PREMARKET OFFERING MEMORANDUM NEW CONSTRUCTION FOURPLEX PRIME NOHO ARTS DISTRICT NEIGHBORHOOD 5313 N RIVERTON AVE, NORTH HOLLYWOOD CA 91601 PRICE RANGE: $2,499,000 - $2,699,000 Turn key No rent control High cash flow 5.0% CAP RATE / 14.4 GRM SETH HAMILTON 714.397.6077 Seth@StreetlampProperties.com BRE# 01897619 Streetlamp Properties, LLC is a managing partner in this development. All marketing information provided by Citivest Realty Services, BRE #01020312. STREETLAMPPROPERTIES.COM
TABLE OF CONTENTS 01 11 14 THE OFFERING 2 Sample Finishes 5 Property overview 6 Site 7 Site plans 8 Floor Plans PROPERTY DETAILS 12 Rent roll/mlslisted rent comps 13 Publicly listed sale comps THE NEIGHBORHOOD 18 Schools 19 Other properties 21 Featured Project 22 Contact 23 Additional Featured Properties
THE OFFERING We are pleased to announce the premarket offering of a new construction Green Certified fourplex in a prime North Hollywood Arts District neighborhood! This property is under construction with an anticipated completion of September 2017. The property will be delivered vacant and is not subject to rent control. This luxury fourplex offers 12 bedrooms and 11 bathrooms in four townhouse style units. All four untis have 3 bedrooms and either 2.5 or 3 bathrooms each. Each unit has an attached garage space, plus an additional uncovered parking space. All units are finished with high quality materials, private laundry rooms, open floorplans and modern upgraded kitchen appliances. They are equipped with separate meters for water, gas and electriciy as well as a fifth common area electric and water meter for servicing exterior lighting and landscape irrigation. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance, environmentally friendly property. This property is ideally located in a trendy North Hollywood neighborhood. It is just minutes away from shopping, arts, nightlife and dining at the NoHo Arts District. It is also centrally located by freeways and public transportation making it an ideal rental property. New construction four unit projects such as this are a great find and when available lease at higher rates than competing older properties. Neighborhood rents are strong, bringing a 14.4 GRM and 5.0% Cap rate to the buyer. The developer is willing to entertain offers prior to completion. Don t hesitate to contact us with any questions or to submit an offer. 1
OPEN FLOOR PLANS QUALITY FINISHES 2 SAMPLE FINISHES
GREEN CERTIFIED LOW MAINTENANCE 3 SAMPLE FINISHES
PRIVATE LAYOUTS LUXURY LIVING 4 SAMPLE FINISHES
PROPERTY OVERVIEW THE PROPERTY: APN: 2416-011-033 # of Units: 4 Year Built: 2017 Building Size (SF): 5,554 Lot Size (SF): 5,400 Zoning: R3-1VL THE OFFERING: Price Range: $2,499,000 - $2,699,000 GRM: 14.4 Cap Rate: 5.0% Price per SF: $449.95 Price per Unit: $624,750 AMENITIES: Covered Parking: 4 Uncovered Parking: 4 Laundry: Private Each Unit 5 Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 SAMPLE FINISHES
SITE 6
SITE PLAN 7
PLANS first floor plan 8
PLANS second floor plan 9
PLANS third floor plan 10
PROPERTY DETAILS SUMMARIZED PRICING METRICS BUILDING DESCRIPTION PROPOSED FINANCING PRICE: $2,499,000 NO. OF UNITS 4 LOAN AMOUNT $1,674,330 DOWN (33%): $824,670 YR. BUILT 2017 INTEREST RATE 3.8% PRO FORMA GRM: 14.4 YR. RENOVATED - MONTHLY PAYMENT $7,802 PRO FORMA CAP RATE: 5.0% ZONING LAR3 LTV 67% $/UNIT: $624,750 LOT SIZE (SQ FT) 5,400 AMORTIZATION (YEARS) 30 $/SF: $450 GROSS SF 5,554 DSCR 1.34 ANNUALIZED OPERATING DATA PRO FORMA ANNUALIZED EXPENSES PRO FORMA FIXED EXPENSES GROSS POTENTIAL RENTAL INCOME $173,400 REAL ESTATE TAXES 1.29% $32,237 GAIN (LOSS)-TO-LEASE $0 INSURANCE.35/SQ FT $1,944 GROSS SCHEDULED RENTAL INCOME $173,400 UTILITIES $918 LESS: VACANCY 3% -$5,202 EFFECTIVE GROSS INCOME $168,198 CONTROLLABLE EXPENSES LESS: EXPENSES $42,499 CONTRACT SERVICES $350/MO $4,200 MISCELLANEOUS INCOME $0 REPAIRS & MAINTENANCE $400/UNIT $1,600 NET OPERATING INCOME $125,699 UNIT TURNOVER $400/UNIT $1,600 DEBT SERVICE -$93,619.96 TOTAL EXPENSES $42,499 PRE-TAX CASH FLOW 3.9% $32,079.04 EXPENSES/UNIT $10,625 PRINCIPAL REDUCTION $29,995.42 EXPENSES/SQ FT $7.65 TOTAL RETURN 7.53% $62,074.46 % OF EGI 25.3% 11
RENT ROLL UNIT # STATUS UNIT TYPE UNIT SIZE PRICE / SQ FT SCHEDULED GROSS INCOME # FLOORS / UNIT PARKING LAUNDRY 1 VACANT 3B/2.5B 1,290 $2.64 $3,400 3 1 GAR/ 1 UNCOV PRIVATE 2 VACANT 3B/2.5B 1,535 $2.54 $3,900 3 1 GAR/ 1 UNCOV PRIVATE 3 VACANT 3B/3B 1,336 $2.66 $3,550 3 1 GAR/ 1 UNCOV PRIVATE 4 VACANT 3B/3B 1,393 $2.58 $3,600 3 1 GAR/ 1 UNCOV PRIVATE 4 VACANT 12B/11B 5,554 $2.60 $14,450 3 4 GARAGE / 4 UNCOVERED 4 PRIVATE ROOM PUBLICLY LISTED RENTAL COMPS ADDRESS STATUS UNIT TYPE YR. BUILT UNIT SIZE RENT $/SF LEASE/LIST DATE 5031 FAIR AVE ACTIVE 3B/2B 2016 1,485 $4,030 $2.71 4/27/17 11040 HESBY ST #102 ACTIVE 2B/2B 1986 904 $2,450 $2.71 3/30/17 5077 LANKERSHIM BLVD ACTIVE 2B/2B 2015 1,105 $3,500 $3.17 4/27/17 11059 MCCORMICK ST ACTIVE 3B/2B 2006 1,276 $3,675 $2.88 4/27/17 5440 TUJUNGA AVE ACTIVE 3B/2B 2006 1,363 $4,035 $2.96 5/2/17 5256 AUCKLAND AVE LEASED 2B/1B 1954 700 $4,050 $5.79 1/13/17 10844 HESBY ST LEASED 3B/2B 2016 1,200 $3,400 $2.83 COMPARABLE AVERAGE: 2000 1,154 $3,604 $3.12 SUBJECT PROPERTY: VACANT 2017 1,389 $3,613 $2.60 12
PUBLICLY LISTED SALE COMPS ADDRESS STATUS UNIT COUNT BED BATH COUNT YR. BUILT SQ FT PRICE GRM $/SF SALE/LIST DATE 10844 HESBY ST SOLD 3 9B/6B 2016 3,497 $1,500,000 14.04 $428.94 10/5/16 11918 VANOWEN ST ACTIVE 4 14B/10B 2017 6,030 $2,258,888 14.43 $374.61 4/10/17 11637 RIVERSIDE DR PENDING 4 8B/4B 1949 3,672 $1,500,000 14.85 $408.50 2/27/17 10706 CAMARILLO ST PREMARKET 4 12B/14B 2017 5,498 $2,450,000 14.08 $445.62 4/27/17 10737 HORTENSE ST SOLD 2 3B/4B 1940 1,989 $1,000,000 18.40 $502.77 4/13/16 COMP AVERAGE: 1988 4,137 $1,741,778 15.16 $432.09 SUBJECT PROPERTY: VACANT 4 12B/11B 2017 5,554 $2,499,000 14.41 $449.95 COMP $/SQ FT $432.09 SUBJECT SQ FT 5,554 SUGGESTED VALUE $2,399,801 COMP GRM 15.16 SUBJECT GROSS POTENTIAL RENT $173,400 SUGGESTED VALUE $2,628,817 13
THE NEIGHBORHOOD LOCAL FAVORITES Rodini Park Greek.5 miles The Copper Still.8 miles The Fat Dog.5 miles NoHo Arts District.7 miles WALK SCORE WALK 68% BIKE 72% TRANSIT 54% DEMOGRAPHICS AFRICAN AMERICAN 7,259 ASIAN OR PACIFIC ISLANDER 11,700 INDIAN 811 MIXED RACES 1.972 WHITE 44,100 HISPANIC 91,700 14
AREA ATTRACTIONS NoHo Area Attractions NoHo Arts District Porto's Bakery & Cafe Bob's Big Boy Millennium Dance Complex North Hollywood Metro Station UrbanizeLA Development Coming Soon! Universal Studios Hollywood Warner Bros. Studios Hollywood Hills Hollywood Sign The Walt Disney Studios Griffith Observatory Hollywood Bowl Bob Hope Airport 5313 Riverton 5313 Riverton Ave 15
WALKING MAP - NOHO ARTS DISTRICT NoHo Area Map NoHo Arts District Walking Map Television Academy Lankershim Arts Center Theatre 68 El Portal The Federal Bar Ralphs TEAPOP Republic Of Pie NoBAR 5313 Riverton 5313 Riverton Ave Directions from 5313 Riverton Ave to NoBAR 5313 Riverton Ave Ralphs TEAPOP Lankershim Arts Center Television Academy El Portal The Federal Bar Republic Of Pie NoBAR 16
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SCHOOLS 1 Lankershim Elementary School.7 miles 2 Water Reed Middle School 1.52 miles 3 East Valley Senior High School.37 miles 4 Joyces Toluca Lake Preschool.3 miles 5 Kinderschicks.5 miles 6 Toluca Lake Elementary School.6 miles 7 St. Paul s First Lutheran School.8 miles 8 Oxnard Street Elementary School 9 The Wesley School.9 miles 10 Montessori Academy of NoHo.9 miles 11 Valley Montessori School 1 mile 18
OTHER PROPERTIES 5756 FULCHER AVE, NORTH HOLLYWOOD 91601 JUNE 2017; PRICE $1,799,000; 3 UNITS - 11B/8.5B (1X 3B/2.5B, 2X 4B/3B); TOTAL SQ FT 4,673, LOT SF 6,999, ANNUAL GROSS RENTS $135,600. MIRROR IMAGE TO 5650 FULCHER. LOCATED JUST 1 MILE FROM THE NOHO ARTS DISTRICT, VALLEY VILLAGE AND TOLUCA WOODS. PREMARKET - ACCEPTING OFFERS 5650 FULCHER AVE, NORTH HOLLYWOOD 91601 JUNE 2017; PRICE $1,799,000; 3 UNITS - 11B/8.5B (1X 3B/2.5B, 2X 4B/3B); TOTAL SQ FT 4,673, LOT SF 6,999, ANNUAL GROSS RENTS $135,600. MIRROR IMAGE TO 5756 FULCHER. LOCATED JUST 1 MILE FROM THE NOHO ARTS DISTRICT, VALLEY VILLAGE AND TOLUCA WOODS. PREMARKET - ACCEPTING OFFERS 6413 LEXINGTON AVE, HOLLYWOOD 90038 JULY 2017; PRICE TBD; 4 UNITS - 11B/12.5 (1X 2B/2.5B, 1X 3B/3B, 2X 3B/3.5B); TOTAL SQ FT 6,106, LOT SF 6,925; GROSS RENTS TBD. FOUR TOWNHOUSE STYLE UNITS WITH SPACIOUS OPEN FLOORPLANS. CENTRALLY LOCATED IN PRIME HOLLYWOOD NEIGHBORHOOD. PREMARKET - ACCEPTING OFFERS 19
OTHER PROPERTIES 6119 FOUNTAIN AVE, HOLLYWOOD 90028 1005 N. OXFORD AVE, LOS ANGELES 90029 MAY 2017; $2,999,000; 4 UNITS - 11B/13.5B (1X 2B/2.5B, 3X 3B/3.5B); TOTAL SQ FT 6,420, LOT SF 7,504; GROSS RENTS TBD. FOUR LARGE SIZED TRI-LEVEL TOWNHOUSE STYLE UNITS WITH ATTACHED 2 CAR GARAGE. PRIME HOL- LYWOOD LOCATION SITUATED JUST MINUTES FROM HOLLYWOOD FOREVER CONCERT VENUE, SUNSET BLVD AND GRIFFITH OBSERVATORY. BACKUP MAY 2017; PRICE $2,249,000; 4 UNITS - 12B/12B (4X 3B/3B); TOTAL SQ FT 5,850, LOT SF 6,025; GROSS RENTS TBD. NEW CONSTRUCTION FOURPLEX LOCATED IN A PRIME MELROSE HILL NEIGHBORHOOD. PROPERTY HAS TWO BUILD- INGS WITH 4 LARGE SIZED UNITS TOTALING ALMOST 6,000 SQ FT OF LIVABLE SQ FT. BACKUP 3400 LONDON ST, SILVER LAKE 90026 OCTOBER 2017; PRICE TBD; 4 UNITS - 12B/14B (4X 3B/3.5B); TOTAL SQ FT 6,066, LOT SF 4,768, GROSS RENTS TBD. PROPERTY BOASTS FOUR TOWNHOUSE STYLE UNITS. CENTRALLY LOCATED BETWEEN SILVER LAKE, ECHO PARK AND JUST MINUTES FROM KOREATOWN. PREMARKET - ACCEPTING OFFERS 146 ROSEMONT AVE, LOS ANGELES 90026 SEPTEMBER 2017; PRICE TBD; 6 UNITS - 17B/14B (1X 2B/1.5B, 2X 3B/2B, 3X 3B/2.5B); TOTAL SQ FT 6,961, LOT SF 7,521; GROSS RENTS TBD. SIX UNITS OF MIXED SIZES WITH ON-SITE PARKING. GREAT LOCATION WITH EASY FREEWAY ACCESS, CLOSE TO KOREATOWN, DODGER STADIUM AND ECHO PARK. PREMARKET - ACCEPTING OFFERS 20
FEATURED PROJECT N NORTH HOLLYWOOD NEW CONSTRUCTION THREE UNIT 5650 FULCHER AVE, NORTH HOLLYWOOD 91601 PRICE RANGE: $1,899,000 - $2,099,000 Turn key No rent control High cash flow 5.6% CAP RATE / 13.1 GRM THE PROPERTY: APN: 2337-029-012 # of Units: 3 Year Built: 2017 Building Size (SF): 4,673 Lot Size (SF): 7,000 Zoning: RD1.5-1VL THE OFFERING: Price Range: $1,899,000 - $2,099,000 GRM: 13.1 Cap Rate: 5.6% Price per SF: $406.38 Price per Unit: $633,000 AMENITIES: Covered Parking: 2 Uncovered Parking: 4 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 3 Owner/Common Meters: (water/electric) 1 Floors: 2 5650 Fulcher is ideally located in a trendy North Hollywood Arts District neighborhood.this project boasts a 78 walk score with shopping, daily errands, dining and nightlife all within walking distance. It is less than 1 mile from the NoHo Arts District and Valley Village. It is also in close proximity to public transportation, and major freeways making it easy and convenient for daily commuting. This luxury, green certified three unit project offers 11 bedrooms and 8.5 bathrooms in one detached front house and a rear duplex. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction should be completed August 2017. 21
CONTACT INFO PLEASE VISIT: FOR MORE INFORMATION ON OUR UPCOMING PROPERTIES. Information Provided by: Seth Hamilton, BRE # 01897619 Citivest Realty Services, BRE # 01875823 2.5% Cooperating Broker Compensation The information contained herein is not a substitute for a thorough independent due diligence investigation. Owner/Developer/ Agent are not qualified to discuss or advise on legal, accounting, or other matters outside of those permitted by state law. Owner/Developer/Agent have 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. 714.397.6077 SETH@STREETLAMPPROPERTIES.com SAMPLE FINISHES 22
6413 W LEXINGTON AVE, HOLLYWOOD 90038 N NEW CONSTRUCTION FOURPLEX PRICE RANGE: $2,999,000 - $3,299,000 THE PROPERTY: APN: 5533-004-013 # of Units: 4 Year Built: 2017 Building Size (SF): 6,106 Lot Size (SF): 6,925 Zoning: RD1.5-1XL Turn key No rent control High cash flow 4.8% CAP RATE / 15.1 GRM THE OFFERING: Price Range: $2,999,000 - $3,299,000 GRM: 15.1 Cap Rate: 4.8% Price per SF: $491.16 Price per Unit: $749,750 AMENITIES: Covered Parking: 8 Uncovered Parking: 0 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 6413 West Lexington Avenue is centrally located in a prime Hollywood neighborhood. This property is a walker s dream with a 91 walk score. All your daily errands, dining, nightlife and shopping are within walking distance. Bike lanes and flat ground bring a 78 bike score making it safe to travel the area. It is also in close proximity to public transportation, and major freeways providing easy and convenient accessibility for daily commuting. This high-end, spacious project has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed Fall 2017. 23
636 N PARKMAN AVE, SILVER LAKE 90026 N NEW CONSTRUCTION FOURPLEX PRICE RANGE: $3,199,000 - $3,399,000 THE PROPERTY: APN: 5401-026-017 # of Units: 4 Year Built: 2017 Building Size (SF): 6,612 Lot Size (SF): 7,101 Zoning: RD1.5-1VL Turn key No rent control High cash flow 5.0% CAP RATE / 14.7 GRM THE OFFERING: Price Range: $3,199,000 - $3,399,000 GRM: 14.7 Cap Rate: 5.0% Price per SF: $483.82 Price per Unit: $799,750 AMENITIES: Covered Parking: 8 Uncovered Parking: 0 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 636 North Parkman Avenue is centrally located in a trendy Silver Lake neighborhood. This property is in a good location with a 71 walk score with plenty of shopping,dining and nightlife in walking distance. It is also in close proximity to major freeways and public transportation allowing for ease of access in commute and area exploration. This project is ideally located in the mix of all prime Hollywood neighborhoods and areas, providing a mix of entertainment. This luxury, well layed out project has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed Fall 2017. 24
3400 W LONDON ST, SILVER LAKE 90026 N NEW CONSTRUCTION FOURPLEX PRICE RANGE: $2,949,000 - $3,249,000 THE PROPERTY: APN: 5401-010-001 # of Units: 4 Year Built: 2017 Building Size (SF): 6,066 Lot Size (SF): 6,109 Zoning: RD1.5-1VL Turn key No rent control High cash flow 4.9% CAP RATE / 14.9 GRM THE OFFERING: Price Range: $2,949,000 - $3,249,000 GRM: 14.9 Cap Rate: 4.9% Price per SF: $486.15 Price per Unit: $737,250 AMENITIES: Covered Parking: 8 Uncovered Parking: 0 Laundry: Private Each Unit Tenant Meters: (water/gas/electric) 4 Owner/Common Meters: (water/electric) 1 Floors: 3 3400 West London Street is ideally located in a prime Silver Lake neighborhood. This property is very walkable with daily shopping, nightlife, arts and entertainment all in walking distance. It is in close proximity to major freeways providing easy commuting. It is just minutes from the popular Sunset Junction, downtown Hollywood and West Hollywood, as well as Griffith Park and the Hollywood Hills. This spacious, luxurious new construction building has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of LID containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed Fall 2017. 25