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OFFERING MEMORANDUM Pico Rivera 35K Retail on 2.85 Acres 8825 Washington Blvd Pico Rivera, CA 90660 Play Drone Video
OFFER
ING
MEM
OR
AND
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Pico Rivera 35K Retail on 2.85 Acres
8825 Washington BlvdPico Rivera, CA 90660
Play Drone Video
Pico Rivera 35K Retail on 2.85 AcresCONTENTS
Exclusively Listed By
Wolf BaschungPresidentLic: 01369850(213) [email protected]
Guru ThaparAssociateLic: 01963206(818) 929-0536 [email protected]
We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.
01 Executive Summary Investment Summary 5 Location Summary 6
02 Property Description Property Features 8 Retailer Map 9 Parcel Map 10 Google Earth Satellite 11 Property Images 12
03 Rent Comps Rent Comparables Summary 15 Rent Comparables Map 17
04 Sale Comps Sale Comparables Summary 19 Sale Comparables Charts 21 Sale Comparables Map 22
06 Demographics Demographics 25 Demographic Charts 26
Pico Rivera 35K Retail on 2.85 Acres Confidentiality and Disclaimer | 03
CONFIDENTIALITY AND DISCLAIMER:
The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from MW Team Brokerage and it should not be made available to any other person or entity without the written consent of MW Team Brokerage.
By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property, please promptly return this offering memorandum to MW Team Brokerage. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. MW Team Brokerage 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, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or 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 offering memorandum has been obtained from sources we believe reliable; however, MW Team Brokerage has not verified, and will not verify, any of the information contained herein, nor has MW Team Brokerage 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.
PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT MW TEAM BROKERAGE FOR MORE DETAILS.
Pico Rivera 35K
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Executive Summary
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Investment Summary
Location Summary
Pico Rivera 35K Retail on 2.85 Acres Investment Summary | 05
OFFERING SUMMARYADDRESS 8825 Washington Blvd
Pico Rivera CA 90660COUNTY Los AngelesMARKET South San Gabriel ValleySUBMARKET Pico RiveraGLA (SF) 35,007YEAR BUILT 1959APN 6370-027-018OWNERSHIP TYPE Fee Simple
FINANCIAL SUMMARYOFFERING PRICE $4,300,000PRICE PSF $122.83
DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 21,226 212,413 575,8032019 Median HH Income $66,478 $65,547 $60,1562019 Average HH Income $80,399 $82,788 $78,498
Located in the center of Pico Rivera
Directly across from the area premier shoppingdestination
Large site: 2.85 acres
High traffic counts
Significant upgrades required
KW Commercial, as an exclusive agent is pleased to present a rareopportunity to shape up an existing structure of approx 35,000 sq/ft, highceilings, and 230 parking spaces. Located in the heart of City of PicoRivera, on Washington Blvd and Rosemead Blvd, next to LA Fitness,Wells Fargo, and McDonald's. The Existing structure was previouslyhome to El Rodeo Night Club and is a prime location for any number ofbig-box retailers. The City of Pico Rivera was one of the Finalist in 2016for the Most Business-Friendly City in the County of Los Angeles as perThe Los Angeles County Economic Development Corporation (LAEDC).
The property was acquired in a lender foreclosure and is being sold as-is,REO, by the foreclosing entity. A buyer should be aware of a reciprocaleasement agreement between the subject property and LA Fitness withsignificant parking, redevelopment, and other restrictions. Please inquirewith listing agents for full disclosure of material these and other legalfacts concerning the sale of this asset.
The interiors of the property have sustained some damage and propertyvandalism and will require significant main system capital improvements.Nevertheless, this property is priced to sell and provides a uniqueopportunity for a savvy investor.
Pico Rivera 35K Retail on 2.85 Acres Location Summary | 06
Pico Rivera is a city located in southeastern Los AngelesCounty, California, United States. The city is situatedapproximately 11 miles (18 km) southeast of downtown LosAngeles, on the eastern edge of the Los Angeles basin,and on the southern edge of the area known as the SanGabriel Valley. The ports of Long Beach and Los Angeles,as well as Los Angeles International Airport (LAX), are inclose proximity.
Located close to beaches and mountains, Pico Rivera is acity with many acres devoted to parks and outdoorrecreation. There are nine parks and playgroundsthroughout the city. The community enjoys more than 120acres committed to public recreational facilities. There are18 athletic fields, two gymnasiums, and four communitycenters, a nine-hole executive golfcourse, skatepark, and aquatic centers.
There has been significant redevelopment in the city: theopening of the “Pico Rivera Towne Center“”, a 60-acreopen-air shopping complex along Washington Boulevarddirectly across the street from the property. This busyshopping center has brought in such well-knownbusinesses as Starbucks, Panera Bread, Chili's, Petsmart,Lowe’s, Walmart, Walgreens, Del Taco and otherbusinesses into the city.
To the north of the property, there is an LA Fitness, whichshares some parking rights with the property. To the west aWells Fargo bank. To the southeast a McDonalds, a Chasebank to the east, as well as other small businesses.
Regional Map
Locator Map
Pico Rivera 35K
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Property Description
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Property Features
Aerial Map
Parcel Map
Additional Maps
Property Images
Pico Rivera 35K Retail on 2.85 Acres Property Features | 08
PROPERTY FEATURESNUMBER OF TENANTS 0GLA (SF) 35,007LAND ACRES 2.85YEAR BUILT 1959# OF PARCELS 1ZONING TYPE PRCG*BUILDING CLASS BLOCATION CLASS BNUMBER OF STORIES 1NUMBER OF BUILDINGS 1NUMBER OF PARKING SPACES 230STREET FRONTAGE 256 FtTRAFFIC COUNTS 33,394NUMBER OF INGRESSES 2NUMBER OF EGRESSES 2
NEIGHBORING PROPERTIESNORTH LA FitnessSOUTH Towne Center ShoppingEAST Mc DonalsWEST Wells Fargo
Pico Rivera 35K Retail on 2.85 Acres Retailer Map | 09
Pico Rivera 35K Retail on 2.85 Acres Parcel Map | 10
Pico Rivera 35K Retail on 2.85 Acres Google Earth Satellite | 11
Pico Rivera 35K Retail on 2.85 Acres Property Images | 12
Pico Rivera 35K Retail on 2.85 Acres Property Images | 13
Pico Rivera 35K
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Rent Comps
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Rent Comparables
Rent Comparables Map
Pico Rivera 35K Retail on 2.85 Acres Rent Comparables Summary | 15
1
14,000 SF Retail8921 E Washington BlvdPico Rivera, CA 90660
RSF 14,000
YEAR BUILT 2007
OCCUPANCY 100.00 %
LEASE TYPE NNN
RENT PSF (YEARLY) $17.76
RENT PSF (MONTHLY) $1.48
ANNUAL RENT PSF $0 - $38
LOW HIGH
OCCUPANCY 0 % - 100 %
LOW HIGH
RSF 2,000 - 35,007
LOW HIGH
Notes Escalations3% AnnualFree Rent6 Mos at Start
2
Towne Center 4 Star Retail8730 Washington BlvdPico Rivera, CA 90060
RSF 20,625
YEAR BUILT 2002
OCCUPANCY 100.00 %
LEASE TYPE NNN
RENT PSF (YEARLY) $38.50
RENT PSF (MONTHLY) $3.21
ANNUAL RENT PSF $0 - $38
LOW HIGH
OCCUPANCY 0 % - 100 %
LOW HIGH
RSF 2,000 - 35,007
LOW HIGH
Notes CoStar Est. Rent$35 - 42/SF (Retail)
Pico Rivera 35K Retail on 2.85 Acres Rent Comparables Summary | 16
3
1 Star Retail (Small)6620 Rosemead BlvdPico Rivera, CA 90660
RSF 2,000
YEAR BUILT 1979
LEASE TYPE NNN
RENT PSF (YEARLY) $25.20
RENT PSF (MONTHLY) $2.10
ANNUAL RENT PSF $0 - $38
LOW HIGH
OCCUPANCY
LOW HIGH
RSF 2,000 - 35,007
LOW HIGH
S
Pico Rivera 35K Retail on 2.85Acres8825 Washington BlvdPico Rivera, CA 90660
RSF 35,007
YEAR BUILT 1959
ANNUAL RENT PSF
LOW HIGH
OCCUPANCY
LOW HIGH
RSF 2,000 - 35,007
LOW HIGH
Pico Rivera 35K Retail on 2.85 Acres Rent Comparables Map | 17
# Property Name Address CityS Pico Rivera 35K Retail on 2.85 Acres 8825 Washington Blvd Pico Rivera1 14,000 SF Retail 8921 E Washington Blvd Pico Rivera2 Towne Center 4 Star Retail 8730 Washington Blvd Pico Rivera3 1 Star Retail (Small) 6620 Rosemead Blvd Pico Rivera
Pico Rivera 35K
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Sale Comps
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Sale Comparables
Sale Comparables Charts
Sale Comparables Map
Pico Rivera 35K Retail on 2.85 Acres Sale Comparables Summary | 19
1
El Paseo Plaza6620 Rosemead BlvdPico Rivera, CA 90660
RSF 20,807
YEAR BUILT 1979
SALE PRICE $4,600,000
PRICE/SF $221.08
CAP RATE 90,660.00 %
CLOSING DATE 9/1/2017
Cap Rate Range 90,660.00 % - 90,660.00 %
LOW HIGH
Price/Square Ft $123 - $359
LOW HIGH
DOM Range
LOW HIGH
2
Dollar King9337 Washington BlvdPico Rivera, CA 90660
RSF 5,850
YEAR BUILT 2006
SALE PRICE $2,100,000
PRICE/SF $358.97
OCCUPANCY 100.00 %
CLOSING DATE 5/22/2018
Cap Rate Range
LOW HIGH
Price/Square Ft $123 - $359
LOW HIGH
DOM Range
LOW HIGH
Pico Rivera 35K Retail on 2.85 Acres Sale Comparables Summary | 20
S
Pico Rivera 35K Retail on 2.85Acres8825 Washington BlvdPico Rivera, CA 90660
RSF 35,007
YEAR BUILT 1959
ASKING PRICE $4,300,000
PRICE/SF $122.83
Cap Rate Range
LOW HIGH
Price/Square Ft $123 - $359
LOW HIGH
Pico Rivera 35K Retail on 2.85 Acres Sale Comparables Map | 22
# Property Name Address CityS Pico Rivera 35K Retail on 2.85 Acres 8825 Washington Blvd Pico Rivera1 El Paseo Plaza 6620 Rosemead Blvd Pico Rivera2 Dollar King 9337 Washington Blvd Pico Rivera
Pico Rivera 35K
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Demographics
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Demographic Details
Demographic Charts
Pico Rivera 35K Retail on 2.85 Acres Demographics | 25
POPULATION 1 MILE 3 MILE 5 MILE
2000 Population 20,577 204,612 556,796
2010 Population 20,660 206,974 559,937
2019 Population 21,226 212,413 575,803
2024 Population 21,460 214,597 581,620
2019 African American 216 2,453 8,965
2019 American Indian 354 2,455 6,045
2019 Asian 398 10,076 45,781
2019 Hispanic 19,580 181,499 467,397
2019 White 12,927 121,667 305,271
2019 Other Race 6,565 67,083 186,139
2019 Multiracial 750 8,413 22,847
2019-2024: Population: Growth Rate 1.10 % 1.00 % 1.00 %
2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE
less than $15,000 408 4,777 14,160
$15,000-$24,999 361 4,827 14,355
$25,000-$34,999 417 4,749 14,637
$35,000-$49,999 762 7,278 21,662
$50,000-$74,999 1,146 11,023 30,692
$75,000-$99,999 862 8,632 23,024
$100,000-$149,999 1,169 10,667 25,157
$150,000-$199,999 286 4,170 9,913
$200,000 or greater 183 2,701 6,973
Median HH Income $66,478 $65,547 $60,156
Average HH Income $80,399 $82,788 $78,498
HOUSEHOLDS 1 MILE 3 MILE 5 MILE
2000 Total Housing 5,491 58,908 160,588
2010 Total Households 5,483 57,841 157,362
2019 Total Households 5,594 58,823 160,573
2024 Total Households 5,632 59,152 161,459
2019 Average Household Size 3.76 3.58 3.55
2000 Owner Occupied Housing 3,897 34,992 82,103
2000 Renter Occupied Housing 1,484 22,538 74,300
2019 Owner Occupied Housing 3,846 34,131 80,263
2019 Renter Occupied Housing 1,749 24,692 80,311
2019 Vacant Housing 203 2,361 7,077
2019 Total Housing 5,797 61,184 167,650
2024 Owner Occupied Housing 3,915 34,772 81,855
2024 Renter Occupied Housing 1,717 24,380 79,604
2024 Vacant Housing 217 2,487 7,407
2024 Total Housing 5,849 61,639 168,866
2019-2024: Households: Growth Rate 0.70 % 0.55 % 0.55 %
Source: esri
Pico Rivera 35K Retail on 2.85 Acres Demographic Charts | 26
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Household Income
1 Mile Radius 3 Mile Radius 5 Mile Radius
2019 Population by Race
Pico Rivera 35K Retail on 2.85 Acres Demographic Charts | 27
2019 Household Occupancy - 1 Mile Radius
Average Income Median Income
2019 Household Income Average and Median
Pico Rivera 35K Retail on 2.85 Acres
Exclusively Listed By
Wolf BaschungPresidentLic: 01369850(213) [email protected]
Guru ThaparAssociateLic: 01963206(818) 929-0536 [email protected]
