rare oppor tunity to own units in one of l.a. s most ... · 5,502 6 $297.13 3.14% 1 6122-6124 glen...

RaRe OppORtunity tO Own units in One Of L.a.’s MOst DesiRabLe LOcatiOns

DaviD [email protected]# 01991119Maher commercial Realty // 275 s beveRLy DR, suite 100, beveRLy hiLLs, ca 90212 // DaviD bakhshi

six-unit buiLDing fOR saLe acROss fROM univeRsaL stuDiOs

table of contents

property informationExecutive SummaryProperty DescriptionProperty Details

456

location informationRegional MapLocation MapsAerial Map

89

10

financial analysisFinancial SummaryIncome & Expenses

1213

sales comparablesSale CompsSale Comps Summary

1415

demographicsDemographic Report 19

maher commercial realty // 275 s beverly dr, suite 100, beverly hills, ca 90212 // david bakhshi

3936 kentucky drive, los angeles ca 90068

table of contents // 2



section 1 // 3

section 1 property information



section 1 // 4

property summarysale price:number of units:parking spaces:lot size:building size:price per door:price per sf:cap rate:grm:Zoning:assessor parcel number:market:sub market:cross streets:

$1,995,00066

+/-7,482 SF+/-4,253 SF

$332,500$469.08

3.23%20.31

LARD 1.52425-002-020

Los AngelesHollywood Hills

Kentucky Dr & Lankershim Blvd

property overviewDavid Bakhshi of Maher Commercial Realty proudly presents 3936 Kentucky Drive -- a charming 6-unit apartment building in the Hollywood Hills. Built in 1949, 3936 Kentucky Drive offers a qualified investor the opportunity to acquire a family-owned asset in the entertainment capital of the world.

The +/-4,253 square-foot building on a +/-7,482 square-foot lot features all 1-bed/1-bath with new energy efficient dual-pane windows, upgraded floors, central air/heat, and water heaters. The second floor units boasts views of Universal Studios. There is parking for each unit and a common area patio in the rear. There is a good mix of tenants in the building with two being there over five years and the other four in the last three years.

The building sits just across from Universal Studios on the west side of the 101, one block from Cahuenga Boulevard. With its proximity to Hollywood, Universal Studios, Warner Bros. Studios, and the Universal City/Studio City metro station, this property will command higher rents and be in high-demand for years to come.

executive summary



section 1 // 5

ZoningLARD 1.5

location description3936 Kentucky Drive is located across from Universal Studios on the west side of the 101 and one block from Cahuenga Boulevard, in Hollywood Hills. The property is just minutes from the Universal City/Studio City metro line, blocks from the 101 on-ramp, and a quick Uber to the Hollywood Bowl and the heart of Hollywood. Universal Studios and CityWalk are across the 101 and Warner Bros. Studios is just down the road. Other nearby attractions include Runyon Canyon (one of L.A.’s most popular hiking trails), John Anson Ford Theaters, Hollywood & Highland Center (boasting shopping, dining, and nightlife), Griffith Park (including The Greek Theater and L.A. Zoo), and Lake Hollywood Park (a popular destination for locals and amazing views of the Hollywood Sign). The property is located in a great demographic area with approximately 657,000 residents earning a median household income of $64,704 within a 5-mile radius.

property description



section 1 // 6

property summaryproperty address:

property type:apn:lot siZe:building siZe:Zoning:number of units:parking spaces:unit mix:year built:

3936 Kentucky DriveLos Angeles CA 90068

Multifamily2425-002-020

+/-7,482 SF+/-4,253 SF

LARD1.566

All 1 Bed + 1 Bath1949

property details

property highlights• Units have new energy efficient dual pane windows and

upgraded floors• Each unit has central heating/air and water heaters• Room to add washer/dryer in each unit• Well lit outdoor area• Second floor units have views of Universal Studios and the

surrounding areas. • Easy access to the 101 Freeway• Close proximity to Universal Studios, Warner Bros. Studio,

Universal City/Studio City metro station, Hollywood, and Runyon Canyon



section 2 // 7

section 2 location information



section 2 // 8

regional map



section 2 // 9

location maps



section 2 // 10

aerial map



section 3 // 11

section 3 financial analysis

investment overview

Price

Price Per Unit

GRM

CAP Rate

Cash-on-Cash Return (yr 1)

Total Return (yr 1)

pro forma

operating data

Gross Annual Scheduled Income

Gross Annual Income

Operating Expenses

Net Operating Income

pro forma

$1,995,000

$332,500

16.34

4.42%

4.42%

$88,253

$122,040

$122,040

$33,787

$88,253

current

current

$1,995,000

$332,500

20.31

3.23%

3.23%

$64,447

$98,234

$98,234

$33,787

$64,447

*This information has been obtained from sources we believe to be reliable. While Maher Commercial Realty does not doubt its accuracy, we make no representations or warranties, expressed or implied about it. It is your responsibility to independently confirm its accuracy and completeness.



section 3 // 12

financial summary


income summary current monthlypro forma

$98,234 $122,040 $10,170

monthly

$8,816gross income

per sf/year

$23.10

per sf/year

$28.70

expense summary current monthlypro forma

$23,200

monthly

$1,933taxes

per sf/year

$5.45

per sf/year

$1,800 $150insurance $0.42

$5,690 $474water & Power $1.34

$440 $37License $0.10

$1,200 $100gardener $0.28

$1,357 $113trash $0.32

$33,787 $33,787 $2,816$2,816gross exPenses $7.94 $7.94

$64,447 $88,253 $7,354$5,371net oPerating income $15.15 $20.75

$25,250 $1,933 $5.45

$1,800 $150 $0.42

$5,690 $474 $1.34

$440 $37 $0.10

$1,200 $100 $0.28

$1,357 $113 $0.32

$100 $8fire protection $0.02 $100 $8 $0.02



section 3 // 13

income & expenses



section 4 // 14

section 4 sales comparables

PRIME CENTURY CITY 9 UNIT BUILDING WITH 8 DELIVERED VACANT PRIME CENTURY CITY 9 UNIT BUILDING WITH 8 DELIVERED VACANT




section 4 // 15

sales comps

3055-3057 Hollycrest Dr | Los Angeles, CA 90068

Sale Price:

Year Built:

Building SF:

Lot Size SF:

# Units:

Price PSF:

Cap Rate:

Closed:

$1,540,000

1939

3,151

5,990

5

$488.73

4.40%

12/12/2017

2

3936 Kentucky Dr | Los Angeles, CA 90068

Price:

Year Built:

Building SF:

Lot Size SF:

# Units:

Price PSF:

Cap Rate:

$2,200,000

1949

+/-4,253

+/-7,482

6

$517.28

2.82%

s2441 N Beachwood Dr | Los Angeles, CA 90068

Price:

Year Built:

Building SF:

Lot Size SF:

# Units:

Price PSF:

Cap Rate:

$2,300,000

1966

7,824

5,502

6

$297.13

3.14%

1

6122-6124 Glen Tower St | Los Angeles, CA 90068

Sale Price:

Year Built:

Building SF:

Lot Size SF:

# Units:

Price PSF:

Cap Rate:

Closed:

$1,775,000

1920

2,500

8,372

4

$710.00

3.50%

4/26/2016

3

PRIME CENTURY CITY 9 UNIT BUILDING WITH 8 DELIVERED VACANT PRIME CENTURY CITY 9 UNIT BUILDING WITH 8 DELIVERED VACANT




section 4 // 16

sales comps

2166 Beachwood Ter | Los Angeles, CA 90068

Sale Price:

Year Built:

Building SF:

Lot Size SF:

# Units:

Price PSF:

Cap Rate:

Closed:

$2,200,000

1930

3,700

4,792

4

594.59

4.03%

1/19/2018

4




section 4 // 17

SaleS compS Summary

Subject property

3936 Kentucky Dr | Los Angeles CA 90028

price bldg Sf

Sale compS price bldg Sf cloSe

$2,200,000 +/-4,253 $517.28

price/Sf

price/Sf

1 2441 N Beachwood Dr | Los Angeles CA 90068 $2,300,000 7,824 $293.97

2 3055-3057 Hollycrest Dr | Los Angeles CA 90068 $1,540,000 3,151 $488.73 12/1/2017

3 6122-6124 Glen Tower St | Los Angeles CA 90068 $1,775,000 2,500 $710.00 4/26/2018

AVERAGES $1,953750 $539.894,293

$366,667

price/unit

price/unit

$383,333

$308,000

$443,750

$421,271

3.23%

cap

cap

3.1%

4.40%

3.50%

4.06%

20.31

grm

grm

19

17.93

6

no. unitS

no. unitS

6

5

4

4.75

4 2166 Beachwood Ter | Los Angeles CA 90068 $2,200,000 3,700 $594.59 1/19/2018$550,000 3.78% 16.86 4



section 5 // 18

section 6 demographics



section 5 // 19

demographics

*Demographic data is estimated. Based on 2010 U.S. Cenus.

1 mile 3 miles 5 miles

2018 Total Population

Pop Growth 2018-2023

housholds

Average Age:

16,634

3.20%

40.40

195,236

2.70%

39.90

656,984

2.28%

39.60

2023 Population 671,973200,50117,167

2018 Total Housesholds

HH Growth 2018-2023

Average HH Size

Median HH Income

12,049

2.2

$85,915

67,371

2.1

$94,549

140,323

2.0

$103,511

$868,297$852,342$910,970

2018 Average HH Vehicles $868,297$852,342$910,970

population

housing

Median Home Value

Median Year Built

$1,045,230

1971

$912,077

1963

$830,043

1960

Maher Commercial Realty operates a commercial real estate business and is independently owned and operated. Maher Commercial Realty and the owner (“Owner”) of the property referenced herein (“Property”) present this confidential Offering Memorandum (“Memorandum”) to assist the recipient(s) (“You” or “Your”) in evaluating the Property and it is intended solely for Your limited use in determining whether you desire to acquire the Property. This Memorandum contains brief, selected information pertaining to the Property and should not be considered all-inclusive or permanent. The information in this Memorandum has been obtained from sources believed to be reliable, but Maher Commercial Realty have not verified it and Owner and Maher Commercial Realty do not make any guaranty, warranty or representation, express or implied, as to the accuracy or completeness of this Memorandum or the information contained herein.

You should independently verify each item of information in this Memorandum and have the same reviewed by your tax or investment advisor and/or legal counsel. This Memorandum and any communications You may have with Maher Commercial Realty and/or Owner and their respective officers, brokers, agents or employees regarding this Memorandum or the Property does not in any way constitute any legal, investment or tax advice to You. All assumptions, projections, estimates and/or opinions in this Memorandum are provided as examples only and all information is subject to change, error, omissions and/or withdrawal without notice. Any references in the Memorandum to area, height, acreage, building or premises size or square footage are approximations only and should be independently verified by You. Any references in the Memorandum to any lease or tenant information, including without limitation the premises, rental rates, rent escalations, common area expenses, percentage rents and lease maturities should be independently verified by You. You should conduct your own investigations and due diligence of the Property, including without limitation environmental and physical condition inspections and reach your own conclusions regarding the suitability of the Property for investment.

Maher Commercial Realty and Owner assume no responsibility for the accuracy or completeness of any information in this Memorandum. Maher Commercial Realty and Owner expressly disclaim any implied or expressed warranties of merchantability, fitness for a particular purpose or non-infringement of intellectual property relating to this Memorandum. In no event shall Maher Commercial Realty or Owner be liable for any damages resulting from the reliance on or use of any information in this Memorandum, including but not limited to direct, special, indirect, consequential or incidental damages.

By accepting receipt of this Memorandum, You agree to the following: (a) This Memorandum is of a highly confidential nature, will be held in the strictest confidence and shall be returned to Maher Commercial Realty upon request; (b) You shall not contact any property manager, contractor, employee or tenant of the Property regarding the Property or this Memorandum, without prior approval of Maher Commercial Realty or Owner; and (c) You understand and agree that Maher Commercial Realty represents Owner and not You and (iv) this Memorandum and this information contained therein shall not be used by You in any way that is detrimental to Owner or Maher Commercial Realty. Neither Maher Commercial Realty nor Owner shall have any obligation to pay any commission, finder’s fee, or any other compensation to any broker or other person. You may provide information to persons retained by You to evaluate the Property only after first obtaining a signed confidentiality agreement from such persons and providing a copy of such agreement to Maher Commercial Realty.

The Owner expressly reserves the right, at its sole and absolute discretion, to reject any or all expressions of interest or offers to Purchase or Lease the Property, and/or to terminate discussion with You or any other person or entity at any time with or without notice which may arise as a result of review of the Memorandum. The Owner shall have no legal commitment or obligation to You or any person or entity reviewing this Memorandum or making an offer to purchase, lease, or finance the Property unless and until written agreement(s) for the purchase or finance of the Property that are satisfactory to Owner in its sole and absolute discretion have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein ave been satisfied or waived.



confidentiality & disclaimer // 20

confidentiality & disclaimer



exclusively listed by

Exclusively listed by

David BakhshiMaher Commercial Realty

[email protected]

DRE# 01991119

rare oppor tunity to own units in one of l.a. s most ... · 5,502 6 $297.13 3.14% 1 6122-6124 glen...

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