101 north virgil€¦ · 5 offering executive summary voit real estate services is pleased to...

The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. Licensed as Real Estate Salespersons by the DRE. ©2020 Voit Real Estate Services, Inc. All Rights Reserved. License #01991785.

2400 E. Katella Avenue, Suite 750 | Anaheim, CA 92806License #01991785 www.voitco.com

101 NORTH VIRGIL LOS ANGELES, CALIFORNIA

FOR SALE: ±5,750 SFFood Processing Facility / Commercial Kitchen

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101 N. VIRGIL, LOS ANGELES

DISCL AIMERThis confidential Offering Memorandum (this “Memorandum”) is being delivered subject to the terms of the Confidentiality Agreement personally or electronically signed by you(the “Confidentiality Agreement”) and constitutes part of the Evaluation Material (as defined in the Confidentiality Agreement). It is being given to you for the sole purpose ofevaluating the possible acquisition of 101 N. Virgil, Los Angeles, CA (the “Property”), and is not to be used for any other purpose or made available to any other partywithout the prior written consent of the “Owner” or Voit Real Estate Services (“Broker”).This Memorandum was prepared by the Broker based on information supplied by the Owner and the Broker. It contains selected information about the Property and thereal estate market but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other“Evaluation Material”, including any computer diskettes or files distributed to you via email from Broker accessible online through Broker’s website) are for general referenceonly. They are based on assumptions relating to the general economy and local market, among other factors. Accordingly, actual results may vary materially from suchprojections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or alegal analysis of such documents.While the information contained in this Memorandum and any other Evaluation Material is believed to be reliable, neither Broker nor Owner guarantees its accuracy orcompleteness. Because of the foregoing and since the Property will be sold on an “As-Is, Where-Is” basis, a prospective purchaser must make its own independent investigations,projections and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Evaluation Material. Although additional EvaluationMaterial, which may include engineering, environmental or other reports, may be provided to qualified parties as the marketing progresses, prospective purchasers should seekadvice from their own attorneys, accountants, and engineering and environmental experts.Owner expressly reserves the right, at its sole discretion, to reject any offer to purchase the Property or to terminate any negotiations with any party at any time with or withoutwritten notice. Owner shall have no legal commitment or obligations to any prospective purchaser unless and until a written purchase and sale agreement has been fullyexecuted, delivered and approved by Owner and any conditions to Owner’s obligations therein have been satisfied or waived.Owner has retained Broker as its exclusive broker and will be responsible for any commission due to Broker in connection with a sale of the Property pursuant to a separateagreement. Broker is not authorized to make any representation or agreement on behalf of Owner. Each prospective purchaser will be responsible for any claims for commissionsby any other broker in connection with a sale of the Property if such claims arise from acts of such prospective purchaser or its broker.This Memorandum is the property of the Owner and Broker and may be used only by parties approved by the Owner and Broker. No portion of this Memorandum may be copiedor otherwise reproduced or disclosed to anyone except as permitted under the Confidentiality Agreement.

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OFFERING MEMORANDUMTABLE OF CONTENTS

Disclaimer 2

Executive Summary

Executive Summary 5

Property Overview

Property Features 7Property Description 7Floor Plan 8Office Plan 9Location Map 10Aerial 10

Market Overview

Market Summary 13

Area Overview

Area Overview 15Demographics 16

EXECUTIVE SUMMARY

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OFFERING MEMORANDUM

EXECUTIVE SUMMARYVoit Real Estate Services is pleased to present the opportunity to acquire 101 N Virgil, Los Angeles, CA, an approximately 5,750 SF commercial kitchen. Ideally located near the 101 freeway, the property offers great access to over 600,000 residents within a 3-mile radius. Positioned near Koreatown and Silverlake, 101 N Virgil is centrally located between these two popular LA neighborhoods. With the continued rise in demand for food delivery services, this is the perfect property for a ghost kitchen or commercial kitchen to thrive in.

The property’s expansive recent renovations include new HVAC, walk in freezer and cooler, state of the art food processing kitchen with floor drains, and high end office improvements. Located within an opportunity zone, 101 N Virgil presents a rare opportunity to a food user looking for a turn-key commercial kitchen located in a highly desirable Los Angeles neighborhood.

PROPERTY OVERVIEW

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OFFERING MEMORANDUM

PROPERT Y FE ATURES � Industrial Food Processing / Commercial Kitchen / Test Kitchen

� Approximately ± 700 SF (Please Verify) of Basement Storage (Not included in total building SF)

� Recently Completed Renovations including HVAC, Office, Warehouse, Kitchen

� Recently Renovated Freezer and Cooler approximately ± 314 and ± 120 SF respectively

� Existing Floor Drains

� Located within an Opportunity Zone and LA State Enterprise Zone (Please see link Attached) http://zimas.lacity.org/documents/zoneinfo/ZI2374.pdf

PROPERT Y DESCRIPTIONAddress: 101 N Virgil Avenue, Los Angeles, California

APN#: 5501-007-006

Total Building Area: ±5,750 SF

Year Built: 1946

Year Renovated: 2017

Grade Level Doors: 1

Zoning: M-1 (Please verify)

Permitted Uses: Click here for permitted uses

http://zimas.lacity.org/documents/zoneinfo/ZI2374.pdf

https://codelibrary.amlegal.com/codes/los_angeles/latest/lapz/0-0-0-4027

Walk-In Freezer

Walk-In Cooler

Women’sChanging

Room

Women’sChanging

Room

Men’sChanging

Room

Men’sChanging

Room

Storage Area

Processing Area

Prep Area

Loading Area

Cargo Area

Existing Garage Door

Please See OfficeFloor Plan onNext Page

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101 N. VIRGIL, LOS ANGELES FLOOR PL AN Floor plan not to scale. All measurements and sizes are approximate

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OFFERING MEMORANDUM

OFFICE PL AN

Floor plan not to scale. All measurements and sizes are approximate

AERIAL

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101 N. VIRGIL, LOS ANGELES

DodgerStadiumDodgerStadium

Universityof SouthernCalifornia

Universityof SouthernCalifornia

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OFFERING MEMORANDUM

MARKET OVERVIEW

MARKET SUMMARYLos Angeles stands among the most economically sound, dynamic, and attractive urban regions in the country. As such, it has long been a gateway city with an international presence, renowned for its strength in education, medicine, technology, public services, and entertainment. Los Angeles is one of the strongest and most compelling investment markets in the world. With a plethora of high paying jobs, wealth of recreational and cultural attractions, and world renowned shopping and dining destinations, Los Angeles is the third largest metropolitan economy in the world.

The Greater Los Angeles industrial market has for years been characterized by a scarcity of available inventory caused by intense demand from growing businesses combined with a lack of new deliveries. Land is not only in short supply, but also it has become prohibitively expensive, which makes the construction of standard industrial product nearly impossible. This all led to record-low vacancy and the highest lease rates and sales prices in the region’s history. The year began with a continuation of these market dynamics, with the biggest concerns centered on trade issues with China. Then came March and the focus shifted to the potential impact of the coronavirus, or COVID-19. Those concerns, however, had little impact on the fundamental market metrics, as the economic shock came late in the quarter. Vacancy fell again, average asking lease rates moved even higher and net absorption moved back into positive territory after dipping below the line in the final period of 2019. That said, we do expect a significant decline in sale and lease activity that will be reflected in second quarter’s numbers

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OFFERING MEMORANDUM

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Population1 Mile 109,5953 Miles 616,6526 Miles 1,624,5889 Miles 2,935,45912 Miles 4,581,826Daytime Population 4,884,647

HousingHouseholds 1,587,601Median Age 35.3

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AREA OVERVIEW

KORE A TOWNThe Koreatown neighborhood of Los Angeles is quickly becoming one of LA’s most popular neighborhoods due to its exciting regentrification and cultural diversity. Koreatown is home to more than 600,000 residents, with an average house hold income just shy of $60,000 per year. The development-friendly city of LA has approved an estimated 52 re-development projects that are either underway or about to break ground in Koreatown, which will provide local residents with new housing opportunities as well as new office and retail space. There has been a vast amount of South Korean investment in the Koreatown neighborhood of Los Angeles, with an estimated $1 billion of construction investment since the early 2000’s. As the need for affordable housing continues to boom, the City of Los Angeles is providing developers with incentives for constructing projects with reserved affordable housing, enabling a developer the opportunity to maximize lot sizes while developing housing for low income families.

SILVER L AKESilver Lake, known to be one of LA’s most trendy neighborhoods, has fully embraced its creative lifestyle. With a median household income around $61,000, the average age for a Silver Lake resident is 35. Home to roughly 32,000 residents, Silver Lake has become a hipster haven most known for its art and creative eateries. Silver lake is continuing to see a rise in residential housing projects including two 60+ units apartment communities, one of which has already broke ground. Additionally, there is currently plans in place for a new 100-unit apartment complex on the corner of Myra Ave. and Effie St., as Silver lake hopes to meet the housing demand in this sought after young community. y team, there is a reason behind the explosive growth that Orange County has enjoyed.

ARE A OVERVIEW

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OFFERING MEMORANDUM

DEMOGR APHICSDEMOGR APHICS | 1 MILE R ADIUS

Demographic and Income Profile101 N Virgil Ave, Los Angeles, California, 90004 Prepared by EsriRing: 1 mile radius Latitude: 34.07372

Longitude: -118.28681

Summary Census 2010 2019 2024Population 102,503 109,595 113,245Households 38,197 40,905 42,222Families 21,867 23,469 24,286Average Household Size 2.65 2.65 2.65Owner Occupied Housing Units 3,064 3,065 3,193Renter Occupied Housing Units 35,133 37,841 39,029Median Age 33.3 35.2 35.9

Trends: 2019 - 2024 Annual Rate Area State NationalPopulation 0.66% 0.67% 0.77%Households 0.64% 0.62% 0.75%Families 0.69% 0.62% 0.68%Owner HHs 0.82% 0.79% 0.92%Median Household Income 3.38% 2.99% 2.70%

2019 2024 Households by Income Number Percent Number Percent

<$15,000 6,201 15.2% 5,375 12.7%$15,000 - $24,999 5,677 13.9% 4,877 11.6%$25,000 - $34,999 5,328 13.0% 4,848 11.5%$35,000 - $49,999 6,959 17.0% 6,653 15.8%$50,000 - $74,999 7,493 18.3% 8,192 19.4%$75,000 - $99,999 3,915 9.6% 4,707 11.1%$100,000 - $149,999 3,283 8.0% 4,472 10.6%$150,000 - $199,999 1,110 2.7% 1,696 4.0%$200,000+ 940 2.3% 1,402 3.3%

Median Household Income $40,712 $48,081Average Household Income $56,703 $67,976Per Capita Income $21,303 $25,506

Census 2010 2019 2024 Population by Age Number Percent Number Percent Number Percent

0 - 4 6,520 6.4% 6,436 5.9% 6,802 6.0%5 - 9 5,531 5.4% 6,133 5.6% 5,998 5.3%10 - 14 5,783 5.6% 6,059 5.5% 5,865 5.2%15 - 19 6,539 6.4% 6,225 5.7% 5,979 5.3%20 - 24 8,856 8.6% 8,849 8.1% 8,596 7.6%25 - 34 21,426 20.9% 20,739 18.9% 21,736 19.2%35 - 44 17,105 16.7% 18,247 16.6% 18,380 16.2%45 - 54 13,655 13.3% 14,785 13.5% 15,200 13.4%55 - 64 9,122 8.9% 11,256 10.3% 11,935 10.5%65 - 74 4,658 4.5% 6,876 6.3% 7,881 7.0%75 - 84 2,476 2.4% 2,977 2.7% 3,731 3.3%

85+ 833 0.8% 1,015 0.9% 1,144 1.0%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 32,234 31.4% 32,878 30.0% 33,683 29.7%Black Alone 4,561 4.4% 4,437 4.0% 4,326 3.8%American Indian Alone 1,002 1.0% 994 0.9% 995 0.9%Asian Alone 29,776 29.0% 33,712 30.8% 35,838 31.6%Pacific Islander Alone 136 0.1% 142 0.1% 142 0.1%Some Other Race Alone 30,012 29.3% 32,224 29.4% 32,930 29.1%Two or More Races 4,783 4.7% 5,209 4.8% 5,332 4.7%

Hispanic Origin (Any Race) 57,765 56.4% 61,739 56.3% 63,798 56.3%Data Note: Income is expressed in current dollars.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.

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©2020 Esri Page 1 of 6



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2019 Household Income 2019 Household Income

<$15K15.2%

$15K - $24K13.9%

$25K - $34K13.0%

$35K - $49K17.0%

$50K - $74K18.3%

$75K - $99K9.6%

$100K - $149K8.0%

$150K - $199K2.7%

$200K+2.3%

2019 Population by Race2019 Population by Race

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0White Black Am. Ind. Asian Pacific Other Two+

2019 Percent Hispanic Origin: 56.3%


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OFFERING MEMORANDUM

DEMOGR APHICS | 3 MILE R ADIUS



Summary Census 2010 2019 2024Population 571,184 616,652 649,049Households 221,741 241,907 256,371Families 116,659 125,138 131,536Average Household Size 2.52 2.50 2.48Owner Occupied Housing Units 30,598 31,437 32,967Renter Occupied Housing Units 191,143 210,470 223,404Median Age 34.1 35.7 36.6



<$15,000 43,832 18.1% 39,476 15.4%$15,000 - $24,999 32,826 13.6% 29,253 11.4%$25,000 - $34,999 26,652 11.0% 24,833 9.7%$35,000 - $49,999 33,499 13.8% 32,887 12.8%$50,000 - $74,999 38,023 15.7% 41,442 16.2%$75,000 - $99,999 21,788 9.0% 26,753 10.4%$100,000 - $149,999 23,509 9.7% 30,696 12.0%$150,000 - $199,999 9,289 3.8% 13,366 5.2%$200,000+ 12,490 5.2% 17,664 6.9%



0 - 4 33,897 5.9% 33,904 5.5% 36,149 5.6%5 - 9 29,598 5.2% 31,829 5.2% 31,744 4.9%10 - 14 29,893 5.2% 31,146 5.1% 30,852 4.8%15 - 19 35,606 6.2% 33,186 5.4% 32,129 5.0%20 - 24 51,299 9.0% 49,242 8.0% 48,884 7.5%25 - 34 115,482 20.2% 121,305 19.7% 126,838 19.5%35 - 44 91,981 16.1% 98,233 15.9% 104,466 16.1%45 - 54 73,806 12.9% 78,986 12.8% 81,692 12.6%55 - 64 53,363 9.3% 64,582 10.5% 68,591 10.6%65 - 74 30,162 5.3% 43,474 7.1% 50,142 7.7%75 - 84 18,579 3.3% 21,641 3.5% 27,437 4.2%

85+ 7,518 1.3% 9,124 1.5% 10,124 1.6%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 224,562 39.3% 232,014 37.6% 240,107 37.0%Black Alone 29,832 5.2% 30,733 5.0% 31,172 4.8%American Indian Alone 5,434 1.0% 5,469 0.9% 5,546 0.9%Asian Alone 128,792 22.5% 149,576 24.3% 165,538 25.5%Pacific Islander Alone 616 0.1% 677 0.1% 705 0.1%Some Other Race Alone 155,280 27.2% 167,973 27.2% 174,058 26.8%Two or More Races 26,669 4.7% 30,211 4.9% 31,923 4.9%



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<$15K18.1%

$15K - $24K13.6%

$25K - $34K11.0%

$35K - $49K13.8%

$50K - $74K15.7%

$75K - $99K9.0%

$100K - $149K9.7%

$150K - $199K3.8%

$200K+5.2%


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OFFERING MEMORANDUM

DEMOGR APHICS | 6 MILE R ADIUS



Summary Census 2010 2019 2024Population 1,527,888 1,624,588 1,682,399Households 556,286 593,141 616,394Families 305,791 323,802 335,100Average Household Size 2.66 2.66 2.65Owner Occupied Housing Units 126,603 125,734 130,372Renter Occupied Housing Units 429,683 467,406 486,022Median Age 33.9 35.2 36.3



<$15,000 99,179 16.7% 87,094 14.1%$15,000 - $24,999 72,070 12.2% 62,638 10.2%$25,000 - $34,999 58,964 9.9% 53,738 8.7%$35,000 - $49,999 76,583 12.9% 72,442 11.8%$50,000 - $74,999 95,254 16.1% 99,041 16.1%$75,000 - $99,999 59,301 10.0% 68,237 11.1%$100,000 - $149,999 65,498 11.0% 82,021 13.3%$150,000 - $199,999 28,132 4.7% 39,297 6.4%$200,000+ 38,154 6.4% 51,881 8.4%



0 - 4 96,526 6.3% 95,398 5.9% 98,548 5.9%5 - 9 86,284 5.6% 91,387 5.6% 88,266 5.2%10 - 14 88,679 5.8% 90,008 5.5% 88,803 5.3%15 - 19 105,644 6.9% 97,551 6.0% 94,153 5.6%20 - 24 132,551 8.7% 129,393 8.0% 125,105 7.4%25 - 34 285,367 18.7% 302,890 18.6% 309,804 18.4%35 - 44 239,381 15.7% 246,388 15.2% 260,801 15.5%45 - 54 197,588 12.9% 205,780 12.7% 210,343 12.5%55 - 64 142,661 9.3% 170,692 10.5% 179,314 10.7%65 - 74 80,450 5.3% 112,880 6.9% 129,506 7.7%75 - 84 50,254 3.3% 56,674 3.5% 70,253 4.2%

85+ 22,502 1.5% 25,546 1.6% 27,502 1.6%Census 2010 2019 2024

Race and Ethnicity Number Percent Number Percent Number PercentWhite Alone 665,922 43.6% 686,172 42.2% 704,297 41.9%Black Alone 164,968 10.8% 163,817 10.1% 161,833 9.6%American Indian Alone 13,079 0.9% 13,066 0.8% 13,127 0.8%Asian Alone 209,588 13.7% 246,397 15.2% 271,592 16.1%Pacific Islander Alone 1,479 0.1% 1,597 0.1% 1,645 0.1%Some Other Race Alone 404,258 26.5% 435,370 26.8% 447,535 26.6%Two or More Races 68,594 4.5% 78,170 4.8% 82,371 4.9%



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AreaStateUSA

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<$15K16.7%

$15K - $24K12.2%$25K - $34K

9.9%

$35K - $49K12.9%

$50K - $74K16.1%

$75K - $99K10.0%

$100K - $149K11.0%

$150K - $199K4.7%

$200K+6.4%


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June 17, 2020


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OFFERING MEMORANDUM

The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. Licensed as Real Estate Salespersons by the DRE. ©2020 Voit Real Estate Services, Inc. All Rights Reserved. License #01991785.

2400 E. Katella Avenue, Suite 750 | Anaheim, CA 92806License #01991785 www.voitco.com

JORDAN HAYNESAssociateLicense #02083655

(714) [email protected]

STAN S. KWAKSenior VP, PartnerLicense #01824776


SELDEN MCKNIGHTAssociateLicense #02027919


Exclusively Offered By:

101 NORTH VIRGIL LOS ANGELES, CALIFORNIA

101 north virgil€¦ · 5 offering executive summary voit real estate services is pleased to...

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