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Mixed-Use

Prime South Bay - Chase Bank, Office, Cell Tower - Large Lot

7151 W Manchester Ave, Los Angeles, CA 90045

Listing Price: $7,900,000

Cap Rate
2.81%
Gross SF
11,711
Rentable SF
11,711
Price/Gross SF
$674.58
Lot Size
0.41 acres
Year Built
1966

Investment Overview

This sale offers the opportunity to purchase a prime Westchester/Playa Del Rey property with attractive long term investment attributes. The property is currently occupied by Chase Bank on the ground floor and a short-term office tenant on the second floor, making the property suitable for investors and owner/users alike. The subject property, located at 7151 West Manchester Avenue, consists of three parcels for a total of 17,981 square feet of land. The property has been improved with a three-story commercial structure that is currently occupied by Chase Bank and two office tenants. The property has excellent onsite parking, offering 32 surface stalls, and also derives additional income of approximately $3,000 per month through a Verizon cell tower lease. Situated on the northeast corner Manchester Avenue and Fordham Road, the subject property is in desirable, high-visibility location at the Manchester/Lincoln intersection, which is only 2.3 miles to the beach. Numerous national and local retailers and restaurants populate the immediate area and the intersection has traffic counts of over 60,000 vehicles per day. Westchester is a high-income coastal city located between El Segundo and Venice Beach, and is the gateway to Playa Del Rey. Average household income within a 2-mile radius is $155,218. The subject property is currently occupied by Chase Bank on the ground floor and Keller Williams and the seller on the second floor. Chase has been at the property since 2005, has 2+ years left on their lease, and has one option of an additional 5 years. Keller Williams has a lease through the end of 2022 and has no options to extend. The seller will vacate at the close of escrow. Verizon has a rooftop cell tower lease that commenced in 2004, goes through 2/2024, and has one 5-yr option remaining. Zoning on the site is LAC4, which is a commercial zoning designation that permits for both commercial and residential uses. Should a buyer desire to develop a residential development, R4 zoning is to be followed whereupon the by-right density is 1 unit per 400 square feet of land. Density bonuses are also available. The Westside/South Bay beach cities offers a dynamic office market with strong demand and attractive long-term value. From Santa Monica to Redondo Beach, office space has remained resilient. Strong demand has created opportunities for investors to transform industrial buildings to creative office properties. 7151 West Manchester Avenue offers a well-located property that can be taken in many different directions: Owner/users can use the second floor immediately and collect income from two great tenants, investors can re-tenant the second floor yielding a reasonable return, developers, at the end of the lease obligations, can transform this into a high density mixed used project. In all cases the site offers exceptional long-term value and a dependable investment.

Investment Highlights

  • Prime Westchester/Playa Del Rey Location
  • 2.3 Miles from the Beach
  • Two-Tenant Bank/Office Building on a Large Lot
  • 2nd Floor Office (4,300 SF) on Short Term Lease
  • Attractive Long Term Investment
  • Suitable for Owner/User, Investor or Developer

Exclusively Listed By

Financing By

Mixed-Use

Prime South Bay - Chase Bank, Office, Cell Tower - Large Lot

Listing Price: $7,900,000

Cap Rate
2.81%
Gross SF
11,711
Rentable SF
11,711
Price/Gross SF
$674.58
Lot Size
0.41 acres
Year Built
1966

Investment Highlights

  • Prime Westchester/Playa Del Rey Location
  • 2.3 Miles from the Beach
  • Two-Tenant Bank/Office Building on a Large Lot
  • 2nd Floor Office (4,300 SF) on Short Term Lease
  • Attractive Long Term Investment
  • Suitable for Owner/User, Investor or Developer

Investment Overview

This sale offers the opportunity to purchase a prime Westchester/Playa Del Rey property with attractive long term investment attributes. The property is currently occupied by Chase Bank on the ground floor and a short-term office tenant on the second floor, making the property suitable for investors and owner/users alike. The subject property, located at 7151 West Manchester Avenue, consists of three parcels for a total of 17,981 square feet of land. The property has been improved with a three-story commercial structure that is currently occupied by Chase Bank and two office tenants. The property has excellent onsite parking, offering 32 surface stalls, and also derives additional income of approximately $3,000 per month through a Verizon cell tower lease. Situated on the northeast corner Manchester Avenue and Fordham Road, the subject property is in desirable, high-visibility location at the Manchester/Lincoln intersection, which is only 2.3 miles to the beach. Numerous national and local retailers and restaurants populate the immediate area and the intersection has traffic counts of over 60,000 vehicles per day. Westchester is a high-income coastal city located between El Segundo and Venice Beach, and is the gateway to Playa Del Rey. Average household income within a 2-mile radius is $155,218. The subject property is currently occupied by Chase Bank on the ground floor and Keller Williams and the seller on the second floor. Chase has been at the property since 2005, has 2+ years left on their lease, and has one option of an additional 5 years. Keller Williams has a lease through the end of 2022 and has no options to extend. The seller will vacate at the close of escrow. Verizon has a rooftop cell tower lease that commenced in 2004, goes through 2/2024, and has one 5-yr option remaining. Zoning on the site is LAC4, which is a commercial zoning designation that permits for both commercial and residential uses. Should a buyer desire to develop a residential development, R4 zoning is to be followed whereupon the by-right density is 1 unit per 400 square feet of land. Density bonuses are also available. The Westside/South Bay beach cities offers a dynamic office market with strong demand and attractive long-term value. From Santa Monica to Redondo Beach, office space has remained resilient. Strong demand has created opportunities for investors to transform industrial buildings to creative office properties. 7151 West Manchester Avenue offers a well-located property that can be taken in many different directions: Owner/users can use the second floor immediately and collect income from two great tenants, investors can re-tenant the second floor yielding a reasonable return, developers, at the end of the lease obligations, can transform this into a high density mixed used project. In all cases the site offers exceptional long-term value and a dependable investment.

Exclusively Listed By

Financing By

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