CITY OF SANTA MONICA
PLANNING AND COMMUNITY DEVELOPMENT DEPARTMENT
PLANNING DIVISION
(310) 458-8341
MILLS ACT CONTRACT APPLICATION INSTRUCTIONS
WHAT IS THE MILLS ACT?
The Mills Act is a California State law that enables cities to enter into contracts with property owners of qualified historic structures. Mills Act contracts can provide tax benefits for both owner-occupied and income producing properties. In the case of owner-occupied property, the income projection is based on comparable rents for similar property in the area or, if insufficient rental information is available, the income that it could reasonably be expected to produce. For income producing property, the income amount is based on rent actually received and on typical rents received for similar property in similar use.
The owner of any building that is either a designated local landmark or a contributing building in a designated historic district may file a Mills Act Contract Application. Once approved, a Mills Act contract requires the County Tax Assessor's office to determine the value of the historic property based upon its current income, rather than future development potential.
In exchange for this reduction in property taxes, the contract requires the property owner to undertake specific restoration tasks, if necessary, and to properly maintain the historic structure. The proposed restoration and maintenance items are included in a work plan that is submitted by the applicant and, if approved, becomes attached to the contract as an exhibit.
More details about the State enacting law are available at www.ohp.parks.ca.gov. CONTRACT TERM Mills Act contracts are for a ten-year term and are renewed automatically each year on the contract's anniversary. As a result, unless either the property owner or the City submits a notice of non-renewal, the owner is always ten years away from the contract termination. The effect of a non-renewal notice is contract termination at the end of the then current ten-year term. The owner may also petition the City to initiate an immediate cancellation. If cancelled, a penalty equal to 12 1/2 percent of the property's assessed market value is imposed. The City may also cancel the contract in the case of breach of the contract conditions. The rights and obligations to the contract are also binding upon successive property owners during the contract term. Although new contracts can take place at any time, new valuations will not be effective until March of any given year.
APPLICATION PROCESS
The deadline for filing an application for a Mills Act Contract is May 31st annually.
Applications must be filed by appointment at the City Planning Division’s public information counter.
Appointments are available weekly on Tuesdays and Thursdays. Please contact the City Planning Division at (310) 458-8341 at least one week in advance to schedule an appointment to file your application.
Staff will review your Mills Act Contract application upon receipt and will contact you and/or your representative to schedule a site visit. Following a site visit, staff will prepare a report to present to the Landmarks Commission for their recommendation (tentatively scheduled for the August or September Landmarks Commission meeting). It is important for you and/or your representative (architect) to be present at this meeting to answer any questions the Commission may have regarding the property.
After the Landmarks Commission has made a recommendation on the Contract application, staff will then take it to the City Council for their review and approval. Once City Council approves the Contract, notarized signatures of both the property owner and City officials must be obtained no later than earlyDecember. The City will endeavor to submit the signed document to the Los Angeles County Recorder for recordation no later than December 28 for benefits to begin the following tax year.
Upon receipt of the fully executed and recorded document, the City will then forward it to the Los Angeles County Tax Assessor, who will recalculate the property owner's tax payment (usually mid April). Staff will provide you a copy of the fully executed Contract after it has been sent to the County Tax Assessor.
CHECKLIST
Please review the attached application form for more information about submittal requirements. If you have any other questions, please contact Steve Mizokami, Senior Planner, Landmarks Commission Liaison, at (310) 458-8341 or by email at [email protected]. Before submitting your application, please check that you have included the following items:
Completed application form.
Restoration/Rehabilitation and/or Maintenance Plan.
An Architectural Report identifying the status of all character-defining features of the building prepared by a certified architect.
Financial Analysis form with information required (two highlighted boxes only).
Photographs of all building elevations and character-defining features of the structure(s).
Copy of the Grant Deed for the property.
Copy of latest property tax bill.
City of Santa Monica
Planning and Community Development Department
City Planning Division
(310) 458-8341
MILLS ACT CONTRACT APPLICATION
Application Number (s)_____________________________ Date Filed:
Fee:
Receipt #
Received by:
PROJECT ADDRESS ___________________________________________________ Land Use Element District ________________ Zoning District __________________ Legal Description (Lot, Block, Tract) ____________________ Legal Description (Book, Page, Parcel #) __________________ APPLICANT:
Name: _________________________________________
Address: _________________________________________
Phone: _________________ Fax: ___________________ e-mail: _____________________ CONTACT PERSON OTHER THAN APPLICANT (optional):
Name: _________________________________________
Address: _________________________________________
Phone: _________________ Fax: ___________________ e-mail: _____________________ ARCHITECT/DESIGNER:
Name: _________________________________________
Address: _________________________________________
Phone: _________________ Fax: ___________________ e-mail: _____________________ Santa Monica Business License No. __________
PROPERTY OWNER (if other than applicant):
Name: _________________________________________
Address: _________________________________________
Phone: _________________ Fax: ___________________ e-mail: _____________________ ATTORNEY (optional):
Name: _________________________________________
Address: _________________________________________
Phone: _________________ Fax: ___________________ e-mail: _____________________ Santa Monica Business License No. __________
310.665.9665
[email protected]
[email protected]
13274 Fiji Way 2nd Floor, Marina del Rey, CA 90292
Bayside Conservation
Keller Block I, LLC and Keller Block II, LLC
099452
310-452-7505 310-452-1494 [email protected]
2526 18th Street, Santa Monica 90405
David Kaplan
310-452-7505 310-452-1494 [email protected]
2526 18th Street, Santa Monica 90405
David Kaplan
4291-016-012
227 Broadway
Existing Use of Property: ____________________________________ Date of Local Designation: __________________________________ Please give a brief summary of the general condition of the Landmark Structure:
Is rehabilitation or maintenance needed? (Select one)
_____ Rehabilitation _____Maintenance
Is the property designated as part of an historic district? Yes ____ No ____ If so, what district? ______________________________
Is the property listed on the National Register of Historic Places? Yes ____ No ____ If so, date of designation: _________________
APPLICATION MATERIALS
The following materials must be submitted to the Planning Division along with this application form in order to process a Mills Act Contract application:
An Architectural Report and a Restoration/Rehabilitation plan are required for the designated historic property. If the building is already restored and in good condition, a maintenance list must be submitted to support the need for tax relief.
Please submit one (1) unbound, single-sided copy of each of the following items:
1. An Architectural Report identifying the status and condition of all character-defining features of the building and site prepared by a certified architect.
2. A ten (10) year Restoration/Rehabilitation Plan with estimate cost and schedule prepared by a certified architect.
Please note that a Mills Act Contract only regulates exterior restoration/rehabilitation and general maintenance of your property. If you are also planning interior work, please include a description of this work in a separate section (please see attached sample plan).
3. A ten (10) year Maintenance Plan with estimate cost and schedule. Please describe all periodic/ongoing maintenance needs of the structure including plumbing, electrical, roofing and structural systems. This information must be submitted as a section of the Restoration/Rehabilitation Plan.
4. Photographs (35 mm or digital) of all building elevations and character defining features.
5. Information required for the Financial Analysis (fill in the two highlighted boxes on the attached form). Staff will use this form to calculate an estimate of the Mills Act tax assessment with the information provided. Please note that this forthcoming analysis is only an estimate. The Los Angeles County Office of the Assessor will make a revised tax assessment that will be applicable for the next tax year.
However, the asset is a Landmark Property.
Fair condition with exterior elements in need of minor repair and maintenance 2008
Commercial/Office
x
x
x
6. Copy of the legal description for the property ("Exhibit A" on a Grant Deed).
7. Copy of the latest property tax bill for the property.
8. OPTIONAL: One (1) digital copy of above listed items #1-4 on a CD or diskette.
I (we) hereby certify that the information contained in this application and attached hereto is correct to the best of my knowledge and that this application is made with the knowledge and consent of the property owner.
APPLICANT'S SIGNATURE: ___________________________ DATE: __________ APPLICANT'S SIGNATURE: ___________________________ DATE: __________ I (we) hereby declare under the penalty of perjury that I (we) am (are) the owners of the property involved in this request, or if the owner is a corporation or other entity that I (we) are duly authorized to execute this affidavit on behalf of said corporations or entity. I further declare that the foregoing statements and the information submitted herewith are true and correct. I certify that this application is being made with my consent. ____________________________________ ________________________ PROPERTY OWNER’S SIGNATURE DATE ____________________________________ ________________________ PROPERTY OWNER'S SIGNATURE DATE Maintenance Plan
227 Broadway
Santa Monica, California
Historic Structure Condition Assessment
and Maintenance Plan
2022
Submitted by:
Kaplan Chen Kaplan
2526 Eighteenth Street
Santa Monica, CA 90405
227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 1 2022
CONDITION ASSESSMENT REPORT
Overview
The site at 227 Broadway contains the masonry building also know by name the Keller Block. The property is a designated City of Santa Monica landmark. The site and building at 227 Broadway are in fair condition and need significant maintenance. Current planning includes ongoing maintenance of character defining features of the historic resource.
Project Site
Kaplan Chen Kaplan conducted an historic resources condition assessment of 227 Broadway also known as The Keller Block. The parcel was designated a City of Santa Monica historic landmark in 2008. The Los Angeles County Assessor identifies 277 Broadway with construction dates of 1898 and 1976. Based on Sanborn Insurance Maps and a contemporary article in the newspaper The Outlook, the building was constructed in 1892 and opened in 1893.
Aerial photo with site of 227 Broadway. The pedestrian oriented 3rd Street Promenade is on the east and an alley on the west.
227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 2 2022
Neighborhood and General Building Description
The three story masonry building designed by architect John H. Carroll is sited on the northwest corner of the Third Street Promenade and Broadway.
Storefronts line the ground floor facing 3rd Street and Broadway. An entry to the upper floor office spaces is through an archway and small lobby located approximately mid-point along Broadway elevation. The alley on the west provides service access and the elevation on north side is a party wall with the adjacent building. The northwest corner of the building along the alley was infilled during a 1989 rehabilitation project to complete the full rectangle on the site. The corner site is echoed in the turret like cantilevered projection at the southeast corner of the building. The base of the building along Broadway has small planting areas defined in front of the storefronts, otherwise the commercial building fills the site to the property’s boundary lines.
Aerial photo of 227 Broadway, looking northwest
Character Defining Features
According to the “1456-1460 3rd Street/227 Broadway Santa Monica, California City Landmark Assessment and Evaluation Report” by PCR Services Corporation, October 2008, “The Keller Block is a regional interpretation of the 227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 3 2022
“Richardsonian” Romanesque Revival style that became popular during the 1890s in the United States. The Keller Block displays many character-defining features of the Romanesque Revival style such as the rounded tower, asymmetrical facades, ashlar brownstone sills and lintels, arched openings, deeply recessed entrance, and masonry materials (brick and brownstone)”.
The Statement of Official Action (STOA) issued by the Landmarks Commission following landmark designation in 2008 notes: “The subject property retains the majority of its primary character defining features on the exterior including the brickwork; arched openings; rectangular openings with contrasting stone lintels and sills; and cast-iron storefronts by the Llewellyn Ironworks of Los Angeles .
The interior of the building has been extensively renovated and the fenestration has been replaced throughout; however, the cast-iron storefronts have been retained and the in-kind window replacements are compatible in design with the overall architectural character of the building.”
Treatment Guidelines
The following report includes a condition assessment of key exterior elements and character defining features as well as strategies for ongoing maintenance.
All work is to conform to the Secretary of the Interiors Standards for Treatment of Historic Properties, in particular the Secretary of the Interiors Standards for Rehabilitation.
Preservation Briefs published by the National Park Service cover a range of treatments for wood, masonry, cast stone and other typical elements of historic buildings. These Briefs provide overall approaches and best practices to be adapted for specific situations and conditions.
Projects at this property are also eligible for application of the California Historic Building Code.
227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 4 2022
Character Defining Features
Site Work
Treatment:
The paving can be patched but best to replace full exposed area. Concrete to have finished appearance. Stone work to be maintained.
Landscape
Treatment:
If the deeper storefront recess is used for planting, irrigation should be considered.
Foundations / Structural
Treatment: Structural engineer to review seismic strengthening Masonry Brick Facade Treatment: Missing and loose grout should be re-pointed. Larger separations should be investigated for potential structural issues. Damaged bricks can be patched or as need provided new exterior faces. The masonry can be cleaned with low pressure treatments.
Building Base at sidewalk
Treatment:
The base should be refinished regularly. The straps and bolts should be reviewed for safe attachment or removal.
227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 5 2022
Cast Iron Storefront Frames
Treatment:
A thorough finish coat should be maintained to protect the iron work Storefronts and Entry Doors
Treatment:
Storefront finishes should be maintained and re-finished as needed. New storefronts to be consistent and compatible with building.
Stone Lintels and Headers
Treatment:
The stone should be cleaned and maintained regularly. No sealer should be applied without careful consideration of conservation techniques.
Decorative Masonry Parapet
Treatment:
The brickwork should be reviewed for loose masonry and where grout is loose or missing. The top bricks on the pilaster caps should be secured. The added decorative elements should be reviewed for maintenance and possible improvements.
Windows
Treatment:
Windows should be reviewed for operation and replacement of missing hardware. The wood surrounds may need to be treated to avoid further deterioration
227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 6 2022
Roof
Treatment:
The roof should be inspected on a regular cycle and repaired where necessary.
New roofing may be necessary during next 10 years. The skylight should be reviewed for water tight finish and resealed as needed.
Downspouts and Drains
Treatment: Drainage should be reviewed and cleared of any debris.
Hardware
Treatment:
Door hardware can be refurbished. While not original, the door hardware should be generally simple and consistent.
Exterior Lights
Treatment:
The new lights should be maintained. Modifications would be to better conceal conduits. Additional lights at storefronts and upper façade may be appropriate.
Entry Lobby
Treatment:
The lobby should be maintained or if modified should be compatible with the building.
Electrical
Treatment:
Electrical service should be reviewed including energy consumption. New equipment should be installed as needed.
227 Broadway, Santa Monica Condition Assessment and Maintenance Plan Kaplan Chen Kaplan 7 2022
Plumbing
Treatment:
Plumbing should be reviewed. Plumbing issues should be monitored and expeditiously repaired to avoid damages to the building.
Mechanical
Treatment:
Mechanical system requires ongoing maintenance. An overall review of the mechanical systems may be helpful as well as a review for gas shut off for safety. Metalwork at duct and vent on east façade to be repaired . MILLS ACT MAINTENANCE PLAN 227 Broadway, Santa Monica Item Feature Location Condition Recommended Treatment Maintenance Estimated Total Rehabiliation per Secr of Ints Stds. Schedule Budget 10 years N.A. EXTERIOR 1 Sitework South & east facades Fair Repair damaged paving around perimeter 5 years 5,000 10,000 Review outdoor fencing and attachments with new tenants 2 Landscape South & east facades Poor/NA Review possible use of landscape at annual 1,200 12,000 storefront wells along south, currently rock filled. Irrigation may be needed 3 Foundations/Structural Throughout Fair Commission structural review for seismic 10 years ,000 ,000 safety, review parapet structure. 4 Masonry brick façade West, south & east facades Fair Repoint on west façade, repair spalling 5 years 15,000 ,000 Repair previous test cores and other damage. Clean masonry low pressure 5 Base curb at sidewalks South & east facades Poor Review and repair or replace treatment at 5 years 4,000 8,000 concrete base with metal guards 6 Cast Iron storefront frames South & east facades Fair Prep and paint regularly to protect 5 years 5,000 10,000 7 Storefronts & entry doors South & east facades Fair Clean and maintain storefronts annual 1,000 10,000 8 Stone lintels & headers South & east facades Good Review and repoint stone lintels as 5 years 5,000 10,000 needed Exterior cleaning may be appropriate 9 Decorative Masonry Parapet South & east facades Fair to Poor Repair missing & damaged masonry 5 years 10,000 20,000 Review waterproof treatment at top of parapet, review bird deterrents 10 Windows West, south & east facades Fair Review window wood surround 5 years ,000 0,000 Clean regularly, seal annual 2022 Page 1 of 2 227 Broadway, Santa Monica . MILLS ACT MAINTENANCE PLAN 227 Broadway, Santa Monica Item Feature Location Condition Recommended Treatment Maintenance Estimated Total Rehabiliation per Secr of Ints Stds. Schedule Budget 10 years N.A. EXTERIOR 11 Roof Entire building Fair Repair roof regularly 5 years 30,000 60,000 Review drainage at northwest corner 12 Downspouts & drains Alley (west) façade, roof Fair Remove or repair existing downspout 5 years 500 1,000 Review rooftop drainage on west 13 Hardware South & east facades Fair New compatible hardware at entries 5 years 1,000 2,000 14 Exterior lights Alley security Fair Provide new compatible fixxtures and 5 years 5,000 10,000 Building façade lighting layout. Review exposed electrical conduits to conceal where possible SYSTEMS N.A. Item System Location Condition Recommended Treatment Maintenance Estimated Schedule Budget 15 Plumbing Throughout Fair Review for leaks that may damage building annual 0,000 Repair all plumbing issues quickly 16 Electrical Throughout Fair Provide routing for exterior lights to 5 years ,000 0,000 minimize exposed conduits. Review existing fixture type for energy 17 Mechanical Throughout Fair Maintain heating and cooling for climate 5 years ,000 ,000 control and maintenance to minimize potential damage to building ADMISNISTRATIVE 18 Permits TOTAL ,000 2022 Page 2 of 2 227 Broadway, Santa Monica Architectural Report &
Photos
227 Broadway, Santa Monica Condition Assessment and Treatment 227 Broadway FEATURE LOCATION/DESCRIPTION CONDITION TREATMENT PHOTOGRAPHS Sitework Site work on the east and Mills Act Application Kaplan Chen Kaplan south public facades consists primarily of public sidewalk. There are small recesses with planters in front of storefronts on the south, Recessed storefront entries on both the east and south have concrete paving. There is a small, recessed area at the rear entry off the alley with concrete paving leading to an area of brick paving in the alley. The recess on the south at the lobby entry is paved with polished dark stone pavers that matches the interior lobby floor. The City has allowed metal fencing in the public sidewalk area on the est. There is a covered transit stop along the south sidewalk. The concrete is in fair to poor condition with cracks at storefront entries. The stonework is in satisfactory condition. The paving can be patched but best to replace full exposed area. Concrete to have finished appearance. 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Landscape The only landscape Mills Act Application Kaplan Chen Kaplan features on the property are potentially the planters within storefront bay recesses although very few are wide enough for planting and there does not appear to be irrigation. There are street trees along Broadway on the south. There is no landscape currently other than street trees along the south public sidewalk. If the deeper storefront recess is used for planting, irrigation should be considered. 227 Broadway, Santa Monica Condition Assessment and Treatment Foundations/ Structural Mills Act Application Kaplan Chen Kaplan The footings are not evident but the building has a concrete floor. Seismic improvements were added over 20 years ago The seismic treatment was sufficient under previous code upgrades but can be studied to determine if additional work isrecommended. There are areas of missing grout and slight separation of bricks along the west. Structural engineer to review seismic strengthening 227 Broadway, Santa Monica Condition Assessment and Treatment Masonry Brick Facade Mills Act Application Kaplan Chen Kaplan The building is primarily brick masonry on the exterior with cast stone lintels and window sills on the public facades. The upper floor has arched brick openings and decorative treatment at the upper register and parapet. The building is primarily brick masonry on the exterior with stone lintels and window sills on the public facades. The grout appears to have a fresh pointing coat. Missing and loose grout should be re- pointed. Larger separations should be investigated for potential structural issues. Damaged bricks can be patched or as need provided new exterior faces. The masonry can be cleaned with low pressure treatments. 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Building base at sidewalk Mills Act Application Kaplan Chen Kaplan The building base runs along the bottom of the building at grade on the south and east public facades. A metal strap and line of bolts was added to the top of the base to discourage use. The building base is in poor to fair condition with areas of missing paint finish and rust beginning to appear. The base should be refinished regularly. The straps and bolts should be reviewed for safe attachment or removal. 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Cast Iron storefront frames Mills Act Application Kaplan Chen Kaplan A key feature is the assembly of cast iron columns and beams that frame the storefronts at the ground floor. The cast iron elements appear in relatively good condition although finish is in fair condition. A thorough finish coat should be maintained to protect the iron work. 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Storefronts and Entry Doors Mills Act Application Kaplan Chen Kaplan The current storefronts are large plate glass and set back from the cast iron surrounds. The storefronts are aluminum framed, primarily a dark color including the entrance doors to the lobby along the south façade. The storefronts are tall and have a horizontal divider toward the top where there may have been transom windows. Signage covers some of these areas. . The storefronts are in fair condition with some of the elements aging with faded finishes Storefront finishes should be maintained and re- finished as needed. New storefronts to be consistent and compatible with building. 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Stone Lintels and Headers Mills Act Application Kaplan Chen Kaplan Other than the arched brick headers on the upper windows, the windows on the south and east have ashlar brownstone headers and sills. The stone appears in fair to good condition The stone should be cleaned and maintained regularly. No sealer should be applied without careful consideration of conservation techniques. 227 Broadway, Santa Monica Condition Assessment and Treatment Decorative Masonry Parapet and Upper Cornice Mills Act Application Kaplan Chen Kaplan The brickwork at the top of the building includes decorative arches and corbelling as well stepped pilaster caps. There are reconstructed decorative elements (from images of original building) constructed of artificial material at the southeast corner and north end of the east façade added in an arrangement to conceal wireless communication equipment The brickwork is in fair condition and in some localized areas in poor condition. A few bricks are loose or missing at top of pilasters. The artificial elements are not completely integrated and there are areas of separation from the brick parapet as well as possible color change. The brickwork should be reviewed for loose masonry and where grout is loose or missing. The top bricks on the pilaster caps should be secured. The added decorative elements should be reviewed for maintenance and possible improvements. Bird deterrents should be reviewed 227 Broadway, Santa Monica Condition Assessment and Treatment Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment Windows All the windows on the Mills Act Application Kaplan Chen Kaplan upper floors were previously replaced with aluminum framed windows. The windows are subdivided at the midpoint horizontally to appear as double hung windows although the lower half is an awning window. Aluminum windows are in fair condition The windows were installed with a small wood surround that is highly deteriorated from both water and termite damage. Windows should be reviewed for operation and replacement of missing hardware. The wood surrounds may need to be treated to avoid further deterioration 227 Broadway, Santa Monica Condition Assessment and Treatment Roof The roof is primarily a flat Mills Act Application Kaplan Chen Kaplan roof with sloping areas for drawings and at the back of the corner turret tower. There are several locations with installation of mechanical and electrical equipment. There is one large skylight. The roof should be inspected for ongoing repairs especially around exhaust, vents and other protrusions through the surface. The roof should be inspected on a regular cycle and repaired where necessary. The skylight should be reviewed for water tight finish and resealed as needed. 227 Broadway, Santa Monica Condition Assessment and Treatment Downspouts and Drains Mills Act Application Kaplan Chen Kaplan Drainage may be direct from roof through concealed piping. There is an abandoned parapet opening and leader box along the west façade where the original building ended before the infill addition at the northwest corner. The drainage currently continues sloping to a drain at the far northwest corner. Condition of drains is unknown. Small areas of ponding are visible on the roof. reviewed and cleared of any debris. 227 Broadway, Santa Monica Condition Assessment and Treatment Hardware The storefronts and Mills Act Application Kaplan Chen Kaplan building entry have simple modern hardware. The hardware is in moderate condition. Door hardware can berefurbished. While not original, the door hardware should be generally simple and consistent. 227 Broadway, Santa Monica Condition Assessment and Treatment Exterior Lights Mills Act Application Kaplan Chen Kaplan There are exterior lights along the building above the storefronts. A horizontal conduit is partly concealed on a brick cornice ledge. There are also wall mounted exterior lights at the rear service entry. The exterior lights have been recently upgraded to LED fixtures. Additional lighting at storefronts may be desired. The new lights should be maintained. Modifications would be to better conceal conduits. Additional lights at storefronts and upper façade may be appropriate. 227 Broadway, Santa Monica Condition Assessment and Treatment Entry Lobby The lobby with interior stair Mills Act Application Kaplan Chen Kaplan is on the south elevation through an arched entry. The interior space is in fair condition. There is wearing of wood finishes along the base and stair rails The lobby should be maintained or if modified should be compatible with the building. 227 Broadway, Santa Monica Condition Assessment and Treatment Electrical Electrical service is below Mills Act Application Kaplan Chen Kaplan grade from Third Street. The electrical service appears to be in adequate condition. There are exposed conduits on the facades. Electrical service should be reviewed including energy consumption. New equipment 227 Broadway, Santa Monica Condition Assessment and Treatment Plumbing The plumbing service is Mills Act Application Kaplan Chen Kaplan from the street. There is no obvious failure. The plumbing service ewer has not been investigated. Plumbing 227 Broadway, Santa Monica Condition Assessment and Treatment Mechanical/ Heating Mills Act Application Kaplan Chen Kaplan The primary heating system appears to be gas. Most of the equipment is located on the roof of the building The mechanical system currently operational but elements may be toward end of service. Duct and vent at alley in poor and damaged condition. Mechanical system requires ongoing maintenance. review of the mechanical systems gas . Metalwork at duct and vent on east facade to be
227 Broadway, Santa Monica Condition Assessment and Treatment Photographs – Large Format 227 Broadway – View from southeast corner of Third Street Promenade and Broadway Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment 227 Broadway – View looking southwest Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment 227 Broadway – East elevation on Third Street Promenade Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment 227 Broadway – View of Broadway (south) elevation and west elevation along alley. Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment 227 Broadway – South elevation Mills Act Application Kaplan Chen Kaplan 227 Broadway, Santa Monica Condition Assessment and Treatment 227 Broadway – looking south along Third Street Promenade towards Broadway Mills Act Application Kaplan Chen Kaplan Financial Analysis
3RD & BROADWAY
227 Broadway, Santa Monica, CA 90401
As of: 4/21/2022
REVENUES
Monthly Rental Income 29,083
Annual Rental Income 348,992
ANNUAL EXPENSES
Gen. Expenses: 25% SFD, Others 30% 104,698
Vacancy loss 3% 10,470
Total Expenses 115,167
(Sum Lines: General Expenses + Vacancy Loss)
NET OPERTING INCOME 233,825
(Annual Income - Total Expenses)
CAPITALIZATION RATE
Interest Component 5.5%
Historic Property Risk 4.0%
(2%, or 4% for SFD)
Property Tax Component 1.0%
Amortization Component 0.5%
Capitalization Rate 11.0%
(Sum Interest through Amortization)
TAXES
Mills Act Assessment 2,125,680
(NOI / Cap Rate)
Tax Under Mills Act 22,004
(Assessment X .01035146)
Current Tax 146,294
Tax Savings 124,290
(Current Tax - Tax Under Mills Act)
Annual Costs to City 19,886
(Tax Savings X 16%)
Grant Deed
Property Tax Bill