10 Units in Mar Vista, West of Centinela NO RENT...
Transcript of 10 Units in Mar Vista, West of Centinela NO RENT...
10 Units in Mar Vista, West of Centinela
NO RENT CONTROL
More than 100% upside in rents!
All 2+1 units; covered parking
Culver City & Marina del Rey adjacent
Short walk to quiet neighborhood park and popular restaurants
One mile from Marina Arts District – restaurants, retail, dine-in theater
Culver City zoning: CCR3A*
4101 Wade Street Los Angeles, 90066
MARKETING PRESENTATION
Prosser Stevens Real Estate Investments [email protected] (310) 482-2209
www.ProsserStevens.com
CONTENTS
PROPERTY INFORMATION
Summary
Neighborhood Information
Parcel Orientation
Financial Overview
Rent Roll
COMPARABLES
On Market & Sold Comparables
On Market & Sold Comparables Map
Rent Comparables & Map
CONTACT
Mike Matthias BRE#01489863 Prosser Stevens Real Estate Investments [email protected] 310-482-2185 office 310-861-1175 fax www.ProsserStevens.com
DESCRIPTION
Units 10 Square Footage 7,996’
Intersection W. Washington Blvd. Lot Size 15,807’
Market Culver City Zoning Type CCR3A*
Parcel 4231-028-014 Year Built 1953
Property Prosser Stevens Real Estate Investments proudly presents a confidential proposal for ten units on Wade Street. Built in 1953, this multifamily investment features (10) 2+1 apartments. The non-rent controlled property offers an investor more than 100% upside in rents. There are approximately (10) covered parking spaces and (4) open parking spaces.
Area Located south of Washington Blvd. and west of Centinela Ave. The subject property is a short walk from a quiet neighborhood park and just one mile from the Marina Arts District, which features a dine-in movie theater, a variety of retail and restaurants.
HIGHLIGHTS
NEIGHBORHOOD INFORMATION
4101 Wade Street is less than a block from a quiet park and walking distance to popular restaurants including Pitfire Artisan Pizza, A-Frame LA and Röckenwagner Bakery. The new Marina Arts District is one mile from the property and features a variety of restaurants and retail as well as a dine-in movie theater. Venice Pier and the beach are 2.5 miles from the property.
FINANCIAL ANALYSIS
RENT ROLL
ON MARKET & SOLD COMPARABLES
SUBJECT PROPERTY: 4101 Wade Street, 90066 Evaluation: 5/1/2015 Year Built: 1953 Unit Mix: (10) 2+1 No rent control, more than 100% upside
PRESENTED UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$3,200,000 10 7,996 $400 $320,000 1.43% 27.72
3429 Caroline Avenue, 90232 Listed: 3/17/2015 Year Built: 1955 Unit Mix: (6) 2+1 No rent control, 35% upside, prime location adjacent to Helms Bakery
IN ESCROW UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,725,000 6 4,032 $427 $287,500 3.92% 16.81
12810 Caswell Avenue, 90066 Listed: 3/30/2015 Year Built: 1989 Unit Mix: (10) 1+1, (3) Singles No rent control, large units, great Mar Vista location, gated parking
ON MARKET UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$4,750,000 13 11,431 $415 $365,385 3.01% 18.95
4402 S Centinela Avenue, 90066 Listed: 5/5/2015 Year Built: 1955 Unit Mix: (6) 1+1 On market 43 days; completely renovated, short-term rentals, all 1+1, $2,800 per month
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,950,000 6 2,850 $684 $325,000 15.6
12025 Pacific Avenue, 90066 Sold: 3/19/15 Year Built: 1953 Unit Mix: (1) 2+1, (4) 1+1 On market for 171 days; list price was $1,690,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP
$1,545,000 5 3,379 $455 $308,000 5.60%
SOLD COMPARABLES
3974 Moore Street, 90066 Sold: 5/9/14 Year Built: 1987 Unit Mix: (16) 2+1 On market for 89 days; list price was $5,850,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$5,775,000 16 14,809 $389 $360,000 4.30% 15.4
3900 Moore Street, 90066 Sold: 5/23/14 Year Built: 1989 Unit Mix: (6) 2+2 On market for 33 days; list price was $2,025,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,934,000 6 5,084 $380 $322,000 3.40% 16.85
3130 S. Barrington Avenue, 90066 Sold: 8/29/14 Year Built: 1953 Unit Mix: (5) 2+1, (7) 1+1 On market for 99 days; list price was $3,400,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$3,400,000 12 9,934 $342 $283,000 4% 14.82
3138 S. Barrington Avenue, 90066 Sold: 3/27/15 Year Built: 1953 Unit Mix: (5) 2+1, (7) 1+1 Off-market transaction
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$3,350,000 12 9,934 $342 $283,000 4.18% 14.60
ON MARKET & SOLD COMPARABLES MAP
3138 S Barrington Ave
12810 Caswell Ave
3900 Moore St
RENT COMPARABLES
3974 Moore Street, 90066
RENT BED BATH
$2,195 2 1
12052 Sylvester Street, 90066
RENT BED BATH
$2,100 2 1
12600 Braddock Drive, 90230
RENT BED BATH
$2,070 2 1
12546 Pacific Avenue, 90066
RENT BED BATH
$1,950 2 1
CONTACT
Mike Matthias
BRE#01489863
310-482-2185 office
310-861-1175 fax
Prosser Stevens Real Estate Investments
www.ProsserStevens.com