OFFERING MEMORANDUM GLEN IRIS 9-UNIT INVESTMENT OPPORTUNITY IN EAGLE ROCK (LOS ANGELES)

Transcription

1 OFFERING MEMORANDUM 9-UNIT INVESTMENT OPPORTUNITY IN EAGLE ROCK (LOS ANGELES)

2 PAUL H. DARROW (Lead) THG Advisors CA License: GREGORY S. HARRIS THG Advisors CA License: KEVIN H. GREEN THG Advisors CA License: Confidentiality Agreement The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap. This offering memorandum has been prepared to provide summary, unverified financial and physical 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect 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, PCBs or asbestos, the compliance with local, 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 offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Prospective buyers shall be responsible for their costs and expenses of investigation. NON-ENDORSEMENT NOTICE Marcus & Millichap 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 Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTING AGENTS FOR MORE DETAILS. 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 Marcus & Millichap

3

4 6 Glen Iris Ave THE OFFERING Strategically located between Pasadena, Glendale, and Downtown Los Angeles, Eagle Rock is recognized as one of the most dynamic and attractive markets for investment in Los Angeles. Home to the prestigious Occidental College and known for its bohemian culture and broad array of urban amenities, Eagle Rock is poised for extraordinary rent growth as a result of new development, the influx of national and lifestyle brands, and the continued in-migration of affluent residents seeking to embrace the market s renaissance.

5 EXECUTIVE SUMMARY Marcus & Millichap, as exclusive advisor, is pleased to present the opportunity to purchase Glen Iris, a non-rent controlled nine unit apartment building located in Eagle Rock. Located on a quiet residential street yet just two blocks from Colorado Boulevard, a Main Street corridor of Eagle Rock lined with boutique shopping and trendy restaurants such as Top Knot, Milkfarm, Café Beaujolais, Room 31 and Swork Coffee Bar, Glen Iris is the premier choice for residents seeking to combine walkable retail with luxury finishes and a quiet neighborhood atmosphere. Through this offering an investor can acquire a non-rent controlled trophy apartment community in Eagle Rock, a rapidly growing and highly-supply constrained market that continues to provide superior rent growth and value appreciation.

6 8 Glen Iris Ave EAGLE ROCK Recently identified as the second Hottest Neighborhood in the County, Eagle Rock offers some of the most compelling prospects for rent growth and value appreciation in the region. Central to over 80,000,000 square of office and industrial uses in nearby Hollywood, Glendale, and Downtown LA, residents flock to Eagle Rock for its proximity to major job centers and unique neighborhood appeal. LETTERS FROM LA Eagle Rock s Colorado Boulevard is home to many hip restaurants and bars, including Four Café, Red Herring, Colombo s Italian Steakhouse & Jazz Club, Café Beaujolais, The Black Boar, and many others. Residents of Eagle Rock also enjoy many cultural, lifestyle, and outdoor activities including the Eagle Rock Canyon Trail as well as the Center for the Arts. Eagle Rock is also home to Occidental College which has over 2,200 students and staff and is a primary demand driver for rental living in the market. THE RED HERRING

7 EXECUTIVE SUMMARY OCCIDENTAL COLLEGE EAGLE ROCK BLVD. MILK FARM CAFE BEAUJOLAIS

8 10 Glen Iris Ave NEIGHBORHOOD RETAIL SURROUNDS A broad array of storefront retail occupied with national and local brands, exciting nightlife, and acclaimed eateries surrounds Glen Iris. SHOPPING 1 Top Knot 2 Native Boutique 3 Sofa Decor 4 New Stone Age Mosaic Studio 5 Roman Deco 6 Milkfarm 7 Rock Dog and Cat 8 Earth Altar Studio 9 Trader Joe's 10 Puppy Love Pet Spa 11 The Green Bean 12 Eagle Rock Shopping Center (65+ retailers) NIGHTLIFE 1 Room 31 2 Colorado Wine Company 3 Colombo s Italian Steakhouse 4 The Black Boar 5 Santa Cecilia Orchestra 6 Spitz - Eagle Rock 7 La Fuente Restaurante Bar 8 5 Line Tavern DINING 1 Café Beaujolais 2 Organix 3 Meea's 4 The Oinkster 5 CaCao Mexicatessan 6 Little Beast Restaurant 7 Swork Coffee Bar 8 Four Café 9 Camilo s California Bistro 10 It's Boba Time 11 All About Poke

9 EXECUTIVE SUMMARY COLORADO BLVD EAGLE ROCK BLVD. ROOM 31 LITTLE BEAST TOP KNOT

10 12 Glen Iris Ave SUMMARY OF TERMS PROPERTY SUMMARY LOCATION Glen Iris Avenue Los Angeles, CA PRICE $3,250,000 LAND AREA 0.23 Acres ASSESSOR S PARCEL # UNITS 9 GROSS SF 6,754 # OF BUILDINGS 1 # OF STORIES 3 YEAR BUILT 1989 INTEREST OFFERED: 100% Fee simple interest in Glen Iris, a 9-unit multifamily asset located at Glen Iris Avenue, Los Angeles, CA TERMS OF THE SALE: Property is being offered free and clear of debt. PROPERTY TOURS: Prospective purchasers are encouraged to visit the site prior to submitting offers. Please contact the listing agent to schedule a tour. PAUL H. DARROW Senior Director Paul.Darrow@marcusmillichap.com CA License:

11 EXECUTIVE SUMMARY

12 EXCLUSIVELY LISTED BY: PAUL H. DARROW (Lead) THG Advisors CA License: GREGORY S. HARRIS THG Advisors CA License: KEVIN H. GREEN THG Advisors CA License: