1031 N. Curson Avenue

Transcription

1 1031 N. Curson Avenue 20 UNITS IN WEST HOLLYWOOD 1031 North Curson Avenue West Hollywood, CA Alex Galuz President Multifamily Opportunity

2 DISCLAIMER The information contained herein has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must independently verify the information and bears all risks for any accuracies. Expenses are estimates. LISTED BY ALEX GALUZ President (310) cell (818) office (818) fax CA License: Crescent Realty Ventura Boulevard Woodland Hills, CA

3 Table of Contents INVESTMENT OVERVIEW FINANCIAL OVERVIEW SALES COMPARABLES

4 1031 North Curson Avenue Investment Overview 4

5 Investment Overview SUMMARY Incredible opportunity to purchase a well maintained mid century building in prime West Hollywood on a large lot with fantastic frontage, ample parking that does NOT require any retrofit work, and multiple amenities such as intercom entry and pool. 12 of the 20 units have been upgraded with new kitchens, flooring, and baths. The pool was recently re-plastered, plumbing lines are copper (vertical and horizontal), the electrical system has been updated with new sub panels and breakers and there is a newer intercom system with cameras throughout the property. New sewer lines have been installed from the building to the street. Newer roof, fresh paint and landscape top off this prize asset. Not to mention it has tons of rental upside! 5

6 1031 North Curson Avenue Investment Overview INVESTMENT HIGHLIGHTS $6,800,000 15,970 $ % LIST PRICE BUILDING SF PRICE/SF CAP RATE Prime West Hollywood Location Near Restaurants, Shops, and Entertainment Versatile Unit Mix Lots of Rental Upside Re-Plastered Pool Electrical System Updated with New Sub Panels and Breakers New Roof, New Plumbing & New Windows Intercom System with Cameras Throughout Property 6

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8 1031 North Curson Avenue Investment Overview HOLLYWOOD BLVD SUNSET BLVD FOUNTAIN AVE SANTA MONICA BLVD SAN VICENTE BLVD LA CIENEGA BLVD MELROSE AVE CRESCENT HEIGHTS BLVD FAIRFAX AVE 1031 N. Curson Ave 8

9 LOCATION OVERVIEW WEST HOLLYWOOD West Hollywood is at the cultural and geographical heart of the Los Angeles region, surrounded by must-see hotspots in every direction. The vibrant scene in WeHo, as it is known to the locals, is densely packed into 1.9 square miles. No car is needed here in California s most walkable city. Eat, shop, play, and stay in L.A. s ultimate playground, filled with hot hotels, see-and-be-seen rooftop pools, cool restaurants, trendy shops, popular nightlife spots, and much more. LOCATION SCORES WALK SCORE TRANSIT SCORE BIKE SCORE MINUTES Walker s Paradise Daily errands do not require a car. Good Transit Many nearby public transportation options. Bikeable Flat as a pancake, minimal bike lanes. To Hollywood & Beverly Hills 9

10 1031 North Curson Avenue Investment Overview CO NNI E A ND TE D S E VE L E I G H W E ST H OL LY WOOD SO HO H O U S E 10 VE RVE COFFE E

11 THE ROXY THEATRE THE STANDARD HOTEL PACIFIC DESIGN CENTER 11

12 1031 North Curson Avenue Financial Overview Financial Overview INVESTMENT SUMMARY Price $6,800,000 Down Payment (50%) $3,400,000 Year Built 1963 Zoning WDR3C Approx. Lot Size 13,050 SF Approx. Rentable Square Feet 15,970 SF Price per Net RSF $ Number of Units 20 Price per Unit $340,000 Expense per NRSF $9.18 Expense per Unit $7, Cap Rate Current 3.39% Cap Rate Pro Forma 5.26% GRM Current GRM Pro Forma ROI Current 2.33% ROI Pro Forma 6.07% FINANCING Price $6,800,000 Down Payment $3,400,000 Loan Amount $3,400,000 Terms 30 Years Interest Rate 4.50% Monthly Payment $17, SCHEDULED INCOME CURRENT PRO FORMA Total Scheduled Rent $32, $43, Laundry $ $ Other Income $0 $0 Monthly Gross Income $32, $43, Annual Gross Income $388, $519,

13 VITAL DATA CURRENT Cap Rate 3.39% GRM Net Operating Income $230, Total Return $79, ROI 2.33% VITAL DATA PRO FORMA Cap Rate 5.26% GRM Net Operating Income $357, Total Return $206, ROI 6.07% 13

14 1031 North Curson Avenue Financial Overview UNIT MIX NO. UNITS UNIT TYPE BATHS SQ. FT. AVG. CURRENT RENT MONTHLY INCOME PRO FORMA RENT MONTHLY INCOME 16 1 Bedroom 1 Bath N/A $1,522 $24, $2,000 $32, Bedroom 2 Bath N/A $1,744 $5, $2,700 $8, Bedroom 2 Bath N/A $2,301 $2, $2,900 $2, ,970 $32, $43, RENT ROLL UNIT NO. UNIT TYPE MOVE-IN DATE CURRENT RENT PRO FORMA RENT Section 8 Tenant Total 1 2 Bedroom / 2 Bath 1/15/1997 $1, $1, $2, Bedroom / 1 Bath 3/1/2014 $1, $1, $2, Bedroom / 1 Bath 7/1/2018 $1, $1, $2, Bedroom / 1 Bath 2/1/2015 $1, $1, $2, Bedroom / 1 Bath 4/1/2003 $ $ $1, $2, Bedroom / 1 Bath 1/11/1981 $ $ $1, $2, Bedroom / 1 Bath 5/7/2012 $1, $1, $2, Bedroom / 1 Bath 5/1/2017 $1, $1, $2, Bedroom / 1 Bath 9/1/2009 $1, $1, $2, Bedroom / 2 Bath 9/10/1996 $ $ $1, $2, Bedroom / 2 Bath 9/1/2003 $2, $2, $2, Bedroom / 1 Bath 3/9/2017 $1, $1, $2, Bedroom / 1 Bath 5/1/2016 $1, $1, $2, Bedroom / 1 Bath 10/1/2017 $1, $1, $2, Bedroom / 1 Bath 3/9/2017 $1, $1, $2, Bedroom / 1 Bath 2/1/2007 $ $ $1, $2, Bedroom / 1 Bath 1/1/1981 $ $ $1, $2, Bedroom / 1 Bath 12/1/2003 $ $ $1, $2, Bedroom / 1 Bath 8/1/2017 $1, $1, $2, Bedroom / 2 Bath 4/1/2018 $2, $2, $2, $32, $43,

15 ANNUALIZED OPERATING DATA INCOME CURRENT PRO FORMA Gross Potential Rent $384, $516, Laundry Income $3, $3, Miscellaneous $0 $0 Scheduled Gross Income $388, $519, Vacancy/Collection Allowance $11, %* $15, %* Gross Operating Income $376, % $504, % Less Expenses $146, %* $146, %* Net Operating Income $230, % $357, % Less Debt Service $206, % $206, % Pre-Tax Cash Flow $23, %** $150, %** Plus Principal Reduction $55, % $55, % Total Return Before Taxes $79, %** $206, %** *As a percent of Scheduled Gross Income **As a percent of Down Payment EXPENSES CURRENT PRO FORMA Real Estate Taxes $84, $84, Insurance $7, $7, Utilities $14, $14, Repairs & Maintenance $12, $12, Trash $1, $1, Pest $ $ Gardener/Grounds $1, $1, Misc./Reserves $7, $7, On-Site Management $6, $6, Off-Site Management $11, $11, Total Expenses $146, $146, Expense/NRSF $9.18 $9.18 Expense/Unit $7, $7,

16 1031 North Curson Avenue Sales Comparables

17 Sales Comparables ADDRESS SALE DATE SALE PRICE CAP RATE GRM UNITS PRICE/ UNIT BLDG. SF PRICE/ SF YEAR BUILT UNIT MIX 1031 North Curson Avenue West Hollywood, CA $6,800, % $340,000 15,970 $ Bed/1 Bath 3-2 Bed/2 Bath 1-3 Bed/2 Bath North Laurel Avenue West Hollywood, CA /1/18 $7,300, % $331,818 18,252 $ Studio 12-1 Bed/1 Bath 6-2 Bed/2 Bath North Hayworth Avenue West Hollywood, CA /24/18 $6,726, % $373,667 16,118 $ Bed/1 Bath 8-2 Bed/2 Bath Norton Avenue West Hollywood, CA /24/17 $5,600, % N/A 15 $373,333 14,103 $ Studio 4-1 Bed/1 Bath 9-2 Bed/1 & 2 Bath 1-3 Bed/2 Bath Hampton Avenue Los Angeles, CA /17/18 $5,900, % $347,059 13,182 $ Studio Total/Average 3.77% $350,175 $

18 1031 N. Curson Avenue 20 UNITS IN WEST HOLLYWOOD LISTED BY ALEX GALUZ President (310) cell (818) office (818) fax CA License: Crescent Realty Ventura Boulevard Woodland Hills, CA