OFFERING MEMORANDUM
1910 W SUNSET BOULEVARD LOS ANGELES, CA 90026
ROLF K MCPHERSON BUILDING
CONFIDENTIALITY & CONDITIONS All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/ or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies.
DISCLAIMER Each Office is Independently Owned and Operated. Broker and Broker’s Agents do not represent or guarantee accuracy of square footage, lot size, condition, features. It is the Buyer’s sole responsibility to perform investigations and satisfy themselves.
CO OP FEE None paid by Seller, commission to Buyer’s Broker, if any, shall be paid by Buyer.
1910 W SUNSET BOULEVARD LOS ANGELES, CA 90026 ROLF K MCPHERSON BUILDING
INVESTMENT SALE CONTACTS Lee Black
Managing Director KW Commercial 818.657.6539 LeeBlack321@outlook.com CA DRE # 00897065
LEASING CONTACT
Veronica Black
Transaction Manager KW Commercial 818.657.6617 VeronicaLBlack@outlook.com CA DRE # 02023158
Camilo Fabros
Managing Director RiverRock RE Group 714-689-1443 CFabros@riverrockreg.com CA DRE # 01121121
TABLE OF CONTENTS
1
EXECUTIVE SUMMARY
2
PROPERTY OVERVIEW
3
AREA OVERVIEW
4
FINANCIAL ANALYSIS
1
EXECUTIVE SUMMARY
THE OFFERING
OFFERING SUMMARY
KW Commercial is pleased to present the opportunity to acquire 1910 W. Sunset Boulevard, an 8 story freestanding office building with ground floor retail located in Echo Park, adjacent to Downtown LA.
1900-1918 W Sunset Blvd ADDRESS
Los Angeles, CA CITY, STATE
1910 W Sunset was delivered in 1965 and consists of a 8-story plus helipad, 99,761 square foot office building including ground floor retail space with banks and food amenities. The building stands alone on 2 parcels surrounded by 3 major streets - Sunset Blvd, Glendale Blvd and Park Avenue. Located in the trendy, amenity rich neighborhood of Echo Park, overlooking Echo Park Lake and just minutes from Downtown LA. Although the multi-tenant project is currently 92% occupied, the owners will be vacating the 2nd floor and a portion of the 4th floor at closing, providing a value-add investor the opportunity to reposition a portion of the asset immediately. 1910 W Sunset presents investors with the opportunity to acquire an iconic asset with 360 degree unobstructed views in an infill location in one of the strongest submarkets in the region.
99,761 SQUARE FOOTAGE
Best Offer ASKING PRICE
1965, Renovated 1991 YEAR BUILT
92% OCCUPANCY
1.24 Acres SITE AREA
2
FAST FACTS
3
Iconic Office Building with Incredible 360 degree Views
Bikescore 80 “Biker’s Paradise”
Ground Floor Retail with Banks and Food Amenities
Centrally Located - minutes to DTLA and Hollywood
Operating Helipad
500,000 DTLA Jobs Within One Mile
Convenient Neighborhood Amenities Walkscore 98 “Walker’s Paradise”
Adjacent to Echo Park Lake with walking paths, picnic tables and pedal boats
Multiple Transit Stops and Freeways within minutes TOC Tier 3
2
PROPERTY OVERVIEW
BUILDING HISTORY The Citibank Building – and before that the Cal Fed Building – is the tallest structure in Echo Park, with its nearly 100,000-square feet of space, eight floors of offices, three floors of parking and a rooftop heliport dwarfing the surrounding Sunset Boulevard storefronts. The tower was conceived in the early 1960s as the former California Federal Savings & Loan capitalized on the postwar building boom, erecting multistoried office buildings in Hollywood and Miracle Mile as well as Echo Park and Eagle Rock. The building was designed by Long Beach architects Francis J. Heusel and Frank Homolka and constructed in 1963-1965. The structure’s original name was the Sunset Glendale Building but it was also known as the Park Sunset but now known as The Rolf K. McPherson Building.
6
PROPERTY OVERVIEW Address City, State
Los Angeles, CA
Property Type
Office & Ground Floor Retail
Rentable Area
99,761 +/-
Parcel Size Year Built Occupancy Parking Ratio
53,908 SF (1.24+/- Acres) 1965, Renovated 1991 92% +/2.21/1000 (215 Spaces)
Stories
8
Zoning
C2-1L-CDO (Commercial Zone) TOC Tier 3
Elevators APN Building Type 7
1900-1918 W Sunset Blvd
2 passenger and 1 passenger/freight elevators 5404-001-036 & 5404-001-040 S1 - Steel Frame & Concrete
FLOOR PLANS
Patio Area
SUITE 1918
SUITE 1912
Suite 200 - FLOORPLAN Size: 12,591 RSF (Not to scale) SUITE 150
#200, 400 & 410 will be vacated upon close of escrow
2nd Floor
G Floor
Voult
SUITE 200
SUITE 1900
Voult
SUITE 400
SUITE 300
SUITE 500 Leased SUITE 410
4th Floor
3rd Floor
5th Floor SUITE 460
SUITE 520 (Leased) SUITE 420
9
SUITE 430 SUITE 440
SUITE 510 (Leased)
SUITE 540 (Available) SUITE 550 (Leased)
Suite 650 - FLOORPLAN Size: 8,276 RSF (Not to scale)
SUITE 650 Available
#650 Info: Move-In condition; Double Door Entry; 19 offices (13 window, and 6 standard interior); 2 conference rooms; and break area (w/sink).
SUITE 700 (Leased)
6th Floor
SUITE 660 (Leased)
7th Floor
SUITE 705 (Leased)
Storage SUITE 740 (Leased)
SUITE 600 (Leased)
SUITE 825
SUITE 800
SUITE 720 (Leased)
HELIPAD
SUITE 850
9th Floor
870
SUITE 900
8th Floor
(Part of Suite 720)
SUITE 810
10
3
AREA OVERVIEW
AREA OVERVIEW Echo Park is a neighborhood in Los Angeles, California with a population of 35,802. Echo Park is in Los Angeles County and is one of the best places to live in California. Living in Echo Park offers residents an urban suburban mix feel and most residents rent their homes. In Echo Park there are a lot of bars, restaurants, coffee shops, and parks. Many young professionals live in Echo Park and residents tend to be liberal. The public schools in Echo Park are above average.
LOS ANGELES COUNTY The County of Los Angeles holds many disticntions. L.A. is the entertainment capital of the world, a cultural mecca boasting more than 100 museums, and a paradise of idyllic weather. From tourist attractions like the Walk of Fame’s collection of stars (numbering more than 2,614 and growing by one or two a month) to career opportunities like those presented in the expanding tech industry, Los Angeles County is the place to be. It is the only city in North America to have hosted the Summer Olympics twice. Downtown L.A. is the largest government center outside of Washington, D.C. Los Angeles County has the only remaining wooden lighthouse in the state (located in San Pedro’s Fermin Park) and the largest historical theater district on the National Register of Historic Places (located Downtown on Broadway).
Multiple Transit Stops and Freeways within minutes. TOC Tier 3
Population is forecast to grow 7% Over the Next Five Years (within 3 Miles)
Average Household Income of $76K (25–44 years) within One Mile
ABOUT THE NEIGHBORHOOD Los Angeles is California’s largest city, the country’s second largest and is home to about 4 million people. Los Angeles is home to many in the entertainment industry. Surrounded by Elysian Park, Elysian Valley, Silver Lake and Chinatown, Echo Park has become a very desirable neighborhood due to its cultural diversity, architectural charm, and classic Los Angeles living. Thoroughfares such as Sunset Boulevard—just 1.3 miles to the north of the property, Temple Street, and Beverly Boulevard are lined with new local businesses and popular nightlife spots that make Echo Park one of the trendiest areas in Los Angeles. Adding to the area’s vibrant culture, Echo Park is home to numerous art festivals which take place year-round, as well as popular music venues including The Echo, Bootleg Theater, and the Echoplex. Recreational neighborhood landmarks include the historic Baxter Steps, Laveta Terrace Stairway, and Elysian Park, all within close proximity to the property. The newly renovated Echo Park Lake, features a walking path, picnic area, paddle boats, and beautiful lotus flower gardens, celebrated in a lotus festival each year.
Trendy Echo Park, Minutes to DTLA and Hollywood
Over 41,600 Vehicles Passing Per Day
12
NEARBY POINTS OF INTEREST Downtown Los Angeles is the city’s urban center where the cutting-edge and the classic sit side-by-side. The area is home to mainstream attractions, including the LA Live entertainment complex featuring Staples Center; Walt Disney Concert Hall and acclaimed theater venues and museums. Long known as the central business district of Los Angeles, DTLA has experienced a renaissance over the years with the influx of bustling restaurants, unique retail, inspiring cultural institutions, music and nightlife and quiet parks. DTLA is attracting a new generation of companies in growth sectors, including world-class architecture firms, pioneering technology startups, popular fashion brands, and new media companies.
DOWNTOWN LIFESTYLE & ENTERTAINMENT AT A GLANCE
690+
180+
Nightlife Options
Dining Options (bars, restaurants, & cafes)
L.A. LIVE 2.5 MILES
L.A. LIVE is the sports and entertainment district that surrounds STAPLES Center, home to the LA Lakers, Sparks and LA Kings, and the Microsoft Theater (7,100 seat concert and awards show venue). The multi-use development consists of approximately 4.0 million sq. ft. of building area covering 27.3 acres on six city blocks. In addition to the successful JW Marriott and RitzCarlton hotels, with a combined 1,001 rooms, and the 224 luxury Ritz-Carlton Residences, the District includes more than a dozen restaurants and cafes, the 7,100-seat Microsoft Theater, Grammy Museum, nightclub venues, sports bars, high-density housing, broadcast facilities, offices, cinemas, and a one-acre plaza. L.A. LIVE has had a positive impact on Downtown Los Angeles overall and continues to spur further development in the area. 13
15+
Parks & Green Spaces
60+
Theaters & Music Venues
25mil
SF of Retail Space
THE MUSIC CENTER 2.1 MILES
THE MUSIC CENTER is L.A.’s performing arts destination, home to four iconic theaters and four renowned resident companies, Center Theatre Group, the LA Master Chorale, the LA Opera and the LA Philharmonic. The Music Center is a destination where audiences find inspiration in the very best of live performance, as well as nationally recognized arts education. The neighboring Walt Disney Concert Hall is an internationally recognized architectural landmark and one of the most acoustically sophisticated concert halls in the world. The 3.6acre complex is the home of the Los Angeles Philharmonic.
THE BROAD MUSEUM 2.4 MILES
THE BROAD MUSEUM, adjacent to the Walt Disney Concert Hall, is a contemporary art museum and home to 2,000 works in the Broad collection by more than 200 artists. It is considered one of the world’s leading collections of postwar and contemporary art. Opened in 2015, the $140 million building was designed by world-renowned architectural firm Diller Scofidio + Renfro in collaboration with Gensler. The 120,000-square-foot building features two floors of gallery space and has become one of the trendiest cultural destinations in Los Angeles attracting more than 2.1 million visitors.
ROW DTLA 4 MILES
ROW DTLA Covering 32 acres at Seventh and Alameda Street, the 100-year old site and former home of the LA Terminal Market—now called ROW DTLA—is one of Los Angeles’ hippest new destinations. Opened in 2017, this collection of shops, restaurants and offices is spread over six buildings and upon completion will house more than 100 unique stores and 1.3 million square feet of creative office space. ROW DTLA also features an open-air public market, plazas and green space and a newly built 4,000-space parking garage that boasts its own rooftop park. The tenants of ROW DTLA include Soho House, Zappos, and Shopify alongside local, national and international experiential retail and wellness brands, reflecting the energy and creativity that continues to be drawn to Downtown Los Angeles. 14
WALT DISNEY CONCERT HALL 2.1 MILES
WALT DISNEY CONCERT HALL The $274 million Walt Disney Concert Hall is home to the Los Angeles Philharmonic Orchestra, theater groups and other performers. Along with the Dorothy Chandler Pavilion and the Ahmanson Theater, the Hall has helped to bring Los Angeles to the forefront of culture in the US. Its opening in 2003 has led to other proposed and planned developments in the surrounding Bunker-Hill area, including the recently opened Broad Museum. The Grand Avenue Authority oversees plans to develop 3.8 million square feet of commercial and residential construction adjacent to the concert hall.
GRAND PARK 2 MILES
GRAND PARK is a 12-acre park located in the civic center of DTLA stretching between Los Angeles City Hall and the Music Center. There are four distinct areas featuring amenities ranging from a restored historic Arthur J. Will Memorial Fountain with a new wade-able membrane pool, a small intimate performance lawn, a community terrace, and a grand event lawn. Dotted with fountains, picnic lawns, play areas, bright pink benches, walking paths and seating areas, Grand Park is a bright urban oasis. Also located in the heart of DTLA is Pershing Square, Los Angeles’ oldest public space. The five-acre urban park spanning a city block is a pedestrian friendly, cultural destination for the city. The Square is made up of hard-scape’s and grass areas for various events and activities. Pershing Square is decorated with fountains, monuments, statues, large seating platform, playgrounds, chess area, pet area and an open elevated myanstyle amphitheater.
MOCA 2.3 MILES
MOCA The Museum of Contemporary Art (MOCA) Grand Avenue is a contemporary art museum in Los Angeles and is home to almost 5,000 artworks. Their collection includes masterpieces by classic contemporary artists and new works by emerging and mid-career artists from Southern California and the world.
15
GRAND CENTRAL MARKET 4 MILES
GRAND CENTRAL MARKET , a recipient of Bon Appetit’s Best Restaurants of the Year, is one of DTLA’s historic landmarks and features 40 vendors and a plethora of dining options. Open since 1917, the 30,000 square-foot Grand Central Market is a spacious Europeanstyle market showcasing international diversity with upscale restaurant options and food stands featuring produce, dried goods, spices, meats, poultry, seafood and ethnic eateries. In addition to the Market, DTLA is home to classics such as Bottega Louie, Faith & Flower and Perch, as well as local favorites Morton’s The Steakhouse, Engine Co. No. 28, and Border Grill. Casual eateries and food trucks are also area staples.
FIG@7TH 2.6 MILES
FIG@7TH Reopened in the Fall of 2012 after a $40 million makeover, FIGat7th is an open-air shopping mall located in the Financial District of Downtown Los Angeles. Notable tenants include City Target, Nordstrom Rack, Zara, Sunglass Hut, H&M, MAC Cosmetics and L’Occitane. The center also features numerous restaurant and eatery options including California Pizza Kitchen, Morton’s Steakhouse, Mendocino Farms, Sprinkles Cupcakes, City Tavern and Starbucks.
THE BLOC 2.4 MILES
THE BLOC The Bloc plaza has been transformed into a premium shopping, dining, business, and leisure destination in the heart of downtown. Macy’s upgraded to a flagship department store, and the existing Sheraton has undergone a comprehensive renovation as well. The office tower is being repositioned to offer creative office space aimed at the growing entertainment, technology, and media companies in Los Angeles. The development is directly connected to the heavily-traveled 7th & Metro subway station. 16
MAJOR LANDMARKS
17
BURBANK AIRPORT
HOLLYWOOD BOWL
HOLLYWOOD (101) FREEWAY
GLENDALE COMMUTER RAIL
GLENDALE (2) FREEWAY
ROSE BOWL STADIUM
11.8 Miles
6.1 Miles
0.5 Miles
4.2 Miles
0.75 Miles
10.1 Miles
THE GROVE
OCCIDENTAL COLLEGE
6.8 Miles
5.1 Miles
UCLA/WESTWOOD VILLAGE
GOLDEN STATE (5) FREEWAY
15.5 Miles
2.0 Miles
LACMA
PASADENA (110) FREEWAY
7.0 Miles
0.4 Miles
LAX
LA LIVE/STAPLES CENTER
USC/LA COLISEUM
DTLA
DODGER STADIUM
UNION STATION
17.2 Miles
3.5 Miles
5.7 Miles
2.4 Miles
1.0 Miles
2.4 Miles
AMENITIES MAP RESTAURANTS
ENTERTAINMENT & FITNESS
1
Button Mash
1 Dodger Stadium
2
Maury’s
2 Echo Park
3
Original Tommy’s World Famous Hamburgers
3 DC Fitness
4
Cafecito Organico
5
The Dog Cafe
6
La Pergoletta on Sunset
7
Moon Juice
7 Metro Bike Share Sunset Triangle Plaza
8
WOOD Silver Lake Pizza & Pasta
8 Echoplex
9
Black Hogg Sandwiches
4 The Bar Method 5 Music Box Steps 6 Micheltorena Stairs
12 Diablo 13 Ramen Tatsunoya
4 Erewhon Market
16 33 Taps Silver Lake
5 Lassens
16
3
15
7 2
14
2 Yummy.com
15 Pine and Crane
6 4
1 Vons 3 Silver Lake Farmers Market
18 sweetgreen
17
GROCERY
14 Blue Star Donuts
17 Tartine Silver Lake
18
9 The Echo
10 Café Tropical 11 Mixt
7
13
5 6 4
11
12
5 10
9
6 Echo Park Farmers’ Market
4
19 OTOTO
8
7
4
2
6
1
RETAIL
20 The Douglas 21 Konbi
1 Walgreens
22 Trencher
2 Rite Aid
23 Bar Calo
3 K9 Loft
24 Ostrich Farm
4 Dustmuff in
25 Woodcat Coffee Bar
5 Parachute Home
26 Hey-Hey
6 Warby Parker
27 Dinette
7 Clover
3
2
5
3
2
1 8 8 9 6 27
25
26 24
23 21
22
5 20
1
1
19
3
8 Bank of America
18
SELECT DEVELOPMENTS IN ECHO PARK 1
1011 Everett St Approved - Plans approved last year by the City of Los Angeles will allow for the construction of two three-story buildings on the land, creating a total of 49 apartments above basement parking for more than 50 vehicles.
2
1750 Glendale Blvd Under Construction - The project, which was built by Aragon Properties Corporation, consists of a five-story edifice featuring 70 residential units above a subterranean parking garage.
3
1244 Innes Ave Under Construction - co-living apartment building.
4
1301 Colton St Earlier this year, an El Monte-based entity called Land Mark Development, LLC filed an application with the City of Los Angeles to develop the approximately 5,600-square-foot property with a six-story edifice featuring 45 studio and one-bedroom apartments above semi-subterranean parking for 31 vehicles.
5
6
19
330 Patton St The new project, located at 330 N. Patton Street, consists of a sevenstory edifice featuring 32 apartments above podium parking. 1314 W Court St Under Construction - The projects, which sit on neighboring properties at 1314-1320 W. Court Street and 1315-132 W. Colton Street, will each consist of six-story structures containing 120 apartments - including 10 very low-income affordable units - above parking for 149 vehicles. The apartments will come in a mix of oneand two-bedroom dwellings, and be complemented by amenities such as a community room and rooftop decks.
7
418 Firmin St Under Construction - The project, which replaced two 19th century houses at 418-430 N. Firmin Street, will eventually consist of a seven-story building featuring 45 units of permanent supportive housing and 19 apartments for low-income households. Plans call for a mix of studio, one-, two-, and three-bedroom dwellings in addition to a 10-car garage.
8
Sunset Blvd & McDuff St Filed Application - The project, which would replace a surface parking lot and a pair of recently refurbished commercial buildings, calls for the construction of a six-story edifice featuring 136 studio, one-, and two-bedroom apartments above 8,000 square feet of ground-floor retail space and a two-level, 116-car subsurface parking garage. Five existing apartments in a two-story structure at 1501 Sunset would also be retained.
9
TAIX - 1911 Sunset Blvd Approved - redevelopment of the property at 1911 Sunset Boulevard with a pair of six-story structures featuring 170 apartments, groundfloor commercial space, and subterranean parking.
10
2225 Sunset Blvd Application Filed - seven-story structure on an amorphous property at 2225 Sunset Boulevard. The new development would replace a series of smaller commercial and residential buildings with up to 176 studio, one-, two-, three-, four-, and five-bedroom apartments above 203 podium and basement parking stalls.
11
1111 Sunset Blvd Application Pending - seeking approvals to build a project which could include housing, office spaces, retail, and a new hotel.
12
916 N Alvarado St Under Construction - The project, which replaced two single-family dwellings at 916 N. Alvarado Street, consists of a four-story edifice which will feature 27 apartments above 200 square feet of groundfloor commercial space and parking for 23 vehicles.
13
Grafton St & Echo Park Ave Under Consturction - calls for the construction of a three-story building containing 35 studio apartments above 2,000 square feet of ground-floor commercial space and basement parking for 40 vehicles.
14
15
16
1932 Park Ave Application - calls for replacing four existing apartments with a new five-story edifice consisting of 14 apartments and parking for 11 vehicles. 1800 Beverly Blvd 1800 Beverly Boulevard, will consist of a five-story building featuring 243 apartments and 3,500 square feet of ground-floor retail. 3303-3327 W Sunset Blvd Proposed - 100K SF Office building with retail on ground floor by RYDA Investments.
2 16
10
9
13
12
8
14
3 1
15
5 6 4
11 7
Source : Urbanize LA
20
LEASING COMPETITIVE SET SUBLEASE AVAILABLE
MONTHLY ASKING RATE
BUILT
PARKING RATIO
8,276
None
$2.95 FSG
1965
2.21/1000
13.83%
91,154
None
N/a
1979
1/1000
44,189
51.92%
40,868
None
N/a
1976
1/1000
53,967
53,967
0.00%
53,967
None
$2.95 MG
1983
1/1000
DTLA
82,880
8,900
89.26%
5,500
None
$2.60 FSG
1968
1/1000
717 Temple St.
DTLA
52,963
14,000
73.57%
14,000
None
$2.75 MG
1978
2.5/1000
6
626 Wilshire Blvd.
DTLA
156,430
35,927
77.03%
12,849
None
$3.20-$3.30 FSG
1966
1/1000
7
501 Shatto Pl.
Mid-Wilshire (Koreatown)
72,276
1,670
97.69%
1,670
None
$3.10 FSG
1971
2/1000
8
695 S Vermont Ave.
Mid-Wilshire (Koreatown)
194,296
26,188
86.52%
5,438
None
$2.60-$2.80 FSG
1973
2/1000
9
1545 Wilshire Blvd.
Mid-Wilshire (Koreatown)
112,230
1,704
98.48%
1,704
None
$2.35 FSG
1964
2.75/1000
10
3450 Wilshire Blvd.
Mid-Wilshire (Koreatown)
154,930
58,417
62.29%
10,877
None
$2.20 FSG
1952
2/1000
11
3460 Wilshire Blvd.
Mid-Wilshire (Koreatown)
189,936
114,451
39.74%
14,689
None
$2.20 FSG
1952
2/1000
SUB MARKET
TOTAL RSF
1910 W Sunset Blvd
Echo Park/ Silver Lake
99,761
8,276
92.00%
1
221 S Figueroa St
DTLA
119,778
103,211
2
261 S Figueroa St.
DTLA
91,909
3
345 S Figueroa St.
DTLA
4
533 S Fremont Ave.
5
PROPERTY
21
AVAILABLE RSF
OCCUPANCY
MAX CONTIGUOS RSF
1
2
3
4
5
10
11
7 11
10
8
1
5
2 9
3 4 6
6
7
8
9
22
INTERIOR PHOTOS
23
24
EXTERIOR PHOTOS
25
26
4
FINANCIAL OVERVIEW
STACKING PLAN
Expiring in
Total SF
Percent
2031
19,092
19%
2027
6,524
7%
2026
5,092
5%
2025
22,669
23%
2024
7,253
7%
2023
13,266
13%
2022
1,110
1%
16,479
17%
8,276
8%
Mo-to-Mo* Vacant
* Denotes seller occupied space.
28
CASH FLOW For the Years Ending Base Rental Revenue Absorption & Turnover Vacancy Base Rent Abatements
Dec-2022
Dec-2023
Dec-2024
Dec-2025
Dec-2026
Dec-2027
Dec-2028
Dec-2029
Dec-2030
Dec-2031
$3,724,791
$3,863,114
$3,985,096
$4,138,491
$4,290,422
$4,418,033
$4,502,848
$4,615,205
$4,884,110
$5,047,985
(482,052)
(26,904)
(14,833)
(66,933)
(183,372)
(53,805)
(92,697)
(202,307)
(15,624)
(5,318)
(8,367)
(22,922)
(6,726)
(11,587)
(22,759)
(4,559)
(846)
Scheduled Base Rental Revenue
3,241,893
3,836,210
3,964,945
4,063,191
4,290,422
4,211,739
4,442,317
4,510,921
4,659,044
5,027,802
Common Area Maintenance
268,701
291,164
343,351
388,558
448,439
534,208
726,977
791,631
880,309
973,270
Janitorial
47,998
52,933
63,087
73,310
86,223
103,317
142,183
154,958
172,613
191,124
Real Estate Property Taxes
209,091
224,367
262,002
293,613
335,560
395,847
533,435
575,233
633,455
693,541
Insurance
54,561
59,102
69,651
78,785
90,887
108,222
147,189
160,255
178,181
196,972
Property Management
30,143
32,638
38,436
43,463
50,119
59,648
81,075
88,260
98,113
108,447
Total Reimbursement Revenue
610,494
660,204
776,527
877,729
1,011,228
1,201,242
1,630,859
1,770,337
1,962,671
2,163,354
Garage/Parking/Storage
9,330
9,610
9,898
10,195
10,501
10,816
11,141
11,475
11,819
12,174
Parking Income
154,138
158,762
163,525
168,431
173,484
178,688
184,049
189,570
195,258
201,115
Miscellaneous
5,693
5,864
6,039
6,221
6,407
6,600
6,797
7,001
7,211
7,428
4,021,548
4,670,650
4,920,934
5,125,767
5,492,042
5,609,085
6,275,163
6,489,304
6,836,003
7,411,873
(206,629)
(231,214)
(189,355)
(274,602)
(97,082)
(259,953)
(231,768)
(139,493)
(354,970)
Total Potential Gross Revenue General Vacancy Effective Gross Revenue
4,021,548
4,464,021
4,689,720
4,936,412
5,217,440
5,512,003
6,015,210
6,257,536
6,696,510
7,056,903
Common Area Maintenance
863,879
889,795
916,489
943,984
972,304
1,001,473
1,031,517
1,062,462
1,094,336
1,127,166
Janitorial
175,845
181,120
186,554
192,150
197,915
203,852
209,968
216,267
222,755
229,438
Real Estate Property Taxes
672,000
685,440
699,149
713,132
727,394
741,942
756,781
771,917
787,355
803,102
Insurance
174,611
179,850
185,245
190,803
196,527
202,422
208,495
214,750
221,193
227,828
Property Management
96,011
98,891
101,858
104,914
108,061
111,303
114,642
118,082
121,624
125,273
Signs
1,359
1,400
1,442
1,485
1,530
1,575
1,623
1,671
1,722
1,773
466
480
494
509
524
540
556
573
590
608
Total Operating Expenses
1,984,171
2,036,976
2,091,231
2,146,977
2,204,255
2,263,107
2,323,582
2,385,722
2,449,575
2,515,188
Net Operating Income
2,037,377
2,427,045
2,598,489
2,789,435
3,013,185
3,248,896
3,691,628
3,871,814
4,246,935
4,541,715
Miscellaneous
Tenant Improvements
203,313
33,128
43,999
142,790
41,897
72,183
132,358
28,398
Leasing Commissions
8,106
50,933
80,133
219,533
64,415
110,977
217,971
43,660
Security Deposits
(5,569)
(6,605)
(16,521)
(46,461)
(12,303)
Investment of Capital
5,569
6,604
16,520
46,459
12,302
Distribution from Investment
(3,554)
(6,605)
(20,990)
(57,399)
(12,303)
(2,025)
(43,617)
(18,330)
(9,449)
(2,900)
Deposit Refund
3,554
6,604
20,989
57,396
12,302
2,025
43,615
18,328
9,448
2,900
84,061
124,132
362,323
106,312
183,160
350,329
72,058
$2,427,045
$2,514,428
$2,665,303
$3,013,185
$2,886,573
$3,585,316
$3,688,654
$3,896,606
$4,469,657
Total Leasing & Capital Costs Cash Flow Before Debt Service & Taxes 29
211,419 $1,825,958
RENT ROLL SUITE
AREA
LEASE TERM
EXPENSE
OPTION
#
Square Footage
Pro Rata
Remaining (Approximately)
Recovery Type
Renewal
1900
6,524
6.54%
5.5 Years
Fully Serviced with Base Year
1 (5 Year)
1912
2,748
2.75%
1.5 Years
Fully Serviced with Base Year
1 (2 Year)
1918
2,760
2.77%
1.5 Years
Net Pass through
4 (5 Year)
150
1,110
1.11%
0.5 Years
Net Pass through
None
200
12,591
12.62%
Mo-to-Mo
Fully Serviced with Base Year
None
300,450,700
19,092
19.14%
9.5 Years
Fully Serviced with Base Year
1 (5 Year)
400
492
0.49%
Mo-to-Mo
Fully Serviced with Base Year
None
410
3,396
3.40%
Mo-to-Mo
Fully Serviced with Base Year
None
420
3,129
3.14%
4.5 Years
Fully Serviced with Base Year
1 (3 Year)
440
1,861
1.87%
3.5 Year
Fully Serviced with Base Year
1 (5 Year)
460
976
0.98%
3.5 Years
Fully Serviced with Base Year
1 (5 Year)
500, 820
13,302
13.33%
3.5 Years
Fully Serviced with Base Year
1 (5 Year)
600
3,476
3.48%
2.0 Years
Fully Serviced with Base Year
1 (5 Year)
650
8,276
8.30%
-
Fully Serviced with Base Year
-
660
558
0.56%
2.5 Years
Fully Serviced with Base Year
1 (3 Year)
705
1,750
1.75%
2.5 Years
Fully Serviced with Base Year
1 (13 Mo)
720
2,653
2.66%
2.5 Years
Fully Serviced with Base Year
1 (5 Year)
740
3,129
3.14%
3.5 Years
Fully Serviced with Base Year
1 (3 Year)
800
2,619
2.63%
3.5 Years
Fully Serviced with Base Year
None
810
2,292
2.30%
2.5 Years
Fully Serviced with Base Year
None
825
1,963
1.97%
4.5 Years
Fully Serviced with Base Year
1 (5 Year)
850
4,282
4.29%
2.5 Years
Fully Serviced with Base Year
1 (5 Year)
900
782
0.78%
3.5 Years
Fully Serviced with Base Year
1 (3 Year)
Rftp
-
-
4.5 Years
Fixed CAM
4 (5 Year)
Occupied
91,485
92%
Vacant
8,276
8%
Total
99,761
100%
TO TOACCESS ACCESSTHE THEFULL FULLFINANCIALS FINANCIAL AND INFORMATION, OTHER DUE DILIGENCE PLEASE MATERIALS, EXECUTE PLEASE THIS VISIT CNDA OUR WEBSITE. 30
1910 W SUNSET BOULEVARD LOS ANGELES, CA 90026 ROLF K MCPHERSON BUILDING
INVESTMENT SALE CONTACTS Lee Black
Managing Director KW Commercial 818.657.6539 LeeBlack321@outlook.com CA DRE # 00897065
Veronica Black
Transaction Manager KW Commercial 818.657.6617 VeronicaLBlack@outlook.com CA DRE # 02023158
LEASING CONTACT Camilo Fabros
Managing Director RiverRock RE Group 714-689-1443 CFabros@riverrockreg.com CA DRE # 01121121
www.1910WSunset.com