OFFERING MEMORANDUM 14 LUXURY CONDOS JUST BLOCKS TO BEVERLY HILLS
PRESENTED BY KENNY STEVENS BRE# 01090251 310.963.7851 kenny@prosserstevens.com SHANA ROSTAMI BRE#01925317 310.963.0901 shana@concord-re.com LOCATION OVERVIEW Location Overview Property Location PROPERTY SUMMARY Property Details Property Highlights Photography FINANCIALS Financial Overview Rent Roll COMPARABLES Sales Comps Rent Comps www.prosserstevens.com hello@prosserstevens.com 310.963.7851 449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
LOCATION BEVERLYWOOD, CA BEVERLYWOOD, CALIFORNIA Beverlywood offers a walkable neighborhood, blocks from Beverly Hills, a blossoming public transportation system that will soon be opening, and some of the best schools in Los Angeles. Century City, Culver City, Beverly Hills and more are just a short drive away, and the shops and restaurants on Pico Boulevard are well within walking distance. With the Rancho Park Golf Course and the Hillcrest Country Club sitting to the west, there are plenty of nearby greens to conquer. The neighborhood's HOA owns and maintains many private parks in the neighborhood (such as Circle Park), which are gated and only accessible to Beverlywood residents. Some of the highest rated schools situated in Beverlywood are, Castle Heights Elementary, Canfield Avenue Elementary, Shenandoah Street Elementary School, and Yeshiva of Los Angeles Girls High School. One of the other highlights and convenience of Beverlywood is the walkable distance to many nearby synagogues such as Young Israel of Century City, Pico Shul, Adas Torah, Beth Jacob Congregation, and Temple Emanuel of Beverly Hills. It is the perfect neighborhood for families, as well as young professionals, with an increase in the past few years of people ages 25-35, moving into Beverlywood.
LOCATION BEVERLYWOOD, CA Purple Line Adding Value to Beverlywood s Premium Rental Market
LOCATION OVERVIEW Restaurants Il Pastaio The Ivy Villa blanca Matsro s Steakhouse Toca Madera Gracias Madre Il Cielo Roxbury Park Rodeo Drive Schools Castle Heights Elementary, Canfield Avenue Elementary, Shenandoah Street Elementary School, and Yeshiva of Los Angeles Girls High School Beverly Hills Rodeo Drive Cedars Sinai Medical Center Synagogues Young Israel of Century City Pico Shul Adas Torah Beth Jacob Congregation Temple Emanuel of Beverly Hills La Cienega Park Rancho Park Golf Course Hillcrest Country Club
PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION Built in 2007, 9315 Alcott Street is comprised of 14 non rent control condominiums with separate APN numbers. Located just South of Pico Blvd, in the neighborhood of Beverlywood. The property is walking distance to a myriad of coffee shops, restaurants, and synagogues. The property features over 25,000 square feet of rentable area and is situated on a large 11,428 square foot lot. Comprised of (1) three-bedroom, threebathroom unit, (12) three-bedroom, two and half-bathroom units, and (1) two-bedroom, two-bathroom unit. The building has been well maintained and includes a 1,500 sq. ft. gym / rec room on the ground floor with kitchen and bathroom. Two levels of subterranean parking for approximately 36 parking spots including guest parking. **3rd bedrooms were added without permit PROPERTY DETAILS Units 14 Major Intersection W. Pico Blvd and Alcott St Market Beverlywood APN Multiple Zoning Type LAR3 Building SF 25,908 SF Lot Size SF 11,428 SF PICO BLVD ALCOTT STREET
PROPERTY SUMMARY PROPERTY HIGHLIGHTS 14 LUXURY CONDOS IN BEVERLYWOOD PRIME Beverlywood location just blocks from Beverly Hills Non-rent control Built in 2007 Individual condos with separate APN numbers Bright spacious units average approximately 1,500 sf ft 2 levels of subterranean parking (approx. 36 spaces including guest spots) Ground floor has a gym/rec room with a kitchen, and bathroom, currently being used a meeting room Penthouse units have panoramic views of Downtown and Century City
PROPERTY SUMMARY PROPERTY PHOTOS
FINANCIALS FINANCIAL OVERVIEW - $16,150,000 INVESTMENT SUMMARY SCHEDULED INCOME Purchase Price: $16,150,000 UNIT MIX CURRENT PRO FORMA Down Payment: $16,150,000 100% Units Beds Baths Average Monthly Rent Monthly Year Built: 2007 1 3 3 $5,000 $5,000 $6,250 $6,250 Units: 14 12 3 2.5 $3,050-$3,795 $42,940 $4,500 $54,000 Approx. Lot Size: 11,428 Sq. Ft. 1 2 2 $2,650 $2,650 $3,400 $3,400 Approx. Bldg. NRSF: 25,908 Sq. Ft. Price per Unit: $1,153,571 Price per Sq. Ft. $623 Scheduled Rent: $50,590 $63,650 CURRENT PRO FORMA GRM: 26.53 21.10 Laundry Income: $140 $140 CAP: 1.91% 2.85% Monthly Gross Income: $50,730 $63,790 ANNUAL INCOME Annual Gross Income: $608,760 $765,480 ANNUAL EXPENSES CURRENT PRO FORMA ITEM AMOUNT Scheduled Gross Income: $608,760 $765,480 Taxes: (based on new purchase price) 1.25% $201,875 Less Vacancy Reserve Rate: ($18,263) 3.00% * ($22,964) 3.00% Insurance: $10,363 Gross Operating Income: $590,497 $742,516 Utilities: $15,545 Less Expenses: ($282,753) 46% * ($282,753) 37% Repairs & Maintenance: $24,350 Net Operating Income: $307,744 $459,762 Professional Mgmt: $23,620 Less Debt Service: $0 $0 Misc: $7,000 Pre-Tax Cash Flow: $307,744 1.91% ** $459,762 2.85% Plus Principal Reduction: $0 $0 Storage Income: Total Return Before Taxes: $307,744 1.91% ** $459,762 2.85% * As a percent of the scheduled gross income. ** As a percent of the down payment Total Expenses: Expense / NRSF: Expense / Unit: EXPENSES ARE ESTIMATED $282,753 $10.91 $20,197 **3rd bedrooms were added without permit
FINANCIALS RENT ROLL Current Market Unit # Unit Type Rent Rent Move-in Date Size (sf) Notes 101 3 + 2.5 $3,700 $4,500 9/11/2011 1,620 ** 102 2 + 2 $2,650 $3,400 4/15/2010 1,242 103 3 + 2.5 $3,500 $4,500 8/1/2009 1,544 ** 201 3 + 2.5 $3,600 $4,500 10/1/2017 1,620 ** 202 3 + 2.5 $3,700 $4,500 10/1/2014 1,512 ** 203 3 + 2.5 $3,795 $4,500 7/13/2017 1,544 ** 204 3 + 2.5 $3,500 $4,500 6/4/2012 1,572 ** 301 3 + 2.5 $3,600 $4,500 8/2/2015 1,620 ** 302 3 + 2.5 $3,550 $4,500 12/20/2016 1,512 ** 303 3 + 2.5 $3,595 $4,500 2/24/2018 1,544 ** 304 3 + 2.5 $3,650 $4,500 1/20/2018 1,572 ** 401 3 + 3 $5,000 $6,250 2/10/2017 2,344 ** 402 3 + 2.5 $3,600 $4,500 5/20/2014 1,690 ** 403 3 + 2.5 $3,150 $4,500 3/1/2010 1,664 ** Laundry $140 $140 MONTHLY TOTAL: $50,730 $63,790 ANNUAL TOTAL: $608,760 $765,480 **3rd bedrooms were added without permit
COMPARABLES SALES COMPS Property Photo Address Sale Price COE # of Units Price/ Unit Price/ SF Year Built Unit Mix Comments 9315 Alcott St Beverlywood, CA 90035 $16,150,000-14 $1,153,571 $623 2007 (1) 3+3 (12) 3+2.5 (1) 2+2 Subject Propety 1 1102 Rexford Dr #301 Los Angeles, CA 90035 $1,115,000 2/1/18 Condo $1,115,000 $699 2006 (1) 3+2 2 1135 Rexford Dr #401 Los Angeles, CA 90035 $1,309,000 12/20/17 Condo $1,309,000 $799 2005 (1) 2+3 3 8866 Alcott St #PH1 Los Angeles, CA 90035 $1,035,000 1/4/18 Condo $1,035,000 $675 2006 (1) 3+2
COMPARABLES SALES COMPS 1 2 9315 Alcott Street 3 Sales Comps 1 1102 Rexford Dr 2 1135 Rexford Dr 3 8866 Alcott St
COMPARABLES RENTAL COMPS Property Photo Address Rent Unit Type Comments $6,250 3+3 9315 Alcott Street Beverlywood, CA 90035 $4,500 3+2.5 Subject Property $3,400 2+2 1 1500 S Beverly Drive Los Angeles, CA 90035 $5,995-$6,295 3+2.5 8 unit luxury condominium building with tenant roof access. Built in 2018 2 1304 Roxbury Drive #203 Los Angeles, CA 90067 $6,200 3+2.5 1,700 sq ft luxury unit. 3 1420 Ambassador Street Los Angeles, CA 90035 $3,345-$4,295 2+2 Granite counters, stainless steel appliances and fireplaces. Two resort style pools and spas, fitness center, outdoor lounge area.
COMPARABLES RENTAL COMPS 2 3 9315 Alcott Street 1 Rental Comps 1 1500 S Beverly Drive 2 1304 Roxbury Drive 3 1420 Ambassador Street
FOR MORE INFORMATION PLEASE CONTACT: Kenny Stevens 310.963.7851 KENNY@PROSSERSTEVENS.COM BRE# 01090251 Shana Rostami 310.963.0901 SHANA@CONCORD-RE.COM BRE# 01925317 BRE# 01931128 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.