7 units - south redondo beach€¦ · redondo beach is one of three beach cities in the south bay...

7 UNITS - SOUTH REDONDO BEACH215 Carnelian St

Redondo Beach, CA 90277

Johnnie Stiegler | (310) [email protected] | Lic. 01981597

7 Units - South Redondo BeachExclusively

Marketed By

LYON STAHL INVESTMENT REAL ESTATETEAM STIEGLER

Charlie Rasmussen

(310) [email protected]

Lic. 02039995

Johnnie Stiegler


Lic. 01981597

Tableof Contents

INVESTMENT SUMMARY Investment Overview Regional Map

AREA OVERVIEWLocal MapCity OverviewCounty OverviewAerial Map

PROPERTY DESCRIPTION Property Details3D Map

FINANCIALSOffering SummaryNet Income StatementRent RollUnit Mix

ADDITIONAL IMAGESDrone PhotosInterior Photos

COMPARABLESSales Comparable Map Sales ComparablesRental Comparable Map Rental Comparables

Vice President

Director of Leads & Operations

7 Units - South Redondo Beach

Investment Summary

215 Carnelian StRedondo Beach, CA 90277

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

Investment SummaryPrice $2,475,000Cap Rate 3.09%NOI $76,545.70GRM 19.37Units 7Occupancy 100.00%Building Size 3,858 SFPrice per Square Foot $641.52Land Area 7,089 Sq. Feet

Investment Highlights

● Beautifully Restored 7-Unit Spanish Colonial-Style Apartment Building● Unit Mix: (1) 3-Bed/1.5-Bath Unit & (6) Studio Units● 6 Occupied Units on Month to Month Leases | 1 Vacant Studio● Incredible Location: Just a Couple Blocks from the Harbor, Pier, and Ocean!● 2 Parcels | Total Lot Size is 7,089 SF● 3,858 SF Building on a 5,291 SF Lot | 1,798 SF Private Backyard Patio

Investment DescriptionThis beautifully restored 7-unit apartment building is in a prime location in South Redondo Beach, just 2 blocks from the beach, pier, harbor, marina, bike path and more... Consisting of six (approx. 400 sq. ft.) single apartments with a shared-yard, and one (approx. 1,500 sq. ft.) 3 bedroom apartment... ideal for a possible owner's unit with its own large separate yard. This property demonstrates a vintage 1925 Spanish Colonial Architectural Style with one of the very few surviving Classic Quant and Original 1920’s Old Spanish Courts from Redondo’s Glory Days and is now a ‘Landmark’ smack in the heart of Old Downtown Redondo’s "Mid-Way".

The property is charming and authentic ...not just dolled-up, but well-maintained and updated in all the right places with authenticity always in mind. Featuring a brand-new roof that was installed last year, this building has been completely re-wired and repiped with copper and PVC. The exterior has also been painted, re-stuccoed, and relanscaped. The original hardwood flooring (almost 100 years old) has been repaired, restored, and refinished in three of the studio units. One unit has even been completely refurbished and re-plastered... featuring a remodeled kitchen with all new cabinetry, appliances, fixtures, and a tankless water heater. One of the studio units will be delivered vacant and is currently undergoing updates including fresh paint and hardwood flooring.


Investment Summary



Regional Map


Area Overview



Local Map


Area Overview



Area OverviewCity Overview - Redondo BeachRedondo Beach is one of three Beach Cities in the South Bay region of LosAngeles bordered by Manhattan Beach, Hermosa Beach, Torrance,Hawthorne, and Lawndale. A main attraction to the city is the Redondo BeachPier which is the largest endless pier on the California coast.

Much of Redondo Beach’s lifestyle is influenced by its sister cities: ManhattanBeach and Hermosa Beach. The city maintains permanent beach volleyballnets year-round and dedicates lanes to the bike path that runs past theRedondo Beach King Harbor Marina complex. Surfing is another essentialelement to the South Bay lifestyle.

Properties in Redondo Beach within walking distance of the Pacific Oceanroutinely sell for above-average prices. The median price of homes listed inthe Redondo Beach real estate market is currently $1,100,000 and homevalues have gone up 8.4% over the past year.

Redondo Union High School is the zoned high school within the RedondoBeach Unified School District and is ranked in the top 50 high schools inCalifornia. Also within the school district are two middle schools, and eightelementary schools, all evenly divided between North and South RedondoBeach.

Redondo Beach can be commonly seen in popular TV shows and filmsincluding Baywatch, Dexter, The O.C., 24, CSI: Miami, 90210, Point Break,Pirates of the Caribbean: At World’s End, and Pulp Fiction.


Area Overview



County OverviewThe most heavily populated county in the country is Los Angeles County withapproximately 9.9 million people, including about 1 million that live inunincorporated areas of the county. The metropolis - formed by the sixneighboring counties of Los Angeles, Ventura, Kern, San Bernardino,Riverside, and Orange - is home to approximately 19 million residents. LosAngeles County is home to one of the most educated labor pools in thecountry and offers a labor force of more than 4.7 million, of which more than1.5 million are college graduates. Los Angeles County has the largestpopulation of any county in the nation, exceeded only by eight states.According to the United States Conference of Mayors, Los Angeles Countyboasts a GDP among the twenty largest in the world. Los Angeles County’scontinued economic growth, in contrast to other areas of the state and nation,is due to its diversified economy and abundant, well-trained workforce.

Los Angeles County is well located on the Southern Coast of the California,and covers 4,061 square miles, including the San Clemente and SantaCatalina islands. The County is comprised of approximately 88 vibrant anddiverse cities hosting more than 244,000 business establishments— thegreatest concentration in the state. Los Angeles County has a Gross DomesticProduct (GDP) of approximately $446 billion - placing it among the top 20economies in the world. The combined GDP of Los Angeles and its fivesurrounding neighboring counties places it in the top 10. California is generallyconsidered to be in the top five.

If Los Angeles County were its own nation, its economy would be the 18thlargest in the world. It is home to more than 244,000 businesses, with moreminority and women owned businesses than any other in the nation and is thenation’s top international trade center and manufacturing center. Los Angelesis recognized worldwide as a leader in entertainment, health sciences,business services, aerospace and international trade. Because the LosAngeles area is so large and diverse, it has something to offer to everyone.While Hollywood and the Los Angeles beach culture are part of our collectiveimage of Los Angeles, the city also has more museums than any other cityand some of the best hotels in the world are located in Los Angeles.

Over the years, Los Angeles County has developed a diverse economic base,supported by a number of Fortune 500 companies with headquarters in thearea, including Hilton Hotels, Walt Disney, Occidental Petroleum, DirecTVGroup, Northrop Grumman, Computer Sciences, KB Home, Health Net, Mattel,and Avery Dennison. Key factors positively impacting the region’s economicposition include increased local media production by the entertainmentindustry and a continuing expansion of import flows. Moreover, growth inaerospace, homeland security and in the private business sector havecontributed positively to the County's economy. Los Angeles' well educatedlabor pool, many universities, wonderful climate, and world class infrastructurewill enable Greater Los Angeles to continue to be a world leader in economicand cultural significance.

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 has approximately 200,000 smallbusinesses, which is twice as many small businesses as can be found in anyother region of the 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.

Area Overview



Aerial Map

2 BLOCKS FROM THE HARBOR, PIER, & OCEAN!

Carnelian St

Carnelian St

Carnelian St

N P

acific Coast H

wy

N P

acific Coast H

wy

N Pacific C

oast Hw

y

N C

atalina Ave

N C

atalina Ave

N C

atalina Ave

N Broadway

N Broadway

N Broadw

ay

Diamon

d St

Diamon

d St

Diamon

d St

Beryl St

Beryl St



Property Description



Property DetailsAddress 215 Carnelian St

Redondo Beach, CA90277

Square Footage 3,858 SFLand Area 7,089 Sq. FeetYear Built 1925Assessors Parcel Number 7503-015-002 & 7503-015-037

SiteZoning RBR-3ANumber of Buildings 1Number of Stories 2Parking Street Parking

ConstructionPlumbing Copper & PVCRoof Replaced Last Year

Common Area Amenities

Two Large Outdoor Patios Behind the Building●

Storage Room with Coin-Operated washer/dryer●

Newly Landscaped Courtyard with Gardening Potential●


Financials



FinancialOffering Summary

Price $2,475,000Building Size 3,858 SFLand Area 7,089 Sq. FeetNumber of Units 7Number of Stories 2Year Built 1925Parking Street ParkingOccupancy 100.00%

Price per Unit $353,571.43Price per Square Foot $641.52Current CAP Rate 3.09%Pro Forma Cap Rate 5.02%Current GRM 19.37Pro Forma GRM 13.98NOI $76,546Pro Forma NOI $124,270

FinancingLoan Type New/ProposedLoan Amount $990,000Down Payment $1,485,000Interest Rate 5.00%Amortization Period 30 YearsAnnual Payment $63,774


Financials



Net Income Statement

Current AnnualIncome

Proforma AnnualIncome

REVENUESGross Potential Rent $127,800 $177,000Less: Current Vacancy 3,834 5,310

Effective Gross Income $123,966 $171,690

OPERATING EXPENSESReal Estate Taxes 31,146 31,146Insurance 1,350 1,350Utilities 3,500 3,500Repairs 3,834 3,834Management Fee 6,390 6,390Landscaping 1,200 1,200

TOTAL EXPENSES $47,420 $47,420

NET OPERATING INCOME $76,546 $124,270

Debt Service $63,774 $63,774NET CASH FLOW AFTER DEBT SERVICE $12,771 $60,495

Principal Reduction $14,606 $14,606TOTAL RETURN 1.84% 5.06%Expenses Per SF $12.29 $12.29% of EGI 38.25% 27.62%


Financials



Rent Roll

Unit Information Lease Rental Rates

Unit No Unit TypeApp. SquareFootage

Status Move In DateCurrentMonthly Rent

PSFPro FormaMonthly Rent

PSF Loss to Lease

A 0 BR 1 BTH 426 Delivered Vacant -- -- ---- $ 1,875.00 $ 4.40 $ 1,875.00 $ 4.40 $ 0.00

B 0 BR 1 BTH 426 Occupied -- -- ---- $ 1,500.00 $ 3.52 $ 1,875.00 $ 4.40 $ 375.00

C 0 BR 1 BTH 426 Occupied -- -- ---- $ 1,125.00 $ 2.64 $ 1,875.00 $ 4.40 $ 750.00

D 0 BR 1 BTH 426 Occupied -- -- ---- $ 1,300.00 $ 3.05 $ 1,875.00 $ 4.40 $ 575.00

E 0 BR 1 BTH 426 Occupied -- -- ---- $ 1,050.00 $ 2.46 $ 1,875.00 $ 4.40 $ 825.00

F 0 BR 1 BTH 426 Occupied -- -- ---- $ 1,200.00 $ 2.82 $ 1,875.00 $ 4.40 $ 675.00

G 3 BR 1.50 BTH 1,300 Occupied -- -- ---- $ 2,600.00 $ 2.00 $ 3,500.00 $ 2.69 $ 900.00

7 Units TOTALS 3,856 Occ:7Vac:0 $10,650.00 $14,750.00 $4,100.00

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

6 0 BR 1 BTH 6 0 100% 426 2,556 $ 1,342 $ 1,050 $ 1,875 $8,050 $3.15 $1,875 $11,250 $4.40 $0

1 3 BR 1.50 BTH 1 0 100% 1,300 1,300 $ 2,600 $ 2,600 $ 2,600 $2,600 $2.00 $3,500 $3,500 $2.69 $0

7 TOTALS 7 0 100.00% 3,856 SF $10,650 $2.76 $14,750 $3.83 $0


Drone Photos



Drone Photos




Drone Photos

215 CARNELIAN


Studio Interior Photos



Studio Interior Photos


Comparables



Sales Comparable Map


Comparables



Sales Comparables

Photos Address

Sale PriceSale DateTotal UnitsPrice Per Unit

Total SF$/SFCAPGRM

Unit MixYear BuiltLand AreaDays on Market

215 Carnelian StRedondo Beach, CA90277

$2,475,000N/A7353,571

3,858 SF$6423.09 %19.37

1 3BR + 1.50BTH6 0BR + 1BTH

19257,089 SFN/A

-

503 N ElenaRedondo Beach, CA90277

$2,689,00004/06/20186$448,167

4,604 SF$5843.10 %18.92

1 3BR + 2BTH4 2BR + 1BTH1 1BR + 1BTH

19645,992 SF24

508 EsplanadeRedondo Beach, CA90277

$3,610,00010/15/20186$601,667

4,780 SF$7552.33 %23.87


19636,410 SF336

221 Calle MiramarRedondo Beach, CA90277

$4,178,00009/14/20186$696,333

6,240 SF$6703.19 %20.64

6 2BR + 1BTH19567,788 SF38


Comparables



Photos Address

Sale PriceSale DateTotal UnitsPrice Per Unit

Total SF$/SFCAPGRM

Unit MixYear BuiltLand AreaDays on Market

312 Calle MiramarRedondo Beach, CA90277

$4,650,00011/16/20188$581,250

7,200 SF$6463.40 %20.39

8 2BR + 1BTH19588,129 SF7

103 Paseo De La PlayaRedondo Beach, CA90277

$4,100,00011/17/20177$585,714

5,369 SF$7642.62 %29.93


19579,356 SF18

Averages

$3,845,400-7$582,626

5,639 SF$6842.93 %22.75


Comparables



Rental Comparable Map


Comparables



Rental Comparables

Photos AddressDate Surveyed

Total UnitsYear BuiltBldg SFOccupancy

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

215 Carnelian StRedondo Beach, CA90277

719253,858 SF100.00%

3 BR / 1.50 BTH0 BR / 1 BTH

1,300 SF426 SF

$2,600$1,342

$2.00$3.15

501 Avenue BRedondo Beach, CA90277-

219305,272 SF100%

1BTH 330 SF $1,850 $5.61

1400 S Catalina Ave #204Redondo Beach, CA90277-

23197114,989 SF100%

1BTH 503 SF $1,850 $3.68

620 The Village #102Redondo Beach, CA90277-

-1974-100%

1BTH 410 SF $2,000 $4.88


Comparables



Photos AddressDate Surveyed

Total UnitsYear BuiltBldg SFOccupancy

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

620 The Village #102Redondo Beach, CA90277-

-1974-100%

1BTH 410 SF $2,000 $4.88

616 Emerald StRedondo Beach, CA90277-

-19653,205 SF100%

3BR /2BTH 1,660 SF $3,675 $2.21

518 N Lucia Ave #RearRedondo Beach, CA90277-

219495,889 SF100%

3BR /2BTH 1,200 SF $3,850 $3.21

420 N Broadway #3Redondo Beach, CA90277-

-19835,989 SF100%

3BR /2BTH 1,505 SF $3,800 $2.52

Averages 7,069 SF100% 860 SF $ 2,718 $ 3.86

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 not be 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 strictest confidence, 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 Memorandum has 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 limited to 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 governmental requirements, 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 or absence 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 business prospects 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 and an 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, market conditions, 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 due diligence 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’s obligations therein have been satisfied or waived.

Exclusively Marketed By:

Lyon Stahl Investment Real Estate

TEAM STIEGLER

Charlie Rasmussen


Lic. 02039995

Johnnie Stiegler


Lic. 01981597

Vice President Director of Leads & Operations

7 units - south redondo beach€¦ · redondo beach is one of three beach cities in the south bay...

Documents