A Once-in-a-Lifetime Opportunity to Purchase One of Thirteen Apartment Buildings Located Along the World-Renowned Wilshire Corridor on Wilshire ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
A Once-in-a-Lifetime Opportunity to Purchase One of Thirteen
Apartment Buildings Located Along the World-Renowned
Wilshire Corridor on Wilshire Boulevard in Los Angeles, CA
Exclusively Listed By: Brandon Michaels Matthew Luchs Senior Managing Director of Investments First Vice President Investments Senior Director, National Retail Group COO of The Brandon Michaels Group Tel: 818.212.2794 Tel: 818.212.2727 brandon.michaels@marcusmillichap.com matthew.luchs@marcusmillichap.com CA License: 01434685 CA License: 01948233 Jeff Louks Executive Managing Director Investments Director, National Multi-family Group Tel: 818.212.2780 jeff.louks@marcusmillichap.com CA License: 00908473 2
04
Executive
14
Property
24
Area
42
Financials &
Summary Overview Overview Comparables
3
LU B
LO
C
S
NG RY T
A
ELES C O U N
La Tour
The Diplomat
Condos Sterling
International
Towers
Blair House
The
Dorchester
Ten Five Sixty
The Wilshire Wilshire
Comstock
10401 Wilshire
Building
Wilshire Holmby Grand Wilshire
Condos
Condos
Wilshire Marquis Regency
Wilshire Condos Wilshire
Regent
Wilshire Corridor
4
The
Westholme
Condos Wilshire
Summit Wilshire
Manning
The
Westford
Condos
The
Longford
Sterling
Wi Condos
Wilshire lsh Californian
The Remington
Condoos ire On
Blv Wilshire
d
Wilshire
Selby West
Marie
Antoinette
5
WESTWOOD
Marie
Antoinette Crown
Towers
Sterling
Wilshire The W
Ho
The California Wilshi
Condos The Westford re Blvd
Condos
Ashton
Ave
The Wilshire
Manning
Ave The Argon
l by Wilshire Wilshire
Se Summit
Wellw
6 orth
Ave
7
Executive
Summary
A Once-in-a-Lifetime Opportunity to Purchase One
ONCE IN of Thirteen Apartment Buildings Located Along
Opportunity
A LIFETIME the World-Renowned Wilshire Corridor on Wilshire
Boulevard in Los Angeles, CA
T he Brandon Michaels Group of
Marcus & Millichap has been
selected to exclusively represent
10635 Wilshire Boulevard offers a
unique value-add opportunity. Of
the forty-five total units, there are
ON THE WILSHIRE CORRIDOR for sale 10635 Wilshire Boulevard, a
45-unit value-add luxury apartment
currently 10 vacant units and twenty-
one luxury exempt units. The building
building located along the world- totals 58,943 square feet situated on
renowned Wilshire Corridor in Los 20,472 square feet of land zoned
Angeles, CA. The subject property LAR5. The existing unit mix consists
is located on Wilshire Boulevard, just of five studios, twenty one bedroom,
east of Manning Avenue and just one bathroom units, and twenty
west of Westholme Avenue. Over two bedroom two bathroom units.
Wilshire the last decade, only two multi- The building and several units have
ouse family buildings have sold along undergone extensive renovations
the Wilshire Corridor, making this and upgrades.
an extremely rare opportunity to
acquire a trophy asset in arguably 10635 Wilshire Boulevard is
one of the strongest locations in the surrounded by Southern California’s
country. most high-end restaurants, retailers,
entertainment venues and some of
10635 Wilshire Boulevard is one of the most sought-after real estate in
only 13 apartment buildings located the world. This generational purchase
along the Wilshire Corridor. The opportunity is ideally located in a
location is exceptional, just four sub-market that benefits from its
blocks from Westwood Village, one affluent underlying demographics,
mile from Holmby Park, one and dense immediate population, and
a half miles from Beverly Hills, four high barriers to entry.
miles from Bel Air, and less than one
mile from the projected Westwood/
UCLA stop along the Metro Purple
(D Line) Extension project.
LU B
LO
C
S
NG
RY
T
A
ELES C O U N
The
Bermuda
Apartments Sterling
International
Towers
Wilshire Westwood
Luxury Apartments
The Arg
Wilsh
Wilshire
Summit
10401
Wilshire
Building
St
W
Wilshire Corridor Apartments
1116 Manning
Ave
Princess
Apartments
One of Only 13 Apartment Buildings Located Along the Wilshire Corridor
8
There are Only 13 Apartment Buildings Located Along
the Wilshire Corridor
Last Confirmed
Name Address
Market Sale
1 The Legacy at Westwood 10833 Wilshire Blvd 1996
2 Sterling Wilshire Apartments 10717 Wilshire Blvd 1995
3 Wilshire Victoria 10700 Wilshire Blvd 2015
4 The Wilshire Manning 1116 Manning Ave 1993
5 Princess Apartments 10655 Wilshire Blvd Not Disclosed
6 The Argon Wilshire 10636 Wilshire Blvd 2004
7 10600 Wilshire 10600 Wilshire Blvd 1994
8 Wilshire Margot 10599 Wilshire Blvd Not Disclosed
9 Wilshire Westwood Luxury Apartments 10530 Wilshire Blvd 1997
rgon
hire 10 10401 Wilshire Building 10401 Wilshire Blvd Not Disclosed
11 Sterling International Towers 10390 Wilshire Blvd 1995
12 The Bermuda Apartments 10354 Wilshire Blvd 2014
13 Wilshire Manor Apartments 10635 Wilshire Blvd On Market
terling
Wilshire
g
Wi
lsh The
ire Legacy at
Blv Westwood
d
9
Condominium Sales Along the Wilshire Corridor
Address Price SF Price/SF
1 1200 Club View Dr #1501 $10,000,000 3,813 $2,623
2 1200 Club View Dr #16N $7,900,000 3,813 $2,072
3 1200 Club View Dr #12N $6,218,000 3,813 $1,631
4 1200 Club View Dr #14N $6,200,000 3,813 $1,626
5 1200 Club View Dr #1201 $6,000,000 3,813 $1,574
6 10601 Wilshire Blvd #19C $4,250,000 3,422 $1,242
7 10601 Wilshire Blvd #1204 $4,025,000 2,845 $1,415
8 10580 Wilshire Blvd #23NW $3,985,000 3,203 $1,244
9 10727 Wilshire Blvd #1604 $3,850,000 2,929 $1,314
AVERAGE $5,825,333 3,496 $1,638
10727 WILSHIRE
BLVD
Condominium
Sales Comparables
1011
Property
Overview
10601 WILSHIRE
BLVD
1200 CLUB VIEW
DR
10580 WILSHIRE
BLVDInvestment Highlights
One of Only Thirteen Apartment Buildings
Located Along the Wilshire Corridor
ONCE-IN-A-LIFETIME PURCHASE OPPORTUNITY
OF A VALUE-ADD 45 UNIT LUXURY APARTMENT
BUILDING
• Forty-five unit luxury apartment building ideally location
along the Wilshire Corridor on Wilshire Boulevard
• Units average over 1,000 square feet and have undergone
significant upgrades and improvements
• The building has undergone extensive renovations
WORLD-RENOWNED LOCATION IDEALLY
LOCATED ALONG THE WILSHIRE CORRIDOR
• Four blocks from one of the largest upscale college towns in
California, Westwood Village
• One mile from arguably the strongest central business district
in metropolitan Los Angeles, Century City
• One- and one-half miles from world-famous Beverly Hills,
which is home to some of the most sought-after real estate in
the world
12EXCEEDINGLY RARE TROPHY PURCHASE 13
OPPORTUNITY Executive
Summary
• There are only 13 apartment buildings located along the
Wilshire Corridor
• Over the last decade, only two multi-family buildings have sold ONE MILE FROM LOS ANGELES’S CENTRAL
along the Wilshire Corridor BUSINESS DISTRICT – CENTURY CITY
• The vast majority of the high-rises on the Wilshire Corridor • One of Los Angeles’s top business districts, with approximately
are condominiums, making 10635 Wilshire Boulevard a unique 10 million square feet of Class-A office space
anomaly
• Home to a number of dominant employers such as AECOM,
MGO, Kirkland & Ellis LLP, and Regus
IDEAL LOCATION FOR RENTERS
• Westfield Century City, a two-level 1.3 billion square foot
• Less than one mile from the projected Westwood/UCLA Metro outdoor mall anchored by Nordstrom, Gelson’s and Macy’s.
Purple Line stop, making cross-city transportation easy The center recently underwent a $1 billion renovation,
• Walking distance from Westwood Village, a retail district and features 176 shops, 53 eateries, and a 15-screen AMC
occupied by upscale national retailers multiplex
• Located just one- and one-half miles from the prestigious ONE- AND ONE-HALF MILES FROM ICONIC
Beverly Hills BEVERLY HILLS
• Rodeo Drive, a high-end retail corridor where buildings have
ADJACENT TO THE COUNTRIES STRONGEST been known to sell for north of $19,000 per square foot, and
RESIDENTIAL MARKETS lease for over $70 per square foot
• Directly adjacent to Holmby Hills, which has an average single • Flocked by tourists and visitors year-round
family home price of $3,855,434
• Beverly Hills is home to world renowned hotels such as the
• One and one half miles from Beverly Hills, which has an Beverly Wilshire and Beverly Hills Hotel
average single family home price of $3,776,383
• Famous restaurants line the city, such as Spago, Il Pasteo, The
• Walking distance to LA Country Club Ivy, Il Cielo, and the Terrace
• Within close proximity to some of the highest end retailers and DENSE AFFLUENT DEMOGRAPHICS
restaurants in the world
• There are over 45,300 within one mile of the property, 247,700
within three miles of the property, and 627,300 within five
miles of the property.
• There are over 21,700 households located within one mile of
the property, 110,300 within three miles of the property, and
287,800 within five miles.
• Average household income within one mile of the property
surpasses $125,600, $136,200 within three miles, and $131,693
within five miles of the propertyBEVERLY HILLS
BEVERLY HILLS GOLDEN TRIANGLE
vd
Bl
re
hi
ils
W
LU B
LO
C
S
NG
RY
T
A
ELES C OU N
HOLMBY PARK
Beverly Hills
1415
Executive
Summary
Santa
Monica
Blvd
Wilshir
e BlvdSummary of Terms
Address 10635 Wilshire Boulevard
Los Angeles, CA, 90024
To Be Determined by the
Price
Market
Building Size 58,943 SF
Lot Size 20,473 SF
Units 45
Stories 5
Vacant Units 10
Luxury Exempt Units 21
Parking Spaces 47 Covered Parking Spaces
Year Built 1957
APN Number 4360-011-003
Zoning LAR5
1617 Property Overview
BEL AIR
BE
UB
AI CL
L-
RC
OUNTRY
WESTWOOD
18HOLMBY HILLS
LU B
LO
HOLMBY
C
S
NG
RY
T
A
ELES C OU N
PARK
19Current Ownership has completed extensive improvements, renovations, and upgrades
to the property including:
• Demolition and remodeling of the entire lobby, including the • Brand new HVAC units including common area return air
front entry door and intercom system
• Completion of electrical upgrades and separation of certain
• Demolition and rebuilding of the elevator shaft, including units and new panels
the double fire rated system
• Various structural upgrades, repairs,
• Replacement of elevators and remodeling of interior cabs
• Significant unit upgrades
• Installation of new self-clearing trash chute system, including
new doors, fire sprinklers and stainless-steel trash interior • Roof replacement, platforms, gutters and sheet metal
walls
• Insertion of an electrical inverter system
• Installation of new fire alarm systems in all units and common
areas throughout the building • Work on ventilation and carbon monoxide censors in the
hallways and garage return air
• Upgrades to the walls, ceilings, and floors throughout the
entire building • Complete remodel of all common area hallways with LED
lighting compliant with title 24
• Installation of a new hot water boiler system. The system
includes three storage tanks, two boilers, and a new gas line * This is a partial list of improvements completed by current
from the street which is compliant with current code ownership
High-End Finishes
• Installation of new doors and windows on the fourth and
fifth floors, as well as various windows throughout all units
compliant with title 24
and Features
2021 Property Overview
22
23 Property Overview
Prime Westwood Location
An upscale commercial and residential neighborhood
in Los Angeles
The Golden Triangle, Beverly Hills: 2.4 Miles
10635 Wilshire Boulevard is located 10635 Wilshire Boulevard is ideally located
Holmby Hills: 2.4 Miles
along the world-renowned Wilshire four blocks from Westwood Village, providing
Corridor, an approximately one- walkable access to an array of national
mile stretch of Wilshire Boulevard in retailers, restaurants, and high-end shops.
Westwood, CA comprising a mixture Westwood Village is the second planned
of high-rise condominium buildings suburban shopping district worldwide.
and apartment buildings just four The district spans 55-acres and is located
immediately south of UCLA. Westwood Village
blocks from Westwood Village, 0.8
opened in 1929 with only 34 businesses in
of a mile from the University of place, and just 10 years later, the district
California, Los Angeles, one mile featured 452 businesses. Today, Westwood
from Century City, and one and a half Village is home to numerous historical and
miles from Beverly Hills, surrounded upscale venues and retailers. The Hammer
by some of the most sought after Museum and Fox Theater are popular Bel Air: 4.6 Miles
real estate in the world.
2425
Area
Overview
destinations for tourists – The Hammer Museum for foot, and lease for over $70 per square foot. Rodeo
its innovative artistic exhibitions, and the Fox Theater drive is lined with luxury retailers such as Luis Vuitton,
for those who enjoy a piece of history. The district Versace, Saint Laurent, Fendi, Balenciaga, Dolce
is home to a number of national retailers such as & Gabbana, Valentino, Tiffany, Bijan, and Cartier.
Target, Ralphs, Amazon Locker+, Rite Aid, Trader Famous restaurants line the city, such as Spago, Il
Joe’s and Ulta Beauty. Westwood Village is also home Pastaio, The Ivy, Il Cielo, and the Terrace. Beverly
to several popular eateries, both large and small. You Hills is also home to world renowned hotels such as
can choose from Tocaya Organica, Le Pain Qutidien, the Beverly Wilshire and Beverly Hills Hotel.
Barney’s Beanery, Cava, Ministry of Coffee, Sweetfin
and more. Popular local eateries include the original 10635 Wilshire Boulevard is surrounded by business, Westwood Village: 0.8 Miles
Fat Sal’s, a sandwich shop known for its massive retail, and luxury, the Wilshire Corridor is as
comfort-food injected subs, and Diddy Riese, which centrally located within West Los Angeles as it gets.
has been serving delicious cookies, brownies, ice Surrounded on the west by Westwood Village, the
cream, and their famous ice cream sandwiches since south by Century City, and the east by Beverly Hills,
1983. 10635 Wilshire Boulevard is iconic in its location,
and represents a truly exceptional opportunity to
The property is located one mile from Century City, purchase a generational asset.
one of Los Angeles’s top business districts, with
approximately 10 million square feet of Class-A office The unparalleled location features dense affluent
space. The district is home to a number of dominant demographics, with an immediate population density
employers such as AECOM, MGO, Kirkland & Ellis of over 45,300 within one mile of the property,
LLP, and Regus. 10635 Wilshire Boulevard is in an 247,700 within three miles of the property, and
ideal location for anyone working out of Century City. 627,300 within five miles of the property. There are
In addition to its reputation as a hub for business, over 21,700 households located within one mile
Century City is home to Westfield Century City, of the property, 110,300 within three miles of the UCLA: 0.8 Miles
a two-level 1.3 billion square foot outdoor mall property, and 287,800 within five miles. Average
anchored by Nordstrom, Gelson’s and Macy’s. The household income within one mile of the property
center recently underwent a $1 billion renovation, surpasses $125,600, $136,200 within three miles, and
and features 176 shops, 53 eateries, and a 15-screen $131,693 within five miles of the property.
AMC multiplex.
One and a half miles from 10635 Wilshire Boulevard is
Beverly Hills and some of the most sought-after real
estate in the country. There are few streets that carry
the clout of Rodeo Drive, a high-end retail corridor
flocked year-round by tourists, where buildings have
been known to sell for north of $19,000 per square
The Landmark: 1.9 MilesRODEO DRIVE
2.4 Miles from the Subject Property
Close Proximity
to Popular Neighborhoods
Westwood is an upscale commercial and residential neighborhood
in Los Angeles, bounded by Century City, Sawtelle, Brentwood, and
Holmby Hills. It’s best known for being the home of the UCLA campus
and the pedestrian-friendly Westwood Village. The neighborhood
attracts a diverse crowd of residents, from locals to out-of-towners,
students to entertainment professionals, and even celebrities.
BEL AIR BEVERLY HILLS
4.6 Miles from the Subject Property
2.4 Miles from the Subject Property
HOLMBY HILLS
2.4 Miles from the Subject Property
2627
Area
Overview
LOS ANGELES COUNTRY CLUB
1.0 Mile from the Subject Property
BEL-AIR COUNTRY CLUB
2.7 Miles from the Subject PropertyBeverly Hills
The average price of a home in Beverly Hills is $3,766,383, which is over three times the value of the
average home in Los Angeles, four and three quarter times higher than the value of the average home 34,362
Population
in California, and twelve times higher than the average home in the United States
Beverly Hills features some of the most expensive residential homes in the Country. It is home to the
infamous “$100-Million Home” also known as Opus. The seven bedroom 22,000 square foot mega $103,403
mansion was originally listed for sale at $100 million. Beverly Hills is also home to the famous Playboy Median Household Income
Mansion, which sold for $100 million.
There are currently six homes for sale in Beverly Hills asking over $50 million. Most notably is a house
with an undisclosed location asking price of $125 million. Not far behind it is 1011 N Beverly Drive
$3,766,383
Median Home Price
with an asking price of $90 million.
2829 Area Overview
Rodeo Drive
Rodeo Drive is a two-mile-long street in Beverly
Hills, California, with its southern segment in the City
of Los Angeles. Its southern terminus is at Beverwil
Drive, and its northern terminus is at its intersection
with Sunset Boulevard in Beverly Hills.
From Right to Left: Dolce & Gabbana; Bodega Veneta; Valentino; Saint Laurent;
Moncler; Balanciaga; Tom Ford; Rolex; Tory Burch; Cartier
Shops: Tiffany & Co; Versache; Porsche Design; Jimmy Choo; Persol; Breguet From Left to Right: Prada; Gucci; Salvator Ferragamo
3031
Canon Dr
y
Wa
on t
igh
Br
Beverly Dr
Two Rodeo Drive
Rodeo Dr
Dayton Way vd
Bl
re
hi
ils
W
Camden DrBel Air
The average price of a home in Bel Air is $3,855,434, which is over three times the value 8,253
Population
of the average home in Los Angeles, four and three quarter times higher than the value
of the average home in California, and twelve times higher than the average home in the
United States. $207,938
Median Household Income
Bel Air is known for it’s ritzy mansions, Bel Air Country Club, and Bel-Air Hotel. The lavish
neighborhood currently has three homes listed for sale at over $50,000,000. The pricy
homes feature unique amenities such as Koi Ponds, infinity pools, and posh home theaters.
$3,855,434
Median Home Price
32Holmby Hills
33
Area
Overview
Holmby Hills shares a zip code with neighboring Bel Air. The neighborhoods share similar 2,985
Population
home values which substantially exceed the city, state, and national averages by several
multiples.
Holmby Hills is known for it’s ritzy homes and celebrity residents. The neighborhood has
$207,938
Median Household Income
been home to famous stars such as Frank Sinatra, Barbara Streisand, Michael Jackson, and
Neil Diamond. One recent notable sale is Candy Spelling’s 594 South Mapelton Drive,
a 56,000 mega mansion with thirty foot ceilings, bowling alley, and beauty salon which $3,855,434
sold for $120 million. Median Home Price0.8 Miles from the Subject Property 34
35
Area
Overview
UCLA UCLA offers 337 undergraduate and graduate
degree programs in a wide range of disciplines,[16]
enrolling about 31,500 undergraduate and
12,800 graduate students.[8] UCLA had 168,000
The University of California, Los applicants for Fall 2021, including transfer
Angeles (UCLA) is a public land-grant applicants, making the school the most applied-
to of any American university.
research university in Los Angeles,
California. UCLA is the second-oldest The university is organized into six undergraduate
(after UC Berkeley) of the 10-campus colleges, seven professional schools, and
University of California system. UCLA four professional health science schools. The
undergraduate colleges are the College of Letters
receives the most college applications
and Science; Samueli School of Engineering;
of any university in the United States School of the Arts and Architecture; Herb Alpert
and is considered one of the most School of Music; School of Theater, Film and
prestigious universities in the world. Television; and School of Nursing.
UCLA is considered one of the country’s Public
Motto Fiat lux (Latin)
Ivies. It is ranked among the best universities in
the world by major college and university rankings. Public Land-Grant
Type
As of October 2020, 25 Nobel laureates, three Research University
Fields Medalists, and five Turing Award winners, Established May 23, 1919
and two Chief Scientists of the U.S. Air Force have
Academic AAU; Pacific Rim
been affiliated with UCLA as faculty, researchers, Affiliations URA; Space-grant
or alumni.
Academic Staff 4,016
UCLA student-athletes compete as the Bruins in Administrative
26,139
the Pac-12 Conference. The Bruins have won 129 Staff
national championships, including 119 NCAA team
Students 45,742 (Fall 2019)
championships, more than any other university
except Stanford University, whose athletes have Mascot Joe Bruin
won 126.UCLA students, coaches, and staff have Campus 467 acres
won 251 Olympic medals: 126 gold, 65 silver, and
60 bronze.Century City’s
2.3 Miles from the Subject Property
Office Campuses
Century City is a 176-acre (71.2 ha) neighborhood and business
district in Los Angeles, California. Located on the Westside to the
south of Santa Monica Boulevard around 10 miles (16 km) west of
Downtown Los Angeles, Century City is one of the most prominent
employment centers in the Los Angeles metropolitan area, and
7 its skyscrapers form a distinctive skyline on the Westside.
2 8 6 The district was developed on the former backlot of film
15 9 studio 20th Century Studios, and its first building was
3 10 opened in 1963. There are two private schools, but no
16 11 public schools in the neighborhood. Important to the
economy are the Westfield Century City shopping
1 12 14 center, business towers, and Fox Studios.
18 4
5 13
19 20
17
36Development Pipeline Map
Subject Property 8
5 11
Recently Completed
In Development
1
13
7 6
10 4
2 12
3
9
DEVELOPMENT PROJECTS CURRENTLY UNDER CONSTRUCTION
PROPERTY NAME DEVELOPER UNITS STORIES START YEAR FINISH YEAR
1 1056 South La Cienega Blvd 1056 S La Cienega Blvd, Los Angeles, CA 90035 Amoroso Companies 114 8 2020 2021
2 11407 Santa Monica Blvd 11407 Santa Monica Blvd, Los Angeles, CA 90025 Wiseman Residential 51 28 2017 2021
3 11701 Santa Monica Blvd 11701 Santa Monica Blvd, Los Angeles, CA 90025 Markwood Enterprises 53 6 2020 2022
4 1855 South Westwood Blvd 1855 S Westwood Blvd, Los Angeles, CA 90025 60 7 2020 2022
5 411-439 South Hamel Rd 411-439 S Hamel Rd, Los Angeles, CA 90048 etco Homes 37 5 2020 2021
6 5935 West Pico Blvd 5935 W Pico Blvd, Los Angeles, CA 90035 CityView 123 35 2020 2022
7 6001 West Pico Blvd 6001 W Pico Blvd, Los Angeles, CA 90035 48 6 2019 2021
8 7951 Beverly Blvd 7951 Beverly Blvd, Los Angeles, CA 90048 Uncommon Development 57 13 2020 2022
9 Archer 12431 Rochester Ave, Los Angeles, CA 90025 Oakmont Capital 50 5 2018 2021
10 Landmark Two 11750 Wilshire Blvd, Los Angeles, CA 90025 Douglas Emmett Inc 376 42 2018 2022
11 NMS La Jolla 6401 Wilshire Blvd, Los Angeles, CA 90048 WS Communities 112 56 2019 2022
12 Sawtelle Terraces 1650 S Sawtelle Blvd, Los Angeles, CA 90025 Nayssan Properties 48 7 2017 2021
13 The Olivia 1556 Hi Point St, Los Angeles, CA 90035 AvalonBay Communities 45 7 2019 2021
AVERAGE 1,174 109 - -
37Westwood , Los Angeles Demographics
MEDIAN AGE
53
WESTWOOD’S
44% 56%
TOTAL POPULATION
55,858 MALE FEMALE
EDUCATION
9% 16% 34% 40%
Less Than Some College or Bachelor’s Degree Master’s Degree
High School Associate’s Degree or Higher
3839
ECONOMY TOP EMPLOYMENT BY INDUSTRIES Area
Overview
The economy of Westwood, CA employs 559
people. The largest industries in Westwood, CA are
Health Care & Social Assistance (101 people), Public
Administration (86 people), and Educational Services Health Care & Social
(58 people), and the highest paying industries are Assistance Public Administration Educational Services
Public Administration ($56,029), Manufacturing
($45,324), and Total ($34,327). 18.1% 15.4% 10.4%
Accommodation & Food
Services Manufacturing
9.1% 8.4%
Area Overview 3940
41
Demographics
Area
Overview
$136,242 627,390 287,860
Average HH income Population Households
within a 3-mile radius within a 5-mile radius within a 5-mile radius
100,537 185,859 61,495
Owner Occupied Housing Renter Occupied Housing Businesses
within a 5-mile radius within 5-mile radius within a 5-mile radius
1-MILE 3-MILE 5-MILE
2021 Population 45,352 247,731 627,390
2021 Households 21,786 110,343 287,860
2021 Average Household Size 2.0 2.1 2.1
Annual Growth 2021-2026 0.2% 0% -0.1%
2021 Median Age 37 38 39.8
2021 Owner Occupied Households 8,395 42,379 100,537
2021 Renter Occupied Households 13,497 67,907 185,859
2021 Average Household Income $125,672 $136,242 $131,693
2021 Median Household Income $93,621 $103,934 $99,159
Businesses 6,119 30,416 61,495Unit Mix UNIT UNIT TYPE RENT UNIT SF RENT/SF MOVE IN DATE 101* 2 Bedroom, 2 Bathroom $3,300 1275 $2.59 4/1/05 102 1 Bedroom, 1 Bathroom $2,226 975 $2.28 4/15/05 103 2 Bedroom, 2 Bathroom MANAGER'S UNIT 1275 MANAGER'S UNIT 11/1/03 104 Studio $1,256 450 $2.79 1/1/04 105 1 Bedroom, 1 Bathroom $2,322 975 $2.38 12/1/02 106* 2 Bedroom, 2 Bathroom VACANT 1275 VACANT 107* 1 Bedroom, 1 Bathroom $3,000 975 $3.08 9/16/15 108* 2 Bedroom, 2 Bathroom $3,000 1275 $2.35 12/1/15 109 1 Bedroom, 1 Bathroom $2,086 975 $2.14 6/1/96 201* 2 Bedroom, 2 Bathroom VACANT 1275 VACANT 5/1/19 202 1 Bedroom, 1 Bathroom $1,850 975 $1.90 1/13/93 203 2 Bedroom, 2 Bathroom $2,605 1275 $2.04 3/1/94 204 Studio VACANT 450 VACANT 205 1 Bedroom, 1 Bathroom $2,054 975 $2.11 5/1/00 206 2 Bedroom, 2 Bathroom $2,449 1275 $1.92 8/15/14 207 1 Bedroom, 1 Bathroom $2,086 975 $2.14 12/1/95 208* 2 Bedroom, 2 Bathroom $3,000 1275 $2.35 2/15/21 209 1 Bedroom, 1 Bathroom $2,003 975 $2.05 3/15/14 301* 2 Bedroom, 2 Bathroom $3,000 1275 $2.35 4/1/21 302 1 Bedroom, 1 Bathroom $3,150 975 $3.23 8/1/19 303* 2 Bedroom, 2 Bathroom $3,000 1275 $2.35 2/1/16 304 Studio VACANT 450 VACANT 305* 1 Bedroom, 1 Bathroom $1,600 975 $1.64 11/1/16 306 2 Bedroom, 2 Bathroom VACANT 1275 VACANT 307* 1 Bedroom, 1 Bathroom $2,500 975 $2.56 3/1/16 308* 2 Bedroom, 2 Bathroom $3,300 1275 $2.59 7/1/17 309* 1 Bedroom, 1 Bathroom $2,200 975 $2.26 8/1/11 401* 2 Bedroom, 2 Bathroom $2,900 1275 $2.27 5/1/10 402* 1 Bedroom, 1 Bathroom $2,500 975 $2.56 11/9/92 42
43
Financials &
Comparables
UNIT UNIT TYPE RENT UNIT SF RENT/SF MOVE IN DATE
403* 2 Bedroom, 2 Bathroom $3,700 1275 $2.90 10/1/20
404 Studio VACANT 450 VACANT
405 1 Bedroom, 1 Bathroom $3,400 975 $3.49 5/1/21
406 2 Bedroom, 2 Bathroom VACANT 1275 VACANT
407 1 Bedroom, 1 Bathroom $2,385 975 $2.45 12/1/17
408* 2 Bedroom, 2 Bathroom $3,500 1275 $2.75 2/1/14
409 1 Bedroom, 1 Bathroom VACANT 975 VACANT
501* 2 Bedroom, 2 Bathroom $2,900 1275 $2.27 3/22/91
502 1 Bedroom, 1 Bathroom VACANT 975 VACANT
503 2 Bedroom, 2 Bathroom $3,800 1275 $2.98 9/1/20
504 Studio $2,600 450 $5.78 11/15/20
505* 1 Bedroom, 1 Bathroom $3,400 975 $3.49 11/1/20
506* 2 Bedroom, 2 Bathroom $3,200 1275 $2.51 1/1/21
507 1 Bedroom, 1 Bathroom $1,880 975 $1.93 7/16/99
508* 2 Bedroom, 2 Bathroom $3,500 1275 $2.75 9/1/04
509* 1 Bedroom, 1 Bathroom $3,000 975 $3.08 5/1/21
Total Rent $94,652
2 Bedroom Units 20
1 Bedroom Units 20
Studio Units 5
Occupied Units 35 78%
Vacant Units 10 22%
Occupied SF 37,575 80%
Vacant SF 9,675 20%
Average Rent/SF of Occupied Units $2.58
Remodeled: 404, 505
Not Remodeled: 304, 306, 409Studio Rent Comparables
Address Asking Rent Unit SF Avg. Rent/SF/Mon
1 10717 Wilshire Blvd $2,183 562 $3.88
3 10401 Wilshire Blvd $2,635 600 $4.39
AVERAGE $2,409 581 $4.14
1 2
2
1
44One-Bedroom Rent Comparables
45
Financials &
Comparables
Address Asking Rent Unit SF Avg. Rent/SF/Mon
1 10833 Wilshire Blvd $4,389 775 $5.67
2 10700 Wilshire Blvd $6,276 1211 $5.18
3 10599 Wilshire Blvd $5,995 825 $7.27
4 875 Comstock Ave $4,500 1193 $3.77
AVERAGE $5,290 1,001 $5.47
1 2 3 4
4
3
2
1Two-Bedroom Rent Comparables
Address Asking Rent Unit SF Avg. Rent/SF/Mon
1 10727 Wilshire Blvd $8,250 1697 $4.86
2 10700 Wilshire Blvd $8,024 1654 $4.85
3 10660 Wilshire Blvd $8,500 2089 $4.07
4 10777 Wilshire Blvd $8,500 1400 $6.07
5 10833 Wilshire Blvd $6,212 1146 $5.42
AVERAGE $7,897 1,597 $5.05
1 2 3 4 5
1
3 2
5 4
4647 Financials & Comparables
Exclusively Listed By: Brandon Michaels Matthew Luchs Jeff Louks Senior Managing Director of Investments First Vice President Investments Executive Managing Director Investments Senior Director, National Retail Group COO of The Brandon Michaels Group Director, National Multi-family Group Tel: 818.212.2794 Tel: 818.212.2727 Tel: 818.212.2780 brandon.michaels@marcusmillichap.com matthew.luchs@marcusmillichap.com jeff.louks@marcusmillichap.com CA License: 01434685 CA License: 01948233 CA License: 00908473
You can also read
