exclusive multifamily offering Montana & Idaho Fourplex 858 21st Street, Santa Monica, CA 4 units Lee & Associates LA North/Ventura, Inc. Corporate ID #01191898 A Member of the Lee & Associates Group of Companies 15250 Ventura Blvd., Suite 100 Sherman Oaks, CA 91403 P: 818-986-9800 F: 818-933-0450 www.lee-associates.com WARREN National Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors Lic. #01329015 818.933.0350 wberzack@lee-re.com investment property advisors
M ONTANA & IDAHO FOURPLEX PROPERTY DESCRIPTION The property at 858 21st Street is a fourplex consisting of single/1 bath units ranging from 300 to 350 square feet in the city of Santa Monica. The property is located one block south of Montana Avenue, an upscale high-end street with more than 150 restaurants and retailers. One of the units has a den that can potentially be converted to a bedroom. The fourplex was built in 1938. Three of the four units will be delivered vacant at close of escrow. The property also has the ability to be redeveloped. If combined with the adjacent 2021 Idaho single family residence the R-2 zoning allows for the potential of a spectacular four unit property development (to be independently verified with the City). The total combined lot size is 7,986 square feet. A newer townhouse next door recently sold for $2,215,000. Highlights Prime Montana Location 3 of 4 Units Delivered Vacant Reposition or Development Opportunity (SM-R2 Zoning) Amenities 3 Garage Parking Spaces Quiet Tree Lined Street Close to Restaurants, Shops, Schools LOCATION INFORMATION The fourplex at 858 21st Street is located in the highly desirable city of Santa Monica one block from Montana Avenue, a street with more than 150 restaurants and shops. It is minutes from the Santa Monica (10) Freeway that traverses Los Angeles from east to west, and minutes to the Pacific Ocean and numerous outdoor activities from cycling to fishing. Walk to Numerous Shops and Restaurants Minutes to Pacific Ocean and Outdoor Activities Close to Santa Monica (10) Freeway Employment Center for Entertainment, Media and Technology Companies Walk to Elementary, Middle and High Schools investment property advisors
M ONTANA & IDAHO FOURPLEX MULTIFAMILY INVESTMENT INFORMATION SHEET Lee Associates - LA North/Ventura, Inc. Warren Berzack 818.933.0350 wberzack@lee-re.com Lic. #01329015 15250 Ventura Boulevard, Suite 100 Sherman Oaks, CA 91403 PROPERTY NAME Idaho Fourplex NUMBER OF UNITS 4 ADDRESS 858 21st St. BUILDING SIZE (SQ. FT.) 1,294 CITY, STATE, ZIP Santa Monica, CA 90403 LOT SIZE (SQ. FT.) 4,997 PRICE $2,250,000 COST PER UNIT $562,500 YEAR BUILT 1938 COST PER SQFT $1,739 INVESTMENT HIGHLIGHTS * Prime Montana Location * Reposition or Development Opportunity * 3 Garage Parking Spaces * 3 of the 4 units delivered vacant * Santa Monica R2 Zoning * Owner-User Opportunity RENTAL INFORMATION UNIT BDRMS BATHS SQ. FT. Projected Income Monthly Income Market Income Monthly Income A Single 1 300 $1,452 $1,452 B Single 1 350 Delivered Vacant at COE (Den/Pot. Bedroom) $2,495 $2,495 C Single 1 325 Delivered Vacant at COE $2,295 $2,295 D Single 1 325 Delivered Vacant at COE (Walk-in closet) $2,295 $2,295 Scheduled Monthly Income: $8,537 $8,537 ANNUAL PROPERTY OPERATING DATA PROJECTED INCOME/YEAR AS % GOI AS % GOI AS % GOI Scheduled Gross Income $102,444 100.00% $102,444 100.00% Taxes (Est. 1.15%) $25,875 25.26% Other Income $0 0.00% $0 0.00% Insurance ($250/un) $1,000 0.98% Laundry $0 0.00% $0 0.00% Utilities ($50/un/mo) $2,400 2.34% Gross Operating Income $102,444 CURRENT MARKET $102,444 Repairs/Maintanence $2,000 1.95% Vacancy Reserve $2,049 2.00% GRM $2,049 2.00% Off-Site Management $0 0.00% Effective Gross Income $100,395 21.96 21.96 $100,395 Landscaping ($100/mo) $1,200 1.17% Expenses $32,575 31.80% CAP Rate $32,575 31.80% License $100 0.10% Net Operating Income $67,820 66.20% 3.01% 3.01% $67,820 66.20% Debt Service $0 Cash on Cash $0 Pre-Tax Cash Flow $67,820 3.01% 3.01% $67,820 Principal Reduction $0 Return On Equity $0 Return on Equity $67,820 3.01% 3.01% $67,820 MORTGAGE FINANCING INFORMATION MARKET INCOME/YEAR ESTIMATED ANNUAL EXPENSES Loan Amount $0 Monthly Loan Payment $0 Down Payment $2,250,000 100% Annual Loan Payment $0 TOTAL EXPENSES $32,575 31.80% 5-Year Fixed Rate 4.25% Year 1 Interest Amount (approx.) $0 Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $0 Expense / NRSF Expense / Unit $25.17 $8,144 investment property advisors
M O N TA N A & I D A H O F O U R P L E X investment propert y advisors
M O N TA N A & I D A H O F O U R P L E X AREA INFORMATION Santa Monica is a coastal city in the County of Los Angeles bordered by Brentwood to the north, Venice to the south, Sawtelle to the east and the Pacific Ocean to the west. It has an upper-income, highly educated population of 92,169 residents and a daytime population of 250,000 owing to the numerous businesses that make their home here, many of them in the technology and media industries. The site of the Los Angeles Marathon finish line, Santa Monica consists of several neighborhoods, each with a thriving commercial center. The city hosts numerous community events including two Farmers Markets, an annual Coast Event with art installations, live performances and other activities, and a Main Street Summer Soulstice music event. Beach recreational activities Volleyball, bicycling, fishing and swimming along with an amusement park with ferris wheel and carousel. Public spaces Many free community events and facilities including Annenberg Community Beach House, which offers a pool, sunset swims, table games and other events; and outdoor movies at the Santa Monica Pier. Shopping Several popular commercial centers including Third Street Promenade, Main Street and Montana Avenue. Employers Numerous technology and media companies including Activision, Interscope Geffen A&M Records, Lionsgate Films, Miramax, Universal Music, Ring Co and Hulu. DEMOGRAPHIC SUMMARY Total Population Average Household Income 1-mile radius 5-mile radius 34,520 439,867 $148,146 $140,771 investment propert y advisors
AMENITIES AERIAL investment propert y advisors 858 21st Street santa monica, CA M O N TA N A & I D A H O F O U R P L E X
SITE PLAN 858 21st Street santa monica, CA M ONTANA & IDAHO FOURPLEX investment property advisors