310.367.9666 value-add marina/venice duplex · 2019. 5. 20. · los angeles county is the world’s...

Matt Dunfrund | 310.367.9666 [email protected] | BRE#01785161 Value-Add Marina/Venice Duplex

740 Washington BlvdMarina Del Rey, CA 90292

740 Washington Blvd

INVESTMENT SUMMARY

Investment Overview

Regional Map

AREA OVERVIEW

Local Map

City Overview

County Overview

Aerial Map

PROPERTY DESCRIPTION

Property Details

3D Map

FINANCIALS

Offering Summary

Net Income Statment

Unit Mix

COMPARABLES

Sales Comparable Map

Sales Comparables

Rental Comparable Map

Rental Comparables

On Market Comparable Map

On Market Comparables

EXCLUSIVELY MARKETED BY :

Lyon Stahl Investment Real Estate

Matt Dunfrund

310.367.9666

[email protected]

Lic. 01785161

740 Washington Blvd

Investment Summary


The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

$1,550,000 2 Units Currently/Triplex Legally

100%1,140 SF

$1,360/SF 2,500sf

Fee Simple

Investment SummaryPriceUnitsOccupancyBuilding SizePrice per Square FootLand AreaOwnership

Investment Highlights

● Clean Venice/MDR Duplex in an A+ Location at the heart of Silicon Beach only 1 mile from the Venice Pier & 0.7m from Abbot Kinney's fantastic shops; restaurants & bars

● Currently featuring one 1+1 unit with a private front yard & one 2+2 unit (Legally a triplex & could be converted back to two 1+1 units by new owner to add significant income/value)

● Unique 2,500sf lot with commercial C2/R4 zoning allowing for a wide variety of mixed-uses & live/work opportunities

● Also presents a great owner-user opportunity to acquire a multi-unit property with solid rental income for a lower price than most single family homes locally!

Investment Description

Lyon Stahl is pleased to present this interesting duplex listing at 740 Washington Blvd, Marina del Rey 90292. Featuring a front 1 Bedroom 1 Bath unit with a private front yard currently renting for $1,194/mth & a rear 2 Bedroom 2 Bath unit rented for $2,995/mth for a current gross income of $4,189/month; $50,268/year. At our $1,550,000 asking price, the property is priced at: $775,000/unit; a 30.83 current GRM; a 19.87 market GRM; a 1.62% current CAP; a 3.26% market CAP, and $1,360/SF. The property is legally a triplex so an astute buyer could add significant income/value by converting the rear 2+2 unit to two 1+1 units. With proforma market rents on 1 Bedroom units locally averaging approx. $3,000/mth, there is significant upside potential here once the existing tenants vacate. The property also has a large two-car garage in the rear alley.

Located in the heart of Silicon Beach & only a short walk or bike ride from all of the Marina & Venice's hippest restaurants; shops; bars; entertainment & outdoor activities. Walking distance to Coeur d' Alene Avenue School & St. Mark School, as well as Triangle Park & the Marvin Braude Bike Path.

740 Washington Blvd

Investment Summary



Regional Map

740 Washington Blvd

Area Overview



Local Map

740 Washington Blvd

Area Overview



Area OverviewCity Overview - Marina Del Rey

Los Angeles, is the largest city in the state of California. Thearea became US property in 1848, with

Los Angeles incorporated as a city in 1850. Initially, anattractive climate, the discovery of oil and the growth of thecitrus fruit industry brought people to the city in droves duringits first 100 years. With the presence of Lockheed and Douglasaerospace companies in the area during World War I, and theexpansion of the motion picture industry in the 1920s thepopulation exploded.

Today, Los Angeles is the nation’s largest manufacturing area,home to one of its busiest ports, the distribution hub of thewest coast and a gateway to Asia. Moreover, Los Angeles isthe entertainment capital of the world, with most of thecountry’s major motion picture, television and recorded musicoperations based there. The city’s exansive metropolitan areais the second-largest in the country, with over 14,000,000people spread over a land area the size of Maine. Thirty of LA’ssuburbs have populations of 80,000 or more. Los Angeles isvery diverse, with people from over 140 countries and thelargest Latin-American and Asian- American populations of anyUS city.

Los Angeles is well represented in major league sports, withmultiple teams in baseball (Los Angeles Dodgers and AnaheimAngels), basketball (NBA’s Los Angeles Lakers and Clippers,WNBA’s Los Angeles Spark) and and hockey (NHL’s LosAngeles Kings and Anaheim Mighty Ducks). Most recently, theNFL announced the relocation of the St. Louis Rams to LosAngeles. Los Angeles has hosted the Olympic Games and forten years the city has hosted the X Games. Outdoor recreationin the Los Angeles area is practically unmatchable. Beacheswith familiar names right out of Beach Boys songs offer watersports of all kinds. Some of the country’s best surfing is withinreach, from Malibu and Santa Monica to Huntington Beach,with its famous pier, surf shops and surfing walk of fame.Skateboarding, which originated in Los Angeles less than 50years ago, has never been more popular. In the winter, skiing isavailable within a manageable distance at Sierra Nevadamountain slopes.

Los Angeles is the largest city in the state of California and thesecond largest in the United States. Often abbreviated as L.A.and nicknamed The City of Angels, Los Angeles has anestimated population of 3.8 million and spans over 498.3square miles in Southern California. Additionally, the LosAngeles metropolitan area is home to nearly 12.9 millionresidents. Los Angeles is the seat of Los Angeles County, themost populated and one of the most diverse counties in theUnited States.

Marina Del Rey HighlightsHistorically high occupancy rates.●

Dramatic net absorption during recoveries.●

Extremely limited numbers of large blocks of available space.●

Significant increases in rental rates in strong economic times.●

County OverviewThe most heavily populated county in the country is LosAngeles County with approximately 9.9 million people,including about 1 million that live in unincorporated areas of thecounty. The metropolis - formed by the six neighboringcounties of Los Angeles, Ventura, Kern, San Bernardino,Riverside, and Orange - is home to approximately 19 millionresidents. Los Angeles County is home to one of the mosteducated labor pools in the country and offers a labor force ofmore than 4.7 million, of which more than 1.5 million arecollege graduates. Los Angeles County has the largestpopulation of any county in the nation, exceeded only by eightstates. According to the United States Conference of Mayors,Los Angeles County boasts a GDP among the twenty largest inthe world. Los Angeles County’s continued economic growth,in contrast to other areas of the state and nation, is due to itsdiversified economy and abundant, well-trained workforce.

Los Angeles County is well located on the Southern Coast ofthe California, and covers 4,061 square miles, including theSan Clemente and Santa Catalina islands. The County iscomprised of approximately 88 vibrant and diverse citieshosting more than 244,000 business establishments— thegreatest concentration in the state. Los Angeles County has aGross Domestic Product (GDP) of approximately $446 billion -placing it among the top 20 economies in the world. Thecombined GDP of Los Angeles and its five surroundingneighboring counties places it in the top 10. California is

740 Washington Blvd

Area Overview



generally considered to be in the top five.

If Los Angeles County were its own nation, its economy wouldbe the 18th largest in the world. It is home to more than244,000 businesses, with more minority and women ownedbusinesses than any other in the nation and is the nation’s topinternational trade center and manufacturing center. LosAngeles is recognized worldwide as a leader in entertainment,health sciences, business services, aerospace and internationaltrade. Because the Los Angeles area is so large and diverse, ithas something to offer to everyone. While Hollywood and theLos Angeles beach culture are part of our collective image ofLos Angeles, the city also has more museums than any othercity and some of the best hotels in the world are located in LosAngeles.

Over the years, Los Angeles County has developed a diverseeconomic base, supported by a number of Fortune 500companies with headquarters in the area, including HiltonHotels, Walt Disney, Occidental Petroleum, DirecTV Group,Northrop Grumman, Computer Sciences, KB Home, Health Net,Mattel, and Avery Dennison. Key factors positively impactingthe region’s economic position include increased local mediaproduction by the entertainment industry and a continuingexpansion of import flows. Moreover, growth in aerospace,homeland security and in the private business sector havecontributed positively to the County's economy. Los Angeles'well educated labor pool, many universities, wonderful climate,and world class infrastructure will enable Greater Los Angelesto continue to be a world leader in economic and culturalsignificance.

County HighlightsLos Angeles County is the world’s 18th largest economy.●

Los Angeles part of the "Tech Coast" and is regarded as the●

of the main entrepreneurial regions of the world. It hasapproximately 200,000 small businesses, which is twice asmany small businesses as can be found in any other region ofthe United States.If Los Angeles' five county area were a state, it would be the●

fourth largest in the United States.Los Angeles has more than 80 stage theaters and 300●

museums, more than any other U.S city.

740 Washington Blvd

Area Overview



Aerial Map

740 Washington Blvd

Property Description



Property DetailsAddress 740 Washington Blvd

Marina Del Rey, CA90292

Square Footage 1,140 SFLand Area 2,499 Sq. FeetYear Built 1953Assessors Parcel Number 5049-006-020

SiteZoning C2/R4Number of Buildings 1Number of Stories 1Parking 2

ConstructionFoundation WoodFraming WoodExterior StuccoParking Surface Concrete

740 Washington Blvd

Financials



Financial

Offering Summary

Price $1,550,000Building Size 1,140 SFOwnership Fee SimpleLand Area 2,499 Sq. FeetNumber of Units 2Number of Stories 1Year Built 1953Parking 2Occupancy 100.00%

Price per Unit $775,000.00Price per Square Foot $1,359.65Current CAP Rate 1.62%Pro Forma Cap Rate 3.26%Current GRM 30.83Pro Forma GRM 19.87NOI $25,085Pro Forma NOI $50,477

740 Washington Blvd

Financials



Net Income Statement

CurrentAnnualIncome

Proforma AnnualIncome

REVENUESGross Potential Rent $50,268 $78,000Less: Current Vacancy 0 2,340

Effective Gross Income $50,268 $75,660

OPERATING EXPENSESReal Estate Taxes 19,375 19,375Insurance 1,500 1,500Utilities 1,600 1,600Repairs 1,508 1,508

TOTAL EXPENSES $25,183 $25,183

NET OPERATING INCOME $25,085 $50,477

Debt Service $0 $0NET CASH FLOW AFTER DEBT SERVICE $25,085 $50,477

Principal Reduction $0 $0TOTAL RETURN 1.62% 3.26%Expenses Per SF $22.09 $22.09% of EGI 50.10% 33.28%

740 Washington Blvd

Financials



Unit Mix

Unit Info Occupancy Square Footage Current Monthly Rent Pro Forma Monthly Rent

Numberof Units

Unit Type Occ Vac %OccAverageUnit SF

Total UnitSF

AVG Low High TotalAVGPSF

AVG TotalAVGPSF

VacancyLoss

1 1BR 1 BTH 1 0 100.00% 380 380 $1,194 $1,194 $1,194 $1,194 $3.14 $2,500 $2,500 $6.58 $0

1 2BR 2 BTH 1 0 100.00% 760 760 $2,995 $2,995 $2,995 $2,995 $3.94 $4,000 $4,000 $5.26 $0

2 TOTALS 2 0 100.00% 1,140 SF $4,189 $7.08 $6,500 $11.84 $0

740 Washington Blvd

Comparables



Sales Comparable Map

740 Washington Blvd

Comparables



Sales Comparables

Photos Address

Sale PriceSale DateTotal UnitsPrice Per Unit

Total SF$/SFCAPGRM

Unit MixYear BuiltLand AreaDays on Market

740 Washington BlvdMarina Del Rey, CA90292

$1,550,000N/A2775,000

1,140 SF$1,3601.62 %30.83

1 1BR + 1BTH

1 2BR + 2BTH

19532,499 SFN/A

-

908 Victoria AvenueVenice, CA90291

$1,500,00010/19/20182$750,000

1,230 SF$1,220-27.17

2 1+119234,000 SF46

1711 Linden AvenueVenice, CA90291

$1,636,00008/01/20182$818,000

1,139 SF$1,436-22.73

2 1+119413,215 SF27

535 Venice WayVenice, CA90291

$1,350,00006/26/20182$675,000

1,812 SF$745-22.50

1 2+21 1+1

19812,245 SF102

2407 Abbot KinneyVenice, CA90291

$1,637,50006/20/20182$818,750

2,016 SF$812--

2 2+119653,657 SF26

1316 Lucile AvenueVenice, CA90291

$1,600,00004/24/20182$800,000

1,144 SF$1,399--

2 1+1 3,857 SF15

Averages

$1,544,700-2$772,350

1,468 SF$1,122-24.13

740 Washington Blvd

Comparables



Rental Comparables

Photos AddressDate Surveyed

Total UnitsYear BuiltBldg SFOccupancy

Units Types Avg Unit SF Avg Unit Rent Avg Rent Per SF


219531,140 SF100.00%

1 BR / 1 BTH2 BR / 2 BTH

380 SF760 SF

$1,194$2,995

$3.14$3.94

3221 Carter AvenueMarina Del Rey, CA90292-

-

780 SF-

2BR /2BTH 780 SF $3,790 $4.86

13701 Marina Pointe DriveMarina Del Rey, CA90292-

-

800 SF-

2BR /2BTH 800 SF $3,540 $4.43

3024 Yale AvenueMarina del Rey, CA90292-

-

850 SF-

2BR /2BTH 850 SF $3,999 $4.70

Averages 810 SF- 810 SF $ 3,776 $ 4.66

740 Washington Blvd

Comparables



On Market Comparables

Photos AddressSale PriceTotal UnitsPrice Per Unit

Total SF$/SFCAPGRM

Unit Mix Year BuiltLand Area


$1,550,0002$ 775,000

1,140 SF$1,3601.62 %30.83

1 1BR + 1BTH1 2BR + 2BTH

19532,499 SF

-

736 Washington BlvdMarina del Rey, CA90292

$1,699,0002$849,500

1,580 SF$1,075--

2-2,500 SF

3116 Pacific AvenueVenice, CA90291

$1,600,0002$800,000

1,700 SF$941--

2-2,662 SF

Averages$1,649,5002$824,750

1,640 SF$1,008--

CONFIDENTIALITY AND DISCLAIMER

The information contained in this Offering Memorandum (“Memorandum”) is proprietary and strictly confidential; it is intended to be reviewed only by the party receiving it from Broker and should notbe made available to anyone else without the written consent of Broker. By retention or use of this Memorandum, you agree that its contents are confidential, that you will hold it in the strictestconfidence, and that you will not disclose any of its contents contrary to these terms.

This Memorandum has been prepared to provide summary, unverified information to establish a preliminary level of interest in the subject property (“Property”). The information in this Memorandumhas been obtained from sources Broker believes to be reliable; however, Broker has not conducted sufficient investigation to make any warranty or representation whatsoever including but not limitedto the accuracy or completeness of the information, veracity or accuracy of the information, condition of the Property or its compliance or lack of compliance with applicable governmentalrequirements, developability, suitability or financial performance of the Property, income or expenses for the Property, the size and square footage of the Property and improvements, the presence orabsence of contaminating substances, PCB’s or asbestos, the compliance with State or Federal regulations, the physical condition of the improvements thereon, or the financial condition or businessprospects of any tenant or any tenant’s plans or intentions to continue occupancy of the Property. The Memorandum has selected information relating to the Property and does not purport to be an all- inclusive representation regarding the Property or to contain all or part of the information which prospective investors may require to evaluate the purchase of the Property. Additional information andan opportunity to investigate the Property will be made available to interested and qualified prospective purchasers. All information is based on assumptions relating to the general economy, marketconditions, competition and other factors beyond the control of Broker, therefore, all information is subject to material variation. The information contained herein is not a substitute for a thorough duediligence investigation. Interested parties are expected to review all information of whatever nature independently and not rely on the contents of this Memorandum in any manner.

The Property owner (“Owner”) expressly reserves the right, at its sole discretion, to reject any or all offers to purchase the Property, and/or to terminate discussions at any time with or without notice.The Owner shall have no legal commitment or obligation unless and until written agreement(s) have been fully executed, delivered and approved by the Owner and any conditions to the Owner’sobligations therein have been satisfied or waived.

Exclusively Marketed By:

Lyon Stahl Investment Real Estate

Matt Dunfrund

310.367.9666

[email protected]

Lic. 01785161

310.367.9666 value-add marina/venice duplex · 2019. 5. 20. · los angeles county is the world’s...

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