15700  Pioneer  Blvd,  Norwalk  CA  90650

PlPlaazaza deldel sol Sol

Cl i ck for Drone V ideo

19800 MACARTHUR BLVD., SUITE 150, IRVINE, CA 92612 WWW.MARCUSMILLICHAP.COM

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ADDRESS15700 Pioneer B lvd

Norwalk, CA 90650

PRICE$3,050,000

CAP RATE7.58% CAP

PRICE $/SF$208.25

TheOFFERING

TheOFFERING

Financial SummaryPrice: $3,050,000

Price/SF: $208.25

CAP Rate: 7.58%

Pro-Forma CAP Rate: 8.71%

Occupancy: 94.88%

Ownership: Fee Simple

Avg Rent/SF: $19.42

Property SummaryProperty Name: Plaza Del Sol

Address: 15700-15724 Pioneer Blvd Norwalk, CA 90650

Gross Leasable Area: 14,646SF

Zoning: General Commercial

Accessor's Parcel Number: 8080-017-034 & 8080-017-035

Year Built: 1964

ADDRESS20522 Hawthorne Blvd

Torrance, CA 90503

PRICE$6,745,000

LOT SIZE1.07 AC

LAND $/SF$144.71

TheOFFERING

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INVESTMENTHighlights

◆ Occupies Full Block – Corner to Corner

◆ Low Average Rents of $1.62 per SF

◆ Tremendous Population: 1-Mile Over 40,000

◆ Historical Occupancy always near 100% with most tenants operating over a decade

◆ Only One Vacant Space (End Cap)

◆ Priced at Low $208 per SF

◆ Well Maintained

◆ Upside Opportunity through Higher Rents, Lower Expenses & Updating Façade

◆ Over 35,000 VPD Passing Site

INVESTMENTOverview

Plaza Del Sol represents a rare investment opportunity in this denselypopulated area of Los Angeles County, where the property stretches fromcorner to corner. Rents are averaging a low $1.62 in a market ranging around$2.00 per square foot. Its location in the City of Norwalk on Pioneer Boulevardexperiences high traffic counts of 35,000 cars daily.

This center is composed of 19 store spaces with mostly 34-foot depths, whichallows for a variety of smaller tenants. This property has been managed bythe same owner for nearly 35 years. The savvy investor should be able tomaximize the rents through a better tenant mix, trimming expenses, exertingfull triple net charges on all the tenants, and a possible update to the facade.This is very achievable since most all the tenants have short term leases andno options.

Norwalk sits at the heart of an expanding regional transportation networkthat allows its residents to find convenient work locations anywhere in LosAngeles or Orange Counties. Pioneer Boulevard is a main thoroughfare thatprovides an intersection between the 91 and 5 freeways. There are 640,000people that reside within a 5-mile radius of this property. When you combineNorwalk’s central location to all the major freeways, and its very densepopulation counts, it helps explain why these properties are held long-termand rarely trade hands.

Due to Covid-19, monthly collections are off approximately 20% and hasaffected seven tenants. All of them have expressed a desire to remain in thecenter. Only one of the tenants has received a rent reduction through yearend. Despite the pandemic, three new leases were executed in July.Although there is a Phase 1, the Seller will not allow any Phase 2 testing,thereby limiting this to an “all cash” Buyer. The price has been significantlydiscounted to take these factors into account.

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TENANT UNIT SF GLA % RENT/MONTH

RENT /SF

RENT/YEAR INCREASES PERIOD BEGIN

PERIOD END

OPTIONS LEASE TYPE

Michoacana Ice Cream³ 1,277 8.72% $2,234.75 $21.00 $26,817 7/1/2020 12/31/2025 1x5yr NNN $740Saguaro Water Store 450 3.07% $1,061.93 $27.49 $12,743 5/1/1998 5/1/2023 N $252

Pioneer Grooming 450 3.07% $1,075.32 $28.68 $12,904 11/1/2011 12/1/2020 NNN $252Saria’z Beauty Salon 434 2.96% $1,198.28 $33.13 $14,379 9/4/1987 12/1/2021 NNN $243La Lupita Market ¹ 1,650 11.27% $2,736.71 $19.90 $32,841 1/1/2002 1/1/2022 1x5yr @FMV N $924

Barber Shop 814 5.56% $984.22 $14.09 $11,811 5/15/2015 7/15/2021 1x3yr Fixed NNN $456Nimmo’s Threading 820 5.60% $888.56 $12.62 $10,663 6/1/2018 6/1/2021 NNN $459La Corona Bakery 1,600 10.92% $3,140.00 $23.55 $37,680 7/1/2019 11/1/2022 NNN $896

98c Store⁴ 800 5.46% $872.00 $13.08 $10,464 8/1/2020 6/30/2025 1x2yr NNN $464Genesis Travel ² 520 3.55% $754 .00 $16.80 $ 9,048 7/1/2004 8/1/2021 NNN $291Party Supplies 760 5.19% $941.18 $14.86 $11,294 9/1/2018 9/1/2023 NNN $426India Sweets 985 6.73% $985.00 $12.00 $11,820 4/1/2020 3/31/2025 1x5yr @CPI NNN $522

Alcoholic Anonymous 736 5.03% $931.12 $14.74 $11,173 4/1/1993 5/1/2023 NNN $412Taco Shop 390 2.66% $955.53 $29.40 $11,466 10/1/2016 10/1/2022 NNN $218

Prime Vacant Endcap 750 5.12%Signs and Printing 520 3.55% $721.00 $16.15 $ 8,652 5/1/2018 6/1/2022 NNN $291

Children’s Clothing 510 3.48% $677.74 $15.48 $ 8,133 5/1/2018 5/1/2021 NNN $286Herbalife 570 3.89% $891.98 $18.23 $10,704 6/1/2010 6/1/2022 NNN $319

Metro PCS 610 4.16% $1,438.97 $28.31 $17,268 9/1/2008 9/1/2023 NNN $342Occupied 13,896SF 94.88% $22,488 $19.42 $269,859 Monthly CAM: $7,823

Vacant 750SF 5.12%Totals 14,646SF 100.00% $22,488 $19.42 $269,859

FINANCIALSummary

Rent Roll

¹ La Lupita Market has exclusive for meat, vegetables, milk, eggs, retail packed ice cream from other companies & beer/wine. ² Genesis Travel has temporary COVID Rent Reduction to $209 per month thru December 2020 and then revert to regular rent. Still pays full CAM charge.³ Michoacana signed new Lease starting August with four months free rent through the end of November. Tenant still pays their monthly CAM charge.⁴ 98c Store signed new Lease starting July with free rent though the end of September. Tenant still pays their monthly CAM charge.

ACPI

ACPI-5%minACPI

$984.22/moACPIACPI

$754.00/moACPIFixedACPIACPI

ACPIACPIACPIACPI

ACPI

5%/yr

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FINANCIALSummary

C U R R E N T P R O F O R M ABase Rent

Occupied Space $269,859 $313,373Gross Potential Rent $ 2 6 9 , 8 5 9 $ 3 1 3 , 3 7 3

Tenant Expense Reimbursements ¹ $ 93,876 $110,243

Gross Potential Income $ 3 6 3 , 7 3 5 $ 4 2 3 , 6 1 6

Vacancy Factor (5%) $21,181

Effective Gross Income $36 3, 7 3 5 $ 4 0 2 , 4 3 6

New Real Estate Taxes $ 44,318 $ 45,204Insurance $ 8 ,432 $ 8 ,643CAM $ 65,285 $ 66,917

Management (4%) $ 14,549 $ 16,097

Total Expenses $13 2, 5 8 4 $ 1 3 6 , 8 6 4

Net Operat ing Income $ 2 3 1 , 1 5 1 $ 2 6 5 , 5 7 2

INC

OM

EA

NA

LYSI

S

¹Assumes Tenants pay CAM, insurance, and increased property taxes per thei r leases.

EXP

ENSE

S

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SITE Plan

Metro PCS$28.31/SF

Herbalife$18.78/SF

Children’s Clothes$15.95/SF

Signs & Printing$16.64/SF

Available (Asking $24/sf)

Taco Shop$29.40/SF

Alco

holic

s An

on$1

5.18

/SF

Part

y Su

pplie

s$1

4.86

/SF

Gen

esis

Trav

el$1

7.40

/SF

610SF

570SF

510SF

520SF

750SF

390SF

736SF 985SF 760SF 520SF 800SF 1,600SF820SF 814SF

La Corona Bakery$23.55/SF

Nim

mo’

s Thr

eadi

ng$1

3.00

/SF

Barb

er S

hop

$14.

51/S

F

Meat Market$19.90/SF1,650SF

Michoacana Ice Cream$21.00/SF

1,277SF

450SF

450SF

Salon $33.13/SF434SF

Grooming $28.68/SF

Water $28.32/SF

98c S

tore

$13.

08/S

F

Indi

a Sw

eets

$12.

00/S

F

Pioneer Blvd

Hayf

ord

St Nava St

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REGIONALM a p

SUBJECT

Cerritos College22,000 Students

Norwalk, CA

Future Commercial Development

259,000+ CPD

Pioneer Blvd 30,000+ CPD

Kendall’s

Norwalk-La Mirada Adult SchoolExcelsior High School

Huerta ElementarySchool

5,000 Students

COMING SOON

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REGIONALM a p

SUBJECT

Norwalk, CA 270,000+ CPD

Kendall’s

COMING SOON

Norwalk-La Mirada Adult SchoolExcelsior High School

5,000 Students

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LOCALM a p

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Competitive Property Set

Sales Comparables

Sales Comparables Map

PHOTO ADDRESS SALE PRICECAP

RATEClose

OfEscrow

Price / SF Lot Size YR BUILT Building SF

15700 Pioneer BlvdNorwalk, CA 90650 $3,050,000 7.73% TBD $208 1.18 AC 1964 14,646 SF

1 $7,400,000 6.34% 12/31/2019 $365 0.42AC 1948 20,248 SF

2 $2,800,000 5.00% 9/5/2019 $248 1.33 AC 1967 11,307 SF

3 $8,600,000 N/A 6/23/2020 $552 5.00AC 1973 15,587 SF

4 $3,300,000 5.20% 10/31/2019 $287 0.77AC 1985 11,482 SF

5 $3,250,000 N/A 9/4/2019 $302 0.64AC 1985 10,752 SF

6 $4,900,000 N/A 1/12/2019 $422 0.69AC 1983 11,608 SF

SALESComparables

5432 Orangethorpe AveLa Palma, CA 90623

9918 Atlantic AveSouth Gate, CA 90280

10965 Westminster AveGarden Grove, CA 92843

18420-28 Hawthorne BlvdTorrance, CA 90504

14201 Inglewood AveHawthorne, CA 90250

15030 Whittier BlvdWhittier, CA 90603

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PHOTO ADDRESS SALE PRICECAP

RATEClose

OfEscrow

Price / SF Lot Size YR BUILT Building SF

15700 Pioneer BlvdNorwalk, CA 90650 $3,050,000 7.58% TBD $208 1.18 AC 1964 14,646 SF

7 $4,000,000 5.00% 11/20/2018 $400 0.67 AC 1979 10,000 SF

8 $4,166,099 N/A 11/16/2018 $226 1.08 AC 1990 18,467 SF

9 $4,350,000 5.01% 10/25/2018 $338 0.81 AC 1990 12,882 SF

10 $4,492,007 N/A 10/5/2018 $333 0.94 AC 1979 13,487 SF

11 $4,100,000 5.40% 4/2/2018 $354 0.70 AC 1982 11,594 SF

SALESComparables

22922 Hawthorne BlvdTorrance, CA 90505

15737 Bellflower BlvdTorrance, CA 90706

8111 Rosecrans AveParamount, CA 90723

8230 Norwalk BlvdWhittier, CA 90606

7625 Eastern AveBell Gardens, CA 90201

AVERAGES: $4,369,219 5.33% $347 0.87 AC 1978 13,958 SF

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SALESComparables

0

100

200

300

400

500

600

Avg. Price / SF

Series1 Series2AVG $/SF

AVG: $347

Price/SF

$208/ft

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RENTComparables

PHOTO ADDRESS RENT / SF Size Lease Type

YR BUILT Building SF

SUBJECT PROPERTY15700 Pioneer BlvdNorwalk, CA 90650

$24.00 / SF 750 SF NNN 1964 14,646 SF

1 $20.40 / SF 1,740 SF Modified Gross

1967 6,840 SF

2 $32.00 / SF 1,500 SF NNN 1961 45,685 SF

3 $22.20 / SF 1,210 SF NNN 1959 24,385 SF

4 $19.20 / SF 1000 SF NNN 1981 8,932 SF

5 $23.00 / SF 920 SF NNN 1988 4,573

6 $24.00 / SF 1,091 SF NNN 1990 10,384 SF

7 $39.00 SF 1,500 SF NNN 2020 6,465 SF

14529 Pioneer BlvdNorwalk, CA 90650

15915 Pioneer BlvdNorwalk, CA 90650

11021-35 Rosecrans AveNorwalk, CA 90650

15002 Pioneer BlvdNorwalk, CA 90650

11568 Rosecrans AveNorwalk, CA 90650

11702 Imperial HwyNorwalk, CA 90650

14020 Pioneer BlvdNorwalk, CA 90650

AVERAGE ANNUAL RENT $25.69 SF|16 |

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RENTComparables Map

1

S

2

3

4

5

6

7

1

S

2

3

4

5

6

7

14529 Pioneer BlvdNorwalk, CA 90650

15915 Pioneer BlvdNorwalk, CA 90650

11021-35 Rosecrans AveNorwalk, CA 90650

11702 Imperial HwyNorwalk, CA 90650

14020 Pioneer BlvdNorwalk, CA 90650

15700-24 Pioneer BlvdNorwalk, CA 90650

11568 Rosecrans AveNorwalk, CA 90650

15002 Pioneer BlvdNorwalk, CA 90650

PopulationIn 2019, the population in your selected geography is41,094. The population has changed by 3.20% since2000. It is estimated that the population in your area willbe 40,808.00 five years from now, which represents achange of -0.70% from the current year. The currentpopulation is 49.61% male and 50.39% female. Themedian age of the population in your area is 34.00,compare this to the US average which is 37.95. Thepopulation density in your area is 13,079.16 people persquare mile.

HouseholdsThere are currently 10,484 households in your selectedgeography. The number of households has changed by5.30% since 2000. It is estimated that the number ofhouseholds in your area will be 10,633 five years fromnow, which represents a change of 1.42% from thecurrent year. The average household size in your area is3.86 persons.

IncomeIn 2019, the median household income for your selectedgeography is $65,290, compare this to the US averagewhich is currently $58,754. The median householdincome for your area has changed by 43.83% since 2000.It is estimated that the median household income in yourarea will be $74,535 five years from now, whichrepresents a change of 14.16% from the current year.

The current year per capita income in your area is$20,709, compare this to the US average, which is$32,356. The current year average household income inyour area is $80,937, compare this to the US averagewhich is $84,609.

Race and EthnicityThe current year racial makeup of your selected area isas follows: 40.60% White, 3.79% Black, 0.45% NativeAmerican and 19.80% Asian/Pacific Islander. Comparethese to US averages which are: 70.20% White, 12.89%Black, 0.19% Native American and 5.59% Asian/PacificIslander. People of Hispanic origin are countedindependently of race.

People of Hispanic origin make up 67.31% of the currentyear population in your selected area. Compare this tothe US average of 18.01%.

HousingThe median housing value in your area was $429,352 in2019, compare this to the US average of $201,842. In2000, there were 6,615 owner occupied housing units inyour area and there were 3,340 renter occupied housingunits in your area. The median rent at the time was $708.

EmploymentIn 2019, there are 4,964 employees in your selected area,this is also known as the daytime population. The 2000Census revealed that 50.14% of employees areemployed in white-collar occupations in this geography,and 49.40% are employed in blue-collar occupations. In2019, unemployment in this area is 5.61%. In 2000, theaverage time traveled to work was 31.00 minutes.

NORWALK, CA

DEMOGRAPHICOverview

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NORWALK, CA

DEMOGRAPHICOverview

POPULATION 1 Miles 3 Miles 5 Miles 2023 Projection

Total Population 40,808 239,365 657,028 2018 Estimate

Total Population 41,094 240,968 660,402 2010 Census

Total Population 40,414 236,462 645,212 2000 Census

Total Population 39,818 233,973 637,413 Current Daytime Population

2018 Estimate 22,824 230,133 613,939HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2023 Projection

Total Households 10,633 70,339 197,327 2018 Estimate

Total Households 10,484 69,432 195,334Average (Mean) Household Size 3.86 3.41 3.32

2010 CensusTotal Households 10,237 67,546 188,978

2000 CensusTotal Households 9,956 66,766 188,846

Occupied Units2023 Projection 10,633 70,339 197,3272018 Estimate 10,637 70,397 198,477

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2018 Estimate

$150,000 or More 8.50% 11.89% 11.86%$100,000 - $149,000 18.17% 18.50% 18.47%$75,000 - $99,999 14.65% 15.39% 15.63%$50,000 - $74,999 21.10% 19.43% 19.37%$35,000 - $49,999 12.59% 12.07% 11.85%Under $35,000 25.01% 22.72% 22.80%

Average Household Income $80,937 $89,092 $89,581Median Household Income $65,290 $69,626 $69,765Per Capita Income $20,709 $25,899 $26,730

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 MilesTotal Average Household Retail Expenditure $80,111 $83,392 $82,651 Consumer Expenditure Top 10 Categories

Housing $23,098 $23,956 $23,882Shelter $14,825 $15,292 $15,299Transportation $13,171 $13,610 $13,672Personal Insurance and Pensions $8,501 $9,195 $8,751Food $8,240 $8,528 $8,440Health Care $4,422 $4,711 $4,581Utilities $3,849 $3,953 $3,939Entertainment $3,116 $3,333 $3,293Apparel $2,203 $2,278 $2,288Household Furnishings and Equipment $2,070 $2,262 $2,214

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population By Age

2018 Estimate Total Population 41,094 240,968 660,402Under 20 28.03% 25.90% 26.53%20 to 34 Years 23.36% 21.73% 21.85%35 to 39 Years 6.69% 6.49% 6.58%40 to 49 Years 12.85% 13.07% 13.47%50 to 64 Years 17.29% 18.82% 18.54%Age 65+ 11.79% 14.01% 13.01%Median Age 34.00 36.81 36.22

Population 25+ by Education Level2018 Estimate Population Age 25+ 26,404 161,277 435,743Elementary (0-8) 12.78% 8.08% 7.96%Some High School (9-11) 10.89% 8.94% 9.23%High School Graduate (12) 25.76% 24.02% 24.84%Some College (13-15) 20.00% 21.67% 22.90%Associate Degree Only 6.14% 8.10% 8.19%Bachelors Degree Only 14.24% 18.15% 16.86%Graduate Degree 5.53% 7.76% 6.97%

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19800 MACARTHUR BLVD., SUITE 150, IRVINE, CA 92612 WWW.MARCUSMILLICHAP.COM