2541 W MANCHESTER BOULEVARD - 2541 W Manchester Blvd Inglewood, CA 90305 - OFFERING MEMORANDUM - LoopNet
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OFFERING MEMORANDUM
RETAIL PROPERTY
SIGNALIZED CORNER
MAJOR CONNECTION FROM 405
FWY TO BRAND NEW STADIUM
2541 W MANCHESTER BOULEVARD
2541 W Manchester Blvd • Inglewood, CA 90305
605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
NON-ENDORSEMENT AND DISCLAIMER NOTICE
Non-Endorsements
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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
Disclaimer
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, express 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. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
2541 W MANCHESTER BLVD
Inglewood, CA 90301
ACT ID ZAA0380685
01. Executive Summary
02. The City of Inglewood
03. Demographics
04. Regional Map
TABLE OF CONTENTS 05. Aerial Map
06. Financial Analysis
07. Property Photos
01. EXECUTIVE SUMMARY
We are pleased to offer 2541 West Manchester Boulevard, a one-of-a-kind property located in the booming city of Inglewood, California. The
surrounding area is a highly attractive location with the brand new SoFi Stadium ($2.6B) under construction less than 1 mile away. SoFi Stadium
will be the future home of the Los Angeles Rams and Chargers as well as the host of Super Bowl LVI and the 2028 Olympics.
With the stadium and the new Metro light rail, both opening in 2020, investing in Inglewood offers a rare opportunity to join a fast-growing
community. The area is rapidly developing with major sports events, concerts, award events, as well as the renovation and addition of a
neighborhood that will contain shops, restaurants, a hotel, parks, an artificial lake, and 2,500 housing units. Now is the time to invest.
Additionally, the location offers great accessibility, positioned close to the 405, 110, and 105 freeways. It is in close proximity to LAX, downtown LA,
major boulevards, and popular landmarks. The Crenshaw / LAX Metro line will have three stops in Inglewood and be the main connection to LAX.
In addition to providing an alternative transportation option to congested roadways, the project will also provide significant environmental benefits,
economic development and employment opportunities throughout Los Angeles County.
The 14,930 SF building was first constructed in 1940 and sits on a 15,141 SF lot. The property is currently on a month-to-month lease with a
church. Once vacated and renovated, the building offers attractive upside potential. The asset offers the buyer a range of potential uses to attract a
high paying tenant to drive stable cash flow and NOI. For many years it was used as a local community movie theater and ultimately was vacated
and subsequently used as a religious auditorium and house of worship. There is no on-site parking included in the sale, however, Manchester
Boulevard and its cross street, 5th Avenue, feature plenty of available street parking. This is a rare opportunity to turn around an asset located in a
spectacular developing area.
Property Details:
Lot SQFT: 15,141
Building SQFT: 14,930
Built in 1940
Signalized Corner
Current Tenant is Month-to-Month
Located blocks away from the 405 freeway as well as in close proximity
to LAX, downtown LA, a number of other freeways, major boulevards,
and popular landmarks
Manchester Boulevard is the main artery connecting to the football
stadium, LA Clippers arena and the Forum.
02. THE CITY OF INGLEWOOD
“The City of Inglewood is undergoing an unprecedented
period of renewal and redevelopment spearheaded by the
current Administration, local stakeholders, and national
business ventures that invested billions of dollars to develop
locations within the City. ” PR News
Between major sport events, concerts, award events, as well as the renovation of the area including, a whole new neighborhood
that will hold shops, restaurants, a hotel, parks, an artificial lake, 2,500 housing units, and a new light rail stop, the area is
developing at a rapid pace.
The Los Angeles Stadium and Entertainment District at Hollywood Park is transforming the site of the former Hollywood Park
Racetrack to a year-round sports and entertainment destination for the enjoyment of people throughout Southern California as
well as visitors to the region. This will be the new “must-see” entertainment destination and gathering spot in the center of the
Los Angeles basin.
The brand new $2.6B stadium being built will be the future home of the Los Angeles Rams, Chargers, and Super Bowl LVI.
Additionally, the Los Angeles Clippers will have their new arena in Inglewood by 2024. With the ability to host Super Bowls,
Final Fours, concerts, and the 2024 Summer Olympics, the stadium will bring additional revenue into Inglewood and the Greater
Los Angeles area.
Plans for the district include:
70,000 seat open air stadium, expandable up to 100,000 seats
6,000-seat performing arts venue
780,000 square feet of office space
890,000 square feet of retail space
300 hotel rooms
2,500 modern residences
Approximately 25 acres of public parks, open space, pedestrian walkways and bicycle paths
Metro Station (Light Rail) will be completed in 2020. The LAX/Inglewood transit line will lessen parking requirements and make
development more achievable.
The city is offering “density bonuses”, enticing developers to build taller and larger buildings.
03. DEMOGRAPHICS
605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
POPULATION
1 MILE 3 MILES 5 MILES
2024 Projection: 38,447 254,759 790,862
2019 Estimate: 38,116 251,515 781,336
Pop Growth 2019-2024: 0.87% 1.29% 1.22%
HOUSEHOLD & INCOME
1 MILE 3 MILES 5 MILES
2019 Estimate: 13,166 88,017 278,794
Growth 2019-2024: 0.52% 1.63% 1.30%
2019 Median Household Income 47,959 57,735 56,546
TRAFFIC COUNT
TRAFFIC VOLUME
W Manchester Blvd S Oak St 33,089
W Manchester Blvd S la Cienega Blvd 20,466
W Florence Ave N Oak St 23,279
04. REGIONAL MAP 605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
05. AERIAL MAP 605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
07. FINANCIAL ANALYSIS
Income Current Proforma
Scheduled Base Rental Income $144,000 $264,000
Total Reimbursement Income* $3,500 $3,500
Other Income $0 $0
Potential Gross Revenue $147,500 $267,500
Effective Gross Revenue $147,500 $267,500
Less: Operating Expenses ($60,650) ($60,650)
Net Operating Income $ 86,850 $206,850
Cash Flow $ 86,850 $206,850
CAP Rate 1.93% 4.60%
Total Return $86,850 $206,850
Operating Expenses V Current Proforma
Insurance* ($3,500) ($3,500)
Real Estate Taxes ($57,150) ($57,150)
Other Expenses - Non Reimbursable $0 $0
Total Expenses ($60,650) ($60,650)
Expenses/SF $4.06 $4.06
* Insurance cost is estimated. As per Lease, Tenant obtains & maintains insurance coverage for the building
structure and Tenant’s personal property.
PROFORMA
CAP RATE SALE PRICE
4.60% $4,500,000
08. PROPERTY PHOTOS 605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
605, 609, 611, 613, 615 AND 619 W MANCHESTER BLVD
2541 W MANCHESTER BLVD 2541 W Manchester Blvd • Inglewood, CA 90305 Presented by: Ingrid Farias-Eisner, DRE # 02071328 (310) 909-5449 Ingrid.FariasEisner@marcusmillichap.com Laura Alice Scaturro, DRE # 01942167 (310) 909-5472 Laura.Alice@marcusmillichap.com
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