owner / user & investment opportunity creative … · roasting its beans on-site & teaming...

V102419

OWNER / USER & INVESTMENT OPPORTUNITY CREATIVE OFFICE / RETAIL± 3,150 SF TOTAL

INDUSTRYPARTNERS.COM310 395 5151CA BRE No. 01900833

FOR SALE

8540 & 8542 WASHINGTON BLVDCULVER CITY

CARLE [email protected] BRE LIC NO. 01464318

CHRIS [email protected] BRE LIC NO. 01909867

INDUSTRYPARTNERS.COM 310 395 5151 CA BRE NO. 01900833 V102419 2

FOR SALE CREATIVE OFFICE | RETAIL 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232 INVESTMENT OVERVIEW

8540 & 8542 WASHINGTON BLVDApple HQHBO HQ

Scopely HQ

Amazon Studios

Nike HQ

Downtown Culver City Station

ADDRESS

8540 Washington Blvd

8542 Washington Blvd

PRICE

$3,750,000LOT AREA

1,797 SF

2,253 SF

BUILDING AREA

± 1,400 SF

± 1,750 SF

± 3,150 SF TOTAL

$BLDG / SF

$1,190YEAR BUILT

1956APN

4205-017-018

4205-017-017

Rare Owner/User or Investment Opportunity at the heart of Culver City

FEATURES

Located on a corner lot within a prime commercial corridor

Blocks away from Apple, HBO and Amazon new Headquarters

21,600 daily traffic count

Highly walkable retail storefront with a ‘Walker’s Paradise’ Walkscore™ of 93/100

Surrounded by amenities (see pg 5)

Parking located in rear of building

Recent power upgrade

No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease are subject to change or withdraw-al without notice. ©2019 INDUSTRY PARTNERS, INC.


FOR SALE OWNER / USER INVESTMENT OPPORTUNITY 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232 EXTERIOR PHOTOS


FOR SALE OWNER / USER INVESTMENT OPPORTUNITY 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232 INTERIOR PHOTOS8542 WASHINGTON BLVD


FOR SALE OWNER / USER INVESTMENT OPPORTUNITY 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232

AS-IS FLOOR PLAN

8542 WASHINGTON BLVD ±1,750 SF

8540 WASHINGTON BLVD ±1,400 SF

FLOOR PLAN

8542 WASHINGTON BLVD± 1,750 SF

8540 WASHINGTON BLVD± 1,400 SF

WA

SHIN

GTO

N B

LVD



Blum & Poe

Father’s Office

Destroyer

Bar Nine

Trader Joe’s

Tender Greens

8540 & 8542 WASHINGTON BLVD

EXPO LINE

Walter Maciel

Helms Bakery

Platform

Equinox

Thinkspace Gallery

Hi-Lo Liquor

Industry Cafe & Jazz

Cognoscenti Coffee

Brunello

JR’s BBQ

Howling JuiceGaby’s Mediterranean

Whole Foods NEW

10 min walk26 min ride to

Downtown Santa Monica

28 min ride toDowntown Los Angeles

AMENITY MAP

About the neighborhood

Close proximity to the Expo Line

Located in one of L.A.’s pioneering creative office neighborhoods

Nearby companies include Apple, Amazon, HBO, Nike, Eric Owen Moss Architects, Morphosis, and Disney.

Blocks away from high-profile development projects such as Ivy Station, Platform, and Cumulus, a mixed-use project with over 1,200 residential units, and approximate-ly 100K SF of retail including a 50,000 SF Whole Foods.

3-MIN DRIVE TO 10 FWY20-MIN DRIVE TO LAX26-MIN METRO RIDE TO DOWNTOWN SM28-MIN METRO RIDE TO DTLA

No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease are subject to change or withdraw-al without notice. ©2019 INDUSTRY PARTNERS, INC.


FOR SALE OWNER / USER INVESTMENT OPPORTUNITY 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232 SELECTED AMENITIES

Bar Nine. Expansive coffeehouse roasting its beans on-site & teaming its java with pastries.

Pasta Sisters. Casual, cozy Italian deli with expanded seating & two patios serving handmade pastas & panini’s.

Father’s Office. Lively gastropub (with a big patio) known for gourmet burgers & dozens of craft beers on tap.

Destroyer. Jordan Kahn’s minimalist, daytime-only spot for inventive Scandinavian-style breakfast & lunch fare.

Simonette. An all-day café, bar and bistro inspired by the traditions of classic French neighborhood cafés.

Vespertine. Dining as art at this reservations-only venture from Jordan Kahn (Destroyer, Red Medicine).



NikeLa Cienega/Jefferson Station

Pop Sugar

DisneyThink LA

Steelhouse

Outerknown

wHY Architects

Nantworks

NPR

PrettyBird

Apple Beats

Apple Beats

Apple Beats

Hayden StudiosUCLA Grad Art Studios

Omelet

Culver City Station

Home Me

Torrence Architects

WeWork

Planned / Under DevelopmentRecent Developments Tenants in the area

Cumulus1,218 Residential Units200,000 SF Office100,000 SF Retail

5500 W Jefferson Blvd85,000 SF OfficeLeased to Apple

5860 Jefferson Blvd50,000 SF OfficeLeased to Nike

Culver Studios721,000 SF Studio Space530,000 Leased to Amazon

Culver Steps75,000 SF OfficeLeased to Amazon40,000 SF Retail

8888 Washington Blvd62,000 SF OfficeLeased to Scopely

Platform80,000 SF Retail

Ivy Station200 Reisdential Units210,000 SF OfficeLeased to HBO

Helms Bakery250,000 SF of Retail8777 Washington Blvd

128,000 SF OfficeLeased to Apple

One Culver363,000 SF Office60,000 SF Leased to WeWork150,000 SF Leased to Apple65,000 SF Retail50% Leased to Equinox

Expansion50,000 SF OfficeLeased to Nike & LeBron James

One Westside584,000 SF OfficeLeased to Google

2 miles away

Wrapper160,000 SF Office

8540 WASHINGTON BLVDSUBJECTPROPERTY

Vayner Media

512,000 SF TotalIncluding Beats

605,000 SF Total 210,000 SF Total

1.3 MILLION SFof Recently Announced Office & Studio Leases

LEASING ACTIVITY SUMMARY

CULVER CITY FOOTPRINT

Cumulus is a mixed use project with 1,200 residential units, 100,000 square feet of retail, and 200,000 square feet of office.

Amazon will occupy an impressive 530,000 square feet of the Culver Studios.

10000 Washington Boulevard in Culver City, offers 300,000 square feet of office space. Por-tions of the building have already been leased by WeWork and Equinox Fitness, and Apple is in talks to take additional space.

Apple leased a 128,000 square foot building at 8777 Washington Boulevard.

HBO Leased 210,000 square feet at Ivy Station.

Amazon agreed to lease 75,000 square feet of office space at the Culver Steps development. That will give Amazon more than 600,000 square feet of space in Culver City.

MARKET OVERVIEW



8777 WASHINGTON BLVDF

CULVER STUDIOSC

ONE CULVERA

IVY STATION E

8888 WASHINGTON BLVD D

5500 W JEFFERSON BLVD H

CULVER STEPS B

CUMULUS G

8540 & 8542 WASHINGTON BLVD

A

H

B C D E F G

ONE CULVER

260,000 SF Creative Office Wework/Equinox Leases

5500 W JEFFERSON BLVD

85,000 SF Creative Office Apple’s new office

CULVER STEPS

75,000 SF Creative Office Amazon new office

CULVER STUDIOS

280,000 SF Creative Office Amazon new studios

8888 WASHINGTON BLVD

62,000 SF Creative Office Developed by Runyon Group

IVY STATION

200 Residential Units

210,000 SF Creative Office

36,000 SF Retail


128,000 SF Creative Office Apple’s new office

CUMULUS

1,218 Residential Units

200,000 SF Creative Office

100,000 SF Retail

DEVELOPMENT PIPELINE



1, 2, 9


3, 6

4

5

7

8

10

ADDRESS SF LEASED LCD RENT

1. 3821 Main St 400 Oct-19 $8.00/NNN

2. 3816 Main St 500 Oct-19 $6.75/NNN

3. 9300 Culver Blvd 2,737 Aug-19 $8.00/NNN

4. 2000 S La Cienega Blvd 4,139 Aug-19 $3.62/NNN

5. 6150 Washington Blvd 1,200 Jul-19 $3.96/NNN

6. 9345 Culver Blvd 2,300 Jul-19 $7.00/NNN

7. 9000-9298 Venice Blvd 1,000 Jul-19 $3.50/NNN

8. 6050-6056 W Jefferson Blvd 14,400 Jul-19 $4.75/NNN

9. 3815 Main St 1,750 Mar-19 $3.38/NNN

10. 3338-3350 La Cienega Pl 685 Feb-19 $4.50/NNN

LEASE COMPS


FOR SALE OWNER / USER INVESTMENT OPPORTUNITY 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232 SALE COMPS

1

6


2

3

4

5

ADDRESS BUILDING SF SALE PRICE SALE DATE PRICE / BLD SF

1. 3760 Motor Ave 9,836 SF $7,500,000 07/11/18 $1,116/SF

2. 11280 Washington Blvd 2,100 SF $2,180,000 03/15/18 $1,038/SF

3. 10351 Washington Blvd 6,847 SF $7,500,000 02/11/19 $1,066/SF

4. 4333 Sepulveda Blvd 1,217 SF $1,345,000 01/31/18 $1,105/SF

5. 11221 Venice Blvd 3,000 SF $2,750,000 - $916/SF

6. 9355 Culver Blvd 6,600 SF $7,100,000 02/01/17 $956/SF


FOR SALE OWNER / USER INVESTMENT OPPORTUNITY 8540 & 8542 WASHINGTON BLVD CULVER CITY CA 90232 INVESTMENT PRO FORMA

DEAL SUMMARY

Building SF 3,150

Purchase Price $ 3,750,000 $ 1,190 /SF

Project Construction Costs $ - $ -

Total Project Cost $ 3,750,000 $ 1,190 /SF

Down Payment $ 375,000 10.00%

1st Trust Deed $ 1,875,000 50.00%

2nd Trust Deed $ 1,500,000 40.00%

1st Trust Interest Rate 3.53% 25 Year Fixed

2nd Trust Interest Rate 4.00% 25 Year fixed

1st Trust Deed Amortization 300

2nd Trust Deed Amortization 300

Yearly Debt Service 1st $ 113,003

Yearly Debt Service 2nd $ 95,011

Annual Rent Escalations 3.00%

First Year NOI $ 217,350

Building Value $ 4,347,000 5.00%

Value Per Square Foot $ 1,380

Loan To Value 77.64%

INCOME Year 1 Year 2 Year 3 Year 4 Year 5

Rental Income (NNN) $ 3,150 $ 5.75 $ 217,350 $ 223,871 $ 230,587 $ 237,504 $ 244,629

Parking Income $ - - - - - - -

CAM Income 54,575 54,806 55,044 55,289 55,541

Less: Vacancy 0% - - - - -

Total Income 271,925 278,677 285,631 292,793 300,170

EXPENSES Year 1 Year 2 Year 3 Year 4 Year 5

Property Taxes 14.88 46,872 46,872 46,872 46,872 46,872

Insurance 0.79 2,500 2,575 2,652 2,732 2,814

Property Management Fees - - - - - -

Repairs & Maintenance 0.79 2,500 2,575 2,652 2,732 2,814

Landscaping 0.38 1,200 1,236 1,273 1,311 1,351

Utilities 0.48 1,500 1,545 1,591 1,639 1,688

Total Expenses 17.33 54,575 54,806 55,044 55,289 55,541

Net Operating Income 217,350 223,871 230,587 237,504 244,629

Less: Debt Service (208,013) (208,013) (208,013) (208,013) (208,013)

Debt Service Coverage 1.04x 1.08x 1.11x 1.14x 1.18x

Cash Flow Available for Distribution 9,337 15,857 22,573 29,491 36,616

CASH ON CASH RETURN 2.49% 4.23% 6.02% 7.86% 9.76%

Annual Principal Reduction 83,240 86,400 89,680 93,085 96,620

owner / user & investment opportunity creative … · roasting its beans on-site & teaming...

Documents