1422 Tamarind Ave Hollywood, CA 90028 · 1422 Tamarind Ave, is located in the booming, culturally...
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Offering Memorandum 1422 Tamarind Ave Hollywood, CA 90028
Transcript of 1422 Tamarind Ave Hollywood, CA 90028 · 1422 Tamarind Ave, is located in the booming, culturally...
Offering Memorandum
1422 Tamarind AveHollywood, CA 90028
LOCATION OVERVIEW
Neighborhood OverviewHollywood DevelopmentsProperty Location
PROPERTY SUMMARY
Property Details Property HighlightsPhotography
FINANCIALS
Rent CompsRent RollFinancial OverviewSales CompsLoan Quote
1422 Tamarind AveHollywood, CA 90028
HOLLYWOOD, CALIFORNIA:
1422 Tamarind Ave, is located in the booming, culturally rich neighborhood of
Hollywood. The recent revitalization of Hollywood, long in the making, is now in
full swing. Major entertainment and tech companies like Netflix & Viacom are now
embracing the neighborhood. Just in the past 12 months, more than 7,500 new jobs
were created in Hollywood.
Hollywood is one of those neighborhoods that needs no introduction, synonymous as
it is with the city of Los Angeles itself. Because of its history and famous sites like the
Hollywood Walk of Fame, it has always attracted hordes of tourists, but now it has
become the epicenter of new Class A office campuses in Los Angeles. Developers are
creating millions of sq. ft. of Class A office space and thousands of new luxury rental
units. Old Hollywood is stepping in too, with Paramount Pictures recently winning
approval for a 1.4 million-square-foot studio expansion. Companies specializing in
streaming media and virtual reality are now flocking towards Hollywood.
Hollywood is also one of the most populated areas for schools, with a wide range of
colleges and specialized programs like AMDA (American Musical & Dramatic Academy),
Emerson College, the Musicians Institute, and AFI, situating themselves in Hollywood. In
the past two years there has been a spike in the number of college students relocating
to Hollywood.
New restaurants and hotels are also setting up shop in Hollywood in response to the
growing tech & entertainment boom such as TAO, The Dream Hotel, and Beauty & Essex.
An astonishing number of additional apartments like The ICON building & The Lombardi
will be built over the next decade. There is much more activity in Hollywood, reminding
everyone that the evolving industry has returned to its roots. The future of what will be is
brighter than ever.
DEVELOPMENTS:
Sunset Bronson Studios - 5800 Sunset Blvd Los Angeles, CA 90028
- 200,000 square feet of office space. Main Tenant: Netflix
Columbia Square - 6121 Sunset Blvd Los Angeles, CA 90028
- 420 million office, residential & retail mixed use complex. Main tenants:
VIACOM (MTV, BET, Comedy Central) (10,000 employees), Fender (2000+
employees
Siren Studios - 6087 Sunset Blvd Los Angeles, CA 90028
- Plans to replace existing 70,000 sq. ft of office space with up to 350,000 sq. ft.
of live/work space
“Epic” - 5901 Sunset Blvd Los Angeles, CA 90028
- (under construction) - 15 stories, 300,000 square feet of office space
Sunset Gower Studios - 6050 W. Sunset Blvd Los Angeles, CA 90028
- (under construction) - Additional 628,000 square feet of production space
“The Lombardi” 1717 Bronson Ave Los Angeles, CA 90028
- (construction to begin early 2018) - 89 unit, luxury rental apartment complex
ICON Building - 5800 Sunset Blvd, Los Angeles, CA 90028
- (construction to begin early 2018) - 89 unit, luxury rental apartment complex
A Neighborhood That Needs No Introduction
Studio City
ValleyVillage
TolucaLake
Hollywood
Fairfax
Beverly Grove
West Hollywood
Little Armenia
Hollywood Hills
Sunset Strip
Beverly Hills
Lake Hollywood
Hollywood Sign
Los Angeles Zoo
Universal City
Griffith ObservatoryGreek Theatre
Hollywood Bowl
Runyon Canyon
Los Feliz
1422 Tamarind Ave
Warner BrothersStudio
Paramount Pictures Studio
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1345
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Santa Monica Boulevard N Virg
il Aven
ue
N W
estern A
venue
N W
ilton P
lace
La C
ieneg
a B
oulevard
Hollywood Boulevard
Lankershim Boulevard
Laurel C
anyon B
oulevard
W O
live
Avenu
e
W Alameda AvenueW Alameda Avenue
Los Feliz Boulevard
Beverly Boulevard
Melrose Avenue
Fountain Avenue
Sunset Boulevard
Location Overview
Conservatively 31% upside in rents
Heart of Hollywood location, south of Sunset and just east of Gower
Minutes from Hollywood & Vine, Metro Stations, and the 101 Freeway
Units average 835 sq. ft.
20 parking spaces
Ground floor units have large enclosed patios
Property Summary
PROPERTY DESCRIPTION
1422 Tamarind Ave, this 17-unit apartment community is located just South of Sunset Blvd, in the neighborhood of Hollywood. Walking distance to a myriad of coffee shops, restaurants, theaters, and colleges. Walking proximity to over 1m square feet of brand new office space. Directly across from Sunset Gower Studios. The property features 14,244 square feet of rentable area, situated on a large 12,999 square foot lot zoned LAR4. This 17 unit building is comprised of (4) two- bedroom, two-bathroom units, (12) one-bedroom, one- bathroom units, and (1) studio unit. The building has been well maintained and includes a beautifully landscaped central courtyard. Approximately 20 parking spots included in the property.
PROPERTY DETAILS
17Units
Sunset Boulevard & Fountain Ave Major Intersection
Hollywood
Market
5545-015-050 APN
LAR4Zoning Type
14,244 Sq FtBuilding Sq Ft
12,999 Sq FtLot Size Sq Ft
Financials
Hollywood Rental Price Average $3,077
According to research provided by Zillow, the average Hollywood rental price is $3,077, a 28% increase compared to 2015, when the average rent was $2,400. Rents are likely to continue to increase as the revitalization of Hollywood now in full swing. In just the past 12 months, more than 7,500 new jobs were created in Hollywood.
Financial Overview $5,065,000
Financials
CurrentCurrentCurrentCurrent MarketMarketMarketMarket Move-inMove-inMove-inMove-in
Unit #Unit #Unit #Unit # Unit TypeUnit TypeUnit TypeUnit Type RentRentRentRent RentRentRentRent DateDateDateDate
1 1 + 1 $1,750 $1,950 10/1/2018
2 1 + 1 $1,114 $1,950 1/1/2011
3 1 + 1 $1,500 $1,950 5/12/2014
4 2 + 2 $2,400 $2,650 4/15/2017
5 2 + 2 $1,966 $2,650 9/23/2013
6 1 + 1 $1,950$1,950$1,950$1,950 $1,950
7 1 + 1 $842 $1,950 1/1/1989
8 1 + 1 $1,750 $1,950 3/20/2018
9 1 + 1 $842 $1,950 7/1/1991
10 1 + 1 $1,700 $1,950 10/9/2017
11 1 + 1 $1,420 $1,950 4/16/2013
12 2 + 2 $2,200 $2,650 10/1/2017
14 1 + 1 $1,750 $1,950 10/1/2018
15 1 + 1 $1,550 $1,950 9/30/2016
16 1 + 1 $1,650 $1,950 11/11/2016
17 Single $859 $1,695 3/15/2006
18 2 + 2 $2,300 $2,650 3/12/2018
Storage #1 N/A $300 $300 4/28/2016
Storage #2 N/A $200 $200 3/29/2013
Laundry $170 $170
MONTHLY TOTAL:MONTHLY TOTAL:MONTHLY TOTAL:MONTHLY TOTAL: $28,213$28,213$28,213$28,213 $36,365$36,365$36,365$36,365
ANNUAL TOTAL:ANNUAL TOTAL:ANNUAL TOTAL:ANNUAL TOTAL: $338,556$338,556$338,556$338,556 $436,380$436,380$436,380$436,380
Property Photo
Address 3317 Barham BoulevardLos Angeles, CA 90068
3387 Barham BoulevardLos Angeles, CA 90068
3600 Barham BoulevardLos Angeles, CA 90068
6736 Hillpark DriveLos Angeles, CA 90068
2700 Cahuenga BoulevardLos Angeles, CA 90068
3055 Hollycrest DriveLos Angeles, CA 90068
$2,050-$2,500 $2,500 $2,185 $2,500$2,900 $2,000
Subject property
Renovated unit with 1 parking space, deck, new appliances and
washer/dryer
Renovated apartment with stainless steel
appliances, and washer/dryer
Large renovated unit with den and 1 parking space
Renovated top floor unit with vaulted ceilings
and exposed wood beams. One covered
garage parking space
Updated unit with hardwood floors,
arched doorways, unique built-ins.
1+1 1+1 1+1 1+1 1+1 1+1
Rent
Unit Type
Notes
Comparables – Rental Comps
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1422 Taramind Avenue
Tamarind Avenue — Rentals
1439 Tamarind Avenue
1455 North Bronson Avenue
1523 Gordon Street
5812 Virginia Avenue
6556 La Mirada Avenue
1757 North Kingsley Drive
1317 North Bronson Avenue
6128 Carlos Avenue
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Comparables – Sales Comps
Property Photo Address
1422 Tamarind Ave Hollywood, CA 90028
$5,065,000 17 $356 $362,500$362,500 1948 (4) 1+1—
Sale Price COE Date # of Units Price Per Foot Building Sq Ft Price/Unit Year Built Unit Mix
1163 N Kingsley DrLos Angeles, CA 90029
$3,171,950 7 $462 $362,5006,867 1948 (4) 1+16/16/17
2062 Argyle AveLos Angeles, CA 90068
$2,950,000 7 $519 $362,5005,686 1948 (4) 1+111/9/17
2136 N Beachwood Dr Los Angeles, CA 90068
$3,055,714 8 $503 $362,5006,071 1948 (4) 1+16/2/17
3317 Barham BoulevardLos Angeles, CA 90068
$3,825,000 11 $373 $362,50010,224 1948 (4) 1+15/5/17
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51422 Taramind Avenue
Tamarind Avenue — Solds
1163 North Kingsley Avenue
2062 Argyle Avenue
6241 Afton Place
2136 North Beachwood Drive
5645 Fernwood Avenue1
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Financials
Loan Quote
For more information, please contact:
Kenny [email protected] 01090251
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number DRE 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
