S. COCHRAN AVE. LOS ANGELES, CA 90036...of Miracle Mile’s world famous entertainment, dining and...

451S. COCHRAN AVE. LOS ANGELES, CA 90036

MIRACLE MILE GEM8 UNITS

$3,700,000

ABOUT AGENT

PACIFIC UNION COMMERCIAL

THE OFFERING

PROPERTY OVERVIEW

AERIAL PHOTOS

SALES COMPARABLES

COMMUNITY/AREA

5

3

6

7

9

14

16

CONTENTS

THE ULTIMATE CALIFORNIA COMMERCIAL REAL ESTATE COMPANY

INDEPENDENTIN CALIFORNIA

#1

OFFICES20

REAL ESTATE PROFESSIONALS

1800

BILLION IN SALES$6+

Not all real estate services firms are created equal and choosing the right partner in the complex Los Angeles market can make or break your success. Enter Pacific Union Commercial Brokerage, a premier real estate company offering comprehensive services for leasing, buying, and selling commercial properties through the Greater Los Angeles area.

What differentiates us from the competition and adds tremendous benefit to our clients is our connection to Pacific Union International — the #1 independent real estate company in California. With $14.13 billion in annual sales, 50 offices and 1,700 closely connected real estate professionals from the beach to the foothills, we have a vast network that can maximize the value of your real estate investment with unsurpassed market knowledge and superior, trustworthy service. We have a proven track record of guiding clients through the purchase and sale of multi-family, office, retail, industrial, land, and development properties.

Defined by teamwork, trust and innovation, backed by innovative tools and vast connections, Pacific Union Commercial Brokerage knows how to interpret the market’s evolving landscape to your advantage.

OUR SERVICES AND WHAT WE OFFER

At Pacific Union Commercial, our focus is to provide clients with comprehensive and superior, trustworthy services. This full spectrum of value-added services, from market research to ongoing advisory services, is offered to all commercial property types including multi-family, office, retail, industrial, land and development investments. Our services go much further than purchasing or selling an asset. Working with clients, we identify their real estate investment goals and work side by side to build a strategic real estate investment plan.

ACQUISITIONS-COMMERCIAL PROPERTIES

We specialize in identifying underperforming investment opportunities. We provide accurate and reliable evaluation of an asset’s performance relative to other real estate and non-real estate investment alternatives. Using our financial analysis, investment alternatives are scrutinized for projected cash flow, residual values at risk.

DISPOSITIONS-COMMERCIAL PROPERTIES

Maximizing an asset’s value by developing individualized marketing plans is our area of expertise.

COMMERCIAL LEASING SERVICES

We specialize in office, retail and creative space.

ADVISORY SERVICES

Asset management - We provide a comprehensive real estate investment analysis to maximize the investment return by determining if the asset should be sold, refinanced, renovated or held.

MARKET RESEARCH

We have access to the latest commercial real estate information and trends that are essential in making informed decisions. This includes researching and analyzing competitive properties, prevailing market conditions and building occupancy.

Morgan McMullin, a commercial real estate veteran, has successfully brokered investment transactions in excess of $300 million over the past decade. Formerly a Vice President with Investment Real Estate Associates, Morgan joined Pacific Union Commercial in 2016. Specializing in the sale and acquisition of multifamily and commercial properties, he has helped his clients reach, and often exceed, their long-term and short-term investment objectives. Morgan values his client relationships, which leads him to successfully represent his clients’ interests and become their trusted investment advisor.

Having brokered transactions through the boom and bust cycles, he has developed a deep working knowledge of the Los Angeles real estate marketplace. He has built his business and track record on superior market knowledge and an excellent work ethic while still holding himself to the highest standard of integrity. As an owner and manager of investment properties throughout Los Angeles, Morgan understands the nuances, concerns, and issues commonplace amongst investment property owners and investors. This hands-on approach keeps him current on market conditions, allowing him to achieve above market prices for his clients.

Morgan lives in the Rancho Park neighborhood of West LA with his wife, Maryam and two kids, Nika and Kian.

O 310 500 3905C 310 968 [email protected] License 01716570

ABOUT MORGAN MCMULLINSenior Vice President

APT, RETAIL & DEVELOPMENT

$330,000,000

MORGAN MCMULLIN | 310 968 2454 | [email protected] PACIFIC UNION COMMERCIAL | LOS ANGELES

The information contained herein has been provided by various sources which may include the seller, public records, Multiple Listing Service, or others. Pacific Union Commercial Brokerage has not verified or investigated the accuracy of this information. Prospective buyers are advised to conduct their own investigation of the property and the information contained herein, utilizing licensed professionals where appropriate, before purchasing this property.

THE OFFERING

8 UNIT MULTI-FAMILY — OFFERING PRICE $3,700,000

The subject property is a charming eight unit apartment complex built in 1929 and located in the prime Miracle Mile submarket of Los Angeles, directly adjacent to Park La Brea. Ideally situated on Cochran Avenue, just between Wilshire and 3rd, these unique units average nearly 900 sf each. This Spanish gem boasts a mix of eight 1 bedroom, 1 bathroom units. The prime location allows occupants to enjoy all of Miracle Mile’s world famous entertainment, dining and culture, within the comfort of a quiet and luxurious apartment.

The improvements are built on a 7,794 square foot lot with a total rentable square footage of 7,155. There are 8 on-site garage parking spaces (7 carports, 1 open) as well as on-site laundry and a secure intercom entry system. Each well maintained unit is individually metered for gas and electricity.

•Building Size – 7,155 sf

•Lot Size – 7,794 sf

•Year Built – 1929

•Price Per Unit - $462,500

•Price Per SF - $517

•CAP Rate Current / Market – 3.05% / 4.23%

•GRM Current / Market – 19.52 / 15.79

•Parking – 8

•No. of Parcels – 1

•Zoning – R4 (Tier 3)

•APN – 5509-001-003

HIGHLIGHTS

•Prime Miracle Mile Location•Pristine Units & Building•Spanish, Old World Character•Pride of Ownership Asset•Tremendous Upside Potential

451 S. Cochran Ave.



PROPERTY OVERVIEW

PROPERTY OVERVIEW

Units 8

Year Built 1929

lot Sq Ft 7,794

Bldg Gross Sq. Ft. 7,155

Parkeing Spaces 8

Zoning LAR4

Neighborhood Miracle Mile

ESTIMATED ANNUALIZED EXPENSES

Taxes 1.25% of Price $46.250

Insurance $300/ Unit $2,400

Utilities $85/Unit/Mo. $8,160

Trash $150/Mo. $1,800

License/Fees $125/Mo. $1,000

Gardener $150/Mo. $1,800

Repairs & Maint. 5% of SGI $9,480

Total Expenses $70,890

FINANCIAL OVERVIEW

Price $3,700,000

Down Payment $3,700,000

Down Payment % 100%

Current Cap 3.05%

Market Cap 4.23 %

Current GRM 19.52

Market GRM 15.79

Cost/Sq. Ft. $517

Cost/ Unit $462,500

Cash on Cash Return 3.05%

Expenses/Unit $8.861

Expenses/Sq. Ft. $9.91

LOAN QUOTE AVAILABLE UPON REQUEST

Property Notes:

Charming Spanish Property

Tons of Character Throughout

Proposed Financing

Loan Rate Term Annual Pymt

$0 4.0% 360 $0

451 S. Cochran Ave.

CURRENT MARKET

# of Units Unit Type Avg. Rent Total Avg. Rent Income

8 1+1 $1,965 $15,720 $2,400 $19,200

Total Rental Income $15,720 $169,200

Laundry (est. $10/Unit) $80 $80

Storage $250

Total Monthly Income $15,800 $19,530

CURRENT MARKETScheduled Gross Income $189,596 $234,360

Less Vacancy 3.0% ($5,688) 3.0% ($7,031)

Gross Operating Income $183,908 $227,329

Less Expenses 38.5% ($70,890) 31.2% ($70,890)

Net Operating Income $113,018 $156,439

Less Loan Payment $0 $0

Pre-Tax Cash Flow $113,018 $156,439

Percentage Return 3.05% 4.23%

SOURCE OF INCOME

ESTIMATED ANNUALIZED OPERATING DATA



RENT ROLL

UNIT TYPE RENT

101 1+1 $2,081

102 1+1 $2,158

103 1+1 $2,163

104 1+1 $1,148

201 1+1 $2,245

202 1+1 $2,467

203 1+1 $1,198

204 1+1 $2,261

Monthly $10,482 $15,720

Annual $125,784 $188,636

451 S. Cochran Ave.



AERIAL MAP451 S. Cochran Ave.



COMPARABLE SUMMARY

4

3

1

451 S. Cochran Ave.

2

PROPERTY ADDRESS SALE PRICE1) 625 S. Burnside Ave $3,160,000

2) 637-641 S. Burnside Ave $2,891,000

3) 661 S. Cloverdale Ave $2,100,000

4) 744 Ridgeley Dr. $2,850,000

AVERAGES $13,876,600

Address Yr. Built Sales Price # of Units

Price/Unit

Gross Sq. Ft.

Avg. Gross Sq. Ft./Unit

Price/Sq.Ft. Cap GRM

Sales Averages 1936 $2,750,250 6 $445,875 6,129 989 $447 2.74% 20.63

Subject 1929 $3,700,000 8 $462,500 7,155 894 $517 3.05% 19.52



43 Address 744 Ridgeley Dr

Year Built 1937

Sales Price $2,850,000

Units 6

Price/Unit $475,000

Gross Sq. Ft. 6,019

Avg. Sq. Ft./Unit 1,003

Price/Sq. Ft. $474

CAP 2.30%

GRM 22.92

COE 02/17/17

Address 661 S Cloverdale Ave

Year Built 1928


Units 7

Price/Unit $300,000

Gross Sq. Ft. 5,398

Avg. Sq. Ft./Unit 771

Price/Sq. Ft. $389

CAP NA

GRM NA

COE 03/10/17

COMPARABLE SUMMARY451 S. Cochran Ave.

1 2Address 625 S Burnside Ave

Year Built 1940


Units 6

Price/Unit $526,667

Gross Sq. Ft. 6,502


Price/Sq. Ft. $486

CAP NA

GRM NA

COE 08/17/17

Address 637-641 S Burnside Ave

Year Built 1939


Units 6

Price/Unit $481,833

Gross Sq. Ft. 6,595


Price/Sq. Ft. $438

CAP 3.18%

GRM 18.34

COE 04/21/17



COMMUNITY/AREA

MIRACLE MILE

The Miracle Mile is a neighborhood in the city of Los Angeles, California. It contains a stretch of Wilshire Boulevard known as Museum Row. The Los Angeles County Museum of Art (LACMA), The Petersen Automotive Museum, A+D Museum, Craft and Folk Art Museum, George C. Page Museum, and La Brea Tar Pits pavilions, among others, create “Museum Row” on the Miracle Mile.

The Academy Museum of Motion Pictures for the Academy of Motion Picture Arts and Sciences (Oscars), designed by Renzo Piano, will be located in the former May Company Department Store on the corner of Wilshire Boulevard and Fairfax Avenue. A new contemporary structure for the museum’s theaters will be located behind the building.

The Miracle Mile District is one of the city’s more densely populated areas. To alleviate problems and provide an alternative to automobiles for commuters, Los Angeles Metro’s Purple Line subway is being extended along Wilshire Boulevard to the Veterans Affairs Hospital, from its current terminus at Western Avenue in Koreatown. A westerly extension of the subway has recently been supported by many civic officials in Los Angeles, Beverly Hills, and Santa Monica, the three cities through which the extension may run. In early 2008, the project—which is destined to terminate in Santa Monica—received $5 billion in federal funds. In late 2008, Measure R passed releasing $10 billion in reserve funds to start working on all public transit projects in the city of L.A. as well as the most desired “Subway to the sea” project, which will run from downtown L.A. to Santa Monica.

NEIGHBORHOOD AT A GLANCE

Park La Brea is a sprawling apartment community in the Miracle Mile District of Los Angeles, California. With 4,255 units located in eighteen 13-story towers and thirty-one 2-story “garden apartment buildings”, it is the largest housing development in the U.S. west of the Mississippi River. It sits on 160 acres of land with numerous lawns.

In the 2000s, Park La Brea had become a desirable rental community with its own community center, health club and pool, beauty parlor, and drycleaner in addition to its convenient proximity to local museums, Farmers Market (Los Angeles), and The Grove at Farmers Market shopping complex. In recent years, additional improvements have been made, such as adding new pools.

MIRACLE MILE POINTS OF INTEREST

La Brea Tar Pits & Museum / LACMA / Petersen Automotive Museum

The Grove / The Original Farmers Market

MORGAN MCMULLIN

O 310 500 3905C 310 968 [email protected] License 01716570


S. COCHRAN AVE. LOS ANGELES, CA 90036...of Miracle Mile’s world famous entertainment, dining and...

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