south coronado street, - loopnet...a 12-unit apartment opportunity 406 south coronado street, los...
TRANSCRIPT
A 12-UnitApartment Opportunity
406South Coronado Street,
Los Angeles, CA 90057
William JamesMulti-Family Investment Sales
DirectorOffice: (310) 593-9867Mobile: (310) 600-9858
Will iam.James@cbcadvisors .comLicence #: CA 01734419
Tom JonssonMulti-Family Investment Sales
Managing PrincipalOffice: (310) 593-9866Mobile: (310) 966-0122
Tom.Jonsson@cbcadvisors .comLicence #: CA 01755842
CONFIDENTIALITY AGREEMENT
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party intended to be receiving it from CBC Advisors and should not be made available to any other person or entity without the written consent of CBC Advisors. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation nor shall any information contained herein be relied upon in connection with such due diligence. CBC Advisors has not made any investigation, and makes no warranty or representation, with respect to any aspect of the subject property or business, including but not limited to the income or expenses for the subject property, the future projected financial performance of 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 and 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 its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, CBC Advisors has not verified, and will not verify, any of the information contained herein, nor has CBC Advisors conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein and nothing contained herein is intended to be relied upon in any manner in connection with the purchase of the subject property.
CBC Advisors is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of CBC Advisors, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of CBC Advisors, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
NON-ENDORSEMENT NOTICE
SECTIONS
406 S Coronado Street, Los Angeles, CA 90057
406
I PROPERTY DESCRIPTION
II FINANCIAL ANALYSIS
South Coronado Street,
Los Angeles, CA 90057
I. PROPERTY DESCRIPTION
406 S Coronado Street, Los Angeles, CA 90057
406 S Coronado Street, Los Angeles, CA 90057
PROPERTY INFORMATIONPROPERTY INFORMATION
Property Address
406 South Coronado Street,
Los Angeles, CA 90057
Assessor’s Parcel Number 5155-031-017
Land Use Apartments
Buildings 1
Stories 2
Zoning LAR3
Year Built 1931
SITE DESCRIPTION
Units 12
Rentable Square Feet 6,250
Lot Size (SF) 7,732
Parking None
UTILITIES
Water Master Metered - LADWP
Sewer Master Metered - LADWP
Electric Separately Metered - LADWP
Gas Master Metered - SoCal Gas
CONSTRUCTION
Framing Wood
Exterior Stucco
Roof Flat
406 S Coronado Street, Los Angeles, CA 90057
PROPERTY PHOTOS
406 S Coronado Street, Los Angeles, CA 90057
PROPERTY PHOTOS
REGIONAL MAP
LOCATION MAP
406 S Coronado Street, Los Angeles, CA 90057
406 S Coronado Street, Los Angeles, CA 90057
AERIAL VIEW
II. FINANCIAL ANALYSIS
406 S Coronado Street, Los Angeles, CA 90057
CURRENT MARKET
Unit No. Status Unit Type Monthly Rent Annual Rent Monthly Rent Annual Rent Comments
101 Occupied Studio 1 Bath $1,050 $12,600 $1,200 $14,400
102 Occupied Studio 1 Bath $1,200 $14,400 $1,200 $14,400 Delivered Vacant
103 Occupied Studio 1 Bath $995 $11,940 $1,200 $14,400
104 Occupied Studio 1 Bath $988 $11,856 $1,200 $14,400
105 Occupied Studio 1 Bath $823 $9,871 $1,200 $14,400
106 Occupied Studio 1 Bath $829 $9,943 $1,200 $14,400
201 Occupied Studio 1 Bath $995 $11,940 $1,200 $14,400
202 Occupied Studio 1 Bath $806 $9,667 $1,200 $14,400
203 Occupied Studio 1 Bath $1,095 $13,140 $1,200 $14,400
204 Occupied Studio 1 Bath $1,200 $14,400 $1,200 $14,400 Delivered Vacant
205 Occupied Studio 1 Bath $1,200 $14,400 $1,200 $14,400 Delivered Vacant
206 Occupied Studio 1 Bath $885 $10,615 $1,200 $14,400
TOTAL $12,065 $144,773 $14,400 $172,800
RENT ROLL
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2018 CBC Advisors
*Some units include $3.61/month for SCEP fee in monthly rent.
406 S Coronado Street, Los Angeles, CA 90057
Income Current Per Unit Pro Forma Per Unit
Scheduled Rent Income $144,773 $12,064 $172,800 $14,400
Other Income $0 $0 $0 $0
GROSS POTENTIAL INCOME $144,773 $12,064 $172,800 $14,400
Vacancy/Collection Allowance (GPR) 5.0% / $9,324 $777 5.0% / $8,640 $720
EFFECTIVE GROSS INCOME $135,449 $11,287 $164,160 $13,680
Expenses
Taxes (1.25%) $22,488 $1,874 $22,488 $1,874
Insurance (2017) $3,324 $277 $3,324 $277
Utilities (2017) $8,189 $682 $8,189 $682
Repairs & Maintenance (6% of EGI) $8,127 $677 $9,850 $821
On-Site Management (None) $0 $0 $0 $0
Off-Site Management Fee (5% of EGI) $6,772 $564 $8,208 $684
Trash (Actual) $4,877 $406 $4,877 $406
Gardener/Janitorial ($200/month) $2,400 $200 $2,400 $200
Pest Control (Actual) $720 $60 $675 $56
Miscellaneous ($100/unit) $1,200 $100 $1,200 $100
Reserves & Replacements ($200/unit) $2,400 $200 $2,400 $200
TOTAL EXPENSES $60,497 $5,041 $63,655 $5,305
Expenses per SF $9.68 $10.18
Expenses per Unit $5,041 $5,305
% of EGI 44.7% 38.8%
NET OPERATING INCOME $74,953 $100,505
INCOME & EXPENSE
NOTES: Some Expenses Are Estimated
*Some units include $3.61/month for SCEP fee in monthly rent.
Total Number of Units: 12Total Rentable area: 6,250 SF
406 S Coronado Street, Los Angeles, CA 90057
Annualized Income & Expense
Current Pro Forma
INCOME
Scheduled Rent Income $144,773 $172,800
Other Income $0 $0
Scheduled Gross Income $144,773 $172,800
Less: Vacancy/Other Deductions 5.0% $9,324 5.0% $8,640
Effective Gross Income $135,449 $164,160
Less: Operating Expenses 44.0% $60,497 38.8% $63,655
Net Operating Income $74,953 $100,505
Debt Service ($62,658) ($62,658)
Pre-Tax Cash Flow 1.67% $12,295 5.13% $37,874
Principal Reduction ($17,894) ($17,894)
Total Return Before Taxes 4.09% $30,189 7.56% $55,741
CURRENT MARKET
Unit Mix # of Units Average RentMonthlyIncome
Average RentMonthlyIncome
Studio / 1 Bath 12 $1,005 $12,064 $1,200 $14,400
Current Occupancy: 100% Annual Current: $144,773 Annual Market: $172,800
Annualized Expenses
Operating Expenses Current Pro Forma
Taxes (1.25%) $22,488 $22,488
Insurance (2016 Actual) $3,324 $3,324
Utilities (2016 Actual) $8,189 $8,189
Repairs & Maintenance (6% of EGI) $8,127 $9,850
On-Site Management (None) $0 $0
Off-Site Management Fee (5% of EGI) $6,772 $8,208
Trash (2017) $4,877 $4,877
Gardener/Janitorial ($200/month) $2,400 $2,400
Pest Control (Actual) $720 $720
Miscellaneous ($100/unit) $1,200 $1,200
Reserves & Replacements ($200/unit) $2,400 $2,400
Total Expenses: $60,497 $63,655
Total Expenses per Unit: $5,041 $5,305
Total Expenses per Sq. Ft.: $9.68 $10.18
Property Information
Address 406 S Coronado Street
Los Angeles, CA 90057
No. of Units 12
Year Built 1931
APN 5155-031-017
Lot Size (SF) 7,732
Lot Size (AC) 0.18
Net Rentable SF: 6,250
Financing
Loan Amount $1,061,410
Interest Rate 4.25%
Monthly Payment $5,221.50
Loan-to-Value 59%
Amortization (Years) 30
Debt Service Coverage Ratio 1.25
Term 30 Years
I/O Period (Years) 5 Years Fixed
Price $1,799,000Down 41.0% $737,590
Current Cap 4.17%
Pro Forma Cap 5.59%
Price/Unit $149,917
Price/SF $287.84
Current GRM 12.43
Pro Forma GRM 10.41
Ownership Fee Simple
FINANCIAL SUMMARY
*Some units include $3.61/month for SCEP fee in monthly rent.406 S Coronado Street, Los Angeles, CA 90057
Tom JonssonMulti-Family Investment Sales
Managing PrincipalOffice: (310) 593-9866Mobile: (310) 966-0122
Tom.Jonsson@cbcadvisors .comLicence #: CA 01755842