Mixed Use Income Opportunity

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Kelly Morris
5 years ago
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EXCLUSIVELY LISTED AT: $4,450,000 Carlos Skubacz Investment Sales Associate Email: carlos@carlosskubacz.com BRE License #01474295 Abel Bratton Investment Sales Associate Email: abratton562@gmail.

1 EXCLUSIVELY LISTED AT: $4,450,000 Carlos Skubacz Investment Sales Associate BRE License # Abel Bratton Investment Sales Associate BRE License # Remax 2000 Commercial Colima Rd. City of Industry, CA Cell: Office: Fax: INVESTMENT HIGHLIGHTS Mix of 1 bed & Studios On Site Laundry Room Meters for Gas/Electric Income from Parking Space On Site Leasing Office Room to grow income

2 Summary Investment Summary Remax 2000 Commercial has been retained as the Exclusive Agent to sell the Avalon Center Complex. This 31 unit mixed use building is 28,648 square foot located in Los Angeles, California. The property is ideally situated just south of the downtown business district and east of the 110 freeway. As market conditions continue to improve, the property will allow for rental increases for both the apartments and the commercial spaces. This building is a 2 story walkup with 4 stairways located on 59 th St, Avalon and the rear of the building. The unit mix is comprised of 9 One bedroom/one bath, 13 Studios, & 9 commercial units. Due do the age of the property it is subject to rent control for the apartments. Utilities are separately metered for gas and electricity. The building rents out the 10 parking spaces in the rear to the tenants. There is a long term lease of the parking lot which owner pays the neighboring property. There is a laundry room for tenants to use that generates income and a leasing office that can be use for collection of rents and management. Parts of the building was updated in the last 10 years. There is currently a mortgage balance of approximately $2,000,000 at a rate of 4.3%. This loan is assumable. Must qualify with bank.

3 Property Stats Property Information Current Market Income: $454,188 $500,280 APN: CAP Rate: 7.44% 7.91% Year Built: 1920 GRM: App Bldg Size: 28,648 sq ft Price/Foot: $ App Lot: 16,284 sq ft Zoning: CM 1 13 units Studio 9 units 1 bed/1 bath 9 units Retail/Commercial Owners rents 10 parking spaces from neighbor property for $300/month Owner collects rent from tenants to park in spaces for a total of $500/month

4 Income # of Units Type of Unit Approx Sq ft Rental Income Current Monthly Rent/Unit Yearly Income Market Monthly Rent/Unit Yearly Income 13 Studio $9,704 $116,448 $11,050 $132, bed/1 bath $8,205 $98,460 $9,900 $118,800 9 Retail/Commercial 14,300 $19,190 $230,280 $19,990 $239,880 Total Income $37,099 $445,188 $40,940 $491,280 Parking Income $500 $6000 $500 $6000 Laundry Income $250 $3000 $250 $3000 Scheduled Gross Income $454,188 $500,280

5 Expenses Expenses Property Tax(Based on Purchase Price) $ 56, Insurance $ 6, Disposal/Trash $ 3, LA Housing $ 1, LADWP(Water and Power) $ 10, Gas $ Maintenance/Repairs $ 5, Management Fee (7% based on Gross Income) $ 31, Parking Lot Lease Expense $ 3, Pest Control $ Misc Expenses $ 4, Total Expenses $ 123,272.00

6 Income/Expenses Operating Data Annualized Operating Data Current Rents Market Rents Scheduled Gross Income: $454,188 $500,280 Vacancy Rate Reserve: 0 0% 1 25,014 3% 1 Gross Operating Income: $454,188 $475,266 Expenses: $123,272 27% 1 $123,272 25% 1 Net Operating Income: $330,916 $351,994 1 As a percent of Scheduled Gross Income

7 Map

8 Aerial View

9 Parcel Map

10 Aerial View

11 First Floor Plan Not drawn to scale

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Area Description South Los Angeles (often abbreviated as South L.A. and also known as South Central L.

southeast of downtown Los Angeles, California.

as the Doheny Campus of Mount St. Mary's College, which was founded in 1920.

Exposition Park, which hosts the Los Angeles Coliseum.

This growth is pushing many tenants into the South LA market.

The subject property is located on the corner of Avalon Blvd and 59 th St east

15 Area Description South Los Angeles (often abbreviated as South L.A. and also known as South Central L.A.) is a large geographic and cultural portion lying to the southwest and southeast of downtown Los Angeles, California. It is home to the University of Southern California, founded in 1880, as well as the Doheny Campus of Mount St. Mary's College, which was founded in The 1932 and 1984 Olympic Games took place near the USC campus at neighboring Exposition Park, which hosts the Los Angeles Coliseum. Downtown Los Angeles has various development projects underway. This growth is pushing many tenants into the South LA market. The demand for more housing is causing apartment rents to increase. The subject property is located on the corner of Avalon Blvd and 59 th St east of the 110 Freeway. Several local shopping centers, small parks, and schools surround the property and has easy access to and from the property off the 110 and 10 Freeway.

317 Western Ave PROPERTY HIGHLIGHTS. Prepared By. 317 Western Ave Glendale, CA 91201

317 Western Ave PROPERTY HIGHLIGHTS 10 Units in excellent Glendale rental pocket Nearly a 4 cap with upside on existing rents Not subject to rent control Prepared By Cindy Hill, CCIM Senior Vice President