brad conroy - loopnet · santa monica boulevard location overview the subject property is centrally...



SANTA MONICA BOULEVARD

PROPERTY PROFILE

MAJOR CROSS STREET Between Fairfax Ave and La Brea Ave

PROPERTY ADDRESS 7424 - 7426 Santa Monica Blvd.West Hollywood, CA 90046

ZONING CC1 Mixed-Use Overlay Zone

YEAR BUILT 1953

BUILDING SIZE 3,138 sf

LOT SIZE 12,494 sf

DIMENSION +/- 100’ Width x 125’ DepthLOT Property Year Built APN Lot Size

1 7424 Santa Monica 1953 5531-022-003 6,247 SF

2 7426 Santa Monica 5531-022-002 6,247 SF

Total 12,494 SF




Sale Price Lot Size (SF)

CAP Rate Price/SF

Closed Zoning

Size (SF) Year Built

Price/SF


CAP Rate Price/SF

Closed Zoning


Price/SF


Closed Price/SF

Size (SF) Zoning

Price/SF Year Built

WDC2A

$1,689 1953

SUBJECT PROPERTY 7424-7426 Santa Monica Blvd. West Hollywood, CA 90046

$5,300,000 12,494

For Sale $424

3,138

1936

$990

7985 Santa Monica Blvd. West Hollywood, CA 90046

$14,700,000 31,546

N/A $466

4/5/2016 C2

14,849

8351 Santa Monica Blvd.. West Hollywood, CA 90069

$10,914,000 18,716

3.40% $583

9/29/2016 WDC2A

8,320 1966

$1,312

COMPARABLES





CAP Rate Price/SF

Closed Zoning


Price/SF


CAP Rate Price/SF

Closed Zoning


Price/SF


Closed Price/SF

Size (SF) Zoning

Price/SF Year Built

7916-7920 Santa Monica Blvd. West Hollywood, CA 90046

$2,700,000 6,251

N/A $432

1/14/2016 WDC2A

7,696 1925

$351

7414 Santa Monica Blvd.. West Hollywood, CA 90069

$1,639,000 3,123

Owner/User $525

4/28/2017 WDC2A

2,925 1922

$560

$1,689 1953

SUBJECT PROPERTY 7424-7426 Santa Monica Blvd. West Hollywood, CA 90046

$5,300,000 12,494

For Sale $424

3,138 WDC2A

COMPARABLES




LOCATION OVERVIEW

The subject property is centrally located on Santa Monica Boulevard between La Brea and Fairfax. Santa Monica

Boulevard in the City of West Hollywood is an iconic street that is part of the Historic Route 66. Before West Hollywood was

incorporated in 1984, Santa Monica Boulevard had abandoned railroad tracks and unkept medians. The city has since torn

up the tracks and planted trees along the street and in medians. In 1999, the City of West Hollywood began a two-year,

$34-million project to remodel the street and its sidewalks.

At present, Santa Monica Boulevard has become a shopping, dining and entertainment destination. The eclectic

thoroughfare is an inspiring walking exploration of Los Angeles culture, featuring a vibrant LGBT community, as well as the

most concentrated single Russian-speaking community in the US outside of New York. Locals refer to it as the Main Street to

the Hip and Famous. Each year, the LA Pride Parade and World Famous West Hollywood Halloween Carnaval take place on

this iconic street.Sources used for information: Weho.org, Wehoville.com, Latimes.com




INVESTMENT HIGHLIGHTS

Conroy Commercial, Inc. is pleased to present to qualified investors the opportunity to purchase a single-story 3,138 square foot of building situated on approximately 12,494 square feet of land. The subject property has tremendous future development potential. The property is situated on dynamic Santa Monica Boulevard between Fairfax and La Brea Avenues where

massive development projects are underway. It is in close proximity to densely populated

residential neighborhoods that could benefit from more commercial options.

- Ideal for new development, investor or owner/user- Two parcels totaling 12,494 sq. ft. of land- Gentrifying area with multiple new and proposed

developments

- Dense Immediate Population- High foot and vehicle traffic counts




DEVELOPMENT HIGHLIGHTS

Land Area: 12,494 SFDimensions: +/- 100’ width x 125’ depthBASE FAR: 1.5+ Mixed Use Bonus FAR: 0.5 = 2.0FAR Before Affordable Housing Bonus: 2.0x Affordable Housing Density Bonus: 1.35TOTAL Project FAR: = 2.7+ Green Building Bonus 0.1Total Project FAR 2.8Height Limit: Up to 55 ft/5 storiesZoning: CC1 Mixed-Use Overlay ZoneTotal Potential Buildable: 34,983 SF (Buyer to verify)Price Per SF Land: $424Price Per Potential FAR SF: $151

Oregon Avenue, now known as Santa Monica Boulevard




PLAT MAP

SANTA MONICA BOULEVARD WESTBOUND, CIRCA 1952




PHOTOS




AREA OVERVIEW

HOLLYWOOD

BEVERLY GROVE

WEST HOLLYWOOD

MIRACLE MILE KOREATOWN

CENTURY CITY

BEVERLY HILLS




STREET SCOPE

1 The Dylan - 184 units, 13,500 SF retail 2 Domain - 166 units, 10,000 SF retail 3 BevMo!4 Harlowe Nightclub 5 Smart & Final 6 Fatburger 7 Madison Carwash8 Formosa Cafe 9 Bar Lubitsch 10 Whole Foods 11 Quixote Studios 12 Rite Aid Center13 New CIM Mixed-Use Site14 Just for Dogs15 Kung Pao Bistro16 Sixty-Six Lounge17 Astro Burger18 Plummer Park19 Bombay Grill20 Best Buy21 Target22 Jones Hollywood 23 Global Cuisine by Gary Arabia24 Food Lab25 Galanga Thai Fusion26 Tinto

12

3

4

56

7

89

10

11

1213

14

15

16

18 19

2021

22

23

24

25

26



SANTA MONICA BOULEVARDNEW DEVELOPMENTS

187 apartment units, approx. 18,159 sf of retail space

184 apartment units, approx 12,808 sf of retail

space

UNDER CONSTRUCTION

Movietown Plaza Development - 370 Apartments, approx 32,000sf

of retail space.

APPROVED1041 Formosa Ave – 100,000sf creative office/media support

DOMAIN7141 Santa Monica Blvd

Mixed-use project with 166 apartment units

APPROVED7377 Santa Monica Blvd

Plummer Park renovation

1

1

2

2

3

3

4

4

5

5

6

6

7

7

8

AVALON7316 Santa Monica Blvd.

1145 La Brea37 Residential units &

street level retail spaces

8

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer or lessee must verify the information and bears all risk for any inaccuracies. Conroy Commercial Inc. ©2014

Brad Conroy | Lic 01328315 [email protected] 310.275.3233

SUNSET BOULEVARD | $9,900,000

5877 West Third Street | Los Angeles, CA 90036 | Lic. 01772254T 310.275.3233 | F 866.499.7479 | WWW.CONROYCOMMERCIAL.COM

Conroy Commercial , Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither Conroy Commercial, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, Conroy Commercial, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum. This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property. This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and Conroy Commercial, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. The photographs herein may have been enhanced or otherwise modified for the purpose of providing a clearer view of the subject property. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. Neither the Owner or Conroy Commercial, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents (including without limitations the photographs contained herein), and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property. The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Conroy Commercial, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Conroy Commercial, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Conroy Commercial, Inc. The information contained in this document has been obtained from sources believed reliable. While Conroy Commercial, Inc. does not doubt its accuracy, Conroy Commercial, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Affiliated Business Disclosure, Confidentiality Agreement and Disclaimer

SALES | LEASING | PROPERT Y MANAGEMENT

The Commercial Corr idor Company

Brad Conroy5877 West Third StreetLos Angeles, CA 90036

[email protected]

Brad Conroy5877 West Third StreetLos Angeles, CA 90036

T [email protected]

brad conroy - loopnet · santa monica boulevard location overview the subject property is centrally...

Documents