2423 4TH STREET SANTA MONICA CA 90405 - Constant...
Transcript of 2423 4TH STREET SANTA MONICA CA 90405 - Constant...
OCEAN PARK PRIDE OF OWNERSHIPGREAT LOCATION, UNIT MIX AND INCOME POTENTIALFIRST TIME ON THE MARKET IN 40 YEARS!
2423 4TH STREETSANTA MONICACA 90405
Kenny Stevens Eric von BluecherBRE# 01090251 BRE# 01926201
310.968.7005 cell 310.900.9505 cell
[email protected] [email protected]
OFFERING MEMORANDUM
PRESENTEDBY
Kenny Stevens
Managing Partner / Senior Vice President
BRE#01090251
310.551.0660 Ext. 141 direct
Our mission
PROPERTY SUMMARYProperty Highlights
Property Details
Property Location
Aerial Photo
Parcel Orientation
Photography
FINANCIALSFinancial Overview
Rent Roll
LOCATION OVERVIEWMarket overviewNew Developments
COMPARABLESSales Comps
Rent Comps
MARKETING PACKAGEOVERVIEW
2423 4th STREETSANTA MONICA, CA 90405
www.CONCORD-RE.com | [email protected] | 310.551.0660
449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
Eric von Bluecher
Investment Associate
BRE#01926201
310.900.9505direct
ABOUT US
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. Buyer must verify the information and bears all risk for any inaccuracies.
Our world has changed and so has the business of real estate. It’s not enough to work with a typical real estate
company. At Concord, we think of ourselves as your partner - one who can bring every aspect of your portfolio
together under one roof, combining corporatecapabilities with a family feel.
Concord is the evolution of real estate. We’re changing the game and moving above and beyond what
you’ve come to expect. This is real estate unified; next-level services that seamlessly connect the dots so you
don’t have to. From acquisition to management to construction to the disposition, Concord is elevating your
experience every step of the way.
2423 4th STREETSANTA MONICA, CA 90405
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. Buyer must verify the information and bears all risk for any inaccuracies.
PROPERTY SUMMARY
2423 4TH STREETSANTA MONICACA 90405
PROPERTY SUMMARYPROPERTY HIGHLIGHTS
8 UNITS IN SANTA MONICA• The Queen Anne - First time on market in 40 years!
• Roof resurfaced last year - 15 year roof, $12k approximately
• Approximately 54% Upside in Rents
• Near bus Route 18: Venice, SM Downtown Metro Station and UCLA
• Front townhouse unit has ocean views, perfect for owner user
• Laundry on-site for 6 units & 2 units have in-unit laundry
• 8 tuck under parking, smaller cars you can get more tandem spots
• Exceptional unit mix of (1) 2+2.5 TH, (2)2+1.5, (1)1+1.5 TH, (4)1+1s
• New copper plumbing, extra storage sheds for management or tenant use
• Neighborhood features walking distance to beach, Main Street, Sunday Farmers Market and Food Truck night
• Short distance to Promenade, Venice, SM College & I-10 Fwy, Close tech scene of Silicon Beach, Bike Paths & more
• Separate metered for gas & electric
2423 4th STREETSANTA MONICA, CA 90405
PROPERTY SUMMARYPROPERTY DETAILS
PROPERTY DETAILSUnits 8Major Intersection Ocean Park Blvd & Main St
Market Santa MonicaAPN 4287-007-014Zoning Type SMOP2Building SF 7,584 SFLOT SF 6,390 SF
2423 4th STREETSANTA MONICA, CA 90405
PROPERTY DESCRIPTIONThe Queen Anne, First time on the market in 40 years!. This well located, 8 unit pride of ownership building, features a fantastic unit mix that
will generate strong market rents for years to come: (1) two bedroom / two and a half bathroom townhome owner’s unit, (2) two
bedroom / one and a half bathroom units, (1) one bedroom / 1.5 bathroom townhome unit, and (4) one bedroom / one bath units. There
are eight tuck under stalls located underneath the building which is on the list for the Santa Monica’s seismic retrofit program. You could
potentially fit more than 8 vehicles underneath depending on the size of the vehicles. For the south Santa Monica buyer or anyone
seeking cash preservation, this location is A+. South Santa Monica / Ocean Park features a beachy, easy going vibe, slightly different than
the more touristy, north Santa Monica, though still capable of obtaining top of the market rents. From the Queen Anne you can walk to
the park, schools, beach, Main Street and more. Take a quick bike ride to Rose Avenue or the Beach Bike path that will take you north to
the Palisades or all the way down to Playa Del Rey. There is an ultra-convenient bus line just steps away that will shoot you down to
Venice, Abbot Kinney or north to the Expo Line station or all the way to UCLA. With close proximity to the tech scene of Silicon beach,
expect to capitalize on this well insulated and positioned asset.
PROPERTY SUMMARYPROPERTY AERIAL
2423 4th STREETSANTA MONICA, CA 90405
Ocean Park Blvd
Ma
in S
tree
t
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. Buyer must verify the information and bears all risk for any inaccuracies.
FINANCIALS
2423 4TH STREETSANTA MONICACA 90405
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. Buyer must verify the information and bears all risk for any inaccuracies.
LOCATION
2423 4TH STREETSANTA MONICACA 90405
LOCATIONLOCATION OVERVIEW
SANTA MONICA, CALIFORNIA
One of the most desirable addresses for both living and working, Santa Monica offers a walkabledowntown, a blossoming public transportation system, and several notable tourist destinations.Known for its sunshine and beaches, Santa Monica prides itself as a national model for progressiveissues, including social services, quality of life for local residents, and environmental leadership.Median family income is $110,000 and average home prices are $1.1 million resulting in beautifulneighborshoods and incredible ROI for real estate investors.
This urban village has spectacular views of its vast white sand beaches from Palisades Park,exceptional shopping on Third Street Promenade, main Street and Montana Avenue, and theregion’s most renowned restaurant scene. Santa Monica stretches for about two miles along thecoast before joining up with Venice Beach.
A population of nearly 90,000 and a daytimeworkforce of about 80,000 makes SantaMonica’s labor force participation rateamong the highest in the world and asubstantial daily in-migration of employees.Major employers include UCLA Hospital, St.John’s Health Center, RAND Corporation,Universal Music Group, Activision and SantaMonica College.
Silicon Beach is the Westside region of theLos Angeles metropolitan area that is hometo over 500 tech startup companies. Majortechnology companies have opened officesin the region including Google, Yahoo!,YouTube, BuzzFeed, Facebook, AOL,Electronic Arts, EdgeCast Networks, andMySpace. The region is considered thesecond- or third-largest tech hub in the world,according to various reports. This has hadmajor impacts on the type and availabilityof office space and on home prices in PlayaVista, Playa Del Rey, Westchester, SantaMonica, and Venice, as these areas havebecome more desirable due to this influx.The effects are also spilling over into Marina del Rey which is attracting tech firms.
The Expo Line is a light-rail line that runs between Downtown Los Angeles and Santa Monica. Theline is named “Expo” after Exposition Boulevard, which it runs alongside for most of its route. It isone of the six lines in the Metro Rail system, and is operated by the Los Angeles CountyMetropolitan Transportation Authority (Metro).
2423 4th STREETSANTA MONICA, CA 90405
LOCATIONLOCATION OVERVIEW
Expo Line Adding Value to Santa Monica’s Premium Rental Market
2423 4th STREETSANTA MONICA, CA 90405
2423 4th Street
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. Buyer must verify the information and bears all risk for any inaccuracies.
COMPARABLES
2423 4TH STREETSANTA MONICACA 90405
COMPARABLESSOLD COMPS
Rent Comps
831 Pacific St, #4
1024 Maple St, #3
2639 6th St, #1
2035 4th St
2444 4th St, #6
3008 3rd St, #A
2311 4th St, #209
820 4th St. #1
2423 4th Street
2423 4th STREETSANTA MONICA, CA 90405
COMPARABLESSALES COMPS
1
2423 4th Street, Santa Monica, CA 90405
431 Marine Street, Santa Monica, CA 904052727 6th Street, Santa Monica, CA 90405
2615 2nd St, Santa Monica, CA 90405
SALE PRICE $4,200,000
# OF UNITS. 7
BUILDING SF 4696
PRICE/SF $894
PRICE/UNIT $600,000
CAP 3.64
GRM 17.52
SALE PRICE $3,510,000
# OF UNITS. 6
BUILDING SF 6,491
PRICE/SF $541
PRICE/UNIT $585,000
CAP 2.94
GRM 19.64
SALE PRICE $17,425,000
# OF UNITS 31
BUILDING SF 23,700
PRICE/SF $735.23
PRICE/UNIT $562,096
CAP 3.11
GRM 20.04
LISTED FOR $4,450,000
# OF UNITS 8
BUILDING SF 7584
PRICE/SF $586.76
PRICE/UNIT $11,805
YEAR BUILT 1965
CAP 2.70
GRM 20.13UNITS UNIT TYPE
1 2 Bed/1 Bath
6 1 Bed/1 Bath
UNITS UNIT TYPE
14 2 Bed/1 Bath
17 1 Bed/1 Bath
UNITS UNIT TYPE
5 2 Bed/1.5 Bath TH
1 1 Bed/1 Bath
COMMENTS: 1962 YB, 7 parking, 46 DOM, sold 11/2016. All units renovated except one unit with new sewer line, new appliances, washer/dryer in units, new flooring, LED recessed lighting, new kitchens/baths, cabinets, Ceasarstone counters, new dual pane windows, Dunn Edwards 10 year exterior paint, earthquake retrofited, remodeled in 2015.
UNITS UNIT TYPE
1 2 Bed/2.5 Bath
2 2 Bed/1.5 Bath
1 1 Bed/1.5 Bath
4 1 Bed/1 Bath
2423 4th STREETSANTA MONICA, CA 90405
227 Beach Street, Santa Monica, CA 90405 2626 11th Street, Santa Monica, CA 90405
SALE PRICE $3,490,000 # OF UNITS. 7
BUILDING SF 7,070
PRICE/SF $494
PRICE/UNIT $498,571
SALE PRICE $5,200,000
# OF UNITS 13
BUILDING SF 6,292
PRICE/SF $630
PRICE/UNIT $400,000
UNITS UNIT TYPE
3 3 Bed/1.75 Ba.
4 2 Bed/1.5 Bath
UNITS UNIT TYPE
13 1 Bed/1 Bath
COMMENTS: Delivered with one unit vacant. 11 Parking.COMMENTS: Older 1920s buidling sold with 10 units vacant. Street parking. Large 11,290 SF lot.
COMPARABLESSALES COMPS
1
2423 4th StreetSANTA MONICA, CA 90405
2315 2nd Street, Santa Monica, CA 90405
SALE PRICE $3,085,000
# OF UNITS 6
BUILDING SF 3,104
PRICE/SF $994
PRICE/UNIT $514,166
UNITS UNIT TYPE
1 2 Bed/2 Bath
4 1 Bed/1 Bath
1 0 Bed/1 BathCOMMENTS: 1900 construction Craftsman with street parking on a 6,400 sqft lot.
301 Ashland Ave, Santa Monica, CA 90405
SALE PRICE $3,345,000
# OF UNITS 9
BUILDING SF 7,424
PRICE/SF $450.57
PRICE/UNIT $371,667
COMMENTS: Approx 10 parking, 1960 construction.
UNITS UNIT TYPE
5 1 Bed/1 Bath
2 2 Bed/1 Bath
2 2 Bed/2 Bath
820 4th Street, Santa Monica, CA 90405
SALE PRICE $4,255,000
# OF UNITS 7
BUILDING SF 3,104
PRICE/SF $457.88
CAP 2.69
GRM 22.33
UNITS UNIT TYPE
2 3 Bed/2 Bath
5 2 Bed/2 Bath
COMMENTS:
COMPARABLESRENT COMPS
Sales Comps
831 Pacific St
1024 Maple St
2639 6th St
402 Pacific St, #1
320 Pacific St, #2
3008 3rd St
744 Pier Ave
2325 2nd St, #A
101
2423 4th STREETSANTA MONICA, CA 90405
2423 4th Street
COMPARABLESRENT COMPS
RENT $4,750
UNIT TYPE 2+2.5 THRENT $3,650
UNIT TYPE 2+1.5RENT $4,000
UNIT TYPE 1+1.5 THRENT $3,000
UNIT TYPE 1+1
YEAR BUILT 1965
4
2423 4th St, Santa Monica, CA 90405
1024 Maple St, Santa Monica, CA 90405
831 Pacific St, #4, Santa Monica, CA 90405
2639 6th St, #1, Santa Monica, CA 90405
COMMENTS: Townhome unit, light and bright. Rooftop deck with mountain and city views. 2 car garage parking. 1,500 sqft.
COMMENTS: 1,000 sqft, remodeled, private patio, granit counters, stainless appliances, central air, hardwood floors, w/d in unit.
COMMENTS: Upper unit, balcony, 1 parking, laundry on site, lots of closet space, carpet
RENT $4,500UNIT TYPE 2+2
YEAR BUILT 1981
RENT $4,350
UNIT TYPE 2+2
YEAR BUILT 1949
RENT $4,000
UNIT TYPE 2+2
YEAR BUILT 1964
2423 4th STREETSANTA MONICA, CA 90405
402 Pacific St, #1, Santa Monica, CA 90405 320 Pacific St, #2, Santa Monica, CA 90405
COMMENTS: Updated kitchen and baths, 2 parking, private patios. COMMENTS: Remodeled 2 story unit, hardwood floors, new kitchen & baths, private patio, walk in closet, includes one private garage.
RENT $4,250
UNIT TYPE 1+1.5 TH
YEAR BUILT 1954
RENT $4,300
UNIT TYPE 2+2
YEAR BUILT 1974
COMPARABLESRENT COMPS
RENT $3,200
UNIT TYPE 1+1
YEAR BUILT 1925
3008 3rd St, Santa Monica, CA 90405 744 Pier Ave , Santa Monica, CA 90405
COMMENTS: New kitchen & baths, private patio, granite counters, two parking, laundry on-site.
RENT $3,850
UNIT TYPE 2+2
YEAR BUILT 1963
2423 4th STREETSANTA MONICA, CA 90405
COMMENTS: 645 sqft, private balcony with ocean views, central air, walk in cedar closet.
RENT $5,500
UNIT TYPE 2+2
YEAR BUILT 1895
2325 2nd St, #A, Santa Monica, CA 90405
COMMENTS: Upper unit, landlord pays for water, 1 car garage parking.
www.CONCORD-RE.com | [email protected] | 310.551.0660
449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
LISTING PROPOSAL
KENNY STEVENS
BRE# 01090251
D: 310-551-0660 Ext. 141
BRE# 01926201
D: 310-900-9505
ERIC VON BLUECHER