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
Contents
INVESTMENT ADVISORS
04
Brandon Michaels
Senior Managing Director of Investments
Senior Director, National Retail Group
Tel: 818.212-2794
brandon.michaels@marcusmillichap.com
CA License: 01434685 executive
Matthew Luchs summary
First Vice President Investments
COO of The Brandon Michael's Group
10
Tel: 818.212.2727
matthew.luchs@marcusmillichap.com
CA License: 01948233
Andrew Leff
First Vice President Investments property
Director, National Retail Group
Tel: 818.212.2815
OVERVIEW
andrew.leff@marcusmillichap.com
License #01210337
Vaughn Brown
Investment Specialist
Tel: 310.775.3885T
vaughn.brown@marcusmillichap.com
CA License: 02082395
14Area
OVERVIEW
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
Executive Summary is located in the heart of one of the
most famously known locales for
celebrities, wealthy residents, and
tourists alike. There may be no greater
Monica Boulevard.
Executive Summary 5
investment highlights investment highlights
ICONIC RESTAURANT PROPERTY HOME
STRONG IMMEDIATE DEMOGRAPHICS
TO WORLD FAMOUS KOI LOS ANGELES
• Over 45,300 people are located within one mile of the
• Koi Restaurant has been operating at this
property, 267,700 within three miles of the property,
location for 20 years
and 843,400 within five miles of the property. Over
• The property is ideally located in the heart 9,000 households within one mile and over 174,000
of one of the most famously known locales households located within 5 miles of the subject
for celebrities, wealthy residents, and tourists property
alike
• There are over 27,400 households located within one
• The property is fully leased to Koi through mile of the property, 136,600 within three miles of the
December of 2022 on a net leased basis property, and 366,000 within five miles of the property
• Pending lease expiration creates a unique
• Average household income is over $121,200 within
Owner-User opportunity
one mile of the property, $118,500 within three miles
of the property, and $102,000 within five miles of the
property
SUNSET PLAZA
CENTRALLY LOCATED WITHIN WORLD RENOWNED SUBMARKET SATURATED WITH DEVELOPMENTS
WEST HOLLYWOOD AND RETAIL AMENITIES
• Home to world renowned retailers, restaurants, trendy hotspots, • Located less than one mile from both the Melrose
and world class shopping all in the immediate area Triangle Development and Pendry Hotel & Residences
• Within close proximity to the Beverly Center, renowned Cedars
• Located less than one mile from the famous Sunset
Sinai Medical Center, Melrose Boulevard, Pacific Design Center,
Strip, which features amenities such as Whiskey A Go
and the Sunset Strip
Go, The Roxy Theater, Mel’s Diner, Rainbow Bar
• Among the top luxury retail districts worldwide. The location & Grill, and Sunset Marquis
boasts designer labels, popular restaurants, and boutiques and
is famously known for being a preferred shopping destination of • Located just four blocks from Melrose Avenue, which
celebrities, wealthy residents, and tourists alike houses the Pacific Design Center as well as a number
of retail amenities such as Duff’s Cake Mix, Alfred’s
• Home to well-known designer labels, popular restaurants, Coffee, The RealReal, and Lululemon
and boutiques and is famously known for being a preferred SUNSET MARQUIS
destination of celebrities, wealthy residents, and tourists alike
6 730 n. la cienega Blvd Executive Summary 7
SUNSET STRIP AMENITIES
Restaurants
1
2 property summary
3
Address 730 N. La Cienega Boulevard
Venues Los Angeles, CA 90069
1 3 Price $10,700,000
1 Sunset Blvd 1
2 4 3 Property Type Restaurant
SUNSET STRIP 1
2 Building Size 4,703 SF
2
4
Lot Size 7,323 SF
3
2
3
] Price/SF (Building) $2,275
Price/SF (Land) $1,461
4
Current CAP Rate 4.22%
Retail NOI $451,292.04
Rent Per SF $7.39 Per Month
1
Lease Type NNN
2
Rent Increases 3% Annually
3 Lease Start 11/1/2001
ga Blvd
iene 12/31/2022
4 La C Lease Expiration
Options None
Year Built 1931
APN 5528-001-065
Zoning C4-1VL
Type of Ownership Fee Simple
8 730 n. la cienega Blvd Executive Summary 9
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
730 N La Cienega_location map BUILDING SIZE
5,090 SF
Untitled layer
730 N La Cienega Blvd
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
PROPERTY OVERVIEW TRAFFIC COUNT
32,700 Vehicles Per Day
Property Overview 11
PRIVATE DINING ROOM
RESTAURANT PHOTOS
LIVING ROOM
BAR
FRONT PATIO
12 730 n. la cienega Blvd Property Overview 13
SUSHI BAR & MAIN DINING
parcel map floor plan
La Cienega Ave
14 730 n. la cienega Blvd Property Overview 15
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
Area Overview 17
MELROSE AMENITIES
LOCATION OVERVIEW DOWNTOWN LOS ANGELES MIRACLE MILE Shopping
730 N. La Cienega Boulevard is located 1
just four blocks from the famous Melrose
2
Avenue. Melrose Avenue is one of Los
Angeles’s premier streets, famous for its
3
plentiful retail, dining, and entertainment
destinations. Melrose Avenue is an East- 4
West street, and is situated north of Beverly
Boulevard, and south of Santa Monica 5
Boulevard. Melrose Avenue houses a number 4
3
of retail amenities such as Urth Café, Lululemon, Restaurants
The RealReal, and Adidas. The street is also home
MELROSE AVENUE SHOPPING DISTRICT
to a number of well-known eateries, such as Alfred 2 1 1
Coffee, Urth Café, and Gracias Madre. 4 3
2 2
1 5
730 N. La Cienega Boulevard is located proximate 5 3
to a number of developments. The Melrose Triangle MEL
ROS
Development, which is less than one mile from the E AV 4
subject property, is slated to rise from an empty site with E 2
the boundaries of Melrose Avenue, Almont Drive, and 5
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
Blvd
of the property, $118,500 within three miles of the property, and $102,000 n ega
Cie
within five miles of the property. La
18 730 n. la cienega Blvd Area Overview 19DESIGN. FASHION. ART. WEST HOLLYWOOD.
WEST HOLLYWOOD DESIGN DISTRICT LUXURY AND ONE-OF-A-KIND RETAIL
Stella McCartney Michael Kors
The West Hollywood Design District is the West Coast’s
economic center for the design industry and includes Alexandra Von Furstenberg Vince Urth Cafe
over 1.5 million square feet of showrooms, shops and Christian Louboutin Helmut Lang
galleries within walking distance. Located at the crossroads
of Melrose Avenue, Beverly Boulevard and Robertson Restoration Hardware James Perse
Boulevard, the West Hollywood Design District offers a 3.1 Phillip Lim Catch LA
distinctive mix of global designer flagships, local boutiques,
Alberta Ferretti Andy LeCompte Salon
art galleries, interior design showrooms and chic eateries.
This walkable district is an unrivaled international destination Moschino Verve Coffee
for design savvy professionals and sophisticated shoppers Design Within Reach Gillian Julius
alike. Home to more than 300 of the world’s finest art
galleries, furniture designers, fashion boutiques, salons and J. Robert Scott Seyhoun Gallery
spas, al fresco cafes and fine restaurants, West Hollywood M+B Gallery Mansour Fine Rugs
Design District is known worldwide for its impeccable
Gracias Madre Bellami Beauty Bar
selection of luxury products, services and experiences.
The West Hollywood Design district offers plenty of high- Cecconi’s The Assembly
design inspiration with interior design showrooms such as Kinara Spa Goddard + Bragg
Christopher Guy, Rose Tarlow Melrose House, Restoration
Hardware, and more. Maxfield Tory Burch
Balenciaga Curve
The award-winning Pacific Design Center is the West Coast’s
Christopher Guy AllSaints
leading resource for traditional and contemporary residential
and contract design. The 1.6 million square-foot campus The Ivy Lady M Cake Boutique
presents nearly 100 boutique and international showroom Cuvee A.O.C.
brands, representing 2,200 product lines available to
source by professional interior designers, architects, facility Ted Baker Kitross
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 Blvd Area Overview 21SHOP SANTA MONICA BOULEVARD
BCBG Maxazria West Hollywood has never been known for
Armani A|X following trends. It’s known for setting them, and
Nicole Miller nowhere else is this more apparent than on Santa
Philip Press Monica Boulevard.
Sunset Kids
Wildfox This eclectic thoroughfare connects the east side
Mark Wong Nark of Los Angeles with the Pacific Ocean, passing
MRKT DEUX through Hollywood, West Hollywood, Beverly
Oliver peoples Hills, Century City, West Los Angeles and ending
Zadig & Voltaire in Santa Monica. And while this street goes
HUGO through various personas as you head in either
direction, nowhere is Route 66 more diverse, fun
SUNSET PLAZA SUNSET TOWER HOTEL and pedestrian-friendly than the 1.9-mile stretch
DINE that runs through West Hollywood.
Chin Chin On Santa Monica Boulevard’s eastern side,
The Sunset Strip, a stretch of Sunset Boulevard between Crescent Heights Boulevard and Cafe Med visitors can check out local favorite bars and
Doheny Drive, is one of L.A.’s most iconic neighborhoods. Le Petit Four restaurants such as Laurel Hardware, The Surly
Sushiya SANTA MONICA BOULEVARD NIGHTLIFE
Goat, The Hudson, Salt’s Cure and the James
Tocaya Organica Beard Award-nominated “seafood shack,”
Obica
SUNSET STRIP Le Petit Four
Connie and Ted’s. West Hollywood’s legendary nightlife,
Cafe Med especially on Santa Monica Boulevard, is
The Sunset Strip is a world famous historical and some of the most popular and exclusive hideaways Heading west is the heart of West Hollywood and
cultural landmark. It is often portrayed in movies and on the Strip. Celebrities, locals, and visitors alike can
Caffe Primo
where unique celebrity-frequented restaurants, constantly evolving to meet the latest trend.
Eveleigh
in the 1960’s became a major gathering place for the find shopping, alfresco dining, and nightlife on this The Church Key eclectic boutiques, coffee shops, gyms and
counterculture movement. Today, The Strip is home to eclectic destination. bookstores abound. The rainbow flags along
an array of world-class hotels, nightclubs, restaurants, The Boulevard, represent firsthand the guiding
shops and spas. Sunset Plaza principle on which West Hollywood was built: the
RELAX freedom to be yourself and to live life your own
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 way. Santa Monica Boulevard is home to the most
Ole Henriksen Spa
attract crowds to legendary music venues like The sidewalks. Many trendy and acclaimed brands are popular gay and lesbian scene in Los Angeles,
Aura Yoga
Roxy Theatre, Whiskey a Go Go and The Viper Room. situated in Sunset Plaza. Drybar West Hollywood with popular gay nightclubs like The Abbey,
Meanwhile, swanky hotel bars such as Tower Bar at Hot Pilates Here Lounge, Micky’s, Gym Sports Bar and Fiesta
the Sunset Tower Hotel and Skybar at Mondrian boast Golden Ocean Spa Cantina (pictured above), all of which are bustling
Earthbar on any given evening.
Jeffrey-Kara Salon
Sovage Hair Studio
22 730 n. la cienega Blvd 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 HOTELS
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 West Hollywood’s hotels are the gateway to Los Angeles,
in 2018. medical care in Los Angeles. boutiques, unique luxury shops, featuring glamorous suites, gorgeous views, bohemian
fantastic Beverly Hills restaurants hideaways and rich cultural experiences located in the
and open-air cafés. Anchoring midst of a thriving music, art and culinary scene.
the southern border of the
Golden Triangle is Department Andaz West Hollywood Le Parc Suite Hotel
Store Row, home to the titans Chamberlain West Hollywood Mondrian
of luxury retailing, including Le Montrose Suite Hotel Sunset Marquis
Neiman-Marcus, Saks Fifth The London West Hollywood The Standard
Avenue and Barneys New York. Palihouse West Hollywood The Charlie Hotel
Best Western Sunset Plaza Sunset Tower Hotel
24 730 n. la cienega Blvd Area Overview 25WEST HOLLYWOOD DEMOGRAPHICS BUSINESSES 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
MEDIAN AGE Professional, Scientific, and Technical Services.
39
WEST HOLLYWOOD’S Office and Executive Managers
56% 44%
TOTAL POPULATION • Health Care and Social Services Administrative Support Sales and Administrators
36,482 MALE FEMALE
•
•
Accommodation and Food Services
Retail 15.1% 10.6% 8.5%
• Professional, Scientific, and Technical Services
EDUCATION
25,201 4.90% Food Preparation, Personal Care
LABOR FORCE
UNEMPLOYMENT RATE Serving and Services
7.6% 7.5%
21% 19% 8% 34% 17%
High School Some School Associates Degree Bachelor’s Degree Grad Degree
26 730 n. la cienega Blvd Area Overview 27BEVERLY CENTER CEDAR SINAI HOSPITAL CENTURY CITY PACIFIC DESIGN CENTER
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
ve
Melrose A
27% 31% 819,155 CONFIDENTIALITY AND DISCLAIMER
The information contained in the preceding marketing brochure is proprietary and strictly
Owner Occupied Housing Renter Occupied Housing Population confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap
within a 5-mile radius within 5-mile radius within a 5-mile radius 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
1-MILE 3-MILE 5-MILE 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
2014 Population 40,413 271,165 819,155 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
2014 Households 23,002 138,878 368,014 thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or
2014 Average Household Size 1.75 1.94 2.17 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
2014 Daytime Population 48,362 210,605 461,273 & 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
2014 Owner Occupied Housing Units 30.41% 31.29% 27.68% 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.
2014 Renter Occupied Housing Units 69.59% 68.71% 72.32% La
Cie NON-ENDORSEMENT NOTICE
2014 Vacant 3.76% 2.86% 3.06% neg
aB
lvd Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or
2014 Median Household Income $63,404 $61,533 $50,229 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
2014 Per Capita Income $58,870 $55,533 $41,186 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
2014 Average Household Income $103,215 $108,098 $90,611 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.
28 730 n. la cienega Blvdbrandonmichaelsgroup.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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