744 S. RIDGELEY DRIVE LOS ANGELES CA 90036files.constantcontact.com/796e91ba001/6f15211c-85... ·...

www.CONCORD-RE.com | [email protected] | 310.551.0660

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212

744 S. RIDGELEY DRIVE LOS ANGELESCA 900366 French Normandy Style Units in

Prime Miracle Mile on a large R4 lot

OFFERINGMEMORANDUM

PRESENTEDBY

Kenny Stevens

BRE#01090251

424.284.4440direct

310.551.0661 fax

[email protected]

Our mission

LOCATION OVERVIEWMarket overview

PROPERTY SUMMARYProperty Highlights Property Details

Property Location Aerial Photo

Parcel Orientation Photography

FINANCIALSFinancial Overview

Rent Roll

COMPARABLESSales Comps

Rent Comps

MARKETING PACKAGEOVERVIEW

744 S Ridgeley DrLOS ANGELES, CA 90036



Managing Partner / Senior Vice President

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 portfoliotogether 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 youdon’t have to. From acquisition to management to construction to the disposition, Concord is elevating your

experience every step of the way.


OUR CLIENTS ENTRUST US WITH SO MANY ASPECTS OF THEIR REAL ESTATE LIFE. OUR MISSION IS TO DUTIFULLY GUIDE THEM, CREATE VALUE AND ACT

IN HARMONY WITH THEIR BEST INTEREST.

WE PARTNER WITH YOU EVERY STEP OF THE WAY

TO ELEVATE YOUR REAL ESTATE EXPERIENCE

a different kind of real estate partner.

OUR MISSION744 S Ridgeley DrLOS ANGELES, CA 90036


LOCATION

744 S RIDGELEY DRLOS ANGELES CA 90036

LOCATIONLOCATION OVERVIEW

Miracle Mile - Los Angeles, CA 90036

The Miracle Mile in Los Angeles, California, is an area in the Mid-Wilshire district consisting of a 1.5-mile stretch of

Wilshire Boulevard between Fairfax and Highland Avenues. Luxury residential neighborhood comprised of a colorful mix of retailers, restaurants, advertising agencies, law firms, public relations offices, publishing companies, art

galleries, businesses and entertainment corporations, the Miracle Mile plays a defining part in the identity of the greater metropolis of our city. Several museums are permanent residents of Museum Row on the Miracle Mile which

includes Peterson Automotive Museum, LACMA, Craft & Folk Art Museum and La Brea Tar Pits.



LOCATIONMARKET AERIAL

La Brea Tar Pits

744 S Ridgeley Dr

Metro Purple Line

Under development

Metro Purple Line

Under development

PROPERTY SUMMARY



PROPERTY SUMMARYPROPERTY HIGHLIGHTS


6-UNIT FRENCH NORMANDY STYLE

APARTMENT BUILDING

• Prime Miracle Mile, one half block South of Wilshire

• LAR4 Zoned – Development Potential

• French Normandy Architecture

• 6 Parking Spaces - Covered Garage

• Gated Entry to Parking

• Onsite Laundry Facility

PROPERTY SUMMARYPROPERTY DETAILS


Units 6Major Intersection Wilshire Blvd & Ridgeley DrMarket Miracle MileAPN 5089-005-010Zoning Type LAR4Lot Size 8,574 square feet

PROPERTY DETAILS

PROPERTY DESCRIPTIONA 8,574 SF LAR4 lot with future development potential in highly desirable Miracle Mile location near LACMA, The Grove, and future Metro Purple Line! Situated just south of Wilshire Blvd, this property consists of four large 1 +1 units, one studio and one large 2+2 unit that may be ideal for owner user. All rents are well below market with approximately 42% upside potential. Four units were tastefully renovated and remodeled with hard wood floors, new custom kitchen with new appliances, new bathrooms and beautifully restored original crown mouldings. Copper plumbing, electrical (400 amps) and HVAC were recently updated. Brand new reinforced roofs on the 2 garage buildings with 6 parking spaces. Units are separately metered for gas and electricity with individual new water heaters for each unit.


PROPERTY SUMMARYPROPERTY LOCATION

744 S Ridgeley Dr

744 S Ridgeley DrLOS ANGELES, C 90036

PROPERTY SUMMARYPROPERTY AERIAL

PROPERTY SUMMARYPARCEL ORIENTATION


PROPERTY SUMMARYPROPERTY PHOTOS


FINANCIALS



FINANCIALSFINANCIAL OVERVIEW


INVESTMENT SUMMARY SCHEDULED INCOME

Down Payment: $2,900,000 100.00%

Year Built: 1937 Units Beds Baths Average Monthly Rent Monthly

Units: 6 1 2 2 $2,676 $2,756 $3,500 $3,500

Approx. Lot Size: 8,574 Sq. Ft. 4 1 1 $1,495 $5,981 $2,300 $9,200

Approx. Bldg. NRSF: 6,019 Sq. Ft. 1 Studio 1 $1,483 $1,527 $1,900 $1,900

Cost per NRSF: $481.81

Cost per Unit: $483,333

Expense / NRSF: $9.48

Expense / Unit: $9,514

CURRENT PRO FORMA $10,264 $14,600

GRM: 23.32 16.44 Laundry Income: $100 $100

CAP: 2.23% 3.93% $10,364 $14,700

ROI: 2.23% 3.93% $124,368 $176,400

ANNUAL INCOME ESTIMATED ANNUAL EXPENSES

CURRENT PRO FORMA AMOUNT

Scheduled Gross Income: $124,368 $176,400 $36,250

Less Vacancy Reserve Rate: ($2,487) 2.00% * ($5,292) 3.00% $2,408

Gross Operating Income: $121,881 $171,108 $4,514

Less Expenses: ($57,082) 45.9% * ($57,082) 32.36% $7,835

Net Operating Income: $64,799 $114,026 $4,875

Less Debt Service: $0 $0 $1,200

Pre-Tax Cash Flow: $64,799 2.23% ** $114,026 3.93%

Plus Principal Reduction: $0 $0

Total Return Before Taxes: $64,799 2.23% ** $114,026 3.93%

FINANCING INFORMATION

Price: $2,900,000 Terms: 30 Year Amort. $57,082

Down Payment: $2,900,000 Interest Rate: 4.00% For 5 Years $9.48

Loan Amount: $0 Payment: $0.00 Per Month $9,514Expense / Unit:

Total Expenses:

Expense / NRSF:

UNIT MIX

Taxes:

Maintenance & Repairs:

Insurance:

Utilities:

CURRENT

ITEM

* As a percent of the scheduled gross income. ** As a percent of the down payment

Professional Management:

Misc/Reserves:

PRO FORMA

Scheduled Rent:

Monthly Gross Income:

Annual Gross Income:

$2,900,000


COMPARABLES



COMPARABLES SALES COMPS

Sales Comps

448 Cloverdale Ave

454 S Cloverdale Ave

1111-1115 S Cochran Ave

420 S Detroit St

642-644 S Dunsmuir Ave

1

2

3

4

5

1

2

3

4

5

744 S Ridgeley Dr



.

.

2 3

1

UNITS UNIT TYPE

1 Studio/1Bath

4 1 Bed, 1Bath

1 2 Bed/2 Bath

UNITS UNIT TYPE

2 2 Bed/1Bath

4 1 Bed, 1Bath

UNITS UNIT TYPE

2 2 Bed/1Bath

4 1 Bed, 1Bath

UNITS UNIT TYPE

2 2 Bed/1Bath

4 1 Bed, 1Bath

Sale Price $2,900,000

# of Units 6

Lot Size 8,574 SF

Year Built 1937

Land Cost Per Foot $338

Zoning LAR4


COE 2/18/16

# of Units 6

Building SF 5,901

Year Built 1939


Zoning LAR4


COE 2/25/16

# of Units 6

Building SF 4,960

Year Built 1953


Zoning LAR3


COE 2/18/16

# of Units 6

Building SF 6,059

Year Built 1938


Zoning LAR4

744 South Ridgeley Drive, Los Angeles, CA 90036

1111-1115 S Cochran Ave, Los Angeles, CA 90019454 S Cloverdale Ave, Los Angeles, CA 90036

448 Cloverdale Ave, Los Angeles, CA 90036

COMMENTS:

COMMENTS:

COMMENTS:

COMMENTS:



.

5 642-644 S Dunsmuir Ave, Los Angeles, CA 90036420 S Detroit Street, Los Angeles, CA 900364

UNITS UNIT TYPE

1 2 Bed/1Bath

7 1 Bed, 1Bath

UNITS UNIT TYPE

6 Studio/1Bath


COE 4/1/16

# of Units 8

Lot Size 8,251

Year Built 1929


Zoning LAR4


COE 10/22/16

# of Units 6

Building SF 5,986

Year Built 1949


Zoning LAR4

COMMENTS: COMMENTS:


COMPARABLES RENT COMPS

Rent Comps

5600 Wilshire Blvd

5220 Wilshire Blvd

5600 Wilshire Blvd

5115 Wilshire Blvd

5353 Wilshire Blvd

630 S Masselin Ave

2

4

5

6

1

3

1

3

5

2

6

4

744 S Ridgeley Dr

COMPARABLES RENT COMPS

RENT $3,606

UNIT TYPE 2 + 2

RENT $2,385

UNIT TYPE 1 + 1

1 25600 Wilshire Blvd, Los Angeles, CA 90036 5600 Wilshire Blvd, Los Angeles, CA 90036

RENT $2,449

UNIT TYPE 1 + 1

5600 Wilshire Blvd, Los Angeles, CA 900363

RENT $2,300

UNIT TYPE 1 + 1

5115 Wilshire Blvd, Los Angeles, CA 900364

.

RENT $2,035

UNIT TYPE Studio

RENT $2,098

UNIT TYPE Studio

5353 Wilshire Blvd, Los Angeles, CA 90036 630 S Masselin Ave, Los Angeles, CA 9003665




BRE# 01090251

D: 310-551-0660 Ext. 141

[email protected]

KENNY STEVENS

OFFERINGMEMORANDUM

744 S. RIDGELEY DRIVE LOS ANGELES CA 90036files.constantcontact.com/796e91ba001/6f15211c-85... ·...

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