A HIGH-IMAGE OFFICE BUILDING WITH BREATHTAKING VIEWS PRICED BELOW REPLACEMENT COSTS AT $198 PER SF IN THE AFFLUENT

CONEJO VALLEY SUB-MARKET OF WESTLAKE VILLAGE, CA

SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

BRANDON MICHAELSSenior Managing Director of InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794Fax: (818)212-2710bmichaels@marcusmillichap.comLicense: CA #01434685www.BrandonMichaelsGroup.com

16830 Ventura Blvd. Suite 100, Encino, CA 91436www.marcusmillichap.com

www.BrandonMichaelsGroup.comG R O U P

BRANDON MICHAELS

INVESTMENT ADVISORS

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Property Overview

Investment Highlights

Financials

Area Overview

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MALIBUMALIBU

VENTURA FWY

LINDERO CANYON BLVD

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LAKE SHERWOOD

VIA COLINAS

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Marcus & Millichap has been selected to exclusively market for sale The Heights of Westlake Village, a 22,068 square foot office building located at 5705 Corsa Avenue with breathtaking views and high end upgrades in the highly desirable and affluent Southern California submarket of Westlake Village, CA. The Heights sits atop the second highest unobstructed view in Westlake Village on 1.29 acres (56,192 square feet) of land. The Heights is centrally located within the main office district of Westlake Village in an amenity rich pocket within close proximity to multiple high-end retailers and restaurants, high-end multi-million dollar homes. Offices nearby include companies such as Rantec Microwave Systems, iPayment, Dole Food Company and a host of others. There is a host of national credit tenants within walking distance as well as a wide variety of restaurants as well as the Four Seasons Hotel and Spa.

The Heights of Westlake Village is a premier office building with significant flexibility in operations, creating a unique opportunity for an Owner-User Buyer or investor. The entry paves the way to this highly improved asset with a sophisticated water feature and high end hardscaping. The architecturally pleasing building offers extensive window lines give way to beautiful views of the Conejo Valley. The interior has been highly upgraded and will serve as the ideal setting for a corporate headquarters or flagship company location. The property benefits from excellent parking and as a result offers the potential to convert a portion of the building to medical usage.

Westlake Village, CA is an affluent city in the Conejo Valley, where 56% of households boast an income north of $100,000. Multiple national companies are headquartered in Westlake Village. Westlake Village and the surrounding areas have become synonymous to streets lined with multi-million dollar homes, high-end retailers, restaurants, large commercial offices, company headquarters, world class hotels and has become an ideal destination for executives, professionals, and celebrities.

A HIGH-IMAGE OFFICE BUILDING WITH BREATHTAKING VIEWS PRICED BELOW REPLACEMENT COSTS AT $198 PER SF IN THE

AFFLUENT CONEJO VALLEY SUB-MARKET OF WESTLAKE VILLAGE, CA

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Address 5707 Corsa AvenueWestlake Village, CA 91362

APN’s 2054-029-042

Number of Stories 2

Year Built 1981

Building SF 22,068 SF*

Lot Size 59,192 SF

Zoning BP, Westlake Village

Parking 87 Parking Spaces are available; Ratio of 3.95/1,000 SF

Price $4,380,000

Current Cap Rate 3.01%

Pro Forma CAP Rate 6.21%

Price SF (Building) $198

Price SF (Land) $78

Current Occupancy 61%

Current NOI $131,955

PROPERTY INFORMATION

FINANCIAL INFORMATION

PROPERTY DESCRIPTION

RUSSEL RANCH RD

* Gross square footage as per the County Accessor

RUSSEL RANCH RD

LINDERO CANYON BLVD

VENTURA FWY

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• The second highest point in Westlake Village with 360 degree unobstructed views of the beautiful Conejo Valley

• Ideally located in the main office district of Westlake Village which is home to national companies and a host of corporate headquarters and large commercial offices

• Close proximity to The Four Seasons Hotel and Spa, high-end retailers and a wide variety of restaurants

• Close proximity to the Interstate 101 Ventura Freeway

• Amenity rich location within walking distance to multiple restaurants and shops

• High end upgrades capture tenants and visitor

• Breathtaking views from atop one of the highest points in the area

• Architecturally pleasing building with beautiful water feature, hardscape, and upgraded lobbies

• Extensive window lines

• Upgraded offices with fireplaces, large conference room, and extensive woodwork

• 87 Parking Spaces (3.95 per 1,000 SF) allows the potential for a conversion to medical

INVESTMENT HIGHLIGHTS

EXCELLENT WESTLAKE VILLAGE LOCATION

PREMIER OFFICE BUILDING IN HIGHLY DESIRABLE SUBMARKET

1010

• Flexibility in leases allow an Owner-User Buyer to occupy a portion or all of the second story

• Owner-User can occupy a portion of the building and generate income from the remaining tenants

• Strong tenant mix exemplifies strong operating history

• Excellent parking creates the potential opportunity to convert a portion of the building to medical use

IDEAL OWNER-USER OR INVESTMENT OPPORTUNITY

• Approximately 850 commercial and light industrial business firms are located in Westlake Village

• Westlake Village is a well-managed city known for its serene landscapes and high quality of life

• Home to a host of national companies and large commercial offices

• Excellent business climate in which companies prosper

BUSINESS FRIENDLY ENVIRONMENT

• Average household income of over $170,000 within a one-mile radius

• Over 100,000 people within a five mile radius

• Strong local economy spread over a multitude of diverse sectors

• Home to a wide range of athletes, celebrities, and professionals

STRONG IMMEDIATE DEMOGRAPHICS

THOUSAND OAKS BLVD

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THOUSAND OAKS BLVD

LINDERO CANYON BLVD

RUSSEL RANCH RD

INTEREST OFFERED:100% fee simple interest in a 22,068 SF office building located at 5707 Corsa Ave, Westlake Village, CA 91362.

TERMS OF THE SALE:Property is being offered on a free and clear basis.

PROPERTY TOURS:Prospective purchasers are encouraged to visit the site prior to submitting offers. All property tours must be coordinated through the listing broker.

SUMMARY OF TERMS

RUSSEL RANCH RD

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LOCATION5707 Corsa Avenue,Westlake Village, CA 91362

SITEThe subject property is located on the southwest corner of Corsa Avenue and Thousand Oaks Boulevard.

SQUARE FOOTAGESThe Subject consists of one office building. The building gross square footage is approximately 22,068 SF and the land square footage is 56,192 SF.

CROSS STREETSThe cross streets are Thousand Oaks Boulevard (East/West) and Corsa Aveue (North/South).

PARKING69 free Surface Spaces are available; 18 Covered Spaces are available.

PARKING RATIO3.95 Parking Spaces per 1,000 SF.

YEAR BUILTThe property was built in 1981.

ZONINGZoning is BP, Westlake Village.

PROPERTY DETAILS

KITCHEN AREA

LAW OFFICE LIBRARY

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EXECUTIVE OFFICE

LARGEST TENANTS

Collections at Law4,700 SF100-101

SUITE TENANT

8%

7%

15%

26%of building

105

200

103

JVRC Insurance2,814 SF

Michael Justice, ESQ1,500 SF

George Geldin1,200 SF

LEASE ANALYSISCONFERENCE ROOM

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FLOOR PLAN - SECOND STORY

Conference Room

Available SuitesOccupied Suites

Michael Justice, ESQ

Howard Loeb, ESQ

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FINANCIAL ANALYSISSUITE TENANT SF SF % LEASE START LEASE EXP RENT RENT/SF PRO FORMA

RENTPRO FORMA

RENT/SF

First Floor

100-101 Collections at Law 4700 26% 5/8/2013 M2M $7,600.00 $1.62 $7,600.00 $1.62

103 George Geldin 1200 7% M2M M2M $2,350.00 $1.96 $2,350.00 $1.96

104 Flaig Law Office 696 4% 1/1/2018 2/1/2022 $1,400.00 $2.01 $1,400.00 $2.01

105 JVRC Insurance 2814 15% 1/1/2016 12/31/2020 $5,381.13 $1.91 $5,381.13 $1.91

First Floor Total 9,410 $16,731.13 $16,731.13

Second Floor

201 Vacant 1632 9% $3,019.20 $1.85

Vacant 3000 16% $5,550.00 $1.85

202 Vacant 2600 14% $4,810.00 $1.85

200 Michael Justice, ESQ 1500 8% M2M M2M $2,700.00 $1.80 $2,700.00 $1.85

200 Howard Loeb, ESQ 250 1% M2M M2M $1,100.00 $4.40 $1,100.00 $4.53

Second Floor Total 8,982 $3,800.00 $0.28 $17,179.20

Roof

Sprint Cox ROOF 9/1/2015 8/31/2019 $3,044.38 $3,044.38

Sky River ROOF 8/1/2016 7/31/2019 $1,150.00 $1,150.00

Roof Total $4,194.38 $4,194.38

TOTAL 18,392 100% $20,531.13 $33,910.33

Current Occupied 11,160 61%

Current Vacant 7,232 39%

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INCOME AND EXPENSE CURRENT PRO FORMA

Scheduled Lease Income $294,374 $406,924

Effective Gross Income $294,374 $406,924

Vacancy - 5% $20,346

Expenses $164,751 $164,751

Roof Income $50,333 $50,333

Net Operating Income $131,955 $272,159

EXPENSES PER YEAR PER SF

Taxes @1.25% $54,750 $2.48

Insurance $3,873 $0.18

Legal & Professional $6,860 $0.31

Security $1,279 $0.06

Electricity $48,835 $2.21

Gas $1,672 $0.08

Telephone in Elevator $2,102 $0.10

Trash $5,815 $0.26

Water $4,465 $0.20

Cleaning $21,200 $0.96

Fountain Maintenance $1,700 $0.08

Elevator Maintenance $2,900 $0.13

Pest Control $1,500 $0.07

Landscape Maintenance $3,800 $0.17

HVAC repairs $4,000 $0.18

Water $4,465 $2.04

Total Expenses: $164,751 $7.47/$0.62

PRICING

Price: $4,380,000

Current CAP Rate 3.01%

Pro Forma CAP Rate 6.21%

Building SF 22,068

Price SF (Building) $198

Land SF 59,192

Price SF (Land) $78

* Repairs and maintenance expense is an approximate expense based on industry averages.

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ADDRESS SALES PRICE PRICE/SF BUILDING SF LOT SF CLOSE OF ESCROW

1 4330 Park Terrace DrWestlake Village, CA 91361 $26,750,000 $248.27 107,746 251,115 -

2 30495 Canwood StAgoura Hills, CA 91301 $5,125,000 $225.14 22,764 49,876 -

3 31248 Oak Crest DrWestlake Village, CA 91361 $11,000,000 $207.03 53,133 166,939 3/7/2018

4 4353 Park Terrace DrWestlake Village, CA 91361 $5,225,000 $336.51 15,527 50,730 10/11/2017

5 30700 Russell Ranch RdWestlake Village, CA 91361 $33,350,000 $240.34 138,762 378,201 1/11/2018

6 31200 Via ColinasWestlake Village, CA 91362 $3,600,000 $218.18 16,500 51,170 6/30/2017

Average $14,175,000 $245.91 59,073 87,485

SALES COMPARABLES

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4330 Park Terrace Dr, Westlake Village

30495 Canwood St, Agoura Hills

31248 Oak Crest Dr, Westlake Village

4353 Park Terrace Dr, Westlake Village

30700 Russell Ranch Rd, Westlake Village

31200 Via Colinas, Westlake Village

5707 Corsa Ave, Westlake Village

AVERAGE$248.27

$50.00

$0.00

$100.00

$150.00

$200.00

$250.00

$300.00

$350.00

$400.00

$225.14$207.03

$336.51

$240.34$218.18

$245.91

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4330 Park Terrace DrWestlake Village

30495 Canwood StAgoura Hill

31248 Oak Crest DrWestlake Village

4353 Park Terrace DrWestlake Village

30700 Russell Ranch RdWestlake Village

31200 Via Colinas Westlake Village

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Address 4330 Park Terrace DrWestlake Village, CA 91361

Sales Price $26,750,000Price/SF $248.27Building SF 107,746Lot SF 251,115Close of Escrow -

4330 PARK TERRACE DR

Address 4353 Park Terrace DrWestlake Village, CA 91361

Sales Price $5,225,000.00Price/SF $336.51Building SF 15,527Lot SF 50,730Close of Escrow 10/11/2017

4353 PARK TERRACE DR

Address 30495 Canwood StAgoura Hills, CA 91301

Sales Price $5,125,000.00Price/SF $225.14Building SF 22,764Lot SF 49,876Close of Escrow -

30495 CANWOOD ST

Address 30700 Russell Ranch Rd, Westlake Village, CA 91361

Sales Price $33,350,000.00Price/SF $240.34Building SF 138,762Lot SF 378,201Close of Escrow 1/11/2018

30700 RUSSELL RANCH RD

Address 31248 Oak Crest DrWestlake Village, CA 91361

Sales Price $11,000,000.00Price/SF $207.03Building SF 53,133Lot SF 166,939Close of Escrow 3/7/2018

31248 OAK CREST DR

Address 31200 Via ColinasWestlake Village, CA 91361

Sales Price $3,600,000.00Price/SF $218.18Building SF 16,500Lot SF 51,170Close of Escrow 6/30/2017

31200 VIA COLINAS

SALES COMPARABLES

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SECOND FLOOR RECEPTION AREA

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ADDRESS RENT/SF/YEAR RENT/SF/MONTH SPACE AVAIL BLDG SF LEASE TYPE

1 5743 Corsa Ave Westlake Village, CA 91362 $23.40 $1.95 1,898 59,748 Modified Gross

2 1 Dole DrWestlake Village, CA 91362 $44.40 $3.70 26,906 168,729 Full Service

3 31194 La Baya DrWestlake Village, CA 91362 $41.40 $3.45 3,500 22,397 Modified Gross

4 31225 La Baya DrWestlake Village, CA 91362 $22.20 $1.85 22,999 45,074 Full Service

5 5601 Lindero Canyon RdWestlake Village, CA 91362 $28.20 $2.35 27,823 105,431 Full Service

6 5655 Lindero Canyon RdWestlake Village, CA 91362 $50.04 $4.17 11,263 14,182 Modified Gross

7 5701 Lindero Canyon RdWestlake Village, CA 91362 $24.00 $2.00 105,000 132,000 Modified Gross

8 30930 Russell Ranch Rd Westlake Village, CA 91362 $39.00 $3.25 8,723 64,304 Full Service

9 4530 E Thousand Oaks BlvdWestlake Village, CA 91362 $25.80 $2.15 5,293 11,065 Modified Gross

10 4540 E Thousand Oaks BlvdWestlake Village, CA 91362 $25.80 $2.15 8,332 8,332 Modified Gross

11 4550 E Thousand Oaks BlvdWestlake Village, CA 91362 $25.80 $2.15 2,766 21,736 Full Service

12 31121 Via ColinasWestlake Village, CA 91362 $21.20 $1.75 12,376 12,384 NNN

13 31133 Via ColinasWestlake Village, CA 91362 $18.00 $1.50 1,680 20,800 Modified Gross

14 31324 Via ColinasWestlake Village, CA 91362 $19.80 $1.65 1,212 19,695 Modified Gross

Average $29.22 $2.43 17,127 50,420 -

RENT COMPARABLES

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5743 Corsa Ave, Westlake Village1 Dole Dr, Westlake Village31194 La Baya Dr, Westlake Village31225 La Baya Dr, Westlake Village5601 Lindero Canyon Rd, Westlake Village5655 Lindero Canyon Rd, Westlake Village5701 Lindero Canyon Rd, Westlake Village30930 Russell Ranch Rd, Westlake Village4530 E Thousand Oaks Blvd, Westlake Village4540 E Thousand Oaks Blvd, Westlake Village4550 E Thousand Oaks Blvd, Westlake Village31121 Via Colinas, Westlake Village31133 Via Colinas, Westlake Village31324 Via Colinas, Westlake Village5707 Corsa Ave, Westlake Village

AVERAGE

$1.95

$3.70 $3.45

$1.85

$2.35

$4.17

$2.00

$3.25

$2.15 $2.15 $2.15

$1.75 $1.50 $1.65

$2.43 

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2

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5

8

910

11

1213

14

6 7

4

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

$4.50

5743 Corsa Ave

Westlake Village1 Dole Dr

Westlake Village31194 La Baya Dr

Westlake Village31225 La Baya Dr

Westlake Village

5601 Lindero Canyon Rd

Westlake Village

5655 Lindero Canyon Rd

Westlake Village

5701 Lindero Canyon Rd

Westlake Village

30930 Russell Ranch Rd

Westlake Village

4530 E Thousand Oaks Blvd

Westlake Village

4540 E Thousand Oaks Blvd

Westlake Village

4550 E Thousand Oaks Blvd

Westlake Village

31121 Via Colinas

Westlake Village

31133 Via Colinas

Westlake Village

31324 Via Colinas

Westlake Village

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Nestled in the foothills of the Santa Monica Mountains, Westlake Village is one of Los Angeles’s best kept secrets. Located in the heart of Malibu wine country, this idyllic, Southern California retreat is a short drive from the iconic beaches of Malibu and Ventura, and offers a number of attractions and things to do.

Much of Westlake Village is surrounded by open space, including hiking and horse trails, as well as the vast Santa Monica Mountains National Recreation Area. The lake lies within the watershed of Malibu Creek. In addition to its role as a bedroom community for Los Angeles via the Ventura Freeway, it is also home to many large commercial offices and the headquarters of the Dole Food Company, K-Swiss and J.D. Power and Associates.

Visitors to Westlake Village have positive things to say about this family-friendly city and its restaurants. While in town, you'll be able to enjoy the Civic Arts Plaza and Gardens of the World. You can take some time to discover the surrounding area and sights like Clago's Pond and Chumash Indian Museum. Westlake Village also has several golf courses and country clubs: the Westlake Golf Course, Sherwood Country Club, and North Ranch Country Club.

A welcoming city, Westlake Village has a variety of hotels to choose from, including the Four Season Hotel offering 5-Star amenities, luxury guest rooms, and a world class spa.

WESTLAKE VILLAGE

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WESTLAKE VILLAGE

An idyllic retreat set within acres of gardens near Los Angeles, Malibu and Santa Barbara, his luxury hotel destination allows you to create a place of work and productivity, active leisure, deep relaxation and personal improvement – or perhaps all four – in Westlake Village.

In addition to the sun-filled luxury hotel rooms and suites near Malibu with views of the Santa Monica mountains, enjoy outstanding fine-dining restaurants, trendy lounges, and one of the Los Angeles area's most comprehensive spa and wellness programs, all enhanced by five-star Four Seasons service.

WESTLAKE VILLAGE

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With a mix of stylish boutiques, popular global brands and the latest trends in fashion, beauty, home goods and more, The Promenade at Westlake brings you the ultimate shopping experience in the area. The Westlake Promenade is a great place to shop, hang out, have dinner and see a movie. There are several restaurants including Paul Martin’s, Marmalade, Farfalla, The Grill, Lemonade and more. There’s also a Barnes and Noble, Vintage Grocers, Nike Store, and many boutique stores. Fernando Valley.

SHOPPING RETAIL

The Shoppes at Westlake Village is a luxurious shopping mall in the heart of Westlake Village that provides residents of the community with many great shops and restaurants to visit, as well as events to be a part of. This 240,000 sq. ft. shopping center was originally opened in 2014 and offers a clean and friendly destination for local residents and visitors to spend time with friends and family. You can spend your time at the Shoppes socializing or window-shopping for your next purchase in this luxurious outdoor shopping mall.

There are numerous outdoor eating areas situated around the shopping venues, providing you with a premier destination for a picnic in the lovely Southern California weather. When you’re not shopping, there are more than enough comfortable benches in the area for you and your friends or family to relax. In total, there are well over a dozen stores for you to enjoy in this shopping center, as well as numerous highly-rated restaurants, from Hook Burger to Olio Pizzeria. No matter what you’re looking for, you’re sure to find it and more at Shoppes at Westlake Village!

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When you’re a resident of Westlake Village and the surrounding areas, you’re served by the shopping, dining, entertainment, and amenities that are provided by the The Promenade and Shoppes at Westlake Village. These shoppes offer variety and a destination away from home that will provide you with everything you could possibly need, from clothing and jewelry to a wide range of unique and delicious dining experiences.

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3% 30% 42% 26%

51%49%

8,270Total Population of Westlake Village. The median age is 48.

Male

High School or Less High School Graduate Bachelor’s or Associate Degree Grad Degree

Female

DEMOGRAPHICS

TOP EMPLOYERS

EDUCATION

◆ Bank of America Home Loans: 630 Employees◆ Move Inc.: 450 Employees◆ Dole: 300 Employees

◆ Farmers Insurance Group: 300 Employees◆ Costco 300 Employees◆ K-Swiss: 275 Employees

◆ Securitas: 250 Employees◆ Guitar Center: 230 Employees◆ Westlake Village Inn: 130 Employees

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$142,746Average HH income within 5-m radius

$113,066Median HH income within 5-m radius

102,286Population within 5-m radius

27,778Owner Occupied Households

within 5-m radius

10,722Renter Occupied Households

within 5-m radius

8,498Businesses within a 5-m radius

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SOUTHERN CALIFORNIA'S PREMIER SALES TEAM

BRANDON MICHAELSSenior Managing Director InvestmentsSenior Director, National Retail GroupTel: (818) 212-2794bmichaels@marcusmillichap.comLicense: CA #01434685www.BrandonMichaelsGroup.com