810 South St Andrews Place, Los Angeles, CA Unit Apartment Opportunity

Transcription

1 810 South St Andrews Place, Los Angeles, CA Unit Apartment Opportunity

2 CONFIDENTIALITY AGREEMENT The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party intended to be receiving it from Advisors Commercial Real Estate and should not be made available to any other person or entity without the written consent of Advisors Commercial Real Estate. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation nor shall any information contained herein be relied upon in connection with such due diligence. Advisors Commercial Real Estate has not made any investigation, and makes no warranty or representation, with respect to any aspect of the subject property or business, including but not limited to the income or expenses for the subject property, the future projected financial performance of 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 and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Advisors Commercial Real Estate has not verified, and will not verify, any of the information contained herein, nor has Advisors Commercial Real Estate conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein and nothing contained herein is intended to be relied upon in any manner in connection with the purchase of the subject property. NON-ENDORSEMENT NOTICE Advisors Commercial Real Estate is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Advisors Commercial Real Estate, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Advisors Commercial Real Estate, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

3 SECTIONS I PROPERTY DESCRIPTION II FINANCIAL ANALYSIS

4 I. PROPERTY DESCRIPTION

5 INVESTMENT OVERVIEW INVESTMENT HIGHLIGHTS The subject property is located at 810 South Saints Andrews Place in Los Angeles Koreatown neighborhood. The subject property built in 1932 contains all onebedroom units and has no on-site parking. This 15,260 structure has been upgraded with copper plumbing, new waste lines and also has an eight-year-old roof and electric that has been brought up to current standards. The property is separately metered for electric and master metered for gas. Furthermore the subject property contains one main water heater. Located in prime Koreatown just southwest of the Western and Wilshire intersection the subject property boasts significant rental upside and is within walking distance to many of Koreatown s main entertainment and business centers as well as the Wilshire/Western metro station.»» Located in Prime Koreatown»» Significant Rental Upside»» All One Bedroom Units»» Located within Walking Distance to the Metro Station and Some of Koreatown s Most Popular Shops and Restaurants»» Copper Plumbing, New Waste Lines, Approximate 8-Year Old Roof»» 94 Walk Score Walker s Paradise Daily Errands Do Not Require a Car

6 PROPERTY INFORMATION Property Address Assessor s Parcel Number Land Use Apartments Buildings 1 Stories 3 Zoning LAR4 Year Built 1932 SITE DESCRIPTION Units 18 Rentable Square Feet 15,260 Lot Size (SF) 6,875 Parking Street UTILITIES Water Master Metered - LADWP Sewer Master Metered - LADWP Electric Separately Metered - LADWP Gas Master Metered - The Gas Company CONSTRUCTION Framing Exterior Wood Stucco

7 PROPERTY PHOTOS

8 PROPERTY PHOTOS

9 PROPERTY PHOTOS

10 PROPERTY PHOTOS

11 PROPERTY PHOTOS

12 LOCATION MAP REGIONAL MAP

13 AERIAL VIEW

14 AERIAL VIEW

15 II. FINANCIAL ANALYSIS

16 RENT ROLL CURRENT MARKET Unit No. Status Unit Type Monthly Rent Annual Rent Monthly Rent Annual Rent 101* Occupied 1 Bed 1 Bath $1, $14, $1,800 $21, Occupied 1 Bed 1 Bath $1, $16, $1,800 $21, Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, Occupied 1 Bed 1 Bath $1, $14, $1,800 $21, Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, Occupied 1 Bed 1 Bath $1, $14, $1,800 $21, ** Occupied 1 Bed 1 Bath $1, $14, $1,800 $21, Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, Occupied 1 Bed 1 Bath $1, $14, $1,800 $21, Occupied 1 Bed 1 Bath $1, $15, $1,800 $21, Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, ** Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, Occupied 1 Bed 1 Bath $1, $13, $1,800 $21, Occupied 1 Bed 1 Bath $1, $18, $1,800 $21, Occupied 1 Bed 1 Bath $1, $15, $1,800 $21, Occupied 1 Bed 1 Bath $1, $15, $1,800 $21, Occupied 1 Bed 1 Bath $1, $14, $1,800 $21,600 TOTAL $21, $261, $32,400 $388,800 *Unit #101 is the on-site manager **Unit #202 &# 301: rent effective 6/2/2018 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies Advisors Commercial Real Estate

17 INCOME & EXPENSE Total Number of Units: 18 Total Rentable area: 15,260 SF Income Current Per Unit Pro Forma Per Unit Scheduled Rent Income $261,534 $14,530 $388,800 $21,600 Laundry Income, SCEP, Late Fees; Pet Income $7,200 $400 $7,200 $400 GROSS POTENTIAL INCOME $268,734 $14,930 $396,000 $22,000 Vacancy/Collection Allowance (GPR) 5.0%/$13,077 $ %/$19,440 $1,080 EFFECTIVE GROSS INCOME $255,657 $14,203 $376,560 $20,920 Expenses Taxes (1.25%) $52,500 $2,917 $52,500 $2,917 Insurance ($0.45/sq. ft. ) $6,867 $382 $6,867 $382 Utilities (2017 Actual) $23,371 $1,298 $23,371 $1,298 Repairs & Maintenance ($750/unit) $13,500 $750 $13,500 $750 On-Site Management Fee (Unit #101/month - $1,000/month) $12,000 $667 $12,000 $667 Off-Site Management (4% of EGI) $10,226 $568 $15,062 $837 Janitorial/Cleaning/Gardener ($200/month) $1,800 $100 $1,800 $100 Trash (2017 Actual) $4,592 $255 $4,592 $255 Miscellaneous (Estimated) $2,000 $111 $2,000 $111 Reserves $3,000 $167 $3,000 $167 TOTAL EXPENSES $129,856 $7,214 $131,692 $7,316 Expenses per SF $8.51 $8.63 Expenses per Unit $7,214 $7,316 % of EGI 50.8% 35.0% NET OPERATING INCOME $125,801 $6,989 $244,868 $13,604 NOTES: Some Expenses Are Estimated

18 FINANCIAL SUMMARY Price $4,200,000 Down 57.0% $2,394,000 Current Cap 3.00% Pro Forma Cap 5.83% Price/Unit $233,333 Price/SF $ Current GRM Pro Forma GRM Ownership Fee Simple Property Information Address 810 South St Andrews Place Los Angeles, CA No. of Units 18 Year Built 1932 Lot Size (SF) 6,875 Lot Size (AC) 0.16 Net Rentable SF: 15,260 APN Financing Loan Amount $1,806,000 Interest Rate 4.50% Monthly Payment $9, Loan-to-Value 43.00% Amortization (Years) 30 Debt Service Coverage Ratio 1.15 Term 5 Year Fixed Annualized Income & Expense Current Pro Forma INCOME Scheduled Rent Income $261,534 $388,800 Laundry Income, SCEP, Late Fees; Pet Income $7,200 $7,200 Scheduled Gross Income $268,734 $396,000 Less: Vacancy/Other Deductions 5.0% $13, % $19,440 Effective Gross Income $255,657 $376,560 Less: Operating Expenses 50.8% $129, % $131,692 Net Operating Income $125,801 $244,868 Debt Service ($109,809) ($109,809) Pre-Tax Cash Flow 0.67% $15, % $135,059 Principal Reduction ($29,135) ($29,135) Total Return Before Taxes 1.88% $45, % $164,194 Annualized Expenses Operating Expenses Current Pro Forma Taxes (1.25%) $52,500 $52,500 Insurance ($0.45/sq. ft. ) $6,867 $6,867 Utilities (2017 Actual) $23,371 $23,371 Repairs & Maintenance ($750/unit) $13,500 $13,500 On-Site Management Fee (Unit #101/month - $1,000/month)) $12,000 $12,000 Off-Site Management (4% of EGI) $10,226 $15,062 Janitorial/Cleaning/Gardener ($200/month) $1,800 $1,800 Trash (2017 Actual) $4,592 $4,592 Miscellaneous (Estimated) $2,000 $2,000 Reserves $3,000 $3,000 Total Expenses: $129,856 $131,692 Total Expenses per Unit: $7,214 $7,316 Total Expenses per Sq. Ft.: $8.51 $8.63 CURRENT MARKET Unit Mix # of Units Avg. Unit Size Monthly Monthly Average Rent Average Rent (SF) Income Income 1 Bed 1 Bath $1,211 $21,794 $1,800 $32,400 Current Occupancy: 100% Annual Current: $261,534 Annual Market: $388,800

19 Will James Multi-Family Investment Sales Director Office: (310) Mobile: (310) North Continental Boulevard, Suite 100 El Segundo, CA License: CA # Tom Jonsson Multi-Family Investment Sales Managing Principal Office: (310) Mobile: (310) North Continental Boulevard, Suite 100 El Segundo, CA Tom.Jonsson@advisorscommercialre.com License: CA #