9500W rkadiaREA.co m ... 9500 West Olympic Boulevard | Beverly Hills, CA 90212 16 Units| $7,690,000...

Click here to load reader

  • date post

    16-Aug-2020
  • Category

    Documents

  • view

    0
  • download

    0

Embed Size (px)

Transcript of 9500W rkadiaREA.co m ... 9500 West Olympic Boulevard | Beverly Hills, CA 90212 16 Units| $7,690,000...

  • | EXCLUSIVE MULTIFAMILY OFFERING

    9500 West Olympic Boulevard | Beverly Hills, CA 90212 16 Units | $7,690,000

    BRENT SPRENKLE Senior Managing Director310.470.4892Brent.Sprenkle@berkadia.com CA BRE License #01290116

    a Berkshire Hathaway and Jefferies Financial Group companywww.BerkadiaREA.com

    For R9500Weal-TOi lmye mpiProcpe.Brtye rIknfoadirmaRatiEoAn .cgoo mto:

  • BRENT SPRENKLE Senior Managing Director

    310.470.4892 brent.sprenkle@berkadia.com

    CA BRE License #01290116

    South Bay Los Angeles Office 2321 Rosecrans Avenue

    Suite 3235 El Segundo, California 90245

    Phone: 424.239.5900 Fax: 424.239.5901

    BerkadiaREA.com ApartmentUpdate.com

    For Real-Time Property Information go to:9500WOlympic.BerkadiaREA.com

    Great High Visibility Location in Beverly Hills Beautiful Building on a Corner Lot Perfect Unit Mix in a High Demand Rental Market Desirable Units with Huge Windows and Amenities Massive Long Term Rental Upside - Low Current Rents

  • THE ASSET Property Summary 1 Location Description 2 Location Map 3 Aerial 4 Property Photos 5

    VALUATION Rent Roll 8

    MARKET POSITIONING Comparable Sale Properties 10 Comparable Rental Properties 12

    APPENDIX Economic & Demographic Overview | Los Angeles County 15 Demographics 27 Apartment Update 36

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com  

  • PROPERTY SUMMARY The Olympic Apartments is a 16-unit apartment building located in prestigious Beverly Hills and situated on a major street. The two-story structure is located on a corner lot with an alley that accesses the open parking behind. The property is situated around a courtyard that contains not only a large swimming pool but a covered patio area for tenants to enjoy. The unit mix consists of fourteen (14) large one-bedrooms with one-bathroom as well as two (2) units that are studios with one-bathroom and a kitchen. The units feature massive floor to ceiling windows as well as excess amount of storage and closet spaces. Kitchens are equipped with dishwashers and many have been remodeled. In addition, there is a large basement that contains private storage lockers that can be leased for additional income. The nine parking spaces to the rear of the property can also be leased.

    Air Conditioning Dishwashers  Floor to Ceiling Windows Closets and Storage Some Units Remodeled 

    Swimming Pool Covered Patio On-Site Parking Laundry Facility Storage Lockers

    UNIT AMENITIES

    COMMON AREA AMENITIES

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com 1

  • LOCATION DESCRIPTION

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com

    9500 WEST OLYMPIC BOULEVARD NEIGHBORHOOD QUICK FACTS

    BEVERLY HILLS, CA

    62% Renter Occupied Housing Units

    (Within Three Miles)

    4.0% City Unemployment Rate

    (September 2018)

    297.4k Population

    (Within Three Miles)

    $78.9k Median Household Income

    (Within Three Miles)

    $1.1m Median Housing Unit Value

    (Within Three Miles)

    NEIGHBORHOOD SHOPPING

    Banana Republic | Bloomingdale’s | Nordstrom

    FROM THE

    PROPERTY1.5mi SF SHOPPING

    DESTINATION1.3m TOTAL STORES230

    NEIGHBORHOOD CONVENIENCES

    Within a two-mile radius of the property

    JOBS

    SUPPORTED

    HOSPITAL

    BEDS

    12.2k 886

    DEMAND DRIVER

    Cedars-Sinai Medical Center

    FROM THE

    PROPERTY2.2mi

    PRIMARY EDUCATION

    Beverly Vista (K-8) | Beverly Hills HS

    STUDENTS

    SERVED4.2k SCHOOLS

    AND CENTERS5 JOBS

    SUPPORTED470

    DEMAND DRIVER

    University of California - Los Angeles

    FROM THE

    PROPERTY3.0mi JOBS

    SUPPORTED46.2k STUDENTS

    ENROLLED45.4k

    DEMAND DRIVER

    Sony Pictures Studios, Inc.

    FROM THE

    PROPERTY3.5mi JOBS

    SUPPORTED3.5k SF

    OCCUPIED700k

    2

  • LOCATION MAP

    9500 WEST OLYMPIC BOULEVARD 9500 West Olympic Boulevard Beverly Hills, CA 90212

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com 3

  • AERIAL

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com 4

  • PROPERTY PHOTOS

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com 5

  • PROPERTY PHOTOS

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com 6

  • PROPERTY PHOTOS

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com 7

  • RENT ROLL

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com

    9500 W. Olympic Blvd

    Unit # Unit Description Estimated

    Unit SF

    Current

    Rate

    Current

    Rent Per SF

    Projected

    Market Rate

    Projected

    Rent Per SF Status Notes Parking

    101 One Bedroom, One Bath 725 $2,450.00 $3.38 $2,450.00 $3.38 Vacant 102 One Bedroom, One Bath 725 $1,717.65 $2.37 $2,450.00 $3.38 103 One Bedroom, One Bath 725 $2,450.00 $3.38 $2,450.00 $3.38 Vacant 104 One Bedroom, One Bath 725 $1,493.50 $2.06 $2,450.00 $3.38 105 Studio, One Bath 550 $1,273.03 $2.31 $2,000.00 $3.64 106 One Bedroom, One Bath 725 $2,450.00 $3.38 $2,450.00 $3.38 Vacant 107 One Bedroom, One Bath 725 $1,380.72 $1.90 $2,450.00 $3.38 108 One Bedroom, One Bath 725 $1,486.81 $2.05 $2,450.00 $3.38 201 One Bedroom, One Bath 725 $1,211.20 $1.67 $2,450.00 $3.38 202 One Bedroom, One Bath 725 $1,430.67 $1.97 $2,450.00 $3.38 203 One Bedroom, One Bath 725 $1,554.73 $2.14 $2,450.00 $3.38 204 One Bedroom, One Bath 725 $2,450.00 $3.38 $2,450.00 $3.38 Vacant 205 Studio, One Bath 550 $1,750.00 $3.18 $2,000.00 $3.64 206 One Bedroom, One Bath 725 $1,458.74 $2.01 $2,450.00 $3.38 207 One Bedroom, One Bath 725 $1,485.26 $2.05 $2,450.00 $3.38 208 One Bedroom, One Bath 725 $1,460.28 $2.01 $2,450.00 $3.38

    Unit Description Estimated

    SF

    Current

    Rate

    Rent Range

    Per SF

    Projected

    Market Rate

    Percent

    Vacant

    Number

    Vacant

    Number of

    Units

    Percentage

    of Total

    Totals: Studio, One Bath 1,100.00 $3,023.03 $2.31 - $3.18 $4,000.00 0.00% 0 2 12.50%

    One Bedroom, One Bath 10,150.00 $24,479.56 $1.67 - $3.38 $34,300.00 28.57% 4 14 87.50%

    11,250 $27,502.59 $38,300.00 25.00% 4 16

    Unit Description Estimated

    SF

    Current

    Rate

    Current

    Rent Per SF

    Projected

    Market Rate

    Projected

    Rent Per SF

    % Estimated

    Upside

    Rental

    Range Averages: Studio, One Bath 550.00 $1,511.52 $2.75 $2,000.00 $3.64 32.32% $1,273 - $1,750

    One Bedroom, One Bath 725.00 $1,748.54 $2.41 $2,450.00 $3.38 40.12% $1,211 - $2,450

    IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.

    © 2019 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http:// www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

    The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market rental rates are estimated. Buyer to independently investigate.

    8

  • RENT ROLL

    9500 WEST OLYMPIC BOULEVARD9500WOlympic.BerkadiaREA.com

    Units Unit Type Estimated

    Unit SF

    Current

    Rental Range

    Current Avg.

    Rent

    Market

    Rent

    Current

    Rent/SF

    Market

    Rent/SF

    Est. Total

    Net SF

    2 Studio / 1 Bath 550 $1,273 - $1,750 $1,512 $2,000 $2.75 $3.64 1,100

    14 1 Bed / 1 Bath 725 $1,211 - $2,450 $1,749 $2,450 $2.41 $3.38 10,150

    16 703 $1,719 $2,394 $2.44 $3.40 11,250

    Gross SF 11,270

    Income Current

    Pro Forma

    Market

    Pro Forma

    Trailing 12 (Tax

    Adjusted)

    Scheduled Market Rent $330,031 $459,600 $336,404

    Less: Vacancy Actual is 25.00% 3.00% ($9,901) ($13,788) ($10,092)

    Net Rental Income $320,130 $445,812 $326,312

    Plus: Misc. Income $960 $960 $960

    Plus: Parking Income $7,800 $10,800 $7,800

    Plus: Storage Income