positioned with great signage facing highly traveled Pico Boulevard. Estimated traffic volume at Prosser Avenue and Pico Boulevard reported at well over 44K vehicles per day.

USER OR INVESTOR OPPORTUNITY Building is currently 80% vacant. This unique offering presents a great opportunity for owner-users or investors looking to partially occupy and/or lease out to office users and/or retailers looking for high visibility along one of L.A’s biggest thoroughfares.

PRIME OFFICE/RETAIL LOCATION Demand is huge and supply is always limited - Westside rents have consistently grown, outperforming virtually all rents in the Western United States. There are dozens of shops along pedestrian friendly Pico Boulevard, and the area is home to some of entertainment’s most popular media giants. The Westside Pavilion shopping mall, will soon be home to nearly 600k SF of Google offices, which will be known as One Westside when it is complete in 2022.

MAJOR AREA EMPLOYERS This part of West L.A. has seen huge growth thanks to major area employers, including Fox Studios, UCLA, and Century City; where vast office towers house the high earning lawyers, investors, and entertainment professionals who make up a large part of the neighborhood’s affluent residents.

AMPLE WALKABLE AMENITIES Dozens of businesses and storefronts dot the tree-lined streets along Pico Boulevard, giving pedestrians a “shop and walk” small town in the big city appeal. Nearby area retailers include John O’ Groats, FOOD, Louise’s Trattoria, Domino’s Pizza, McDonald’s, Subway, The Stalking Horse Brewery, Pico Playhouse, Chase Bank, and many others.

RECENT CAPITAL IMPROVEMENTS The building underwent several capital improvements in 2019, including a new roof, several new skylights and mezzanine-level balconies, and brand new flooring throughout.

PROPERTY HIGHLIGHTSHIGHLY VISIBLE BUILDING ALONG MAJOR THOROUGHFARE

LEASE ABSTRACTHODES OPTOMETRY

TENANT Corey A. Hodes, O.D. (dba “Hodes Vision Optometry”)

UNIT ADDRESS 10511 W. Pico Boulevard

SIZE 1,120-square feet

TERM Five (5) year term (exercised renewal option on February 1, 2015)

COMMENCEMENTFebruary 1, 2015(Original commencement was February 1, 2005)

EXPIRATION April 30, 2020

CURRENT RENTBase Rent of $2,925.44 plus $80 monthly CAM totaling $3,005.44 monthly; $36,065.28 annually

INCREASES 3% increase built into years 3 thru 5 that commenced on February 1, 2017

OPTION TO EXTEND 1 x 5 year at market rate

OTHER EXPENSES$100 - 4x per year for tree trimming/landscaping; approximately $52,000 annually (±$1.08 PSF per month)

LEASE FORM AIR Standard Multi-Tenant Office Lease - Gross

16

LEASE ABSTRACTHODES OPTOMETRY

TENANT Corey A. Hodes, O.D. (dba “Hodes Vision Optometry”)

UNIT ADDRESS 10511 W. Pico Boulevard

SIZE 1,120-square feet

TERM Five (5) year term (exercised renewal option on February 1, 2015)

COMMENCEMENTFebruary 1, 2015(Original commencement was February 1, 2005)

EXPIRATION April 30, 2020

CURRENT RENTBase Rent of $2,925.44 plus $80 monthly CAM totaling $3,005.44 monthly; $36,065.28 annually

INCREASES 3% increase built into years 3 thru 5 that commenced on February 1, 2017

OPTION TO EXTEND 1 x 5 year at market rate

OTHER EXPENSES$100 - 4x per year for tree trimming/landscaping; approximately $52,000 annually (±$1.08 PSF per month)

LEASE FORM AIR Standard Multi-Tenant Office Lease - Gross

17

18

FLOOR PLANSBOMA

1st FLOOR10507 W. PICO BLVD.LOS ANGELES, CA 90064

Updated: 01/17/2020

Gross LeasableArea

UnenclosedArea

CommonArea

HVA

C

UP

UP

UP

HVA

C

105091,077

105111,152

19

1st FLOOR10507 W. PICO BLVD.LOS ANGELES, CA 90064

Updated: 01/17/2020

Floor Service &Amenity Area

Major VerticalPenetration

BuildingService Area

OccupantStorage

OccupantArea

BuildingAmenity Area

Inter-BuildingService Area

Inter-BuildingAmenity Area

TenantAncillary Area

HVA

C

UP

UP

UP

HVA

C

FLOOR PLANS

2nd FLOOR10507 W. PICO BLVD.LOS ANGELES, CA 90064

Updated: 01/17/2020

Floor Service &Amenity Area

Major VerticalPenetration

BuildingService Area

OccupantStorage

OccupantArea

BuildingAmenity Area

Inter-BuildingService Area

Inter-BuildingAmenity Area

TenantAncillary Area

UP

UP

DN

DN

DN

105071,906 USF2,020 RSF

10507-02B309 USF327 RSF

20

MEZZANINE10507 W. PICO BLVD.LOS ANGELES, CA 90064

Updated: 01/17/2020

Floor Service &Amenity Area

Major VerticalPenetration

BuildingService Area

OccupantStorage

OccupantArea

BuildingAmenity Area

Inter-BuildingService Area

Inter-BuildingAmenity Area

TenantAncillary Area

OPEN TO BELOW

10507 MEZZANINEUSFRSF

10507-MZ-A

53 USF55 RSF

10507-MZ-B

53 USF55 RSF

21

w. pico boulevardview of pico boulevard from mezzanine balcony

LEISURE Rancho Park Golf Course is a half block East of the subject property. It hosted the Los Angeles Open on the PGA Tour seventeen times, and also was the site of events on the Senior PGA Tour and LPGA Tour.

23

Rancho Park is a residential neighborhood in the Westside of the city of Los Angeles, California. The community is nestled between West Los Angeles and Cheviot Hills. This enclave draws young professionals and families and is home to residents working in a variety of professional occupations.

Rancho Park’s tree-lined streets give it an almost suburban feel. Those same trees provide plenty of shade for pedestrians taking the short walk to the shops and restaurants on Pico or to play a round of golf at one of the nearby courses.

With the advent of nearby Century City, the area soon found itself becoming a highly desirable neighborhood. The presence of massive nearby employers like Fox Studios and UCLA, as well as the Expo Line station, easy access to the 10 and 405 freeways, and many arterial streets nearby, makes commuting in and out convenient for residents, employees and visitors.

century city

ucla

one westside(rendering)

fox studios

AREA SUMMARYRANCHO PARK NEIGHBORHOOD IN WEST L.A.

The neighborhood was once a part of Westwood until Olympic Blvd. The subject property is approximately 2.5 miles from UCLA campus and only 2 miles from Wilshire Boulevard.

Major area thoroughfares include Pico, Westwood, Olympic, Sepulveda, and Beverly Glen Boulevards, along with Overland and Manning Avenues.

1050710507 W. Pico BoulevardWALK SCORE

76VERY WALKABLE

pico boulevard

Rancho Park Golf Club is charming and beautiful, this 9-hole 3-par short course shares the facilities with the adjacent Rancho Park championship golf course. This picturesque course has perfectly groomed tree-lined holes ranging in length from 82 to 148 yards.

N

Major area thoroughfares include Pico, Westwood, Olympic, Sepulveda, and Beverly Glen Boulevards, along with Overland and Manning Avenues.

Century City is also located nearby.

W. Pico Boulevard

pico boulevard

CULVER CITY

PALMS

WESTWOOD

BRENTWOOD

MAR VISTA

N

������������

CENTURY CITY

CHEVIOT HILLSProvidence St. John’s

W. PICO BLVD.1174111741

W. PICO BLVD.10507 10507

W. PICO BLVD.1160011600

WESTWOOD BLVD.11311366-113-11388

WESTWOOD BLVD.16331633

W. PICO BLVD.10534 10534 S. OVERLAND AVE.247247661

2

34

5

6

CULVER CITY

HAYDEN TRACT

CHEVIOT HILLS

PICO ROBERTSON

Kaiser Permanente

Cedar Sinai

27

SALE COMPARABLESoffice and retail buildings sold within 2-miles within the last 2 years of office and retail buildings sold within 2-miles within the last 2 years of the subject propertythe subject property

BLDG SF LOT SF SALE DATE PRICE $/PSF

2476 S Overland Ave 7,598 5,227 7/2/2019 $6,200,000 $816

10534 W Pico Blvd 5,365 5,501 9/11/2018 $4,250,000 $792

11600 W Pico Blvd 4,600 8,032 7/9/2018 $3,575,000 $777

11741 W Pico Blvd 4,000 2,609 6/20/2019 $3,175,000 $794

1136-38 Westwood Blvd 5,095 3,920 3/5/2018 $4,060,000 $797

1633 Westwood Blvd 6,280 3,484 10/29/2018 $4,000,000 $637

1

2

3

4

5

6

W. PICO BLVD.

POPULATION 1-MILE 3-MILE 5-MILE

Population (2019 estimated) 26,543 328,419 752,238

Population (2024 projection) 26,781 330,994 757,101

INCOME 1-MILE 3-MILE 5-MILE

Med. Household Income $113,709 $85,230 $85,902

Avg. Household Income $148,560 $115,828 $116,580

BUSINESS 1-MILE 3-MILE 5-MILE

Total Establishments 2,718 35,785 66,724

Total Employees 27,163 372,246 667,345

Total Consumer Expenditures $424,636 $4,209,083 $9,830,643

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

Households (2019 estimate) 12,157 146,042 341,929

Owner Occupied 7,540 48,311 117,555

Renter Occupied 4,618 97,732 224,374

1-3-5 MILEdemographics

28

29

DISCLAIMERThis offering has been prepared solely for informational purposes. It is designed to assist a potential buyer in determining whether it wishes to proceed with an in-depth investigation of the subject property. 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. It should be noted that any and all market analyses, estimates and projections contained in this Offering are provided for general reference purposes only and are based on assumptions related to the general economy, competition, real estate market trends, and other factors beyond the control of the Seller or Broker.

T.C. Macker, CCIMPresidentD. 310.966.4352tcmacker@westmac.comDRE# 01232033

for sale

WESTMAC Commercial Brokerage Company1515 S. Sepulveda Boulevard, Los Angeles, CA 90025310.778.7700 | Company DRE# 01096973www.westmac.com

1050710507 W. Pico Boulevard

For More Information Contact:

LOS ANGELES, CA 90064