OFFERING MEMORANDUM 9315 ALCOTT STREET BEVERLYWOOD, CA LUXURY CONDOS JUST BLOCKS TO BEVERLY HILLS

Size: px

Start display at page:

Download "OFFERING MEMORANDUM 9315 ALCOTT STREET BEVERLYWOOD, CA LUXURY CONDOS JUST BLOCKS TO BEVERLY HILLS"

Malcolm Wheeler
5 years ago
Views:

1 OFFERING MEMORANDUM 14 LUXURY CONDOS JUST BLOCKS TO BEVERLY HILLS

2 PRESENTED BY KENNY STEVENS BRE# SHANA ROSTAMI BRE# LOCATION OVERVIEW Location Overview Property Location PROPERTY SUMMARY Property Details Property Highlights Photography FINANCIALS Financial Overview Rent Roll COMPARABLES Sales Comps Rent Comps South Beverly Drive, First Floor, Beverly Hills, CA 90212

LOCATION BEVERLYWOOD, CA BEVERLYWOOD, CALIFORNIA Beverlywood offers a walkable neighborhood, blocks from Beverly Hills, a blossoming public transportation

Century City, Culver City, Beverly Hills and more are just a short drive away, and the shops and restaurants on Pico Boulevard are well within walking distance.

The neighborhood's HOA owns and maintains many private parks in the neighborhood (such as Circle Park), which are gated and only accessible to Beverlywood

Some of the highest rated schools situated in Beverlywood are, Castle Heights Elementary, Canfield Avenue Elementary, Shenandoah Street Elementary School, and

3 LOCATION BEVERLYWOOD, CA BEVERLYWOOD, CALIFORNIA Beverlywood offers a walkable neighborhood, blocks from Beverly Hills, a blossoming public transportation system that will soon be opening, and some of the best schools in Los Angeles. Century City, Culver City, Beverly Hills and more are just a short drive away, and the shops and restaurants on Pico Boulevard are well within walking distance. With the Rancho Park Golf Course and the Hillcrest Country Club sitting to the west, there are plenty of nearby greens to conquer. The neighborhood's HOA owns and maintains many private parks in the neighborhood (such as Circle Park), which are gated and only accessible to Beverlywood residents. Some of the highest rated schools situated in Beverlywood are, Castle Heights Elementary, Canfield Avenue Elementary, Shenandoah Street Elementary School, and Yeshiva of Los Angeles Girls High School. One of the other highlights and convenience of Beverlywood is the walkable distance to many nearby synagogues such as Young Israel of Century City, Pico Shul, Adas Torah, Beth Jacob Congregation, and Temple Emanuel of Beverly Hills. It is the perfect neighborhood for families, as well as young professionals, with an increase in the past few years of people ages 25-35, moving into Beverlywood.

4 LOCATION BEVERLYWOOD, CA Purple Line Adding Value to Beverlywood s Premium Rental Market

LOCATION OVERVIEW Restaurants Il Pastaio The Ivy Villa blanca Matsro s Steakhouse Toca Madera Gracias Madre Il Cielo Roxbury Park Rodeo Drive Schools Castle Heights Elementary, Canfield Avenue

5 LOCATION OVERVIEW Restaurants Il Pastaio The Ivy Villa blanca Matsro s Steakhouse Toca Madera Gracias Madre Il Cielo Roxbury Park Rodeo Drive Schools Castle Heights Elementary, Canfield Avenue Elementary, Shenandoah Street Elementary School, and Yeshiva of Los Angeles Girls High School Beverly Hills Rodeo Drive Cedars Sinai Medical Center Synagogues Young Israel of Century City Pico Shul Adas Torah Beth Jacob Congregation Temple Emanuel of Beverly Hills La Cienega Park Rancho Park Golf Course Hillcrest Country Club

PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION Built in 2007, 9315 Alcott Street is comprised of 14 non rent control condominiums with separate APN numbers.

6 PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION Built in 2007, 9315 Alcott Street is comprised of 14 non rent control condominiums with separate APN numbers. Located just South of Pico Blvd, in the neighborhood of Beverlywood. The property is walking distance to a myriad of coffee shops, restaurants, and synagogues. The property features over 25,000 square feet of rentable area and is situated on a large 11,428 square foot lot. Comprised of (1) three-bedroom, threebathroom unit, (12) three-bedroom, two and half-bathroom units, and (1) two-bedroom, two-bathroom unit. The building has been well maintained and includes a 1,500 sq. ft. gym / rec room on the ground floor with kitchen and bathroom. Two levels of subterranean parking for approximately 36 parking spots including guest parking. **3rd bedrooms were added without permit PROPERTY DETAILS Units 14 Major Intersection W. Pico Blvd and Alcott St Market Beverlywood APN Multiple Zoning Type LAR3 Building SF 25,908 SF Lot Size SF 11,428 SF PICO BLVD ALCOTT STREET

PROPERTY SUMMARY PROPERTY HIGHLIGHTS 14 LUXURY CONDOS IN BEVERLYWOOD PRIME

Individual condos with separate APN numbers Bright spacious units average

36 spaces including guest spots) Ground floor has a gym/rec room with a kitchen,

7 PROPERTY SUMMARY PROPERTY HIGHLIGHTS 14 LUXURY CONDOS IN BEVERLYWOOD PRIME Beverlywood location just blocks from Beverly Hills Non-rent control Built in 2007 Individual condos with separate APN numbers Bright spacious units average approximately 1,500 sf ft 2 levels of subterranean parking (approx. 36 spaces including guest spots) Ground floor has a gym/rec room with a kitchen, and bathroom, currently being used a meeting room Penthouse units have panoramic views of Downtown and Century City

8 PROPERTY SUMMARY PROPERTY PHOTOS

9 FINANCIALS FINANCIAL OVERVIEW - $16,150,000 INVESTMENT SUMMARY SCHEDULED INCOME Purchase Price: $16,150,000 UNIT MIX CURRENT PRO FORMA Down Payment: $16,150, % Units Beds Baths Average Monthly Rent Monthly Year Built: $5,000 $5,000 $6,250 $6,250 Units: $3,050-$3,795 $42,940 $4,500 $54,000 Approx. Lot Size: 11,428 Sq. Ft $2,650 $2,650 $3,400 $3,400 Approx. Bldg. NRSF: 25,908 Sq. Ft. Price per Unit: $1,153,571 Price per Sq. Ft. $623 Scheduled Rent: $50,590 $63,650 CURRENT PRO FORMA GRM: Laundry Income: $140 $140 CAP: 1.91% 2.85% Monthly Gross Income: $50,730 $63,790 ANNUAL INCOME Annual Gross Income: $608,760 $765,480 ANNUAL EXPENSES CURRENT PRO FORMA ITEM AMOUNT Scheduled Gross Income: $608,760 $765,480 Taxes: (based on new purchase price) 1.25% $201,875 Less Vacancy Reserve Rate: ($18,263) 3.00% * ($22,964) 3.00% Insurance: $10,363 Gross Operating Income: $590,497 $742,516 Utilities: $15,545 Less Expenses: ($282,753) 46% * ($282,753) 37% Repairs & Maintenance: $24,350 Net Operating Income: $307,744 $459,762 Professional Mgmt: $23,620 Less Debt Service: $0 $0 Misc: $7,000 Pre-Tax Cash Flow: $307, % ** $459, % Plus Principal Reduction: $0 $0 Storage Income: Total Return Before Taxes: $307, % ** $459, % * As a percent of the scheduled gross income. ** As a percent of the down payment Total Expenses: Expense / NRSF: Expense / Unit: EXPENSES ARE ESTIMATED $282,753 $10.91 $20,197 **3rd bedrooms were added without permit

10 FINANCIALS RENT ROLL Current Market Unit # Unit Type Rent Rent Move-in Date Size (sf) Notes $3,700 $4,500 9/11/2011 1,620 ** $2,650 $3,400 4/15/2010 1, $3,500 $4,500 8/1/2009 1,544 ** $3,600 $4,500 10/1/2017 1,620 ** $3,700 $4,500 10/1/2014 1,512 ** $3,795 $4,500 7/13/2017 1,544 ** $3,500 $4,500 6/4/2012 1,572 ** $3,600 $4,500 8/2/2015 1,620 ** $3,550 $4,500 12/20/2016 1,512 ** $3,595 $4,500 2/24/2018 1,544 ** $3,650 $4,500 1/20/2018 1,572 ** $5,000 $6,250 2/10/2017 2,344 ** $3,600 $4,500 5/20/2014 1,690 ** $3,150 $4,500 3/1/2010 1,664 ** Laundry $140 $140 MONTHLY TOTAL: $50,730 $63,790 ANNUAL TOTAL: $608,760 $765,480 **3rd bedrooms were added without permit

COMPARABLES SALES COMPS Property Photo Address Sale Price COE # of Units Price/ Unit Price/ SF Year Built Unit Mix Comments 9315 Alcott St Beverlywood, CA 90035 $16,150,000-14 $1,153,571 $623 2007

11 COMPARABLES SALES COMPS Property Photo Address Sale Price COE # of Units Price/ Unit Price/ SF Year Built Unit Mix Comments 9315 Alcott St Beverlywood, CA $16,150, $1,153,571 $ (1) 3+3 (12) (1) 2+2 Subject Propety Rexford Dr #301 Los Angeles, CA $1,115,000 2/1/18 Condo $1,115,000 $ (1) Rexford Dr #401 Los Angeles, CA $1,309,000 12/20/17 Condo $1,309,000 $ (1) Alcott St #PH1 Los Angeles, CA $1,035,000 1/4/18 Condo $1,035,000 $ (1) 3+2

COMPARABLES SALES COMPS 1 2 9315 Alcott Street 3 Sales

12 COMPARABLES SALES COMPS Alcott Street 3 Sales Comps Rexford Dr Rexford Dr Alcott St

COMPARABLES RENTAL COMPS Property Photo Address Rent Unit Type Comments

5 Subject Property $3,400 2+2 1 1500 S Beverly Drive Los Angeles, CA

5 8 unit luxury condominium building with tenant roof access.

13 COMPARABLES RENTAL COMPS Property Photo Address Rent Unit Type Comments $6, Alcott Street Beverlywood, CA $4, Subject Property $3, S Beverly Drive Los Angeles, CA $5,995-$6, unit luxury condominium building with tenant roof access. Built in Roxbury Drive #203 Los Angeles, CA $6, ,700 sq ft luxury unit Ambassador Street Los Angeles, CA $3,345-$4, Granite counters, stainless steel appliances and fireplaces. Two resort style pools and spas, fitness center, outdoor lounge area.

COMPARABLES RENTAL COMPS 2 3 9315 Alcott Street 1 Rental Comps 1

14 COMPARABLES RENTAL COMPS Alcott Street 1 Rental Comps S Beverly Drive Roxbury Drive Ambassador Street

FOR MORE INFORMATION PLEASE CONTACT: Kenny Stevens 310.963.7851 KENNY@PROSSERSTEVENS.COM BRE# 01090251 Shana Rostami 310.963.0901 SHANA@CONCORD-RE.

15 FOR MORE INFORMATION PLEASE CONTACT: Kenny Stevens BRE# Shana Rostami BRE# BRE# 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.

744 S. RIDGELEY DRIVE LOS ANGELES CA 90036

744 S. RIDGELEY DRIVE LOS ANGELES CA 90036 6 French Normandy Style Units in Prime Miracle Mile on a large R4 lot www.concord-re.com hello@concord-re.com 310.551.0660 449 South Beverly Drive, First Floor,