11677-11683 GOSHEN AVENUE | BRENTWOOD, CA · 11677-11683 GOSHEN AVENUE 1 | PROPERTY INFORMATION...

KW COMMERCIAL

2701 Ocean Park Blvd.,

Suite 140

Santa Monica, CA 90405

STEPHEN M SALTZMAN, PHD

Executive Managing

Director/Investments

0 310.702.5557

C 310.702.5557

[email protected]

CalBRE #00677514

OFFERING MEMORANDUM

11677-11683 GOSHEN AVENUE | BRENTWOOD, CA

www.kwcommercial.com 2

KW COMMERCIAL2701 Ocean Park Blvd.,Suite 140Santa Monica, CA 90405

Confidentiality & Disclaimer

STEPHEN M SALTZMAN, PHDExecutive Managing Director/Investments0 310.702.5557C [email protected] #00677514

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine theseand other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for aparty unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspectionsand investigations including through appropriate third party independent professionals selected by such party. All financial data should beverified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by theparty with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complieswith applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by KW Commerical - Santa Monica in compliance with allapplicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty orrepresentation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, orwithdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

BRENTWOOD, CA

http://www.kwcommercial.com


PROPERTY INFORMATION

1 | PROPERTY INFORMATION

EXECUTIVE SUMMARY

PROPERTY DETAILS

ADDITIONAL PHOTOS

1PROPERTY INFORMATION11677-11683 GOSHEN AVENUE

OFFERING MEMORANDUM


Executive Summary

11677-11683 GOSHEN AVENUE 1 | PROPERTY INFORMATION

PROPERTY OVERVIEW11677-11683 Goshen offers investors a unique opportunity toacquire a 68-unit apartment community in the city of Brentwood.Built in 1971, the subject is comprised of (62) 1-Bed/1-Bath units, (4)1-Bed/1.5-Bath + Den units, and (2) 2-Bed/2-Bath units. There aretwo contiguous parcels with a combined building square footage of59,071 and a 26,249 square foot lot.

Renovated Units (39)11677: 100, 101, 103, 105, 107, 108, 111, 112, 200, 201, 202, 204,205, 206, 208, 209, 210, 211, 212, 300, 303, 304, 305, 306, 306, and312.

11683: 101, 104, 105, 204, 205, 207, 208, 304, 306, 307, 401, 404,and 408.

SALE PRICE: $40,500,000

UNITS: 68

PRICE PER UNIT: $595,588

PRICE PER SF: $686

CAP RATE: 2.25%

GRM: 23.54

LOT SIZE: 0.6 Acres

BUILDING SIZE: 59,071 SF

YEAR BUILT: 1971

ZONING: LAR4



Property Details



STREET ADDRESS: 11677-11683 Goshen Avenue

CITY, STATE, ZIP: Brentwood, CA 90049

APN 1: 4265-003-036

APN 1 BLDG SIZE: 31,558 SF

APN 1 LOT SIZE: 15,000 SF

APN 1 UNITS: 39

APN 2: 4265-003-037

APN 2 BLDG SIZE: 27,513 SF

APN 2 LOT SIZE: 11,249 SF

APN 2 UNITS: 29

COMBINED BLDG SIZE: 59,071 SF

COMBINED LOT SIZE: 26,249 SF

COMBINED UNITS: 68

YEAR BUILT: 1971



Additional Photos



LOCATION INFORMATION

2 | LOCATION INFORMATION

REGIONAL MAP

LOCATION MAPS

AERIAL MAP

2LOCATION INFORMATION11677-11683 GOSHEN AVENUE

OFFERING MEMORANDUM

11677-11683 Goshen Avenue

Regional Map

11677-11683 GOSHEN AVENUE 2 | LOCATION INFORMATION




Location Maps



Aerial Map




FINANCIAL ANALYSIS

3 | FINANCIAL ANALYSIS

FINANCIAL ANALYSIS

RENT ROLL

3FINANCIAL ANALYSIS11677-11683 GOSHEN AVENUE

OFFERING MEMORANDUM

PRICING FINANCING THE ASSET

Price $40,500,000 Down 100% $40,500,000 Units 68

Price/Unit $595,588 Loan 0% $0 Year Built 1971

Price/SF $686 Ammort Years 30 Gross SF 59,071

GRM 23.54 20.26 Interest Rate 0.00% Lot SF 26,249

Cap 2.25% 2.91% Payments $0 APN 4265-003-036; 037

Current Market

MONTHLY RENT SCHEDULE

# of Units Type Estimated SF Avg.Current Current Total Market Market Total

62 1+1 $2,063 #DIV/0! $127,888 $2,396 #DIV/0! $148,552

4 1+1.5+ Den $2,656 #DIV/0! $10,622 $3,003 #DIV/0! $12,012

2 2+2 $2,435 #DIV/0! $4,870 $3,003 #DIV/0! $6,006

68 $143,380 $166,570

ANNUALIZED INCOME Current Market

Gross Potential Rent $1,720,560 $1,998,840

Less Vacancy 3% ($51,617) 3% ($59,965)

Laundry Income $14,710 $14,710

Scheduled Gross Income $1,683,653 $1,953,585

ANNUALIZED EXPENSES Current Market

Accounting $4,000 $4,000

Elevators $4,616 $4,616

Gardening $3,707 $3,707

Insurance-General Liability, Umbrella, Workers Compensation $36,096 $36,096

License $6,322 $6,322

Pest Control $1,808 $1,808

Pool Maintenance $2,807 $2,807

Property Management Offsite (3%) $51,532 $51,532

Property Onsite Manager $28,752 $28,752

Repairs & Maintenance $69,453 $69,453

Taxes-LLC $6,800 $6,800

Taxes-Property $475,000 $475,000

Telephone $4,023 $4,023

Utilities-Electric/Gas/Sewer/Trash/Water $79,193 $79,193

Total Expenses $774,109 $774,109

Expenses/Unit $11,384 $11,384

Expenses/SF $13.10 $13.10

% of EGI 45.98% 39.63%

RETURN Current Market

NOI $909,544 $1,179,476

Less Debt $0 $0

Cashflow $909,544 $1,179,476

Cash on Cash 2.25% 2.91%

Financial Analysis

11677-11683 GOSHEN AVENUE 3 | FINANCIAL ANALYSIS



Unit # Type Current Rent Market Rent Comments

100 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

101 1+1 $2,195 #DIV/0! $2,396 #DIV/0!

102 1+1 $1,824 #DIV/0! $2,396 #DIV/0!

103 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

104 1+1 $1,852 #DIV/0! $2,396 #DIV/0!

105 1+1 $2,295 #DIV/0! $2,396 #DIV/0!

106 1+1 $1,856 #DIV/0! $2,396 #DIV/0!

107 1+1 $2,195 #DIV/0! $2,396 #DIV/0!

108 1+1 $2,312 #DIV/0! $2,396 #DIV/0!

109 1+1 $1,786 #DIV/0! $2,396 #DIV/0!

110 1+1 $1,737 #DIV/0! $2,396 #DIV/0!

111 1+1 $2,195 #DIV/0! $2,396 #DIV/0!

112 1+1 $2,195 #DIV/0! $2,396 #DIV/0!

200 1+1 $2,327 #DIV/0! $2,396 #DIV/0!

201 1+1 $2,396 #DIV/0! $2,396 #DIV/0!

202 1+1 $2,381 #DIV/0! $2,396 #DIV/0!

203 1+1 $1,793 #DIV/0! $2,396 #DIV/0!

204 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

205 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

206 1+1 $2,312 #DIV/0! $2,396 #DIV/0!

207 1+1 $1,673 #DIV/0! $2,396

208 1+1 $2,396 #DIV/0! $2,396 Vacant (Market Rent)

209 1+1 $2,295 $2,396

210 1+1 $2,396 $2,396

211 1+1 $2,287 $2,396

212 1+1 $2,260 $2,396

300 1+1 $2,195 $2,396

301 1+1 $1,692 $2,396

302 1+1 $1,705 $2,396

303 1+1 $2,312 $2,396

304 1+1 $2,260 $2,396

305 1+1 $2,260 $2,396

306 1+1 $2,245 #DIV/0! $2,396 #DIV/0!

307 1+1 $2,195 #DIV/0! $2,396 #DIV/0!

308 1+1 $1,675 #DIV/0! $2,396 #DIV/0!

309 1+1 $1,680 #DIV/0! $2,396 #DIV/0!

310 1+1 $1,684 #DIV/0! $2,396 #DIV/0!

311 1+1 $1,827 #DIV/0! $2,396 #DIV/0!

312 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

$81,988 $93,444

11677 Goshen

11677 Goshen Totals:

Rent Roll




Unit # Type Current Rent Market Rent Comments

101 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

102 1+1 $1,672 #DIV/0! $2,396 #DIV/0!

103 1+1 $1,730 #DIV/0! $2,396 #DIV/0!

104 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

105 1+1 $2,260 #DIV/0! $2,396 #DIV/0!

201 1+1 $1,945 #DIV/0! $2,396

202 1+1 $1,762 #DIV/0! $2,396

203 1+1 $1,699 #DIV/0! $2,396

204 1+1 $2,260 #DIV/0! $2,396

205 1+1 $2,195 #DIV/0! $2,396

206 1+1 $1,618 #DIV/0! $2,396

207 1+1.5+Den $3,003 #DIV/0! $3,003 Vacant (Market Rent)

208 1+1.5+Den $2,700 #DIV/0! $3,003

301 1+1 $1,733 #DIV/0! $2,396

302 1+1 $1,966 #DIV/0! $2,396

303 1+1 $1,864 #DIV/0! $2,396

304 1+1 $2,260 #DIV/0! $2,396

305 1+1 $1,900 #DIV/0! $2,396

306 1+1 $2,396 #DIV/0! $2,396 Vacant at COE (Manager)

307 2+2 $2,745 #DIV/0! $3,003

308 2+2 $2,125 #DIV/0! $3,003

401 1+1 $2,245 #DIV/0! $2,396

402 1+1 $1,928 #DIV/0! $2,396

403 1+1 $1,886 #DIV/0! $2,396

404 1+1 $2,195 #DIV/0! $2,396

405 1+1 $1,904 #DIV/0! $2,396

406 1+1 $1,962 #DIV/0! $2,396

407 1+1.5+Den $1,916 #DIV/0! $3,003

408 1+1.5+Den $3,003 #DIV/0! $3,003

$61,392 $73,126

$143,380 $166,570COMBINED TOTALS:

11683 Goshen

11683 Goshen Totals:

Rent Roll




AREA OVERVIEW

4 | AREA OVERVIEW

AREA OVERVIEW

DEMOGRAPHICS MAP

RETAILER MAP

4AREA OVERVIEW11677-11683 GOSHEN AVENUE

OFFERING MEMORANDUM

Brentwood, Los Angeles

Brentwood is one of L.A.’s most affluent and

educated neighborhoods, located on the

Westside between Westwood and Santa

Monica. Brentwood began as a Mexican

land grant ranch sold off by the Sepulveda

family. Its modern development started in

the 1880s and today it boasts one of the

lowest population densities in the city.

Spanning 15.22 square miles, Brentwood is

home to over 33,000 residents and boasts

an estimated median household income of

over $113,000. Amongst its affluent

population, Brentwood is also home to many

celebrities such as actors and actresses.

The neighborhood is also host to more than

a dozen restaurants and coffee shops

located within a two-block stretch

offering a wide variety of cuisine and

entertainment.

Considered by most as a quiet, upscale

neighborhood on the Westside, there

are tree-lined streets with well-tended

homes in a range of architectural styles

stretch up into the hills.

The main artery, San Vicente

Boulevard, features classy Italian

eateries and warm cafes, plus the

historic Brentwood County Mart, a

family-friendly retail hub. The striking

Getty Center museum boasts a world-

class art collection and expansive city

views.

Area Overview

11677-11683 GOSHEN AVENUE 4 | AREA OVERVIEW



West Los Angeles: West Los Angeles is a

term for residential and commercial areas in

the city of Los Angeles on the opposite sides

of the Interstate 405 Freeway. The region

lies within the larger Westside region of Los

Angeles County and is made up of

communities such as Beverly Hills,

Brentwood, Century City, Culver City,

Venice, Malibu, and Westwood. West Los

Angeles is home to a high percentage of

Asian population and is considered highly

diverse compared to both City of Los

Angeles and County of Los Angeles

averages. The median household income in

the West Los Angeles area is $86,403 and

due to its affluent neighborhoods is amongst

the highest for the region. The percentage of

households earning $125,000 and up was

high for the county.

West Los Angeles is home to over 39.5

million square feet of retail space boasting

low vacancies and strong asking rents. As a

prime destination within Los Angeles for

shopping, West LA creates a huge draw for

tourists and businesses alike.

Bel Air: Bel Air is a neighborhood on the

Westside area of Los Angeles located in the

foothills of the Santa Monica Mountains.

Founded in 1923, the residential district is

lightly populated with an older well-educated

population. It is also famed for its high

housing values and largely affluent

residential population.

The 6.73 square mile neighborhood is home

to an estimated 8,000 people who boast an

annual household income of over $208,000,

the highest figure for any neighborhood or

city in Los Angeles County. Bel Air is situated

about 12 miles west of Downtown Los

Angeles and includes some of the foothills of

the Santa Monica Mountains.

It lies across Sunset Boulevard from the

northern edge of the main campus of the

University of California, Los Angeles. At the

heart of the community sits the Bel-Air

Country Club and the Hotel Bel-Air. The

Hannah Carter Japanese Garden is located

in Bel Air and has a large tourism draw.

“Brentwood is one of L.A.’s most

affluent and educated

neighborhoods, located on the

Westside between Westwood and

Santa Monica.”

“The percentage of households

earning $125,000 and up was high

for the county.”

Area Overview





* Demographic data derived from 2010 US Census

Demographics Map


ETHNICITY 0.25 MILES 0.5 MILES 1 MILE

% HISPANIC 12.1% 13.5% 18.5%

RACE 0.25 MILES 0.5 MILES 1 MILE

% WHITE 74.7% 72.4% 65.8%

% BLACK 2.0% 2.7% 3.1%

% ASIAN 16.2% 15.0% 15.5%

% HAWAIIAN 0.0% 0.0% 0.0%

% INDIAN 1.3% 2.4% 1.2%

% OTHER 2.4% 4.1% 10.9%

POPULATION 0.25 MILES 0.5 MILES 1 MILE

TOTAL POPULATION 4,617 14,496 44,964

MEDIAN AGE 32.1 33.3 33.7

MEDIAN AGE (MALE) 33.6 33.8 34.5

MEDIAN AGE (FEMALE) 31.4 33.1 33.1

HOUSEHOLDS & INCOME 0.25 MILES 0.5 MILES 1 MILE

TOTAL HOUSEHOLDS 2,633 8,111 22,836

# OF PERSONS PER HH 1.8 1.8 2.0

AVERAGE HH INCOME $100,490 $102,551 $100,385

AVERAGE HOUSE VALUE $815,695 $814,626 $758,680


Retailer Map




11677-11683 GOSHEN AVENUE | BRENTWOOD, CA · 11677-11683 GOSHEN AVENUE 1 | PROPERTY INFORMATION...

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