OCCIDENTAL BLVD.

Transcription

1 OCCIDENTAL BLVD. LOS ANGELES, CA MULTIFAMILY DEVELOPMENT OPPORTUNITY 15,003 SQ FT TOTAL LOT SIZE ZONING: LAR4-1 $3,495,000 MITCHELL MCCARTHY CalBRE#: ELIZABETH DONOVAN CalBRE#: DARIO SVIDLER CalBRE#:

2 S. OCCIDENTAL BLVD. OFFERING SUMMARY APN: , Land Area: Zoning: FAR: 3:1 Topography: Existing Improvements: 15,003 SF (not including alley) LAR4-1 Flat Two (2) six (6) unit apartment buildings; total building square footage of 11,698 SF; two vacancies PROPERTY DESCRIPTION Partners Trust Commercial is proud to present S. Occidental Boulevard. This Koreatown multi-family development opportunity consists of two adjacent R-4 lots with the existing improvements of two (2) six (6) unit apartment buildings. The 15,003 square-foot lot has 100 feet of street frontage. Both properties abut upon an alley

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5 S. OCCIDENTAL BLVD. PROFORMA PURCHASE PRICE: $3,495,000 Proposed Unit Mix Units Avg. Size Total Size Market Rent Rent PSF 1 Bedroom/1 Bathroom ,000 $1,650 $ Bedroom/2 Bathroom ,000 $2,350 $ ,000 Common Area 10% 3,200 Total Living Area 35,200 Parking Required Parking 1 Bedroom 1.5 Spaces/Unit 30 2 Bedroom 2 Spaces/Unit 36 Total Stalls Required 66 SF Per Stall 375 Total Parking SF Needed 24,750 Spaces Size Price/SF Total On- Grade Parking Stalls 28 10,500 $60 $630,000 Subterranean Parking Stalls 38 14,250 $75 $1,068,750 Total Parking Cost $1,698,750 Project Costs Soft Costs $10 psf $352,000 Hard Costs $100 psf $3,520,000 Parking $1,698,750 Contingnecy 7.5% $417,806 GC Costs 7.5% $449,142 Sub- total $6,437,698 Total Project Cost $9,932,698 Price PSF w/ Land $282 Price PSF w/o Land $183 Market Gross Operating Income $903,600 Operating Expenses $271,080 30% Net Operating Income $632,520 Cap. On Total Cost 6.37% Stabilized Price Per Door $261,387 Stabilized Price Per SF $282 Exit Strategy CAP Rate 4.50% Sale Price $14,056,000 GRM Price Per Door $369,895 Price Per SF $399 Gross Profit $4,123,302 Cashflow on Land Purchase % - 4 -

6 218 S. OCCIDENTAL BLVD. ANALYSIS Summary Multi-Residential - Operating Information New First Loan: $0 Price: $1,747,500 Interest Rate: 3.900% Down Payment: 100.0% $1,747,500 Amortization: 30 Number of Units: 6 Monthly Payment: $0 Cost per Legal Unit: $291,250 Current GRM: Market GRM: Current CAP: 2.16% Market CAP: 2.88% Approx. Age: 1942 Approx. Lot Size: 7,501 Approx. Building SF: 7,063 Cost per Net GSF: $ Annualized Operating Data Estimated Estimated Current Rents Market Rents Scheduled Gross Income: 77,040 90, % upside Less Vacancy Rate Reserve: (2,311) 3.0% (2,700) 3.0% Gross Operating Income: 74,729 87,300 Less Expenses: (37,059) 48.1% (37,059) 41.2% Net Operating Income: 37,670 50,241 Less Loan Payments: - - Pre-Tax Cash Flow: 37, % * 50, % * Plus Principal Reduction: - - Total Return Before Taxes: 37, % * 50, % * ** As a percent of Down Payment. Scheduled Income Average Estimated Annualized Expenses * As a percent of the down payment Current Rents Market Rents Taxes: $21,844 No. Bdrms/ Notes Monthly Monthly Monthly Monthly Insurance $0.30 / RSF $2,119 of Units Baths Rent/Unit Income Rent/Unit Income Utilities $65 / Unt / Mnt $4, Vacancy $1,000 $2,000 $1,100 $2,200 Repairs+Maint. $35 / Unt / Mnt $2, Vacancy $1,085 $2,170 $1,250 $2,500 Trash/Pest/Gard. $30 / Unt / Mnt $2, $1,125 $2,250 $1,400 $2,800 On-Site Manager $0 Avg. Rent/Gr. Sq. Ft. $0.91 $1.06 Total Scheduled Rent: $6,420 $7, S. Occidental Blvd. Los Angeles, CA Proposed Financing Buyer To Verify Loan Off-site Manager 3.0% $2,242 Reserves 2.0% $1,495 Monthly Scheduled Gross Income: $6,420 $7,500 Total Expenses: $37,059 Annual Scheduled Gross Income: $77,040 $90,000 Per Net Sq. Ft.: $5.25 Utilities Paid by Tenant: Per Unit: $6,177 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

7 218 S. OCCIDENTAL BLVD. RENT ROLL 218 S. Occidental Blvd. Los Angeles, CA UNIT UNIT TYPE RENT NOTES $1, Vacant $ $1, $1, $1, $1, Monthly Total: $6, Avg. $1, Avg. $1, Avg. $1,

8 224 S. OCCIDENTAL BLVD. ANALYSIS Summary Multi-Residential - Operating Information New First Loan: $0 Price: $1,747,500 Interest Rate: 3.900% Down Payment: 100.0% $1,747,500 Amortization: 30 Number of Units: 6 Monthly Payment: $0 Cost per Legal Unit: $291,250 Current GRM: Market GRM: Current CAP: 1.28% Market CAP: 2.94% Approx. Age: 1942 Approx. Lot Size: 7,501 Approx. Building SF: 7,063 Cost per Net GSF: $ Annualized Operating Data Estimated Estimated Current Rents Market Rents Scheduled Gross Income: 58,784 88, % upside Less Vacancy Rate Reserve: (1,764) 3.0% (2,664) 3.0% Gross Operating Income: 57,020 86,136 Less Expenses: (34,734) 59.1% (34,734) 39.1% Net Operating Income: 22,287 51,402 Less Loan Payments: - - Pre-Tax Cash Flow: 22, % * 51, % * Plus Principal Reduction: - - Total Return Before Taxes: 22, % * 51, % * ** As a percent of Down Payment. Scheduled Income Average Estimated Annualized Expenses * As a percent of the down payment Current Rents Market Rents Taxes: $21,844 No. Bdrms/ Notes Monthly Monthly Monthly Monthly Insurance $0.30 / RSF $2,119 of Units Baths Rent/Unit Income Rent/Unit Income Utilities $45 / Unt / Mnt $3,240 1 Single $585 $585 $1,000 $1,000 Repairs+Maint. $35 / Unt / Mnt $2, $824 $3,296 $1,250 $5,000 Trash/Pest/Gard. $30 / Unt / Mnt $2, $1,018 $1,018 $1,400 $1,400 On-Site Manager $0 Avg. Rent/Gr. Sq. Ft. $0.69 $1.05 Total Scheduled Rent: $4,899 $7, S. Occidental Blvd. Los Angeles, CA Proposed Financing Buyer To Verify Loan Off-site Manager 3.0% $1,711 Reserves 2.0% $1,140 Monthly Scheduled Gross Income: $4,899 $7,400 Total Expenses: $34,734 Annual Scheduled Gross Income: $58,784 $88,800 Per Net Sq. Ft.: $4.92 Utilities Paid by Tenant: Per Unit: $5,789 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

9 224 S. OCCIDENTAL BLVD. RENT ROLL 224 S. Occidental Blvd. Los Angeles, CA UNIT UNIT TYPE RENT NOTES $ #1 2+1 $1, $ #3 Single $ #4 1+1 $ #2 1+1 $ Monthly Total: $4, Single Avg. $ Avg. $ Avg. $1,

10 RENTAL COMPARABLE SUMMARY THE ESQUIRE AVERAGES SF (1+1) 820 SF 565 SF 580 SF 630 SF 649 SF SF (2+2) 1,029 SF 1,070 SF 700 SF 820 SF 904 SF Rent (1+1) $1,810 - $2,085 $1,505 - $1,770 $1,475 - $1,550 $1,425 - $1,680 $1,554 - $1,771 Rent (2+2) $2,410 - $2,760 $2,550 - $2,800 $1,695 - $1,875 $1,930 - $2,225 $2,146 - $2,415 Rent/SF (1+1) $ $2.54 $ $3.13 $ $2.67 $ $2.67 $ $2.73 Rent/SF (2+2) $ $2.68 $ $2.61 $ $2.68 $ $2.71 $ $

11 COMPS: THE LENNOX 269 S. LA FAYETTE PARK PLACE LOS ANGELES, CA Year Built: 1970 Building Size: 123,450 SF Lot Size: 1.24 AC Zoning: R4 No. of Units:

12 APARTMENT AMMENITIES Carpet in Living Areas Ceiling Fan Central Air-Conditioning & Heating Chrome or Nickel Finish Chandelier Dishwasher Frosted Glass Light Fixtures Microwave Patio/Balcony Refrigerator COMMUNITY AMENITIES AT&T U-Verse Cable Ready Clothing Care Facilities Elevator Fitness Center Gated Entry Indoor Swimming Pool On-Site Mgmt. & Maint. Package Delivery in Office

13 COMPS: THE LENNOX

14 FLOOR PLANS 2 BEDROOMS 2 BATHS 1 BEDROOM 1 BATH Bed: 2 Bath: 2 Size: 1,029 SF Rent: $2,410 - $2,760 Rent/SF: $2.34/SF - $2.68/SF Bed: 1 Bath: 1 Size: 820 SF Rent: $1,810 - $2,085 Rent/SF: $2.20/SF - $2.54/SF

15 COMPS: MARSEILLE 249 S. LA FAYETTE PARK PLACE LOS ANGELES, CA Year Built: 1969 Building Size: 98,324 SF Lot Size: 1.06 AC Zoning: R4 No. of Units:

16 APARTMENT AMMENITIES Base and Crown Molding Carpet in Living Areas Ceiling Fan Chrome or Nickel Finish Chandelier Dishwasher Double-Sided Kitchen Sink Frosted Glass Light Fixtures Microwave Private Balcony/Patio (select units) Refinished Counters in Kitchen Refrigerator Spacious Closets Two Tone Paint COMMUNITY AMENITIES ACQUA Lounge Pool AT&T U-Verse Cable Ready Clothing Care Facilities Clubhouse Elevator Fitness Center Free, Assigned Covered Parking Gated Entry Jacuzzi Area w/ WiFi On-site Mgmt. and Maint. Package Delivery in Office

17 COMPS: MARSEILLE

18 FLOOR PLANS 2 BEDROOMS 2 BATHS 1 BEDROOM 1 BATH Bed: 2 Bath: 2 Size: 1,070 SF Rent: $2,550 - $2,800 Rent/SF: $2.38/SF - $2.613/SF Bed: 1 Bath: 1 Size: 565 SF Rent: $1,505 - $1,770 Rent/SF: $2.66/SF - $3.13/SF

19 COMPS: THE ROBERTS COMPANIES THE ESQUIRE 274 S. LA FAYETTE PARK PLACE LOS ANGELES, CA Year Built: 1972 Building Size: 98,262 SF Lot Size: 1.08 AC Zoning: R4 No. of Units:

20 APARTMENT AMMENITIES Controlled Access Parking On-Site Laundry Elevator Fitness Center Balconies/Patios Close to Shops, Hospital, Freeway Stainless Steel Appliances Granite Countertops Outdoor Fireplace/BBQ Beautiful Courtyards with Serenity Gardens Close to Hollywood Mix Rent Size Rent/SF 1 Bedroom/1 Bath $1,475 - $1, SF $ $ Bedrooms/2 Baths $1,695 - $1, SF $ $

21 COMPS: THE ROBERTS COMPANIES

22 COMPS: THE RITZ ON LA FAYETTE 219 S. LA FAYETTE PARK PLACE LOS ANGELES, CA Year Built: 1966 Building Size: 31,275 SF Lot Size: 16,408 SF Zoning: R4 No. of Units:

23 APARTMENT AMMENITIES Air Conditioning Dishwasher Patio/Balcony Remodeled Separate Showers & Bathtubs Some Utilities Included COMMUNITY AMENITIES Beautiful Landscaping Controlled Access Courtyard Covered/Gated Parking Elevator Laundry Pool On-Site Management Mix Rent Size Rent/SF 1 Bedroom/1 Bath $1,425 - $1, SF $ $ Bedrooms/2 Baths $1,930 - $2, SF $ $

24 COMPS: THE RITZ ON LA FAYETTE

25 WANT TO KNOW MORE? MITCHELL MCCARTHY CalBRE#: ELIZABETH DONOVAN CalBRE#: DARIO SVIDLER CalBRE#: This information has been secured from sources we believe to be reliable, however we make no representation or warranties or implied, as to the acccuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies OCCIDENTAL BLVD. LOS ANGELES, CA 90057