Offering Memorandum 1422 Tamarind Ave Hollywood, CA 90028
Presented By: Kenny Stevens 310.963.7851 kenny@kennystevensteam.com DRE 01090251
1422 Tamarind Ave Hollywood, CA 90028 LOCATION OVERVIEW Neighborhood Overview Hollywood Developments Property Location PROPERTY SUMMARY Property Details Property Highlights Photography FINANCIALS Rent Comps Rent Roll Financial Overview Sales Comps Loan Quote
A Neighborhood That Needs No Introduction HOLLYWOOD, CALIFORNIA: 1422 Tamarind Ave, is located in the booming, culturally rich neighborhood of Hollywood. The recent revitalization of Hollywood, long in the making, is now in full swing. Major entertainment and tech companies like Netflix & Viacom are now embracing the neighborhood. Just in the past 12 months, more than 7,500 new jobs were created in Hollywood. Hollywood is one of those neighborhoods that needs no introduction, synonymous as it is with the city of Los Angeles itself. Because of its history and famous sites like the Hollywood Walk of Fame, it has always attracted hordes of tourists, but now it has become the epicenter of new Class A office campuses in Los Angeles. Developers are creating millions of sq. ft. of Class A office space and thousands of new luxury rental units. Old Hollywood is stepping in too, with Paramount Pictures recently winning approval for a 1.4 million-square-foot studio expansion. Companies specializing in streaming media and virtual reality are now flocking towards Hollywood. Hollywood is also one of the most populated areas for schools, with a wide range of colleges and specialized programs like AMDA (American Musical & Dramatic Academy), Emerson College, the Musicians Institute, and AFI, situating themselves in Hollywood. In the past two years there has been a spike in the number of college students relocating to Hollywood. New restaurants and hotels are also setting up shop in Hollywood in response to the growing tech & entertainment boom such as TAO, The Dream Hotel, and Beauty & Essex. An astonishing number of additional apartments like The ICON building & The Lombardi will be built over the next decade. There is much more activity in Hollywood, reminding everyone that the evolving industry has returned to its roots. The future of what will be is brighter than ever. DEVELOPMENTS: Sunset Bronson Studios - 5800 Sunset Blvd Los Angeles, CA 90028-200,000 square feet of office space. Main Tenant: Netflix Columbia Square - 6121 Sunset Blvd Los Angeles, CA 90028-420 million office, residential & retail mixed use complex. Main tenants: VIACOM (MTV, BET, Comedy Central) (10,000 employees), Fender (2000+ employees Siren Studios - 6087 Sunset Blvd Los Angeles, CA 90028 - Plans to replace existing 70,000 sq. ft of office space with up to 350,000 sq. ft. of live/work space Epic - 5901 Sunset Blvd Los Angeles, CA 90028 - (under construction) - 15 stories, 300,000 square feet of office space Sunset Gower Studios - 6050 W. Sunset Blvd Los Angeles, CA 90028 - (under construction) - Additional 628,000 square feet of production space The Lombardi 1717 Bronson Ave Los Angeles, CA 90028 - (construction to begin early 2018) - 89 unit, luxury rental apartment complex ICON Building - 5800 Sunset Blvd, Los Angeles, CA 90028 - (construction to begin early 2018) - 89 unit, luxury rental apartment complex
Studio City Valley Village Laurel Canyon Boulevard 101 170 101 Lankershim Boulevard Toluca Lake 134 W Alameda Avenue W Olive Avenue Warner Brothers Studio W Alameda Avenue 5 Los Angeles Zoo 5 Universal City 101 Hollywood Sign Hollywood Hills 1422 Tamarind Ave Griffith Observatory Greek Theatre Hollywood Bowl Lake Hollywood Los Feliz Boulevard Los Feliz Runyon Canyon Hollywood Boulevard Little Armenia Fountain Avenue Hollywood Sunset Boulevard Beverly Hills Sunset Strip La Cienega Boulevard West Hollywood Melrose Avenue Beverly Grove Fairfax Beverly Boulevard Santa Monica Boulevard 2 Paramount Pictures Studio N Wilton Place N Western Avenue 101 N Virgil Avenue
Location Overview Conservatively 31% upside in rents Heart of Hollywood location, south of Sunset and just east of Gower Minutes from Hollywood & Vine, Metro Stations, and the 101 Freeway Units average 835 sq. ft. 20 parking spaces Ground floor units have large enclosed patios
Property Summary PROPERTY DESCRIPTION 1422 Tamarind Ave, this 17-unit apartment community is located just South of Sunset Blvd, in the neighborhood of Hollywood. Walking distance to a myriad of coffee shops, restaurants, theaters, and colleges. Walking proximity to over 1m square feet of brand new office space. Directly across from Sunset Gower Studios. The property features 14,244 square feet of rentable area, situated on a large 12,999 square foot lot zoned LAR4. This 17 unit building is comprised of (4) two- bedroom, two-bathroom units, (12) one-bedroom, one- bathroom units, and (1) studio unit. The building has been well maintained and includes a beautifully landscaped central courtyard. Approximately 20 parking spots included in the property. PROPERTY DETAILS 17 Units Sunset Boulevard & Fountain Ave Major Intersection Hollywood Market 5545-015-050 APN LAR4 Zoning Type 14,244 Sq Ft Building Sq Ft 12,999 Sq Ft Lot Size Sq Ft
Financials Hollywood Rental Price Average $3,077 According to research provided by Zillow, the average Hollywood rental price is $3,077, a 28% increase compared to 2015, when the average rent was $2,400. Rents are likely to continue to increase as the revitalization of Hollywood now in full swing. In just the past 12 months, more than 7,500 new jobs were created in Hollywood.
Financials Financial Overview $5,065,000
Unit # Unit Type Current Rent Market Rent Move-in Date 1 1 + 1 $1,750 $1,950 10/1/2018 2 1 + 1 $1,114 $1,950 1/1/2011 3 1 + 1 $1,500 $1,950 5/12/2014 4 2 + 2 $2,400 $2,650 4/15/2017 5 2 + 2 $1,966 $2,650 9/23/2013 6 1 + 1 $1,950 $1,950 7 1 + 1 $842 $1,950 1/1/1989 8 1 + 1 $1,750 $1,950 3/20/2018 9 1 + 1 $842 $1,950 7/1/1991 10 1 + 1 $1,700 $1,950 10/9/2017 11 1 + 1 $1,420 $1,950 4/16/2013 12 2 + 2 $2,200 $2,650 10/1/2017 14 1 + 1 $1,750 $1,950 10/1/2018 15 1 + 1 $1,550 $1,950 9/30/2016 16 1 + 1 $1,650 $1,950 11/11/2016 17 Single $859 $1,695 3/15/2006 18 2 + 2 $2,300 $2,650 3/12/2018 Storage #1 N/A $300 $300 4/28/2016 Storage #2 N/A $200 $200 3/29/2013 Laundry $170 $170 MONTHLY TOTAL: $28,213 $36,365 ANNUAL TOTAL: $338,556 $436,380
Comparables Rental Comps Property Photo Address 3317 Barham Boulevard 3387 Barham Boulevard 3600 Barham Boulevard 2700 Cahuenga Boulevard 6736 Hillpark Drive 3055 Hollycrest Drive Rent $2,050-$2,500 $2,500 $2,185 $2,900 $2,500 $2,000 Unit Type 1+1 1+1 1+1 1+1 1+1 1+1 Notes Subject property Renovated unit with 1 parking space, deck, new appliances and washer/dryer Renovated apartment with stainless steel appliances, and washer/dryer Renovated top floor unit with vaulted ceilings and exposed wood beams. One covered garage parking space Large renovated unit with den and 1 parking space Updated unit with hardwood floors, arched doorways, unique built-ins.
101 6 8 3 2 1 1422 Taramind Avenue 7 5 101 4 Tamarind Avenue Rentals 1 1439 Tamarind Avenue 3 1523 Gordon Street 5 6556 La Mirada Avenue 7 1317 North Bronson Avenue 2 1455 North Bronson Avenue 4 5812 Virginia Avenue 6 1757 North Kingsley Drive 8 6128 Carlos Avenue
Comparables Sales Comps Property Photo Address Sale Price COE Date # of Units Price Per Foot Building Sq Ft Price/Unit Year Built Unit Mix 1422 Tamarind Ave Hollywood, CA 90028 $5,065,000 17 $356 $362,500 $362,500 1948 (4) 1+1 1163 N Kingsley Dr Los Angeles, CA 90029 $3,171,950 6/16/17 7 $462 6,867 $362,500 1948 (4) 1+1 2062 Argyle Ave $2,950,000 11/9/17 7 $519 5,686 $362,500 1948 (4) 1+1 2136 N Beachwood Dr $3,055,714 6/2/17 8 $503 6,071 $362,500 1948 (4) 1+1 3317 Barham Boulevard $3,825,000 5/5/17 11 $373 10,224 $362,500 1948 (4) 1+1
4 2 101 1422 Taramind Avenue 5 3 101 1 Tamarind Avenue Solds 1 1163 North Kingsley Avenue 3 6241 Afton Place 2 2062 Argyle Avenue 4 2136 North Beachwood Drive 5 5645 Fernwood Avenue
Financials Loan Quote
For more information, please contact: Kenny Stevens 310.963.7851 kenny@kennystevensteam.com DRE 01090251 Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number DRE 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.