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Mixed-Use

13464 Washington Blvd

13464 Washington Blvd, Marina del Rey, CA 90292

Listing Price: $5,500,000

Cap Rate
2.22%
Gross SF
5,440
Rentable SF
5,440
Price/Gross SF
$1,011.03
Lot Size
0.26 acres
Year Built
1961

Investment Overview

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 13464 Washington Boulevard, a fully occupied 5,440 square foot mixed-use retail and office building located on 11,225 square feet of land. The building is located two blocks east of the highly trafficked intersection of Lincoln Boulevard and Washington Boulevard which sees average daily traffic counts of 66,500 vehicles per day. The building features 118 feet of frontage along Washington Boulevard and is located on four parcels, the two front parcels are considered to be in Culver City, while the back parcels are in Marina Del Rey. The building features 18 parking spaces at a ratio of 3.33 parking spaces per 1,000 square feet. The building is currently 100% occupied with tenants who have been at the location for over five years. The tenants include a massage spa, vapor lab, and a video production company. The massage spa, which occupies 50% of the leasable area, is on a month-to-month lease. The Vapor Lab’s lease represents 25% of the leasable area, and current renewal ends June 2022. The video production space represents 25% of leasable area and current renewal ends December of 2021. The suite sizes are ideal, averaging 1,700 square feet, making them easily leasable with minimal tenant improvement costs between tenants. Current rents average $2.72 per square foot, creating a unique opportunity to acquire a fully leased commercial building with below market rents. 13464 Washington Boulevard is surrounded by leading-edge companies in entertainment, technology, retail and design. The property is located directly across the street from Costco and Costco Gasoline, which anchor the neighboring In-N-Out Burger, Starbucks, Dunkin’, Walgreens, and Chick-Fil-A. Behind the property is a newly completed 230-unit development project called G8, by California Landmark Group. Other nearby developments include the 585-unit AMLI Marina Del Rey, and the 526-unit Neptune Marina. Cedars-Sinai Marina del Rey Hospital is expected to break ground later this year on a new 9-story 200,000 SF hospital building, more than doubling in size. The hospital is on Lincoln Blvd, just south of subject property’s major intersection of Lincoln Blvd at Washington Blvd. The short-term leases make 13464 Washington Boulevard and excellent owner-user or investment opportunity to own and/or occupy a mixed-use property surrounded by new development in the affluent submarket of Marina Del Rey, CA.

Investment Highlights

  • MIXED-USE RETAIL AND OFFICE PROPERTY WITH EXCELLENT FUNDAMENTALS
  • CENTRALLY LOCATED WITHIN THE MARINA DEL REY SUBMARKET
  • SURROUNDED BY SUBSTANTIAL DEVELOPMENT
  • DENSE AND AFFLUENT DEMOGRAPHICS

Exclusively Listed By

Listing Price: $5,500,000

Cap Rate
2.22%
Gross SF
5,440
Rentable SF
5,440
Price/Gross SF
$1,011.03
Lot Size
0.26 acres
Year Built
1961

Investment Highlights

  • MIXED-USE RETAIL AND OFFICE PROPERTY WITH EXCELLENT FUNDAMENTALS
  • CENTRALLY LOCATED WITHIN THE MARINA DEL REY SUBMARKET
  • SURROUNDED BY SUBSTANTIAL DEVELOPMENT
  • DENSE AND AFFLUENT DEMOGRAPHICS

Investment Overview

The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 13464 Washington Boulevard, a fully occupied 5,440 square foot mixed-use retail and office building located on 11,225 square feet of land. The building is located two blocks east of the highly trafficked intersection of Lincoln Boulevard and Washington Boulevard which sees average daily traffic counts of 66,500 vehicles per day. The building features 118 feet of frontage along Washington Boulevard and is located on four parcels, the two front parcels are considered to be in Culver City, while the back parcels are in Marina Del Rey. The building features 18 parking spaces at a ratio of 3.33 parking spaces per 1,000 square feet. The building is currently 100% occupied with tenants who have been at the location for over five years. The tenants include a massage spa, vapor lab, and a video production company. The massage spa, which occupies 50% of the leasable area, is on a month-to-month lease. The Vapor Lab’s lease represents 25% of the leasable area, and current renewal ends June 2022. The video production space represents 25% of leasable area and current renewal ends December of 2021. The suite sizes are ideal, averaging 1,700 square feet, making them easily leasable with minimal tenant improvement costs between tenants. Current rents average $2.72 per square foot, creating a unique opportunity to acquire a fully leased commercial building with below market rents. 13464 Washington Boulevard is surrounded by leading-edge companies in entertainment, technology, retail and design. The property is located directly across the street from Costco and Costco Gasoline, which anchor the neighboring In-N-Out Burger, Starbucks, Dunkin’, Walgreens, and Chick-Fil-A. Behind the property is a newly completed 230-unit development project called G8, by California Landmark Group. Other nearby developments include the 585-unit AMLI Marina Del Rey, and the 526-unit Neptune Marina. Cedars-Sinai Marina del Rey Hospital is expected to break ground later this year on a new 9-story 200,000 SF hospital building, more than doubling in size. The hospital is on Lincoln Blvd, just south of subject property’s major intersection of Lincoln Blvd at Washington Blvd. The short-term leases make 13464 Washington Boulevard and excellent owner-user or investment opportunity to own and/or occupy a mixed-use property surrounded by new development in the affluent submarket of Marina Del Rey, CA.

Exclusively Listed By

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