4371 OVERLAND AVE CULVER CITY CA 90230

Transcription

1 CULVER CITY CA NON-RENT CONTROLLED TRIPLEX IN PRIME CULVER CITY Mike Matthias BRE# cell South Beverly Drive, First Floor, Beverly Hills, CA OFFERING MEMORANDUM

2 MARKETING PACKAGE OVERVIEW PRESENTED BY Mike Matthias BRE# cell Our mission LOCATION OVERVIEW Market overview Property Location PROPERTY SUMMARY Property Highlights Property Details Aerial Photo Parcel Orientation Photography FINANCIALS Financial Overview Rent Roll COMPARABLES Sales Comps Rent Comps

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 corporatecapabilities 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 your experience every step of the 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 any inaccuracies.

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.

5 LOCATION CULVER CITY CA 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 any inaccuracies.

6 LOCATION LOCATION OVERVIEW CULVER CITY, CALIFORNIA Over the course of just a couple of years, Culver City has been among the most significant emerging submarkets in Los Angeles. Culver City s central location on the Westside along with the Expo Line extension has made this area irresistible to residents. The growth of Silicon Beach, which is home to over 500 tech startup companies has also impacted the growth of Culver City. With Santa Monica virtually out of space and Playa Vista filling up fast, developers and brokers are eying Culver City as the next big place to pop for tech and creative users. Culver City s recent developments include a new TOD district encompassing one-half mile around the new Expo station, and looking to connect it with adjacent districts through pedestrian amenities, car and bike-sharing, and (hopefully) a shuttle. Additionally, Culver City's working on innovative ways to enhance high-speed Internet service and provide parking to help grow its creative office districts. Most of the city's attractions and activities are centered around its two most walkable areas: Downtown Culver City, an increasingly pedestrian-friendly destination along Culver Boulevard, and the Culver City Arts District, with galleries along Washington and La Cienega Boulevards and shops and restaurants at Helms Bakery. Whether you're hungry for one of LA's best burgers or in search of the most unique off-the-beaten-path museum, you'll find plenty to enjoy in Culver City. For the active types, Culver City offers some of the best parks, hiking trails, and playgrounds in Los Angeles. The year-round farmer s market offers fresh fruits, vegetables and a selection of other fine foods, and takes place every Tuesday, rain or shine, on downtown Culver City's Main Street, from 2 to 7 pm. Boasting a vibrant creative tenant roster, an incredible work live play atmosphere and one of the best publicschool systems in the county, there is nothing holding this city back! LAX Airport: 20 minutes by car or 55 minutes by public transit Santa Monica Pier: 15 minutes by car Hollywood Walk of Fame: 25 minutes by car Venice Boardwalk: 20 minutes by car The Grove: 20 minutes by car

7 LOCATION LOCATION OVERVIEW Venice Blvd Bigfoot Lodge West Super Pho & Teriyaki Tara's Himalayan Cuisine A&S Market Bamboo Restaurant Bella Vista Brazilian Gourmet Pizza Shawarma Land Mediterranean Culver Center Ralphs LA Fitness Bank of America GNC Yogurtland Best Buy GameStop Robeks The Coffee Bean Tuesday Morning Cafe 70 Degrees Downtown Seventy7 Lounge Carbon Drybar Culver City K-ZO Trader Joe s The Wallace Kayndaves Pieology Pizzeria Veda Yoga Center India Sweets & Spices Casa Oaxaca Ugo Café Tender Greens Rush Street ArcLight Cinemas Akasha Washington Blvd Samosa House East Red Wing Lucky Nails Lonzo's Bakery Rising Hearts Bakery Culver City Flower Shop Sushi Karen Japanese PURE Dog Food Shikibu Essential Chocolate Desserts Veteran Memorial Park Carlson Park 4371 Overland Ave Baldwin Hills Scenic Overlook Boneyard Dog Park Kenneth Hahn State Recreation Spot Cafe & Lounge Coffee Shop Coombs Park

8 PROPERTY SUMMARY CULVER CITY CA 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 any inaccuracies.

9 PROPERTY SUMMARY PROPERTY HIGHLIGHTS 3 UNITS IN PRIME CULVER CITY LOCATION Non-rent control with immediate upside Centralized Culver City location Roof and windows were replaced in 2015 One unit delivered vacant at COE Each unit is separately metered for gas & electricity Approximately four parking spaces, including three garages Kitchens and bathrooms have been updated in 2 of the units Each unit has private outdoor space and individual water heaters

10 PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION 4371 Overland Ave, is located in the prime Culver City market just a short distance to Downton Culver City with abundant restaurants, movie theaters, shops, Sony Studios, Kirt Douglas Theater, bike paths, parks, and the Expo light rail. This charming triplex is situated on an almost 4,500 sq ft lot, CCC2Y zoning and two detached garages in the back. All three units are one bedroom/one bathroom with private outdoor space. Some upgrades have been completed to kitchens and bathrooms. The roof and windows were replaced in One unit will be delivered vacant at close of escrow. PROPERTY DETAILS Units 3 Major Intersection Overland and Culver Blvd Market Culver City APN Zoning Type CCC2YY Building SF 1,634 SF Lot Size SF 4,499 SF

11 PROPERTY SUMMARY PROPERTY AERIAL

12 PROPERTY SUMMARY PARCEL ORIENTATION

13 PROPERTY SUMMARY PROPERTY PHOTOS

14 PROPERTY SUMMARY PROPERTY PHOTOS

15 PROPERTY SUMMARY PROPERTY PHOTOS

16 PROPERTY SUMMARY PROPERTY PHOTOS

17 PROPERTY SUMMARY PROPERTY PHOTOS

18 FINANCIALS CULVER CITY CA 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 any inaccuracies.

19 FINANCIALS FINANCIAL OVERVIEW - $1,200,000

20 FINANCIALS RENT ROLL

21 COMPARABLES CULVER CITY CA 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 any inaccuracies.

22 COMPARABLES SALES COMPS 4371 Overland Ave Sales Comps 4212 La Salle Ave 4181 Lincoln Ave 3950 Tilden Ave Overland Ave 4084 Van Buren Pl

23 1 COMPARABLES SALES COMPS 4371 Overland Ave Culver City, CA LISTED FOR $1,200,000 # OF UNITS 3 UNITS UNIT TYPE 3 1 Bed/1 Bath Comments: Subject property 4212 La Salle Ave Culver City, CA LOT SF 4,499 BUILDING SF 1,634 PRICE/SF $734 PRICE/UNIT $400,000 YEAR BUILT Tilden Ave Culver City, CA Overland Ave Culver City, CA Sale Price $1,468,000 COE 5/3/2017 # of Units 3 LOT SF 7,052 Building SF 1,708 Price/SF $859 UNITS UNIT TYPE Price/Unit $489, Year Built Comments: All units delivered vacant 5/1/2017, NRC UNITS UNIT TYPE Sale Price $1,535,000 COE 8/23/2017 # of Units 2 LOT SF 6,740 Building SF 1,516 Price/SF $1,013 Price/Unit $767,500 Year Built 1922 UNITS UNIT TYPE Sale Price $1,150,000 COE 9/29/2017 # of Units 2 LOT SF 7,755 Building SF 1,665 Price/SF $691 Price/Unit $575,00 Year Built 1948 Comments: Comments: 4181 Lincoln Ave Culver City, CA Van Buren Pl Culver City, CA UNITS UNIT TYPE Comments: Sale Price $1,689,000 COE 6/20/2017 # of Units 2 LOT SF 6,754 Building SF 1,562 Price/SF $1,081 Price/Unit $844,500 Year Built 1925 UNITS UNIT TYPE Comments: Sale Price $1,300,000 COE 6/29/2017 # of Units 3 LOT SF 6,933 Building SF 1,932 Price/SF $673 Price/Unit $433,333 Year Built 1947

24 COMPARABLES RENT COMPS 4371 Overland Ave Rent Comps 3951 Prospect Ave 4620 S Slauson Ave 3848 Overland Ave 1315 Raintree Cir 3671 Mentone Ave

25 COMPARABLES RENT COMPS 4371 Overland Ave Culver City, CA UNIT TYPE RENT $1, Overland Ave Culver City, CA RENT $1,925 UNIT SIZE N/A UNIT TYPE Comments: Subject Property Comments: 3951 Prospect Ave Culver City, CA RENT $2,000 UNIT SIZE N/A UNIT TYPE Raintree Circle Culver City, CA RENT $2,100 UNIT SIZE 735 SQ.FT. UNIT TYPE Comments: 1 parking space Comments: Gated community with 24 hour security, multiple pools, spa/sauna and small gym. The complex is quiet and peaceful, perfect to relax after a long day S Slauson Ave Culver City, CA Mentone Ave Los Angeles, CA RENT $2,150 UNIT SIZE N/A UNIT TYPE RENT $1,995 UNIT SIZE 750 SQ.FT. UNIT TYPE Comments: Fully renovated in 2015 Comments: Newly renovated top floor apartment with parking in 9 unit building

26 CULVER CITY CA Mike Matthias BRE# cell South Beverly Drive, First Floor, Beverly Hills, CA OFFERING MEMORANDUM