6058 HAZELHURST PLACE - LoopNet...6058 HAZELHURST WAY | NORTH HOLLYWOOD Investment Highlights...
Transcript of 6058 HAZELHURST PLACE - LoopNet...6058 HAZELHURST WAY | NORTH HOLLYWOOD Investment Highlights...
6058 HAZELHURST PLACEA 12-Unit Apartment Building Adjacent to the NOHO Arts District
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Disclaimer | THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.
OFFERING MEMORANDUM
LEONARDO LATERZAAssociate InvestmentsDirect | 310-909-2372
[email protected] | CA 01861324
ACTIVITY ID:
NEEMA AHADIANFirst Vice President Investments
Direct | [email protected]
License | CA 01346750
INVESTMENT HIGHLIGHTS
PROPERTY DETAILS
LOCATION OVERVIEW
MARKET COMPARABLES
PRICING & FINANCIALS
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6058 HAZELHURST PLACENORTH HOLLYWOOD, CA 91606
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6058 HAZELHURST WAY | NORTH HOLLYWOOD
Investment Highlights Charming Property in High Rental Demand Market in North Hollywood Large Lot - 16,314 Square Feet, Zoned [Q]R-3 Secured Entry and Parking - 22 Open Parking Spaces (No Tuck Under) for 12 Units Roof Approximately 10 Years Old; Two New Water Boilers Copper Plumbing and Separately Metered for Gas & Electric Attractive Mix of 3 One-Bedroom/One-Bathroom and 9 Two-Bedroom/One-Bathroom Units
Property Summary
SITE DESCRIPTIONNumber of Units 12
Number of Buildings 1
Number of Stories 2
Year Built 1973
Gross Square Feet 9,352 SF
Lot Size 16,318 SF
Type of Ownership Fee Simple
Parking 22 Open Spaces
6058 HAZELHURST PLACE, NORTH HOLLYWOOD CA 91606APN 2338-007-004
Zoning [Q]R-3
CONSTRUCTIONFoundation Concrete
Framing Wood
Exterior Stucco
Roof Flat
UTILITIESWater Master Metered
Electric Separately Metered
Gas Separately Metered
Laundry On-site; Owned
DISTANCE TO LOCAL ATTRACTIONS
NOHO ARTS DISTRICT 1.2 miles
VALLEY VILLAGE 1.2 miles
BURBANK 2.0 miles
BURBANK AIRPORT 2.2 miles
UNIVERSAL CITY 3.0 miles
HOLLYWOOD & HIGHLAND 6.0 miles
GRIFFITH PARK 4.75 miles
NOHO ARTSDISTRICT
UNIVERSAL CITY
BURBANK
VALLEYVILLAGE
DEMOGRAPHICS
TOTAL POPULATION 155,684
MEDIAN AGE 33.91
NUMBER OF HOUSEHOLDS 55,321
AVERAGE HHI $65,413
AVERAGE HH NET WORTH $495,950
MEDIAN HOME SALE PRICE $348,916
VACANCY RATE
North Hollywood, in the San Fernando Valley, is an eclectic neighborhood with modest residential blocks and the humming NoHo Arts District. The historic El Portal Theatre and many up-and-coming playhouses share the scene with art galleries, sound studios and the Academy of TV Arts and Sciences. The subway-accessible area also features retro-inspired cocktail lounges, craft beer bars, vintage shops and casual cafe.
Today, The NoHo Arts District, in conjunction with greater North Hollywood, is being transformed into a regional center, in large part as a result of the construction of Metro Stations for the Red Line and the Orange Line, two lines that have made the neighborhood into a regional hub for the San Fernando Valley. Medium- and high-density developments are being built around the Metro Station, making the Arts District a center of citywide development, with the intent of creating a walkable urban village. North Hollywood's landscape (and the Art's District as a result) has been transformed in recent years, with condominium towers (including a fifteen-story building on Lankershim Boulevard being built in the midst of older one-story bungalows and small apartment complexes.
north hollywoodEcclectic + Artistic
THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA
sales comparables[ 1 ] 11621 SYLVAN STREET[ 2] 11659 HAMLIN STREET[ 3 ] 5529 BONNER AVENUE[ 4 ] 6734 BAKMAN AVENUE[ 5 ] 11601-11609 SYLVAN STREET[ 6 ] 6256 BECK AVENUE[ 7 ] 12618 OXNARD STREET
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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606
11621 SYLVAN STREETNORTH HOLLYWOOD, CA 91606
Sale Price: $3,380,000
Close of Escrow: 9/7/2017
No. of Units: 18
Year Built: 1962
Price/Unit: $187,778
Price/SF: $240.52
CAP Rate: 4.67%
GRM: 13.04
UNITS UNIT TYPE
8 1 BD/1 BA
9 2 BD/2 BA1 3 BD/2 BA
6058 HAZELHURST PLACENORTH HOLLYWOOD, CA 91606
Offering Price: $2,200,000
Close of Escrow On Market
No. of Units: 12
Year Built: 1973
Price/Unit: $183,333
Price/SF: $232.24
CAP Rate: 3.88%
GRM: 13.78
UNITS UNIT TYPE
3 1 BD/1 BA
9 2 BD/1 BA
11659 HAMLIN STREETNORTH HOLLYWOOD CA 91606
Sale Price: $1,215,000
Close of Escrow: 7/31/2017
No. of Units: 6
Year Built: 1955
Price/Unit: $202,500
Price/SF: $284.00
CAP Rate: 4.00%
GRM: 15.31
UNITS UNIT TYPE
2 1 BD/1 BA
4 2 BD/1 BA
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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606
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THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA
6734 BAKMAN AVENUENORTH HOLLYWOOD, CA 91606
Sale Price: $3,500,000
Close of Escrow: 4/13/2017
No. of Units: 20
Year Built: 1961
Price/Unit: $175,000
Price/SF: $208.68
CAP Rate: 4.43%
GRM: N/A
UNITS UNIT TYPE
1 Single /1 BA
5 1 BD/1 BA
14 2 BD/1 BA
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5529 BONNER AVENUENORTH HOLLYWOOD, CA 91601
Sale Price: $1,500,000
Close of Escrow: 6/28/2017
No. of Units: 8
Year Built: 1963
Price/Unit: $187,500
Price/SF: $327.80
CAP Rate: 4.25%
GRM: N/A
UNITS UNIT TYPE
1 Single /1 BA
4 1 BD/1 BA
3 2 BD/1 BA
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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606
11601-11609 SYLVAN STREETNORTH HOLLYWOOD, CA 91606
Sale Price: $2,175,000
Close of Escrow: 4/12/2017
No. of Units: 12
Year Built: 1956
Price/Unit: $181,250
Price/SF: $218.99
CAP Rate: 4.41%
GRM: N/A
UNITS UNIT TYPE
12 2 BD /1 BA
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6256 BECK AVENUENORTH HOLLYWOOD, CA 91606
Sale Price: $1,100,000
Close of Escrow: 3/23/2017
No. of Units: 6
Year Built: 1957
Price/Unit: $183,333
Price/SF: $219.12
CAP Rate: N/A
GRM: N/A
UNITS UNIT TYPE
4 1 BD /1 BA
2 2 BD/1 BA
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12618 OXNARD STREETNORTH HOLLYWOOD, CA 91606
Sale Price: $2,100,000
Close of Escrow: 1/20/2017
No. of Units: 10
Year Built: 1959
Price/Unit: $210,000
Price/SF: $211.29
CAP Rate: 4.40%
GRM: 13.38
UNITS UNIT TYPE
2 1 BD /1 BA
2 2 BD/1 BA
6 3 BD/2 BA
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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606
THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA
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PROPERTY YEAR BUILT NO. OF UNITS RENT - SINGLE RENT - 1 BD/1 BA RENT - 2 BD/1 BA
[ 1 ] 6108 HAZELHURST PLACE, NORTH HOLLYWOOD CA 91606 1976 20 N/A N/A $1,800
[ 2 ] 11840 KITTRIDGE STREET, NORTH HOLLYWOOD CA 91606 1964 46 N/A $1,550 N/A
[ 3 ] 5650 FAIR AVENUE, NORTH HOLLYWOOD CA 91601 1963 11 N/A N/A $1,845
[ 4 ] 10651-10673 OXNARD STREET, NORTH HOLLYWOOD CA 91601 1953 30 N/A N/A $1,850
[ 5 ] 5637 STROHM AVENUE, NORTH HOLLYWOOD CA 91606 1953 12 N/A $1,395 N/A
[ 6 ] 11843 GILMORE STREET, NORTH HOLLYWOOD CA 91606 1981 52 N/A $1,350 N/A
[ 7 ] 5915 FAIR AVENUE, NORTH HOLLYWOOD CA 91601 1957 7 N/A $1,595 N/A
[ 8 ] 6263 VINELAND AVENUE, NORTH HOLLYWOOD CA 91606 1954 6 N/A N/A $1,595
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RENT COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606
THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA
RENT ROLL | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD, CA 91606 FINANCIAL ANALYSIS | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD, CA 91606
6058 HAZELHURST PL., NORTH HOLLYWOOD 91606Price $2,200,000Down Payment 45% / $990,000Number of Units 12Price/Unit $183,333Gross Square Feet 9,352Price/SF $235.24
SCHEDULED INCOME
ANNUALIZED OPERATING DATA
FINANCINGFirst Trust DeedLoan Amount $1,210,000Interest Rate 3.85%Amortization 30 Years
Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.
NO. OF UNITS
UNIT TYPE APPROX. SF CURRENTRENTS
RENT/SF MONTHLY INCOME
PRO FORMARENTS
RENT/SF MONTHLY INCOME
3 1 BD/1 BA 550 $928 $2,784 $1,485 $20,655
9 2 BD/1 BA 725 $1,146 $10,318 $1,800 $16,200
12 Total/Wtd.Avg. $13,102 $20,655
INCOME CURRENT PRO FORMAGross Potential Rent $157,224 $247,860Other Income: Laundry $200 $200Gross Scheduled Income $159,624 $250,260Less: Vacancy Rate Reserve 3.0%/($4,789) 5.0%/($12,513)Gross Operating Income $154,835 $237,747Less: Expenses 43.5%/($69,414) 27.7%/($69,414)Net Operating Income $85,421 $168,333Less: Reserves ($2,400) ($2,400)Less: Loan Payments ($68,071) ($68,071)Pre-Tax Cash Flow 1.5%/$14,950 10.1%/$100,262Plus Principal Reduction $22,121 $22,121Total Return 3.7%/$37,071 12.4%/$122,382
EXPENSESReal Estate Taxes (1.19%) $26,180 $26,180Insurance $4,676 $4,676Utilities $17,085 $17,085Waste $2,832 $2,832Repairs & Maintenance $6,000 $6,000Pest Control $660 $660Landscaping $1,800 $1,800Management Fee (5.0%) $7,981 $7,981License & Permits $2,200 $2,200Total Expenses $69,414 $69,414Expenses/Unit $5,785 $5,785Expenses/SF $7.42 $7.42
CAP Rate - Current 3.88%CAP Rate - Pro Forma 7.65%GRM - Current 13.78GRM - Pro Forma 8.79Year Built 1973Lot Size 16,314 SFType of Ownership Fee Simple
Unit # Unit Type SF Actual Rents Pro Forma Rents
1 1 BD/1 BA 650 $928 $1,485
2 2 BD/1 BA 825 $1,166 $1,800
3 2 BD/1 BA 825 $1,145 $1,800
4 2 BD/1 BA 825 $1,002 $1,800
5 2 BD/1 BA 825 $1,450 $1,800
6 1 BD/1 BA 650 $928 $1,485
7 1 BD/1 BA 650 $928 $1,485
8 2 BD/1 BA 825 $933 $1,800
9 2 BD/1 BA 825 $1,166 $1,800
10 2 BD/1 BA 825 $1,145 $1,800
11 2 BD/1 BA 825 $1,166 $1,800
12 2 BD/1 BA 825 $1,145 $1,800
TOTAL $13,102 $20,655
LEONARDO LATERZAAssociate InvestmentsDirect | 310-909-2372
[email protected] | CA 01861324
NEEMA AHADIANFirst Vice President Investments
Direct | [email protected]
License | CA 01346750