for sale 2028-2030 montana avenue · 2028-2030 montana avenue 4. westmac commercial brokerage...

SANTA MONICA INVESTMENT OPPORTUNITY ALONG MONTANA AVENUE

2028-20302028-2030 MONTANA AVENUEFOR SALE

SANTA MONICA, CA 90403

FOR SALE - ESSENTIAL BUSINESS - OPEN - UPDATED PRICING

WESTMAC COMMERCIAL BROKERAGE COMPANY1515 Sepulveda Boulevard, Los Angeles, CA 90025310.478.7700 / www.westmac.comCompany DRE# 01096973

T.C. MACKER | PRESIDENT310.966.4352 | [email protected] # 01232033www.westlacommercial.com

JENNIFER MOSCOSO | ASSOCIATE310.966.4397 | [email protected] # 02044716www.westlacommercial.com

© 2019 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission.

© 2019 WESTMAC Commercial Brokerage Company. All Rights Reserved. WESTMAC Commercial Brokerage fully supports the principles of the Equal Opportunity Act. WESTMAC Commercial Brokerage Company and the WESTMAC Commercial Brokerage Company logo are registered service marks owned by WESTMAC Commercial Brokerage Company and may not be reproduced by any means or in any form whatsoever without written permission.

2028-20302028-2030 MONTANA AVENUEMONTANA AVENUEFOR SALE


2028-2030 MONTANA AVENUE | Santa Monica 4

WESTMAC Commercial Brokerage Company is pleased to present the opportunity to acquire 2028-2030 Montana Avenue in Santa Monica. 2028-2030 Montana Avenue is located in the upscale Montana Shopping District of Santa Monica. 2028-2030 Montana Avenue is situated on two parcels comprising of a single-tenant one-story commercial building approximately 4,000-square feet and a parking lot. The total land size is approximately 8,000-square feet. There are approximately eight (8) parking spaces in the parking lot. The property is zoned residential with a CUP which permits the use of the property as a market (no expiration date).

The tenant is a market called The Farms. The current lease expires November 4, 2028. The monthly triple net (NNN) rent is currently about $14,063 with CPI adjustments each November.

Located along Montana Avenue, 2028-2030 Montana Avenue is walking distance to an abundance of high-end retailers, restaurants, and businesses all of which are part of the popular shopping destination known as the “Montana Avenue Shopping District” in the affluent Wilshire Montana neighborhood. 2028-2030 Montana Avenue is also a short 4-block walk to Wilshire Boulevard and minutes from Santa Monica’s bustling tourism industry, including Santa Monica Beach, Santa Monica Pier and Third Street Promenade

2028-2030 Montana Avenue offers buyers ease of management and stable cash flow along a highly coveted street in one of the most sought after markets in the world.

EXECUTIVE SUMMARY: THE FARMSMontana Avenue Investment Opportunity

OFFERING MEMORANDUM 5


ADDRESS 2028-2030 Montana Avenue,Santa Monica, CA 90403

APN(S) 4277-005-001; 4277-005-002

BUILDING SIZE ± 4,000-square feet

LOT SIZE ± 8,000-square feet

PARKING Approximately eight (8) spaces in rear lot

CURRENT USE Full Line Grocery and Liquor Store

OCCUPANCY Single; Occupied by The Farms

PROPERTY INFORMATIONBUILT 1925

STORIES One (1)

ZONING SMR2* with CUP permit for market use

FRONTAGE 80’ along Montana Ave.; 100’ along 21st St.

APPROXIMATE NOI $168,763

CAP RATE 3.75%

ASKING PRICE $5,100,000 $4,500,000 ($1,125/SF)

MONTANA AVENUE

21ST STREET

N

7OFFERING MEMORANDUM

AERI

AL VI

EW

BUILDING REAR

PARKING LOT

PARCEL MAP

N


Well known neighborhood market with longevity and an affluent customer base.

Well-maintained building.

High visibility with great signage along Montana Avenue.

Ample parking in rear lot (8 spaces).

Located in Santa Monica’s upscale Wilshire Montana neighborhood.

Short walking distance to outstanding shopping, dining, and lifestyle amenities along Montana Avenue and Wilshire Boulevard.

Unbeatable location, minutes from Downtown Santa Monica and tourist hot spots including: Santa Monica Beach, Santa Monica Pier, Third Street Promenade, and Palisades Park.

Easily accessible by public transportation.

PROPERTY HIGHLIGHTS


INVESTMENT HIGHLIGHTSStable Cash Flow - Current rent of $3.51 per square foot per month triple net (NNN) provides a consistent cash flow for buyers with significant future upside if tenant vacates.

Long Term Tenancy - Tenant has occupied this location for 30 years; this longevity has acquired a dedicated customer base that helps drive sales.

Ease of Management - Minimal landlord responsibilities.

Location Upside - Tenants and properties in this location benefit from Santa Monica’s booming tourism economy and Silicon Beach’s market drivers, including a constant influx of employees and consistent demand for housing, making Santa Monica an exclusive place to live and work.

High Demand, Low Supply - The imbalance between supply and demand for commercial property in Santa Monica results in a lack of quality real estate options for buyers. 2028-2030 Montana Avenue presents a rare opportunity to purchase property along Montana Avenue – a street along which few properties have traded over the last decade.


TENANT PROFILEA longtime staple and neighborhood favorite, The Farms market is a convenience store which features fresh food and produce, a full-service deli, and a wide selection of wine and spirits. The combination of an expansive butcher section and sidewalk seating creates a comfortable environment for customers to purchase and enjoy their food. The Farms is a beloved neighborhood market with a dedicated community-centered consumer base.

THE FARMS

ESTABLISHED IN 1989

SPECIALTIES: BBQ, DELI & CUSTOMER SERVICE

NEIGHBORHOOD GROCERY STORE

PET FRIENDLY


LEASE ABSTRACTTENANT Sean McGuire (dba “The Farms”)

SIZE 4,000-square feet

TERM Single ten (10) year term (Lessee exercised renewal option on November 5, 2018)

COMMENCEMENT November 5, 2018 (Original Lease Date is March 30, 1989)

EXPIRATION November 4, 2028

CURRENT RENT $14,063.64 NNN monthly ; $168,763.68 NNN annually

INCREASES CPI adjusts every November

OPTION TO EXTEND None

*CAMApproximately $52,000 annually (±$1.08 per square foot, per month)** Real estate taxes, insurance, building maintenance and other expenses paid by tenant

RIGHT OF FIRST REFUSAL Ten (10) days written notice at accepted price and terms from third party

LEASE FORM AIR Standard Industrial Lease

* CAM is estimated. Taxes will be assessed at higher value upon sale (Price * 1.25%). Does not take into account down time, TIs, reserves or capital improvements.

** Real estate taxes and insurance reimbursed by tenant; other expenses paid directly.

LOS ANGELES INTERNATIONAL AIRPORT

WILSHIRE-MONTANA

SANTA MONICA BOULEVARD

N

SANTA MONICAPrimePrime

VENICE

2028-20302028-2030 MONTANA AVENUESANTA MONICA, CA 90403

WILSHIRE-MONTANA

DOWNTOWN SANTA MONICA

MONTANA AVENUE

MONTANA SHOPPING DISTRICT

MONTANA AVENUE SHOPPING DISTRICT (FULL LIST OF RETAILERS ON PG 20)

SANTA MONICA PIER

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Montana Avenue


The property’s location within the Montana Shopping District offers unparalleled access to lifestyle amenities within a short walk

MontanaMontana Avenue is home to a stretch of more than 150 restaurants and retailers. Though it’s merely blocks from Downtown Santa Monica, it feels removed from all the hustle and bustle. From sunrise to sunset, a steady stream of shoppers browse the surrounding storefronts amid a relaxed crowd of A-list celebrities, families, and out-of-towners, none of whom seem in a hurry to leave.

SHOPPING DISTRICT

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Montana Avenue


OSTERIA BIGOLI ROSTI PORTOFINO LE MACRON BAKERY THE COURTYARD KITCHEN

SANTA MONICA PIER PACIFIC PARK

SANTA MONICA PLACE THIRD STREET PROMENADE

SANTA MONICA BEACH

FARMERS MARKET

PALISADES PARK

MAIN STREET


Santa MonicaAREA SUMMARYMore than 7 million visitors a year come to Santa Monica, a renowned beach city which is close to a multitude of other Los Angeles attractions. Santa Monica Beach averages more than 300 days of sunshine a year and offers some of the best sunsets on the West Coast. Santa Monica is known as a walkable and bike-friendly town, allowing visitors to get around with ease and experience the myriad of shops, restaurants, and attractions.

The city of Santa Monica has experienced tremendous growth as a dining and entertainment center serving the Los Angeles area. The city has been actively redeveloping its core, transforming historic and functionally outdated buildings into trendy retail and entertainment venues, including a $50 million restoration of the iconic City Hall building, a $55 million, seven acre redesign of Palisades Park, and a $265 million renovation of the Santa Monica Place mall, which is adjacent to Third Street Promenade, the city’s premier retail and entertainment hub.

santa monica

veniceplaya vista

south baylax

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UCLA Medical Center

City of Santa Monica

Santa Monica College

Providence Saint John’s Health Center

Santa Monica Malibu Unified School District

Snap Inc.

Activision Publishing Inc.

Lionsgate Entertainment

Rand Corporation

Hulu

TOP TEN SANTA MONICA EMPLOYERS

Santa Monica has experienced a boom since the late 1980s, which can be seen in the revitalization of its downtown area, significant job growth and increased tourism. These facets have all exploded thanks to the emergence of the booming tech industry which has engulfed the area in what is known today as Silicon Beach. The economic boom has led to a rise in the cost of housing, a spike in employment rates, and a revitalized interest in development projects, which experts forecast will continue to thrive.

The region has attracted an estimated 500 tech companies, ranging from startups to established tech giants. Recognizable names like Google and Facebook, are neighbors with buzzy startups, like Bird and Fair. In an analysis of over 175 local startups, Mediakix found Silicon Beach startups to be worth over an estimated $155 billion in valuation. This valuation will continue to grow as Silicon Beach expands, attracting more entrepreneurs and investors to the region.

Santa Monica has emerged as the center of the technology, entertainment, and digital information industries in Southern California thanks to the rise of Silicon Beach

pacific ocean


DEMOGRAPHICS

POPULATION 1-MILE 3-MILE 5-MILE

Population (2019 Estimate) 30,329 213,177 438,995

Population (2024 Forecast) 30,474 217,815 447,196

BUSINESS 1-MILE 3-MILE 5-MILE

Total Businesses 3,543 18,398 32,612

Total Employees 25,009 179,921 373,912

Total Consumer Spending $473,950 $3,106,924 $6,221,982

HOUSEHOLD 1-MILE 3-MILE 5-MILE

Households (2019 Estimate) 14,398 103,996 204,886

Med. Household Income (2019) $111,375 $91,471 $91,864

Avg. Household Income (2019) $138,086 $123,369 $124,625

FROM SUBJECT PROPERTY

CITY OF SANTA MONICA

ZILLOW HOME VALUE INDEX

Med. Home Value $1,663,700

ZILLOW RENT INDEX

Avg. Rent Paid (homes, condos, apts)

$5,087


SANTA MONICA

MONTANA AVENUE2028-20302028-2030

BEVERLY HILLS

VENICE

DOWNTOWNLA

HOLLYWOOD

MARINA DEL REY

CULVER CITY

WEST LA

MID WILSHIRE KOREATOWNBRENTWOOD

WESTCHESTER

SILVERLAKE

USC

UCLA

INGLEWOOD

LEIMERT PARK

Npacific ocean


729 Montana Avenue, Santa Monica, CA 90403Sale Date 3/29/17 Property Type Retail/OfficeSale Price $15,500,000 Bldg SF 10,175 SFPrice/SF $1,523 Land SF 14,810 SFCap Rate - Year Built 2001APN # 4293-011-015 Zoning SMC2

1620 Montana Avenue, Santa Monica, CA 90403Sale Date 2/21/17 Property Type OfficeSale Price $3,500,000 Bldg SF 2,736 SFPrice/SF $1,279 Land SF 4,792 SFCap Rate - Year Built 1965APN # 4281-001-002 Zoning SMC2YY

1620 Montana Avenue, Santa Monica, CA 90403Sale Status On Market Property Type OfficeSale Price $4,700,000 Bldg SF 2,736 SFPrice/SF $1,718 Land SF 4,792 SFCap Rate - Year Built 1965APN # 4281-001-002 Zoning SMC2YY

SALE COMPARABLESMontana


SALE COMPARABLES

1031-1033 Montana Avenue, Santa Monica, CA 90403Sale Date 4/17/15 Property Type OfficeSale Price $3,800,000 Bldg SF 2,929 SFPrice/SF $1,297 Land SF 5,380 SFCap Rate - Year Built 1950APN # 4280-024-015 Zoning SMC2YY

1028-1034 Montana Avenue, Santa Monica, CA 90403Sale Date 1/26/16 Property Type RetailSale Price $6,500,000 Bldg SF 4,118 SFPrice/SF $1,578 Land SF 7,405 SFCap Rate 4.42% Year Built 1954APN # 4281-024-001 Zoning SMC2

1505 Montana Avenue, Santa Monica, CA 90403 (part of portfolio)Sale Date 1/31/14 Property Type RetailSale Price $6,640,454 Bldg SF 5,632 SFPrice/SF $1,179 Land SF 9,997 SFCap Rate - Year Built 1984APN # 4279-026-029 Zoning SMC2*


This offering has been prepared solely for informational purposes. While the information contained herein is from sources deemed reliable, it has not been independently verified by WESTMAC Commercial Brokerage Company or by the Seller.

This document is provided subject to errors, omissions and changes in the information and is subject to modification or withdrawal. The contents herein are confidential and are not to be reproduced without the express written consent.

Interested buyers should be aware that the Seller is selling the Property “AS IS” CONDITION WITH ALL FAULTS, WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE.

The Seller reserves the right to withdraw the Property being marketed at any time without notice, to reject all offers, and to accept any offer without regard to the relative price and terms of any other offer.

Prospective buyers shall be responsible for their costs and expenses of investigating the Property and all other expenses, professional or otherwise, incurred by them.

DISCLAIMER

FOR MORE INFORMATION CONTACT:

JENNIFER [email protected] #02044716

T.C. MACKER, [email protected] #01232033

1515 S Sepulveda Boulevard, Los Angeles, CA 90025310.478.7700 | DRE #01096973www.westmac.com

2028-2030 MONTANA AVENUEFOR SALE


for sale 2028-2030 montana avenue · 2028-2030 montana avenue 4. westmac commercial brokerage...

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