OFFERING West View $975,000 Angeles, · 2020. 8. 27. · 2737 West View Street Los Angeles, CA...
Transcript of OFFERING West View $975,000 Angeles, · 2020. 8. 27. · 2737 West View Street Los Angeles, CA...
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OFFERING MEMORANDUM
2737 West View Street
Los Angeles, CA 90016$975,000
MATT DUNFRUND
(310) 367‐9666
BRE 01785161
TABLE OF CO
NTEN
TS
TABLE OF CONTENTS
THE PROPERTY 3Property Highlights / OverviewProperty Photographs
THE FINANCIALS 9Financial SummaryRent Roll
THE LOCATION 12West Adams Market OverviewNeighborhood OverviewRedevelopment Projects
COMPARABLES 17Sales ComparablesOn‐Market CompsRent Lease Comps
OUR TEAM 22
DISCLAIMER & CONFIDENTIALITY AGREEMENT 23
OFFERING MEMORANDUM
2737 West View StreetLos Angeles, CA 90016
Page 3LYON STAHL INVESTEMENT REAL ESTATE
PROPERTY OVERVIEW
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 4
THE PROPERTY
PROPERTY SUMMARY
PRICE $975,000
ADDRESS 2737 West View Street
CITY, STATE, ZIP Los Angeles, CA, 90016
COUNTY Los Angeles
ZONING
YEAR BUILT 1923
NUMBER OF UNITS 3
BUILDING SIZE 1,917
LOT SIZE 5,000
PRO FORMA NOI $45,043
PRO FORMA CAP 4.62%
PRO FORMA GRM 15.05
PRICE / SF $509
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 5
THE PROPERTY
PROPERTY OVERVIEW
Lyon Stahl is pleased to present this well‐located West Adams triplex listing at 2737 West View Street, LA 90016. Featuring a front detached 2 Bedroom 2 Bath Home, which will be delivered vacant at closing + a rear duplex with two 1 Bedroom units rented for $1,257 & $1,074/mth. The gross income will be $4,531/mth; $54,372/yr once the vacant 2+2 unit is rented at market rate. At our $975K asking price, the property is priced at: $325K/unit; a 17.93 current GRM; a 3.58% current CAP, and $509/SF. This property would also make a great owner‐user investment for a buyer looking to occupy the front 2 Bedroom Detached Home & have two great rental units to help pay your mortgage. The property is conveniently located only minutes from the 10 Freeway & only a short 0.6M walk from the La Brea/Expo Metro station for carless commuting. Fantastic central Mid‐City location just east of La Brea between Adams & Jefferson Blvd & only a short trip to all the hip new restaurants, shops, and bars like: Alta; Highly Likely; Collins Fish Market; Mizlala; Taqueria Los Anaya, Bee Taqueria & the Cork Bar just to name a few local favs.
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 6
THE PROPERTY
PROPERTY OVERVIEW
Deal Highlights
● Interesting Triplex Investment well‐located at 2737 S .West View Street in the hot West Adams (90016) submarket.● The property features a detached front 2+2 House (delivered vacant) + a rear duplex with two 1+1 units. There are 1,917 total rentable SF. Interesting owner‐user investment if buyer wants to occupy the front home & help pay their mortgage with two units' rental income.● Gross income of $4,531/mth;$54,372/yr... At the $975,000 asking price, the property is priced at: $325,000/unit; a 17.93 current GRM; a 3.58% current CAP, and$509/SF.● 5,000 SF lot zoned R2; Build twocondos/townhomes in the future here with homes already selling for $1M+ locally!
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 7
THE PROPERTY
PROPERTY PHOTOGRAPHS
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 8
THE PROPERTY
PROPERTY PHOTOGRAPHS
OFFERING MEMORANDUM
2737 West View StreetLos Angeles, CA 90016
Page 9LYON STAHL INVESTEMENT REAL ESTATE
FINANCIAL OVERVIEW
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 10
FINANCIAL OVERVIEW
FINAN
CIALS
PROPERTY SUMMARY
ADDRESS 2737 West View Street
APN: 5049-006-020
NUMBER OF UNITS 3
YEAR BUILT 1923
BUILDING SIZE 1,917
LOT SIZE 5,000
CURRENT CAP RATE 3.58%
CURRENT GRM 17.93
MARKET CAP RATE 4.62%
MARKET GRM 15.05
PRICE PER UNIT $325,000
PRICE PER SF $509
PRICING SUMMARY
PRICE $975,000
FINANCIAL SUMMARY
LOAN AMOUNT $536,250
DOWN PAYMENT $438,750
INTEREST RATE 3.750%
MONTHLY PAYMENT $2,483
ANNUAL PAYMENT $29,801
LOAN‐TO‐VALUE 55%%
AMORTIZATION 30 years
TERM 5 years
PROPOSED/EXISTING Proposed
SCHEDULED RENT SUMMARY
Unit Type No. Of Units Average Rent Market Rent
2+2 House (Delivered Vacant)
1+1 Unit
1+1 Unit
1
1
1
$2,200
$1,257
$1,074
$2,200
$1,600
$1,600
SCHEDULED RENT SUMMARY
Gross Scheduled IncomeCurrent Actuals
$54,372Market Rent$64,800
Less Vacancy 3% $1,631 $1,944
Gross Operating Income $52,741 $62,856
EXPENSE SUMMARY
Per Unit Current Actuals Market Pro Forma
Real Estate Taxes and Special Assessment Tax
$11,700 $11,700
Insurance $2,200 $2,200
Water & Sewer $2,282 $2,282
Maintenance/Repairs $ 1,631 $ 1,631
TOTAL EXPENSES $17,813 $17,813
Expense Per Unit $5,938 $5,938
Expense Per SF $9.29 $9.29
NET OPERATING INCOME $34,928 $45,043
Pre‐Tax Cash Flow $5,126 $15,241
Principal Reduction $9,860 $9,860
TOTAL RETURN $14,987 $25,102
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 11
FINAN
CIALS RENT ROLL
UNIT # UNIT TYPE ACTUAL RENT MARKET RENT NOTES
1 $2,200 $2,200
2 1+1 $1,257 $1,600
3 1+1 $1,074 $1,600
MONTHLY TOTALS $4,531 $5,400
ANNUALIZED TOTALS $54,372 $64.800
2+2 House (Delivered Vacant)
OFFERING MEMORANDUM
2737 West View StreetLos Angeles, CA 90016
Page 12LYON STAHL INVESTEMENT REAL ESTATE
AREA OVERVIEW
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 13
THE LOCATIO
N
WEST ADAMS Overview
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 14
THE PROPERTY
Property Address Building StatusNumber Of Units
Rentable Building Area Zip
4801 W Adams Blvd Under Construction 6 6000 90016‐2820
5109‐5113 W Adams Blvd Under Construction 69 60940 90016
5124 W Adams Blvd Under Construction 25 36237 90016
5181 W Adams Blvd Under Construction 115 91400 90016‐2727
5301‐5335 W Adams Blvd Under Construction 60 60000 90016
3311 La Cienega Blvd Under Construction 300 300000 90016‐3114
3321 S La Cienega Blvd Under Construction 918 1400000 90016‐3114
2021 S Redondo Blvd Under Construction 5 10674 90016
2303 S West View St Under Construction 3 5090 90016‐2333
3015 W West View St Under Construction 64 65000 90016
NEW DEVELOPMENTSUNDER CONSTRUCTION
• Over 2,200 New UnitsProposed or UnderConstruction in the Area
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 15
THE PROPERTY
Property Address Building Status Number Of Units Rentable Building Area (sf) Zip
3500‐3524 Chesapeake Ave Proposed 45000 90016‐5736
2000 Clyde Ave Proposed 5 5000 90016
2254 Crenshaw Blvd Proposed 6000 90016‐1808
3518‐3520 Crenshaw Blvd Proposed 81 80000 90016‐4804
3606 W Expositions Blvd Proposed 492 500000 90016
3702‐3716 W Jefferson Blvd Proposed 75000 90016‐4208
2902‐2910 S Mansfield Ave Proposed 17 15000 90016‐3908
4600 W Washington Blvd Proposed 56 60000 90016‐1728
4601 W Washington Blvd Proposed 33 44939 90016
NEW DEVELOPMENTSPROPOSED
2737 West View StreetLos Angeles, CA 90016
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THE PROPERTY
NEW DEVELOPMENTS
OFFERING MEMORANDUM
2737 West View StreetLos Angeles, CA 90016
Page 17LYON STAHL INVESTEMENT REAL ESTATE
COMPARABLES
2737 West View StreetLos Angeles, CA 90016
LYON STAHL INVESTEMENT REAL ESTATE • 18
COMPARABLES
SOLD COMPARABLES
Address Price Units Year Built Building Size Price/Unit Price/SF GRM Sale Date
2840 Buckingham RdLos Angeles, 90016 $950,000 3 1927 1,937 $263,333 $408 3/3/2020
3011 West View StLos Angeles, 90016 $1,000,000 2 1964 2,728 $500.000 $366 1/29/20
2410 Carmona AvenueLos Angeles, 90016 $930,000 2 1937 1,672 $465,000 $556 3/18/20
AVERAGES $960,000 ‐ ‐ 2,112 $409,444 $443 ‐
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LYON STAHL INVESTEMENT REAL ESTATE • 19
COMPARABLES
ON‐MARKET COMPARABLES
Address Price Units Year Built Building Size Price/Unit Price/SF Cap Rate GRM Sale Date
2245 S Cochran AveLos Angeles, CA, 90016 $850,000 3 1923 1,826 $283,333 $466 4.5% 16.00 Active
2621 Hillcrest DrLos Angeles, CA, 90016 $850,000 3 1925 2,289 $283,333 $371 4.4% 16.30 Active
5331 Carlin StLos Angeles, CA, 90016 $1,075,000 3 1960 2,009 $358,333 $535 2.90% 24.90 Active
1877 S Cloverdale AveLos Angeles, CA, 90016 $1,100,000 3 1958 1,848 $366,667 $595 2.70% 27.1 Active
AVERAGES $968,750 ‐ ‐ 1,993 $398,950 $491.79 3.63% 21.08 NA
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2737 West View StreetLos Angeles, CA 90016
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COMPARABLES
LEASE COMPARABLES
Address Date Leased Unit Type Rental Rate Rate / Sq. Ft.
1938 Carmona AveLos Angeles, CA 90016 May 2020 2 Bed/1 Bath $1,800 $1.87
4639 Saturn StLos Angeles, CA 9001 July 2020 2 Bed/1 Bath $2,100 $2.80
3034 11th AveLos Angeles, CA 90018 May 2020 2 Bes/1 Bath $1,400 $1.24
2230 S Mansfield AveLos Angeles, CA 90016 Jul 2020 2 Bed/1 Bath $2,350 N/A
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2737 West View StreetLos Angeles, CA 90016
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COMPARABLES
LEASE COMPARABLES
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MEET THE TEAM
MATT DUNFRUNDSENIOR ASSOCIATE(310) 367‐9666
BRE 01785161
GAVIN BIALECKISales Associate
HOLDEN GROFFSales Associate
SALES ASSOCIATE(512) 203‐2055
BRE 02054995
(626) 608‐8111
BRE 02109075
The information contained in this Offering Memorandum (“Memorandum”) is proprietary and strictly confidential; it is intended to be reviewed only by the party receiving it from Broker and should not be made available to anyone else without the written consent of Broker. By retention or use of this Memorandum, you agree that its contents are confidential, that you will hold it in the strictest confidence, and that you will not disclose any of its contents contrary to these terms.
This Memorandum has been prepared to provide summary, unverified information to establish a preliminary level of interest in the subject property (“Property”). The information in this Memorandum has been obtained from sources Broker believes to be reliable; however, Broker has not conducted sufficient investigation to make any warranty or representation whatsoever including but not limited to the accuracy or completeness of the information, veracity or accuracy of the information, condition of the Property or its compliance or lack of compliance with applicable governmental requirements, developability, suitability or financial performance of the Property, income or expenses for the Property, the size and square footage of the Property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State or Federal regulations, the physical condition of the improvements thereon, or the financial condition or business Property and does not purport to be an all – inclusive representation regarding the Property or to contain all or part of the information which prospective investors may require to evaluate the purchase of the Property. Additional information and an opportunity to investigate the Property will be made available to interested and qualified prospective purchasers. All information is based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of Broker, therefore, all information is subject to material variation. The information contained herein is not a substitute for a thorough due diligence investigation. Interested parties are expected to review all information of whatever nature independently and not rely on the contents of this Memorandum in any manner.
The Property owner (“Owner”) expressly reserves the right, at its sole discretion, to reject any or all offers to purchase the Property, and/or to terminate discussions at any time with or without notice. The Owner shall have no legal commitment or obligation unless and until written agreement(s) have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.
DISCLAIMER & CONFIDENTIALITY AGREEMENT
LYON STAHL INVESTEMENT REAL ESTATE • 23