942 CURSON AVE WEST HOLLYWOOD CA 90046

Transcription

1 WEST HOLLYWOOD CA UNITS IN PRIME WEST HOLLYWOOD WALKERS PARADISE - Walking Score of 90 hello@concord-re.com South Beverly Drive, First Floor, Beverly Hills, CA OFFERINGMEMORANDUM

2 MARKETING PACKAGE OVERVIEW Our mission PRESENTEDBY Eric vonbluecher InvestmentAssociate BRE# direct PROPERTY SUMMARY Property Highlights Property Details Property Location Aerial Photo Parcel Orientation Photography FINANCIALS Financial Overview Rent Roll LOCATION OVERVIEW Market overview COMPARABLES Sales Comps Rent Comps South Beverly Drive, First Floor, Beverly Hills, CA 90212

3 ABOUT US OUR WORLD HAS CHANGED AND SO HAS THE BUSINESS OF REAL ESTATE. IT S NOT ENOUGH TO WORK WITH A TYPICAL REAL ESTATE COMPANY. AT CONCORD, WE THINK OF OURSELVES AS YOUR PARTNER - ONE WHO CAN BRING EVERY ASPECT OF YOUR PORTFOLIO TOGETHER UNDER ONE ROOF, COMBINING CORPORATE CAPABILITIES WITH A FAMILY FEEL. CONCORD IS THE EVOLUTION OF REAL ESTATE. WE RE CHANGING THE GAME AND MOVING ABOVE AND BEYOND WHAT YOU VE COME TO EXPECT. THIS IS REAL ESTATE UNIFIED; NEXT-LEVEL SERVICES THAT SEAMLESSLY CONNECT THE DOTS SO YOU DON T HAVE TO. FROM ACQUISITION TO MANAGEMENT TO CONSTRUCTION TO THE DISPOSITION, CONCORD IS ELEVATING YOUREXPERIENCE EVERYSTEP OFTHE WAY. 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. Buyer must verify the information and bears all risk for anyinaccuracies.

4 OUR MISSION OUR CLIENTS ENTRUST US WITH SO MANY ASPECTS OF THEIR REAL ESTATE LIFE. OUR MISSION IS TO DUTIFULLY GUIDE THEM, CREATE VALUE AND ACT IN HARMONY WITH THEIR BEST INTEREST. WE PARTNER WITH YOU EVERY STEP OF THE WAY TO ELEVATE YOUR REAL ESTATE EXPERIENCE a different kind of real estate partner. hello@concord-re.com South Beverly Drive, First Floor, Beverly Hills, CA 90212

5 PROPERTY SUMMARY WEST HOLLYWOOD CA90046 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. Buyer must verify the information and bears all risk for anyinaccuracies.

6 PROPERTY SUMMARY PROPERTYHIGHLIGHTS 4 UNITS IN PRIME WEST HOLLYWOOD WALKERS PARADISE - Walking Score of 90 * Nearly 60% upside in rents * 1 unit fully renovated with high end finishes and DELIVERED VACANT * 4 large one bedroom units averaging nearly 900 sqft each * Lower two units have 50 sqft bonus rooms * Laundry hookups & water heater in each unit * Each unit has front and rear entry * 4 parking spaces with additional drive way parking * Efficient floor plans with large baths, kitchens, bed and living rooms * Abundant windows with plenty of light and air flow * Perfect for investor, owner user and/or your kids

7 PROPERTY SUMMARY PROPERTYDETAILS PROPERTY DETAILS Unit Mix Major Intersection Market APN Zoning Type Lot Size Building Sq.Ft. (4) 1+1 Curson Ave and Santa Monica Ave West Hollywood WDR3C 6,761 square feet 3,572 square feet PROPERTY DESCRIPTION Concord Real Estate Services proudly presents the offering memorandum for 942 Curson Ave in beautiful West Hollywood, California. This property is one half block South of thriving Santa Monica Blvd and just south of Sunset Blvd s recent renaissance. Walking distance to shops, bars, restaurants, entertainment and public transit on both major thoroughfares add to this property s long-term appreciation. The building has four (4) 1+1 units that measure approx. 900 square feet and open, spacious floorplans with plenty of light. Each unit has its own water heater and laundry hookups. There are 4 parking spaces available along withdriveway parking.

8 PROPERTY SUMMARY PROPERTYLOCATION 942 N. Curson

9 PROPERTY SUMMARY PROPERTYAERIAL Curson Ave

10 PROPERTY SUMMARY PARCEL ORIENTATION

11 PROPERTY SUMMARY PROPERTYPHOTOS

12 PROPERTY SUMMARY PROPERTYPHOTOS

13 PROPERTY SUMMARY PROPERTYPHOTOS

14 PROPERTY SUMMARY PROPERTYPHOTOS

15 PROPERTY SUMMARY PROPERTYPHOTOS

16 PROPERTY SUMMARY PROPERTYPHOTOS

17 PROPERTY SUMMARY PROPERTYPHOTOS

18 FINANCIALS WEST HOLLYWOOD CA90046 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. Buyer must verify the information and bears all risk for anyinaccuracies.

19 FINANCIALS FINANCIAL OVERVIEW $1,900,000 INVESTMENT SUMMARY SCHEDULED INCOME Down Payment: $1,900, % UNIT MIX CURRENT PRO FORMA Year Built: 1927 Units Beds Baths Average Monthly Rent Monthly Units: $2, $6, $2, $9, Approx. Lot Size: 6,761 Sq. Ft. Approx. Bldg. NRSF: 3,572 Sq. Ft. Cost per NRSF: $ Cost per Unit: $475,000 Expense / NRSF: $8.03 Parking Income: $ Expense / Unit: $7,170 Storage Income: $ CURRENT PRO FORMA Scheduled Rent: $6, $10, GRM: CAP: 2.29% 4.68% Monthly Gross Income: $6, $10, ROI: 2.29% 4.68% Annual Gross Income: $74, $121, ANNUAL INCOME ESTIMATED ANNUAL EXPENSES CURRENT PRO FORMA ITEM AMOUNT Scheduled Gross Income: $74,364 $121,200 Taxes: $22,800 Less Vacancy Reserve Rate: ($2,231) 3.00% * ($3,636) 3.00% Insurance: $803 Gross Operating Income: $72,133 $117,564 Utilities: $1,701 Less Expenses: ($28,681) 38.57% * ($28,681) 23.66% Maintenance & Repairs: $1,097 Net Operating Income: $43,452 $88,883 Landscaping: $600 Less Debt Service: $0 $0 Misc/Reserves: $1,200 Pre-Tax Cash Flow: $43, % ** $88, % Pest: $480 Plus Principal Reduction: $0 $0 Total Return Before Taxes: $43, % ** $88, % * As a percent of the scheduled gross income. ** As a percent of the down payment FINANCING INFORMATION Price: $1,900,000 Terms: 30 Year Amort. Total Expenses: $28,681 Down Payment: $1,900,000 Interest Rate: 3.50% For 5 Years Expense / NRSF: $8.03 Loan Amount: $0 Payment: $0.00 Per Month Expense / Unit: $7,170

20 FINANCIALS RENT ROLL - As of September 22, 2016 Current Market Unit # Unit Type Rent Rent Size (sf) Notes $2,500 $2, Vacant, Full Remodel, lower $1,012 $2, Upper $1,007 $2, Upper $1,635 $2, Lower PARKING INCOME: $100 STORAGE INCOME: $200 LAUNDRY INCOME: MONTHLY TOTAL: $6,154 $10,100 3,572 ANNUAL TOTAL: $73,848 $121,200 *Square footage is approximate.

21 LOCATION WEST HOLLYWOOD CA90046 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. Buyer must verify the information and bears all risk for anyinaccuracies.

22 LOCATION LOCATIONOVERVIEW WEST HOLLYWOOD, CALIFORNIA West Hollywood, colloquially referred to as WeHo, is a city in western Los Angeles County, California. Incorporated in 1984, it is home to the Sunset Strip. As of the 2010 census, its population was 34,399. West Hollywood is bounded on the north by the Hollywood Hills, on the east by Hollywood, on the southeast by the Fairfax district, on the southwest by the district of Beverly Grove, and on the west by the city of Beverly Hills. West Hollywood benefits from a very dense, compact urban form with small lots, mixed land use, and a walkable street grid. According to Walkscore, a website that ranks cities based on walkability, West Hollywood is the most walkable city in California. Commercial corridors include the nightlife and dining focused on the Sunset Strip, along Santa Monica Boulevard, and the Avenues of Art & Design along Robertson, Melrose, and Beverly Boulevard.

23 LOCATION MARKET AERIAL Bric k Plummer Park Harlowe Bar Food Lab 942 N. Curson Now Boarding Bar Poinsettia Recreation Center

24 COMPARABLES WEST HOLLYWOOD CA90046 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. Buyer must verify the information and bears all risk for anyinaccuracies.

25 942 N. Curson

26 COMPARABLES SALES COMPS 942 Curson Avenue, West Hollywood, CA N Ogden Drive, West Hollywood, CA SALE PRICE # OF UNITS BUILDING SF PRICE/SF LOTSIZE $1.900, ,572 $ ,761SF SALE PRICE # OF UNIT.S BUILDING SF PRICE/SF Lot Size $1,450, ,702 $ ,372SF 1120 N Vista Street, West Hollywood, CA SALE PRICE # OF UNITS BUILDING SF PRICE/SF LOTSIZE $1,410, ,552 $ ,864SF 946 N Hayworth Avenue, West Hollywood, CA SALE PRICE # OF UNIT.S BUILDING SF PRICE/SF LOTSIZE $1,660, ,840 $ ,745SF Price Per / SF Comparison Chart for Sold Comps $ $ $ $ Curson Avenue 1120N VistaStreet 1230N OgdenDrive 946 N Hayworth Avenue

27 COMPARABLES RENT COMPS N. Curson Rent Comps Sierra Bonita Avenue N Gardner Street

28 COMPARABLES RENT COMPS 942 Curson Avenue, West Hollywood, CA RENT $1007- $2500 YEARBUILT 1927 UNIT TYPE N Gardner Street, West Hollywood, CA RENT $2,900 PRICE PER SQFT $4.00 YEARBUILT 1921 UNIT TYPE Sierra Bonita Avenue, West Hollywood, CA RENT $2,400 PRICE PER SQFT $2.40 YEARBUILT 1924 UNIT TYPE 1+1

29 COMPARABLES ONMARKET N. Curson On Market Comps N Hayworth Avenue

30 COMPARABLES ON MARKET COMPS 942 Curson Avenue, West Hollywood, CA N Hayworth Avenue, West Hollywood, CA90046 SALE PRICE $1,900,000 SALE PRICE $2,300,000 # OF UNITS 4 # OF UNITS 4 BUILDING SF 3,572 BUILDING SF 4,434 PRICE/SF $532 PRICE/SF $ PRICE/UNIT $475, PRICE/UNIT $575,000.00

31 Eric von Bluecher BRE# D: South Beverly Drive, First Floor, Beverly Hills, CA OFFERINGMEMORANDUM