186 N. OAK KNOLL AVE, PASADENA CA 91101 4 UNITS | 2,988 SF · N OAK KNOLL AVENUE PASADENA, CA 91101...

OFFERING MEMORANDUM

186 N. OAK KNOLL AVE, PASADENA CA 911014 UNITS | ±2,988 SF

EXCLUSIVELY LISTED BY:John BergerFounding Principal626.240.2779

Mauricio OlaizAssociate626.240.2777

155 N. Lake Avenue Suite 430 | Pasadena CA 91101 | 626.535.9888 | lee-pasadena.com


186 N. OAK KNOLL AVENUEPASADENA, CA 91101

MULTI-FAMILY FOR SALE

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All materials and information received or derived from Lee & Associates - Pasadena its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither Lee & Associates - Pasadena, its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. Lee & Associates - Pasadena will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected

by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Lee & Associates - Pasadena makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Lee & Associates - Pasadena does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property.

Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Lee & Associates - Pasadena in compliance with all applicable fair housing and equal opportunity laws.

Executive Summary

Investment Summary

Rent Roll

Property Photos

Sale Comparables

On-Market Comparables

Rent Survey

Area & Location Maps

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted to errors, omissions, change of price, rental or other conditions prior to sale, lease or financing or withdrawal without notice. No liability of any kind is to be

imposed on the broker herein.

TABLE OF CONTENTS




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EXECUTIVE SUMMARY

• Lee & Associates - Pasadena, as exclusive listing agent, is pleased to present the opportunity to acquire a value-add four-unit apartment building in the Pasadena Playhouse District

• Upside potential in rents

• Extremely clean units with recent upgrades

• Units to be delivered vacant or month-to-month tenants

OFFERING SUMMARY PROPERTY CHARACTERISTICS

Type Low-Rise ApartmentsBuildings 1Year Built 1,951

Units 4Building Area 2,988

Floors 1Construction Wood Frame

Rent Type MarketRSO NO

LANDLand Area 6,503

Zoning CD-3APN 5723-012-003

Parking 4 Garage and 2 Surface Spaces




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INVESTMENT SUMMARYMulti-Family Investment - Summary -

Summary Market

Price: $1,650,000 Number of Units: 4 Cost per Legal Unit: $412,500 Market GRM: 16.91 Market CAP: 3.9% Approx. Age: 1951 Approx. Gross RSF: 2,988 Approx. Lot Size: 6,503 Cost per Gross RSF: $552

Annualized Operating Data Market Rents

Scheduled Gross Income: $97,560 Less Vacancy Rate Reserve: ($2,927) 3% * Gross Operating Income: $94,633 Less Expenses: ($30,828) 32% *Net Operating Income: $63,806

* As a percent of Scheduled Gross Income.

Scheduled Income Estimated Expenses - 2019

Market RentsNo. Unit Mix Monthly Monthly New Tax 1.25% 20,625$ 4 3 1B/1B $1,945 Contract Services 3,120$

1 2B/1B $2,295 Administrative 327$ Utilities 3,265$

4 $2,120 $8,130 Maint. & Repairs 2,400$ Insurance 1,091$

Total Scheduled Rent: $8,130 Parking LaundryMonthly Scheduled Gross Income: $8,130 *Total Expenses: $30,828Annual Scheduled Gross Income: $97,560 Per Net Sq. Ft.: $10.32

Expenses Per Unit: $7,706.90

Utilities Paid by Tenant: Electric & Gas

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate.




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RENT ROLLMulti-Family Investment - Rent Roll -

Unit Number Pro-Forma Monthly Rent

180 1 Bed 1 Bath $1,945182 1 Bed 1 Bath $1,945184 1 Bed 1 Bath $1,945186 2 Bed 1 Bath $2,295Total $8,130

Unit Type





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EXTERIOR PHOTOS




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INTERIOR PHOTOS




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INTERIOR PHOTOS




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SALE COMPARABLESMulti-Family Investment - Recent Sales Summary -

Subject Property 186 N OAK KNOLL AVETotal No. Year Size Cost / Unit GRMof Units Built (SF) Price Cost / Sq Ft CAP

4 Single 1951 2,988 $1,650,000 $412,500 16.913 1 bdrm $552 3.87%1 2 bdrm

3 bdrm

Recent SalesAddress Total No. Year Size Cost / Unit GRMClose of Escrow of Units Built (SF) Closing Price Cost / Sq Ft CAP

1 340 S Madison Ave 4 Single 1905 6,402 $2,050,000 $512,500Pasadena 3 1 bdrm $320 6.33%Sold on: 1 2 bdrm4/4/2018 3 bdrm

2 661 E California Blvd 4 Single 1914 4,644 $1,960,000 $490,000Pasadena 1 bdrm $422 4.20%Sold on: 4 2 bdrm11/14/2018 3 bdrm

3 520 S Los Robles Ave 5 Single 1922 3,860 $1,900,000 $380,000Pasadena 4 1 bdrm $492Sold on: 1 2 bdrm3/1/2018 3 bdrm

4 176 N Michigan Ave 5 Single 1898 3,506 $1,712,500 $342,500Pasadena 2 1 bdrm $488 4.00%Sold on: 3 2 bdrm6/1/2018 3 bdrm

5 1388 E Orange Grove Blvd 4 Single 1948 2,287 $1,500,000 $375,000 17.36Pasadena 3 1 bdrm $656 3.50%Sold on: 1 2 bdrm7/31/2018 3 bdrm

AVERAGE 4.3 1914 4,969 $1,970,000 $420,000 17.36

$476 4.51%

Unit Mix

Unit Mix





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SALE COMPARABLES MAP

Copyrighted report licensed to Lee & Associates - 1041033. 5/29/2019

Page 1




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ON-MARKET COMPARABLES Multi-Family Investment - Current On Market -

Subject Property 186 N OAK KNOLL AVETotal No. Approx Size Cost / Unit GRMof Units Age (SF) Asking Price Cost / Sq Ft CAP

4 Single 1951 2,988 $1,650,000 $412,500 16.913 1 bdrm $552 3.87%1 2 bdrm

2 bdrm

Current On Market Utilities Paid by Tenant:Electric & Gas

Total No. Approx Size Cost / Unit GRMof Units Age (SF) Asking Price Cost / Sq Ft CAP

information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.$203,750 $611,250 $58.55 9.06%1 1098 N Los Robles Ave 4 2 1+1 1938 2,949 $1,295,000 $323,750 16.85

2 2+1 $439 3.34%$1,295,000 3+2

2 136 N Bonnie Ave 4 Single 1911 2,185 $999,999 $250,000 -1+1 $458 -

$999,999 2 2+22 3+2

AVERAGE 4 1925 2,567 $1,147,500 $286,875 16.85

$448 3.34%

Unit Mix

Unit Mix





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ON-MARKET COMPARABLES MAP

Copyrighted report licensed to Lee & Associates - 1041033.5/29/2019

Page 1




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RENT SURVEY Multi-Family Investment - Rent Survey Summary -

Subject Property No. of Single+1 1+1 2+1 3+3 Year BuiltUnits Rent Rent Rent Rent

4 $1,250 $2,050 1951600 SF 800 SF

Surveyed Properties No. of Single+1 1+1 2+1 3+2 Year BuiltSurveyed Date Units Rent Rent Rent Rent

1 161 S Madison Ave 13 $1,895 1939Pasadena, CA 91101

Notes:

2 211 S El Molino Ave 12 $1,995 1929Pasadena, CA 91101

Notes:

3 144 N Michigan Ave 15 $2,295 1987Pasadena, CA 91106

Notes:

AVERAGE 14 $1,945 $2,295

Utilities Paid by Tenant: Electric & Gas

Average Unit size of 600 SF, Remodeled Units

Average Unit size of 856 SF

Average Unit size of 950 SF





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RENT SURVEY MAP

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2

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PROPERTY AERIAL VIEW

SUBJECT PROPERTY

186 N. OAK KNOLL AVENUE

WA

LNU

T ST

REET

OAK KNOLL AVE.




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PROPERTY LOCATION MAP

PROPERTY

N̂




17

PROPERTY PLAT MAP




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PROPERTY AREA & AMENITIES MAP

PROPERTY

PLAYHOUSE DISTRICT

SOU

TH LA

KE A

VEN

UE

CIVIC CENTER

PASEO COLORADO




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WESTSIDE

Los A

ngel

es R

iver

Los Angeles River

PACIFIC OCEAN

CRENSHAW/

PURPLE LINE EXTENSION

REGIONAL CONNECTOR

LAX LINE

LAX

Little Tokyo/

Little Tokyo/

Arts Dist

Universal City

/Studio City

Hollywood/V

ine

Hollywood/H

ighland

Universal City

/Studio City

Balboa

Canoga

De Soto

Pierce Colle

ge

TampaReseda

Civic Ctr/

Civic Ctr/

Civic Ctr/

Civic Ctr/

GrandGrandGrandGrand

ParkParkParkPark

Westlake/M

acArthur Park

Warner Ctr

Roscoe

Pico/Alis

o

Mariach

i Plaza

Long Beach Bl

Artesia

Del Amo

Civic Ctr/

GrandPark

Allen

LakeSierra

Madre Villa

Arcadia

Monrovia

Duarte/City of H

ope

Irwindale

Azusa Downtown

APU/Citrus Colle

ge

Lincoln/Cypress

Heritage Sq

Southwest Museum

Highland Park

Fillmore

Del Mar

Memorial Park

South Pasadena

Westlake/M

acArthur Park

Wilshire

/Vermont

Pershing

Chinatown

Union Station

Chinatown

Square

7th St/Metro CtrPico

LATTC/OrthoInstitute

Jefferson/U

SC

Union Station

LAX FlyAwayAmtrak & MetrolinkLAX FlyAway

LAX Shuttle G

Amtrak & MetrolinkMetro

link

Sherman Way

Warner Ctr

Roscoe

Nordhoff

Chatsworth

Hollywood/W

estern

Vermont/S

anta Monica

Hollywood/W

estern

Hollywood/V

ine

Hollywood/H

ighlandNorth Holly

wood

Balboa

Woodley

Sepulveda

Van Nuys

Sepulveda

Van Nuys

Woodman

Valley Colle

ge

Laurel Canyon

Canoga

De Soto

Pierce Colle

ge

TampaReseda

Vermont/B

everlyVerm

ont/Santa M

onica

Vermont/S

unset

Vermont/S

unset

Amtrak & Metrolink

Soto

Indiana

Maravilla

East LA Civic Ctr

Atlantic

El Monte

Cal State LA

LAC+USC Medical C

tr

Pico/Alis

o

Mariach

i Plaza

Wilshire

/

Normandie

Wilshire

/Western

ExpoPark

/USC

Expo/Vermont

Expo/Western

Expo/Crenshaw

Farmdale

Expo/La Brea

La Cienega/Jefferson

Culver City

Palms

Westwood/R

ancho Park

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

17th St/SMC

Downtown Santa Monica

Mariposa

El Segundo

Douglas

Redondo Beach

37th St/USC

Rosecrans

Harbor

Carson

Pacific CoastHwy

GatewayTransit Ctr

Long Beach Bl

AvalonVerm

ont/

AthensCrenshaw

Hawthorne/Lennox

Aviation/LAX

Lakewood Bl

Norwalk

Norwalk

Slauson

Manchester

Harbor Fwy

5th St

1st St

PacificAv

DowntownLong Beach

PacificAv

Washington

Vernon

Slauson

Florence

Firestone

Compton

Artesia

Del Amo

Wardlow

Willow St

Pacific Coast Hwy

Anaheim St

103rd St/

Willowbrook/Rosa Parks

Watts Towers 103rd St/

Willowbrook/Rosa Parks

DowntownLong Beach

Grand/LATTC

San Pedro St

Watts Towers

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

WESTSIDE

CENTRAL LA

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

CENTRAL LA

North Hollywood to Union Station

Metro Rail

Wilshire/Western to Union StationPurple Line

Blue Line

Expo Line

Orange Line

Amtrak

LAX FlyAway

Metrolink

Metro Busway

Regional Rail

Green Line

Gold Line

Downtown LA to Long Beach

Downtown LA to Santa Monica

Redondo Beach to Norwalk

East Los Angeles to Azusa

Silver Line Chatsworth to North Hollywood

San Pedro to El Monte

amtrak.com

metrolinktrains.com

lawa.org/flyaway

LAX Shuttle (free)lawa.org

Street Service in Downtown LAand San Pedro

MAY 2016 Subject to Change

Airport Shuttle

Rail Station

StationTransfer

Busway

Station

UNDERCONSTRUCTION

Busway StreetService

Red Line

metro.netMetro Rail & Busway

17-0

753

©20

16 L

ACM

TA

OCT 2016 Subject to Change

Pasadena, CA

Rose Bowl & Flea MarketThe Rose Bowl Stadium is home to the New Year’s Day Rose Bowl Game, and hosts concerts by national musical acts, UCLA Bruins’ games, and other sporting events. The Rose Bowl Flea Market, a longstanding tradition, is held at the historic Rose Bowl stadium on the second Sunday of each month. More than 2,500 vendors and 20,000 buyers attend every month.

Located approximately ten miles from downtown Los Angeles and 25 miles inland from the Pacific Ocean, the city of Pasadena is the sixth-largest city in Los Angeles County, and serves as the main cultural center of the San Gabriel Valley and Tri-Cities.

Cal Tech UniversityCaltech is a private doctorate-granting research university located in Pasadena, known for its strength in natural science and engineering, Caltech is often ranked as one of the world’s top-ten universities. 73 alumni, faculty and researchers are Nobel Laureates recipients.

Tournament of Roses ParadeHeadquartered in the Wrigley Mansion, the Tournament of Roses organizes the Rose Parade, which runs through the heart of Old Pasadena along Colorado Boulevard. First staged in 1890, the parade is now televised to millions of viewers around the world every New Year’s Day.

Pasadena Playhouse DistrictLocated in the heart of Downtown Pasadena, the Playhouse District is home to leading employers in industries such as telecommunications, financial services, education, engineering, arts and culture, and one-of-a kind businesses, with over 45 restaurants, bars, and coffee shops within close proximity of museums, bookstores, and theaters.

Old Pasadena DistrictConsisting of five square blocks, this historic district is famous for its mix of high-end shopping and dining, open-air eateries, specialty boutiques, galleries, theaters, cafes, pubs and bars.

METRO GOLDLINEWith six stations in Pasadena, this area an easily accessible destination for commuters to Downtown LA, the San Fernarndo Valley and San Gabriel Valley.

PROPERTY LOCATION INFORMATION

EXCLUSIVELY LISTED BY:John BergerFounding [email protected] ID 01799514

Mauricio [email protected] ID 02073450

Lee & Associates - Pasadena, Inc.

155 N Lake Avenue | Suite 430

Pasadena, CA 91101

Office: 626.535.9888

Fax: 626.410.6705

lee-pasadena.com

Corporate ID 02059558

186 N. OAK KNOLL AVE, PASADENA CA 91101 4 UNITS | 2,988 SF · N OAK KNOLL AVENUE PASADENA, CA 91101...

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