Multifamily Development Opportunity Price Reduced $200,000 to $5,795, Sepulveda Blvd, Van Nuys, CA Potential for 68 Units

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1 Multifamily Development Opportunity Price Reduced $200,000 to $5,795, Sepulveda Blvd, Van Nuys, CA Potential for 68 Units

2

3 TABLE OF CONTENTS The Opportunity Property Description Unit Description Local Description Location Maps Demographics Unit Apartment Development Scenario Sale Comparables Rent Comparables PRESENTED BY David J. Harrington National Director - Multifamily Direct Mobile david.harrington@matthews.com License No Brent Sprenkle Managing Director - Berkadia Direct brent.sprenkle@berkadia.com Daniel Withers Director - Berkadia Direct brent.sprenkle@berkadia.com

4 The Opportunity Potential Development Profit of $6,800,000 - Buyer to verify projections & assumptions - Permit Ready Development Opportunity (RTI) - Fully Approved Plans for 68 Units - High Visibility and High Demand Location - No Low Income or Tenant Relocation 4

5 Property Description 6530 Sepulveda Boulevard is a vacant parcel of land located in a high demand rental market in Van Nuys, just to the north of the border of Sherman Oaks in the city of Los Angeles, California. The property consist of 28,146 square feet of land zoned R4-1-RIO. The RIO designation is for the river improvement overlay district. The seller has obtained approval for the construction of 68 apartments in a structure that is four stories over a level of on-grade parking and one level of subterranean. The property boasts 95 feet of frontage on the heavily trafficked and high visibility Sepulveda Boulevard, providing excellent exposure for leasing. The seller has obtained approved plans that are ready to issue (RTI). Because the property is vacant, a developer could obtain permits and quickly start the development process. In addition, there is no existing structure to demolish, no tenants to relocate and no low, moderate or affordable housing requirements per the seller. Buyer to independently verify. In particular, Matthews Multifamily Advisors & Berkadia Real Estate Advisors, and Seller have not made any investigation of the actual property, the ability to develop the property in any specific manner, the approval status of any and all permits, the accuracy, completeness and suitability of any and all plans and drawings, the tenants, the operating history, financial reports, leases, square-footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist, and make no warranty or representation whatsoever concerning these issues. 5

6 Unit Description APPROXIMATE UNIT CALCULATIONS # Mix Square Feet Total Square Feet /UNIT 2 BDRM 2 BATH 895x2 1, /UNIT 2 BDRM 2 BATH 916x2 1, /UNIT 2 BDRM 2 BATH 867x4 3, /UNIT 2 BDRM 2 BATH 934x4 3, /UNIT 2 BDRM 2 BATH 932x4 3, /UNIT 2 BDRM 2 BATH 932x4 3, /UNIT 2 BDRM 2 BATH 935x4 3, /UNIT 2 BDRM 2 BATH 930x4 3, /UNIT 1 BDRM 1 BATH 555x4 2, /UNIT 2 BDRM 2 BATH 929x4 3, /UNIT 2 BDRM 2 BATH 954x4 3, /UNIT 2 BDRM 2 BATH 950x4 3, /UNIT 1 BDRM 1 BATH 569x4 2, /UNIT 2 BDRM 2 BATH 955x4 3, /UNIT 2 BDRM 2 BATH 948x4 3, /UNIT 1 BDRM 1 BATH 549x4 2, /UNIT 2 BDRM 2 BATH 945x4 3, /UNIT 2 BDRM 2 BATH 922x4 3, Units 58,846 Corridor/Walkway (4 Levels) 7,860 Lobby 288 = 66,994 Recreation (Garage Level) 2050 Total = 69,044 6

7 Location Description Home to more than 173,000 residents, the city of Van Nuys is located in the Los Angeles metro area. One of the world s most significant economic and cultural centers, Los Angeles County is home to more than 10 million residents, comprising 26% of California s total population and making it the most populous county in the United States. According to CoreLogic, the median home price in Van Nuys was $695,000 as of July 2015, increasing 18.8% from one year prior. The median household income in the city of Van Nuys is projected to surpass $48,860 by 2020, increasing 4% over the current median income of $46,980. Warner Center, known as the Downtown of the Valley, is a regional center located in the southwestern corner of the San Fernando Valley, just eight miles from the site, and contains a diverse mix of companies and industries with a concentration in healthcare, financial and professional services. Approximately 40,000 employees work within the Warner Center area at major businesses including Health Net, Anthem Blue Cross, and Ajilon Finance. Major employers located less than 30 minutes from the subject property include: Universal Studios (15,000 employees), Van Nuys Airport (12,300 workers), Walt Disney Studios (7,900 employees), Warner Bros. Studios (7,400 employees), Kaiser Permanente Los Angeles Medical Center (5,500 employees), Paramount Pictures (5,000 employees), Children s Hospital Los Angeles (5,000 employees), and California State University Northridge (3,708 employees). 7

8 Location Map 8

9 Aerial View 9

10 Demographics Report Population 1-Mile 3-Mile 5-Mile 2021 Projection 44, , , Estimate 42, , , Census 40, , , Census 41, , ,789 Growth % 4.48% 4.30% Growth % 4.76% 4.49% Growth (1.95%) 3.43% 4.43% Households 2021 Projection 13, , , Estimate 12,875 98, , Census 12,148 94, , Census 12,509 92, ,561 Growth % 4.42% 4.20% Growth % 4.38% 3.99% Growth (2.89) 1.60% 2.41% 2016 Est. Average Household Size Income $ 0 - $14,999 2, ,85 33,039 $ 15,000 - $24,999 1,913 13,154 29,043 $ 25,000 - $34,999 1, ,242 $ 35,000 - $49,999 2, ,544 $ 50,000 - $74,999 2, ,875 $ 75,000 - $99,999 1, ,552 $100,000 - $124, ,010 19,453 $125,000 - $149, ,008 11,943 $150,000 - $199, ,697 11,632 $200,000 - $249, ,479 4,925 $250,000 - $499, ,391 6,097 $500, , Average Household Income $52,581 $63,785 $73, Median Household Income $38,541 $45,571 $51,762 10

11 11

12 68 Unit Apartment Development Scenario Sepulveda Los Angeles (Van Nuys) CA Units Address City State Zip $27,200,000 $400, % 66, Price Cost/Unit Year 1 CAP Year 2 Cap Proforma Cap Net Sq. Ft. Yr. Blt $10,880,000 40% #DIV/0! Down Payment Percent Year 1 GRM Year 2 GRM $16,320,000 Market Rates Loan Amount Terms ESTIMATED ANNUALIZED OPERATING DATA: EST. RATE Proforma Scheduled Gross Income: Less Vacancy: Less Concessions: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow: Cash on Cash: Debt Coverage Ratio: Rental Upside: $1,824, % ($54,742) 0.5% ($9,124) $1,760, % ($585,482) $1,175, % ($879,409) $295, % #DIV/0! $ Proforma GRM Cost Per Sq. Ft. 28,147 Est. Lot Sq. Ft % SCHEDULED INCOME: # Units Type % Of Total Est. Sq. Footage Avg. Est. Actual Total Income Avg Est Rent Per Ft % 560 $1,680 $20,160 $ % 930 $2,325 $130,200 $2.50 Misc/Rubs: $1,700 Total Monthly Income: $152,060 ESTIMATED ANNUALIZED EXPENSES: Per Unit % $ Taxes: % $7,072 $353,600 Insurance: $350 $23,800 Off Site Management: 3.00% $54,742 On Site Management $500 $34,000 Utilities: $700 $47,600 Administration: $30 $2,040 Maintenance & Repairs: $500 $34,000 Turnover $300 $20,400 Contracted Services: $200 $13,600 Advertising & Promotion: $25 $1,700 TOTAL EXPENSES: $585,482 DESCRIPTION This describes the hypothetical income, expenses and potential value of a new construction 68 unit high end apartment building 12 $8,610 /UNIT $9.96 /Sq. Ft. UTILITY REIMBURSEMENT: Water/Sewer: Owner Gas: Tenant Electric: Tenant Brent Sprenkle

13 68 Unit Apartment Development Scenario Sepulveda Los Angeles (Van Nuys) CA Residential Address City/Neighborhood State Zip Units $5,995,000 $88,162 $213 $ ,147 66,948 58, Land Price Cost Per Unit Cost Per Sq. Ft. Land Cost Per Gross Land Est. Gross Est. Net Bldg. Completion Year Land Salable Sq. Ft. Sq. Ft. Bldg. Sq. Ft. Sq. Ft. $13,230,000 $19,225,000 $225 $463 R1-1/R $ Estimated Hard Total Project Construction Cost Zoning Average Unit Projected Rent and Soft Costs Costs / Net Sq. Ft. Size Per Sq. Ft. Estimated Construction Costs and Sales Assumptions Average Disposition Price/Sq.Ft. Estimated Parking Spaces Land Acquisition Cost ($5,995,000) Total Hard and Soft Dev. Costs ($13,230,000) Total Project Costs ($19,225,000) Carrying Costs (15 Months, 65% of Total Project Costs, 4% Int. Only) ($624,813) Total Project and Carrying Costs ($19,849,813) Project Disposition Price of Completed Project Closing/Commission Cost at 2.5% Less Total Project and Carrying Costs Net Profit Annualized Cash on Cash Return Assuming 30% Cash Requirement plus Financing in a 24 Month Horizon $27,200,000 ($680,000) ($19,849,813) $6,670, % Projected Unit Mix and Sales Assumptions Estimated Per Unit # Units Type Sq. Footage Est. Total. Footage Estimated Rent Per Unit Total Rent ,720 $1,680 $20, ,080 $2,325 $130,200 Common Areas 8,148 Proposed Total Building Square Feet: 66,948 Total Disposition Value: $27,200,000 DESCRIPTION This describes the development scenario of constructing a 68 unit apartment building. Buyer to verify all items of this proposed development scenario. All assumptions in this analysis are estimated including density, tenant relocation fees, rent control restrictions, low income or affordable unit requirements, number of allowable units, parking, development potential, constuction costs, time frames, rent control restrictions, lease rates and estimated sale values. 13

14 Comparable Sale Properties 1 PROPERTY INFORMATION SALES DATA Property Units Built Rentable SF Price Price/Unit Price/SF Cap Rate GRM Sale Date Magnolia Apartments Magnolia Boulevard ,786 $45,900,000 $417,273 $ % - 11/15 North Hollywood, CA El Dorado Villas 4510 Murietta Avenue Sherman Oaks, CA ,317 $19,500,000 $590,909 $ % - 9/15 3 Valleyheart Valleyheart Drive Sherman Oaks, CA ,282 $17,820,000 $330,000 $ % - 6/15 4 The Verandas Roscoe Boulevard Canoga Park, CA ,800 $26,300,000 $324,691 $ % - 6/ Kester 5235 Kester Avenue Sherman Oaks, CA ,347 $22,720,000 $320,000 $ % - 9/15 6 Existing Apartment Kling Street North Hollywood, CA ,514 $7,500,000 $625,000 $ /15 7 Existing Apartment Vista Del Monte Avenue Sherman Oaks, CA ,643 $16,510,000 $485,588 $ % - 6/15 14

15 Comparable Sale Properties Map S Sepulveda Development Site 6530 Sepulveda Boulevard Van Nuys CA 1. Magnolia Apartments Magnolia Boulevard North Hollywood CA 2. El Dorado Villas 4510 Murietta Avenue Sherman Oaks CA 3. Valleyheart Valleyheart Drive Sherman Oaks CA 4. The Verandas Roscoe Boulevard Canoga Park CA Kester 5235 Kester Avenue Sherman Oaks CA 6. Existing Apartment Kling Street North Hollywood CA 7. Existing Apartment Vista Del Monte Avenue Sherman Oaks CA 15

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