THREE PROPERTY 52 UNIT MULTI-HOUSING PORTFOLIO IN … · - LA North/Ventura, Inc. • Corporate ID...

RYAN O’CONNORLee & Associates - LA North/Ventura818.444.4965 | [email protected] Lic # 01931694

Lee & Associates® - LA North/Ventura, Inc. • Corporate ID #01191898 A Member of the Lee & Associates® Group of Companies 15350 Ventura Blvd., Suite 100, Sherman Oaks, CA P:818.986.9800 F:818.783.9260 | www.lee-associates.com

THREE PROPERTY 52 UNIT MULTI-HOUSING PORTFOLIO IN PRIME WEST LA

M-HI

3-PROPERTY PORTFOLIO INVESTMENT | MULTIFAMILYWest Los Angeles & Palms, California

WESTSIDE PORTFOLIO

2

EXECUTIVE SUMMARY ........................................................................................... 3

PROPERTY DESCRIPTION ...................................................................................... 7

LOCATION OVERVIEW .......................................................................................... 17

FINANCIAL SUMMARY .......................................................................................... 24

MARKET OVERVIEW - COMPARABLES .............................................................. 30

BROKER RESUME ................................................................................................. 55

TABLE OF CONTENTS

WES

TSID

E PO

RTFO

LIO

EXECUTIVE SUMMARY


WESTSIDE PORTFOLIO

4

EXECUTIVE SUMMARY Aerial Map

Lee & Associates® - LA North/Ventura • 15250 Ventura Blvd, #100, Sherman Oaks, CA 91403 • 818.986.9800 • Corp ID #01191898

WES

TSID

E PO

RTFO

LIO

5No warranty or representation is made to the accuracy of the foregoing information. Terms of sale or lease and availability are subject to change or withdrawal without notice.

EXECUTIVE SUMMARY

Lee & Associates is pleased to present the opportunity to purchase three

unique multifamily properties totaling 52 units located on the Westside of

Los Angeles, CA. This offering consists of 2455 Corinth Avenue located in

West Los Angeles, 9404 Regent Street and 3706 Mentone Avenue, both

located in the Palms neighborhood of Los Angeles. All three properties

can be purchased together or separately.

The Offering

Portfolio Overview

Address: 2455 Corinth Avenue Los Angeles, CA 90064

APN: 4260-038-011

Units: 9 + 1 Non-Conforming

Unit Mix: 1(1+1) TH 5(2+2) TH and 4(2+2)

Year Built: 1988

Building Size: 9,624 SF

Lot Size: 7,499 SF

Zoning: R3-1

TOC Program: Tier 3-eligible for up to 70% density bonus (Call agent for more details regarding TOC Program)

Address: 9404 Regent Street Los Angeles, CA 90034

APN: 4313-019-043

Units: 33

Unit Mix: 12(Studios) 18(1+1) 3(2+2)

Year Built: 1971


Lot Size: 13,171 SF

Zoning: R3-1



WESTSIDE PORTFOLIO

6

Portfolio Overview Key Investment Features

• Three Property Portfolio in Prime West Los Angeles

• First Time on Market in over 15 years

• Value Add Opportunity

• High-Demand Rental Markets

• Substantial Rental Upside

• Desirable Unit Mix

• Amenity Rich Neighborhoods with Many Shops, Restaurants, and Nightlife Destinations

• Ease of Transportation Located Nearby the 405 and 10 Freeways and Expo Line Metro Station

• Nearby Sony Pictures Studios in Culver City as well as other major employers

Address: 3706 Mentone Avenue Los Angeles, CA 90034

APN: 4314-003-002

Units: 9

Unit Mix: 2(Studios) 1(1+1), 1(2+1), 4(2+1.5), 1(3+2)

Year Built: 1971


Lot Size: 7,500 SF

Zoning: R3-1


PROPERTY DESCRIPTION 3706 Mentone Avenue, Los Angeles

WES

TSID

E PO

RTFO

LIO

PROPERTY DESCRIPTION


WESTSIDE PORTFOLIO

8

PROPERTY DESCRIPTION 2455 Corinth Avenue, Los Angeles

Property Summary

Property Address: 2455 Corinth Avenue Los Angeles, CA 90064

Location: The subject property is located on the east side of

Corinth Avenue, east of Sawtelle Blvd and west of

Purdue Avenue. Exposition Blvd is north and Pearl

Street is just south.

Units: 9 + 1 NC

Year Built: 1988


APN: 4260-038-011

Property Description

The Corinth Apartments is a 9-unit including one non-conforming unit multifamily property constructed in 1988 and is located just west of the 405 Freeway, just north of the 10 Freeway, and is walking distance to the Expo/Sepulveda Station Metro Line. The Property is situated in a prime West Los Angeles location that is centrally located to the beach cities, Beverly Hills, and Downtown Los Angeles. The unit mix consists of one one-bedroom one bath unit and nine two bedroom two bath units. The property has a high walk score of 78, meaning that it is “very walkable.”


WES

TSID

E PO

RTFO

LIO


PROPERTY DESCRIPTION 2455 Corinth Avenue Aerial Map


WESTSIDE PORTFOLIO

10

PROPERTY DESCRIPTION 2455 Corinth Avenue Parcel Map


WES

TSID

E PO

RTFO

LIO


Property Summary

Property Address: 9404 Regent Street Los Angeles, CA 90034

Location: The subject prioperty is located on the SW corner

of Regent Street and Bagley Avenue, just east of

Cardiff Avenue and just west of S Canfield Avenue.

Venice Blvd is south and the 10 Santa Monica Fwy

is north.

Units: 33

Year Built: 1971


APN: 4313-019-043


The Regent Apartments is a 33-unit multifamily property constructed in 1971 and is located just east of the 405 Freeway, just south of the 10 Freeway, and is walking distance to the Palms Station Metro Line. The Property is situated in the Palms area of the City of Los Angeles which is directly adjacent to Downtown Culver City as well as centrally located to the Beach Cities, Beverly Hills, and Downtown Los Angeles. The property has a great unit mix consisting of twelve studio units, eighteen one-bedroom one bath units, and three two bedroom two bath. The property has a very high walk score of 94, meaning that it is “walker’s paradise.”

PROPERTY DESCRIPTION 9404 Regent Street. Los Angeles


WESTSIDE PORTFOLIO

12

PROPERTY DESCRIPTION 9404 Regent Street Aerial Map


WES

TSID

E PO

RTFO

LIO


PROPERTY DESCRIPTION 9404 Regent Street Parcel Map


WESTSIDE PORTFOLIO

14

PROPERTY DESCRIPTION 3706 Mentone Avenue, Los Angeles

Property Summary

Property Address: 3706 Mentone Avenue Los Angeles, CA 90034

Location: The subject prioperty is located on the east side of

Mentone Avenue, west of Motor Avenue and east

of Keystone Avenue. Regent Street if north and

Venice Blvd is south.

Units: 9

Year Built: 1971


APN: 4314-003-002


The Mentone Apartments is a 9-unit multifamily property constructed in 1971 and is located just east of the 405 Freeway, just south of the 10 Freeway, and is walking distance to the Palms Station Metro Line. The Property is situated in the Palms area of the City of Los Angeles which is directly adjacent to Downtown Culver City as well as centrally located to the Beach Cities, Beverly Hills, and Downtown Los Angeles. The property has a great unit mix consisting of two studio units, one one-bedroom one-bath unit, one two-bedroom one-bath unit, four two-bedroom one and ½ bath units, and one three-bedroom two-bath unit. The property has a high walk score of 88, meaning that it is “very walkable.”


WES

TSID

E PO

RTFO

LIO


PROPERTY DESCRIPTION 3706 Mentone Avenue Aerial Map


WESTSIDE PORTFOLIO

16

PROPERTY DESCRIPTION 3706 Mentone Avenue Parcel Map

WES

TSID

E PO

RTFO

LIO

LOCATION OVERVIEW


WESTSIDE PORTFOLIO

18

LOCATION OVERVIEW 2455 Corinth Avenue Amenities Aerial


WES

TSID

E PO

RTFO

LIO


LOCATION OVERVIEW Mentone Avenue & Regent Street Amenities Aerial


WESTSIDE PORTFOLIO

20

Just North of Culver City, Palms is a small community in the city of Los Angeles offering easy access to the Santa Monica (10) Freeway and the San Diego (405) Freeway as well as the Expo Line connecting west to Santa Monica.

Dubbed “Best Place in L.A. for Millennials” by Niche, Inc. nearly half of Palms’ population of 45,475 residents falls within the 19-35 age range. Palms’ proximity to freeways and public transit and location just five miles from UCLA has curried favor with a highly educated demographic seeking more affordable housing than can be found in UCLA’s Westwood neighborhood or rapidly gentrifying Culver City. Many of its 45,475 residents are undergrad or graduate students, and it’s not unlikely to see UCLA Bruins gold and blue throughout the neighborhood.

The neighborhood has a high walk score of 87 with plentiful restaurants within close proximity. Among them, n/naka was named among Eater.com’s ‘America’s Essential Restaurants 2017’ and ranked No.1 on LA Weekly’s list of ‘LA’s Best Restaurants.’

The higher than average population density of Palms has attracted developers over the past five years and numerous apartment buildings and mixed use projects have recently been completed or are underway.

California Landmark Group has just completed a $25 million apartment complex with 79 market rate apartments and seven affordable units, a fitness center, community room and rooftop deck.

Greystar Real Estate Partners is constructing a 135-unit project with 14,000 square feet of ground-floor retail and underground parking. With 11 units designated as affordable housing, Greystar won a density bonus for the project.

Although Palms is largely residential, it shares a border with Culver City offering a vibrant job center that includes Sony Picture Studios. Also under development in Culver City, which has been rapidly gentrifying in recent years, is a new HBO headquarters, an expansion of the Culver Studios campus and a makeover for the 1920s-era West End Hotel, among other projects.

LOCATION OVERVIEW Palms


WES

TSID

E PO

RTFO

LIO


LOCATION OVERVIEW West Los Angeles

West Los Angeles is a tiny neighborhood just slightly larger than

one square mile in the Westside region of the city of Los Angeles.

Tucked south of Westwood and west of Century City, the community

offers easy access to the Santa Monica (10) Freeway and San Diego

(405) Freeway, but it is the completion of the Expo Line addition that

has breathed new life into West L.A.

West LA, with its affluent, highly educated population of 13,582

residents, has long been a very attractive neighborhood for

developers, but development activity has accelerated ever since the

new Metro extension was announced, and a number of new projects

are now in planning stages or underway.

Among them: a five-story, 129-unit apartment project is slated to

replace a strip mall; Martin Expo Town Center, a project planned for

516 apartment units and 81,000 square feet of retail space, will

replace a car dealership; and Casden West LA with 600 units will

replace a cement plant.

Another 100 apartment units are planned for a location opposite

the Martin Expo site; a 70-unit multifamily with 6,500 square feet

of ground-floor retail is underway from Hypericum Companies;

Wiseman Residential is readying construction for 51 units on the

site of the former Dolores Restaurant; and a former Vons site will be

redeveloped with 166 apartment units above a Whole Foods market.


WESTSIDE PORTFOLIO

22

The Expo addition is also generating interest from office

developers. McCarthy Cook and Northwood Investors is adding

120,000-square feet of office and retail space to the 1980s-era

Trident Center and rebranding it Lumen West L.A. Plans call for

reskinning the entire complex with a glass exterior. And Luzzatto

Company is constructing Expo Station with three stories of creative

office space and outdoor space with estimated delivery in 2019.

While Westside Pavilion has fallen victim to the closure of Macy’s

and Nordstrom’s move to neighboring Westfield Century City, the

troubles in the retail sector are not the only reason the mall’s

owners, Macerich Company, have put the property on the sale

block. Macerich officials have noted that the Expo addition opens up

the ideally located property to other redevelopment opportunities,

and they expect to close a sale of the 755,000-square-foot mall

within the next year. As they told the Wall Street Journal recently,

“It’s quite likely that other users are going to value that real estate

more than a horizontal retail facility, and we’re seeing that in

terms of the demand and that’s coming from really a tremendous

number of people.”

Indeed the $1 billion redevelopment of Westfield Century City just

a few miles away speaks to the strong demographics and central

location of the area. In addition to its retail offerings, Westfield

has attracted an Equinox gym, a cryotherapy clinic, a UCLA health

Clinic outpost and, expected to open next year, the flagship

location of Dreamscape Immersive, a virtual reality entertainment

center financed in part by Steven Spielberg.

LOCATION OVERVIEW West Los Angeles


WES

TSID

E PO

RTFO

LIO


LOCATION OVERVIEW Metro Rail & Station

All three properties are exceptionally located nearby multiple Metro Stations along the Expo Line, providing residents with short commute times and ease of access to Santa Monica, Downtown Los Angeles, and all of Greater Los Angeles. 2455 Corinth Avenue is located just 0.3 miles from the Expo/Sepulveda Metro Station and 0.8 miles from the Expo/Bundy Metro Station. 9404 Regent Street is located just 0.4 miles from the Palms Metro Station and 0.5 miles from the Culver City Metro Station. 3706 Mentone Avenue is located just 0.5 miles from the Palms Metro Station and 1 mile from the Culver City Metro Station.

9404 Regent St

3706 Mentone Ave

2455 Corinth Ave

WES

TSID

E PO

RTFO

LIO

FINANCIAL SUMMARY


WES

TSID

E PO

RTFO

LIO


FINANCIAL SUMMARY Corinth-Regent-Mentone

Portfolio Financial Summary

Unit Mix & Rent ScheduleUnits Unit Type Current Avg. Rent Current Income/Mo Market Rent Market Income/Mo

14 Studios $1,242 $17,385 $1,595 $22,330 19 1 Bed/1 Bath $1,578 $29,985 $1,895 $36,005 1 1 Bed/1 Bath $1,800 $1,800 $2,195 $2,195 1 2 Bed/1 Bath $1,787 $1,787 $2,695 $2,695 4 2 Bed/1.5 Bath $1,916 $7,664 $2,795 $11,180 3 2 Bed/2 Bath $2,255 $6,764 $2,895 $8,685 9 2 Bed/2 Bath $2,519 $22,670 $3,150 $28,350 1 3 Bed/2 Bath $3,135 $3,135 $3,350 $3,350

Income Current MarketScheduled Gross Income $1,094,277 $1,377,480

Plus: Laundry Income $8,400 $8,400

Gross Operating Income (GOI): $1,102,677 $1,385,880 Vacancy Reserve: 3% ($33,080) ($41,576)

Effective Gross Income (EGI) $1,069,597 $1,344,304

Estimated Expenses Percentage Per Unit

*Taxes (Est. 1.25%) *Based on Purchase Price *Based on Purchase PriceInsurance 1.71% $363 $18,870 $18,870 Utilities 2.74% $581 $30,220 $30,220 Repairs/Maintenance 5% $1,060 $55,134 $69,294 Off-Site Management 4% $848 $44,107 $55,435 Landscaping 0.49% $104 $5,400 $5,400 Trash 0.72% $153 $7,960 $7,960 On-Site Management (9404 Regent Street only) 0.54% $182 $6,000 $6,000 Miscellanous 0.47% $100 $5,200 $5,200

Total Estimated Expenses (Property taxes not included) $172,891 $198,379 *Note: Property Taxes not included in estmated expenses. Property taxes will be based on the purchase price.

Net Operating Income (NOI) $896,706 $1,145,924 *Note: Property Taxes not included. Property taxes will be based on the purchase price. Factor estimated property taxes into your analysis.


WESTSIDE PORTFOLIO

26

FINANCIAL SUMMARY 2455 Corinth Avenue, Los Angeles

2455 Corinth Avenue Financial Summary


1 1 Bed/1 Bath $1,800 $1,800 $2,195 $2,195 9 2 Bed/2 Bath $2,519 $22,670 $3,150 $28,350

Income Current MarketScheduled Gross Income $293,640 $366,540


Gross Operating Income (GOI): $294,840 $367,740 Vacancy Reserve: 3% ($8,845) ($11,032)

Effective Gross Income (EGI) $285,995 $356,708


*Taxes (Est. 1.25%) *Based on Purchase Price *Based on Purchase PriceInsurance 1.84% $550 $5,500 $5,500 Utilities 2.34% $700 $7,000 $7,000 Repairs/Maintenance 5% $1,493 $14,742 $18,387 Off-Site Management 4% $1,195 $11,794 $14,710 Landscaping 0.60% $180 $1,800 $1,800 Trash 0.94% $280 $2,800 $2,800 Miscellanous 0.33% $100 $1,000 $1,000


Net Operating Income (NOI) $241,359 $305,511 *Note: Property Taxes not included. Property taxes will be based on the purchase price. Factor estimated property taxes into your analysis.


WES

TSID

E PO

RTFO

LIO


FINANCIAL SUMMARY 9404 Regent Street. Los Angeles

9404 Regent Street Financial Summary


12 Studios $1,238 $14,858 $1,595 $19,140 18 1 Bed/1 Bath $1,580 $28,435 $1,895 $34,110 3 2 Bed/2 Bath $2,255 $6,764 $2,895 $8,685






*Taxes (Est. 1.25%) *Based on Purchase Price *Based on Purchase PriceInsurance 1.55% $278 $9,170 $9,170 Utilities 3.02% $540 $17,820 $17,820 Repairs/Maintenance 5% $894 $30,034 $37,161 Off-Site Management 4% $715 $24,027 $29,729 Landscaping 0.41% $73 $2,400 $2,400 Trash 0.44% $78 $2,580 $2,580 On-Site Management 1.02% $182 $6,000 $6,000 Miscellanous 0.56% $100 $3,300 $3,300




WESTSIDE PORTFOLIO

28

FINANCIAL SUMMARY 3706 Mentone Avenue, Los Angeles

3706 Mentone Avenue Financial Summary


2 Studios $1,264 $2,527 $1,595 $3,190 1 1 Bed/1 Bath $1,550 $1,550 $1,895 $1,895 1 2 Bed/1 Bath $1,787 $1,787 $2,695 $2,695 4 2 Bed/1.5 Bath $1,916 $7,664 $2,795 $11,180 1 3 Bed/2 Bath $3,135 $3,135 $3,350 $3,350






*Taxes (Est. 1.25%) *Based on Purchase Price *Based on Purchase PriceInsurance 2.09% $467 $4,200 $4,200 Utilities 2.68% $600 $5,400 $5,400 Repairs/Maintenance 5% $1,118 $9,998 $13,386 Off-Site Management 4% $894 $7,998 $10,709 Landscaping 0.60% $133 $1,200 $1,800 Trash 1.28% $287 $2,580 $2,580 Miscellanous 0.45% $100 $900 $900




WES

TSID

E PO

RTFO

LIO


PROPERTY DESCRIPTION Rent Rolls

Unit Type Rent Market

1 2+1 $1,786.84 $2,695.002 2+1.5 $1,786.84 $2,795.003 3+2 $3,135.00 $3,350.004 Single $1,227.36 $1,595.005 2+1.5 $1,786.84 $2,795.006 2+1.5 $2,330.00 $2,795.007 1+1 $1,550.00 $1,895.008 2+1.5 $1,760.00 $2,795.009 Single $1,300.00 $1,595.00

Total: $16,662.88 $22,310

Annual Rent: $199,955 $267,720


101 2+2 $2,530.00 $3,150.00 102 2+2 $2,530.00 $3,150.00 103 2+2 $2,530.00 $3,150.00 104 2+2 $2,430.00 $3,150.00 105 2+2 $2,530.00 $3,150.00 106 2+2 $2,630.00 $3,150.00 107 2+2 $2,530.00 $3,150.00 108 1+1 $1,800.00 $3,150.00 201 2+2 $2,430.00 $3,150.00 202 2+2 $2,530.00 $3,150.00

Total: $24,470.00 $31,500

Annual Rent: $293,640 $378,000

1


101 1+1 $1,533.84 $1,895.00102 1+1 $1,477.60 $1,895.00103 1+1 $1,700.00 $1,895.00104 1+1 $1,700.00 $1,895.00105 1+1 $1,568.29 $1,895.00106 1+1 $1,605.26 $1,895.00107 Single $1,259.19 $1,595.00108 Single $1,325.00 $1,595.00109 2+2 $2,162.00 $2,895.00110 Single $1,200.00 $1,595.00111 Single $1,259.18 $1,595.00201 1+1 $1,626.00 $1,895.00202 1+1 $1,682.51 $1,895.00203 1+1 $1,437.42 $1,895.00204 1+1 $1,335.57 $1,895.00205 1+1 $1,732.51 $1,895.00206 1+1 $1,630.00 $1,895.00207 Single $1,275.00 $1,595.00208 Single $1,234.00 $1,595.00209 2+2 $2,430.00 $2,895.00210 Single $1,300.00 $1,595.00211 Single $1,226.22 $1,595.00301 1+1 $1,580.00 $1,895.00302 1+1 $1,569.00 $1,895.00303 1+1 $1,486.34 $1,895.00304 1+1 $1,358.21 $1,895.00305 1+1 $1,682.51 $1,895.00306 1+1 $1,730.00 $1,895.00307 Single $1,300.00 $1,595.00308 Single $1,136.00 $1,595.00309 2+2 $2,172.00 $2,895.00310 Single $1,100.00 $1,595.00311 Single $1,243.26 $1,595.00

Total: $50,056.91 $61,935

Annual Rent: $600,683 $743,220

3706 MENTONE AVENUE

2455 CORINTH AVENUE 9404 REGENT STREETUnit Type Rent Market

1 2+1 $1,786.84 $2,695.002 2+1.5 $1,786.84 $2,795.003 3+2 $3,135.00 $3,350.004 Single $1,227.36 $1,595.005 2+1.5 $1,786.84 $2,795.006 2+1.5 $2,330.00 $2,795.007 1+1 $1,550.00 $1,895.008 2+1.5 $1,760.00 $2,795.009 Single $1,300.00 $1,595.00

Total: $16,662.88 $22,310

Annual Rent: $199,955 $267,720

WES

TSID

E PO

RTFO

LIO

MARKET OVERVIEW


WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Corinth Sale Comparables Summary

Address # of

Units

Year

Built

Sales

Price

Rentable

Sq. Ft.

Avg

SqFt/Unit

Price

/Unit

Price

/

Sq. Ft.

CAP R

ate

GRM

Close of

Escro

w

1 3353 Shelby Dr 16 1984 $6,737,000 17,252 1,078 $421,063 $391 2.34% NA 05/26/17Los Angeles, CA 90034

2 11369 Pearl St. 9 1989 $4,826,000 9,852 1,095 $536,222 $490 3.56% 17.29 03/14/17Los Angeles, CA 90064

3 11235 Richland Ave. 9 1987 $4,250,000 7,916 880 $472,222 $537 NA NA 10/27/17Los Angeles, CA 90064

4 3321 Keystone Ave. 9 1988 $3,946,000 7,850 872 $438,444 $503 3.72% 16.14 11/18/16Los Angeles, CA 90034

5 3726 Midale Ave. 7 1987 $2,830,000 6,355 908 $404,286 $445 2.86% 22.05 04/15/17Los Angeles, CA 90034

6 2642 S. Sepulveda Blvd. 7 1987 $2,535,000 5,698 814 $362,143 $445 4.20% 14.91 11/09/17Los Angeles, CA 90064

AVERAGES 10 1987 $4,187,333 9,154 941 $439,063 $468 3.34% 17.60

SUBJECT 10 1989 $4,500,000 9,624 962 $450,000 $468 4.45% 15.07


WESTSIDE PORTFOLIO

32

MARKET OVERVIEW Corinth Sale Comparables Detail

Sales Comparable #1 Sales Comparable #43353 Shelby Dr 3321 Keystone Ave.

Close of Escrow: 5/26/2017 Los Angeles, CA 90034 Close of Escrow: 11/18/2016 Los Angeles, CA 90034

Sales Price: $6,737,000 CAP Rate: 2.34% Sales Price: $3,946,000 CAP Rate: 3.72%

Rentable Sq. Ft.: 17,252 GRM: NA Rentable Sq. Ft.: 7,850 GRM: 16.14

Unit Mix: 8 (1+1) Price/Sq. Ft.: $391 Year Built: 1984 Unit Mix: 4 (1+1) Price/Sq. Ft.: $503 Year Built: 19884 (2+2) 5 (2+2)4 (3+2) Price/Unit: $421,063 Number of Units: 16 Price/Unit: $438,444 Number of Units: 9

Sales Comparable #2 Sales Comparable #511369 Pearl St. 3726 Midale Ave.



Rentable Sq. Ft.: 9,852 GRM: 17.29 Rentable Sq. Ft.: 6,355 GRM: 22.05

Unit Mix: 9 (2+2) Price/Sq. Ft.: $490 Year Built: 1989 Unit Mix: 4 (1+1) Price/Sq. Ft.: $445 Year Built: 19873 (2+2)

Price/Unit: $536,222 Number of Units: 9 Price/Unit: $404,286 Number of Units: 7

Sales Comparable #3 Sales Comparable #611235 Richland Ave. 2642 S. Sepulveda Blvd.


Sales Price: $4,250,000 CAP Rate: NA Sales Price: $2,535,000 CAP Rate: 4.20%


Unit Mix: 7 (2+2) Price/Sq. Ft.: $537 Year Built: 1987 Unit Mix: 6 (1+1) Price/Sq. Ft.: $445 Year Built: 19872 (3+2) 1 (2+2)



WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Corinth Rent Comparables Summary - 1 Bedroom

# Address City # of Units Year Built 1 Bedroom

1 1725 Purdue Ave. Los Angeles, CA 90025 20 1967 $2,150

2 2901 S. Sepulveda Blvd. Los Angeles, CA 90064 204 1973 $2,285

3 2820 Sawtelle Blvd. Los Angeles, CA 90064 66 2006 $2,195

4 12219 Ocean Park Blvd. Los Angeles, CA 90064 4 1941 $2,150

5 12301 W. Pico Blvd. Los Angeles, CA 90064 94 2014 $2,586

6 1920 Sawtelle Blvd. Los Angeles, CA 90025 41 1988 $2,395

AVERAGES 72 1982 $2,294

SUBJECT 10 1989 $1,800


WESTSIDE PORTFOLIO

34

MARKET OVERVIEW Corinth Rent Comparables Detail - 1 Bedroom

Rent Comparable #1 Rent Comparable #41725 Purdue Ave. 12219 Ocean Park Blvd.

Los Angeles, CA 90025 Los Angeles, CA 90064

# of Units: 20 Beds Baths Rent # of Units: 4 Beds Baths Rent

Year Built: 1967 1 1 2,150$ Year Built: 1941 1 1 2,150$

Rent Comparable #2 Rent Comparable #52901 S. Sepulveda Blvd. 12301 W. Pico Blvd.Los Angeles, CA 90064 Los Angeles, CA 90064



Rent Comparable #3 Rent Comparable #62820 Sawtelle Blvd. 1920 Sawtelle Blvd.





WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Corinth Rent Comparables Summary - 2 Bedroom

# Address City # of Units Year Built 2 Bedroom

1 2475 Corinth Ave. Los Angeles, CA 90064 33 1987 $2,695

2 12301 W. Pico Blvd. Los Angeles, CA 90064 94 2014 $3,266-$3,462

3 2669 S. Barrington Ave. Los Angeles, CA 90064 22 1990 $2,995

4 2433 Barry Ave. Los Angeles, CA 90064 26 1985 $2,845

5 3165 Sawtelle Blvd. Los Angeles, CA 90066 35 1999 $3,514-$3,702

6 2310 S. Bentley Ave. Los Angeles, CA 90064 5 1958 $2,995

AVERAGES 36 1989 $3,084

SUBJECT 10 1989 $2,554


WESTSIDE PORTFOLIO

36

MARKET OVERVIEW Corinth Rent Comparables Detail - 2 Bedroom

Rent Comparable #1 Rent Comparable #42475 Corinth Ave. 2433 Barry Ave.




Rent Comparable #2 Rent Comparable #512301 W. Pico Blvd. 3165 Sawtelle Blvd.



Year Built: 2014 2 2 $3,266-$3,462 Year Built: 1999 2 2 $3,514-$3,702

Rent Comparable #3 Rent Comparable #62669 S. Barrington Ave. 2310 S. Bentley Ave.Los Angeles, CA 90064 Los Angeles, CA 90064




WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Regent Sale Comparables Summary

Address # of

Units

Year

Built

Sales

Price

Rentable

Sq. Ft.

Avg

SqFt/

Unit

Price

/Unit

Price

/

Sq. Ft.

CAP R

ate*

GRM

Close of

Escro

w

1 3200 Bagley Ave. 10 1966 $3,829,000 8,716 872 $382,900 $439 3.77% 15.90 08/08/17Los Angeles, CA 90034

2 10877 Rose Ave. 9 1969 $3,150,000 10,137 1,126 $350,000 $311 3.50% NA 04/27/17Los Angeles, CA 90034

3 3652 Clarington Ave. 5 1965 $1,900,000 4,264 853 $380,000 $446 NA NA 12/06/17Los Angeles, CA 90034

4 10603‐10609 Palms Blvd. 5 1963 $2,680,000 4,860 972 $536,000 $551 3.67% NA 03/31/17Los Angeles, CA 90034


6 3667 Keystone Ave. 6 1963 $2,200,000 5,440 907 $366,667 $404 NA NA 07/28/17Los Angeles, CA 90034

AVERAGES 7 1965 $2,718,167 6,471 901 $389,053 $437 3.75% 15.36

SUBJECT 33 1971 $10,000,000 22,776 690 $303,030 $439 3.65% 16.48


WESTSIDE PORTFOLIO

38

MARKET OVERVIEW Regent Sale Comparables Detail

Sales Comparable #1 Sales Comparable #43200 Bagley Ave. 10603-10609 Palms Blvd.



Rentable Sq. Ft.: 8,716 GRM: 15.90 Rentable Sq. Ft.: 4,860 GRM: NA

Unit Mix: 6 (1+1) Price/Sq. Ft.: $439 Year Built: 1966 Unit Mix: 4 (2+1.5) Price/Sq. Ft.: $551 Year Built: 19634 (2+2) 1 (3+1)


Sales Comparable #2 Sales Comparable #510877 Rose Ave. 3615 Bagley Ave.




Unit Mix: 4 (1+1) Price/Sq. Ft.: $311 Year Built: 1969 Unit Mix: 1 (0+1) Price/Sq. Ft.: $471 Year Built: 19654 (2+2) 2 (1+1)1 (3+2) Price/Unit: $350,000 Number of Units: 9 2 (2+1) Price/Unit: $318,750 Number of Units: 8

3 (3+2)

Sales Comparable #3 Sales Comparable #63652 Clarington Ave. 3667 Keystone Ave.


Sales Price: $1,900,000 CAP Rate: NA Sales Price: $2,200,000 CAP Rate: NA

Rentable Sq. Ft.: 4,264 GRM: NA Rentable Sq. Ft.: 5,440 GRM: NA


Price/Unit: $380,000 Number of Units: 5 3 (3+2) Price/Unit: $366,667 Number of Units: 6


WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Regent Rent Comparables Summary - Singles

# Address City # of Units Year Built Single

1 3742 Motor Ave. Los Angeles, CA 90034 25 1941 $1,695

2 3324 Castle Heights Ave. Los Angeles, CA 90034 120 1986 $2,290-$2,840

3 10874 Rose Ave. Los Angeles, CA 90034 10 1967 $1,575

4 3745 Glendon Ave. Los Angeles, CA 90034 42 1986 $1,595


6 3325 S. Canfield Ave. Los Angeles, CA 90034 28 2006 $1,735-$2,250

AVERAGES 57 1975 $1,845

SUBJECT 33 1971 $1,238


WESTSIDE PORTFOLIO

40

MARKET OVERVIEW Regent Rent Comparables Detail - Singles

Rent Comparable #1 Rent Comparable #43742 Motor Ave. 3745 Glendon Ave.




Rent Comparable #2 Rent Comparable #53324 Castle Heights Ave. 10751 Rose Ave.



Year Built: 1986 0 1 $2,290-$2,840 Year Built: 1962 0 1 1,650$

Rent Comparable #3 Rent Comparable #610874 Rose Ave. 3325 S. Canfield Ave.



Year Built: 1967 0 1 1,575$ Year Built: 2006 0 1 $1,735-$2,250


WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Regent Rent Comparables Summary - 1 Bedroom

# Address City # of Units Year Built One Bedroom

1 10001 Venice Blvd. Los Angeles, CA 90034 115 2006 $2,730-$2,879

2 3768 Bagley Ave. Los Angeles, CA 90034 17 1987 $2,295




6 3432 Keystone Ave. Los Angeles, CA 90034 10 1958 $2,000

AVERAGES 62 1979 $2,420

SUBJECT 33 1971 $1,580


WESTSIDE PORTFOLIO

42

MARKET OVERVIEW Regent Rent Comparables Detail - 1 Bedroom

Rent Comparable #1 Rent Comparable #410001 Venice Blvd. 10800 Rose Ave.




Rent Comparable #2 Rent Comparable #53768 Bagley Ave. 10853 Rose Ave.




Rent Comparable #3 Rent Comparable #63324 Castle Heights Ave. 3432 Keystone Ave.





WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Regent Rent Comparables Summary - 2 Bedroom

# Address City # of Units Year Built Two Bedroom


2 3665 Hughes Ave. Los Angeles, CA 90034 64 1988 $3,095





AVERAGES 77 1980 $3,155

SUBJECT 33 1971 $2,255


WESTSIDE PORTFOLIO

44

MARKET OVERVIEW Regent Rent Comparables Detail - 2 Bedroom





Rent Comparable #2 Rent Comparable #53665 Hughes Ave. 10705 Rose Ave.









WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Mentone Sale Comparables Summary

Address # of

Units

Year

Built

Sales

Price

Rentable

Sq. Ft.

Avg

SqFt/Unit

Price

/Unit

Price

/

Sq. Ft.

CAP R

ate*

GRM

Close of

Escro

w


2 10877 Rose Ave. 9 1969 $3,150,000 10,137 1,126 $350,000 $311 3.50% NA 04/27/17Los Angeles, CA 90034

3 3652 Clarington Ave. 5 1965 $1,900,000 4,264 853 $380,000 $446 NA NA 12/06/17Los Angeles, CA 90034

4 10603‐10609 Palms Blvd. 5 1963 $2,680,000 4,860 972 $536,000 $551 3.67% NA 03/31/17Los Angeles, CA 90034


6 3667 Keystone Ave. 6 1963 $2,200,000 5,440 907 $366,667 $404 NA NA 07/28/17Los Angeles, CA 90034

AVERAGES 7 1965 $2,718,167 6,471 901 $389,053 $437 3.75% 15.36

SUBJECT 33 1971 $10,000,000 22,776 690 $303,030 $439 3.65% 16.48


WESTSIDE PORTFOLIO

46

MARKET OVERVIEW Mentone Sale Comparables Detail

Sales Comparable #1 Sales Comparable #43200 Bagley Ave. 10603-10609 Palms Blvd.



Rentable Sq. Ft.: 8,716 GRM: 15.90 Rentable Sq. Ft.: 4,860 GRM: NA

Unit Mix: 6 (1+1) Price/Sq. Ft.: $439 Year Built: 1966 Unit Mix: 4 (2+1.5) Price/Sq. Ft.: $551 Year Built: 19634 (2+2) 1 (3+1)


Sales Comparable #2 Sales Comparable #510877 Rose Ave. 3615 Bagley Ave.




Unit Mix: 4 (1+1) Price/Sq. Ft.: $311 Year Built: 1969 Unit Mix: 1 (0+1) Price/Sq. Ft.: $471 Year Built: 19654 (2+2) 2 (1+1)1 (3+2) Price/Unit: $350,000 Number of Units: 9 2 (2+1) Price/Unit: $318,750 Number of Units: 8

3 (3+2)

Sales Comparable #3 Sales Comparable #63652 Clarington Ave. 3667 Keystone Ave.


Sales Price: $1,900,000 CAP Rate: NA Sales Price: $2,200,000 CAP Rate: NA

Rentable Sq. Ft.: 4,264 GRM: NA Rentable Sq. Ft.: 5,440 GRM: NA


Price/Unit: $380,000 Number of Units: 5 3 (3+2) Price/Unit: $366,667 Number of Units: 6


WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Mentone Rent Comparables Summary - Singles

# Address City # of Units Year Built Single

1 3742 Motor Ave. Los Angeles, CA 90034 25 1941 $1,695



4 3745 Glendon Ave. Los Angeles, CA 90034 42 1986 $1,595


6 3325 S. Canfield Ave. Los Angeles, CA 90034 28 2006 $1,735-$2,250

AVERAGES 57 1975 $1,845

SUBJECT 9 1971 $1,264


WESTSIDE PORTFOLIO

48

MARKET OVERVIEW Mentone Rent Comparables Detail - Singles

Rent Comparable #1 Rent Comparable #43742 Motor Ave. 3745 Glendon Ave.








Rent Comparable #3 Rent Comparable #610874 Rose Ave. 3325 S. Canfield Ave.



Year Built: 1967 0 1 1,575$ Year Built: 2006 0 1 $1,735-$2,250


WES

TSID

E PO

RTFO

LIO


MARKET OVERVIEW Mentone Rent Comparables Summary - 1 Bedroom

# Address City # of Units Year Built One Bedroom


2 3768 Bagley Ave. Los Angeles, CA 90034 17 1987 $2,295




6 3432 Keystone Ave. Los Angeles, CA 90034 10 1958 $2,000

AVERAGES 62 1979 $2,420

SUBJECT 9 1971 $1,550


WESTSIDE PORTFOLIO

50

MARKET OVERVIEW Mentone Rent Comparables Detail - 1 Bedroom





Rent Comparable #2 Rent Comparable #53768 Bagley Ave. 10853 Rose Ave.




Rent Comparable #3 Rent Comparable #6Los Angeles, CA 90034 3432 Keystone Ave.Los Angeles, CA 90034 Los Angeles, CA 90034




WES

TSID

E PO

RTFO

LIO



# Address City # of Units Year Built Two Bedroom


2 3665 Hughes Ave. Los Angeles, CA 90034 64 1988 $3,095





AVERAGES 77 1980 $3,155

SUBJECT 9 1971 $1,890


WESTSIDE PORTFOLIO

52






Rent Comparable #2 Rent Comparable #53665 Hughes Ave. 10705 Rose Ave.









WES

TSID

E PO

RTFO

LIO



# Address City # of Units Year Built Three Bedroom

1 3325 S. Canfield Ave. Los Angeles, CA 90034 28 2006 $3,585

2 3737 S. Bentley Ave. Los Angeles, CA 90034 25 2018 $4,000-$4,300

AVERAGES 27 2012 $3,868

SUBJECT 9 1971 $3,135


WESTSIDE PORTFOLIO

54


Rent Comparable #110001 Venice Blvd.

Los Angeles, CA 90034

# of Units: 115 Beds Baths Rent

Year Built: 2006 2 2 $3,600-$3,644

Rent Comparable #23665 Hughes Ave.

Los Angeles, CA 90034

# of Units: 64 Beds Baths Rent

Year Built: 1988 2 2 3,095$

WES

TSID

E PO

RTFO

LIO

BROKER RESUME


WESTSIDE PORTFOLIO

56

ABOUT LEE Broker Resume

Specialty / Expertise

Ryan O’Connor is an Associate of Lee & Associates-LA North/Ventura and its multifamily specialty group, Berzack Investment Property Advisors, with a broad-based background in real estate, property management and property tax assessment.

He has worked extensively with property owners and financial institutions evaluating and preparing properties for sale and representing buyers and sellers in the acquisition and disposition of multifamily and retail assets.

Mr. O’Connor’s expertise also includes assisting property owners to reduce property taxes by analyzing assets including income generation, researching comparable properties and filing appeals with the County Assessor. He is also familiar with all aspects of unlawful detainer/abandonment cases.

Representative Investment Sales (Partial List)

• 80-UnitMultifamily;2156-2196KendallDr.,SanBernardino,CA;$10,250,000 • 14-UnitMultifamily;4309DixieCanyonAve.,ShermanOaks,CA;$6,150,000

• 28-UnitMultifamily;6611WoodleyAve.,VanNuys,CA;$4,575,000 • 12-UnitMultifamily;2504,2508,2510PacificAve.,Venice,CA;$3,930,000

• 9-UnitMultifamily;11558SylvanSt.,NorthHollywood,CA;$1,580,000 • 15,620-SFRetail;100ChinaGradeLoop,Bakersfield;CA;$4,100,000

• 5,165-SFRetail;21980N83rdAve.,Peoria,AZ;$2,735,000 • 1,974-SFRetail;1365WOliveAve.,Fresno,CA;$2,200,000

Career History / Professional Recognition

Mr.O’ConnorwashonoredasAssociateoftheYearin2016forhisoutstandingperformance.HejoinedLee&Associatesasasalesassistantandwaselevatedtoassociatestatusafter

lessthanayear.HepreviouslyworkedforJamisonServices,Inc.,aprominentrealestateinvestmentfirmwithaportfolioinexcessof150properties.Earlierinhiscareer,Mr.O’Connor

served with Assessment Appeal Advisors LLC-Commercial Realty Consultants.

Associations / Education

• B.A.,UniversityofSouthernCaliforniaCollegeofLettersArtsandScienceswherehisacademicachievementsincludedmembershipintheUSCChapterofSigmaAlphaLambda’sHonor’sSocietyandDean’sListrecognition.

• CaliforniaBureauofRealEstateSalespersonLicense

RYAN O’CONNORLee & Associates-LA North/Ventura, Inc.CorporateID#01191898;LicenseID#01931969A Member of the Lee & Associates Group of Companies15250VenturaBlvd.Ste.100ShermanOaks,CA91403d:818.444.4965lc:805.341.1273lf:818.385.4365E-mail:[email protected]

THREE PROPERTY 52 UNIT MULTI-HOUSING PORTFOLIO IN … · - LA North/Ventura, Inc. • Corporate ID...

Documents

Transcript of THREE PROPERTY 52 UNIT MULTI-HOUSING PORTFOLIO IN … · - LA North/Ventura, Inc. • Corporate ID...