1801 SOUTH HIGHLAND AVENUE - LoopNet · 1801 South highland avenue loS angeleS, Ca 90019 investment...
Transcript of 1801 SOUTH HIGHLAND AVENUE - LoopNet · 1801 South highland avenue loS angeleS, Ca 90019 investment...
1801 SOUTH HIGHLAND AVENUELOS ANGELES, CA 90019
Real Estate Investment Sales t Financing t Research t Advisory Services
L O S A N G E L E S C O U N T Y M U L T I F A M I L Y
Confidentiality and disClaimer
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
All potential buyers must take appropriate measures to verify all of the information set forth herein.
NON-ENDORSEMENT NOTICE
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorse by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said cor-poration of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant
lessee information about this listing to prospective customers.
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
EXCLUSIVELY LISTED:
Offices Throughout the U.S and Canada
www.MarcusMillichap.com
Real Estate Investment Sales t Financing t Research t Advisory Services
Rick E. RaymundoSenior Managing Director Investments
Senior Director, National Multi Housing Group
515 South Flower Street Suite 500Los Angeles, CA 90071(213) 943-1855 Direct
(213) 943-1961 Fax(818) 219-6146 Mobile
Andres DiazAssociate Member
National Multi Housing Group
515 South Flower Street Suite 500Los Angeles, CA 90071(213) 943-1833 Direct
(213) 943-1961 Fax(323) 376-2469 Mobile
L O S A N G E L E S C O U N T Y M U L T I F A M I L Y
table of Contents
SECTION 1 INVESTMENT OVERVIEW
SECTION 2 PRICING AND FINANCIAL ANALYSIS
SECTION 3 PROPERTY DESCRIPTION
SECTION 4 RECENT SALES
SECTION 5 RENT COMPARABLES
SECTION 6 DEMOGRAPHIC ANALYSIS
INVESTMENT OVERVIEW
The OfferingMarcus & Millichap, as the exclusive listing agent, is pleased to offer for sale a five-unit apartment property at 1801 South Highland Avenue in the highly sought-after Mid-City district of Los Angeles, CA . The property boasts a diverse unit mix of 1 one-bedroom/one-bathroom unit, 2 two-bedroom/one-bathroom units, 1 three-bedroom/one-bathroom unit, and 1 four-bedroom/two-bathroom unit, all within a 5,174 square foot building situated on a corner lot. Within the past year, the property has been extensively upgraded throughout. Exterior and common area improvements include new landscaping, new exterior paint, and new light fixtures.
Select individual units were repositioned via high-end amenities such as in-unit washer/dryers, new kitchen cabinets with quartz countertops and glass backsplashes, new stainless steel appliances, new ceramic tile and wood laminate flooring, and new drywall with updated paint. Improving both energy efficiency and general tenant comfort are the new double pane windows, new energy efficient light fixtures, upgraded plumbing fixtures and pipes, and new copper wiring.
These rehabbed units not only allow for an immediate increase in income, but also provide a blueprint for a future owner to apply to the remaining units in an attempt to add value to the property. Offering a potential additional income stream, the building features garage parking for two vehicles with possible room for two to three more vehicles in open spaces.
Situated in the desirable Mid City neighborhood of Los Angeles, a submarket experiencing tremendous growth and revitalization, several of the neighboring buildings having recently been remodeled. Midtown Crossing, a 330,000 square foot urban retail center that was completed by CIM Group in 2012 is within walking distance of the property, providing tenants with excellent new dining, retail, and fitness opportunities. An astute investor will be able to replicate and implement a thorough interior renovation program similar to other units in the building in order to take advantage of the approximately 22 percent upside in rental income.
1801 South highland avenueloS angeleS, Ca 90019
investment HigHligHts
Great Unit Mix – Almost Entirely Four-, Three-, and Two-Bedroom Units
Spacious Units – Approximately 5,174 Rentable Square Feet (Per Assessor’s Records) Spread Over Five Units
Select Units Feature In-Unit Washer/Dryers, New Quartz Countertops, New Kitchen Cabinets, New Flooring
Strong Mid-City Location – Just South of Miracle Mile, Pico-Robertson
Offered at an Attractive 4.50 Percent CAP Rate and 14.98 GRM Based on Current Income
Approximately 22 Percent Upside in Rents
New Exterior Paint, New Landscaping, Partial Copper Plumbing
Separately Metered for Gas & Electricity
Walk Score of 88: Walking Distance to Midtown Crossing
investment overview
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
1801 soutH HigHland avenuelos angeles, Ca 90019
$1,920,000 $384,000 $371.09PRICE PRICE PER UNIT PRICE PER SQUARE FOOT
4.50% 14.98CURRENT CAP RATE CURRENT GRM
5 1928 5,174 6,244UNITS YEAR BUILT RENTABLE SF LOT SIZE
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
VITAL DATA
CAP Rate – Current 4.50%
GIM – Current 14.98
Net Operating Income – Current $86,448
Total Return – Current 5.78% / $40,503
CAP Rate – Pro Forma 6.12%
GIM – Pro Forma 11.89
Net Operating Income – Pro Forma $117,570
Total Return – Pro Forma 10.22% / $71,625
THE OFFERING
Property Address1801 South Highland Avenue
Los Angeles, CA 90019
Price $1,920,000
Down Payment 37% / $700,800
Price/Unit $384,000
Price/SF $371.09
Number of Units 5
Rentable Square Feet 5,174
Number of Buildings 1
Number of Stories 2
Year Built 1928
Lot Size 6,244
Offering Summary
DEMOGRAPHICS
1-Mile 3-Miles 5-Miles
2014 Total Population 52,033 414,509 1,233,160
2019 Total Population 52,347 418,479 1,243,195
2014 Total Households 18,635 163,738 490,542
2019 Total Households
18,850 166,301 498,697
Median Household Income $39,363 $42,132 $39,034
Per Capital Income(Based on total Population) $21,383 $28,438 $27,452
Average (Mean) Household Income $58,988 $71,489 $68,064
MAJOR EMPLOYERS
Company Local Employees
Southern California / Hawa Regulator 13,116
U S C 8,434
Team One 5,000
Mental Health California Department 4,000
Paramount Pictures 3,511
Sony Pictures Entertainment 3,500
Project Boat Holdings LLC 3,174
Farmers Insurance 3,126
California Hospital Medical Center 3,005
SBE 3,002
Department of Public Works - Bureau of Sanitation 3,000
Fire Dept-Station 61 3,000
UNIT MIX
No. ofUnits
UnitType
Approximate Square Feet
1 1 Bdr 1 Bath 700
2 2 Bdr 1 Bath 900
1 3 Bdr 1 Bath 1,000
1 4 Bdr 2 Bath 1,200
5 Total 5,174
investment overview
investment overview
TranSiT and PedeSTrian OrienTed
TRANSIT SCORE64
“GOOD TRANSIT”Many nearby public
transportation options.
BIKE SCORE78
“VERY BIKEABLE”Flat as a pancake,
excellent bike lanes.
WALK SCORE
88“VERY WALABLE”
Most errands can be
accomplished on foot.
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
PRICING AND FINANCIAL ANALYSIS
PriCing & finanCial analysis
unit mix
NO. OF UNITS
UNIT TYPE
APPROX. SF
CURRENT RENTS
RENT/SF
MONTHLY INCOME
PRO FORMA RENTS
RENT/SF
MONTHLY INCOME
1 1 Bdr 1 Bath 700 $1,082 $1.55 $1,082 $1,650 $2.36 $1,650
2 2 Bdr 1 Bath 900 $1,389 - $2,195 $1.99 $3,584 $2,195 $2.44 $4,390
1 3 Bdr 1 Bath 1,000 $2,022 $2.02 $2,022 $2,995 $3.00 $2,995
1 4 Bdr 2 Bath 1,200 $3,995 $3.33 $3,995 $3,995 $3.33 $3,995
5 TOTAL 5,174 $10,683 $13,030
rent roll
UNIT NUMBER UNIT TYPE RENT/SF UNIT SF CURRENT RENT
1801 1 Bdr 1 Bath * $1.55 700 $1,082
1801 1/2 4 Bdr 2 Bath $3.33 1,200 $3,995
1801 3/4 2 Bdr 1 Bath $2.44 900 $2,195
1803 2 Bdr 1 Bath * $1.54 900 $1,389
1803 1/2 3 Bdr 1 Bath * $2.02 1,000 $2,022
TOTAL VACANT $0
5 TOTAL OCCUPIED 4,700 $10,683
5 TOTAL 4,700 $10,683
* Section 8 Tenant
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
PriCing & finanCial analysis
inCome & exPensesINCOME CURRENT PER UNIT PRO FORMA PER UNIT
GROSS POTENTIAL RENT $128,196 $25,639 $156,360 $31,272
Other Income
Parking $5,100 $1,020
Total Income $5,100 $1,020
GROSS POTENTIAL INCOME $128,196 $25,639 $161,460 $32,292
Vacancy/Collection Allowance (GPR) 3.0% / $3,846 $769 3.0% / $4,691 $938
EFFECTIVE GROSS INCOME $124,350 $24,870 $156,769 $31,354
EXPENSES CURRENT PER UNIT PRO FORMA PER UNIT
Real Estate Taxes (1.1918%) $22,883 $4,577 $22,883 $4,577
Insurance $2,070 $414 $2,070 $414
Utilities $3,700 $740 $3,700 $740
Landscaping $1,200 $240 $1,200 $240
Repairs & Maintenance $3,000 $600 $3,000 $600
Management Fee 4.0% / $4,974 $995 4.0% / $6,271 $1,254
Pest Control $75 $15 $75 $15
TOTAL EXPENSES $37,902 $7,580 $39,199 $7,840
Expenses per SF $7.33 $7.58
% of EGI 30.5% 25.0%
NET OPERATING INCOME $86,448 $17,290 $117,570 $23,514
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
PriCing & finanCial analysis
finanCial overview
PROPERTY DETAILS
Location 1801 South Highland AvenueLos Angeles, CA 90019
Price $1,920,000
Down Payment 37% / $700,800
Number of Units 5
Price/Unit $384,000
Rentable Square Feet 5,174
Price/SF $371.09
CAP Rate-Current 4.50%
CAP Rate - Pro Forma 6.12%
GIM - Current 14.98
GIM - Pro Forma 11.89
Year Built / Renovated 1928
Lot Size 6,244
Type of Ownership Fee Simple
FINANCING
First Trust Deed
Loan Amount $1,219,200
Interest Rate 3.8%
Amortization 30 Years
Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation Representative.
Annualized Operating DataIncome CURRENT PRO FORMAGross Potential Rent $128,196 $156,360
Other Income $5,100
Gross Potential Income $128,196 $161,460
Less: Vacancy / Deductions (GPR) 3.0% / $3,846 3.0% / $4,691
Effective Gross Income $124,350 $156,769
Less: Expenses $37,902 $39,199
Net Operating Income $86,448 $117,570
Net Cash Flow Before Debt Service $86,448 $117,570
Debt Service $68,171 $68,171
Debt Coverage Ratio 1.27 1.72
Net Cash Flow After Debt Service 2.61% / $18,277 7.05% / $49,399
Principal Reduction $22,226 $22,226
Total Return 5.78% / $40,503 10.22% / $71,625
Expenses CURRENT PRO FORMA
Real Estate Taxes $22,883 $22,883
Insurance $2,070 $2,070
Utilities $3,700 $3,700
Landscaping $1,200 $1,200
Repairs & Maintenance $3,000 $3,000
Management Fee $4,974 $6,271
Pest Control $75 $75
Total Expenses $37,902 $39,199
Expenses / Unit $7,580 $7,840
Expenses / SF $7.33 $7.58
% of EGI 30.48% 25.00%
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
PROPERTY DESCRIPTION
regional maP
1801 South Highland Avenue
ProPerty desCriPtion
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
loCal maP
1801 South Highland Avenue
ProPerty desCriPtion
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
ProPerty desCriPtion
aerial PHoto
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
ProPerty desCriPtion
ProPerty summary
THE OFFERING
Property Address1801 South Highland Avenue
Los Angeles, CA 90019
Assessor’s Parcel Number 5067-013-001
Zoning LARD1.5
SITE DESCRIPTION
Number of Units 5
Number of Buildings 1
Number of Stories 2
Year Built 1928
Rentable Square Feet 5,174
Lot Size 6,244
Type of Ownership Fee Simple
UTILITIES
Electric Separately Metered
Gas Separately Metered
CONSTRUCTION
Framing Wood Frame
Exterior Stucco
Parking Surface Concrete
Roof Flat
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
ProPerty desCriPtion
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
ProPerty desCriPtion
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
ProPerty desCriPtion
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
RECENT SALES
reCent sales
1)2)3)4)5)6)7)8)
1801 South Highland Avenue1341 South Burnside Avenue5881 Saturn Street5000 San Vicente Boulevard1201 S Orange Grove Avenue5801 Packard Street1426 S Orange Grove Avenue1415 S Sierra Bonita Avenue1817 S Highland Avenue
RECENT SALES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
RECENT SALES MAPreCent sales maP
5
4
6
7
321
RECENT SALES
1801 South Highland Avenue
1) 1341 South Burnside Avenue
2) 5881 Saturn Street
3) 5000 San Vicente Boulevard
4) 1201 South Orange Grove Avenue
5) 5801 Packard Street
6) 1426 South Orange Grove Avenue
7) 1415 South Sierra Bonita Avenue
8) 1817 South Highland Avenue8
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
reCent sales
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0.80
1.20
1.60
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2.40
2.80
3.20
3.60
4.00
4.40
Subject 5881SaturnStreet
1201South
OrangeGrove
Avenue
5801PackardStreet
1426South
OrangeGrove
Avenue
0.00
2.00
4.00
6.00
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14.00
16.00
Subject 5881SaturnStreet
5801PackardStreet
1426South
OrangeGrove
Avenue
RECENT SALES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
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40.00
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120.00
160.00
200.00
240.00
280.00
320.00
360.00
400.00
Subject 1341South
BurnsideAvenue
5881SaturnStreet
5000San
VicenteBoulevard
1201South
OrangeGrove
Avenue
5801PackardStreet
1426South
OrangeGrove
Avenue
1415SouthSierraBonita
Avenue
1817South
HighlandAvenue
0
40,000
80,000
120,000
160,000
200,000
240,000
280,000
320,000
360,000
400,000
Subject 1341South
BurnsideAvenue
5881SaturnStreet
5000San
VicenteBoulevard
1201South
OrangeGrove
Avenue
5801PackardStreet
1426South
OrangeGrove
Avenue
1415SouthSierraBonita
Avenue
1817South
HighlandAvenue
RECENT SALES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
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40.00
80.00
120.00
160.00
200.00
240.00
280.00
320.00
360.00
400.00
Subject 1341South
BurnsideAvenue
5881SaturnStreet
5000San
VicenteBoulevard
1201South
OrangeGrove
Avenue
5801PackardStreet
1426South
OrangeGrove
Avenue
1415SouthSierraBonita
Avenue
1817South
HighlandAvenue
0
40,000
80,000
120,000
160,000
200,000
240,000
280,000
320,000
360,000
400,000
Subject 1341South
BurnsideAvenue
5881SaturnStreet
5000San
VicenteBoulevard
1201South
OrangeGrove
Avenue
5801PackardStreet
1426South
OrangeGrove
Avenue
1415SouthSierraBonita
Avenue
1817South
HighlandAvenue
RECENT SALES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
0.00
0.40
0.80
1.20
1.60
2.00
2.40
2.80
3.20
3.60
4.00
4.40
Subject 5881SaturnStreet
1201South
OrangeGrove
Avenue
5801PackardStreet
1426South
OrangeGrove
Avenue
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Subject 5881SaturnStreet
5801PackardStreet
1426South
OrangeGrove
Avenue
RECENT SALES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
average CaP rate
average GRM average PriCe Per unit
average PriCe Per square foot
Subject
Subject
Subject
Avg $339.20
Subject
Avg 3.90%
Avg 15.43
Avg $283,736
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
reCent sales
1341 South Burnside AvenueLos Angeles, CA 90019
Close of Escrow 08/10/2017
Total No. of Units 8
Year Built 1955
Rentable SF 7,169
Lot Size 6,869
Sales Price $2,900,000
Price/Unit $362,500
Price/SF $404.52
NO. OF UNITS UNIT TYPE
8 2 Bdr 1 Bath
1
1801 South Highland AvenueLos Angeles, CA 90019
Close of Escrow Subject Property
Total No. of Units 5
Year Built 1928
Rentable SF 5,174
Lot Size 6,244
Sales Price $1,920,000
Price/Unit $384,000
Price/SF $371.09
CAP Rate 4.50%
GRM 14.98
NO. OF UNITS UNIT TYPE
1 1 Bdr 1 Bath
2 2 Bdr 1 Bath
1 2 Bdr 1 Bath
1 4 Bdr 2 Bath
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
reCent sales
5000 San Vicente BoulevardLos Angeles, CA 90019
Close of Escrow 05/22/2017
Total No. of Units 8
Year Built 1950
Rentable SF 6,588
Lot Size 11,121
Sales Price $2,350,000
Price/Unit $293,750
Price/SF $356.71
NO. OF UNITS UNIT TYPE
6 1 Bdr 1 Bath
2 2 Bdr 1 Bath
3
5881 Saturn StreetLos Angeles, CA 90019
Close of Escrow 06/24/2017
Total No. of Units 8
Year Built 1956
Rentable SF 6,971
Lot Size 7,126
Sales Price $2,200,000
Price/Unit $275,000
Price/SF $315.59
CAP Rate 4.52%
GRM 12.68
NO. OF UNITS UNIT TYPE
5 1 Bdr 1 Bath
2 2 Bdr 1 Bath
1 3 Bdr 1 Bath
2
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
reCent sales
5801 Packard StreetLos Angeles, CA 90019
Close of Escrow 10/10/2017
Total No. of Units 8
Year Built 1963
Rentable SF 8,300
Lot Size 7,270
Sales Price $2,200,000
Price/Unit $275,000
Price/SF $265.06
CAP Rate 3.90%
GRM 14.92
NO. OF UNITS UNIT TYPE
4 1 Bdr 1 Bath
4 2 Bdr 2 Bath
5
1201 South Orange Grove AvenueLos Angeles, CA 90019
Close of Escrow 06/30/2017
Total No. of Units 5
Year Built 1929
Rentable SF 5,225
Lot Size 8,320
Sales Price $1,650,000
Price/Unit $330,000
Price/SF $315.79
CAP Rate 4.19%
NO. OF UNITS UNIT TYPE
2 1 Bdr 1 Bath
2 2 Bdr 1 Bath
1 2 Bdr 1.5 Bath
4
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
reCent sales
1415 South Sierra Bonita AvenueLos Angeles, CA 90019
Close of Escrow 10/10/2017
Total No. of Units 6
Year Built 1931
Rentable SF 4,334
Lot Size 6,299
Sales Price $1,720,000
Price/Unit $286,667
Price/SF $396.86
NO. OF UNITS UNIT TYPE
6 1 Bdr 1 Bath
7
1426 South Orange Grove AvenueLos Angeles, CA 90019
Close of Escrow 05/10/2017
Total No. of Units 11
Year Built 1962
Rentable SF 9,157
Lot Size 9,435
Sales Price $2,350,000
Price/Unit $213,636
Price/SF $256.63
CAP Rate 4.05%
GRM 14.86
NO. OF UNITS UNIT TYPE
1 Single
6 1 Bdr 1 Bath
4 2 Bdr 2 Bath
6
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
reCent sales
1817 South Highland AvenueLos Angeles, CA 90019
Close of Escrow 02/01/2017
Total No. of Units 6
Year Built 1947
Rentable SF 3,479
Lot Size 6,242
Sales Price $1,400,000
Price/Unit $233,333
Price/SF $402.41
NO. OF UNITS UNIT TYPE
1 Single
5 1 Bdr 1 Bath
8
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
RENT COMPARABLES
rent ComParables
rent ComParables maP
4
3
2
1
RENT COMPARABLES
1801 South Highland Avenue
1) 4702 West 17th Street
2) 1831 South Sycamore Drive
3) 1700 South Highland Avenue
4) 1411 Ellsmere Avenue
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Subject 4702West17th
Street
1411EllsmereAvenue
RENT COMPARABLES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
2 Bdr 3 Bdr
0
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
Subject 4702West17th
Street
1831South
SycamoreDrive
1700South
HighlandAvenue
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Subject 4702West17th
Street
1411EllsmereAvenue
RENT COMPARABLES1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
2 Bdr 3 Bdr
0
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
Subject 4702West17th
Street
1831South
SycamoreDrive
1700South
HighlandAvenue
average rents - 1 bedroom units
average rents - 2 & 3 bedroom units
Subject
Subject
rent ComParables
Avg $1,700
Avg $2,245
Avg $3,100
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
rent ComParables
1801 South Highland AvenueLos Angeles, CA 90019
Total No. of Units 5
Year Built 1928
1
UNIT TYPE SF RENT RENT/SF
1 Bdr 1 Bath 700 $1,082 $1.55
2 Bdr 1 Bath 900 $1,389 - $2,195 $1.99
3 Bdr 1 Bath 1,000 $2,022 $2.02
4 Bdr 2 Bath 1,200 $3,995 $3.33
TOTAL/AVG. 5,174 $2,223 $2.06
4702 West 17th StreetLos Angeles, CA 90019
Total No. of Units 8
Year Built 1964
AmenitiesProperty features walk-in closets, vaulted ceilings, wood flooring, ceiling fans, and on-site laundry.
UNIT TYPE SF RENT RENT/SF
1 Bdr 1 Bath 790 $1,650 $2.09
2 Bdr 1 Bath 810 $2,195 $2.71
2 Bdr 2 Bath 825 $2,395 $2.90
TOTAL/AVG. $2,080
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
rent ComParables
AmenitiesProperty features wood flooring, ceiling fans, garage parking, and on-site laundry.
1831 South Sycamore DriveLos Angeles, CA 90019
Total No. of Units 2
Year Built 1924
UNIT TYPE SF RENT RENT/SF
2 Bdr 1 Bath 2 Bdr 1 Bath $2,195 $2.44
TOTAL/AVG. $2,195
1700 South Highland AvenueLos Angeles, CA 90019
Total No. of Units 4
Year Built 2017
AmenitiesProperty features laminate flooring, central air/heat, high ceilings, shaker cabinets, quartz countertops, marble tile backsplashes,
UNIT TYPE SF RENT RENT/SF
3 Bdr 2 Bath 1,242 $3,100 $2.50
TOTAL/AVG. $3,100
32
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
rent ComParables
AmenitiesProperty features wood flooring, Caesarstone countertops, custom cabinetry, subway tile backsplashes, stainless steel appliances,
1411 Ellsmere AvenueLos Angeles, CA 90019
Total No. of Units 10
Year Built 1959
UNIT TYPE SF RENT RENT/SF
1 Bdr 1 Bath 700 $1,750 $2.50
TOTAL/AVG. $1,750
4
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
DEMOGRAPHIC ANALYSIS
demograPHiC analysis
demograPHiC rePort
Population 1 MILE 3 MILES 5 MILES Income 1 MILE 3 MILES 5 MILES
2010 POPULATION 50,092 403,063 1,203,526 $0 $14,999 18.4% 18.3% 20.1%
2010 POPULATION 50,612 402,061 1,191,949 $15,000 $24,999 13.4% 13.4% 14.4%
2014 POPULATION 52,033 414,509 1,233,160 $25,000 $34,999 13.0% 11.2% 11.5%
2019 POPULATION 52,347 418,479 1,243,195 $35,000 $49,999 16.1% 13.7% 13.5%
$50,000 $74,999 16.2% 15.8% 15.0%
Households 1 MILE 3 MILES 5 MILES $75,000 $99,999 8.5% 8.9% 8.2%
2000 HOUSEHOLDS 17,716 155,221 461,451 $100,000 $124,999 5.4% 6.1% 5.8%
2010 HOUSEHOLDS 17,828 156,353 466,766 $125,000 $149,999 3.2% 3.4% 3.1%
2014 HOUSEHOLDS 18,635 163,738 490,542 $150,000 $199,999 3.1% 4.0% 3.5%
2019 HOUSEHOLDS 18,850 166,301 498,697 $200,000 $249,999 0.9% 1.8% 1.7%
$250,000 + 1.8% 3.4% 3.3%
2014 AVERAGE HOUSEHOLD SIZE 2.76 2.50 2.45
2014 MEDIAN HOUSEHOLD INCOME $39,363 $42,132 $39,034
2014 DAYTIME POPULATION 7,421 150,336 557,566 2014 PER CAPITAL $21,383 $28,438 $27,452
2000 OWNER OCCUPIED HOUSING UNITS 29.70% 26.67% 23.27% 2014 AVERAGE HOUSEHOLD INCOME $58,988 $71,489 $68,064
2000 RENTER OCCUPIED HOUSING UNITS 64.25% 68.52% 71.78%
2000 VACANT 6.05% 4.81% 4.96%
2014 OWNER OCCUPIED HOUSING UNITS 30.70% 26.65% 23.45%
2014 RENTER OCCUPIED HOUSING UNITS 69.30% 73.35% 76.55%
2014 VACANT 3.56% 3.01% 3.09% Demographic data © 2012 by Experian.
2019 OWNER OCCUPIED HOUSING UNITS 30.66% 26.49% 23.35%
2019 RENTER OCCUPIED HOUSING UNITS 69.34% 73.51% 76.65%
2019 VACANT 3.22% 2.86% 2.97%
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
demograPHiC summary
demograPHiC analysis
POPULATION
In 2014, the population in your selected geography is 1,233,160. The popula-tion has changed by 2.46% since 2000. It is estimated that the population in your area will be 1,243,195 five years from now, which represents a change of 0.81% from the current year. The current population is 49.79% male and 50.20% female. The median age of the population in your area is 34.7, compare this to the Entire US average which is 37.3. The population density in your area is 15,698.77 people per square mile.
HOUSEHOLDS
There are currently 490,542 households in your selected geography. The num-ber of households has changed by 6.30% since 2000. It is estimated that the number of households in your area will be 498,696 five years from now, which represents a change of 1.66% from the current year. The average household size in your area is 2.45 persons.
INCOME
In 2014, the median household income for your selected geography is $39,034, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 26.98% since 2000. It is esti-mated that the median household income in your area will be $44,748 five years from now, which represents a change of 14.64% from the current year.
The current year per capita income in your area is $27,452, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $68,064, compare this to the Entire US average which is $74,533.
RACE & ETHNICITY
The current year racial makeup of your selected area is as follows: 41.79% White, 15.79% Black, 0.11% Native American and 13.69%Asian/Pacific Is-lander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 43.73% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.
HOUSING
In 2000, there were 112,955 owner occupied housing units in your area and there were 348,495 renter occupied housing units in your area. The median rent at the time was $598.
EMPLOYMENT
In 2014, there are 557,565 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 60.52% of employ-ees are employed in white-collar occupations in this geography, and 39.48% are employed in blue-collar occupations. In 2014, unemployment in this area is 9.80%. In 2000, the average time traveled to work was 32.3 minutes.
geography: 5 mileS
Demographic data © 2012 by Experian
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
Number of people living in a given area per square mile.
Demographic data © 2012 by Experian.
DEMOGRAPHIC ANALYSIS1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
POPULATION DENSITY
PoPulation density
demograPHiC analysis
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
The number of people employed in a given area per square mile.
Demographic data © 2012 by Experian.
DEMOGRAPHIC ANALYSIS1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
EMPLOYMENT DENSITY
emPloyment density
demograPHiC analysis
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
Average income of all the people 15 years and older occupying a single housing unit.
Demographic data © 2012 by Experian.
DEMOGRAPHIC ANALYSIS1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
AVERAGE HOUSEHOLD INCOME
average HouseHold inCome
demograPHiC analysis
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
Index of the relative risk of crime in a given area.
Crime data © 2012 by Applied Geographic Solutions.
DEMOGRAPHIC ANALYSIS1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
TOTAL CRIME RISK
total Crime risk
demograPHiC analysis
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
traffiC Counts
Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.
DEMOGRAPHIC ANALYSIS1801 South Highland AvenueLOS ANGELES, CA
THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED ANAPPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations orwarranties, expressed 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 trademark of Marcus &Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
TRAFFIC COUNTS
* Traffic Count Estimate
demograPHiC analysis
This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140982
Rick E. RaymundoSenior Managing Director Investments
Senior Director, National Multi Housing Group
515 South Flower Street Suite 500Los Angeles, CA 90071(213) 943-1855 Direct
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National Multi Housing Group
515 South Flower Street Suite 500Los Angeles, CA 90071(213) 943-1833 Direct
(213) 943-1961 Fax(323) 376-2469 Mobile