RICARDO STREET LOS ANGELES, CALIFORNIA 4-UNIT BUNGALOW COMPLEX OFFERING MEMORANDUM

Transcription

1 LOS ANGELES, CALIFORNIA 4-UNIT BUNGALOW COMPLEX OFFERING MEMORANDUM

2 LOS ANGELES, CALIFORNIA Presented by MORGAN McMULLIN License Pacific Union International does not guarantee the accuracy of estimates, square footages, lot size, government approvals, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property or project provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are just for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. McMullin License

3 TABLE OF CONTENTS ABOUT MORGAN... THE OFFERING... PROPERTY OVEVIEW... AERIAL PHOTOS... PROPERTY MAP... PROPERTY PHOTOS... RENT ROLL... SALES COMPARABLES... FINANCIALS 1656 PRESENTED BY MORGAN McMULLIN 3

4 Morgan McMullin Senior Vice President, Commercial Division License Morgan McMullin, a commercial real estate veteran, has successfully brokered investment transactions in excess of $330 million over the past decade. Formerly a Vice President with Investment Real Estate Associates, Morgan joined Partners Trust Commercial in Specializing in the sale and acquisition of multifamily and commercial properties, he has helped his clients reach, and often exceed, their long-term and short-term investment objectives. Morgan values his client relationships, which leads him to successfully represent his clients interests and become their trusted investment advisor. Having brokered transactions through the boom and bust cycles, he has developed a deep working knowledge of the Los Angeles real estate marketplace. He has built his business and track record on superior market knowledge and an excellent work ethic while still holding himself to the highest standard of integrity. As an owner and manager of investment properties throughout Los Angeles, Morgan understands the nuances, concerns, and issues commonplace amongst investment property owners and investors. This hands-on approach keeps him current on market conditions, allowing him to achieve above market prices for his clients. Morgan lives in the Rancho Park neighborhood of West LA with his wife, Maryam and two kids, Nika and Kian PRESENTED BY MORGAN McMULLIN 4

5 A COMMITMENT TO YOU WHAT WE ARE. First, and foremost, Pacific Union is a California-based real estate brokerage that leverages our global network, media savvy and command of the market to provide our clients with a discreet and peerless level of real estate services. We are a select group of the finest, principled and reputable agents in the market. We are distinguished in the marketplace by our emphatic sales volume, and reputed for our integrity, market intelligence and a genuine connection to our communities. We are proud of these accomplishments. We work diligently everyday to maintain them. This is what we are. WHO WE ARE. What a company is should be driven by who they are at the core and what they believe in that drives them to do what they do. In this regard, Pacific Union is a group of professionals that believe in the sanctity of real estate ownership and the inalienable right everyone has to own real estate. To support our beliefs, we create optimum conditions required to provide the deepest level of regard, respect, care, empathy, commitment and services possible to buyers, sellers, our associates and our competitors. We are people who care about the lives, the careers, the families, the financial securities and the peace of mind for everyone we touch PRESENTED BY MORGAN McMULLIN 5

6 THE OFFERING 4-UNIT BUNGALOW COMPLEX The subject property is a 4 unit bungalow, apartment complex built in The unit mix is 1+DEN+1 units and two 2+2 units. Each unit is its own structure and has its own entrance with no shared walls. The improvements are built on a 7,500 square foot lot with total rentable square footage of 2,002. The property is located on the east side of Ricardo Street in Boyle Heights (Los Angeles), just south Valley Boulevard and east of Soto Street. The area is undergoing a major economic renaissance during the past decade. The new apartment and mixed use developments and existing apartment renovations in the area have provided an increase in the demand for high end rental units. This property offers an affordable option to the high rents that the area now commands. The property sits conveniently near Downtown LA and in close proximity to Lincoln Heights, El Sereno, Mt. Washington, Highland Park, major freeways, and much more. LAC + USC Health Science Campus is a 5 minute walk from the subject property 1656 PRESENTED BY MORGAN McMULLIN 6 Pacific Union International does not guarantee the accuracy of estimates, square footages, lot size, government approvals, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property or project provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are just for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. McMullin License

7 PROPERTY OVERVIEW 1656 Ricardo Street, Los Angeles, CA PRICE $895,000 UNITS 4 BULDING SIZE 2,002 Sq. Ft. LOT SIZE 7,500 Sq. Ft. CAP RATE 5.35% GRM PARKING 6+/- APN ZONING RD1.5-1 PROPERTY HIGHLIGHTS Blocks Away from LAC+USC Health Sciences Campus Bungalow Units, Great Upside Potential Desirable Up and Coming Area Close Proximity to 5 & 10 Freeways 1656 PRESENTED BY MORGAN McMULLIN 7 Pacific Union International does not guarantee the accuracy of estimates, square footages, lot size, government approvals, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property or project provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are just for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. McMullin License

8 AERIAL PRESENTED BY MORGAN McMULLIN 8

9 AERIAL 1656 Subject Property USC Health Sciences Campus and Medical Center 1656 PRESENTED BY MORGAN McMULLIN 9

10 PROPERTY PHOTOS PRESENTED BY MORGAN McMULLIN 10

11 PROPERTY PHOTOS PRESENTED BY MORGAN McMULLIN 11

12 RENT ROLL PRESENTED BY MORGAN McMULLIN 12 Pacific Union International does not guarantee the accuracy of estimates, square footages, lot size, government approvals, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property or project provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are just for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. McMullin License

13 FINANCIALS 1656 LOAN QUOTE AVAILABLE UPON REQUEST 1656 PRESENTED BY MORGAN McMULLIN 13 Pacific Union International does not guarantee the accuracy of estimates, square footages, lot size, government approvals, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property or project provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are just for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. McMullin License

14 AREA/MARKET OVERVIEW BOYLE HEIGHTS Boyle Heights is a neighborhood of almost 100,000 residents east of Downtown Los Angeles in the City of Los Angeles, California. The district has more than twenty public schools, and ten private schools. Boyle Heights has long been a gateway community for people from all over the world and once was the most ethnically diverse neighborhood in Los Angeles. Mexican Americans have made their homes there since the 1800s, and the early 20th century saw African Americans, Japanese, Russians, Poles, Serbs, Italians and Jews from Eastern Europe settle on or at the foot of the bluffs on the L.A. River s east bank. What brought them there was the lack of the racially restrictive covenants that dictated who could live where in much of the city of Los Angeles. This openness helped Boyle Heights rapidly develop, especially from 1900 to 1930, as streetcars and the river s viaducts knitted the once-isolated neighborhood into the city PRESENTED BY MORGAN McMULLIN 14

15 NEIGBORHOOD HIGHLIGHTS BOYLE HEIGHTS Cultural heritage: From the Breed Street Shul to Mariachi Plaza, the history of Boyle Heights is still there to experience. Hollenbeck Park, the Sears Building, and the old Santa Fe Railroad hospital are just some of the iconic locations in the neighborhood. Food: Besides the original Guisados, Boyle Heights is home to some of the city s best Mexican restaurants, including El Tepeyac, Ciro s and Al & Bea s. Location: With easy access to four freeways, a light-rail line and plenty of bridge connections to downtown, Boyle Heights is centrally located to most employment centers in the eastern half of the city and is close to bars and restaurants in the lively Arts District. They don t make em like that anymore: Boyle Heights has a wealth of homes that were built to last, with some of the oldest dating all the way back to the 1880s. Queen Anne, Foursquare, Arts and Crafts, and Spanish Colonial Revival are all well represented PRESENTED BY MORGAN McMULLIN 15

16 For further information contact: MORGAN McMULLIN License PACIFIC UNION INTERNATIONAL 9378 Wilshire Boulevard, Suite 200 Beverly Hills, CA Pacific Union International does not guarantee the accuracy of estimates, square footages, lot size, government approvals, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property or project provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are just for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. McMullin License