1920 preston avenue los angeles ca 90026€¦ · 1920 preston avenue is not on the list of...

1920 P R E S T O N A V E N U EL o s A n g e l e s C A 9 0 0 2 6

8-UNIT MULTIFAMILY Two Parcels Totaling +/-10,500 SFECHO PARK, CA 90026

Echo Park

Exclusively Listed By:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

1920 PRESTON AVENUE LOS ANGELES, CA 90026

CONTENTS04101822

PROPERTY DESCRIPTION

FINANCIAL SUMMARY

MARKET COMPARABLES

MARKET OVERVIEW

PROPERTYDESCRIPTION

Centrally located in Silver Lake, just south of Sunset Boulevard, 4509 Willow Brook Avenue is poised to capitalize on the tremendous momentum in the Hollywood-Silver Lake submarket. Furthermore, the subject property’s transit oriented and highly walkable location offers residents access to myriad entertainment venues, cultural destinations, and dining options nearby. Given the property’s location and strong income metrics, 4509 Willow Brook Avenue is an ideal investment for apartment operators seeking immediate returns along with long term wealth preservation and appreciation.

KW Commercial is pleased to present 1920 Preston Ave-nue, a charming 8-unit investment opportunity located in Echo Park (90026), one of LA’s most dynamic neighbor-hoods.

The building was built in 1923 and has a unit mix of Eight (8) One Bedroom – One Bathroom apartment homes sit-uated on 10,500 sq ft of land on 2 separate parcels. The property proves strong current income with significant upside potential in rent. The property shows excellent curb appeal on a quiet residential street, mature land-scaping, common area laundry and hillside views.

Individual apartment homes feature upgrades executed in 2014 featuring wood floors, remodeled kitchen and baths and dual entrances.

Building systems upgrades include re-piping of toilets, lavatories, tubs, water heaters and kitchens performed in Sept of 2014.

Historically, the property included 6 rental apartments – current ownership shall deliver ready-to-issue per-mits (RTI) for 2 additional onsite units (Units # 1920 ¾ and 1922 ¾) thus providing a total of 8 apartment units. Plans, engineering and floor plans are in-place and will be delivered ready to renovate by the next owners. These additional units will feature One Bedroom / One Bath-room, full kitchens and baths and +/-450 SF each plus large private outdoor patio spaces.

The offering is in the ultra-hip Echo Park submarket of Los Angeles, ideally situated in a quiet hillside neighbor-hood north of Sunset Blvd. This is truly one of the most desirable pockets of Los Angeles, as it is less than a 1/4 mile to the upper EP Village featuring a small collection of boutique shops and a lively café. Go east just 2.2 miles and you are in the center of DTLA and just moments west find you in the center of Silver Lake.

T H EOffering

THE OPPORTUNITY:1920 Preston Avenue is an 8-unit investment opportunity located in a densely populated rental submarket known for exceptional rent growth and low vacancy rates. Historically the property featured 6 apartment units - ownership to deliver 2 additional units in ready-to-issue permit status thus creating a total of 8 rental units.

IMMEDIATE RETURNS: The asset achieves strong current rents thus facilitating strong investor returns while still leaving significant rental upside. Current rents are approximately ±35% below market rents with further upside achievable with complete unit renovations.

WELL LOCATED: Many entertainment venues and eateries such as The Holloway, Masa Bakery, Tierra Mia and Ostrich Farm. There are endless dining and shopping options within a short distance and within minutes, a short drive puts you in Los Feliz, Silver Lake and Downtown Los Angeles.

TRANSIT ORIENTED: 1920 Preston Avenue is located less than one mile from Sunset Blvd. transit lines and within an easy commute to Hollywood central or Downtown Los Angeles.

STRONG EMPLOYMENT: Hollywood-Silver Lake-Echo Park submarket is one of the strongest employment centers in the Los Angeles MSA and offers access to a diverse set of employers.

LACK OF HOUSING AFFORDABILITY: There is a significant affordability gap to home ownership in the Hollywood-Echo Park submarket. The median home price in the area is approximately $943,000 or +/-742 per SF with a typical monthly mortgage payment including is 2 times more than the average rents at 1920 Preston Avenue.

NO SEISMIC RETROFIT REQUIRED: 1920 Preston Avenue is not on the list of buildings that require a soft-story seismic retrofit.

LOCATED NEAR NEW COMMERCIAL DEVELOPMENTS: More than 2.3 million SF of commercial space is currently under development in the Hollywood-Echo Park submarket representing more than $1.58B in project costs, it is estimated that nearly 6,500 new jobs will be created in Hollywood alone.

I N V E S T M E N THighlights

To see a video of 1920 Preston Avenue, click here.

https://www.dropbox.com/s/u2egz5da9bsi04j/1920%20Prestom%2C%20Echo%20park%2C%20CA%2090026%20V2.m4v?dl=0

11' 7"

23' 0

"

17' 6"

23' 0

"

17' 6"

9' 0

"

11' 7"

8' 9

"

5' 1

1"5' 6"

HW

6' 8"

10' 3

"

14'

0"

69' 0

"

23'

0"

17' 6"

23'

0"

17' 6"

23' 0

"

17' 6"

23' 0

"

17' 6"

23' 0

"

17' 6"

23' 0

"

17' 6"

5' 3

"

8' 9

"

5' 1

1"

HW

69' 0

"

23' 0

"

17' 6"

23' 0

"

17' 6"

23' 0

"

17' 6"

23' 0

"

17' 6"

5' 3"

6' 7"

4' 1

1"

5' 9"

63' 7"

110' 7

"

1 12

' 10"

54' 4" 54' 4"

84' 2

"

44' 8"28' 1

0"

23' 0

"

17' 6"

23' 0

"

17' 6"

23'

0"

17' 6"

23'

0"

17' 6"

13' 1

1"

11' 7"

5' 9"

2' 8

"

5' 11"

HW

13' 1

1"

5' 9"

2' 8

"5' 11"

HW

Side Elevation

P L O TPlan

Layout | Plans for Two (2) Additional Units (Total 8 units)

HWHW

12' 0"

11' 0

"

12' 0

"

12' 0"

7' 8

"

18' 0"

5' 0"

12' 0"

11' 0

"

5' 0"

Concrete Porch

Concrete Floor

30" High wood deck

Concrete Floor

All doors 30": except as noted

32" Entry Door32" Entry Door

F L O O RPlans

Layout | Plans for Two (2) Additional Units (Total 8 units)

INTERIORSample Photos for Existing 6 Units

MARKETOVERVIEW

A Prime Echo Park Location

“Echo Park is simultaneously one of L.A.’s oldest and mosthistorically significantresidential districts andone of its most dynamic.- LA Times

ECHO PARK IS BOOMING200,000+ square feet of retail space is currently in development with new retailers like Lassens opening on Sunset Blvd, and the newly completed Mohawk Collective, offering Starbucks Reserve and The Habit Burger Grill, amongst others.

LOCATION FUNDAMENTALSMillennials have ditched the suburbs for a more active and dynamic urban lifestyle. Many don’t own or want to own cars, so they rely on walking, biking, Metro or Uber. There is a limited supply of housing in Los Angeles, and especially in Echo Park, which is causing upward pressure on rents. Research firm Axiometrics projects rental rates are to increase by 25% over the next five years.

MOST SEARCHED NEIGHBORHOODEcho Park was rated the “Greatest Neighborhood in Los Angeles.” It’s a stone’s throw from Chinatown, a short bike ride from downtown L.A., Silver Lake and Los Feliz. It’s also surrounded by four major freeways: The 5, The 2, The 110 and the 101. That makes for a quick jaunt to the Arclight in Hollywood, The Americana in Glendale, or even USC. It is also home to one of the largest public parks in the city — Elysian Park — the beautifully restored Echo Park lake.

URBAN LIVING WITH WALKABILITYAs one of the hippest neighborhoods in Los Angeles, Echo Park is a highly walkable submarket. Residents can travel on foot to complete their daily errands and stroll to the many restaurants, clubs, and restaurants that make up Echo Park’s vibrant nightlife. Walkscore.com sites the subject properties as “Very Walkable — Most errands can be accomplished on foot.” Echo Park is Rated A+ in Amenities by Area Vibes.

NEW YORK IN LAWith its close proximity to a multitude of public transportation options and its incredible “walkability”, Echo Park residents have an East Coast feel in Los Angeles. LA residents now have a greater choice in where they live while still being connected to major employment hubs. Residents at the subject properties are adjacent to the Metro Bus Local Line, with connectivity to other metro rail lines and surrounding submarkets like Downtown LA, Hollywood, Studio City, North Hollywood, Culver City, Santa Monica, and Pasadena.

AFFORDABILITY GAP – BUY VS. RENTThe median neighborhood home price is approximately $975,000 making home purchases out of reach for most local renters. Renting at the subject properties (post renovation) offers tenants a modern, sophisticated alternative at a fraction of the cost of home ownership. This disparity is a leading reason behind high occupancy and demand throughout the marketplace.

• Home to 37 Million SF of Multifamily, Single Family, Office, Retail, and

Other Uses.

• Recent Leasing Activity of “Class A” Product (3033 Wilshire, K2LA, The

Vermont) Suggests Clear Demand for Luxury Product at Price Points

Well Above Those Contemplated in the Financial Analysis for the

subject properties.

• Echo Park’s luxury product has largely been concentrated in larger

communities, depriving residents seeking more boutique living

experiences in smaller communities.

• Echo Park is Rated A+ in Amenities by Area Vibes.

PARKE C H O

CULTURAL• International Museums

(The Broad, MoMa)

• Small Concert Venues (Echoplex, Bootleg Theatre)

• Greek Theater

• Walt Disney Concert Hall

RECREATION• Griffith Park

• Echo Park Lake (Recently Renovated)

• LA River (Major Rejuvenation Underway)

• Elysian Park

• Grand Park

STRONG RENT GROWTH• Competing with Hollywood Rents

(Evidencing Desirability)

• Direct Path of Development

• Strong Community Pushback Prevents Future Competition

• Populated with Small Parcels Limiting Opportunities for Large Projects or Creating Long Timelines for Assemblages

POSITIVE DEMOGRAPHICS• High Affordability Gap

• Epicenter of the Creative Class

• Growth of the Lifestyle RentersFreelance Culture, Live/Work

• Growing Income Levels in the Area

DINING & NIGHTLIFE• Numerous Bars, Restaurants, and Cafes in Echo Park Such as

Mohawk Bend, 1642, Ostrich Farm, and El Prado

• Minutes from Silver Lake, Los Feliz, and Downtown LA (Host to a Plethora of Highly Rated Restaurants and Speakeasies)

• Dodger Stadium

• Staples Center

ACCESSIBILITY• Adjacent to Many of LA’s Most Vibrant Neighborhoods Including

Silver Lake, Los Feliz, and Atwater Village

• Major Employers in Koreatown, Mid-Wilshire, and Downtown

• Convenient I-5 Freeway Access to Burbank and Glendale and 101 Freeway Access to Hollywood and Universal City

Echo Park has become one of the trendiest neighborhoods

in Los Angeles. The area’s proximity to major employment centers combined with its dining scene, recreational and cultural amenities, and popular nightlife spots have made Echo Park an

increasingly desirable place to live.

Part of Echo Park’s appeal is its connectivity with other desirable neighborhoods.Because of its location amongst the city highway system, it’s easy to get from Echo Park to other parts of the city quickly and conveniently. Residents in search of apartments for rent or houses for rent can also use the LA Transit system to get around the neighborhood or the greater metro area; there are numerous bus lines that serve the Greater Echo Park Elysian neighborhood, including the Dodger Stadium Express and the #96 bus line. The neighborhood is also very pedestrian friendly.

SURROUNDING AMENETIES

1 Pizza Buona2 Bahay Kubo Restaurant3 Elf Cafe4 Kapistahan Grill5 Tawan Siam6 Sib Sob Thai Restaurant

1 Echo Park Lake2 Everette Park3 Dodger Stadium4 Elysian Park5 Vista Hermosa Park

1 Mohawk Bend2 City Sip3 Silverlake Lounge4 The Short Stop5 Little Joy Cocktails6 1642 Bar

DINING RECREATION NIGHTLIFE

1920 PRESTON

AVE

1

1

2

3

45

4

6

5

2

3

6

2

3

1

5

4

ACCESSIBILITY

Pizza BuonaBahay Kubo RestaurantElf CafeKapistahan GrillTawan SiamSib Sob Thai RestaurantMohawk BendCity SipSilverlake LoungeThe Short StopLittle Joy Cocktails1642 BarCombo AThe HollowayBowers-AssociatesLiving GourmetOstrich FarmSteak SandwichesPatra BurgersDinetteSeñor FishKindKreme Echo ParkSage Plant Based BistroTrencherClub BahiaStinkersMelody LoungueLos Globos NightclubThe Satellite

SHORT STOP PIZZA BUONA

LITTLE JOY COCKTAILS

Restaurants and Bars Groceries and Markets

Nutrition FundamentalVonsSmart & FinalJ&S Mini MarketTemple Seafood MarketEl Rancho Market Super Save Market

A WALKABLET R A N S I T- O R I E N T E D CO M M U N I T Y1920 Preston Avenue boasts a 66 Walk Score and 51 Transit Score, a rare combination for apartment buildings in Southern California.

The subject property are also within walking distance of a variety of highly regarded dining experiences, cafés, boutique shopping, entertainment, and nightlife options including notable popular destinations such as The Mohawk Bend, Little Joy Cocktail, and The Short Sop in addition to the local everyday necessities located along Sunset Boulevard, Echo Park Avenue, and North Alvarado Street.

WALK SCORE“SOMEWHAT WALKABLE”

66 51WALK SCORE“GOOD TRANSIT”

WALK SCORE“SOMEWHAT BIKABLE”

37Some errands can be accomplished on foot.

Many nearby public transportation options.

Steep hills, some bike lanes.

Entertainment & Shopping

SpacedustToretto HouseMuseum of TrafficThree Stooges StairsLos Angeles I’m Yours StaircaseHolyland ExhibitionArt MuseumGogosha OptiqueLove and LaceLa RopaA’s American Vintage

Located a 10-15 minute walk north of the subject property along Vermont and Hillhurst Avenues, Los Feliz Village features a wide array of local restaurants, boutique shops, artsy coffee shops, theaters, gastrobus, and parks. Notable establishments include The Dresden Room, which was prominently featured in the movie Swingers; Fred 62, a retro 1960’s California 24-hour diner, and Alcove Cafe & Bakery, a converted bungalow which has become one of the most reviewed and most popular brunch destinations in Los Angeles. Locals enjoy Barnsdall Art Park which plays host to Los Feliz farmer’s market and local theater at Los Feliz Five Star Theaters know for its signature marquee signage. The Rockwell: Table & Stage, another local favorite, it offers live music performances combined with seasonal cuisine and cocktails.

THE BEST OFLOS FELIZ AND SILVERLAKE

LOS FELIZ

Somewhere between the seediness of the strip and the sparkle of West Hollywood you’ll find a thriving metropolis of creative, chilled-out cool. If you want to see a little soul in the City of Angels, step away from the vegan juice bars of Sunset Boulevard, ride east in an Uber and stop when you see the Sunset Junction sign.

The Junction culminates into the semi-gentried Silverlake neigh-borhood around Sunset Junction, about six kilometers from Down-town LA. It’s here you’ll find chic gourmet institution L&E Oyster Bar, where you’ll munch on fried oyster po’boys with shaved fen-nel, lettuce and gribiche and rub shoulders with another hundred people dressed in skinny jeans and cardigans. If you take a stroll down Silverlake Boulevard you’ll find some of the best bohemian homewares.

Following this uprising of trendy and eclectic residents is a diverse base of restaurants, bars, nighclubs, and retail shops that bring a wide range of cultural experiences to the area. Within the existing location, residents have the opportunity to walk to nearby restau-rants and cafes, take the metro into the heart of Hollywood, or spend the afternoon in an adjacent neighborhood via short com-mute.

SILVER LAKE

LOCATION FUNDAMENTALSMillennials have ditched the suburbs for a more active and dynamic urban lifestyle. Many don’t own or want to own cars, so they rely on walking, biking, Metro or Uber. There is a limited supply of housing in Los Angeles, and especially in Silver Lake which is causing upward pressure on rents. Research firm Axiometrics projects rental rates are to increase by 25% over the next five years.

URBAN LIVING WITH WALKABILITYAs the most densely populated area in Los Angeles, Silver Lake is a highly walkable submarket. Residents can travel on foot to complete their daily errands and stroll to the many restaurants, clubs, chic hotels and pop up shops. Score 92 out of 100, The property is located in what walkscore.com considers “Walker’s Paradise”.

FINANCIALSUMMARY

1920 Preston Avenue, Los Angeles, CA 90026

BUILDING DATAYear Built 1923

APN 5420-022-017 & 015

Lot Sq Ft 10,500

Bldg Gross Sq Ft 3,492

Parking Spaces 9 Spaces

ESTIMATED ANNUALIZED EXPENSESNew Property Taxes $27,938

Utilities - Water, Power, Gas $4,800

Rubbish $3,984

Property Insurance $1,600

Repairs & Maintenance $3,000

Pest Control $720

Landscaping $960

Rental Registration $406

Total Estimated Expenses $43,408

SOURCE OF INCOME CURRENT RENT MARKET RENT Post Renovation

# of Units Unit Type Avg. Rent Total Avg. Rent Total

6 One Bedroom - One Bathroom $1,468.67 $8,812 $2,150 $12,900

2 One Bedroom - One Bathroom (Ready to Issue Permits)

$2,150 $4,300 $2,150 $4,300

Laundry Income (2 washers / 2 dryers - owned equipment)

$175 $175

Total Monthly Income $13,112 $17,200

Total Annual Income $157,344 $206,400

EST. ANNUALIZED OPERATING DATA CURRENT MARKETScheduled Gross Income $157,344 $206,400

Less Vacancy 2.0% ($3,147) 2.0% ($4,128)

Gross Operating Income $154,197 $202,272

Less Expenses -28% $43,408 -22% $43,408

Net Operating Income $110,789 $158,864

NOTATIONS:

1) Repairs & Maintenance: Based upon $500 Per Unit per Year.2) Contract Services: Actual: Landscaping ($80/mo), pest control ($60/mo).3) Utilities: Actual (Electrical utilities are separately metered, Gas utilities are separately

metered except units 1920 1/2, 1920 3/4 and 1922 1/2 are paid by owner)4) Water Heaters: Each unit has it’s own individual water heater.5) Real Estate Taxes: Taxes have been underwritten based a proforma tax rate of 1.22%6) Property Insurance: Actual7) Rental Registration: Actual8) RTI Units - Ready-To-Issue permits adding 2 additional apartment units (total of 8 units)

FINANCIAL INDICATORS

Offering Price $2,290,000

Current CAP 4.8%

Market CAP 6.9%

Current GRM 14.6

Market GRM 11.1

Cost Per Unit $286,250

Cash on Cash Return 4.8%

Expenses Per Unit -$5,426

Expenses Per Sq Ft -$12.43

F I N A N C I A LSummary

UNIT STATUS UNIT TYPE Utility Metering Current Rent Market Rent Post Renovation

1920 Occupied 1 Bed / 1 Bath Separate Gas & Electrical $1,426 $2,150

1920 1/4 Occupied 1 Bed / 1 Bath Separate Gas & Electrical $1,387 $2,150


1920 3/4 RTI Permits 1 Bed / 1 Bath Separate Gas & Electrical $2,150 $2,150

1922 Occupied 1 Bed / 1 Bath Separate Gas & Electrical $1,344 $2,150



1922 3/4 RTI Permits 1 Bed / 1 Bath Separate Gas & Electrical $2,150 $2,150

$13,112 $17,200

1920 Preston Avenue, Los Angeles, CA 90026

R E N TRoll

Assessor’s Parcel Number Buildings Year Built Land Use

Zoning Stories

SITE DESCRIPTIONUnits

Gross Square Footage Lot Size Square Footage

Parking

UTILITIESWaterSewer

ElectricGas:

1 9 2 0 P R E S T O N A V E N U EProperty Details

1920 Preston Avenue • Los Angeles, • CA 90026

CONSTRUCTIONFoundation

Framing Exterior

Roof

5420-022-017 and 015Two 1923ApartmentsLAR3Two

8 (6 Units plus 2 RTI Units)3,492 10,5009 Spaces

Master Metered - LADWPMaster Metered - LADWP8 Meters – Separately Metered - LADWP6 Meters – Separately Metered – Gas Company (Once the two new units go online - procedural matter to add new additional gas meters)

RaisedWood FrameWood FramePitched

MARKETCOMPARABLES

1920 Preston Avenue

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)

421 North Coronado Street

659 Silver Lake Blvd

1615 Park Ave

1920 Clinton St

423 1/2 N Vendome St

1736-1740 Griffith Park Blvd.

1421 Echo Park Ave

1616 Delta Street

1424 Echo Park Ave

1844 Morton Avenue

R E N TComparables

ONE BEDROOM

Property UnitsYear Built Owner/Manager Rent

1920 Preston AveLos Angeles, CA 90026

8 1923 Private OwnerOwner Managed

$1,626

1 421 North Coronado StLos Angeles, CA 90026

- Private OwnerOwner Managed

$2,100

2 659 Silver Lake BlvdLos Angeles, CA 90026


$2,300

3 1615 Park AvenueLos Angeles, CA 90026


$2,500

4 1920 Clinton StreetLos Angeles, CA 90026


$2,450

5 423 1/2 N Vendome StreetLos Angeles, CA 90026

27 - Private OwnerOwner Managed

$2,200

6 1736-1740 Griffith Park StLos Angeles, CA 90026


$2,500

7 1421 Echo Park AveLos Angeles, CA 90026


$2,095

8 1616 Delta StreetLos Angeles, CA 90026


$2,115

9 1424 Echo Park AveLos Angeles, CA 90026


$1,890

10 1844 Morton AveLos Angeles, CA 90026


$2,195

AVERAGE: $2,179

HIGH: $2,500

LOW: $1,626

R E N TComparables

1)

2)

3)

4)

5)

6)

7)

1441 Echo Park Avenue

3524-3530 Ellsworth Street

1633 Micheltorena Street

1626 Palo Alto Street

930-938 Parkman Avenue

737 Silver Lake Blvd

812 Waterloo Street

1920 Preston Avenue

S A L E SComparables

S A L E SComparables

PROPERTY YEAR BUILT UNITS BLDG SF PRICE CAP GRM $/UNIT $/SF CLOSED

1920 Preston AvenueLos Angeles, CA 90026 1923 8 3,492 - TBD TBD TBD TBD -

1 1441 Echo Park AvenueLos Angeles, CA 90026 1921 5 3,304 $2,750,000 5.00% - $550,000 $832.32 5/1/2018

2 3524-3530 Ellsworth StreetLos Angeles, CA 90026 1925 6 3,994 $2,200,000 4.97% 15.58 $366,667 $550.83 11/21/2018

3 1633 Micheltorena StreetLos Angeles, CA 90026 1965 7 7,250 $2,450,000 4.03% 15.50 $350,000 $337.93 6/29/2018

4 1626 Palo Alto StreetLos Angeles, CA 90026 1990 8 5,632 $2,500,000 4.08% 14.60 $312,500 $443.98 3/8/2019

5 930-938 Parkman AvenueLos Angeles, CA 90026 1924 6 519 $2,317,500 - - $386,250 $4,465.32 2/25/2019

6 737 Silver Lake BlvdLos Angeles, CA 90026 1965 5 3,548 $1,565,000 5.80% 12.67 $313,000 $441.09 3/22/2019

7 812 Watereloo StreetLos Angeles, CA 90026 1963 8 7,390 $2,510,000 4.16% 15.98 $313,750 $339.65 6/20/2018

1920 Preston A v e n u e

Echo Park

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of sig-nificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transactionAll data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or perfor-mance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

CONFIDENTIALITY AGREEMENT

Exclusively ListedBy:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

1920 preston avenue los angeles ca 90026€¦ · 1920 preston avenue is not on the list of...

Documents