FOR SALE E. Willow St. s i g n a l H i l l, C A George Bustamante T: 714.856.7017 O: 562.548.9 Steve Warshauer Austin Carr BRE #01986298
BUILDING DESCRIPTION Address: E. Willow Street WALTON STREET Price: $1,200,000 Year Built: 1937 Units: 5 Price/Unit: $240,000 RSF: 3,184 SF Price/RSF: $377.00 Lot Size: 12,805 SF Floors: 2 APN: 7207-015-030 Cap Rate: 3.22% Market Cap Rate: 4.2% GRM: 17.39 Market GRM: 14.71 LIME AVENUE MYRTLE STREET Property Highlights: 12,805 SF Lot Upside In Rental Income No-Rent Control WILLOW STREET T: 5714.856.7017 O: 562.548.9 Page 2
PROPERTY HIGHLIGHTS Coldwell Banker Commercial BLAIR WESTMAC is pleased to present W. Willow Street, a 5-unit apartment building in the Signal Hill district of Long Beach. The 3,184 square foot building sits on a 12,805 square foot property, and is comprised of an attractive mix of spacious one-, and twobedroom units, along with private parking. A short walk from the Metro Blue Line station, the property is conveniently located in an up-andcoming area with close proximity to amenities along Pacific Coast Highway, bustling Downtown Long Beach, and a new influx of retail and mixeduse developments. This asset is a prime opportunity for an investor to realize a significant increase in upside of rents. T: 5714.856.7017 O: 562.548.9 Page 3
UNIT MIX & ANNUAL INCOME REPORT UNIT MIX & ANNUAL SCHEDULED INCOME Floor Plan Units Actual Total Market Total 1 bedroom / 1 bath 4 $13,200 $52,800 $15,900 $63,600 2 bedroom / 1 bath 1 $16,200 $16,200 $18,000 $18,000 Total 5 $69,000 $81,600 ANNUALIZED INCOME Actual Market Gross Potential Rent $69,000 $81,600 Less: Vancancy ($2,070) ($2,448) Effective Gross Income $66,930 $79,152 Less: Expenses ($28,275) ($28,779) Net Operating Income $38,655 $50,373 Debt Service ($36,481) ($36,481) Net Cash Flow after Debt Service $2,174 $13,892 Principal Reduction $9,679 $9,679 Total $11,853 $23,571 T: 5714.856.7017 O: 562.548.9 Page 4
ANNUAL EXPENSE REPORT ANNUALIZED EXPENSES Actual Market Property Management Fee $2,760 $3,264 Replacement Reserves $1,125 $1,125 Building Insurance $1,125 $1,125 Maintenance $1,125 $1,125 Repairs $3,000 $3,000 Taxes - Real Estate $14,640 $14,640 Utilities $4,500 $4,500 Total Expenses $28,275 $28,779 Expenses Per RSF $13.46 $13.70 Expenses Per Unit $5,655 $5,756 T: 5714.856.7017 O: 562.548.9 Page 5
SALES COMPARABLES Address Sale Price Units Price/SF Cap Rate GRM Sale Date E. Willow Street Signal Hill, CA 90806 1841 Chestnut Avenue 1857 Pine Avenue 2032 Pine Street 1952 Pine Avenue 2010 Pine Avenue 1846 Olive Avenue 2344 Chestnut Avenue 345 E. 20th Street $1,200,000 5 $571.43 3.2% 17.4 N/A $1,050,000 8 $281.80 5.3% 12.1 5/15/2017 $2,630,000 16 $217.95 5.0% 12.6 5/17/2017 $1,005,000 6 $230.50 3.4% 15.5 11/9/2017 $1,075,000 6 $227.85 4.0% 15.2 4/6/2018 $1,445,000 8 $235.80 4.3% 15.0 8/8/2017 $1,630,000 10 $357.77 5.2% 13.0 5/26/2017 $1,500,000 8 $216.89 4.5% 14.0 8/4/2017 $3,310,000 23 $299.66 5.0% 12.9 12/20/2017 Avg. 4.6% Avg. Avg. $164,666 13.8 Avg. $258.53 T: 5714.856.7017 O: 562.548.9 Page 6