Iconic restaurant property home to Koi Los Angeles ideally located in world-renowned West Hollywood, CA - OFFERING MEMORANDUM - LoopNet
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OFFERING MEMORANDUM
Iconic restaurant property home to Koi Los Angeles
ideally located in world-renowned West Hollywood, CA
brandonmichaelsgroup.com INVESTMENT ADVISORS Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 brandon.michaels@marcusmillichap.com CA License: 01434685 Matthew Luchs First Vice President Investments COO of The Brandon Michael's Group Tel: 818.212.2727 matthew.luchs@marcusmillichap.com CA License: 01948233 Andrew Leff First Vice President Investments Director, National Retail Group Tel: 818.212.2815 andrew.leff@marcusmillichap.com License #01210337 Vaughn Brown Investment Specialist Tel: 310.775.3885T vaughn.brown@marcusmillichap.com CA License: 02082395
Contents 04 executive summary 10 property OVERVIEW 14Area OVERVIEW
Executive Summary
The Offering
Iconic restaurant property home to Koi Los Angeles
ideally located in world-renowned West Hollywood, CA
The Brandon Michaels Group of Marcus & Millichap has been selected to
exclusively represent for sale 730 N. La Cienega Boulevard, a 4,703
square foot restaurant that is the home to world-renowned Koi Los Angeles,
a well-known contemporary Japanese restaurant and hot spot for the past
two decades in the high-demand, affluent Los Angeles County sub-market
of West Hollywood, CA. The subject property is located on La Cienega
Boulevard, just four blocks north of Melrose Avenue, one of Los Angeles’
most famous streets.
730 N. La Cienega Boulevard is fully concentration of the young, hip, and
leased to Koi, a restaurant which beautiful than in the boutiques and
features contemporary Japanese clubs of this famous neighborhood.
cuisine with signature plates such as
Koi Crispy Rice, Yellowtail Tartare Truffle 730 N. La Cienega is currently leased
Avocado, Filet Mignon, and Hamachi on a triple net basis, presenting the
Fusion with Soy Yuzu and Truffle opportunity for an investor to generate
Essence. It is currently leased through a stable and secure income stream. The
December of 2022, with 3% annual pending 2022 lease expiration creates
increases. Centrally located within the the opportunity for an Owner-User
West Hollywood submarket, the subject Buyer to occupy the property in short
property is well positioned amongst order.
a sea f high end retailers, restaurants,
and nightlife destinations, including 730 N. La Cienega Boulevard is well
The Pacific Design Center, Alfred Tea located within West Hollywood, just
Room, Lululemon, Bottega Veneta, one mile from the world famous Sunset
Marc Jacobs, and Duff’s Cakemix just Strip. West Hollywood is famous
to name a few. for its spectacular retail amenities which
can attract over 3.59 million visitors a
This irreplaceable location benefits year. West Hollywood is home
from high daily traffic counts north of to Melrose Avenue, the Pacific Design
40,000 cars per day. 730 N. La Cienega Center, the Comedy Store, and Santa
is located in the heart of one of the Monica Boulevard.
most famously known locales for
celebrities, wealthy residents, and
tourists alike. There may be no greater
Executive Summary 5
investment highlights
ICONIC RESTAURANT PROPERTY HOME
TO WORLD FAMOUS KOI LOS ANGELES
• Koi Restaurant has been operating at this
location for 20 years
• The property is ideally located in the heart
of one of the most famously known locales
for celebrities, wealthy residents, and tourists
alike
• The property is fully leased to Koi through
December of 2022 on a net leased basis
• Pending lease expiration creates a unique
Owner-User opportunity
CENTRALLY LOCATED WITHIN WORLD RENOWNED
WEST HOLLYWOOD
• Home to world renowned retailers, restaurants, trendy hotspots,
and world class shopping all in the immediate area
• Within close proximity to the Beverly Center, renowned Cedars
Sinai Medical Center, Melrose Boulevard, Pacific Design Center,
and the Sunset Strip
• Among the top luxury retail districts worldwide. The location
boasts designer labels, popular restaurants, and boutiques and
is famously known for being a preferred shopping destination of
celebrities, wealthy residents, and tourists alike
• Home to well-known designer labels, popular restaurants,
and boutiques and is famously known for being a preferred
destination of celebrities, wealthy residents, and tourists alike
6 730 n. la cienega Blvd
investment highlights
STRONG IMMEDIATE DEMOGRAPHICS
• Over 45,300 people are located within one mile of the
property, 267,700 within three miles of the property,
and 843,400 within five miles of the property. Over
9,000 households within one mile and over 174,000
households located within 5 miles of the subject
property
• There are over 27,400 households located within one
mile of the property, 136,600 within three miles of the
property, and 366,000 within five miles of the property
• Average household income is over $121,200 within
one mile of the property, $118,500 within three miles
of the property, and $102,000 within five miles of the
property
SUNSET PLAZA
SUBMARKET SATURATED WITH DEVELOPMENTS
AND RETAIL AMENITIES
• Located less than one mile from both the Melrose
Triangle Development and Pendry Hotel & Residences
• Located less than one mile from the famous Sunset
Strip, which features amenities such as Whiskey A Go
Go, The Roxy Theater, Mel’s Diner, Rainbow Bar
& Grill, and Sunset Marquis
• Located just four blocks from Melrose Avenue, which
houses the Pacific Design Center as well as a number
of retail amenities such as Duff’s Cake Mix, Alfred’s
Coffee, The RealReal, and Lululemon
SUNSET MARQUIS
Executive Summary 7
SUNSET STRIP AMENITIES
Restaurants
1
2
3
Venues
1 3
1 Sunset Blvd 1
2 4 3
SUNSET STRIP 1
2
2
4
3
2
3
]
4
Retail
1
2
3
ga Blvd
iene
4 La C
8 730 n. la cienega Blvd
property summary
Address 730 N. La Cienega Boulevard
Los Angeles, CA 90069
Price $10,700,000
Property Type Restaurant
Building Size 4,703 SF
Lot Size 7,323 SF
Price/SF (Building) $2,275
Price/SF (Land) $1,461
Current CAP Rate 4.22%
NOI $451,292.04
Rent Per SF $7.39 Per Month
Lease Type NNN
Rent Increases 3% Annually
Lease Start 11/1/2001
Lease Expiration 12/31/2022
Options None
Year Built 1931
APN 5528-001-065
Zoning C4-1VL
Type of Ownership Fee Simple
Executive Summary 9
PROPERTY OVERVIEW
property description
LOCATION
730 N. La Cienega Boulevard
Los Angeles, CA 90069
SITE
The property is located on
La Cienega Boulevard,
north of Melrose Avenue
ocation map BUILDING SIZE
5,090 SF
LOT SIZE
7,323 SF
HOLLYWOOD BOWL FRONTAGE
HOLLYWOOD BOWL GRIFFITH
50 feet of frontage
OBSERVATORY on La Cienega
DOLBY THEATER
HOLLYWOOD
PANTAGES THEATER
SUNSET PLAZA ZONING
MELROSE AVE
THE GETTY
SHOPPING DISTRICT C4-1VL
BEVERLY CENTER THE GROVE
YEAR BUILT
LACMA
WESTFIELD
CENTURY CITY
1931
TRAFFIC COUNT
32,700 Vehicles Per Day
Property Overview 11RESTAURANT PHOTOS
LIVING ROOM
12 730 n. la cienega Blvd
SUSHI BAR & MAIN DININGPRIVATE DINING ROOM
BAR
FRONT PATIO
Property Overview 13parcel map
La Cienega Ave
14 730 n. la cienega Blvdfloor plan
Property Overview 15AREA OVERVIEW
WEST HOLLYWOOD OVERVIEW
West Hollywood is at the cultural and Beverly Hills. Sunset Strip is home to 29
West Hollywood is a world-famous geographical heart of the Los Angeles restaurants, some of the most well known
submarket that attracts over 3.59 million region, surrounded by must-see hotspots include Rainbow Bar & Grill, Chateau
in every direction. Commonly known as Marmont, and Mel’s Drive-In. The nightlife
visitors per year and is the home to
WeHo, the neighborhood is among the and music venues on Sunset Strip are
world-renowned tourist attractions such top destinations in the world. 730 N. La second to none, including famous venues
as the Sunset Strip and Melrose Avenue Cienega Boulevard is located one mile such as Whiskey A Go Go, The Viper
from the world famous Sunset Strip. The Room, The Roxy Theater, and Sunset
Sunset Strip is the 1.5-mile segment Marquis. The retail amenities on Sunset
of Sunset Boulevard which passes Strip are plentiful and include shops such
through West Hollywood. Its boundaries as Fred Segal, H&M, Warby Parker, and
are Marmont Lane to the East in Los Armani Exchange.
Angeles, and Phyllis Street to the West in
Area Overview 17LOCATION OVERVIEW
730 N. La Cienega Boulevard is located
just four blocks from the famous Melrose
Avenue. Melrose Avenue is one of Los
Angeles’s premier streets, famous for its
plentiful retail, dining, and entertainment
destinations. Melrose Avenue is an East-
West street, and is situated north of Beverly
Boulevard, and south of Santa Monica
Boulevard. Melrose Avenue houses a number
of retail amenities such as Urth Café, Lululemon,
The RealReal, and Adidas. The street is also home
MELROSE AVENUE SHOPPING DISTRICT
to a number of well-known eateries, such as Alfred
Coffee, Urth Café, and Gracias Madre.
730 N. La Cienega Boulevard is located proximate
to a number of developments. The Melrose Triangle
Development, which is less than one mile from the
subject property, is slated to rise from an empty site with
the boundaries of Melrose Avenue, Almont Drive, and
Santa Monica Boulevard. The current plan for the Melrose
Triangle Development is to build 245,000 square feet of
office, 66,000 square feet of retail and restaurant space, 41
residential units, and a 525-car garage. Also less than one mile
from 730 N La Cienega Boulevard is the $500-million Pendry
Hotel & Residences. The hotel is a nine story structure featuring
MELROSE TRIANGLE DEVELOPMENT 149 guest rooms, as well as amenities and restaurant space.
The property benefits from excellent demographics within the
DEMOGRAPHIC WITHIN A 1, 3, 5 MILE OF PROPERTY
dense and affluent immediate sub-market, with over 45,300 people
1-MILE 3-MILE 5-MILE within one mile of the property, 267,700 within three miles of the
Population 45,300 267,700 843,400 property, and 843,400 within five miles of the property. There are over
27,400 households located within one mile of the property, 136,600
Total Households 27,400 136,600 366,000 within three miles of the property, and 366,000 within five miles of the
Avg HH Income $121,200 $118,500 $102,000 property. Average household income is over $121,200 within one mile
of the property, $118,500 within three miles of the property, and $102,000
within five miles of the property.
18 730 n. la cienega BlvdMELROSE AMENITIES
DOWNTOWN LOS ANGELES MIRACLE MILE Shopping
1
2
3
4
5
4
3
Restaurants
2 1 1
4 3
2 2
1 5
5 3
MEL
ROS
E AV 4
E 2
5
Blvd
n ega
Cie
La
Area Overview 19DESIGN. FASHION. ART. WEST HOLLYWOOD.
WEST HOLLYWOOD DESIGN DISTRICT
The West Hollywood Design District is the West Coast’s
economic center for the design industry and includes
over 1.5 million square feet of showrooms, shops and
galleries within walking distance. Located at the crossroads
of Melrose Avenue, Beverly Boulevard and Robertson
Boulevard, the West Hollywood Design District offers a
distinctive mix of global designer flagships, local boutiques,
art galleries, interior design showrooms and chic eateries.
This walkable district is an unrivaled international destination
for design savvy professionals and sophisticated shoppers
alike. Home to more than 300 of the world’s finest art
galleries, furniture designers, fashion boutiques, salons and
spas, al fresco cafes and fine restaurants, West Hollywood
Design District is known worldwide for its impeccable
selection of luxury products, services and experiences.
The West Hollywood Design district offers plenty of high-
design inspiration with interior design showrooms such as
Christopher Guy, Rose Tarlow Melrose House, Restoration
Hardware, and more.
The award-winning Pacific Design Center is the West Coast’s
leading resource for traditional and contemporary residential
and contract design. The 1.6 million square-foot campus
presents nearly 100 boutique and international showroom
brands, representing 2,200 product lines available to
source by professional interior designers, architects, facility
managers, decorators and dealers. Pacific Design Center
also serves the needs of the design, entertainment and
arts communities by providing dramatic public and private
spaces for screenings, exhibitions, lectures, meetings,
special events and receptions.
20 730 n. la cienega BlvdLUXURY AND ONE-OF-A-KIND RETAIL
Stella McCartney Michael Kors
Alexandra Von Furstenberg Vince Urth Cafe
Christian Louboutin Helmut Lang
Restoration Hardware James Perse
3.1 Phillip Lim Catch LA
Alberta Ferretti Andy LeCompte Salon
Moschino Verve Coffee
Design Within Reach Gillian Julius
J. Robert Scott Seyhoun Gallery
M+B Gallery Mansour Fine Rugs
Gracias Madre Bellami Beauty Bar
Cecconi’s The Assembly
Kinara Spa Goddard + Bragg
Maxfield Tory Burch
Balenciaga Curve
Christopher Guy AllSaints
The Ivy Lady M Cake Boutique
Cuvee A.O.C.
Ted Baker Kitross
Area Overview 21SHOP
BCBG Maxazria
Armani A|X
Nicole Miller
Philip Press
Sunset Kids
Wildfox
Mark Wong Nark
MRKT DEUX
Oliver peoples
Zadig & Voltaire
HUGO
SUNSET PLAZA SUNSET TOWER HOTEL
DINE
Chin Chin
The Sunset Strip, a stretch of Sunset Boulevard between Crescent Heights Boulevard and Cafe Med
Doheny Drive, is one of L.A.’s most iconic neighborhoods. Le Petit Four
Sushiya
Tocaya Organica
Obica
SUNSET STRIP Le Petit Four
Cafe Med
The Sunset Strip is a world famous historical and some of the most popular and exclusive hideaways
Caffe Primo
cultural landmark. It is often portrayed in movies and on the Strip. Celebrities, locals, and visitors alike can Eveleigh
in the 1960’s became a major gathering place for the find shopping, alfresco dining, and nightlife on this The Church Key
counterculture movement. Today, The Strip is home to eclectic destination.
an array of world-class hotels, nightclubs, restaurants,
shops and spas. Sunset Plaza
RELAX
Sunset Plaza is a two block stretch in West Hollywood
The Sunset Strip continues to launch new artists and that boasts beautiful architecture set among flowering Ole Henriksen Spa
attract crowds to legendary music venues like The sidewalks. Many trendy and acclaimed brands are Aura Yoga
Roxy Theatre, Whiskey a Go Go and The Viper Room. situated in Sunset Plaza. Drybar West Hollywood
Meanwhile, swanky hotel bars such as Tower Bar at Hot Pilates
the Sunset Tower Hotel and Skybar at Mondrian boast Golden Ocean Spa
Earthbar
Jeffrey-Kara Salon
Sovage Hair Studio
22 730 n. la cienega BlvdSANTA MONICA BOULEVARD
West Hollywood has never been known for
following trends. It’s known for setting them, and
nowhere else is this more apparent than on Santa
Monica Boulevard.
This eclectic thoroughfare connects the east side
of Los Angeles with the Pacific Ocean, passing
through Hollywood, West Hollywood, Beverly
Hills, Century City, West Los Angeles and ending
in Santa Monica. And while this street goes
through various personas as you head in either
direction, nowhere is Route 66 more diverse, fun
and pedestrian-friendly than the 1.9-mile stretch
that runs through West Hollywood.
On Santa Monica Boulevard’s eastern side,
visitors can check out local favorite bars and
restaurants such as Laurel Hardware, The Surly
SANTA MONICA BOULEVARD NIGHTLIFE
Goat, The Hudson, Salt’s Cure and the James
Beard Award-nominated “seafood shack,”
Connie and Ted’s. West Hollywood’s legendary nightlife,
especially on Santa Monica Boulevard, is
Heading west is the heart of West Hollywood and
where unique celebrity-frequented restaurants, constantly evolving to meet the latest trend.
eclectic boutiques, coffee shops, gyms and
bookstores abound. The rainbow flags along
The Boulevard, represent firsthand the guiding
principle on which West Hollywood was built: the
freedom to be yourself and to live life your own
way. Santa Monica Boulevard is home to the most
popular gay and lesbian scene in Los Angeles,
with popular gay nightclubs like The Abbey,
Here Lounge, Micky’s, Gym Sports Bar and Fiesta
Cantina (pictured above), all of which are bustling
on any given evening.
Area Overview 23POINTS OF INTEREST
Melrose Avenue Beverly Center Cedars-Sinai Medical Center Beverly Hills Golden Triangle
Shopping District This 871,000 square-foot, eight- Cedars-Sinai is one of the largest From world-renowned fashion
The trendy Melrose shopping story regional shopping center nonprofit academic medical houses to one-of-a-kind local
and dining district which spans is anchored by Macy’s and centers in the U.S. Cedars-Sinai boutiques, Beverly Hills offers a
from La Brea to the Beverly Bloomingdales. The project also has consistently been named one shoppers’ paradise located within
Center is one of the most vibrant, offers a Cineplex Odeon Theatre of America’s Best Hospitals by a compact, easily walkable area
organic dining, shopping, and Complex as well as 160 specialty U.S. News & World Report, has known as the Golden Triangle.
entertainment districts in Los shops and over 20 restaurants received the National Research Rodeo Drive is the epicenter
Angeles. The street features an and eateries. The Beverly Center Corporation’s Consumer Choice for luxury retail in the United
eclectic mix of boutique and is undergoing a $500 million Award 18 years in a row for States. Beverly and Cañon Drives
high-end design retailers. renovation that will be completed providing the highest quality also provide hundreds of local
in 2018. medical care in Los Angeles. boutiques, unique luxury shops,
fantastic Beverly Hills restaurants
and open-air cafés. Anchoring
the southern border of the
Golden Triangle is Department
Store Row, home to the titans
of luxury retailing, including
Neiman-Marcus, Saks Fifth
Avenue and Barneys New York.
24 730 n. la cienega BlvdHOTELS
West Hollywood’s hotels are the gateway to Los Angeles,
featuring glamorous suites, gorgeous views, bohemian
hideaways and rich cultural experiences located in the
midst of a thriving music, art and culinary scene.
Andaz West Hollywood Le Parc Suite Hotel
Chamberlain West Hollywood Mondrian
Le Montrose Suite Hotel Sunset Marquis
The London West Hollywood The Standard
Palihouse West Hollywood The Charlie Hotel
Best Western Sunset Plaza Sunset Tower Hotel
Area Overview 25WEST HOLLYWOOD DEMOGRAPHICS
MEDIAN AGE
39
WEST HOLLYWOOD’S
56% 44%
TOTAL POPULATION
36,482 MALE FEMALE
EDUCATION
21% 19% 8% 34% 17%
High School Some School Associates Degree Bachelor’s Degree Grad Degree
26 730 n. la cienega BlvdBUSINESSES TOP JOBS BY OCCUPATION
West Hollywood has a total of 3,907 businesses. The leading
industries in West Hollywood were Health Care and Social
Services, Accommodation and Food Services, Retail, and
Professional, Scientific, and Technical Services.
Office and Executive Managers
• Health Care and Social Services Administrative Support Sales and Administrators
• Accommodation and Food Services
• Retail 15.1% 10.6% 8.5%
• Professional, Scientific, and Technical Services
25,201 4.90% Food Preparation, Personal Care
LABOR FORCE
UNEMPLOYMENT RATE Serving and Services
7.6% 7.5%
Area Overview 27BEVERLY CENTER CEDAR SINAI HOSPITAL
DEMOGRAPHICS BY RADIUS
$103,215 461,273 $108,098
Average HH income Daytime Population Average HH income
within a 1-mile radius within a 5-mile radius within a 3-mile radius
27% 31% 819,155
Owner Occupied Housing Renter Occupied Housing Population
within a 5-mile radius within 5-mile radius within a 5-mile radius
1-MILE 3-MILE 5-MILE
2014 Population 40,413 271,165 819,155
2014 Households 23,002 138,878 368,014
2014 Average Household Size 1.75 1.94 2.17
2014 Daytime Population 48,362 210,605 461,273
2014 Owner Occupied Housing Units 30.41% 31.29% 27.68%
2014 Renter Occupied Housing Units 69.59% 68.71% 72.32%
2014 Vacant 3.76% 2.86% 3.06%
2014 Median Household Income $63,404 $61,533 $50,229
2014 Per Capita Income $58,870 $55,533 $41,186
2014 Average Household Income $103,215 $108,098 $90,611
28 730 n. la cienega BlvdCENTURY CITY PACIFIC DESIGN CENTER
ve
Melrose A
CONFIDENTIALITY AND DISCLAIMER
The information contained in the preceding 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, unverifi
ed 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.
La
Cie NON-ENDORSEMENT NOTICE
neg
aB
lvd 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. © 2021 Marcus & Millichap. All rights reserved.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTING
AGENTS FOR MORE DETAILS.brandonmichaelsgroup.com INVESTMENT ADVISORS Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 brandon.michaels@marcusmillichap.com CA License: 01434685 Matthew Luchs First Vice President Investments COO of The Brandon Michael's Group Tel: 818.212.2727 matthew.luchs@marcusmillichap.com CA License: 01948233 Andrew Leff First Vice President Investments Director, National Retail Group Tel: 818.212.2815 andrew.leff@marcusmillichap.com License #01210337 Vaughn Brown Investment Specialist Tel: 310.775.3885 vaughn.brown@marcusmillichap.com CA License: 02082395
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