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1411 W. Sunt Blvd. Echo Park Purchase Opportunity Medical | Office & Retail Building with Parking Los Angeles, CA 90026
1411 W. Sunset Blvd.Echo Park Purchase Opportunity Medical | Office & Retail Building with Parking
Los Angeles, CA 90026
ContentsThe Offering 04
The Details 06
The Location 08
Financial Proforma 16
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1411 W. Sunset Blvd | Echo Park, LA
The offeringJones Lang LaSalle Brokerage, as exclusive agent for the owner, is pleased to present this unique opportunity to acquire a rare, mixed-use medical, office and retail property in the Echo Park neighborhood of Los Angeles. The building measures +/- 11,635 square feet (per assessor) and sits on +/- 13,264 square feet (per assessor) of C2-zoned land. The building fronts on world-famous Sunset Boulevard in a heavily traveled retail and restaurant corridor. Echo Park is experiencing substantial growth and significantly improving demographics. In addition to being named by the LA Times as one of the cities’ hippest neighborhoods, it is centrally located to many of LA’s coolest enclaves – Silver Lake, Chinatown, Frogtown, and Downtown. Finally, the current vacancy and short-term existing lease make this a prime development opportunity that allows 49 units by-right (buyer to verify).
87(Very walkable)
Walk score
5 retail units on the 1st floor & 3 medical / office
units on 2nd floor Easily Divisible
21-car fenced lot w/ automatic gate
Parking
Over 1.2 MM people w/in a 5-mi radius and Median Home Value of $765k w/in
a 1-mi radius Strong Demographics
HIGHLIGHTS
ASKING PRICE | $5,950,000
1411 W. Sunset Blvd.
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1411 W. Sunset Blvd | Echo Park, LA
The detailsTHE DETAILS
DEVELOPMENT POTENTIAL (BUYER TO VERIFY)
Building +/- 11,635 sf
Land +/- 13,264 sf | 0.30 acres
Year Built 1990
Parcel Numbers 5406-010-020 & 5406-010-073
Stories 2
Zoning LAC2-1VL
Parking 21 spaces
FAR: 1.5:1 = 19,896 sf
Height Limit 3 stories
Unit Count 49
Density Bonus TOC Tier 1, up to 36,476 sf and 68 units
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1411 W. Sunset Blvd | Echo Park, LA
The place to beIn describing Echo Park, LA Weekly wrote in 2013 “depending on your point of view: [it’s] the poor man’s Silver Lake, the rich man’s Highland Park, the Williamsburg of the West Coast. . .[o]r, it’s that strange little neighborhood you drive through getting to Dodger Stadium.” Now in 2019, Echo Park has come into its own and established itself as an independent enclave – grittier than Silver Lake, hipper than Downtown. Sunset Boulevard is its main artery, with numerous bars, restaurants, coffee shops, boutiques, and even a vintage video game parlor. A number of recent commercial developments have transformed historic buildings into beautiful, inviting retail storefronts. Dodger Stadium looms to the Northeast (a short half-mile walk away), and the 81 home games there drive constant weekday traffic to the area, with fans eager to grab a pregame meal, or a celebratory postgame drink. Additionally, Echo Park’s proximity to Hollywood and Downtown Los Angeles make it an ideal neighborhood for professionals seeking a manageable commute. The residential market is a dense mixture of historic and modern apartment buildings, and single-family homes.
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1411 W. Sunset Blvd | Echo Park, LA
US 101
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SAN FERNANDO ROAD
SUNSET BOULEVARD
SUNSET BOULEVARD
NORTH
AVENUE 21 DALY STREET
NORTH BROADWAY
VALLEY BOULEVARD
AVENUE 26
CESAR E CHAVEZ AVENUE
MARENGO STREET
DEWAP ROAD
ALPINE STREET
WEST 2ND STREET
NORTH SPRING STREET
BELLEVUE AVENUE
GLEN
DALE
BO
ULEV
ARD
MAN
ZANI
TA ST
REET
SANTA MONICA BOULEVARD
SOUT
H W
ESTE
RN A
VENU
E
WILSHIRE BOULEVARD
WES
TERN
AVE
NUE
BEVERLY BOULEVARD
ALVA
RADO
STRE
ET
110
110
TRINITI
Gold Room
1642
Little Joy Cocktails
Shortstop
Echo Park Lake
Carroll Avenue in Angelino Heights
(Victorian Homes)
Dodgers Stadium
The Echo & Echoplex
Machine Project
Elysian Park
Hot Cactus
Echo Park Market
Cookbook Los Angeles
Location overview
Restaurants/Coffee
Bar/Club
Venues/Theatres/Events/Landmarks
Shopping
Market
The Hot Spots
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1411 W. Sunset Blvd | Echo Park, LA
The RegionLocation overview
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101
101
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LOS FELIZ
SILVER LAKE
ECHO PARK
HOLLYWOOD
ANGELINOHEIGHTS
HISTORIC FILIPINO TOWN
WESTLAKE NORTH
KOREATOWN
DOWNTOWN LOS ANGELES
CHINATOWN
DODGER STADIUM
FROGTOWN
1411 W. Sunset Blvd.
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1411 W. Sunset Blvd | Echo Park, LA
The Next ChapterLocation overview
1411 W. Sunset Blvd.
1750 N. Glendale Blvd.70 units
2014 W. Sunset Blvd.36 units
COVO1433 Waterloo St(20 small lot homes)
ALEXAN SOUTH ECHO 1900 W Temple St200 unit (mixed use)
EASTVIEW APARTMENTS 327 N. Boylston St.121 units
1301 W Sunset Blvd45 units (mixed use)
MWD 1111 Sunset Blvd(Mixed Use)
27 LIVE WORK LOFTS 1313 W Sunset Blvd
BRICK WORKS 1485-1501 W Sunset Blvd(mixed use)
1601 Park Avenue11 unit appartment
PALO ALTO HOTEL 1625 Palo Alto St88 rooms
4SITE 1246-1256 W. Court St.54 units
ECHO PARK VILLAGE 316 Glendale Blvd(retail)
333B333 Belmont Ave. 69 units
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101
MOHAWK COLLECTIVE2134 Sunset Blvd(retail/office)
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1411 W. Sunset Blvd | Echo Park, LA
ASSUMPTIONS
Retail Square Footage +/- 5,818
Retail Market Rent (NNN psf/mo) $4.50
Retail Annual Revenue $314,172
Office/Medical Square Footage +/- 5,817
Office/Medical Market Rent (NNN psf/mo) $2.00
Office/Medical Annual Revenue $139,608
PROFORMA
Annual Rental Revenue $453,780
Less 5% Vacancy ($22,689)
Net Operating Income $431,091
Options | Two, one-year options, but landlord may give notice terminating the lease prior to the option effectiveness
EXISTING LEASE SUMMARY
PROFORMA SUMMARY
Office/Medical Unit | 203
Tenant | Cesar Velez, M.D.
Square Footage | 3,042 sf Annual Rent | $46,859 gross
Expiration | January 31, 2020
Financial Proforma
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1411 W. Sunset Blvd | Echo Park, LA
DisclosureMaterials contained in this Offering Memorandum are confidential, furnished solely for the purpose of considering the purchase of 1411 W. Sunset Boulevard (the “Property”) located in Los Angeles (Echo Park), California, described herein; and are not to be used for any other purpose or to be made available to any other person without the express written consent of Jones Lang LaSalle (“JLL”). The material is based, in part, upon information supplied by Seller and, in part, upon information obtained by JLL from sources they deem to be reliable. Summaries contained herein of any legal documents are not intended to be comprehensive statements of the terms of such documents, but rather are outlines of some of the principal provisions contained therein. No warranty or representation, expressed or implied, is made by Seller, JLL or any of their related entities as to the accuracy or completeness of the information contained herein. Prospective buyers and investors should make their own investigations, projections and conclusions. Interested buyers should be aware that the Seller is selling the Property in “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE. It is expected that prospective buyers and investors will conduct their own independent due diligence concerning the Property, including, without limitation, such engineering and environmental inspections as they deem necessary to determine the condition of the Property and the existence or absence of any potentially hazardous materials used in the construction or maintenance of the Property. No representations, expressed or implied, are made as to the foregoing matters by Seller, JLL or any of their officers, trustees, employees, affiliates and/or agent.
20 | 1411 W. Sunset – Echo Park
Chris Isola Executive Vice President+1 (213) [email protected]
Bryan Lewitt Managing Director+1 (213) [email protected]
515 S. Flower Street, 13th Floor | Los Angeles, CA 90017
www.us.jll.com/capitalmarkets
Contacts
© 2019 Jones Lang LaSalle, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
