studio city ca 91604

STUDIO CITYC A 9 1 6 0 4

Moorpark St

Moorpark StWhitsett Ave

Whitsett Ave

Exclusively Listed By:

Brandon MichaelsSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: [email protected] License: 01434685www. BrandonMichaelsGroup .com

Matthew LuchsFirst Vice President InvestmentsCOO of The Brandon Michaels GroupTel: [email protected] License: 01948233www. BrandonMichaelsGroup .com

Steven SchechterFirst Vice President InvestmentsDirector, National Retail GroupTel: [email protected] License: 01089464www. BrandonMichaelsGroup .com

04Executive Summary

12Property Overview

16Area

Overview

26Financial Analysis

3

Studio City Branch Library

SHERMAN VILLAGESHERMAN VILLAGE

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VALLEY VILLAGEVALLEY VILLAGE


5Executive Summary

THE OFFERINGA 100% occupied value-add multi-tenant strip center ideally located one parcel east of the highly trafficked NE signalized intersection of Moorpark Street and Whitsett Avenue in the high-end, affluent East San Fernando Valley submarket of Studio City, CA

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The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 12445 Moorpark Street a 5,487 square foot two-story strip center situated on 7,720 square feet of land in Studio City, CA. The subject property is located one parcel east of the highly trafficked NE signalized intersection of Moorpark Street and Whitsett Avenue, which features average daily traffic counts of 21,913 vehicles per day. The building is demised into five spaces, with an ideal average suite size of 1,097 square feet. The two-story building features four ground floor units totaling 4,187 square feet and one second story unit consisting of 1,300 square feet. The property also features a two sided billboard that generates additional income.

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12445 Moorpark Street is currently 100% occupied. All of the existing leases in place are short term or month to month at below market rents, making this an excellent opportunity for either an owner-user Buyer looking to occupy a portion or all of the building, or value-add investor looking for a value-add opportunity in a prime East San Fernando Valley location. 12445 Moorpark Street is home to a Dance Studio, Insurance office, Restaurant, Salon, and a Pilates Studio. The subject property features 10 on-site parking spaces in the front of the property, a parking ratio of 1.82 parking spaces per 1,000 square feet.

12445 Moorpark Street is an excellent location within the Studio City submarket, just one mile from the iconic CBS Studio Center, as well as the affluent Silver Triangle neighborhood. The subject property features a strong Walk Score® of 72 and is considered a Very Walkable location. The property is three blocks from popular Ventura Boulevard and its surrounding national retailers, such as Staples, Bed Bath & Beyond, Coffee Bean & Tea Leaf, Petco, Ralphs, Wells Fargo, California Pizza Kitchen, Chipotle, Peets Coffee & Tea, and Starbucks.

7Executive Summary

UNIVERSAL STUDIO

A 100% OCCUPIED VALUE-ADD STRIP CENTER IN THE HEART OF STUDIO CITY, CA

• 100% occupied value-add strip center centrally located in the high-end, affluent East San Fernando Valley submarket of Studio City, CA

• Ideal unit sizes averaging 1,097 square feet

• The subject property features 10 on-site parking spaces in the front of the property

• One parcel east of the NE signalized corner of Moorpark Street and Whitsett Avenue

IDEAL OWNER-USER OR VALUE-ADD OPPORTUNITY

• All leases in place are month to month or short term in nature, with no lease extending beyond 2023

• Current rents are significantly below market rents, creating a significant value-add opportunity

• An owner-user can occupy a portion of the property immediately or all of the property no later than 2023

INVESTMENT HIGHLIGHTS

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CBS STUDIO CENTER

UNIVERSAL CITYWALKIDEALLY LOCATED WITHIN THE STUDIO CITY SUBMARKET

• The property is located one mile from the iconic CBS Studio Center, as well as the affluent Silver Triangle neighborhood

• The subject property features a strong Walk Score® of 72, and is considered a Very Walkable location

• The property is three blocks from popular Ventura Boulevard and its surrounding national retailers, such as Staples, Bed Bath & Beyond, Coffee Bean & Tea Leaf, Petco, Ralphs, Wells Fargo, California Pizza Kitchen, Chipotle, Peets Coffee & Tea, and Starbucks

• One Mile from the highly anticipated Sportsmen Lodge Development

ADENSE AND AFFLUENT UNDERLYING DEMOGRAPHICS

• There are 28,269 people located within one mile of the property, 229,362 people located within three miles of the property, and 584,481 people located within five miles of the property

• There are 13,347 households located within one mile of the property, 100,309 households located within three miles of the property, and 237,673 households located within five miles of the property

• Average household income is $141,002 within one mile of the property, $114,900 within three miles of the property, and $110,844 within five miles of the property

9Executive Summary

Address 12445 Moorpark StreetStudio City, CA 91604

Price $2,495,000

Building Size 5,487 SF

Lot Size 7,720 SF

Price/SF (Building) $455

Price/SF (Land) $323

Current CAP Rate 4.18%

Pro Forma CAP Rate 7.68%

Occupancy 100%

Parking 10 Parking Spaces; Ratio of 1.82 Spaces per 1,000 SF

Year Built 1967

APN Number 2364-016-033

Zoning C2-1

PROPERTY SUMMARYA 100% occupied value-add multi-tenant strip center ideally located one parcel east of the highly trafficked NE signalized intersection of Moorpark Street and Whitsett Avenue in the high-end, affluent East San Fernando Valley submarket of Studio City, CA


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SILVERSILVERTRIANGLETRIANGLE


11Executive Summary

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LOCATION

12445 Moorpark StreetStudio City, CA 91604

SITE

The property is located just one parcel east of the NE signalized intersection of Moorpark Street and Whitsett Avenue in the heart of Studio City, CA.

BUILDING SIZE

5,487 SF

LOT SIZE

7,720 SF

PARKING

10 on-site parking spaces; a ratio of 1.82 parking spaces per 1,000 SF.

ZONINGC2-1

TRAFFIC COUNTS

Intersection of Moorpark Street and Whitsett Avenue: 21,913 vehicles per day

PROPERTY DESCRIPTION

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13Property Overview

PARCEL MAP

14

Studio City Branch Library

SHERMAN SHERMAN OAKSOAKS


90,000 SF of Dining, Fashion & Wellness;

520 Apartment Units

15Property Overview

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PrimeSTUDIO CITY, CA LOCATION12445 Moorpark Street is centrally located in the heart of Studio City, CA, a high-end East San Fernando Valley sub-market known for its high-end dining options, spralling multi-million dollar estates, and a strong mix of suburban families, entertainment industry professionals, and celebrities. As a community that was born out of the entertainment industry, Studio City is regarded as the “Jewel of the Valley,” attracting actors, musicians, and writers and serving as a hub of the San Fernando Valley and a gateway to the Westside and Hollywood.

12445 Moorpark Street is located one mile from the Shops at Sportsmen Lodge, a highly anticipated retail development situated at the corner of Ventura Boulevard and Coldwater Canyon Avenue destined to become the new heart of LA’s San Fernando Valley. Anchored by a state-of-the-art Equinox and the Valley’s only Erewhon, The Shops will be home to more than 90,000sf of the best in dining, fashion and wellness. With lush landscaping, water features, and great indoor-outdoor flow, this one-of-a-kind oasis promises to become a popular destination for Studio City and beyond. The 5.8 acre site will also feature 520 apartment units.

The subject property is located two miles from the recently completed VIDA Apartments, located at 11036 West Moorpark Street. The new apartment complex

12445 Moorpark Street is located in the affluent Studio City submarket just one mile from the iconic CBS Studio Center, one mile from the Shops at Sportsmen Lodge, and one mile from the affluent Silver Triangle neighborhood in the heart of the high-end and affluent East San Fernando Valley sub-market of Studio City, CA, which has over 1,250 new residential units currently under construction or recently completed

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features 96 residential units throughout the six-story building. The complex is highly amenitized, featuring a pool, built in BBQ, Wi-Fi enabled lounges, outdoor dining furniture, a rooftop lounge with a full kitchen and TV, state-of-the-art Fitness Center, private conference room, and a sun deck.

12445 Moorpark Street is located one mile from the iconic CBS Studio Center. The CBS Studio Center is located on 40 acres of land, and features 18 sound stages, 18 office buildings, and 20 bungalows comprising 210,000 square feet of production office space. The studio has been home to a number of popular television shows such as That ‘70s Show, Brooklyn Nine-Nine, Get Smart, Family Feud, The Ellen Show, Parks and Recreation, Will & Grace, and the voice.

The subject property is located one mile from the Silver Triangle neighborhood within Studio City. The Silver Triangle is a highly sought-after neighborhood in Studio City. The neighborhood is bound by Ventura Boulevard to the north, Laurel Canyon to the west, Whitsett to the east, and Laurel Terrace to the south. The average sale price for a single-family home in the neighborhood is $1,395,444.

The Studio City submarket features dense and affluent underlying demographics, with 28,269 people located within one mile of the property, 229,362 people located within three miles of the property, and 584,481 people located within five miles of the property. There are 13,347 households located within one mile of the property, 100,309 households located within three miles of the property, and 237,673 households located within five miles of the property. Average household income is $141,002 within one mile of the property, $114,900 within three miles of the property, and $110,844 within five miles of the property.

STUDIO CITYSTUDIO CITY IS A MIX OF HIP ENCLAVES AND RESIDENTIAL NEIGHBORHOODS, HOME TO CELEBRITIES, STUDIO EXECUTIVES, AND FAMILIIES.

Studio City, just over the hill from the Hollywood bustle, is a quaint neighborhood with tree-lined residential streets and trendy dining. Lively Ventura Boulevard offers several classic sushi houses, plus small-plates spots and stylish gastropubs. Locals hit Wilacre Park for woodsy hiking trails with panoramic Valley views. The CBS Studio Center dates back to silent film era and gives the neighborhood its name.

Formerly known as Laurelwood, Studio City is located on the north slope of the Santa Monica Mountains. It was part of the Rancho Ex-Mission San Fernando, a Mexican land grant, and named after the area’s studio lot, opened by Mack Sennett in 1927. As a community that was born out of the entertainment industry, Studio City is regarded as the “Jewel of the Valley,” attracting actors, musicians, and writers and serving as a hub of the San Fernando Valley and a gateway to the Westside and Hollywood.

17Area Overview

Studio City is a conveniently located and popular Valley neighborhood just North of The Hollywood Hills and the Canyon. It is a low density area with a high income/education population demographic. Many celebrities live in Studio City, and several studios are located there. It is considered historic for Los Angeles with many of the homes being built at the earlier part of the 20th century. Studio City is also convenient to major tourist attractions, Universal Studios and Universal City Walk, as well as convenient to Hollywood.

CLOSE PROXIMITY to Popular Neighborhoods

UNIVERSAL STUDIOS

SHERMAN OAKS

4.2 Miles from the Subject Property


HOLLYWOOD HILLS

LAUREL CANYON



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UNIVERSAL STUDIOS WARNER BROS. STUDIO TOUR

CBS STUDIO CENTER WALT DISNEY STUDIOS

mins by car to mins by car to

mins by car to mins by car to

10 104 8

19Area Overview

THE SHOPS AT SPORTSMEN’S LODGE 1 Mile from the Subject Property

A historically rich Studio City, CA site will experience a renewal as The Shops at Sports-men’s Lodge welcomes visitors during late summer or early fall 2021 following a $100

million redevelopment. The 95,000-square-foot space will replace the property’s formerly occupied meeting-and-convention area.

An iconic neighborhood landmark reimagined, The Shops at Sportsmen’s Lodge is a highly anticipated retail development destined to become the

new heart of LA’s San Fernando Valley. Anchored by a state-of-the-art Equinox and the Valley’s only Erewhon, The Shops will be home to

more than 90,000 SF of the best in dining, fashion and wellness. With lush landscaping, water features, and great indoor-outdoor flow, this one-of-a-kind oasis promises to become a popular destination for Studio City and beyond. Anchor tenants include the wellness-focused market Erewhon and the fitness giant Equinox with additional spaces occupied by businesses including Civil Coffee, Free People Movement, Madison Reed, Myodetox, Roberta’s Pizza, Salt Optics, Tocaya, Tuesday’s Sweet Shoppe, Ushi Ushi, Van Leeuwen and Vuori.


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AN ICONIC NEIGHBORHOOD LANDMARK

21Area Overview

Universal Studios Hollywood is a film studio and theme park in the San Fernando Valley area of Los Angeles County, California. About 70% of the studio lies within the unincorporated county island known as Universal City while the rest lies within the city limits of Los Angeles, California. It is one of the oldest and most famous Hollywood film studios still in use. Its official marketing headline is “The Entertainment Capital of LA”. It was initially created to offer tours of the real Universal Studios sets and is the first of many full-fledged Universal Studios Theme Parks located across the world.

Universal City includes hotels Universal Hilton & Towers, the Sheraton Universal Hotel, and Universal CityWalk, which offers a collection of shops, restaurants, an 18-screen Universal Cinema and a seven-story IMAX theater. Universal CityWalk is the name shared by the entertainment and retail districts located adjacent to the theme parks of Universal Parks & Resorts. CityWalk began as an expansion of Universal’s first park, Universal Studios Hollywood, and serves as an entrance plaza from the parking lots to the theme parks.

UNIVERSAL STUDIOS HOLLYWOOD & UNIVERSAL CITYWALK

• Jurassic World • Harry Potter• Fast & Furious • King Kong• Despicable Me• Transformers• Kung Fu Panda

• Abercrombie & Fitch

• Dervish and Banges

• Jurassic Outfitters • Dodgers

Clubhouse Store • Sephora • LIDS

• Ben and Jerry’s • Blaze Pizza• Hollywood &

Dine• Isla Nu-Bar• Jamba Juice• Jimmy Buffett’s®

Margaritaville®• KFC

RIDES & ATTRACTIONS

SHOPPING

DINING

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DEVELOPMENT MAP & PIPELINE

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67 5 8

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Subject Property

Under Construction

Recently Completed

Development Pipeline Map

PROPERTY NAME DEVELOPER UNITS STORIES START YEAR FINISH YEAR

1 11436 Hatteras Street 11436 Hatteras St, North Hollywood, CA 91601 FMB Development 28 5 2018 2022

2 5020 Woodman Avenue 5020 Woodman Ave, Sherman Oaks, CA 91423 BVC DEVELOPMENT CORPO-RATION 51 4 2020 2022

3 Chandler NoHo 5401 Lankershim Blvd, North Hollywood, CA 91601 THE RICHMAN GROUP 127 7 2019 2022

4 Chase Knolls II 13401 Riverside Dr, Sherman Oaks, CA 91423 Waterton 50 3 2017 2020

5 L+O NoHo 5115 Lankershim Blvd, North Hollywood, CA 91601 Hayes Capital Management 297 7 2017 2020

6 The ICON at Sherman Oaks 14130 Riverside Dr, Sherman Oaks, CA 91423 IMT Residential 249 5 2021 2023

7 The Luxe Residential 11110 Hartsook St, North Hollywood, CA 91601 Hartsook Grand LLC 61 5 2017 2020

8 The Weddington 11058 Chandler Blvd, North Hollywood, CA 91601 Greystar 329 5 2017 2020

9 Vida 11036 W Moorpark St, Studio City, CA 91602 Frost Chaddock Developers 96 6 2017 2020

TOTAL 1,288 47 - -

23Area Overview

STUDIO CITY, CA DEMOGRAPHICS

STUDIO CITY’STOTAL POPULATION

39,128

MEDIAN AGE

40 49%MALE

51%FEMALE

13%High School

27%Some College

8%Associates Degree

51%Bachelor’s Degree

EDUCATION

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DEMOGRAPHICS BY RADIUS

1-MILE 3-MILE 5-MILE2021 Population 28,269 229,362 584,4812021 Households 13,347 100,309 237,6732021 Average Household Size 2.1 2.2 2.4

Annual Growth 2021-2026 0.1% 0% -0.1%2021 Median Age 43 40.2 39.42021 Owner Occupied Households 6,002 36,555 89,986

2021 Renter Occupied Households 7,381 63,710 147,031

2021 Average Household Income $141,002 $114,900 $110,844

2021 Median Household Income $110,349 $83,463 $78,780

Businesses 2,081 12,361 35,675

$141,002Average HH income within a 1-mile radius

89,986Owner Occupied Housing

within a 5-mile radius

147,031Renter Occupied Housing

within 5-mile radius

35,675Businesses


584,481Population


237,673Households


25Area Overview

UNIT TENANT SF SF% LEASE START LEASE EXP LEASE TYPE OPTION RENT RENT/SF PRO FORMA

RENT PF RENT/SF PF LEASE TYPE

A Chesekla Dance 1,600 29% 1/1/1983 MG $2,375.00 $1.48 $4,800.00 $3.00 NNN

B Global Way Insurance Services 840 15% 3/29/2021 3/31/2022 MG (1) 1-Year $1,950.00 $2.32 $2,520.00 $3.00 NNN

C Leonor's Restaurant 868 16% 5/1/2004 MG $3,200.00 $3.69 $2,604.00 $3.00 NNN

D Salon Levon 879 16% 4/1/1988 4/1/2020 MG $1,603.00 $1.82 $2,637.00 $3.00 NNN

E/F Grace Anatomy 1,300 24% 9/1/2013 8/31/2023 MG $3,104.00 $2.39 $3,250.00 $2.50 NNN

Lamar Sign 11/1/2020 10/31/2023 $150.00 $150.00 $-

TOTAL 5,487 100% $12,232.00 $2.23 $15,811.00 $2.88

RENT ROLL

EXPENSE BREAKDOWN PER YEAR PER SF

Taxes @1.25% $31,188 $5.68

Insurance $2,260 $0.41

HVAC Repairs & Maintenance $1,400 $0.26

Landscaping $1,500 $0.27

Pest Control $540 $0.10

Landscaping $625 $0.11

Repairs & Maintenance $2,000 $0.36

Trash $2,907 $0.53

Water & Power $1,800 $0.33

TOTAL $44,220 $8.06 / $0.67

INCOME AND EXPENSE CURRENT PRO FORMA

Scheduled Lease Income $146,784 $189,732

NNN Charges $44,220

Effective Gross Income $146,784 $233,952

Expenses $44,220 $44,220

Sign Income $1,800 $1,800

Net Operating Income $104,365 $191,532

ANNUALIZED OPERATING DATA

FINANCIAL ANALYSIS

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PRICINGAddress 12445 Moorpark Street

Studio City, CA 91604

Price $2,495,000

Building Size 5,487 SF

Lot Size 7,720 SF

Price/SF (Building) $455

Price/SF (Land) $323

Current CAP Rate 4.18%

Pro Forma CAP Rate 7.68%

Occupancy 100%

Parking 10 Parking Spaces; Ratio of 1.82 Spaces per 1,000 SF

Year Built 1967

APN Number 2364-016-033

Zoning C2-1

27Financial Analysis

CONFIDENTIALITY AND DISCLAIMER

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 is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.

SPECIAL COVID-19 NOTICEAll potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19

pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting

matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.

NON-ENDORSEMENT NOTICE

Marcus & Millichap 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 Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

studio city ca 91604

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