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10814-10818 BLIX STREET, 10814-10818 BLIX STREET, WEST WEST TOLUCA LAKE, CA 91602TOLUCA LAKE, CA 91602Prime 18 Units Multifamily investment opportunity

OFFERING MEMORANDUM

HUDSON COMMERCIAL PARTNERS, INC. - 3

EXECUTIVE AGENTS

KELLY BETPOLICE310.403.8544Lic# [email protected]

TODD K. BERNSTEIN310.751.4229Lic# [email protected]

Hudson Partners Inc and Coldwell Banker Commercial are proud to exclusively present a multifamily opportunity located in West Toluca Lake. 10814 -10818 West Blix Street (“The Property”) is located in a mature, highly desirable, and low-traffic neighborhood of West Toluca Lake. The property’s strategic location provides a short distance to the trendy nightlife of the NoHo Arts District, Burbank and bustling Universal City. The property is conveniently located in close proximity to the upscale area of Studio City and Sherman Oaks.

Geographically located within driving distance are numerous studios, employment centers, dining, shopping, and entertainment venues including those in Burbank, Glendale, Pasadena, Warner Center and Downtown Los Angeles.

The improvements include 3-three buildings on site (1-house & 2- two story multifamily units totaling to an 18-unit property). The property is situated on a single parcel with a total of ±19,602 square feet of land, with a total building size of ±12,5000 square feet. It features an excellent unit mix of updated studio, one-bed/one-bathroom and two-bedroom/ one-bathroom unit and a residential duplex house consisting of (two bedroom/two bathroom and one bedroom/one bathroom) 10814-10818 West Blix Street has had historically high occupancy and is generating $339,348 of annual scheduled gross income. There is significant rental upside of to be captured by raising rents to market levels, and additional upside is available through interior and exterior renovations.

There are 36 restaurants within close proximity of the property, including Catcher in the Rye, Kabosu Japanese Cuisine and Malbec Argentinean Cuisine. Furthermore, The Subject property is in close vicinity to Lakeside Golf Club (with access to the 6-acre Toluca Lake), Weddington Park and North Hollywood Park.

In summary, 10814-10818 West Blix Street is a prime income-producing property and a great long-term investment. The property is in a highly desirable area and offers stability for any type of investor, whether it may be a first-time purchaser, a seasoned investor, or a 1031 exchange opportunity.

EXECUTIVE SUMMARY

HUDSON COMMERCIAL PARTNERS, INC. - 54 - HUDSON COMMERCIAL PARTNERS, INC.

Price $4,550,000

Price Per Unit $252,778

Unit Mix

1 – House (2 bedroom + 2 bath)1 – 2 bedroom + 1 bath9 – 1 bedroom + 1 bath7 – Studio

Building Size ±12,500 SF

Lot Size ±19,602 SF

Current Gross Income $339,348

Cap Rate 4.57%

Zoning R3

Density FAR 2.75:1 Tier 1 TOC

Standard FAR 1.5:1

Minimum Area Per Unit 800 SF (R3-1)

Height Limit 45 Feet

ZONING INFORMATION

Community Plan Area North Hollywood - Valley Village

Neighborhood Council NOHO

Council District CD 2 – Paul Krekorian

JURISDICTIONAL INFORMATIONOFFERING

SUMMARY


Burbank

The TowerBurbank

Toluca Lake

Universal City

AVA North Hollywood

Lankershim + Ostego±300 Units

Vineland Ave

Otsego St Lankershim Blvd

Morrison Street

6 OFFERING MEMORANDUM

SUBJECT PROPERTY

site description SITE description

DESCRIPTION SPECIFICATION

BUILDING SIZE ±12,500 SF

PARCEL AREA ±19,602 SF

NUMBER OF UNITS 17 Units + House

NUMBER OF FLOORS 2 Floors

UNIT MIX 7 - Studios

9 - 1 Bedrrom + 1 Bathroom

1 - 2 Bedrooms + 1 Bathroom

House - 2 Bedrooms + 2 Bathroom

FAR 0.46

ZONING R3

PARKING TBD

YEAR BUILT 1916, 1953, 1950

TENANCY Multi-Tenant

DESCRIPTION SPECIFICATION

CONSTRUCTION TYPE Wood-Frame

ROOF Pitched Roof

FOUNDATION Concrete

LANDSCAPING Mature Landscaping

WATER Yes

ELECTRIC Individually Metered

GAS Yes

TOPOGRAPHY Flat

LOT DIMENSIONS 114.15’ x 170.08’

STREET FRONTAGE 114.15 Feet on Blix Street

HIGHWAY ACCESS 101, 170 & 134 Freeways

IMPROVEMENTS

2 - Two story apartment units (totaling 16 units)1 - 2 bedroom 2 bath house with a 1 bedroom + bathroom attached unit.

PROPERTY INFORMATION


UNIT MIX & RENT SCHEDULE

# of Units Unit Type Current Rent Range Monthly Income Proforma Rent Proforma Monthly Income

7 Studio $1,084-1,295 $8,564 $1,375 $9,625

1 House (2+2) $2,387 $2,387 $2,995 $2,995

1 2 Bed + 1 Bath $1,980 $1,980 $2,650 $2,650

9 1 Bed + 1 Bath $1,114-$1,820 $14,623 $1,975 $17,775

18 $27,554 $33,045

PRICING SUMMARY

Price $4,550,000

Price/Unit $252,778

Price/Square Foot $364.00

GRM 13.41

Cap Rate 4.57%

Cap Rate (Proforma) 6.0%

GRM (Proforma) 11.10

PROPERTY PROFILE

No. of Units 17 + House

Year Built 1956

Square Footage 12,500

Lot Size 19,602

Construction Type Wood Frame

Roof Type Pitched Roof

Parking On Site & Street

Type 18 Unit Multifamily Investment

Parncel No. 2421-022-003

UNIT MIX & RENT SCHEDULE

Current Annualized Performa Annualized

Scheduled Gross Income $330,648 $396,540

Storage Income $6,300 $8,100

Total Schedule Gross Income $339,348 $410,040

Vacancy Rate 3% -$10,180 3% -$12,301

Effective Operating Income $329,168 $397,739

Expenses

Property Tax* $56,875 $56,875

Insurance $7,510 $7,510

Water/Sewer $6,000 $6,000

Electricity $4,800 $4,800

Gas $2,400 $2,400

Trash $9,732 $9,732

Gardener & Groundskeeping $3,000 $3,000

Pest Control $1,200 $1,200

Repairs & Maintenance 5% $15,857 $15,857

On-SIte Management — —

Off-Site Management 3% $10,180 $12,301

Reserves for Replacement $3,600 $3,600

Total Expenses 36% $121,154 30% $123,275

Per Unit $6,730.78 $6,848.61

Per Foot $9.69 $9.86

Net Operating Income $208,014 $274,464

*New taxes based on purchase price of $4,550,000

INVESTMENT SUMMARY INVESTMENT SUMMARY


Note: Studio - 350 SF; 1 Bed + 1 Bath - 750 SF; 2 Bed + 1 Bath - 1,200 SF; House - 1,500 SF

UNIT UNIT TYPE CURRENT RENT

10814 1+1 $1,760

10814 1/2 1+1 $1,820

10814 B Single $1,048

10814 B1 Single $1,295

10814 B2 Single $1,186

10814 B3 Single $1,295

10816 House 2+2 $2,387

10816 1/2 Dubplex 1+1 $1,272

10818 -1 1+1 $1,654

10818 - 2 1+1 $1,763

10818-3 1+1 $1,721

10818- 4 1+1 $1,756

10818 -5 1+1 $1,763

10818 -6 2+1 $1,980

10818 -7 1+1 $1,114

10818-8 Single $1,150

10818-9 Single $1,295

10818-10 Single $1,295

Storage unit 1 Storage $260



TOTAL $28,079

Laundry $200

Scheduled Gross $28,279

RENT ROLL UNIT MIX


5041-5057 LANKERSHIM BOULEVARD 23

SUBJECT PROPERTY10814 BLIX ST., TOLUCA LAKE, CA 91602

19,496 SF19,496 SFLOTLOT

NORTHHOLLYWOOD AERIAL MAP

10814-10814 1/210814-10814 1/26 UNITS6 UNITS

10816-10816-10816 1/210816 1/2

HOUSEHOUSE2 UNITS2 UNITS

10818 BLIX

- MU

LTIFA

MILY

10818 BLIX

- MU

LTIFA

MILY

10 UN

ITS

10 UN

ITS

HUDSON COMMERCIAL PARTNERS, INC. - 1514 - HUDSON COMMERCIAL PARTNERS, INC.HUDSON COMMERCIAL PARTNERS, INC. - 1716 - HUDSON COMMERCIAL PARTNERS, INC.

SUBJECT PROPERTY


5041-5057 LANKERSHIM BOULEVARD 27

HUDSON COMMERCIAL PARTNERS, INC. - 1918 - HUDSON COMMERCIAL PARTNERS, INC.HUDSON COMMERCIAL PARTNERS, INC. - 98 - HUDSON COMMERCIAL PARTNERS, INC.

DOWNTOWNLOS ANGELES

SUBJECT PROPERTY


KLING ST

KLING ST

BLI

X S

TB

LIX

ST

HORTENSE ST

HORTENSE ST


4 OFFERING MEMORANDUM


16

TOLUCA LAKE

LOCAL AREA MAP

17

TOLUCA LAKEToluca Lake is a neighborhood in the city of Los Angeles, within the city of Los Angeles that is generally situated in the southeast portion of the San Fernando Valley. It is bounded on the south by Universal City, on the west by Studio City, on the north by North Hollywood and on the east by the city of Burbank.

The project is located by downtown Toluca Lake one block from Bob Hope’s estate now owned by Steve Ballmer owner of the Clippers.

UNIVERSAL CITYLocated about 1.5 miles away from Toluca Lake is Universal City. Covering 415 acres, Universal City is home to one of the major film studios and world-famous destination attractions in the U.S.: Universal Studios Hollywood film studio and theme park and the Universal CityWalk shopping and entertainment center.

Tony’s DeliArty’sUmami BurgerAeriloom BakerySimplethingsLemonade Seasonal California CuisineCiaoCristina! Classic Italian FoodTimmy Nolan’s Irish Tavern and GrillMalbec Argentinian CuisineSummer Canteen

Baja FreshThe Coffee Bean & Tea LeafPorto’s Bakery & Cafe BurbankNovo CaféDon Cuco Mexican RestaurantRed Maple Café – Gelato & Coffee BarCasabel RestaurantBob’s Big BoyKabosu Japanese CuisineForman’s Whiskey Tavern

JINYA Ramen BarDog HausThe CounterSharkey’s Woodfired Mexican GrillPatys RestaurantGindi Thai Restaurant and SushiChipotleStarbucks CoffeeRAWkin’ JuiceArde’s Bistro

Area Restaurants Include:

Local Grocery Stores Include:

Trader Joe’s (Walkable)VonsRalphs Fresh Fare Grocery Supermarket

Universal CityWalk Dining

Universal CityWalk Retailers

Cinema

High-tech 18-plex and 7-story IMAX with Laser theatre

SUBJECT PROPERTY


18

TOLUCA LAKE AREA RETAIL

BANK

BANK

BANK

19

HOLLYWOODHollywood is a community within the city of Los Angeles that is generally situated in the southeast portion of the San Fernando Valley. It is bounded by the city of Burbank to the east, the Los Angeles city districts of Sun Valley to the north, Van Nuys to the west, and Studio City to the south. Much of the district is older, relatively modest quality apartments, and middle to lower middle class single family residential development.

SUBJECT PROPERTY

HUDSON COMMERCIAL PARTNERS, INC. - 2928 - HUDSON COMMERCIAL PARTNERS, INC.21

SITE

Walt Disney Studios (8 minute drive)

Universal Studios (10 minute drive)

CBS Studios (10 minute drive)

Warner Brothers Studios (4 minute drive)

32

4

1

NEARBY STUDIOS

1

2

3

420

ENTERTAINMENT INDUSTRYThe area has a high historic concentration of movie and TV production. Warner Brothers, CBS, Universal Studios, and Disney are all located either in Burbank just east of North Hollywood or in Universal City and Studio City just to the south. All are major integrated production studios, located in the area for many decades.As a result of the proximity of these industry anchors—and to Hollywood to the south—the area has long been a center of related entertainment-industry companies. Over the past two decades, entertainment production uses have expanded greatly, reflecting the overall growth of the industry in the region.

SUBJECT PROPERTY


22

TOLUCA LAKE AREA EMPLOYERS

BURBANK

23

TRANSPORTATIONThe Property benefits from Toluca Lake’s excellent regional transportation access provided by several freeways; the Ventura (U.S. Highway 101) Freeway; the Golden State (Interstate 5) Freeway; and the Hollywood (State Route 170), and Ventura (134) Freeway. Major nearby streets include Laurel Canyon Boulevard, Tujunga Avenue, Lankershim Boulevard, Cahuenga Boulevard, Verdugo Avenue, Barham Boulevard, and Olive Avenue.

Two Metro Rail stations are in the immediate vicinity: At Universal City and in North Hollywood. North Hollywood is the northern most MetroRailstation, located at Lankershim and ChandlerBoulevard. The Metro Rail subway terminates here,extending south, under Lankershim Boulevardto Universal City, then southeast into Hollywoodand to Downtown Los Angeles. The site containsthe portal or entry to the subway, 600+ surfaceparking spaces, and a number of bus lanes.

The Metro Orange Line was opened to the publicon October 29, 2005. The bus line is an expressbus service that utilizes a private transit-wayreserved only for Metro Liner vehicles. The MetroOrange Line extends east from North Hollywoodto Woodland Hills, starting at Lankershim andChandler (across Lankershim from the Metro Railstation).

WESTSIDE

Los

Ange

les

Rive

r

Los Angeles River

PACIFIC OCEAN

CRENSHAW/

PURPLE LINE EXTENSION

REGIONAL CONNECTOR

LAX LINE

LAX

Little To

kyo/

Little To

kyo/

Arts Dist

Universal C

ity/Studio City

Hollywood/V

ine

Hollywood/H

ighland

Universal C

ity/Studio City

Balboa

Canoga

De Soto

Pierce Colle

ge

Tampa

Reseda

Civic Ctr/

Civic Ctr/

Civic Ctr/

Civic Ctr/

GrandGrandGrandGrand

ParkParkParkPark

Westlake/M

acArthur P

ark

Warner Ctr

Roscoe

Pico/Alis

o

Mariach

i Plaza

Long Beach Bl

Artesia

Del Amo

Civic Ctr/

GrandPark

Allen

LakeSierra

Madre Villa

Arcadia

Monrovia

Duarte/City

of Hope

Irwindale

Azusa Downtown

APU/Citrus Colle

ge

Lincoln/Cypress

Heritage Sq

Southwest Museum

Highland Park

Fillmore

Del Mar

Memorial Park

South Pasadena

Westlake/M

acArthur P

ark

Wilshire

/Vermont

Pershing

Chinatown

Union Station

Chinatown

Square

7th St/Metro CtrPico

LATTC/OrthoInstitute

Jefferson/U

SC

Union Station

LAX FlyAwayAmtrak & MetrolinkLAX FlyAway

LAX Shuttle G

Amtrak & MetrolinkMetro

link

Sherman Way

Warner Ctr

Roscoe

Nordhoff

Chatsworth

Hollywood/W

estern

Vermont/S

anta MonicaHolly

wood/Western

Hollywood/V

ine

Hollywood/H

ighlandNorth

Hollywood

Balboa

Woodley

Sepulveda

Van Nuys

Sepulveda

Van Nuys

Woodman

Valley Colle

ge

Laurel Canyo

n

Canoga

De Soto

Pierce Colle

ge

Tampa

Reseda

Vermont/B

everly

Vermont/S

anta Monica

Vermont/S

unset

Vermont/S

unset

Amtrak & Metrolink

Soto

Indiana

Maravilla

East LA Civic C

tr

Atlantic

El Monte

Cal State LA

LAC+USC Medica

l Ctr

Pico/Alis

o

Mariach

i Plaza

Wilshire

/

Normandie

Wilshire

/Western

ExpoPark

/USC

Expo/Vermont

Expo/Western

Expo/Crenshaw

Farmdale

Expo/La Brea

La Cienega/Jefferson

Culver C

ity

Palms

Westwood/R

ancho Park

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

17th St/S

MC

Downtown Santa Monica

Mariposa

El Segundo

Douglas

Redondo Beach

37th St/USC

Rosecrans

Harbor

Carson

Pacific CoastHwy

GatewayTransit Ctr

Long Beach Bl

AvalonVerm

ont/

AthensCrenshaw

Hawthorne/Lennox

Aviation/L

AX

Lakewood Bl

Norwalk

Norwalk

Slauson

Manchester

Harbor F

wy

5th St

1st St

PacificAv

DowntownLong Beach

PacificAv

Washington

Vernon

Slauson

Florence

Firestone

Compton

Artesia

Del Amo

Wardlow

Willow St

Pacific Coast Hwy

Anaheim St

103rd St/

Willowbrook/Rosa Parks

Watts Towers 103rd St/

Willowbrook/Rosa Parks

DowntownLong Beach

Grand/LATTC

San Pedro St

Watts Towers

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

WESTSIDE

CENTRAL LA

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

CENTRAL LA

North Hollywood to Union Station

Metro Rail

Wilshire/Western to Union StationPurple Line

Blue Line

Expo Line

Orange Line

Amtrak

LAX FlyAway

Metrolink

Metro Busway

Regional Rail

Green Line

Gold Line

Downtown LA to Long Beach

Downtown LA to Santa Monica

Redondo Beach to Norwalk

East Los Angeles to Azusa

Silver Line Chatsworth to North Hollywood

San Pedro to El Monte

amtrak.com

metrolinktrains.com

lawa.org/flyaway

LAX Shuttle (free)lawa.org

Street Service in Downtown LAand San Pedro

MAY 2016 Subject to Change

Airport Shuttle

Rail Station

StationTransfer

Busway

Station

UNDERCONSTRUCTION

Busway StreetService

Red Line

metro.netMetro Rail & Busway

17-0

753

©20

16 L

ACM

TA

OCT 2016 Subject to Change

SUBJECT PROPERTY

32 - HUDSON COMMERCIAL PARTNERS, INC.

KELLY BETPOLICEManaging Principal

4605 Lankershim Blvd.Suite 214Universal City, CA 91602

Cal BRE: 01470894

CONTACT

C: 310.403.8544P: 818.699.1602F: 818.332.4977E: [email protected]

TODD BERNSTEINEstates Director/Presidents Circle Elite

Coldwell Banker Real Estate15490 Ventura Blvd Suite 100

Sherman Oaks CA 91403

Cal BRE: 01816580

CONTACT

C: 310.751.4229P: 818.995.2424F: 818.337.2031E: [email protected]

offering memorandum - loopnet...simplethings lemonade seasonal california cuisine ciaocristina!...

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