OFFERING SUMMARY The 2-4 Unit Specialists are pleased to present 244 N Park View St, a brand new construction luxury fourplex located in the trendy Silver Lake/Echo Park adjacent area. The sleek modern units sit atop a slope and have stunning 360 views of Los Angeles, including a straight shot of the Hollywood sign. This property is not subject to rent control, so you can enjoy freedom, profit and peace of mind with a 5.47% projected cap rate. The property has two duplexes made up of four 3 bed / 3 bath units. The pro forma rents on these enormous units range from $3,800-$3,900. The units will feature top of the line appliances, high quality finishes, spacious floor plans, laundry hookups in each unit, 2 parking spaces per unit, and unbeatable views. This fourplex is in just about the best location! 244 N Park View St is conveniently located just minutes from Sunset Junction, Downtown Los Angeles, Rampart Village, Koreatown and many more action-packed areas that are home to countless restaurants, shops and bars.
PROPERTY OVERVIEW THE PROPERTY: Address: 244 N Park View St, Los Angeles, CA 90026 APN: 5157-012-004 # Units: 4 # Buildings: 2 # Stories: 2 Style: Modern Year Built: 2018 Building Size (SF): 5,442 Lot Size (SF): 8,022 Zoning: LARD2 THE OFFERING: List Price: $2,600,000 Cap Rate: 5.47% GRM: 14.07 Price Per Unit: $650,000 Price Per SF: $477.77 UTILITIES: Water: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays) Electric: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays) Gas: Separately Metered (Tenant Pays) AMENITIES: Appliances: Top of the Line Stainless Steel Parking: 2 Garage Spots and 6 Uncovered Spots Air/Heat: Central Landscaping: Drought Tolerant
INVESTMENT HIGHLIGHTS NO RENT CONTROL!!! Excellent location minutes from Silver Lake, Echo Park & Downtown LA. Extraordinary return of 5.47%. In a market of sub 4% cap rates, this is a rare opportunity to own a property with this unheard of cash flow. Perched atop a slope, this property has unbeatable 360 views of LA, including a straight shot of the Hollywood sign. Due to the high quality of construction, the property is extremely low maintenance. Open, spacious floor plans. High quality finishes and top of the line appliances. A new construction fourplex is a rarity. The vast majority of fourplexes are 1950 s construction. This is a unique and exciting opportunity. All units are separately metered for gas, electric and WATER! The expenses on this property are minimal. Tasteful drought tolerant landscaping to minimize expenses.
LOCATION HIGHLIGHTS Situated in the trendy Silver Lake/Echo Park adjacent neighborhood known as Filipinotown. This property is conveniently located minutes from Sunset Junction, Downtown Los Angeles, Rampart Village, Koreatown and many more action-packed areas. Less than 1 mile North you will hit both Silver Lake and Echo Park and their countless neighborhood hotspots on Sunset Blvd. Nearby several lakes, parks and outdoor activities including: the lovely Vista Hermosa Park, Echo Park Lake, the Silver Lake Reservoir, Elysian Park and Downtown s Grand Park. Blocks from countless hip restaurants and bars, such as Mohawk Bend, Masa, Button Mash, Guisado s, Cliff s Edge, Silver Lake Ramen and Alimento Due to the central location of this property, finding top quality tenants is a fast and easy process.
LOCATION HIGHLIGHTS MAP Subject Property Nearby Attractions Dodger Stadium (1.8 Miles) Echo Park Lake (1.1 Miles) Walt Disney Concert Hall (1.9 Miles) Vista Hermosa Park (1.3 Miles) Bootleg Theater (0.3 Miles) Lock & Key (1.4 Miles) Crawfords (0.4 Miles) Silverlake Ramen (1.1 Miles) Mohawk Bend (0.8 Miles) Original Tommy s (0.4 Miles) El Caserio (0.9 Miles) Sqirl (1.5 Miles) LA Center Studios (1.6 Miles) The Broad Museum (2.0 Miles)
FINANCIAL SUMMARY & RENT ROLL SUMMARIZED PRICING METRICS: BUILDING DESCRIPTION: FINANCING: Price: $2,600,000 No. of Units 4 Loan Amount $1,820,000 Down: 30% $780,000 Yr. Built 2018 Interest Rate 4.70% Current GRM: 14.07 Lot Size (acres) 0.18 Monthly Payment ($9,439.21) Pro Forma GRM: 14.07 Lot Size (sq. ft) 8,022 LTV 70% Current Cap Rate: 5.47% Bldg SF 5,442 Amortization (Years) 30 Pro Forma Cap Rate: 5.47% Zoning LARD2 Proposed/Assumption Proposed $/Unit: $650,000 Minimum DSCR 1.25 $/ SF: $477.77 RENT ROLL: UNIT # STATUS UNIT TYPE UNIT SIZE CURRENT RENT SCHEDULED GROSS INCOME CURRENT RENT PER SF PRO FORMA RENT PRO FORMA RENT PER SF LOSS-TO- LEASE 1 Vacant 3b/3b 1,373 $0 $3,900 $2.84 $3,900 $2.84 $0 2 Vacant 3b/3b 1,373 $0 $3,900 $2.84 $3,900 $2.84 $0 3 Vacant 3b/3b 1,348 $0 $3,800 $2.82 $3,800 $2.82 $0 4 Vacant 3b/3b 1,348 $0 $3,800 $2.82 $3,800 $2.82 $0 4 Totals/Averages: 5,442 $0 $15,400 $2.83 $15,400 $2.83 $0
FINANCIAL ANALYSIS # UNITS UNIT MIX % OF TOTAL SIZE AVG RENT AVERAGE RENT/SF MONTHLY INCOME AVG PRO FORMA RENT AVERAGE PRO FORMA RENT/SF PRO FORMA MONTHLY INCOME 4 3b/3b 100% 1,361 $3,850 $2.83 $15,400 $3,850 $2.83 $15,400 4 Totals/Averages: 1,361 $3,850 $2.83 $15,400 $3,850 $2.83 $15,400 Gross Scheduled/Gross Potential Income: $184,800 $184,800 ANNUALIZED OPERATING DATA: ANNUALIZED EXPENSES: CURRENT PRO FORMA CURRENT PRO FORMA Gross Potential Rental Income $184,800 $184,800 Fixed Expenses Gain (Loss)-to-Lease $0 $0 Real Estate Taxes 1.1930% $31,018 $31,018 Gross Scheduled Rental Income $184,800 $184,800 Insurance.37/s.f. $2,000 $2,000 Less: Vacancy 3.0% ($5,544) 3.0% ($5,544) Utilities $175/unit $700 $700 Effective Gross Income $179,256 $179,256 Less: Expenses ($36,918) ($36,918) Controllable Expenses Miscellaneous Other Income $0 $0 Contract Services $300/unit $1,200 $1,200 Net Operating Income $142,338 $142,338 Repairs & Maintenance $500/unit $2,000 $2,000 Debt Service ($113,270) ($113,270) Pre-Tax Cash Flow 3.73% $29,068 3.73% $29,068 TOTAL EXPENSES $36,918 $36,918 Principal Reduction $28,336 $28,336 EXPENSES/UNIT $9,230 $9,230 Total Return 7.36% $57,403 7.36% $57,403 EXPENSES/SF $6.78 $6.78 % of EGI 20.6% 20.6%
SALES COMPARABLES MAP Subject Property: 244 N Park View 3400 London 756 N Ridgewood 442 N Kingsley 236 N Dillon 4710 Maplewood 301 N Douglas 4733 Oakwood 963 N Wilton 648 N Rampart 1249 Colton
SALES COMPARABLES CHART # ADDRESS UNITS SOLD PRICE $/SF $/UNIT CAP RATE GRM BLDG SF LOT SF CLOSE DATE YEAR BUILT 1 3400 London 4 $3,100,000 $419.71 $775,000 4.66% 15.38 7,386 6,109 6/18/18 2018 2 756 N Ridgewood 4 $2,730,000 $518.52 $682,500 4.86% 15.85 5,265 6,089 4/30/18 2018 3 442 N Kingsley 4 $2,500,000 $413.63 $625,000 5.62% 13.71 6,044 6,736 6/8/2018 2018 4 236 N Dillon 4 $2,410,000 $444.65 $602,500 5.63% 13.85 5,420 6,368 3/30/18 2017 5 4710 Maplewood 4 $2,400,000 $421.42 $600,000 5.62% 13.70 5,695 5,723 5/10/18 2018 6 301 N Douglas 4 $2,330,000 $481.01 $582,500 5.10% 15.36 4,844 6,020 4/25/17 2016 7 4733 Oakwood 4 $2,200,000 $460.64 $550,000 5.63% 13.68 4,776 7,256 5/8/18 2017 8 963 N Wilton 4 $2,185,000 485.663 $546,250 5.54% 14.11 4,499 6750 2/23/2018 2017 9 648 N Rampart 3 $1,975,000 $401.67 $658,333 5.84% 12.96 4,917 7,310 3/23/17 2016 10 1249 Colton 2 $1,354,000 $502.23 $677,000 4.13% 17.36 2,696 5,580 1/31/18 2007 AVERAGE: 3.7 $2,318,400 $449.81 $626,595 5.26% 14.60 5,154 6,394 244 N Park View: 4 $2,600,000 $477.77 $650,000 5.47% 14.07 5,442 8,022 N/A 2018
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