7343 WOODLEY AVE. - LoopNet · 7343 WOODLEY AVE. 7343 Woodley Avenue Van Nuys, CA 91406 Price:...
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For more information contact: 7343 WOODLEY AVE. 7343 Woodley Avenue Van Nuys, CA 91406 Price: $1,425,000 Cindy Hill, CCIM Executive Vice President 818.846.1611 [email protected] 00885625 Phone: 818-432-1500 ● Fax: 818-432-1501 ● 4061 Laurel Canyon Blvd. ● Studio City, CA 91604 ● www.valleyapartmentsales.com PROPERTY HIGHLIGHTS Pride of ownership 6 unit building ● Great Van Nuys location ● Tremendous upside in rents. Over a 6 market CAP rate ● Clean, well-maintained building ● Excellent unit mix- (5) two bedroom two bath units ● Turn key asset. New roof in 2015 and permitted copper repipe ●
Transcript of 7343 WOODLEY AVE. - LoopNet · 7343 WOODLEY AVE. 7343 Woodley Avenue Van Nuys, CA 91406 Price:...
For more information contact:
7343 WOODLEY AVE.7343 Woodley Avenue Van Nuys, CA 91406
Price: $1,425,000
Cindy Hill, CCIMExecutive Vice [email protected]
Phone: 818-432-1500 ● Fax: 818-432-1501 ● 4061 Laurel Canyon Blvd. ● Studio City, CA 91604 ● www.valleyapartmentsales.com
PROPERTY HIGHLIGHTS
Pride of ownership 6 unit building●
Great Van Nuys location●
Tremendous upside in rents. Over a 6 market CAP rate●
Clean, wellmaintained building ●
Excellent unit mix (5) two bedroom two bath units●
Turn key asset. New roof in 2015 and permitted copper repipe●
INVESTMENT DETAILS7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
ANALYSIS
Analysis Date September 2019
PROPERTY
Property Type MultiFamily
Property 7343 Woodley Ave.
Property Address 7343 Woodley Avenue, Van Nuys, CA 91406
Year Built 1964
PURCHASE INFORMATION
Purchase Price $1,425,000
Units 6
Total Rentable Sq. Ft. 5,176
INCOME & EXPENSE
Gross Operating Income $96,079
Monthly GOI $8,007
Total Annual Expenses ($33,611)
Monthly Expenses ($2,801)
FINANCIAL INFORMATION
All Cash
LOANS
Type Debt Term Amortization Rate Payment LO Costs
EXECUTIVE SUMMARY7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $1,425,000
Investment Cash $0
INVESTMENT INFORMATION
Purchase Price $1,425,000
Price per Unit $237,500
Price per Sq. Ft. $275.31
Income per Unit $16,496
Expenses per Unit ($5,602)
INCOME, EXPENSES & CASH FLOW
GROSS SCHEDULED INCOME $98,976
Total Vacancy and Credits ($2,897)
Operating Expenses ($33,611)
NET OPERATING INCOME $62,467
Debt Service $0
CASH FLOW BEFORE TAXES $62,467
FINANCIAL INDICATORS
Debt Coverage Ratio N/A
Capitalization Rate 4.38%
Gross Rent Multiplier 14.40
Gross Income / Square Feet $19.12
Gross Expenses / Square Feet ($6.49)
Operating Expense Ratio 34.98%
PRO FORMA SUMMARY7343 Woodley AvenueVan Nuys, CA 91406
INCOME
Description Actual Per Unit Market Per Unit
Gross Potential Rent $96,576 $16,096 $127,800 $21,300
Less: Vacancy ($2,897) ($483) ($3,834) ($639)
+ Misc. Income $2,400 $400 $2,400 $400
Effective Gross Income $96,079 $16,013 $126,366 $21,061
OPERATING EXPENSES
Description Actual Per Unit Market Per Unit
Gardener $720 $120 $720 $120
Maintenance $3,408 $568 $3,408 $568
Property Tax $17,103 $2,851 $17,103 $2,851
Pest Control $420 $70 $420 $70
Misc. $1,500 $250 $1,500 $250
Gas $619 $103 $619 $103
DWP $7,070 $1,178 $7,070 $1,178
Trash $2,772 $462 $2,772 $462
TOTAL EXPENSES ($33,611) ($5,602) ($33,611) ($5,602)
NET OPERATING INCOME $62,467 $10,411 $92,755 $15,459
PRO FORMA SUMMARY7343 Woodley AvenueVan Nuys, CA 91406
UNIT MIX & MONTHLY SCHEDULED
Type Units Actual Total Market Total
2+2 5 $1,447 $7,237 $1,900 $9,500
Studio 1 $811 $811 $1,150 $1,150
TOTALS 6 $8,048 $10,650
ANNUALIZED INCOME
Description Actual Market
Gross Potential Rent $96,576 $127,800
Less: Vacancy ($2,897) ($3,834)
+ Misc. Income $2,400 $2,400
Effective Gross Income $96,079 $126,366
Less: Expenses ($33,611) ($33,611)
Net Operating Income $62,467 $92,755
ANNUALIZED EXPENSES
Description Actual Market
Gardener $720 $720
Maintenance $3,408 $3,408
Property Tax $17,103 $17,103
Pest Control $420 $420
Misc. $1,500 $1,500
Gas $619 $619
DWP $7,070 $7,070
Trash $2,772 $2,772
TOTAL EXPENSES $33,611 $33,611
EXPENSES PER RSF $6.49 $6.49
EXPENSES PER UNIT $5,602 $5,602
INVESTMENT SUMMARY
PRICE $1,425,000
Year Built 1964
Units 6
Price/Unit $237,500
RSF 5,176
Price/RSF $275.31
Lot Size 5,999 sf
Floors 2
APN 2205025002
Cap Rate 4.38%
Market Cap Rate 6.51%
GRM 14.4
Market GRM: 10.94
PROPERTY DESCRIPTION7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
6 Units in Van Nuys
KW Commercial is proud to represent this 6unit apartment building in Lake Balboa area of Van Nuys. The property hasbeen well maintained by the existing owner and features permitted copper plumbing, a newer roof, and the seismic retrofitwill be completed by the close of escrow.
The property has an excellent unit mix consisting of (5) twobedroom, twobathroom units and (1) studio unit. With a lotsize of 5,999 square feet, the property has a total of 5,176 rentable square feet.
The property is situated in Van Nuys with close access to the 405, 101, and 170 freeways. Ventura Blvd. is just minutesaway with all of its restaurants and shopping while the metro link transportations service allows easy access to ShermanOaks, Woodland Hills, Burbank, Hollywood, and downtown Los Angeles.
The property is separately metered for gas and electricity.
UNIT RENT ROLL7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Unit Description Current Rent Pro Forma Rent Comments
1 2+2 $1,437 $1,900
2 2+2 $1,648 $1,900
3 Studio $811 $1,150
4 2+2 $1,156 $1,900
5 2+2 $1,396 $1,900
6 2+2 $1,600 $1,900
UNIT MIX REPORT7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
5 2+2 0 $1,447 $7,237 $1,900 $9,500
1 Studio 0 $811 $811 $1,150 $1,150
6 0 $8,048 $10,650
UNIT MIX UNIT MIX SQUARE FEET
● 2+2
● Studio
● 2+2
● Studio
UNIT MIX INCOME UNIT MIX MARKET INCOME
● 2+2
● Studio
● 2+2
● Studio
Landscaped Front Facade Side Facade
Side Facade Rear Facade, with Covered Parking
Street View (North) Street View (South)
PROPERTY PHOTOS7343 Woodley AvenueVan Nuys, CA 91406
Spacious Living Rooms
PROPERTY PHOTOS7343 Woodley AvenueVan Nuys, CA 91406
MAPS AND AERIALS7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
City of Van Nuys
www.ValleyApartmentSales.com
Van Nuys’ features established, tree‐lined neighborhoods and a variety of
shopping centers and restaurants. The city itself is centrally located, with
easy access to public transporta on and freeways— including the 405,
101, and 170 freeways— linking its residents to Sherman Oaks, Woodland
Hills, Burbank, Hollywood, and downtown Los Angeles.
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Subject 1 2 5 6 7 8 9
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Avg.
4.229
Cap Rate
Subject 1 2 5 7 8 9
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Avg.
14.15
Gross Rent Multiplier
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
Subject 1 2 3 4 5 6 7 8 9
$29,000
$58,000
$87,000
$116,000
$145,000
$174,000
$203,000
$232,000
$261,000
$290,000
Avg.
$195,585
Price per Unit
Subject 1 2 3 4 5 6 7 8 9
$35
$70
$105
$140
$175
$210
$245
$280
$315
$350
Avg.
$261.16
Price per Sq. Ft.
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
S 7343 Woodley Ave. 7343 Woodley AvenueVan Nuys, CA 91406
Sale Price $1,425,000
Units 6
Price/Unit $237,500
Price/SqFt $275.31
Cap Rate 4.38%
Year Built 1964
GRM 14.4
# Units Unit Type
5 2+2
1 Studio
1 14643 Friar St. 14643 Friar St. Van Nuys, CA 91411
Sale Price $1,150,000
Units 6
Price/Unit $191,667
Price/SqFt $234.12
Cap Rate 4.35%
Year Built 1953Sale Date 5/17/2019
GRM 14.1
# Units Unit Type
4 One Bedroom One Bath
2 Two Bedroom One Bath
2 14842 Friar St. 14842 Friar St. Van Nuys, CA 91411
Sale Price $1,045,000
Units 6
Price/Unit $174,167
Price/SqFt $197.47
Cap Rate 4.21%
Year Built 1965Sale Date 6/26/2018
GRM 13.3
# Units Unit Type
6 Studio/Efficiency
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
3 14348 GilmoreVan Nuys, CA 91401
Sale Price $1,150,000
Units 6
Price/Unit $191,667
Price/SqFt $273.81
Cap Rate N/A
Year Built 1956Sale Date 6/7/2018
GRM N/A
# Units Unit Type
4 One Bedroom One Bath
2 Two Bedroom One Bath
4 16507 Hartland St. 16507 Hartland St. Van Nuys, CA 91406
Sale Price $1,449,000
Units 5
Price/Unit $289,800
Price/SqFt $344.18
Cap Rate N/A
Year Built 1946Sale Date 7/9/2018
GRM N/A
# Units Unit Type
3 One Bedroom One Bath
2 Three Bedroom Two Bath
5 7105 7117 1/2 Hazeltine Ave7105 7117 1/2 Hazeltine AveVan Nuys, CA 91405
Sale Price $1,657,000
Units 10
Price/Unit $165,700
Price/SqFt $252.86
Cap Rate 4.24%
Year Built 1950Sale Date 1/18/2019
GRM 14.2
# Units Unit Type
2 Studio/Efficiency
6 One Bedroom One Bath
1 Two Bedroom Two Bath
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
6 14121 14123 1/2 Sylvan St14121 14123 1/2 Sylvan StVan Nuys, CA 91401
Sale Price $975,000
Units 6
Price/Unit $162,500
Price/SqFt $249.68
Cap Rate 4.67%
Year Built 1948Sale Date 2/5/2019
GRM N/A
# Units Unit Type
6 One Bedroom One Bath
7 14741 Vanowen St. 14741 Vanowen St. Van Nuys, CA 91405
Sale Price $1,100,000
Units 6
Price/Unit $183,333
Price/SqFt $260.48
Cap Rate 3.69%
Year Built 1957Sale Date 5/30/2019
GRM 14.7
# Units Unit Type
4 One Bedroom One Bath
2 Two Bedroom One Bath
8 15733 Vanowen15733 VanowenVan Nuys, CA 91406
Sale Price $3,100,000
Units 14
Price/Unit $221,429
Price/SqFt $286.67
Cap Rate 4.14%
Year Built 1957Sale Date 1/15/2016
GRM 14.1
# Units Unit Type
7 One Bedroom One Bath
7 Two Bedroom One Bath
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
9 15919 Vanowen St.15919 Vanowen St.Van Nuys, CA 91406
Sale Price $1,620,000
Units 9
Price/Unit $180,000
Price/SqFt $251.16
Cap Rate 4.3%
Year Built 1962Sale Date 1/25/2019
GRM 14.5
# Units Unit Type
3 Two Bedroom One Bath
6 One Bedroom One Bath
SALE COMPARABLES7343 Woodley AvenueVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to theaccuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawalwithout notice. No liability of any kind is to be imposed on the broker herein.
S 7343 Woodley AvenueVan Nuys, CA, 91406$1,425,000
1 14643 Friar St. Van Nuys, CA, 91411$1,150,000
2 14842 Friar St. Van Nuys, CA, 91411$1,045,000
3 14348 GilmoreVan Nuys, CA, 91401$1,150,000
4 16507 Hartland St. Van Nuys, CA, 91406$1,449,000
5 7105 7117 1/2 Hazeltine AveVan Nuys, CA, 91405$1,657,000
6 14121 14123 1/2 Sylvan StVan Nuys, CA, 91401$975,000
7 14741 Vanowen St. Van Nuys, CA, 91405$1,100,000
8 15733 VanowenVan Nuys, CA, 91406$3,100,000
9 15919 Vanowen St.Van Nuys, CA, 91406$1,620,000
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