4339 Berryman Ave LOS ANGELES, CA OFFERING MEMORANDUM

Transcription

1 OFFERING MEMORANDUM

2 CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

3 TABLE OF CONTENTS Section 1 PRICING AND FINANCIAL ANALYSIS Section 2 PROPERTY DESCRIPTION Section 3 RECENT SALES Section 4 MARKET OVERVIEW Section 5 DEMOGRAPHIC ANALYSIS

4 PRICING AND FINANCIAL ANALYSIS 4339 Berryman Ave

5 PRICING AND FINANCIAL ANALYSIS FINANCIAL OVERVIEW Summary Property Address 4339 Berryman Ave Los Angeles, CA Price $6,500,000 Down Payment 100% / $6,500,000 Lot Size (SF) 22,865 Price/SF $ Lot Size (Acres) Price/Acre $12,383,311 Number of Units 28 Price/Unit $232,143 Number of Lots 1 Price/Lot $6,500,000 Financing FIRST TRUST DEED Loan Type All Cash Lot Dimensions Type of Ownership 100x230 Fee Simple Site Description Assessor's Parcel Number Zoning LAR3-1 1

6 PRICING AND FINANCIAL ANALYSIS RENT ROLL Unit Number Unit Type Unit SF Current Rent Rent/ SF Asking Rent Rent/ SF Parking Storage 1 1 Bdr 1 Bath $450 $1, Bdr 1 Bath $450 $1, Bdr 1 Bath $500 $1, Bdr 1 Bath $800 $1, Bdr 1 Bath $900 $1, Bdr 1 Bath $900 $1, Bdr 1 Bath $900 $1, Bdr 1 Bath $900 $1, Bdr 2 Bath Vacant $3,500 $3,500 2

7 PROPERTY DESCRIPTION 4339 Berryman Ave

8 PROPERTY DESCRIPTION INVESTMENT OVERVIEW Investment Highlights Excellent West Los Angeles Location First Time Ever on Market Huge Lot totaling 22,865 Square Feet Can Build 28 Units by Right Without any Density Bonus Short Distance from Venice Beach, Santa Monica, Marina Desireable Housing Location for Silicon Beach Professionals Currently 9 Apartments on the Lot Marcus & Millichap is pleased to present the opportunity to acquire 4339 Berryman Avenue, an LAR3-1 zoned property with a 22,865 square foot lot. The land currently has nine (9) units on it consisting of eight (8) One Bedroom/One Bathroom units and One (1) Three Bedroom/Two Bathroom unit. The Three Bedroom unit is currently vacant and the other eight units are occupied with low rents. This multifamily redevelopment will be subject to the rent control stabilization ordinance. Built in 1940 with extremely low rents, this property represents a unique opportunity to acquire a development project in a prime area of West Los Angeles with strong economic growth and a high barrier to entry Berryman Ave is situated between Culver and Washington Blvd in the Mar Vista/Culver Garden pocket of West Los Angeles. This incredible location is just a short drive away from Venice Beach, Santa Monica, Marina Del Rey, and downtown Culver City. The property is also a highly desireable location of housing for the recent influx of professionals working in close by Silicon Beach. The property is currently being offered in its current condition, allowing the buyer/developer to generate income while they plan their ground up development. ***Buyer to do own research regarding development potential. 4

9 PROPERTY DESCRIPTION AERIAL PHOTOS 5

10 PROPERTY DESCRIPTION AERIAL PHOTO 6

11 PROPERTY DESCRIPTION AERIAL PHOTO 7

12 PROPERTY DESCRIPTION AERIAL PHOTO 8

13 PROPERTY DESCRIPTION AERIAL PHOTO 9

14 PROPERTY DESCRIPTION PROPERTY PHOTOS 10

15 PROPERTY DESCRIPTION PROPERTY PHOTOS 11

16 PROPERTY DESCRIPTION AREA MAPS Local Map Regional Map 12

17 PROPERTY DESCRIPTION AERIAL PHOTO 13

18 RECENT SALES 4339 Berryman Ave

19 RECENT SALES RECENT SALES MAP 1) 2) 3) 4) 5) 6) 4339 Berryman Ave Charnock Rd Colby Ave Inglewood Blvd 2412 Federal Ave 1553 Armacost Ave 3308 Mentone Ave 15

20 RECENT SALES PRICE PER SF AND PRICE PER ACRE AVERAGE PRICE/SF Subject Charnock Rd Colby Ave Inglewood Blvd 2412 Federal Ave 1553 Armacost Ave 3308 Mentone Ave 16

21 RECENT SALES RECENT SALES 4339 Berryman Ave Los Angeles, CA Subject Property Sale Price: $6,500,000 Lot Size (SF): 22,865 Down Payment: $6,500,000 Price/SF: $ Down Payment %: 100% Lot Size (Acres): Zoning: LAR3-1 Price/Acre: $12,383,311 Lot Dimensions: 100x Charnock Rd Los Angeles, CA Close of Escrow: In Escrow Lot Size (SF): 7,388 Sale Price: $2,500,000 Price/SF: $ Down Payment: N/A Down Payment %: N/A Zoning: LAR3-1 Comments 9 Buildable Units by Right. $277,777 per buildable unit. ***Currently in escrow and this was the listing price Colby Ave Los Angeles, CA Close of Escrow: 1/9/2018 Lot Size (SF): 19,591 Sale Price: $8,325,000 Price/SF: $ Down Payment: $8,325,000 Down Payment %: 100% Zoning: LAR3-1 Comments 24 Buildable Units by Right. $346,875 per buildable unit. 17

22 RECENT SALES RECENT SALES Inglewood Blvd Los Angeles, CA Close of Escrow: 5/4/2017 Lot Size (SF): 11,770 Sale Price: $2,350,000 Price/SF: $ Down Payment: $2,350,000 Down Payment %: 100% Zoning: LAR3-1 Comments 14 Buildable Units by Right. $167,857 per buildable unit Federal Ave Los Angeles, CA Close of Escrow: 10/30/2017 Lot Size (SF): 13,940 Sale Price: $3,250,000 Price/SF: $ Down Payment: $3,250,000 Down Payment %: 100% Zoning: LAR3-1 Comments 17 Buildable Units by Right. $191,176 per buildable unit Armacost Ave Los Angeles, CA Close of Escrow: 8/24/2016 Lot Size (SF): 7,003 Sale Price: $1,700,000 Price/SF: $ Down Payment: $1,700,000 Down Payment %: 100% Zoning: LAR3-1 Comments 8 Buildable Units by Right. $212,500 per buildable unit. 18

23 RECENT SALES RECENT SALES Mentone Ave Los Angeles, CA Close of Escrow: 5/12/2017 Lot Size (SF): 7,500 Sale Price: $1,900,000 Price/SF: $ Down Payment: $1,900,000 Down Payment %: 100% Zoning: LAR3 Comments 9 Buildable Units by Right. $211,111 per buildable unit. 19