Offering Memorandum
8121 Van Nuys BlvdPanorama City, CA
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
NON-ENDORSEMENT NOTICE
CONFIDENTIALITY AND DISCLAIMER
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
exclusively listedExclusively listed by:
Gregory A. MillsSenior Vice President Investments ENCINOTel: (818) 212-2720Fax: (818) [email protected] License: CA 00697823
Jeff LouksSenior Vice President Investments ENCINOTel: (818) 212-2780Fax: (818) [email protected] License: CA 00908473
Investment Sales:
OFFICES NATIONWIDEwww.marcusmillichap.com
8121 Van Nuys Boulevard
EXECUTIVE SUMMARYOffering Highlights 2Investment Overview 3Summary of Terms 5
PROPERTY DESCRIPTIONProperty Detail 8Regional Map 9Aerial Photograph 10Local Map 11Regional Map 12Retail Aerial 14Site Plan 15Parcel Map 16Floor Plans 19-24
COMPETITIVE PROPERTY SETDevelopment Recent Land Sales 28-31Medical Office Sales 33-35Apartment Recent Sales 36-39Medical Office Lease 41-45Apartment Lease 47-51
MARKET OVERVIEWLocation Overview 54-56San Fernando Valley Overview 60Los Angeles Market Overview 62-69Los Angeles Apartment Market 70-71Los Angeles Office Market 72-73Schools in the Development Zone 75Demographic Summary 77-78
Table of Contents
summaryE X E C U T I V E S U M M A R Y
EXECUTIVE SUMMARY
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Executive Summary
8121 VAN NUYS BOULEVARDPanorama City, CA 91402
OFFERING SUMMARY Offering Price $10,000,000
Down Payment 100% / $10,000,000
Gross Square Feet 84,273 SF
Price Per Gross/Square Feet $118.66 SF
Rentable Square Feet 68,442
Price Per Rentable Square Feet $146.11
Parcel Size 86,455 SF
Price Per Parcel $115.67
Year Built 1970
Type of Ownership Fee Simple
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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EXECUTIVE SUMMARY
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Marcus & Millichap has been selected to exclusively market for sale a six-story, 84,273-square-foot office building in Panorama City, in the San Fernando Valley, a major suburb of Los Angeles, California The property, now vacant, would be appropriate for a variety of types of development: single or multi-tenant medical or other office space, owner-user operation, entertainment studios, government agencies, senior housing, 55+ community, independent living, assisted living, schools, storage, or other C2-zoned permitted uses
The property is located at 8121 Van Nuys Boulevard, just south of Roscoe Boulevard, another major thoroughfare The current structure was most recently used as a medical office building; the property is vacant now and will be delivered vacant at closing The building has two elevators (2,500 pounds and 3,200 pounds) and is built with reinforced concrete, spread footings and cast-in-place piles The dimension of the building is 150’ x 75’ and each floor from the second to the sixth is approximately 11,250 square feet The first floor is larger in size at approximately 12,000 square feet
The upper floors of the building offer panoramic views of the San Fernando Valley The entire building has been equipped with a fire sprinkler system and automatic fire panel system, which saves thousands of dollars for any type of future redevelopment The electrical service is underground, with 2,000 amp, 480/277 volt 3 phase, sufficient for any type of tenant
Investment Highlights■■ Built with reinforced concrete, spread footings and cast in-place piles■■ Excellent multifamily development opportunity■■ Additional development potential■■ Within minutes accessible to major freeways such as 118, 170, 101 and 210■■ Excellent demographics■■ Median household income in five years estimated at $59,203■■ Traffic counts over 46,000 cars daily
Investment Overview
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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EXECUTIVE SUMMARY
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Interest Offered
Fee simple interest in 8121 Van Nuys Blvd, a 84,273 gross square feet medical office building located at 8121 Van Nuys Boulevard, Panorama City, CA 91402
Terms of the Sale
8121 Van Nuys Blvd is offered on an all cash basis
Property Tours
Prospective purchasers are encouraged to visit the subject property prior to submitting offers However, all property tours must be arranged with the Marcus & Millichap listing agents Please do not contact the tenants, on-site management or staff without prior approval
Summary of Terms
descriptionP R O P E R T Y D E S C R I P T I O N
PROPERTY DESCRIPTION
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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THE OFFERING
Property 8121 Van Nuys Boulevard
Property Address Panorama City, CA 91402
Property Type Medical Office
SITE DESCRIPTION
Parcel 86,455 SF
Floor Area Ratio 0.81
Parking Spaces 230 Surface Spaces
Parking Ratio 3.36/1,000 SF
Topography Flat
PARCELS
Number of Tax Parcels
APN 2210-011-028, 2210-011-032
ZONING
PUD: LAC2, M1
ACCESS POINTS
Street Frontage: 178 SF on Van Nuys Blvd.
Cross Streets: Lanark St.
Traffic Counts: Over 46,000 Cars
CONSTRUCTION
Construction Type Reinforced Concrete, Spread Ftngs,Cast in-place Piles
Foundation Concrete
Exterior Walls Concrete and Glass
Number of Floors 6
Floor Plate Size 11,250 SF
Roof Flat
Parking Surface Asphalt
MECHANICAL
HVAC Central
Fire Protection Fire Alarm, Sprinkler System
Plumbing Copper Piping
Elevator Two (2), 2500 lb & 3200 lb
Utilities All Public Utilities
INTERIOR DEAIL
Walls Freshly Painted
Ceiling Freshly Painted
Floor Covering Tile and Carpet
Rest Rooms Restroom on each floor and private in each suite
Corridors Carpet
AVAILABLE SPACE CONDITION
Description: Freshly Painted
Floors 1-5 Rent Ready
Floor 6 Gutted Open Space
Property Details
PROPERTY DESCRIPTION
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Aerial Photograph
LOCAL MAP
PROPERTY DESCRIPTION
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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CHAMPS CharterHigh School of
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Kaiser PermanentePanorama CityMedical Center
St Genevieve’sHigh School
PanoramaCity
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SheldonArleta Park
BranfordPark
NorthHills West
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The Plant Shopping Center
8121 Van Nuys Boulevard
Local Map
PROPERTY DESCRIPTION
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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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2014 Marcus & Millichap ACT ID V0120649
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CA StateUniv
Univof CA
The GreatWestern Forum
The GreatWestern Forum
Los Angeles MemSports Arena
DodgerStadium
AnaheimStadium
Disneyland
KnottsBerry Farm
DadMiller GC
ImperialGC
CoyoteHills GC
Los CoyotesCC CA State
UnivAltaVista GC
Cypress GC
NavalBase GC
OldRanch GC
RiverView GC
WillowickMun GC
David LBaker GC
Mile Square GC
MeadowlarkGC
MesaVerde GC
HuntingtonSeacliff CC
RagingWaters
LA AirForce Base
Long BeachNaval Station
Tustin MarineCorps Air
Station
Los AlamitoReserve Center
Bolsa ChicaState Beach
Robert Meyer MemState Beach
TopangaState Park
Malibu CreekState Park
Las TunasState BeachMalibu Lagoon
State BeachWill RogersState Beach
Santa MonicaState Beach
Dockweiler StateBeach
ManhattanState Beach
RedondoState Beach
Royal PalmsState Beach
Santa Monica Bay
San Pedro Bay
West Fork SanGabriel River
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FullertonMunicipalAirport
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Burbank-Glendale-Pasadena Airport
El MonteAirport
Santa MonicaMunicipal Airport
Los AngelesInt'l Airport
HawthorneMunicipalAirport
Long Beach AirportDaugherty Field
ZamperiniField
Bradbury
EastPasadena
East SanGabriel
NorthEl Monte
SouthEl Monte
WestWhittier
La HabraHeights
EastCompton
WestCompton
WestCarson
IrwindaleMayflower
Citrus
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West PuenteValley
AvocadoHeights
South SanGabriel Valinda
South SanJose Hills
Commerce
Vernon
LaderaHeights
ViewPark
Florence WalnutPark Cudahy
Lennox
WestAthens
DelAire
AlondraPark
Graham
LaPalma
LosAlamitos
Santa FeSprings
Artesia
HawaiianGardens
SignalHillPalos Verdes
Estates
RollingHills
Brea
La Habra
Fullerton
Placentia
BuenaPark
Anaheim
Orange
CypressVillaPark
StantonGardenGroveRossmoor
SealBeach
SantaAna
Westminster
HuntingtonBeach
Tustin
FountainValley
SimiValley
SantaClarita
LOS ANGELES
SanFernando
Glendale
NorthridgeLa
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Pasadena
La CanadaFlintridge
Burbank
Altadena
Duarte
Monrovia
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SierraMadre
HiddenHills
Westlake
ThousandOaks
Newbury Park
Camarillo
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SanDimas
AzusaSan
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SouthPasadena Temple
CitySanGabrielBeverly
Hills Alhambra CovinaBaldwinPark
CharterOak
El Monte
WestHollywood
RosemeadMonterey
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WalnutEast LosAngeles
La PuenteSanta
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CulverCity
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PointDume Pico
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MarinaDel Rey
InglewoodBell
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Downey
SouthGateWestmont South
WhittierLynwood
HawthorneNorwalk
El Segundo WillowbrookLa Mirada
Compton ParamountGardenaBellflower
ManhattanBeach Lawndale
RedondoBeach
Cerritos
Torrance
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Regional Map
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Burger King
CAL BERK HIGH SCHOOL
PANORAMA HIGH SCHOOL
MICHELLE OBAMA ELEMENTARY SCHOOL
NOBLE AVENUE ELEMENTARY SCHOOL
VAN NUYS BLVD
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VISTA MIDDLE SCHOOL
Regency Theaters
Retail Aerial
PROPERTY DESCRIPTION
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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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2014 Marcus & Millichap ACT ID V0120649
Site Plan
8121 Van Nuys Blvd
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Parcel Map
PROPERTY DESCRIPTION
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VE
RV
IEW
8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Floor Plans
Stair #1
Landscaping Landscaping
Elect.Room
Lobby
WEST VIEW
Elev.#1
Elev.#2
Stair #2
Storage
SO
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VAN NUYS BLVD
NO
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H V
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8121 Van Nuys Blvd1st Floor
PROPERTY DESCRIPTION
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W8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
20
Floor Plans
Electrical
Elev 2
Elev 1
Janitor
Tel Equip Tel Equip
Sta
irs
1
Sta
irs
2
Men’s Women’s
WEST VIEW
SO
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VAN NUYS BLVD
NO
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8121 Van Nuys Blvd2nd Floor
PROPERTY DESCRIPTION
21
EX
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RV
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Floor Plans
Clo
set
Stair#1
Janitor Electrical
Women’sCloset
Men’s
Tel. Equip.
Stairs#2
Elev.#1
Elev.#2
Clo
set
Tel. Equip
WEST VIEW
SO
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VAN NUYS BLVD
NO
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H V
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8121 Van Nuys Blvd3rd Floor
PROPERTY DESCRIPTION
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W8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
22
Floor Plans
Electrical
Elev 2
Elev 1
Janitor
Tel Equip Tel Equip
Sta
irs
1
Sta
irs
2
Men’s Women’s
WEST VIEW
SO
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VAN NUYS BLVD
NO
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H V
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8121 Van Nuys Blvd4th Floor
PROPERTY DESCRIPTION
23
EX
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FINA
NC
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SIS
CO
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RA
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SM
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KE
TO
VE
RV
IEW
8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Floor Plans
WEST VIEW
VAN NUYS BLVD
SO
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NO
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8121 Van Nuys Blvd5th Floor
Tel. Equip.
Stairs#1
Janitor Electrical
Women’sMen’s
Clo
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Closet
Elev.#2
Elev.#1
Stairs#2
El. Equip.
Closet
Clo
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Clo
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Clo
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Clo
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Clo
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PROPERTY DESCRIPTION
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W8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
24
Floor Plans
Electrical
Elev 2
Elev 1
Kitchen
JanitorRestroom
Restroom
Sto
rag
eTel Equip Tel Equip
StairWell
StairsWell
Men’s Women’s
Coffee
VestibuleShaft
WEST VIEW
SO
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VAN NUYS BLVD
NO
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8121 Van Nuys Blvd6th Floor; Now Completely Gutted Open Office Space (see next page)
competitiveC O M P E T I T I V E P R O P E R T Y S E T
CA StateUniv
Univof CA
The GreatWestern Forum
The GreatWestern Forum
Los Angeles MemSports Arena
DodgerStadium
AnaheimStadium
Disneyland
KnottsBerry Farm
DadMiller GC
ImperialGC
CoyoteHills GC
Los CoyotesCC CA State
UnivAltaVista GC
Cypress GC
NavalBase GC
OldRanch GC
RiverView GC
WillowickMun GC
David LBaker GC
Mile Square GC
MeadowlarkGC
MesaVerde GC
HuntingtonSeacliff CC
RagingWaters
LA AirForce Base
Long BeachNaval Station
Tustin MarineCorps Air
Station
Los AlamitoReserve Center
Bolsa ChicaState Beach
Robert Meyer MemState Beach
TopangaState Park
Malibu CreekState Park
Las TunasState BeachMalibu Lagoon
State BeachWill RogersState Beach
Santa MonicaState Beach
Dockweiler StateBeach
ManhattanState Beach
RedondoState Beach
Royal PalmsState Beach
Santa Monica Bay
San Pedro Bay
West Fork SanGabriel River
San G
abrie
l Rive
r
ChatsworthReservoir
Van NormanLakes
San GabrielReservoir
MorrisReservoir
Rio Hondo River
Los Angeles River
Sant
a Ana
Rive
r
Lincoln Ave
E Los Angeles Ave
Placerita Canyon Rd
Little Tujunga Rd
San G
abrie
l Can
yon R
d
Bal
boa
Blv
d
Sesnon Blvd
Sepu
lved
a Bl
vd
Res
eda
Blv
d
Win
netk
a Av
e
Woo
dman
Ave
Summitrose St
Roscoe Blvd
Kanan Road
Wes
tlake
Blvd
Victory Blvd
Ventura Blvd
S P
acifi
c Av
e
Sunset Blvd
Sunset Blvd
Santa Monica
Blvd
Santa Monica Blvd
Valley Blvd
Wes
tern
Ave
Wes
tern
Ave
Wilshire Blvd
Slauson Ave
Vista Del Mar Ave Rosecrans Ave
Carson St
Sepulveda Blvd
W Paseo Del Mar
Azu
sa A
ve
Azus
a Av
e
Colima Rd
San Fernando Rd
San Fernando Rd
Colorado Blvd
Harbor Blvd
Venice
Blvd
Culve
r Blvd
Little
Tujun
ga Can
yon
Rd
Mulholland Hwy
Valle
y C
ircle
B
lvd
Haw
thor
ne B
lvd
Palo
s Ve
rdes D
rH
aw
thorne Blvd
Palos Verdes Dr
Mount
Glea
son Ave Big Tujunga Canyon Rd
Angeles Crest Hwy
An
geles For
est H
wy
Van
Nuy
s B
lvd
Imperial Hwy
Beac
h Bl
vdB
each
Blv
d
Topa
nga
Can
yon
Blv
d
Sep
ulve
da B
lvd
Rosem
ead Blvd
Huntington Dr
Whittier Blvd
Whittier BlvdLincoln Blvd
Manchester BlvdFirestone Blvd
Lake
wood
Blvd
Sep
ulve
da B
lvd
Artesia Blvd
Pacific Coast Hwy
7th StOcean Blvd
Seaside Ave
Pacific Coast Hwy
Alva
rado
St
Pacific Coast H
wy
Imperial HwyOrange Frw
y
Costa
Mesa F
rwy
Cos
ta M
esa
Frw
y
Garden Grove Frwy
Simi Valley Frwy
Golden State Hwy
San Fernando Valley Frwy
Foothill Frwy
Gle
ndal
e Fr
wy
Orang
e Fr
wy
Pomona Frwy
Century Frwy
Artesia Frwy
Pomona Frwy
San Diego Frwy
San Bernardino Frwy
Foothill Frwy
Har
bor F
rwy
Santa Ana Frwy
Hollyw
ood Frwy
Ventura Frwy
Long
Bea
ch F
rwy
Hollywood Frwy
Marina Frwy
Santa Monica Frwy
Pas
adena Frwy
San Diego Frwy
San
Gab
riel R
iver
Frw
y
FullertonMunicipalAirport
John WayneAirport
WhitemanAirport
Van NuysAirport
Burbank-Glendale-Pasadena Airport
El MonteAirport
Santa MonicaMunicipal Airport
Los AngelesInt'l Airport
HawthorneMunicipalAirport
Long Beach AirportDaugherty Field
ZamperiniField
Bradbury
EastPasadena
East SanGabriel
NorthEl Monte
SouthEl Monte
WestWhittier
La HabraHeights
EastCompton
WestCompton
WestCarson
IrwindaleMayflower
Citrus
Vincent
West PuenteValley
AvocadoHeights
South SanGabriel Valinda
South SanJose Hills
Commerce
Vernon
LaderaHeights
ViewPark
Florence WalnutPark Cudahy
Lennox
WestAthens
DelAire
AlondraPark
Graham
LaPalma
LosAlamitos
Santa FeSprings
Artesia
HawaiianGardens
SignalHillPalos Verdes
Estates
RollingHills
Brea
La Habra
Fullerton
Placentia
BuenaPark
Anaheim
Orange
CypressVillaPark
StantonGardenGroveRossmoor
SealBeach
SantaAna
Westminster
HuntingtonBeach
Tustin
FountainValley
SimiValley
SantaClarita
LOS ANGELES
SanFernando
Glendale
NorthridgeLa
Crescenta
Pasadena
La CanadaFlintridge
Burbank
Altadena
Duarte
Monrovia
GlendoraArcadia
SierraMadre
HiddenHills
Westlake
ThousandOaks
Newbury Park
Camarillo
AgouraHills
SanDimas
AzusaSan
Marino
SouthPasadena Temple
CitySanGabrielBeverly
Hills Alhambra CovinaBaldwinPark
CharterOak
El Monte
WestHollywood
RosemeadMonterey
Park
WalnutEast LosAngeles
La PuenteSanta
MonicaMontebello
DiamondBar
CulverCity
HaciendaHeights
PointDume Pico
Rivera
Whittier
RowlandHeightsBell
MaywoodHuntington
Park
MarinaDel Rey
InglewoodBell
Gardens
Downey
SouthGateWestmont South
WhittierLynwood
HawthorneNorwalk
El Segundo WillowbrookLa Mirada
Compton ParamountGardenaBellflower
ManhattanBeach Lawndale
RedondoBeach
Cerritos
Torrance
Carson
LongBeach
HermosaBeach
Lomita
Rancho PalosVerdes
WestCovina
Los AngelesCounty
VenturaCounty
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1 2
2
1
1
2
2
118
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27
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1
107
1
1
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5
405
405
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5
5
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210
210
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210
210
405
405
605
605
10
10
710110
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110
710
10
105
8121 Van Nuys Boulevard
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W8121 Van Nuys Boulevard
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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
28
COMPETITIVE PROPERTY SET
Development Recent Land Sales
8121 Van Nuys Boulevard
1 20600 Ventura Boulevard
2 6219 De Soto Avenue
3 6701 Eton Avenue
4 The Glendale Triangle
Development Recent Land Sales Map
5 20539 Ventura Boulevard
6 2753 Waverly Drive
7 7926-7940 Hollywood Boulevard
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3
4
5
7
6
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29
8121 Van Nuys Boulevard
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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
COMPETITIVE PROPERTY SET
2
1
Development Recent Land Sales
6219 De Soto Avenue, Woodland Hills, CA 91367
COMMENTS: Entitled for 707 MF Units
Close of Escrow: 03/30/2012
Sales Price: $31,750,000
Down Payment: $31,750,000
Percent Down: 100%
Zoning: M2-1 / P-1
Lot Size (SF): 455,638
Price/SF: $69.68
Lot Size (Acres): 10.4600
Price/Acre: $3,035,373
20600 Ventura Boulevard, Woodland Hills, CA 91364
COMMENTS: Fully Entitled - Mixed Use Development for 332 Apt Units/8 Retail units
Close of Escrow: 07/22/2011
Sales Price: $32,000,000
Down Payment: $32,000,000
Percent Down: 100%
Zoning: RAS4-1
Lot Size (SF): 364,162
Price/SF: $87.87
Lot Size (Acres): 8.3600
Price/Acre: $3,827,751
3 6701 Eton Avenue, Woodland Hills, CA 91303
Close of Escrow: 08/03/2011
Sales Price: $23,000,000
Down Payment: $23,000,000
Percent Down: 100%
Zoning: LAWC
Lot Size (SF): 181,645
Price/SF: $126.62
Lot Size (Acres): 4.1700
Price/Acre: $5,515,588
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W8121 Van Nuys Boulevard
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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
30
COMPETITIVE PROPERTY SET
4
Development Recent Land Sales
The Glendale Triangle 3900 San Fernando Road, Glendale, CA 91204
Close of Escrow: 12/16/11
Sales Price: $21,400,000
Down Payment: N/A
Percent Down: N/A
Zoning: GLM1
Lot Size (SF): 101,495
Price/SF: $210.85
Lot Size (Acres): 2.33
Price/Acre: $9,184,549
5 20539 Ventura Boulevard, Woodland Hills, CA 91364
Close of Escrow: 06/30/2011
Sales Price: $15,674,500
Down Payment: $15,674,500
Percent Down: 100%
Zoning: (Q)C2-1
Lot Size (SF): 163,786
Price/SF: $95.70
Lot Size (Acres): 3.7600
Price/Acre: $4,168,750
2753 Waverly Drive, Los Angeles, CA 900396
Close of Escrow: 10/18/11
Sales Price: $11,000,000
Down Payment: $11,000,000
Percent Down: 100%
Zoning: LARD2
Lot Size (SF): 128,066
Price/SF: $85.89
Lot Size (Acres): 2.94
Price/Acre: $3,741,497 COMMENTS: Plans/permits all entitled for 63 1800-2000 sq. ft. 3 br/3 ba town-homes ($174,603.17 per unit).
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2013 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
Development Recent Land Sales
7
COMMENTS: Minimum area per dwelling unit = 800 sq. ft (LAR3). Able to build approximately 64 units ($112,500 per unit).
Close of Escrow: 10/28/11
Sales Price: $7,200,000
Down Payment: N/A
Percent Down: N/A
Zoning: LAR3
Lot Size (SF): 51,401
Price/SF: $140.08
Lot Size (Acres): 1.18
Price/Acre: $6,101,695
Hollywood Regency 7926-7940 Hollywood Boulevard, Los Angeles, CA 90046
8121 Van Nuys Boulevard
CA StateUniv
Univof CA
The GreatWestern Forum
The GreatWestern Forum
Los Angeles MemSports Arena
DodgerStadium
AnaheimStadium
Disneyland
KnottsBerry Farm
DadMiller GC
ImperialGC
CoyoteHills GC
Los CoyotesCC CA State
UnivAltaVista GC
Cypress GC
NavalBase GC
OldRanch GC
RiverView GC
WillowickMun GC
David LBaker GC
Mile Square GC
MeadowlarkGC
MesaVerde GC
HuntingtonSeacliff CC
RagingWaters
LA AirForce Base
Long BeachNaval Station
Tustin MarineCorps Air
Station
Los AlamitoReserve Center
Bolsa ChicaState Beach
Robert Meyer MemState Beach
TopangaState Park
Malibu CreekState Park
Las TunasState BeachMalibu Lagoon
State BeachWill RogersState Beach
Santa MonicaState Beach
Dockweiler StateBeach
ManhattanState Beach
RedondoState Beach
Royal PalmsState Beach
Santa Monica Bay
San Pedro Bay
West Fork SanGabriel River
San G
abrie
l Rive
r
ChatsworthReservoir
Van NormanLakes
San GabrielReservoir
MorrisReservoir
Rio Hondo River
Los Angeles River
Sant
a Ana
Rive
r
Lincoln Ave
E Los Angeles Ave
Placerita Canyon Rd
Little Tujunga Rd
San G
abrie
l Can
yon R
d
Bal
boa
Blv
d
Sesnon Blvd
Sepu
lved
a Bl
vd
Res
eda
Blv
d
Win
netk
a Av
e
Woo
dman
Ave
Summitrose St
Roscoe Blvd
Kanan Road
Wes
tlake
Blvd
Victory Blvd
Ventura Blvd
S P
acifi
c Av
e
Sunset Blvd
Sunset Blvd
Santa Monica
Blvd
Santa Monica Blvd
Valley Blvd
Wes
tern
Ave
Wes
tern
Ave
Wilshire Blvd
Slauson Ave
Vista Del Mar Ave Rosecrans Ave
Carson St
Sepulveda Blvd
W Paseo Del Mar
Azu
sa A
ve
Azus
a Av
e
Colima Rd
San Fernando Rd
San Fernando Rd
Colorado Blvd
Harbor Blvd
Venice
Blvd
Culve
r Blvd
Little
Tujun
ga Can
yon
Rd
Mulholland Hwy
Valle
y C
ircle
B
lvd
Haw
thor
ne B
lvd
Palo
s Ve
rdes D
rH
aw
thorne Blvd
Palos Verdes Dr
Mount
Glea
son Ave Big Tujunga Canyon Rd
Angeles Crest Hwy
An
geles For
est H
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Blv
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Can
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Sep
ulve
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lvd
Rosem
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Huntington Dr
Whittier Blvd
Whittier BlvdLincoln Blvd
Manchester BlvdFirestone Blvd
Lake
wood
Blvd
Sep
ulve
da B
lvd
Artesia Blvd
Pacific Coast Hwy
7th StOcean Blvd
Seaside Ave
Pacific Coast Hwy
Alva
rado
St
Pacific Coast H
wy
Imperial HwyOrange Frw
y
Costa
Mesa F
rwy
Cos
ta M
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Frw
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Garden Grove Frwy
Simi Valley Frwy
Golden State Hwy
San Fernando Valley Frwy
Foothill Frwy
Gle
ndal
e Fr
wy
Orang
e Fr
wy
Pomona Frwy
Century Frwy
Artesia Frwy
Pomona Frwy
San Diego Frwy
San Bernardino Frwy
Foothill Frwy
Har
bor F
rwy
Santa Ana Frwy
Hollyw
ood Frwy
Ventura Frwy
Long
Bea
ch F
rwy
Hollywood Frwy
Marina Frwy
Santa Monica Frwy
Pas
adena Frwy
San Diego Frwy
San
Gab
riel R
iver
Frw
y
FullertonMunicipalAirport
John WayneAirport
WhitemanAirport
Van NuysAirport
Burbank-Glendale-Pasadena Airport
El MonteAirport
Santa MonicaMunicipal Airport
Los AngelesInt'l Airport
HawthorneMunicipalAirport
Long Beach AirportDaugherty Field
ZamperiniField
Bradbury
EastPasadena
East SanGabriel
NorthEl Monte
SouthEl Monte
WestWhittier
La HabraHeights
EastCompton
WestCompton
WestCarson
IrwindaleMayflower
Citrus
Vincent
West PuenteValley
AvocadoHeights
South SanGabriel Valinda
South SanJose Hills
Commerce
Vernon
LaderaHeights
ViewPark
Florence WalnutPark Cudahy
Lennox
WestAthens
DelAire
AlondraPark
Graham
LaPalma
LosAlamitos
Santa FeSprings
Artesia
HawaiianGardens
SignalHillPalos Verdes
Estates
RollingHills
Brea
La Habra
Fullerton
Placentia
BuenaPark
Anaheim
Orange
CypressVillaPark
StantonGardenGroveRossmoor
SealBeach
SantaAna
Westminster
HuntingtonBeach
Tustin
FountainValley
SimiValley
SantaClarita
LOS ANGELES
SanFernando
Glendale
NorthridgeLa
Crescenta
Pasadena
La CanadaFlintridge
Burbank
Altadena
Duarte
Monrovia
GlendoraArcadia
SierraMadre
HiddenHills
Westlake
ThousandOaks
Newbury Park
Camarillo
AgouraHills
SanDimas
AzusaSan
Marino
SouthPasadena Temple
CitySanGabrielBeverly
Hills Alhambra CovinaBaldwinPark
CharterOak
El Monte
WestHollywood
RosemeadMonterey
Park
WalnutEast LosAngeles
La PuenteSanta
MonicaMontebello
DiamondBar
CulverCity
HaciendaHeights
PointDume Pico
Rivera
Whittier
RowlandHeightsBell
MaywoodHuntington
Park
MarinaDel Rey
InglewoodBell
Gardens
Downey
SouthGateWestmont South
WhittierLynwood
HawthorneNorwalk
El Segundo WillowbrookLa Mirada
Compton ParamountGardenaBellflower
ManhattanBeach Lawndale
RedondoBeach
Cerritos
Torrance
Carson
LongBeach
HermosaBeach
Lomita
Rancho PalosVerdes
WestCovina
Los AngelesCounty
VenturaCounty
55
55
73
118
23
14
170
101
101
101
101
101
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2
2
110
30
60
60
72
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57
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210
210
210
210
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405
405
605
605
10
10
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110
110
710
10
105
8121 Van Nuys Boulevard
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
45
32
1
Recent Sales
1 Wilbur Medical Plaza
2 Doctors Medical Plaza
3 Balboa Office Plaza
4 12626 Riverside Drive
5 Toluca Plaza
Medical Office Sales Map
8121 Van Nuys Boulevard
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
34
COMPETITIVE PROPERTY SET
1 Wilbur Medical Plaza 5620 Wilbur Avenue, Tarzana, CA 91356
COMMENTS: Subterranean parking. 24 hour access through a tenant activated card-key security system. Walking distance to a wide variety of restaurants, retail services, movie theatre and the Tarzana Post Office. On-site professional management. 3 blocks from Tarzana Medical
Medical Office Recent Sales
Offering Price: $14,150,000
Close of Escrow: 1/26/11
Rentable SF: 53,029
Percent Down: 100%
Year Built: 1986
CAP Rate: 7.50%
Occupancy: 88%
Price/Rentable SF: $266.84
2 Doctors Medical Plaza 10515 Balboa Boulevard, Granada Hills, CA 91344
COMMENTS: Doctors Medical Plaza is a 3-story medical office building centrally located in the San Fernando Valley in the upscale community of Granada Hills. Strategically located adjacent to the Grana-da Hills Community Hospital, a 201-bed full service acute care facility and independent hospital with 24-hour emergency services, intensive care, coronary care, maternity care, skilled nursing facilities and related support services. The building is in the vicinity of the Simi Valley (118), San Diego (405), Ventura (101), and the Golden State (5) Freeways.
Offering Price: $9,000,000
Close of Escrow: 11/22/13
Rentable SF: 42,722
Percent Down: 80%
Year Built: 1983
CAP Rate: 7.32%
Occupancy: 83%
Price/Rentable SF: $210.66
3 Balboa Office Plaza 10605 Balboa Boulevard, Granada Hills, CA 91344
COMMENTS: This was an REO investment sale. The building was 66.3% occupied at the time of sale. The listing broker reported a pro forma Cap Rate of 10.4%. We were unable to obtain the actual Cap Rate. *This was an REO Sale.
Offering Price: $8,700,000
Close of Escrow: 9/8/11
Rentable SF: 66,087
Percent Down: N/A
Year Built: 1989 / 1995
CAP Rate: 10.40%
Occupancy: 66%
Price/Rentable SF: $131.64
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
5 Toluca Plaza 4418 Vineland Avenue, Toluca Lake, CA 91602
COMMENTS: High Traffic Newly Renovated Medical Office Building with On-site Pharmacy and Retail Eye Glass Store on Groundfloor bringing Tremendous Foot Traffic to Building. Prestigious and affluent Toluca Lake location. Seconds from the 101 & 134 freeways and minutes to the 405 intersection adjacent to North Hollywood, Burbank & Studio City. MTA Stop at Building.
12626 Riverside Drive, Valley Village, CA 91607
COMMENTS: Class B Medical Building with 60 free surface spaces available; ratio 2.09/1,000 SF. Amenities include dry cleaner, security system and signage.
4
Recent Sales
Offering Price: $5,968,500
Close of Escrow: 5/5/11
Rentable SF: 28,748
Percent Down: 33%
Year Built: 1975 / 2003
CAP Rate: 7.95%
Occupancy: 100%
Price/Rentable SF: $207.61
Offering Price: $3,300,000
Close of Escrow: 12/1/11
Rentable SF: 22,080
Percent Down: 35%
Year Built: 1947
CAP Rate: 7.00%
Occupancy: 87%
Price/Rentable SF: $149.46
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W8121 Van Nuys Boulevard
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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
36
COMPETITIVE PROPERTY SET
CA StateUniv
Univof CA
The GreatWestern Forum
The GreatWestern Forum
Los Angeles MemSports Arena
DodgerStadium
AnaheimStadium
Disneyland
KnottsBerry Farm
DadMiller GC
ImperialGC
CoyoteHills GC
Los CoyotesCC CA State
UnivAltaVista GC
Cypress GC
NavalBase GC
OldRanch GC
RiverView GC
WillowickMun GC
David LBaker GC
Mile Square GC
MeadowlarkGC
MesaVerde GC
HuntingtonSeacliff CC
RagingWaters
LA AirForce Base
Long BeachNaval Station
Tustin MarineCorps Air
Station
Los AlamitoReserve Center
Bolsa ChicaState Beach
Robert Meyer MemState Beach
TopangaState Park
Malibu CreekState Park
Las TunasState BeachMalibu Lagoon
State BeachWill RogersState Beach
Santa MonicaState Beach
Dockweiler StateBeach
ManhattanState Beach
RedondoState Beach
Royal PalmsState Beach
Santa Monica Bay
San Pedro Bay
West Fork SanGabriel River
San G
abrie
l Rive
r
ChatsworthReservoir
Van NormanLakes
San GabrielReservoir
MorrisReservoir
Rio Hondo River
Los Angeles River
Sant
a Ana
Rive
r
Lincoln Ave
E Los Angeles Ave
Placerita Canyon Rd
Little Tujunga Rd
San G
abrie
l Can
yon R
d
Balb
oa B
lvd
Sesnon Blvd
Sepu
lved
a Bl
vd
Res
eda
Blvd
Win
netk
a Av
e
Woo
dman
Ave
Summitrose St
Roscoe Blvd
Kanan Road
Wes
tlake
Blvd
Victory Blvd
Ventura Blvd
S Pa
cific
Ave
Sunset Blvd
Sunset Blvd
Santa Monica
Blvd
Santa Monica Blvd
Valley Blvd
Wes
tern
Ave
Wes
tern
Ave
Wilshire Blvd
Slauson Ave
Vista Del Mar Ave Rosecrans Ave
Carson St
Sepulveda Blvd
W Paseo Del Mar
Azus
a Av
e
Azus
a Av
e
Colima Rd
San Fernando Rd
San Fernando Rd
Colorado Blvd
Harbor Blvd
Venice
Blvd
Culve
r Blvd
Little
Tujun
ga Can
yon
Rd
Mulholland Hwy
Valle
y C
ircle
B
lvd
Haw
thor
ne B
lvd
Palos
Verd
es DrH
aw
thorne Blvd
Palos Verdes Dr
Mount
Glea
son Ave Big Tujunga Canyon Rd
Angeles Crest Hwy
An
geles For
est H
wy
Van
Nuy
s Bl
vd
Imperial Hwy
Beac
h Bl
vdBe
ach
Blvd
Topa
nga
Can
yon
Blvd
Sepu
lved
a Bl
vd
Rosem
ead Blvd
Huntington Dr
Whittier Blvd
Whittier BlvdLincoln Blvd
Manchester BlvdFirestone Blvd
Lake
wood
Blvd
Sepu
lved
a Bl
vd
Artesia Blvd
Pacific Coast Hwy
7th StOcean Blvd
Seaside Ave
Pacific Coast Hwy
Alva
rado
St
Pacific Coast H
wy
Imperial HwyOrange Frw
y
Costa
Mesa F
rwy
Cos
ta M
esa
Frw
y
Garden Grove Frwy
Simi Valley Frwy
Golden State Hwy
San Fernando Valley Frwy
Foothill Frwy
Gle
ndal
e Fr
wy
Orang
e Frw
y
Pomona Frwy
Century Frwy
Artesia Frwy
Pomona Frwy
San Diego Frwy
San Bernardino Frwy
Foothill Frwy
Har
bor F
rwy
Santa Ana Frwy
Hollyw
ood Frwy
Ventura Frwy
Long
Bea
ch F
rwy
Hollywood Frwy
Marina Frwy
Santa Monica Frwy
Pas
adena Frwy
San Diego Frwy
San
Gab
riel R
iver F
rwy
FullertonMunicipalAirport
John WayneAirport
WhitemanAirport
Van NuysAirport
Burbank-Glendale-Pasadena Airport
El MonteAirport
Santa MonicaMunicipal Airport
Los AngelesInt'l Airport
HawthorneMunicipalAirport
Long Beach AirportDaugherty Field
ZamperiniField
Bradbury
EastPasadena
East SanGabriel
NorthEl Monte
SouthEl Monte
WestWhittier
La HabraHeights
EastCompton
WestCompton
WestCarson
IrwindaleMayflower
Citrus
Vincent
West PuenteValley
AvocadoHeights
South SanGabriel Valinda
South SanJose Hills
Commerce
Vernon
LaderaHeights
ViewPark
Florence WalnutPark Cudahy
Lennox
WestAthens
DelAire
AlondraPark
Graham
LaPalma
LosAlamitos
Santa FeSprings
Artesia
HawaiianGardens
SignalHillPalos Verdes
Estates
RollingHills
Brea
La Habra
Fullerton
Placentia
BuenaPark
Anaheim
Orange
CypressVillaPark
StantonGardenGroveRossmoor
SealBeach
SantaAna
Westminster
HuntingtonBeach
Tustin
FountainValley
SimiValley
SantaClarita
LOS ANGELES
SanFernando
Glendale
NorthridgeLa
Crescenta
Pasadena
La CanadaFlintridge
Burbank
Altadena
Duarte
Monrovia
GlendoraArcadia
SierraMadre
HiddenHills
Westlake
ThousandOaks
Newbury Park
Camarillo
AgouraHills
SanDimas
AzusaSan
Marino
SouthPasadena Temple
CitySanGabrielBeverly
Hills Alhambra CovinaBaldwinPark
CharterOak
El Monte
WestHollywood
RosemeadMonterey
Park
WalnutEast LosAngeles
La PuenteSanta
MonicaMontebello
DiamondBar
CulverCity
HaciendaHeights
PointDume Pico
Rivera
Whittier
RowlandHeightsBell
MaywoodHuntington
Park
MarinaDel Rey
InglewoodBell
Gardens
Downey
SouthGateWestmont South
WhittierLynwood
HawthorneNorwalk
El Segundo WillowbrookLa Mirada
Compton ParamountGardenaBellflower
ManhattanBeach Lawndale
RedondoBeach
Cerritos
Torrance
Carson
LongBeach
HermosaBeach
Lomita
Rancho PalosVerdes
WestCovina
8121 Van Nuys Bouelvard
Los AngelesCounty
VenturaCounty
55
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23
14
170
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2
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210
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605
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710110
110
110
710
10
105
12
3
4
5
6
7
Recent Sales
1 Empire Landing
2 The Pointe At Warner Center
3 The Plaza at The Arboretum
4 Oceano Warner Center
5 Amli Warner Center
Apartment Recent Sales Map
6 Archstone Studio 4121
7 NoHo 14
8 Villa Vincennes Apartments
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8121 Van Nuys Boulevard
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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
COMPETITIVE PROPERTY SET
Apartment Recent Sales
Empire Landing 1901 N Buena Vista Street, Burbank, CA 91504
2 The Pointe At Warner Center 6150 Canoga Avenue, Woodland Hills, CA 91367
Close of Escrow: 12/14/2012
Sales Price: $40,500,000
Price/Unit: $297,794
Price/SF: $309.04
CAP Rate: N/A
No. of Units 136
Year Built: 2004
Units Unit Type
78 1BD/1BTH
58 2BD/2BTH
3 The Plaza at The Arboretum 2200 Colorado Avenue, Santa Monica, CA 90404
Close of Escrow: 9/14/2012
Sales Price: $167,700,000
Price/Unit: $479,143
Price/SF: $541.11
CAP Rate: 3.80%
No. of Units 350
Year Built: 2001
Units Unit Type
189 1BD/1BTH
142 2BD/2BTH
19 3BD/2BTH
Units Unit Type
131 1BD/1BTH
135 2BD/2BTH
10 4BD/2BTH
Close of Escrow: 4/30/2013
Sales Price: $101,500,000
Price/Unit: $367,754
Price/SF: $507.50
CAP Rate: 4.25%
No. of Units 276
Year Built: 2010
1
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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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
38
COMPETITIVE PROPERTY SET
Amli Warner Center 21200 Kittridge Street, Canoga Park, CA 913035
Apartment Recent Sales
4 Oceano Warner Center 6355 De Soto Avenue, Woodland Hills, CA 91367
Close of Escrow: 5/16/2013
Sales Price: $84,000,000
Price/Unit: $344,262
Price/SF: $336.00
CAP Rate: N/A
No. of Units 244
Year Built: 2012
Units Unit Type
110 1BD/1BTH
134 2BD/2BTH
Close of Escrow: 12/28/2012
Sales Price: $136,000,000
Price/Unit: $260,536
Price/SF: $212.97
CAP Rate: 4.50%
No. of Units 522
Year Built: 2006
Units Unit Type
318 1BD/1BTH
186 2BD/2BTH
18 3BD/2BTH
6 Archstone Studio 4121 4041 Radford Avenue, Studio City, CA 91604
Close of Escrow: 10/24/2012
Sales Price: $56,300,000
Price/Unit: $377,852
Price/SF: $442.48
CAP Rate: N/A
No. of Units 149
Year Built: 2009
Units Unit Type
110 1BD/1BTH
39 2BD/2BTH
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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 References to square footage or age are approximate Buyer must verify the information and bears all risk for any inaccuracies Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc © 2013 Marcus & Millichap ACT ID U0120239
COMPETITIVE PROPERTY SET
Apartment Recent Sales
NoHo 14 5440 Tujunga Avenue, North Hollywood, CA 91601
Units Unit Type
78 1BD/1BTH
98 2BD/2BTH
9 3BD/2BTH
Close of Escrow: 3/1/2012
Sales Price: $73,905,000
Price/Unit: $410,583
Price/SF: $354.91
CAP Rate: 4.10%
No. of Units 180
Year Built: 2008
7
Villa Vincennes Apartments 14611 Vincennes Street, Panorama City, CA 91402
Units Unit Type
26 1BD/1BTH
41 2BD/2BTH
13 3BD/2BTH
Close of Escrow: 6/12/2013
Sales Price: $16,200,000
Price/Unit: $202,500
Price/SF: $192.99
CAP Rate: 5.65%
No. of Units 80
Year Built: 2009
8
CA StateUniv
Univof CA
The GreatWestern Forum
The GreatWestern Forum
Los Angeles MemSports Arena
DodgerStadium
AnaheimStadium
Disneyland
KnottsBerry Farm
DadMiller GC
ImperialGC
CoyoteHills GC
Los CoyotesCC CA State
UnivAltaVista GC
Cypress GC
NavalBase GC
OldRanch GC
RiverView GC
WillowickMun GC
David LBaker GC
Mile Square GC
MeadowlarkGC
MesaVerde GC
HuntingtonSeacliff CC
RagingWaters
LA AirForce Base
Long BeachNaval Station
Tustin MarineCorps Air
Station
Los AlamitoReserve Center
Bolsa ChicaState Beach
Robert Meyer MemState Beach
TopangaState Park
Malibu CreekState Park
Las TunasState BeachMalibu Lagoon
State BeachWill RogersState Beach
Santa MonicaState Beach
Dockweiler StateBeach
ManhattanState Beach
RedondoState Beach
Royal PalmsState Beach
Santa Monica Bay
San Pedro Bay
West Fork SanGabriel River
San G
abrie
l Rive
r
ChatsworthReservoir
Van NormanLakes
San GabrielReservoir
MorrisReservoir
Rio Hondo River
Los Angeles River
Sant
a Ana
Rive
r
Lincoln Ave
E Los Angeles Ave
Placerita Canyon Rd
Little Tujunga Rd
San G
abrie
l Can
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Bal
boa
Blv
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Sesnon Blvd
Sepu
lved
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Res
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Blv
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Win
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a Av
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Woo
dman
Ave
Summitrose St
Roscoe Blvd
Kanan Road
Wes
tlake
Blvd
Victory Blvd
Ventura Blvd
S P
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c Av
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Sunset Blvd
Sunset Blvd
Santa Monica
Blvd
Santa Monica Blvd
Valley Blvd
Wes
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Ave
Wes
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Ave
Wilshire Blvd
Slauson Ave
Vista Del Mar Ave Rosecrans Ave
Carson St
Sepulveda Blvd
W Paseo Del Mar
Azu
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Azus
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Colima Rd
San Fernando Rd
San Fernando Rd
Colorado Blvd
Harbor Blvd
Venice
Blvd
Culve
r Blvd
Little
Tujun
ga Can
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Rd
Mulholland Hwy
Valle
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B
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Haw
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Palo
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thorne Blvd
Palos Verdes Dr
Mount
Glea
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Angeles Crest Hwy
An
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Van
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Imperial Hwy
Beac
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Blv
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Blv
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Sep
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Rosem
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Huntington Dr
Whittier Blvd
Whittier BlvdLincoln Blvd
Manchester BlvdFirestone Blvd
Lake
wood
Blvd
Sep
ulve
da B
lvd
Artesia Blvd
Pacific Coast Hwy
7th StOcean Blvd
Seaside Ave
Pacific Coast Hwy
Alva
rado
St
Pacific Coast H
wy
Imperial HwyOrange Frw
y
Costa
Mesa F
rwy
Cos
ta M
esa
Frw
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Garden Grove Frwy
Simi Valley Frwy
Golden State Hwy
San Fernando Valley Frwy
Foothill Frwy
Gle
ndal
e Fr
wy
Orang
e Fr
wy
Pomona Frwy
Century Frwy
Artesia Frwy
Pomona Frwy
San Diego Frwy
San Bernardino Frwy
Foothill Frwy
Har
bor F
rwy
Santa Ana Frwy
Hollyw
ood Frwy
Ventura Frwy
Long
Bea
ch F
rwy
Hollywood Frwy
Marina Frwy
Santa Monica Frwy
Pas
adena Frwy
San Diego Frwy
San
Gab
riel R
iver
Frw
y
FullertonMunicipalAirport
John WayneAirport
WhitemanAirport
Van NuysAirport
Burbank-Glendale-Pasadena Airport
El MonteAirport
Santa MonicaMunicipal Airport
Los AngelesInt'l Airport
HawthorneMunicipalAirport
Long Beach AirportDaugherty Field
ZamperiniField
Bradbury
EastPasadena
East SanGabriel
NorthEl Monte
SouthEl Monte
WestWhittier
La HabraHeights
EastCompton
WestCompton
WestCarson
IrwindaleMayflower
Citrus
Vincent
West PuenteValley
AvocadoHeights
South SanGabriel Valinda
South SanJose Hills
Commerce
Vernon
LaderaHeights
ViewPark
Florence WalnutPark Cudahy
Lennox
WestAthens
DelAire
AlondraPark
Graham
LaPalma
LosAlamitos
Santa FeSprings
Artesia
HawaiianGardens
SignalHillPalos Verdes
Estates
RollingHills
Brea
La Habra
Fullerton
Placentia
BuenaPark
Anaheim
Orange
CypressVillaPark
StantonGardenGroveRossmoor
SealBeach
SantaAna
Westminster
HuntingtonBeach
Tustin
FountainValley
SimiValley
SantaClarita
LOS ANGELES
SanFernando
Glendale
NorthridgeLa
Crescenta
Pasadena
La CanadaFlintridge
Burbank
Altadena
Duarte
Monrovia
GlendoraArcadia
SierraMadre
HiddenHills
Westlake
ThousandOaks
Newbury Park
Camarillo
AgouraHills
SanDimas
AzusaSan
Marino
SouthPasadena Temple
CitySanGabrielBeverly
Hills Alhambra CovinaBaldwinPark
CharterOak
El Monte
WestHollywood
RosemeadMonterey
Park
WalnutEast LosAngeles
La PuenteSanta
MonicaMontebello
DiamondBar
CulverCity
HaciendaHeights
PointDume Pico
Rivera
Whittier
RowlandHeightsBell
MaywoodHuntington
Park
MarinaDel Rey
InglewoodBell
Gardens
Downey
SouthGateWestmont South
WhittierLynwood
HawthorneNorwalk
El Segundo WillowbrookLa Mirada
Compton ParamountGardenaBellflower
ManhattanBeach Lawndale
RedondoBeach
Cerritos
Torrance
Carson
LongBeach
HermosaBeach
Lomita
Rancho PalosVerdes
WestCovina
Los AngelesCounty
VenturaCounty
55
55
73
118
23
14
170
101
101
101
101
101
134134
2
2
110
30
60
60
72
72
57
57
90
42
91
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19
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103
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39
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1
1 2
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5
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405
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5
5
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210
210
210
210
210
210
405
405
605
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10
10
710110
110
110
710
10
105
8121 Van Nuys Boulevard
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
Medical Office Lease Map
53
2
1
Recent Sales
1 8215 Van Nuys Boulevard
2 14500 Roscoe Boulevard
3 14600 Sherman Way
4 14624 Sherman Way
5 6842 Van Nuys Boulevard
8121 Van Nuys Boulevard
6 6815 Nobel Avenue
7 15211 Vanowen Street
8 6840 Sepulveda Boulevard
9 5900 N Sepulveda Boulevard
10 15243 Vanowen Street
68
9
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
42
COMPETITIVE PROPERTY SET
1 8215 Van Nuys Boulevard, Panorama City, CA 91402
2 14500 Roscoe Boulevard, Panorama City, CA 91402
Office Lease Comparables
Date Surveyed: 5/7/14
Rentable SF: 29,548
Occupancy: 57%
Year Built: 1957/1996
Rent/SF: $2.50
Available SF: 12,783
Lease Type: Mod Gross
3 14600 Sherman Way, Van Nuys, CA 91405
COMMENTS: Formerly the Union Bank Building of Van Nuys, this building is located in an outstanding central location. Excellent building signage is available, easy building ingress and egress, large car elevator, wired for total security. Separate parking structure.
COMMENTS: Commuter Rail, Concierge; 60 free Covered Spaces available.
COMMENTS: The Panorama Medical Arts building, a three story medical building that offers on-site pharmacy and 100 square feet of frontage on Van Nuys Boulevard.
Date Surveyed: 4/29/14
Rentable SF: 84,265
Occupancy: 62%
Year Built: 1981
Rent/SF: $1.85-$3.00
Available SF: 39,857
Lease Type: NNN
Date Surveyed: 4/29/14
Rentable SF: 50,104
Occupancy: 98%
Year Built: 1990
Rent/SF: $1.25
Available SF: 822
Lease Type: NNN
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
4 14624 Sherman Way, Van Nuys, CA 91405
5 6842 Van Nuys Boulevard, Van Nuys, CA 91405
Office Lease Comparables
Date Surveyed: 4/29/14
Rentable SF: 52,283
Occupancy: 86%
Year Built: 1981/1991
Rent/SF: $1.25-$1.35
Available SF: 7,351
Lease Type: NNN
6 6815 Nobel Avenue, Van Nuys, CA 91405
COMMENTS: Landlord will build-to-suit. Building includes unobstructed, panoramic views, high ceilings, upscale decor, rooftop lounge. Building has three elevators service all floors.
COMMENTS: Medical Office building has 200 free covered parking spaces available, 15 free surface spaces; ratio 2.34/1,000 SF. Corner lot on bus line.
COMMENTS: Valley Medical Plaza II has 60 free Covered Spaces and 6 free surface parking spaces available; Ratio 5.0/1,000 SF. Class B Office/Medical
Date Surveyed: 4/29/14
Rentable SF: 97,000
Occupancy: 87%
Year Built: 1963/2010
Rent/SF: $1.55-$1.75
Available SF: 5,000
Lease Type: NNN
Date Surveyed: 4/29/14
Rentable SF: 92,000
Occupancy: 100%
Year Built: 1990
Rent/SF: $2.75
Available SF: 2,443
Lease Type: NEG
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
44
COMPETITIVE PROPERTY SET
7 15211 Vanowen Street, Van Nuys, CA 91405
8 6840 Sepulveda Boulevard, Van Nuys, CA 91405
Office Lease Comparables
Date Surveyed: 5/7/14
Rentable SF: 45,579
Occupancy: 94%
Year Built: 1981
Rent/SF: $2.45
Available SF: 2,901
Lease Type: Full Serv
9 5900 N Sepulveda Boulevard, Sherman Oaks, CA 91411
COMMENTS: Class B Medical Office building with 40 surface parking spaces available; parking ratio 2.35/1,000 SF, is Presbyterian Hospital.
COMMENTS: Property offers conferencing facility, food service, on-site management, 95 surface parking spaces and 133 covered spaces are available.
Date Surveyed: 5/7/14
Rentable SF: 49,460
Occupancy: 96%
Year Built: 1969
Rent/SF: $2.35
Available SF: 1,800
Lease Type: Full Serv
Date Surveyed: 5/7/14
Rentable SF: 78,237
Occupancy: 84%
Year Built: 1981/2000
Rent/SF: $1.95-$2.30
Available SF: 12,724
Lease Type: Full Serv
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
10 15243 Vanowen Street, Van Nuys, CA 91405
Office Lease Comparables
Date Surveyed: 4/29/14
Rentable SF: 68,824
Occupancy: 93%
Year Built: 1971
Rent/SF: $2.25
Available SF: 5,039
Lease Type: NNN
COMMENTS: Class B office building with 75 surface parking spaces available @ $80./mo, property manager on site.
405
405
5
170
170
Balb
oa B
lvd
Hayvenhurst A
veH
ayvenhurst Ave
Balb
oa B
lvd
Wo
od
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Wo
od
ley Ave
Wo
od
ley Ave
Plummer St
Nordhoff St
Parthenia St
Roscoe Blvd
Louise A
ve
Strathern St Strathern St
San D
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Fw
y
Saticoy St
Sherman Way Sherman Way Sherman Way
Saticoy St Saticoy St
Laurel Canyo
n Blvd
Co
ldw
ater Canyo
n Ave
Laurel Canyo
n Blvd
Vanowen St
Saticoy St
Roscoe Blvd Roscoe Blvd
Parthenia St
Nordhoff St
Van Nuys B
lvdVan N
uys Blvd
Van N
uys B
lvd
Terra
Bell
a St
Branfo
rd S
t
Branfo
rd S
t
Osborne St
Osborn
e St
Woodm
an Ave Canterbury Ave
Arleta AveSheldon S
t
Golden State Fwy
Hollyood
Fwy
Laurel Canyon Blvd
Wo
od
man A
ve
Plummer St
Haskell A
veH
askell Ave
Chase St
Van NuysAirport
HolmesMiddle School
Vista MiddleSchool
Robert FultonCollege
Preparatory School
ValleyPresbyterian
Hospital
CHAMPS CharterHigh School of
Arts-Multimedia& Performing
Kaiser PermanentePanorama CityMedical Center
St Genevieve’sHigh School
PanoramaCity
PanoramaMall
SheldonArleta Park
BranfordPark
NorthHills West
NorthHills East
NorthHills
PanoramaHigh School
The Plant Shopping Center
8121 Van Nuys Boulevard
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8121 Van Nuys Boulevard
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
10
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Apartment Lease Comparables Map
Lease Comparables
1 Montecito Terraces Sr. Apartments
2 Andalucia Senior Apartments
3 Asturias Senior Apartments
4 Cantabria Senior Apartments
5 The Piedmont Senior Apartments
8121 Van Nuys Blvd
6 Villa Vincennes Apartments
7 Ventura Canyon Villas
8 Haciendas at Nordoff
9 Regency Premier Apartments
10 The Village
11 IMT on the Boulevard
6
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
48
COMPETITIVE PROPERTY SET
Rent Comparables
1 Montecito Terraces Sr. Apartments 14655 Blythe Street, Panorama City, CA 91402
2 Andalucia Senior Apartments 15305 Lanark Street, Van Nuys, CA 91406
Occupancy: 95%
Year Built: 2011
No. Of Units 69
Unit Type SF Rent Rent/SF
1 Bdr 1 Bath 530 $921 $1.74
2 Bdr 1 Bath 775 $1,101 $1.42
Total/Wtd. Avg. $1,011 $1.58
Occupancy: 95%
Year Built: 2009
No. Of Units 94
Unit Type SF Rent Rent/SF
1 Bdr 1 Bath 527 $456 - $937 $1.32
2 Bdr 2 Bath 750 $1,123 $1.50
Total/Wtd. Avg. $909 $1.41
COMMENTS: Common Area Amenities: Computer Center and Wireless Internet Access, Fitness Center,Jacuzzi, Controlled Access, BBQ Area, Elevator Access, Gorgeous Clubhouse w/Kitchen, Library, Gated Parking, Laundry Center Located on Each Floor. Unit Features: A/C, Dishwasher, Handicap Accessible, Private Balcony/Patio, Utilities Included, Granite Countertops.
COMMENTS: Common Area Amenities: Computer Center and Wireless Internet Access, Fitness Center,Jacuzzi, Controlled Access, BBQ Area, Elevator Access, Gorgeous Clubhouse w/Kitchen, Library, Gated Parking, Laundry Center Located on Each Floor. Unit Features: A/C, Dishwasher, Handicap Accessible, Private Balcony/Patio, Utilities Included, Granite Countertops.
Asturias Senior Apartments 9628 Van Nuys Blvd, Van Nuys, CA 914023
Occupancy: 95%
Year Built: 2008
No. Of Units 69
Unit Type SF Rent Rent/SF
1 Bdr 1 Bath 538 - 647 $777 - $937 $1.45
2 Bdr 2 Bath 731 $1,123 $1.54
Total/Wtd. Avg. $990 $1.50
COMMENTS: Common Area Amenities: Fitness Center, Clubhouse w/Kitchen, Library,Activity Room with Billiard Table, Communtiy BBQs, Gated Entrance, Controlled Access, Gated Parking, Covered Park-ing Garage, Assigned Parking, Beautiful Courtyard. Unit Features: Energy Efficient Stove, Refrigerator, Dishwasher, Private Patios/Balconies, Granite Countertops, Utilities Included.
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
Rent Comparables
Unit Type SF Rent Rent/SF
1 Bdr 1 Bath 547 - 575 $777 - $937 $1.53
2 Bdr 2 Bath 785 - 805 $1,123 $1.41
Total/Wtd. Avg. $990 $1.47
4 Cantabria Senior Apartments 9640 Van Nuys Boulevard, Van Nuys, CA 91402
Occupancy: 95%
Year Built: 2008
No. Of Units 31
COMMENTS: Common Area Amenities: Computer Center, Gorgeous Clubhouse w/Kitchen, Library, Activity Room with Billiard Table, Fitness Center, Communtiy BBQs, Controlled Access, Tranquil Court-yard, Convenient Laundry Centers on Each Floor. Unit Features: Gourmet Kitchens with Granite Countertops, Central A/C & Heating, Upgraded, Utilities Included.
5 The Piedmont Senior Apartments 6750 Whitsett Avenue, North Hollywood, CA 91606
Occupancy: 95%
Year Built: 2002
No. Of Units 198
Unit Type SF Rent Rent/SF
1 Bdr 1 Bath 510 - 582 $1,295 $2.37
2 Bdr 1 Bath 703 - 793 $1,695 $2.27
Total/Wtd. Avg. $1,495 $2.32
COMMENTS: Common Area Amenities: Clubhouse with multi-media room, business center with copier, printer and fax machine, computer center, fully equipped fitness center, pool and spa, outdoor am-phitheater, library with fireplace, game room with billiards. Unit Features: Gourmet kitchens with maple cabinets/granite coutertops, big picture windows, central heating and air condition. Villa Vincennes Apartments 14611 West Vincennes Street, Panorama City, CA 91402
Occupancy: 95%
Year Built: 2009
No. Of Units 80
Unit Type SF Rent Rent/SF
1 Bdr 1 Bath 640 - 1,080 $1,192 - $1,350 $1.48
2 Bdr 2 Bath 900 - 1,018 $1,559 - $1,750 $1.73
3 Bdr 2 Bath 1,243 $1,925 - $2,100 $1.62
Total/Wtd. Avg. $1,645 $1.61
COMMENTS: Common Area Amenities: Fitness Center, Gated Access, Swimming Pool, Hot Tub, Laundry Facility. Unit Features: Dishwasher, Microwave, Balcony, Stainless Steel Appliances, Ceiling Fans, Hardwood Floors, Vaulted Ceilings.
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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COMPETITIVE PROPERTY SET
Rent Comparables
8 Haciendas at Nordoff 14654 Nordoff Street, Van Nuys, CA 91402
Occupancy: 95%
Year Built: 2013
No. Of Units N/A
Unit Type SF Rent Rent/SF
2 Bdr 2 Bath $1,160.00 $1,547 $1.33
3 Bdr 2 Bath $1,469.00 $1,845 $1.26
Total/Wtd. Avg. $1,696 $1.30
7 Ventura Canyon Villas 7901 Ventura Canyon Avenue, Panorama City, CA 91402
Occupancy: 95%
Year Built: 2013
No. Of Units 30
Unit Type SF Rent Rent/SF
3 Bdr 2 Bath 1,050 - 1,100 $1,800 - $1,959 $1.75
3 Bdr 2 Bath Twnhs $1,100.00 $2,000 $1.82
Total/Wtd. Avg. $1,939 $1.79
COMMENTS: Common Area Amenities: Rooftop Patio, Laundry Facility Each Level, Controlled Access, Fitness Center, Elevator. Unit Features: Dishwasher, Microwave, Balcony, Granite Countertops, Crown Molding, Wood Laminate Flooring, Dual Pane Windows, Central A/C, Recessed Lighting.
COMMENTS: Common Area Amenities: BBQ Area, Gated Parking, Controlled Access, Sun Deck. Unit Features: Stainless Steel Microwave and Stove, Large Balconies, Washer/Dryer Hookups, Granite Kitchen/Bathroom Countertops, Walk-In Closets.
Regency Premier Apartments 8525 Tobias Avenue, Panorama City, CA 914029
Occupancy: 95%
Year Built: 1985
No. Of Units 287
Unit Type SF Rent Rent/SF
Single 1 Bath 500 - 525 $840 - $890 $1.69
1 Bdr 1 Bath 585 - 770 $820 - $1,020 $1.36
2 Bdr 1 Bath 840 - 865 $1,320 - $1,445 $1.62
Total/Wtd. Avg. $1,055 $1.56
COMMENTS: Common Area Amenities: Fully Equipped Gym and Sauna with Flat Screen TVs, Secure Parking, Controlled Access, Laundry Facility, Pool. Unit Features: Private Patio/Balcony, Dishwasher, Garbage Disposal, Walk-In Closets, Ceiling Fan, Tile Floors.
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
COMPETITIVE PROPERTY SET
Rent Comparables
10 The Village 7925 Ventura Canyon Avenue, Panorama City, CA 91402
Occupancy: 95%
Year Built: 2007
No. Of Units N/A
Unit Type SF Rent Rent/SF
2 Bdr 2 Bath 1,075 $1,750 $1.63
Total/Wtd. Avg. $1,750 $1.63
COMMENTS: Common Area Amenities: Gated Access, Intercom, Secure Parking, Tranquil Courtyard. Unit Features: Granite Countertops, Stainless Steel Appliances, Hardwood Laminate Floors, Dish-washer, Washer/Dryer Hookups.
11 IMT on the Boulevard 6940 Sepulveda Boulevard, Van Nuys, CA 91405
Occupancy: 95%
Year Built: 2009
No. Of Units 98
Unit Type SF Rent Rent/SF
2 Bdr 2 Bath 1,159 - 1,620 $1,885 - $2,250 $1.49
Total/Wtd. Avg. $2,067 $1.49
COMMENTS: Common Area Amenities: Common Area Amenities: Fitness Center, Gated Access, Playground, Elevator, Secured Parking. Unit Features: Dishwasher, Microwave, Balcony, Cable Ready, Refrigerator, Washer/Dryer, Oversized Closets, Gas Range.
overviewM A R K E T O V E R V I E W
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Location Highlights
Located on two large parcels totaling approximately 86,455 square feet, or 1 98 acres, 8121 Van Nuys Boulevard wraps around a corner strip mall (not part of the offering) and has approximately 178 feet of frontage along Van Nuys Boulevard Approximately 62,000 square feet is LAC2 zoned, while the remaining 24,000 square feet is M1 zoned The current C2 zoning allows for numerous potential development scenarios The subject property is served by all typical public utilities including city water and sanitary sewer Other utilities include telephone, electricity and natural gas There are 230 surface parking spaces available behind the office building with access from Van Nuys Boulevard and Lanark Street
The property is centrally located in the heart of the San Fernando Valley and has close proximity to employment, hospitals, major medical facilities, and two of the largest commercial sites in Los Angeles: the Panorama Mall with the first and only two-story Walmart in the entire U S , and the Plant Shopping Center, anchored by Home Depot and Regency Theaters Also in the immediate area are Food 4 Less and Smart & Final grocery markets, Walgreens and CVS drug stores, Living Spaces Furniture Warehouse, 24 Hour Fitness, and other restaurants, entertainment and national retail shopping The property is located adjacent and across the street from two bus stops and is within walking distance to a public transportation station (Metrolink) and within minutes of major freeways (405, 118, 101, 170 and 210) In the immediate area are pre-schools; kindergarten, elementary, middle, and high schools; and other charter schools The newly constructed Panorama High School is across the street from the subject property
This is a tremendous opportunity for an experienced developer to acquire an excellent value-added development project on a major thoroughfare (Van Nuys Boulevard) close to a major intersection (Roscoe Boulevard) in the heart of San Fernando Valley with traffic counts of over 46,000 cars daily
Location Overview
■■ Centrally located in the heart of the San Fernando Valley
■■ 178 feet of frontage along Van Nuys Boulevard
■■ Close proximity to employment, hospitals, major medical facilities, and two of the largest commercial sites in Los Angeles
■■ Close to public transportation and major freeways
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
PANORAMA CITY OVERVIEWDemographics
Panorama City is located in the center of the San Fernando Valley and is about 3 8 square miles in area The 2010 U S census counted 69,817 residents in the city’s 91402 zip code Today the population is estimated to be well over 75,000 In the 2010 U S census, the median age was 30 1, and the median yearly household income at that time was $41,467 In 2013, the median household income was $50,511 This is projected to increase to $59,203 in five years In addition, as of the 2010 census, renters were occupying 64 8% of the housing stock, while owners held 35 2%
History
Panorama City was the first planned community on the West Coast It was created in 1947 by developer Fritz Burns from the old Panorama Ranch A central business district surrounded by homes still defines the community The parks, schools, churches and curved residential streets that intersect in unexpected ways still serve their original purposes An industrial district runs along the Union Pacific right of way A beautiful Panorama High School now sits on the old Carnation laboratory site where Coffeemate was invented The original developer’s signs proclaimed Panorama City “The Heart Of The Valley ” Its central location west of the 405 Freeway and north of the railroad line to Ventura Boulevard still makes it the most conveniently located area in the Valley for transportation Nearby are the Flyaway bus terminal to LAX, the Burbank airport, the 405, 101, 170, 118, and 210 freeways, and a local Amtrak station Panorama City is also a Metro bus transit hub
Development
In its history, Panorama City once included General Motors’ largest assembly plant to date, as well as a Schlitz brewery that in 1999 was acquired by The Pabst Brewing Company Today, the General Motors Corporation assembly plant on Van Nuys Boulevard has been replaced with a large commercial center named “The Plant,” which includes approximately 360,000 square feet of improvements, including a 16-screen Regency Theatre and a Home Depot home improvement store Other tenants include Babies R Us, Ross, Michaels, Anna’s Linens and Party City The property is also home to In-N-Out Burger, Starbucks, Chase Bank and FedEx, along with police and fire facilities
Farther to the south is a newly built County Health Department at 7515 Van Nuys Boulevard, as well as a 100,000-square-foot new construction addition on the corner of Saticoy, which is being built by the County of Los Angeles to provide additional health care and medical services to the community Both will add to the value of the area and future redevelopment of the subject property
Location Overview - Continued
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Potential Development Overview
The lot size consists of approximately 62,000 square feet currently zoned C-2, and approximately 24,000 square feet at the western portion of the property that is currently zoned M-1 If the M-1 portion of the property were converted to C-2 through a variance, a buyer could potentially build additional multifamily units The seller has indicated that they do not want to have a variance or have time to obtain a variance as a contingency to this transaction
The subject development project has a number of potential development scenarios
One such scenario is to refurbish and convert the existing six-story vacant office building into 85 one-bedroom/one-bathroom multifamily apartment units (17 units on each floor above the ground level) and convert the ground level first floor of the existing vacant office building (consisting of approximately 12,000 square feet) and add an additional 16,000 square feet of retail space with some additional construction towards Van Nuys Boulevard
Another option would be to construct an additional 60 apartment units in the back portion of the property (behind the office building along Lanark Street), which is currently used as a parking lot The additional units could consist of 30 one-bedroom/one-bathroom and 30 two-bedroom/two-bathroom units, for an overall total (including the converted office building) to 145 apartment units
Even more units and more commercial space could be added if parking is provided via sub-surface/ subterranean parking construction These are only estimates and the seller is not guaranteeing the accuracy of the information
Owner-users may qualify for Small Business Administration (SBA) low-interest-rate and high-leverage loans Please contact listing agents for the current terms of the SBA loans for owner-users
(Note: Please see the listing agents for any potential development scenarios as described above Any potential scenario is for informational purposes only and buyer shall do its own investigation as to the viability of any and every aspect of this development )
Location Overview - Continued
MARKET OVERVIEW
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MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Almost 2 5 million people reside in the San Fernando Valley, which includes the submarkets of Northridge-Northwest San Fernando Valley; Van Nuys-Northeast San Fernando Valley; Woodland Hills; Burbank-Glendale-Pasadena; as well as Sherman Oaks-North Hollywood-Encino The area’s population is expected to increase by 1 3 percent through 2018, or by nearly 33,000 new residents
Known for its entertainment industry, the Valley boasts more than 100 soundstages Entertainment giants calling the Valley home include Walt Disney Co , Universal Studios, Warner Brothers, DreamWorks and Paramount Ranch The entertainment industry continues to set the area’s economic pulse Local motion picture and entertainment companies employ just under 28,000 people
While the Valley has grown into the world’s center for entertainment, aerospace giants Boeing and Northrop Grumman, healthcare provider Kaiser Permanente, and 21st Century Insurance also generate numerous high-paying jobs As a result of its large concentration of high-paying, successful companies, the area’s median household income of $62,500 per year has risen drastically since 2000
The median home price has decreased considerably since 2007 Nonetheless, affordability remains a challenge for much of the population High home prices keep the homeownership rate below 50 percent in the San Fernando Valley
San Fernando Valley
Share of Total Employment San Fernando Valley Employment: Services 46%
Retail Trade 17%
Manufacturing 9%
Finance, Insurance & Real Estate 9%
Transportation, Communications & 5%
Public Administration 5%
Other 5%
Construction 4%
Major Employers Warner Bros. Entertainment Inc.
The Walt Disney Co.
Kaiser Permanente
UCLA Medical Center
Yahoo! Inc.
Providence Health & Services
Boeing
NBCUniversal
21st Century Insurance Co.
Northrop Grumman Corp.
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Los Angeles
Market Highlights
Economic center
■n Los Angeles is a leading international trade and manufacturing center, and considered the capital of the entertainment world
Infrastructure
■n The region has well-established and interconnected transportation systems
Desirable climate
■n The average temperature rarely rises above 85 degrees or falls below 40 degrees
GeographyLos Angeles County covers 4,752 square miles and includes the islands of San Clemente and Santa Catalina It is bordered on the east by San Bernardino and Riverside counties, on the north by Kern and Ventura counties, on the west by the Pacific Ocean, and on the south by Orange County Nearly every type of climate is represented in Los Angeles, ranging from desert and mountain to coastal The Los Angeles coastline stretches along 81 miles of world-famous beaches The Santa Monica and San Gabriel mountains are located in the county, with the highest point at Mount San Antonio reaching over 10,000 feet
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Los AngelesMetroThe Los Angeles-Long Beach metro is located entirely within Los Angeles County The metro’s population is one of the largest in the nation at nearly 10 million and is expected to grow at an annual rate of 0 3 percent over the next five years Approximately 26 percent of California’s population lives in Los Angeles county which encompasses 88 incorporated cities, along with numerous unincorporated areas
InfrastructureLos Angeles has one of the most extensive freeway systems in the country The Alameda Corridor facilitates activity at the Los Angeles ports The corridor is the first step in accommodating rail traffic and will eventually link all major rail lines in Southern California The region’s growing population and heightened role in the burgeoning Pacific Rim trade are driving growth in container traffic at the ports of Los Angeles and Long Beach Freight rail service in the county is provided by Union Pacific and Burlington Northern Santa Fe railroads, while Amtrak and Metrolink lines offer passenger service and the Los Angeles Metro is the areas light rail
In addition to Los Angeles International Airport, one of the busiest in the nation, the county is served by commercial airports in Long Beach, Burbank and Palmdale There are also nine general aviation airports in the county
AIRPORT
■n Los Angeles International Airport■n Three commuter airports■n Nine general aviation airports
MAJOR ROADWAYS
■n Interstates 5, 10, 15, 110, 210, 215, 405
RAIL
■n Freight - Union Pacific and BNSF■n Passenger - Amtrak, Metrolink■n Light rail - Metro
PORT
■n Port of Los Angeles■n Port of Long Beach
LOS ANGELES IS:■n 30 miles from Orange County■n 120 miles from San Diego■n 150 miles from Tijuana ■n 380 miles from San Francisco
LARGEST CITIES: LOS ANGELES COUNTYLos Angeles 3,859,300
Long Beach 470,000
Glendale 194,800
Santa Clarita 178,900
Lancaster 158,000
Palmdale 155,700
2012 Estimate Sources: Marcus & Millichap Research Services, AGS
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Economy
Long recognized as the financial, commercial and industrial capital of Southern California, the sprawling Los Angeles metropolitan area is one of the nation’s leading urban-industrial hubs There are 14 Fortune 500 companies headquartered in the county Tourism, trade, manufacturing, entertainment, healthcare and defense dominate the local economy
Los Angeles is home to two of the busiest ports in the world; The Port of Los Angeles and the Port of Long Beach If combined, the two ports would be the world’s eighth busiest facility in term of container volume, generating nearly $10 billion in U S Customs revenues and taxes Together, the ports generate related employment for nearly l 3 million people throughout Southern California and receive more than 40 percent of all U S container traffic
Aerospace is still a significant employment force The metro’s aerospace employers, including Boeing, Northrop Grumman and Lockheed Martin, have benefited from new defense and homeland security-related contracts
The motion picture/entertainment industry is one of the most high-profile sectors of the local economy Los Angeles is known as the entertainment capital of the world, with most of the major motion picture studios located in the county, as well as much of the music recording and production industry
Los Angeles
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
The trade, transportation and utilities sector is the biggest employment sector, hiring 19 percent of area employees, or nearly 765,000 people Growth in this sector is expected to average 0 3 percent annually through 2018 with the addition of roughly 16,000 workers
The entertainment industry remains a large and vital component to the local labor market, generating high- paying jobs for camera operators, producers, engineers and high-tech equipment operators, to name a few, in movies, television and music The industry also propels ancillary employment growth in many other sectors that provide services to the industry
Labor
The Los Angeles metro has one of the largest labor forces in the United States With more than 3 9 million positions, local employment ranks third nationally, only behind New York City and Chicago For the last five years, nonfarm employment growth has averaged 1 1 percent annually, on par with the U S national average Over the next five years, employment growth will average 1 0 percent annually, slightly lagging the national rate
Throughout 2018, all local employment sectors except for construction are expected to expand Education and health services, which currently comprises 14 percent of area jobs, is posed to register the most impressive gains as the sector expands by 2 3 percent annually to meet the growing population’s demand Additionally, the government, financial activities, information, and professional and business services sectors are all forecast to grow by more than 1 0 percent annually during this period
Los Angeles
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Metro Orange Line Route Map
8121 Van Nuys Boulevard
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Employers
Los Angeles has made significant strides in diversifying its employer base In addition to the city’s strong aerospace sector, numerous financial firms have corporate headquarters in Los Angeles, as does a contingent of telecommunications, entertainment, technology and telecommunications companies
Trade, transportation and utilities is the largest sector, with 20 percent of total employment Many of the jobs are related to activity at the ports of Los Angeles and Long Beach and retail trade
Kaiser Permanente is one of the largest private-sector employers in the metro, with more than 32,000 employees Providence Health & Services and Cedars-Sinai Medical Center each add around 10,000 healthcare jobs
Northrop Grumman is the largest aerospace employer in the region, with close to 20,000 employees Its local Integrated Systems and Space Technology divisions manufacture defense electronics and construct the Joint Strike Fighter Northrop is expected to hire workers to help fulfill the fighter plane contract, along with numerous other government contracts The Boeing Co also provides nearly 14,000 aerospace jobs in the area
Los Angeles
Major Employers Service
Kaiser Permanente Healthcare
Northrop Grumman Corp. Government Contractor
The Boeing Co. Aerospace
Kroger Co. Retail
Cedars-Sinai Medical Center Healthcare
MAJOR EMPLOYERS
University of Southern California Education
Target Retail
Bank of America Corp. Financial
The Home Depot Retail
Providence Healthcare
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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DemographicsLos Angeles County is one of the most populated metropolitan areas in the nation, containing nearly 10 million inhabitants Population gains in Los Angeles preceded and created economic expansion, rather than followed it, which was the case in most other U S metros Since the year 2000, the local population expanded by more than 366,000 residents Most of the growth came from foreign immigration, rather than natural increases or domestic migration A population gain of 0 2 percent annually is expected during the next five years, due to fewer employment opportunities to attract job seekers Diminished growth also will stem from smaller household sizes and declining affordability, trends that already have pushed housing development outward into surrounding counties
The population of Los Angeles County is younger than the nation, with a median age of 35 2 years compared with the U S median of 37 3 years The cohort ages 25 to 44 is much larger than that of the country, as many people come to the area seeking employment
More metro residents are going to college The number of people age 25 and above who have obtained a bachelor’s degree or higher has risen to 29 percent Educational achievement contributed to the local median household income rising considerably since 2000, reaching $56,600 annually last year Even though incomes are rising and home prices have fallen, Los Angeles is still a renter’s market as only 46 5 percent of households own their homes
Los Angeles
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Quality of LifeThe Los Angeles region enjoys pleasant weather, with sunshine reigning throughout the year Bounded by mountains and the Pacific Ocean, the temperature rarely rises above 85 degrees or falls below 40 degrees and rainfall is minimal The mild Los Angeles climate enables people to enjoy outdoor recreation during much of the year, and a variety of landscapes fosters many outdoor activities It is possible to swim in the ocean and ski on the mountains on the same day The region is home to the Los Angeles Zoo and Botanical Gardens and the 4,100-acre Griffith Park, one of the largest parks in the nation
There are 27 institutions of higher learning in the county, including three campuses of the University of California, seven campuses of California State University, and private institutions such as Caltech, the Claremont Colleges, Occidental College and the University of Southern California A number of community colleges also are situated in the county
Several professional and college teams are located in the area for sports enthusiasts Cultural venues include Walt Disney Concert Hall, Dorothy Chandler Pavilion, the Hollywood Bowl, Warner Bros Studios, Huntington Library, the Museum of Art and the Natural History Museum of Los Angeles County
Los Angeles
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Private Investors Target Emerging Opportunities as Employment Stages RecoveryLos Angeles apartment owners will enjoy relatively tight vacancy in 2014, though new construction will begin applying pressure on operations in the western stretches of the county by year end Job growth in the county will accelerate to the highest pace since the recession, bringing overall payrolls within reach of the pre-recession level for the first time in seven years Although growth in every major employment sector is anticipated this year, a significant share of the new jobs will occur at both ends of the pay scale The lucrative professional and business services sector and typically low-paying leisure and hospitality sector will generate demand for both top-tier apartments and Class B/C assets in secondary areas Nonetheless, top-tier demand will be modestly lower than the pace of construction, which will lift the overall vacancy rate and push operators to leverage concessions to attract renters up the quality scale As a result, the pace of rent growth will ease to the inflationary rate
Los Angeles Apartment Market
The low-interest-rate environment is reshaping the apartment investment community Average cap rates are near historical lows, which often signals to owners that it is a good time to divest and limits returns for buyers However, the current frenzy is more dependent upon alternative investment vehicles than property fundamentals First-time buyers are willing to pay average first-year returns below 5 percent in long-term hold plays, including life-long retention plans An abundance of cash, fear of a stock market correction, and low interest rates favor the acquisition of low-yielding apartments When interest rates move higher, investors may rethink the current strategy and explore alternative options Although that could remove some buyers, the number of investors interested in apartments vastly outnumbers listings, which should limit upward pressure on cap rates from slack demand
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Los Angeles Apartment Market
2014 MARKET OUTLOOK ■ 2014 NAI Rank: 15, Down 5 Places Heightened construction in west Los Angeles County resulted in a five- position decline in ranking ■ Employment Forecast: After 74,800 jobs were created in 2013, employers will generate 94,900 positions this year, a 2 4 percent increase ■ Construction Forecast: Development will nearly equal last year’s deliveries as 6,000 rentals are completed, a 0 6 percent stock gain ■ Vacancy Forecast: New construction will lift up average vacancy 40 basis points to 4 3 percent this year, double the rise recorded in 2013 ■ Rent Forecast: By year-end 2014, effective rents will reach $1,726 per month, an annual rise of 1 2 percent ■ Investment Forecast: The investment market is becoming more localized as apartment owners focus on expanding portfolios in select neighborhoods
to achieve efficiencies
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Los Angeles Vacancy Poised to Fall After Several Years of Tenant ChurnThe Los Angeles office market will make some headway this year after remaining in neutral for the previous four years Office vacancy at the end of 2013 was only modestly lower than at the end of the recession in late 2009, and the rate has ranged within a 100-basis point band during most of the past several years Office demand has been growing since 2010, though the modest gains have been insufficient to overcome the new supply coming online This year, however, construction will be minimal while nearly 5 million square feet is absorbed, sending vacancy below the 15 percent threshold for the first time since early 2009, when the nation was still in a recession The office development that does come online generally has significant leasing commitments The renovation of the Meeker-Baker building in Long Beach, for example, is fully leased to Molina Healthcare
Los Angeles Office Market
An active contingent of local buyers and some major institutional investors will create a bifurcated investment climate this year Over the past couple of years, the Class A sector has remained relatively steady as cash-heavy buyers willing to assume the holding costs of prime assets have expanded their portfolios Top-tier properties in West Los Angeles, which have nearly recovered from the recession, will remain among the most attractive targets this year Nonetheless, investors unwilling to slide down the quality ladder may turn their attention to the San Fernando Valley and, to a lesser extent, Greater Downtown to find suitable listings Average cap rates for Class A properties range from 6 percent near the coast to above 7 percent in secondary areas At the bottom of the market, local buyers sensing a more significant turnaround will target well-located Class C properties on a price-per- square-foot basis
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Los Angeles Office Market
2014 MARKET OUTLOOK ■ 2014 NOPI Rank: 5, Up 3 Places Strong rent gains and high absolute job growth supported Los Angeles’ three-place rise in the ranking ■ Employment Forecast: Employers will create 81,000 jobs this year, expanding payrolls by 2 1 percent Office- using employment will grow 2 6
percent as 26,000 positions are generated ■ Construction Forecast: Only 550,000 square feet of office space will come online in 2014, down from 1 2 million square feet last year ■ Vacancy Forecast: Light construction will facilitate a 120-basis point plunge in vacancy to 14 2 percent ■ Rent Forecast: After a 3 9 percent rise in 2013, average full-service rents will climb another 3 9 percent in 2014 to $30 86 per square foot ■ Investment Forecast: The potential for rising interest rates and an increase in the number of CMBS loans that are coming due should encourage more
buyers to deploy capital in office assets
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
California State University, Northridge (CSUN)
California State University, Northridge (CSUN) is part of the CSU system CSUN is the only public university in San Fernando Valley, an area with a population of over 1 8 million The university, which is only 2 miles from the Parthenia site, has approximately 36,200 students, including 5,000 post-graduate students CSUN offers Bachelors degrees in 61 subjects and Masters degrees in 42 The University boasts of a particularly strong engineering, business, and film program The Valley’s economy is diversified Health care, biotech and finance serve as the major industries
Enrollment in CSUN will continue to grow despite temporary state budget woes as the university continues to ganer research grants and funding Just this June, CSUN was one of only six universities to receive a $2 38 million grant from the National Science Foundation CSUN employs 5,800 people directly through the university and adds another 5,700 to 6,000 jobs into the local economy
Los Angeles Valley College
Valley College’s current enrollment is approximately 20,000 students with 199 full-time faculty and 401 part-time instructors
Valley College continues to meet the educational needs of the community by offering transfer education, career technical education, and lifelong learning It is one of the nine colleges of the Los Angeles Community College District
Additional Schools in the Area
The subject site falls under the Los Angeles Unified School District, the largest public school system in California On average, the district serves 695,000 students, and has more than 45,000 teachers and 38,000 other employees
Elementary Schools
Burton Street Elementary School - 8111 Calhoun Avenue, Panorama City, CA 91402
Michelle Obama Elementary School - 8150 Cedros Avenue, Panorama City, CA 91402
St Genevieve Elementary School - 8329 Noble Avenue, North Hills, CA 91343
Noble Avenue Elementary School - 8329 Noble Avenue, North Hills, CA 91343
Middle Schools
Vista Middle School - 15040 Roscoe Boulevard, Van Nuys, CA 91402
Valor Academy Charter School - 8755 Woodman Avenue, Arleta, CA 91331
Robert Fulton College Preparatory School - 7477 Kester Avenue, Van Nuys, CA 91405
High Schools
Panorama High School - 8015 Van Nuys Boulevard, Panorama City, CA 91402
St Genevieve High School - 13967 Roscoe Boulevard, Panorama City, CA 91402
Robert Fulton College Preparatory School - 7477 Kester Avenue, Van Nuys, CA 91405
Schools in the Development Zone
MARKET OVERVIEW
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
Demographic Summary
Income 1-Mile 3-Miles 5-Miles$ 0 - $ 14,999 15.0% 13.8% 12.0%$ 15,000 - $24,999 14.9% 13.8% 11.8%$ 25,000 - $34,999 13.8% 12.8% 11.4%$ 35,000 - $49,999 15.3% 15.2% 14.4%$ 50,000 - $74,999 18.4% 17.8% 18.5%$ 75,000 - $99,999 11.8% 11.2% 11.9%$100,000 - $124,999 5.6% 6.6% 7.9%$125,000 - $149,999 1.8% 3.5% 4.2%$150,000 - $200,000 1.8% 2.7% 3.9%$200,000 to $249,999 0.6% 1.0% 1.5%$250,000 + 1.1% 1.6% 2.5%2011 Median HH Income $40,702 $43,572 $50,5112011 Per Capita Income $14,127 $17,686 $22,6552011 Average HH Income $54,724 $62,092 $72,577
Population 1-Mile 3-Miles 5-Miles2000 Population 47,966 324,154 718,3482010 Population 48,402 335,897 745,2842013 Population 49,080 341,336 757,6612018 Population 48,882 342,978 763,083
Households 1-Mile 3-Miles 5-Miles2000 Households 12,710 92,545 224,7442010 Households 12,404 94,468 230,2772013 Households 12,616 96,391 235,0692018 Households 12,696 98,266 239,9422013 Average Household Size 3.85 3.48 3.162013 Daytime Population 14,918 97,117 256,2632000 Median Housing Value $0 $0 $143,5932000 Owner Occupied Housing Units 31.45% 39.39% 43.37%2000 Renter Occupied Housing Units 67.31% 57.76% 53.27%2000 Vacant 3.08% 3.05% 3.24%2013 Owner Occupied Housing Units 31.79% 38.78% 42.53%2013 Renter Occupied Housing Units 68.21% 61.22% 57.47%2013 Vacant 3.96% 3.83% 3.66%2018 Owner Occupied Housing Units 31.57% 38.71% 42.34%2018 Renter Occupied Housing Units 68.43% 61.29% 57.66%2018 Vacant 4.14% 3.96% 3.76%
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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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2014 Marcus & Millichap ACT ID V0120649
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Demographic Summary
PopulationIn 2013, the population in your selected geography was 757,661 The population has changed by 5 47% since 2000 It is estimated that the population in your area will be 763,083 five years from now, which represents a change of 0 71% from the current year The current population is 49 9% male and 50 0% female The median age of the population in your area is 33 7, compare this to the U S average which is 37 The population density in your area is 9,751 42 people per square mile
Households There are currently 235,069 households in your selected geography The number of households has changed by 4 59% since 2000 It is estimated that the number of households in your area will be 239,942 five years from now, which represents a change of 2 07% from the current year The average household size in your area is 3 16 persons
Income In 2013, the median household income for your selected geography is $50,511, compare this to the U S average which is currently $53,535 The median household income for your area has changed by 26 51% since 2000 It is estimated that the median household income in your area will be $59,203 five years from now, which represents a change of 17 20% from the current year
Race and Ethnicity The current year racial makeup of your selected area is as follows: 53 96% White, 4 16% African American, 0 73% Native American and 9 04% Asian/Pacific Islander Compare these to U S averages which are: 72 20% White, 12 65% African American, 0 96% Native American and 5 01% Asian/Pacific Islander
People of Hispanic origin are counted independently of race People of Hispanic origin make up 59 14% of the current year population in your selected area Compare this to the U S average of 16 55%
Housing The median housing value in your area was $143,593 in 2000, compare this to the U S average of $110,781 for the same year In 2000, there were 100,734 owner occupied housing units in your area and there were 123,736 renter occupied housing units in your area The median rent at the time was $598
Employment In 2013, there are 256,263 employees in your selected area, this is also known as the daytime population The 2000 Census revealed that 40 7% of employees are employed in white-collar occupations in this geography, and 59 2% are employed in blue-collar occupations In 2013, unemployment in this area is 6 83% In 2000, the median time traveled to work was 23 1 minutes
Geography: 5 Miles
Demographic data © 2012 by Experian/Applied Geographic Solutions.
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Investment Sales:Gregory A. MillsSenior Vice President Investments ENCINOTel: (818) 212-2720Fax: (818) [email protected] License: CA 00697823
Jeff LouksSenior Vice President Investments ENCINOTel: (818) 212-2780Fax: (818) [email protected] License: CA 00908473