451 silver lake boulevard brandon michaelsimages4.loopnet.com/d2/srop5x4h0ix4kcxysfqtdqa4...451...

451 SILVER LAKE BOULEVARDLOS ANGELES, CA 90026

G R O U P

BRANDON MICHAELS

BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) [email protected]: CA #01434685

ANDREW LEFFSenior AssociateDirector, National Retail GroupTel: (818) [email protected]: CA #01865688

16830 Ventura Blvd. Suite 100, Encino, CA 91436www.marcusmillichap.com

G R O U P

BRANDON MICHAELS

1 2 3 4Investment Highlights Property Overview Silver Lake Sales Comparables

INVESTMENT ADVISORS

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EXECUTIVE SUMMARY

Marcus & Millichap has been selected to exclusively market for sale the unique opportunity to acquire a landmark restaurant property and business in the wildly popular Silver Lake Los Angeles submarket located at 451 Silver Lake Boulevard. The subject property is located on the corner of Silver Lake Boulevard and London Street, just North of the 101 Hollywood Freeway. The real estate consists of two separate parcels. The restaurant building consists of 3,698 SF located on a 6,363 SF lot. The adjacent parking lot, which is located directly across the street on Robinson Street, is 10,328 square-feet of land with dedicated parking for approximately 24 vehicles. The offering includes a full type 47 liquor license, caterer permit, all furniture, fixtures, equipment and inventory.

One of the few Ecuadoran kitchens in Los Angeles, El Caserio has successfully operated out of its Silver Lake location for 10 years, offering a distinctly delicious combination of Ecuadorean and Italian food to its loyal customer base. The restaurant is intimate yet extravagantly designed, with no detail overlooked, with a welcoming patio as well as private event space. Beyond the kitchen, El Caserio also has a full bar offering a unique range of beverages to compliment it’s cuisine.

Silver Lake is a trendy, creative and hip residential neighborhood located northeast of Downtown Los Angeles. The neighborhood has grown tremendously and is now lauded as Los Angeles’ hippest neighborhood. Forbes named Silver Lake “America’s Best Hipster Neighborhoods” for its food trucks and farmers markets, booming arts scene, and one of the largest creative class communities in the county. There are locally owned bars, night clubs, restaurants, and vintage shops that exemplify Silver Lake’s thriving creative community. Silver Lake is an immensely walkable neighborhood and Sunset Junction, the corridor of Sunset Boulevard that meets Santa Monica Boulevard, is considered the “Abbot Kinney” of the eastside.

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PROPERTY INFORMATION

Address 451 Silver Lake Boulevard, Los Angeles, CA 90026

Property Type Restaurant

Asking Price $5,000,000

Price/SF (bldg) $1,352.08

Price/SF (land) $299.56

Gross Square Feet 3,698 SF

Lot Size

451 Silver Lake Blvd: 6,363 SFParking Lot- APN 5401-012-008: 10,328 SFTotal Lot Size: 16,691 SF

APN 5401-012-001 | 5401-012-008

Year Built 1956

Zoning 451 Silver Lake: LACRAPN 5401-012-008: LAR2

Type of Ownership Fee Simple

PROPERTY OVERVIEW

THE OFFERING INCLUDES

• 2 parcels - 451 Silver Lake Boulevard and the adjacent parking lot on Robinson Street, APN 5401-012-008

• El Caserio restaurant business - Approximately $1.5 million in sales annually

• Full Type 47 Liquor License

• Catering Permit

• All furniture, fixtures, equipment, and inventory

• Restaurant business financials available upon request

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INVESTMENT HIGHLIGHTS

• Successful and unique Ecuadoran/Italian restaurant in highly desirable submarket of Silver Lake, CA

• Two separate parcels with 24 dedicated parking spaces

• Restaurant has patio space and a private dining room

• Full bar - Full type 47 liquor license

• Valet parking available

• 291 feet of frontage on Silver Lake Boulevard with 31,440 vehicles per day passing on Silver Lake Boulevard

• Silver Lake is a highly desirable neighborhood in Los Angeles known for its walkability, hip and trendy retail, restaurants, and bars

• Silver Lake is known for its creative enclave and was named by Forbes as the Most Hipster Neighborhood in America

• Dense location with over 1,158,300 people in a five mile radius

• Centrally located - Easy access to the 101 Hollywood Freeway and just northeast of Downtown Los Angeles

• Strong restaurant sales

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ADDRESS451 Silver Lake Boulevard, Los Angeles, CA 90026 APN 5401-012-001 - RestaurantAPN: 5401-012-008 - Parking Lot

SITEThe subject property is located on the Southwest corner of London Street and Silver Lake Boulevard.

SQUARE FOOTAGESThe Subject Property consists of a retail building consisting of 3,698 square feet on a 16,691 square foot lot.

FRONTAGE AND ACCESSAccess is from Silver Lake Boulevard, London Street, and Robinson Street.

YEAR BUILTThe property was built in 1956.

TRAFFIC COUNTSSilver Lake Boulevard: 31,446 vehicles per day

PARKINGAdjacent lot with 24 surface spaces availableRatio of 6.88/1,000 SF

ZONINGRestaurant - LACRParking Lot - LAR2

LICENSESType 47 Liquor LicenseCatering Permit

SALES VOLUMEApproximately $1.5 million annually

PROPERTY OVERVIEW

SILVER LAKE BOULEVARD

LONDON STREET

ROBI

NSO

N ST

REET

Adjacent Parking Lot (24 spaces)

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Silver Lake is a residential and commercial neighborhood in the central region of Los Angeles, California. Silver Lake 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. Originally named Ivanhoe in the 1900s by a resident from Scotland, it was built around what was then a city reservoir which gives the district its name. The "Silver" in Silver Lake is not because of the water's color, but named for a local politician who helped create the reservoir. The area is known for its restaurants and hipster hangouts, and many notable people have made their homes there. The neighborhood has several public and private schools.

• Silver Lake is known for its creative enclave and is home to many artists, writers and musicians

• Renowed architects were commissioned to build homes in Silver Lake, Frank Lloyd Wright, Richard Neutra, John Lautner, Raphael Soriano, RM Schindelr, and Gregory Ain

• Forbes Magazine named Silver Lake The Most Hipster Neighborhood in America

• Silver Lake is an important part of gay rights in LA history

• Sunset Junction, where Sunset Boulevard and Santa Monica Boulevard meet is considered the eastside Abbot Kinney

• Silver Lake is continually growing and great for an eclectic spot, diverse families seeking out good schools and a community vibe, and gay couples who were some of the first to gentrify the area.

• Silver Lake is located five miles northwest of downtown Los Angeles

SILVER LAKE

Sunset Junction refers to the portion of Silver Lake where Sunset Boulevard and Santa Monica Boulevard, meet. This area is known for its immense walkability, eclectic shops, low-key restaurants, and local cafes and bars that border the corridor. The Silver Lake Farmers’ Market takes place every Tuesday and Saturday and showcases vintage clothing racks, books and records, fresh produce and food vendors. Every August, there is the Sunset Junction Street Festival where thousands descend on the neighborhood for a block party.

SUNSET JUNCTION

Silver Lake is full of cafes, clubs and lounges, vintage shopping, a weekly farmer’s market, bus lines, bike rentals, — all just down the hill from a breezy residential neighborhood.

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LOCAL DEMOGRAPHICS

1 MILE 3 MILES 5 MILES

2014 Population 86,827 565,138 1,158,376

2014 Households 32,617 223,584 436,110

2014 Average Household Size 2.60 2.47 2.55

2014 Daytime Population 16,957 321,969 581,113

2014 Owner Occupied Housing Units 12.34% 13.67% 18.33%

2014 Renter Occupied Housing Units 87.66% 86.33% 81.67%

2014 Vacant 2.37% 3.86% 3.30%

2014 Median Household Income $34,547 $31,226 $33,818

2014 Per Capita Income $19,390 $21,526 $22,423

2014 Average Household Income $50,743 $53,438 $57,790

$ 0 - $14,999 19.9% 24.2% 22.9%

$ 15,000 - $24,999 17.1% 17.8% 16.2%

$ 25,000 - $34,999 13.6% 12.7% 12.3%

$ 35,000 - $49,999 16.3% 13.8% 13.6%

$ 50,000 - $74,999 15.4% 13.3% 14.3%

$ 75,000 - $99,999 6.9% 6.5% 7.2%

$100,000 - $124,999 4.2% 4.3% 4.9%

$125,000 - $149,999 2.6% 2.3% 2.7%

$150,000 - $199,999 2.4% 2.2% 2.6%

$200,000 - $249,999 0.6% 1.0% 1.2%

$250,000 + 1.1% 1.9% 2.2%

SILVER LAKE DEVELOPMENTS

505 SILVER LAKE BOULEVARD

SILVER LAKE BOULEVARD & BELLEVEUE AVENUE

505 Silver Lake Boulevard will be a 49 unit luxury apartment designed by NAC Architecture. Construction is scheduled to begin second quarter of 2017.

CIM Group is proposing a mixed-use complex for the corner of Silver Lake Boulevard and Belleveue Avenue. There will be 136 residential units with 15 percent reserved for low-income renters. The complex would provide 236 parking spaces as well as 12,000 square feet of retail space.

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SALES COMPARABLES

ADDRESS SALES PRICE PRICE/SF BLD SF LOT SF CLOSE OF ESCROW

1 1323 N Highland Avenue, Los Angeles $6,026,000 $1,214.43 4,962 18,165 5/18/2016

2 4301 W Riverside Drive, Burbank $4,600,000 $701.22 6,560 18,282 6/1/2017

3 2870 Rowena Avenue, Los Angeles $1,450,000 $966.67 1,500 5,554 1/16/2015

4 4420 W Sunset Boulevard, Los Angeles $7,500,000 $920.13 8,151 17,955 12/11/2015

5 7627 W Sunset Boulevard, Los Angeles $3,900,000 $783.45 4,978 5,741 7/29/2016

6 1922-1924 Hillhurst Avenue, Los Angeles $2,500,000 $1,008.06 2,480 6,752 3/3/2017

7 1628 Silver Lake Boulevard, Los Angeles $3,760,000 $1,175.00 3,200 11,326 10/2/2015

8 3709 W Sunset Boulevard, Los Angeles $11,381,719 $1,267.03 8,983 9,640 1/12/2017

Average $5,139,715 $1,004.50 5,102 11,677

$1,214.43

$701.22

$966.67 $920.13

$783.45

$1,008.06

$1,175.00

$1,267.03

$1,004.50

$-

$200.00

$400.00

$600.00

$800.00

$1,000.00

$1,200.00

$1,400.00

1323 NHighland

Avenue, LosAngeles

4301 WRiverside

Drive,Burbank

2870 RowenaAvenue, Los

Angeles

4420 WSunset

Boulevard,Los Angeles

7627 WSunset


1922-1924Hillhurst

Avenue, LosAngeles

1628 SilverLake


3709 WSunset


Average

SALES COMPARABLES PRICE/SF

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SALES COMPARABLES

Sales Comparable 1

Address 1323 N Highland Avenue, Los Angeles

Sales Price $6,026,000

Price/SF $1,214.43

Bldg SF 4,962

Lot SF 18,165

Close of Escrow 5/18/2016

Sales Comparable 2

Address 4301 W Riverside Drive, Burbank


Price/SF $701.22

Bldg SF 6,560

Lot SF 18,282


Sales Comparable 3

Address 2870 Rowena Avenue, Los Angeles


Price/SF $966.67

Bldg SF 1,500

Lot SF 5,554


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Sales Comparable 4

Address 4420 W Sunset Boulevard, Los Angeles


Price/SF $920.13

Bldg SF 8,151

Lot SF 17,955


Sales Comparable 5



Price/SF $783.45

Bldg SF 4,978

Lot SF 5,741


Sales Comparable 6

Address 1922-1924 Hillhurst Avenue, Los Angeles


Price/SF $1,008.06

Bldg SF 2,480

Lot SF 6,752


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Sales Comparable 7

Address 1628 Silver Lake Boulevard, Los Angeles


Price/SF $1,175.00

Bldg SF 3,200

Lot SF 11,326


Sales Comparable 8



Price/SF $1,267.03

Bldg SF 8,983

Lot SF 9,640


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SALES COMPARABLES

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G R O U P

BRANDON MICHAELS

BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) [email protected]: CA #01434685

ANDREW LEFFSenior AssociateDirector, National Retail GroupTel: (818) [email protected]: CA #01865688

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451 silver lake boulevard brandon michaelsimages4.loopnet.com/d2/srop5x4h0ix4kcxysfqtdqa4...451...

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