Sherman Oaks PRIME Location 10 Units With Excellent Unit Mix of Mainly Two Bedroom Spacious Units. 1 Unit is NonConforming Studio (Can be Vacant) Pride of Ownership Property; The Building Has Gone Through a Complete Renovation in 1998 On-Site Laundry. Ample Parking for All Tenants - 18 Tandem Spaces. Subject to Soft-Story Retrofit (Permits Obtained) A+ Location in Upscale Community; Walking Distance to Restaurants, Shopping and Entertainment Tremendous Upside in Rental Income. One 2 Bedroom Unit is Vacant. Property is Subject to Rent Control Sponsored OLGA WRIGHTBy: Investment Associate 310-802-2550 owright@remaxcir.com BRE # 01315042owned and operated. Each office is independently RE/MAX COMMERCIAL & INVESTMENT REALTY 23001 Hawthorne Blvd, Suite 205 Torrance, CA 90505 (310) 802-2500 www.remacir.com Each office independently owned and operated
S E C T I O N I I n v e s t m e n t S u m m a r y
PROPERTY PHOTOS P. 3
PROPERTY PHOTOS
EXECUTIVE SUMMARY Acquisition Costs Purchase Price, Points and Closing Costs $3,350,000 Investment - Cash $3,350,000 Investment Information Purchase Price $3,350,000 Price per Unit $335,000 Price per Sq. Ft. $398.34 Income per Unit $20,528 Expenses per Unit ($6,237) Income, Expenses & Cash Flow Gross Scheduled Income $205,284 Total Vacancy and Credits ($2,046) Operating Expenses ($62,373) Net Operating Income $140,865 Debt Service $0 Cash Flow Before Taxes $140,865 Financial Indicators Cash on Cash Return Before Taxes 4.20% Debt Coverage Ratio N/A Capitalization Rate 4.20% Gross Rent Multiplier 16.32 Gross Income / Square Feet $24.41 Gross Expenses / Square Feet ($7.42) Operating Expense Ratio 30.69% P. 5
PRO FORMA SUMMARY UNIT MIX & MONTHLY SCHEDULED Type Units Actual Total Market Total 2 Bed 2 Bath + Den 2 $2,050 $4,100 $2,750 $5,500 2 Bed 2 Bath 6 $1,863 $11,178 $2,650 $15,900 1 Bed 1 Bath 1 $1,069 $1,069 $1,950 $1,950 Studio - Non-Conf. 1 $700 $700 $1,200 $1,200 TOTALS 10 $17,047 $24,550 INVESTMENT SUMMARY Price: $3,350,000 Year Built: 1963 Units: 10 Price/Unit: $335,000 RSF: 8,410 Price/RSF: $398.34 Lot Size: 7,831 sf Floors: 2 APN: 2266-002-017 Cap Rate: 4.2% Market Cap Rate: 6.69% GRM: 16.32 Market GRM: 11.34 ANNUALIZED INCOME Description Actual Market Gross Potential Rent $204,564 $294,600 Less: Vacancy ($2,046) ($11,784) Misc. Income $720 $720 Effective Gross Income $203,238 $283,536 Less: Expenses ($62,373) ($59,383) Net Operating Income $140,865 $224,153 ANNUALIZED EXPENSES Description Actual Market Property Tax - new 1.196% $40,066 $37,076 Building Insurance $2,890 $2,890 Maintenance & Repairs - est. $6,500 $6,500 Utilities $5,651 $5,651 Waste Disposal $1,200 $1,200 Gardening $1,200 $1,200 Legal & Other Professional Fees $2,616 $2,616 Reserves $2,250 $2,250 Total Expenses $62,373 $59,383 Expenses Per RSF $7.42 $7.06 Expenses Per Unit $6,237 $5,938 P. 6
RENT ROLL RENT ROLL - Feb 2019 UNIT # UNIT TYPE RENT A 2 + 2 + Den $2,298 B 2 + 2 $1,070 C 2 + 2 $1,917 D 2 + 2 $2,063 E 2 + 2 + Den $1,802 F 2 + 2 $1,729 G 2 + 2 $1,750 H 2 + 2 $2,650 VACANT I 1 + 1 $1,069 Non Conf Studio $700 Can be delivered vacant $17,048 P. 7
AERIAL MAP P. 8
LOCATION MAP P. 9
REGIONAL MAP P. 10
DEMOGRAPHICS Population Characteristic 1 Mile 3 Mile 5 Mile Ages 0-4 1,178 8,080 25,652 Ages 5-9 1,427 10,021 30,768 Ages 10-14 1,242 9,420 28,174 Ages 15-19 1,136 9,165 27,252 Ages 20-24 1,110 9,333 28,724 Ages 25-29 1,236 9,446 29,966 Ages 30-34 1,679 10,247 31,971 Ages 35-39 2,280 11,894 35,709 Ages 40-44 2,804 13,775 39,543 Ages 45-49 2,975 14,717 41,078 Ages 50-54 2,770 14,282 38,768 Ages 55-59 2,377 13,034 34,532 Ages 60-64 1,934 11,178 28,947 Ages 65-69 1,472 9,070 22,806 Ages 70-74 1,061 6,916 17,016 Ages 75-79 767 4,990 12,235 Ages 80-84 555 3,487 8,445 Race Characteristic 1 Mile 3 Mile 5 Mile Non Hispanic White 23,740 131,820 326,277 Population Black 1,228 6,084 17,862 Population Am In/AK Nat N/A 164 643 Household Income 1 Mile 3 Mile 5 Mile Median Household Income $73,799 $69,070 $58,396 < $10000 599 3,897 10,589 $10000-$14999 320 3,076 10,211 $15000-$19999 597 3,493 10,926 $20000-$24999 531 3,260 10,228 $25000-$29999 672 3,236 10,101 $30000-$34999 575 3,101 9,649 $35000-$39999 662 3,082 8,415 $40000-$44999 632 2,941 8,379 $45000-$49999 616 2,509 7,457 $50000-$60000 936 5,435 14,747 $60000-$74000 1,577 6,773 17,426 $75000-$99999 1,819 8,385 21,402 $100000-$124999 1,484 6,023 14,882 $125000-$149999 856 3,932 8,427 $150000-$199999 1,202 5,499 10,709 > $200000 1,400 9,107 18,161 Characteristic Housing 1 Mile 3 Mile Housing Units 16,199 82,524 Occupied Housing Units 15,236 77,587 Owner Occupied Housing Units 5,705 34,463 Renter Occupied Housing Units 9,531 43,124 Vacant Housing Units 963 4,937 P. 11