Post on 19-Oct-2020
LOS ANGELES, CA
1310 N Gardner Street
OFFERING MEMORANDUM
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
LOS ANGELES, CA
1310 N Gardner Street
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NON-ENDORSEMENT NOTICE
Section 1 PRICING AND FINANCIAL ANALYSIS
Section 2 PROPERTY DESCRIPTION
Section 3 RECENT SALES
Section 4 RENT COMPARABLES
Section 5 DEMOGRAPHIC ANALYSIS
TABLE OF CONTENTS
1310 N Gardner Street
1310 N Gardner StreetLOS ANGELES, CA
PRICING AND FINANCIAL ANALYSIS
Price $6,000,000Down Payment 56% / $3,350,000
Price/Unit $375,000
Price/SF $409.36
Number of Units 16
Gross Square Feet 14,657
Number of Buildings One
Number of Stories Two
Year Built 1957
Lot Size 13,607
Vital DataCAP Rate - Current 3.00%
GIM - Current 18.76
Net Operating Income - Current $179,767
Net Cash Flow After Debt Service - Current 2.3% / $76,152
Total Return - Current 2.3% / $76,152
CAP Rate - Pro Forma 5.59%
GIM - Pro Forma 12.33
Net Operating Income - Pro Forma $335,125
Net Cash Flow After Debt Service - Pro Forma 6.9% / $231,510
Total Return - Pro Forma 6.9% / $231,510
Unit MixNo. ofUnits
UnitType
Approx.Square Feet
8 1 Bdr 1 Bath N/A
8 2 Bdr 2 Bath N/A
16 Total
Major EmployersCompany Local
Employees
Disney 14,997
Southern California / Hawa Reg 13,000
Walt Disney Company 8,833
Victory Studio 5,000
Mental Health California Dept 4,000
Paramount Pictures 3,511
Project Boat Holdings LLC 3,174
Farmers Insurance 3,120
SBE 3,002
Fire Dept-Station 61 3,000
Platinum Equity 2,575
Fire Insurance Exchange 2,300
Demographics
1
PRICING AND FINANCIAL ANALYSIS1310 N Gardner StreetLOS ANGELES, CA
1-Mile 3-Miles 5-Miles
2014 TotalPopulation
52,437 309,184 872,903
2019 TotalPopulation
52,400 311,781 879,817
2014 TotalHouseholds
31,877 157,328 386,286
2019 TotalHouseholds
32,191 159,998 392,525
Median HH Income $42,478 $49,897 $44,811
Per Capita Income(based on TotalPopulation)
$42,858 $45,621 $36,281
Average (Mean) HHIncome
$70,097 $89,062 $81,409
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
OFFERING SUMMARY
Interest only for next 5 Years. Loan Must Be Assumed
Existing FinancingLoan Amount $2,650,000
Loan Type Assumption
Interest Rate 3.910%
Amortization 30 Years
Lender Name Chase
Proposed Financing
First Trust DeedLoan Amount $2,650,000
Interest Rate 3.91%
Amortization 30 Years
Debt Coverage Ratio 1.73
2
PRICING AND FINANCIAL ANALYSIS1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
FINANCING
1B1B: 50%2B2B: 50%
No. ofUnits
UnitType
Approx.Square Feet
CurrentRents
MonthlyIncome
Pro Forma Rents MonthlyIncome
8 1 Bdr 1 Bath N/A $1,444 $11,556 $2,200 $17,600
8 2 Bdr 2 Bath N/A $1,868 $14,941 $2,850 $22,800
16 TOTAL $26,497 $40,400
Unit Mix Unit Rent & Rent/SF
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
1B1B 2B2B
3
PRICING AND FINANCIAL ANALYSIS1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
UNIT MIX
UnitNumber
UnitType
UnitSF
CurrentRent
Rent/SF
AskingRent
Rent/SF
Parking Storage
1 2 Bdr 2 Bath $1,697 $2,850
2 1 Bdr 1 Bath $982 $2,200
3 1 Bdr 1 Bath $1,904 $2,200
4 2 Bdr 2 Bath $1,151 $2,850
5 2 Bdr 2 Bath $1,965 $2,850
6 1 Bdr 1 Bath $1,290 $2,200
7 1 Bdr 1 Bath Manager $1,132 $2,200
8 2 Bdr 2 Bath $2,895 $2,850
9 2 Bdr 2 Bath $1,819 $2,850
10 1 Bdr 1 Bath $1,224 $2,200
11 1 Bdr 1 Bath $2,085 $2,200
12 2 Bdr 2 Bath $1,725 $2,850
14 2 Bdr 2 Bath $1,968 $2,850
15 1 Bdr 1 Bath $1,036 $2,200
16 1 Bdr 1 Bath $1,904 $2,200
17 2 Bdr 2 Bath $1,721 $2,850
TOTAL VACANT $0 $0
16 TOTAL OCCUPIED $26,498 $40,400
16 TOTAL $26,498 $40,400
4
PRICING AND FINANCIAL ANALYSIS1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RENT ROLL
Income Current Per Unit Pro Forma Per UnitGROSS POTENTIAL RENT $317,964 $19,873 $484,800 $30,300
Other Income
Laundry Income $1,920 $120 $1,920 $120
Total Other Income $1,920 $120 $1,920 $120
GROSS POTENTIAL INCOME $319,884 $19,993 $486,720 $30,420
Vacancy/Collection Allowance (GPR) 3.0% / $9,539 $596 3.0% / $14,544 $909
EFFECTIVE GROSS INCOME $310,345 $19,397 $472,176 $29,511
ExpensesReal Estate Taxes (1.1930%) $71,580 $4,474 $71,580 $4,474
Insurance $8,282 $518 $8,282 $518
Utilities $9,659 $604 $9,659 $604
Rubbish $2,500 $156 $2,500 $156
Repairs & Maintenance $13,653 $853 $13,653 $853
Landscaping $1,500 $94 $1,500 $94
On-Site Payroll $5,760 $360 $5,760 $360
Management Fee 4.0% / $12,414 $776 4.0% / $18,887 $1,180
Misc and Reserves $4,000 $250 $4,000 $250
Pool $1,230 $77 $1,230 $77
TOTAL EXPENSES $130,578 $8,161 $137,051 $8,566
Expenses per SF $8.91 $9.35
% of EGI 42.1% 29.0%
NET OPERATING INCOME $179,767 $11,235 $335,125 $20,945
Total Number of Units: 16
Total Area (Gross): 14,657 SF
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PRICING AND FINANCIAL ANALYSIS1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
INCOME & EXPENSES
****Tenant cost recovery program has been submitted to the city and is in processing. Buyer to do own investigations. Please
call listing agent for more details
No. ofUnits
UnitType
Approx.Square Feet
CurrentRents
Rent/SF
MonthlyIncome
Pro FormaRents
MonthlyIncome
8 1 Bdr 1 Bath N/A $1,444 N/A $11,556 $2,200 $17,600
8 2 Bdr 2 Bath N/A $1,868 N/A $14,941 $2,850 $22,800
16 Total/Wtd. Avg. $26,497 $40,400
Loan Amount $2,650,000Interest Rate 3.91%
Amortization 30 Years
Annualized Operating Data
Income Current Pro FormaGross Potential Rent $317,964 $484,800
Other Income $1,920 $1,920
Gross Potential Income $319,884 $486,720
Less: Vacancy/Deductions (GPR) 3.0% / $9,539 3.0% / $14,544
Effective Gross Income $310,345 $472,176
Less: Expenses $130,578 $137,051
Net Operating Income $179,767 $335,125
Net Cash Flow Before Debt Service $179,767 $335,125
Debt Service $103,615 $103,615
Debt Coverage Ratio 1.73 3.23
Net Cash Flow After Debt Service 2.3% / $76,152 6.9% / $231,510
Total Return 2.3% / $76,152 6.9% / $231,510
1310 N Gardner Street
Los Angeles, CA 90046
Price $6,000,000
Down Payment 56% / $3,350,000
Number of Units 16
Price/Unit $375,000
Gross Square Feet 14,657
Price/SF $409.36
CAP Rate - Current 3.00%
CAP Rate- Pro Forma 5.59%
GIM - Current 18.76
GIM- Pro Forma 12.33
Year Built 1957
Lot Size 13,607
Location
FinancingExpensesReal Estate Taxes $71,580 $71,580
Insurance $8,282 $8,282
Utilities $9,659 $9,659
Rubbish $2,500 $2,500
Repairs & Maintenance $13,653 $13,653Landscaping $1,500 $1,500
On-Site Payroll $5,760 $5,760
Management Fee $12,414 $18,887
Misc and Reserves $4,000 $4,000Pool $1,230 $1,230
Total Expenses $130,578 $137,051
Expenses/unit $8,161 $8,566Expenses/SF $8.91 $9.35% of EGI 42.08% 29.03%
Scheduled Income
Loan information is time sensitive and subject tochange. Contact your local Marcus & MillichapCapital Corporation representative.
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PRICING AND FINANCIAL ANALYSIS1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
FINANCIAL OVERVIEW
1310 N Gardner StreetLOS ANGELES, CA
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to present an 16 unit apartment building on Gardner Street in prime Hollywood, California. Located in the center of Hollywood, 1310 N Gardner Street is a perfect location for a tenant to embrace the Hollywood lifestyle.
Built in 1957 and subject to rent control, the property consists of Eight (8) One Bedroom/One Bathroom units and Eight (8) Two Bedroom/Two Bathroom Units. Tenants are attracted to the property given the various amenities offered which include large spacious units, secured access, covered parking, on-site laundry, and an open courtyard with a pool.
The subject property is located in Hollywood which is also known as the Heart of Los Angeles. Hollywood is a city known worldwide and is home to countless production and film companies. The entertainment options, dining establishments, and shopping outlets are endless. Conveniently located in between Fountain Avenue and Sunset Boulevard, the property is just minutes to Runyon Canyon, the Laugh Factory, the Hollywood Bowl, the Walk of Fame, the Chinese Theater and many other places. Various other attractions include the Hollywood and Highland Center, The Grove, Sunset Plaza, and the Beverly Center.
While the current owners have been successful in achieving reasonable rents, there is still significant upside in rental income. There is still opportunity to create significantly higher income by completing the rehabs on some of the interiors and moving rents to market as the units turnover.
1310 North Gardner Street is an excellent opportunity for an investor looking to purchase a pride of ownership apartment complex in the heart of Hollywood with significant upside in the rents.
****Seismic Retrofitting (Approx $110,000) has been completed and the owners are currently working on getting the tenant Cost Recovery approved by the city. *****Brand new roof put on in 2018 (Approx $26,000)
Investment Highlights
■ 16 Units Built in 1957
■ Seismic Retrofitting Completely Done and Brand New Roof
■ Located in the Heart of Hollywood Located Just South ofSunset
■ Walking Distance to Many Entertainment, Shopping, andDining Outlets
■ Secured Access, 24 Parking Spaces, and a Large OpenCourtyard with a Pool
■ Large Lot Totaling 13,607 Square Feet
■ On-Site Laundry
■ Significant Upside in Rents
8
PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
INVESTMENT OVERVIEW
The Offering
Property Address 1310 N Gardner Street
Los Angeles, CA 90046
Assessor's Parcel Number 5550-023-004
Zoning LAR3
Site Description
Number of Units 16
Number of Buildings One
Number of Stories Two
Year Built 1957
Gross Square Feet 14,657
Lot Size 13,607
Parking 24 Parking Spaces (18 Tandem/6 Single)
Utilities
Water Owner
Phone Tenant
Electric Tenant
Gas Tenant
9
PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
PROPERTY SUMMARY
Common Area Amenities
Unit Amenities
■ Secured Intercom Entrance
■ 24 Parking Spaces (18 Tandem/6 Single)
■ Open Courtyard with Pool
■ On-Site Laundry Facility
■ Spacious Units
10
PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
AMENITIES
11
PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
PROPERTY PHOTOS
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PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
PROPERTY PHOTOS
Local Map Regional Map
13
PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
AREA MAPS
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PROPERTY DESCRIPTION1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
AERIAL PHOTO
1310 N Gardner StreetLOS ANGELES, CA
RECENT SALES
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Subject 7705Hampton
Ave
1280N
LaurelAve
1400N
GardnerSt
7969Norton
Ave
1330N
MartelAve
1205N
HayworthAve
1016N
CursonAve
2542N
BeachwoodDr
2062Argyle
Ave
Average GRM
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Subject 7705Hampton
Ave
1280N
LaurelAve
1400N
GardnerSt
7969Norton
Ave
1330N
MartelAve
1205N
HayworthAve
1016N
CursonAve
2542N
BeachwoodDr
2062Argyle
Ave
Average Cap Rate
16
RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
CAP RATE AND GRM
Average Price per Square Foot
Average Price per Unit
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Subject 7705Hampton
Ave
1280N
LaurelAve
1400N
GardnerSt
7969Norton
Ave
1330N
MartelAve
1205N
HayworthAve
1016N
CursonAve
7705Romaine
St
2542N
BeachwoodDr
2062Argyle
Ave
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Subject 7705Hampton
Ave
1280N
LaurelAve
1400N
GardnerSt
7969Norton
Ave
1330N
MartelAve
1205N
HayworthAve
1016N
CursonAve
7705Romaine
St
2542N
BeachwoodDr
2062Argyle
Ave
17
RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
PRICE PER SF AND PRICE PER UNIT
1)2)3)4)5)6)7)8)9)
10)
1310 N Gardner Street7705 Hampton Ave1280 N Laurel Ave1400 N Gardner St7969 Norton Ave1330 N Martel Ave1205 N Hayworth Ave1016 N Curson Ave7705 Romaine St2542 N Beachwood Dr2062 Argyle Ave
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RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RECENT SALES MAP
No. of Units: 25 Units Unit Type
Year Built: 1950 3 Single 1 Bath
Sale Price: $8,005,000 22 1 Bdr 1 Bath
Price/Unit: $320,200
Price/SF: $438.00
CAP Rate: 3.85%
GRM: 16.01
7705 Hampton AveWest Hollywood, CA 90046
No. of Units: 30 Units Unit Type
Year Built: 1963 3 Single 1 Bath
Sale Price: $11,050,000 6 1 Bdr 1 Bath
Price/Unit: $368,333 6 2 Bdr 1 Bath
Price/SF: $378.00 6 2 Bdr 2 Bath
CAP Rate: 3.01% 9 3 Bdr 2 Bath
GRM: 18.25
Close of Escrow: 1/3/2018
Close of Escrow: 4/27/2017
1310 N Gardner StreetLos Angeles, CA 90046
No. of Units: 16 Units Unit Type
Year Built: 1957 8 1 Bdr 1 Bath
Sale Price: $6,000,000 8 2 Bdr 2 Bath
Price/Unit: $375,000
Price/SF: $409.36
CAP Rate: 3.00%
GIM: 18.76
Subject Property
1
21280 N Laurel AveWest Hollywood, CA 90046
19
RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RECENT SALES
Close of Escrow: 10/6/2017
No. of Units: 18 Units Unit Type
Year Built: 1968 2 Single 1 Bath
Sale Price: $5,100,000 11 1 Bdr 1 Bath
Price/Unit: $283,333 4 2 Bdr 1.5 Bath
Price/SF: $371.00 1 3 Bdr 2 Bath
CAP Rate: 3.18%
GRM: 16.51
No. of Units: 20 Units Unit Type
Year Built: 1954 16 1 Bdr 1 Bath
Sale Price: $5,850,000 4 2 Bdr 1 Bath
Price/Unit: $292,500
Price/SF: $443.42
CAP Rate: 3.39%
GRM: 16.51
1400 N Gardner StLos Angeles, CA 90046
7969 Norton AveWest Hollywood, CA 90046
1330 N Martel AveLos Angeles, CA 90046
No. of Units: 15 Units Unit Type
Year Built: 1956 1 Single 1 Bath
Sale Price: $5,600,000 4 1 Bdr 1 Bath
Price/Unit: $373,333 2 2 Bdr 1 Bath
Price/SF: $397.00 7 2 Bdr 1.5 Bath
CAP Rate: 3.72% 1 3 Bdr 1.5 Bath
GRM: 17.43
Close of Escrow: 7/24/2017
Close of Escrow: 8/30/2017
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RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RECENT SALES
No. of Units: 9 Units Unit Type
Year Built: 1940 1 Single 1 Bath
Sale Price: $2,950,000 4 1 Bdr 1 Bath
Price/Unit: $327,778 4 2 Bdr 1 Bath
Price/SF: $490.60
CAP Rate: N/A
GRM: N/A
No. of Units: 10 Units Unit Type
Year Built: 1954 6 1 Bdr 1 Bath
Sale Price: $3,370,000 4 2 Bdr 2 Bath
Price/Unit: $337,000
Price/SF: $346.99
CAP Rate: 3.32%
GRM: 17.97
1205 N Hayworth AveWest Hollywood, CA 90046
1016 N Curson AveWest Hollywood, CA 90046
7705 Romaine StWest Hollywood, CA 90046
No. of Units: 9 Units Unit Type
Year Built: 1964 7 1 Bdr 1 Bath
Sale Price: $3,205,000 2 2 Bdr 2 Bath
Price/Unit: $356,111
Price/SF: $350.35
CAP Rate: 3.47%
GRM: 16.32
Close of Escrow: 7/25/2017
Close of Escrow: 12/14/2017
Close of Escrow: 6/7/2017
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RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RECENT SALES
No. of Units: 9 Units Unit Type
Year Built: 1967 1 Single 1 Bath
Sale Price: $3,670,000 4 1 Bdr 1 Bath
Price/Unit: $407,778 4 2 Bdr 2 Bath
Price/SF: $343.41
CAP Rate: 3.76%
GRM: 16.25
2542 N Beachwood DrLos Angeles, CA 90068
2062 Argyle AveLos Angeles, CA 90068
No. of Units: 7 Units Unit Type
Year Built: 1929 1 Single 1 Bath
Sale Price: $2,950,000 1 1 Bdr 1 Bath
Price/Unit: $421,429 5 2 Bdr 1 Bath
Price/SF: $518.82
CAP Rate: 4.93%
GRM: 13.50
Close of Escrow: 11/9/2017
Close of Escrow: 10/31/2017
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22
RECENT SALES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RECENT SALES
1310 N Gardner StreetLOS ANGELES, CA
RENT COMPARABLES
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
Subject 7513Fountain
Ave
1439N
CursonAve
1343N
MartelAve
1435N
PoinsettiaPl
Average Rents - 1 Bedroom
24
RENT COMPARABLES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
AVERAGE RENTS
0
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
Subject 1343N
MartelAve
1114N
GardnerSt
7470Hollywood
Blvd
Average Rents - 2 Bedrooms
25
RENT COMPARABLES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
AVERAGE RENTS
1)2)3)4)5)6)
1310 N Gardner Street7513 Fountain Ave1439 N Curson Ave1343 N Martel Ave1435 N Poinsettia Pl1114 N Gardner St7470 Hollywood Blvd
26
RENT COMPARABLES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES MAP
Subject Property
1
No. of Units 16Occupancy:Year Built: 1957
1310 N Gardner StreetLos Angeles, CA 90046
No. of Units 75Occupancy: N/AYear Built: 1973
No. of Units 20Occupancy: N/AYear Built: 1928
7513 Fountain Ave
Los Angeles, CA 90046
1439 N Curson Ave
Los Angeles, CA 90046
Unit Type Units Rent
1 Bdr 1 Bath $2,100 - $2,300
Total/ Avg. $2,200
Unit Type Units Rent
1 Bdr 1 Bath $2,350
Total/Wtd. Avg. $2,350
27
2
RENT COMPARABLES1310 N Gardner StreetLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 8 N/A $1,444 N/A
2 Bdr 2 Bath 8 N/A $1,868 N/A
Total/Wtd. Avg. 16 14,657 $1,656 $1.81
RENT COMPARABLES
No. of Units 8Occupancy: N/AYear Built/Renovated: 1960
1343 N Martel Ave
Los Angeles, CA 90046
No. of Units 8Occupancy: N/AYear Built/Renovated: 1955
No. of Units 8Occupancy: N/AYear Built/Renovated: 1948
1435 N Poinsettia Pl
Los Angeles, CA 90046
1114 N Gardner St
Los Angeles, CA 90046
Unit Type Units Rent
1 Bdr 1 Bath $1,995
Total/Wtd. Avg. $1,995
Unit Type Units Rent
1 Bdr 1 Bath $2,245
2 Bdr 2 Bath $2,795
Total/Wtd. Avg. $2,520
Unit Type Units Rent
2 Bdr 1 Bath $2,895
Total/Wtd. Avg. $2,895
5
4
28
RENT COMPARABLES1310 N Gardner StreetLOS ANGELES, CA
3
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES
No. of Units 6Occupancy: N/AYear Built/Renovated: 1969
7470 Hollywood Blvd
Los Angeles, CA 90046
Unit Type Units Rent
2 Bdr 2 Bath $2,995
Total/Wtd. Avg. $2,995
7
29
RENT COMPARABLES1310 N Gardner StreetLOS ANGELES, CA
6
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES