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478 4th Place consists of a single-tenant corner lot property zoned TRC (Tourist Related Center). The property previously operated as a restaurant and bar. Built in 1952, the building’s exterior is comprised of adobe in the restaurant and bar areas and cement stone in the kitchen. The structure is 1,712 square feet on a 7,405 square foot lot. The property also offers a large covered dining patio area.

Formerly the Cabernet Bistro, this property still includes kitchen equipment such as walk-in fridge/freezer, stoves, utensils, and sinks. It is also furnished with booths, chairs, tables, and outdoor patio furniture. The romantic ambience contributes to its former reputation as a place where one does not “eat”, one “dines”. The occupancy is believed to be for up to 120 people but this has not been verified.

The property has great curb appeal, as visitors to the restaurant are greeted by well manicured landscaping and inviting green awnings at the two entrances off 4th Place and Copenhagen Drive. This property gains from exposure to both pedestrian and vehicular traffic in the heart of Solvang.

Economic Indicators & Market Trends:
The economic recession had especially impacted the retail market nationwide as consumers have sharply contracted spending. The city’s residential population of over 5,000, however, makes up just a fraction of Solvang’s consumers. The city is a high tourist attraction area year round, boasting an average of 2 million visitors a year, with the numbers rising annually. The local retail shops, vineyards, and restaurant s can thus benefit from business generated by both the residents and the visitors. Typically, most shops, restaurants, and bakeries close in the early afternoons in Solvang leaving opportunity for a business that offers visitors somewhere to shop or eat in the later hours of the afternoon and evenings.

Deal Points and Financing Options:
This investment presents numerous opportunities for an astute investor or business owner wishing to run a restaurant or re-develop the property to function as a new business operating under the many options that are included with TRC zoning.

This property can be purchased all cash or with 25% down with the owner carrying back the first. Please call for further details.

Solvang is an enchanting little city located in Santa Barbara County. Founded in 1911 by a group of Danish educators, the buildings reflect traditional Danish style architecture, and the city actually bears little resemblance to modern Denmark. Despite being only 2.5 square miles in total, the city has a lot to offer its 5000 residents and year round frequenting tourists including wine tasting featuring wines from the outlining wine country of Santa Ynez and excellent air quality to enjoy numerous outdoor activities. The tree-lined streets feature many restaurants, bakeries, shops, and museums to explore. In addition, there are festivals held throughout the year celebrating the rich Danish heritage.

The city of Solvang is accessed through the 101 Freeway via State Route 246. It lies nestled in the Santa Ynez Valley, roughly two hours north of Los Angeles. Solvang is also accessible by AMTRAK, which stops in Santa Barbara and San Luis Obispo connecting with bus service to Solvang.

2647 South Barrington Avenue apartment complex is comprised of 14 garden-style apartment units in one two story building. The building construction is of wood frame with a flat roof and painted stucco exterior. Development was completed in 1984 with a total of 14,131 building square feet on an 11,021 square foot lot. Current zoning is LAR3.

The apartment units are spacious and consist of 14 two-bedroom/two-bath townhome units. Common area amenities include controlled access, covered gated parking, one laundry facility, and a courtyard. Unit amenities include central air conditioning, dishwashers, oven/stove, washer/dryer hook ups, balconies, and in select units refrigerators and microwaves. There is one distinctive floor plan of townhome style units. Bedrooms and bathrooms are on the second floor and the kitchen, living room, dining room, and utility closet are on the first floor.

The building is accessible in the front of the property off of South Barrington Avenue through the automatic gated parking entrance as well as accessible through the automated gated parking entrance in the rear of the building through the ally. There are a total of 29 parking spaces comprised of tandem parking in the gated parking structure, two individual parking spaces in the rear of the building, and one-two car garage also in the rear of the property.

Due to the amount of parking in the building, this property can likely be considered for condo-conversion potential in the future by a savvy buyer.

Aesthetically, the property grounds and building are well maintained. The landscaping is well kept and manicured. The structure has impressive and broad frontage running along South Barrington Avenue providing for attractive curb appeal.

Economic Indicators:
West Los Angeles typically has the highest rental rates in Los Angeles County. Even in a soft economy West Los Angeles still boasts one of the lowest vacancy rates in the nation at just over 6%. Due to the current recession and as a result of some residents moving to less expensive areas, the West Los Angeles rental market did experience a decline in both asking and effective rents from all time highs. Over the course of the last several months apartment landlords throughout Southern California and West Los Angeles have made adjustments to rents thereby helping to begin to stabilize the rental market. Initially these adjustments included rent concessions however; most owners have now opted to simply lower asking rents to reduce turnover.

The stabilization of rents and signs of an improving economy to come are helping investors to get a clearer picture on the market now. The 2009 National Apartment Report forecasts that through the end of 2009 and into 2010 asking rents and effective rents will both increase by just over 2%. As a result of greater than a 50% drop in construction of new units, difficulty obtaining new home loans, and due to the significant gap between renting and owning the demand for quality affordable housing will continue to increase, allowing for reasonable rent gains to come. West Los Angeles has always attracted savvy apartment investors due to its affluent location and long-standing appreciating values.

2647 South Barrington Avenue is located in a desirable pocket of West Los Angeles, north of National Boulevard. The closest cross street is Gateway Boulevard north of the building. The 2600 block of Barrington is a busy popular street and the immediate vicinity consists of well maintained apartment buildings. West Los Angeles is a city in Los Angeles within a larger region known as the Westside. As with most locations on the Westside, West Los Angeles is an affluent neighborhood and its central location has made it a hub for business and entertainment.

Freeway access is less than a mile away via the 10 Santa Monica Freeway to the north and the 405 San Diego Freeway and 10 Santa Monica Freeway interchange to the east. Based on a LAPD West Los Angeles station, West Los Angeles is known to have one the lowest crime rates in Los Angeles.

This market is boarded by Santa Monica to the west, Brentwood to the northwest, Westwood to the northeast, and Mar Vista to the south. The close proximity to all the surrounding cities gives easy access to a variety of fine dining, shopping, night life, entertainment, and employment hubs.