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Aldous Kelley
5 years ago
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OFFERING SUMMARY The 2-4 Unit Specialists are pleased to present this luxurious new construction fourplex that is made up of two standalone 3-story duplexes in a prime Hollywood location.

6 OFFERING SUMMARY The 2-4 Unit Specialists are pleased to present this luxurious new construction fourplex that is made up of two standalone 3-story duplexes in a prime Hollywood location. This centrally located property is minutes from Paramount Studios, Raleigh Studios, trendy Larchmont Village, upscale Hancock Park, Koreatown, and of course all the action Hollywood has to offer. 620 N Serrano is in the final stages of construction, with completion estimated to be June This property provides investors an unbelievably high projected cap rate of 5.64%. In addition to the high return, buyers will enjoy other notable perks including: NO RENT CONTROL, a 1 year builder s warranty, brand new EVERYTHING, little to no maintenance, separate meters for gas, water & electric, and extreme desirability amongst renters. Between the fantastic location and the countless benefits of buying high quality new construction, purchasing this property is a no-brainer. The property is made up of four 3 bedroom, 3 bathroom units with pro forma rents of $3,900, $3,900, $3,550 and $3,550. These are very conservative market rents with potential to obtain even higher. There are 4 covered parking spaces and 4 partially covered parking spaces that are accessed from the back alley. Additionally, there is an area in the front of the property with room for additional parking.

7 PROPERTY OVERVIEW THE PROPERTY: Address: 620 N Serrano Ave, Los Angeles, CA APN: # Units: 4 # Buildings: 2 Year Built: 2018 (Completion Date Estimated to be June 2018 ) Building Size (SF): 5,532 Lot Size (SF): 5,524 Zoning: LAR3 THE OFFERING: List Price: $2,399,000 Cap Rate: 5.64% GRM: Price Per Unit: $599,750 Price Per SF: $ UTILITIES: Water: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays) Electric: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays) Gas: Separately Metered (Tenant Pays) AMENITIES: Stories: Two Modern 2-Story Buildings Appliances: Top of the Line Stainless Steel Parking: 4 Covered Parking Spaces & 4 Partially Covered Parking Spaces in Rear, More Parking in Front Air/Heat: Central Balconies: Several Balconies with Gorgeous Views in Front and Rear Duplex Landscaping: Drought Tolerant

INVESTMENT HIGHLIGHTS Exceptional 5.64% projected cap rate. No rent control! Top of the line Hollywood location near Paramount Studios, Larchmont Village, Hancock Park and Koreatown.

8 INVESTMENT HIGHLIGHTS Exceptional 5.64% projected cap rate. No rent control! Top of the line Hollywood location near Paramount Studios, Larchmont Village, Hancock Park and Koreatown. Great way to obtain easy, passive income! All units separately metered for gas, electric AND water! Very low expenses. Luxurious units with top of the line appliances, open floorplans and bright, cheerful design. Total attention to detail in the construction of this property. 8 parking spaces on site. Tasteful drought tolerant landscaping.

9 LOCATION HIGHLIGHTS Very Walkable on Walkscore.com Minutes on foot from Paramount Studios and Raleigh Studios. This area attracts high quality renters from the entertainment industry Blocks from the extremely exclusive, upscale Hancock Park neighborhood 7 minutes to Larchmont Village, where you can find the trendiest restaurants, cafes and shops such as Café Gratitude, Salt & Straw, Groundwork Coffee Co. and The Library Less than 10 minutes from the hyper-desirable, trendy Koreatown neighborhood Near Los Angeles City College Convenient to the 101 Freeway

LOCATION HIGHLIGHTS MAP Subject Property Nearby Attractions Osteria La Buca (0.5 Miles) Burgerim (0.2 Miles) WaBa Grill (0.3 Miles) Gracie s Pizza (0.8 Miles) Salt & Straw (1.4 Miles) La Descarga (0.

10 LOCATION HIGHLIGHTS MAP Subject Property Nearby Attractions Osteria La Buca (0.5 Miles) Burgerim (0.2 Miles) WaBa Grill (0.3 Miles) Gracie s Pizza (0.8 Miles) Salt & Straw (1.4 Miles) La Descarga (0.8 Miles) Pour Vous (1.0 Mile) Raleigh Studios (0.7 Miles) Paramount Pictures (0.9 Miles) Los Angeles City College (1.2 Miles) ArcLight Hollywood (2.3 Miles) Cinespia Movie Screenings (1.3 Miles) Wilshire Country Club (1.6 Miles)

12 FINANCIAL SUMMARY & RENT ROLL SUMMARIZED PRICING METRICS: BUILDING DESCRIPTION: FINANCING: Price: $2,399,000 No. of Units 4 Loan Amount $1,679,300 Down: 30% $719,700 Yr. Built 2018 Interest Rate 4.50% Current GRM: Lot Size (acres) 0.13 Monthly Payment ($8,508.77) Pro Forma GRM: Lot Size (sq. ft) 5,524 LTV 70% Current Cap Rate: 5.64% Bldg SF 5,532 Amortization (Years) 30 Pro Forma Cap Rate: 5.64% Zoning LAR3 Proposed/Assumption Proposed $/Unit: $599,750 Minimum DSCR 1.25 $/ SF: $ RENT ROLL: UNIT # STATUS UNIT TYPE UNIT SIZE CURRENT RENT SCHEDULED GROSS INCOME CURRENT RENT PER SF PRO FORMA RENT PRO FORMA RENT PER SF LOSS-TO- LEASE 1 Vacant 3b/3b 1,494 $0 $3,900 $2.61 $3,900 $2.61 $0 2 Vacant 3b/3b 1,494 $0 $3,900 $2.61 $3,900 $2.61 $0 3 Vacant 3b/3b 1,273 $0 $3,550 $2.79 $3,550 $2.79 $0 4 Vacant 3b/3b 1,273 $0 $3,550 $2.79 $3,550 $2.79 $0 4 Totals/Averages: 5,532 $0 $14,900 $2.69 $14,900 $2.69 $0

13 FINANCIAL ANALYSIS # UNITS UNIT MIX % OF TOTAL SIZE AVG RENT AVERAGE RENT/SF MONTHLY INCOME AVG PRO FORMA RENT AVERAGE PRO FORMA RENT/SF PRO FORMA MONTHLY INCOME 4 3b/3b 100% 1,383 $3,725 $2.69 $14,900 $3,725 $2.69 $14,900 4 Totals/Averages: 1,383 $3,725 $2.69 $14,900 $3,725 $2.69 $14,900 Gross Scheduled/Gross Potential Income: $178,800 $178,800 ANNUALIZED OPERATING DATA: ANNUALIZED EXPENSES: CURRENT PRO FORMA CURRENT PRO FORMA Gross Potential Rental Income $178,800 $178,800 Fixed Expenses Gain (Loss)-to-Lease $0 $0 Real Estate Taxes % $28,620 $28,620 Gross Scheduled Rental Income $178,800 $178,800 Insurance.36/s.f. $2,000 $2,000 Less: Vacancy 5.0% ($8,940) 5.0% ($8,940) Utilities $175/unit $700 $700 Effective Gross Income $169,860 $169,860 Less: Expenses ($34,520) ($34,520) Controllable Expenses Miscellaneous Other Income $0 $0 Contract Services $300/unit $1,200 $1,200 Net Operating Income $135,340 $135,340 Repairs & Maintenance $500/unit $2,000 $2,000 Debt Service ($102,105) ($102,105) Pre-Tax Cash Flow 4.62% $33, % $33,235 TOTAL EXPENSES $34,520 $34,520 Principal Reduction $27,091 $27,091 EXPENSES/UNIT $8,630 $8,630 Total Return 8.38% $60, % $60,326 EXPENSES/SF $6.24 $6.24 % of EGI 20.3% 20.3%

15 SALES COMPARABLES MAP Subject Property: 620 N Serrano 756 N Ridgewood 6007 Barton 1221 N Kenmore 4520 Rosewood 4710 Maplewood 4733 Oakwood 963 N Wilton 939 N Normandie 4461 Rosewood 809 N Kingsley

16 SALES COMPARABLES CHART # ADDRESS UNITS SALES PRICE $/ SF $/ UNIT CAP RATE GRM BLDG SF LOT SF CLOSE DATE YEAR BUILT N Ridgewood 4 $2,730,000 $ $682, % 5,265 6,089 4/30/ Barton 4 $2,650,000 $ $662, % 5,550 6,500 2/9/ N Kenmore 4 $2,600,000 $ $650,000 N/A N/A 5,374 6,499 8/3/ Rosewood 4 $2,500,000 $ $625, % 6,044 6,736 In Escrow Maplewood 4 $2,400,000 $ $600, % 5,695 5,723 In Escrow Oakwood 4 $2,200,000 $ $550, % 4,776 7,256 5/8/ N Wilton 4 $2,185,000 $ $546, % 4,499 6,750 2/23/ N Normandie 4 $2,170,000 $ $542, % 5,932 9,050 3/24/ Rosewood 4 $2,025,000 $ $506, % 4,634 6,486 3/20/ N Kingsley 4 $2,000,000 $ $500, % 4,976 7,296 8/30/ AVERAGE: 4 $2,346,000 $ $586, % 5,275 6, N Serrano: 4 $2,399,000 $ $599, % 5,532 5,

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OFFERING SUMMARY The 2-4 Unit Specialists are pleased to present this 2018 CONSTRUCTION luxury fourplex that offers buyers a remarkable 5.87% cap rate

OFFERING SUMMARY The 2-4 Unit Specialists are pleased to present this 2018 CONSTRUCTION luxury fourplex that offers buyers a remarkable 5.87% cap rate (projected). This beautifully crafted property is