2731 Beverly Boulevard

Transcription

1 2731 Beverly Boulevard 65 UNITS + GROUND RETAIL IN WESTLAKE 2731 Beverly Boulevard Los Angeles, CA Alex Galuz President Mixed Use Opportunity

2 DISCLAIMER The information contained herein has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must independently verify the information and bears all risks for any accuracies. Expenses are estimates. LISTED BY ALEX GALUZ President (310) cell (818) office (818) fax CA License: Crescent Realty Ventura Boulevard Woodland Hills, CA

3 Table of Contents INVESTMENT OVERVIEW FINANCIAL OVERVIEW SALES COMPARABLES

4 2731 Beverly Boulevard Investment Overview 4

5 Investment Overview SUMMARY Gorgeous prominent 4 story property in the heart of LA zoned as Hotel and being operated as residences. The property sits in the emerging Westlake District near Downtown LA. The area is referred to as Rampart Village and is quickly becoming the new Echo Park and Silverlake. This property has undergone major renovations including new copper plumbing, new waste lines, updated electrical system, restored lobby and common areas, updated windows, and many renovated units. The units are large bachelors with full bathrooms and small kitchenettes. These units are bright and have city views. The units rent like hotcakes. This is the perfect VALUE ADD deal as all the heavy lifting is done. As the units vacate a new owner will realize a substantial cash flow surge as the rents are 40% under value. Out of the 65 units 22 units have been renovated. The retail space is currently vacant as this would make for the perfect coffee shop / restaurant / or similar component for this property. 5

6 2731 Beverly Boulevard Investment Overview INVESTMENT HIGHLIGHTS $9,600,000 LIST PRICE 24,795 $ % BUILDING SF PRICE/SF CAP RATE Classic 1920 s Apartment Building Construction Large Open/Retail Space at Ground Level High Ceilings City and Hollywood Sign Views Exposed Brick Walls Close to Metro Red Line 6

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8 HOOVER ST 2731 Beverly Boulevard Investment Overview SUNSET BLVD Beverly Boulevard VERMONT AVE RAMPART BLVD ALVARADO ST BEVERLY BLVD 3RD ST 7TH ST 6TH ST OLYMPIC BLVD

9 LOCATION OVERVIEW WESTLAKE Westlake s center-city proximity, public transit options, and rolling park land beckon commuters to live beyond the borders of Downtown LA. Hang out in this everyday locale and get to know the flavors of North America s southern neighbors this colorful neighborhood boasts a culturally rich Central and South American community. Trade neighboring Silverlake and Echo Park s hip attitudes for a work-tirelessly acumen and you ll find yourself centered in Westlake. LOCATION SCORES WALK SCORE TRANSIT SCORE BIKE SCORE MINUTES Very Walkable Most errands can be accomplished on foot. Good Transit Many nearby public transportation options. Bikeable Flat as a pancake, minimal bike lanes. To Downtown Los Angeles 9

10 2731 Beverly Boulevard Financial Overview Financial Overview INVESTMENT SUMMARY Price $9,600,000 Down Payment (45%) $4,320,000 Year Built 1927 Zoning LAC2 Approx. Lot Size 6,826 SF Approx. Rentable Square Feet 24,795 SF Price per Net RSF $ Number of Units 66 Price per Unit $145,455 Expense per NRSF $12.06 Expense per Unit $4, Cap Rate Current 4.80% Cap Rate Pro Forma 7.66% GRM Current GRM Pro Forma 9.00 ROI Current 5.00% ROI Pro Forma 11.30% FINANCING Price $9,600,000 Down Payment $4,320,000 Loan Amount $5,280,000 Terms 30 Years Interest Rate 4.75% Monthly Payment $27, SCHEDULED INCOME CURRENT PRO FORMA Total Scheduled Rent $65,675 $88,400 Laundry $0 $500 Other Income $0 $0 Monthly Gross Income $65,675 $88,900 Annual Gross Income $788,100 $1,066,800 10

11 VITAL DATA CURRENT Cap Rate GRM Net Operating Income Total Return ROI 4.80% $465, $217, % VITAL DATA PRO FORMA Cap Rate GRM Net Operating Income Total Return ROI 7.66% 9.00 $735, $488, % 11

12 2731 Beverly Boulevard Financial Overview UNIT MIX NO. UNITS UNIT TYPE BATHS SQ. FT. AVG. CURRENT RENT MONTHLY INCOME PRO FORMA RENT MONTHLY INCOME 12 Small Room 1 Bath 220 $850 $10,200 $1,200 $14, Large Room 1 Bath 250 $950 $28,500 $1,300 $39, Medium Room 1 Bath 230 $950 $17,100 $1,250 $22,500 5 Ground Room 5 Bath 400 $1,200 $5,875 $1,300 $6,500 1 Commercial 2 Bath 2,450 $4,000 $4,000 $6,000 $6, ,795 $65,675 $88,400 12

13 ANNUALIZED OPERATING DATA INCOME CURRENT PRO FORMA Gross Potential Rent $788, $1,060, Laundry Income $0 $6, Miscellaneous $0 $0 Scheduled Gross Income $788, $1,066, Vacancy/Collection Allowance $23, %* $32, %* Gross Operating Income $764, % $1,034, % Less Expenses $299, %* $299, %* Net Operating Income $465, % $735, % Less Debt Service $330, % $330, % Pre-Tax Cash Flow $134, %** $405, %** Plus Principal Reduction $82, % $82, % Total Return Before Taxes $217, %** $488, %** *As a percent of Scheduled Gross Income **As a percent of Down Payment EXPENSES CURRENT PRO FORMA Real Estate Taxes $119, $119, Insurance $12, $12, Utilities $65, $65, Repairs & Maintenance $30, $30, Trash $5, $5, Pest $3, $3, Misc./Reserves $12, $12, Off-Site Management $23, $23, On-Site Management $28, $28, Elevator $1, $1, Total Expenses $299, $299, Expense/NRSF $12.06 $12.06 Expense/Unit $4, $4,

14 2731 Beverly Boulevard Financial Overview RENT ROLL UNIT NUMBER UNIT TYPE RENT NOTES Retail Retail $4, Medium $1, Corner $1, Medium $ Bedroom $1, Manager Bedroom $1, Medium $ Corner $ Medium $1, Large $ Large $ Small $1, Small $1, $1, Corner $1, Medium $1, Medium $1, Corner $ Medium $1, Large $1, Large $ Large $ Large $1, Medium $1, Corner $ Medium $1, Medium $ Corner $1, Medium $ Large $ Large $ Small $1, Small $ Medium $1,

15 UNIT NUMBER UNIT TYPE RENT NOTES Corner $1, Medium $1, Medium $ Corner $1, Medium $ Large $ Large $ Large $ Large $1, Medium $1, Manager Corner $1, Medium $ Medium $1, Corner $ Medium $ Large $1, Large $ Small $1, Small $ Medium $1, Corner $1, Medium $1, Medium $1, Corner $1, Medium $1, Large $ Large $ Large $1, Large $1, Medium $ Corner $1, Medium $1, $65,

16 2731 Beverly Boulevard Sales Comparables

17 Sales Comparables ADDRESS SALE DATE SALE PRICE CAP RATE GRM UNITS PRICE/ UNIT BLDG. SF PRICE/ SF YEAR BUILT UNIT MIX 2731 Beverly Boulevard Los Angeles, CA $9,600, % $145,455 24,795 $ Small/1 Bath 18 - Medium/1 Bath 30 - Large/1 Bath 5 - Ground/5 Bath 1 - Comm./ 1 Bath Hartford Avenue Los Angeles, CA /17/2018 $4,600, % $170,370 16,056 $ Studio/1 Bath 1-2 Bed/2 Bath N. Kenmore Avenue Los Angeles, CA N. Kenmore Avenue Los Angeles, CA S. Kingsley Drive Los Angeles, CA /11/2017 $4,875, % $157,258 15,408 $ Studio/1 Bath 8/1/2017 $4,750,000 N/A N/A 30 $158,333 15,408 $ Bed/1 Bath 5/26/2017 $8,750, % $194,444 31,575 $ Studio/1 Bath S. Mariposa Avenue Los Angeles, CA /8/2017 $9,675,000 N/A N/A 55 $175,909 40,960 $ Studio/1 Bath 10-1 Bed/1 Bath Ocean View Avenue Los Angeles, CA /4/2017 $12,600, % $233,333 52,871 $ Studio/1 Bath 1-1 Bed/1 Bath 24-2 Bed/2 Bath Sunset Place Los Angeles, CA /17/2017 $5,000, % N/A 30 $166,667 11,396 $ Studio/1 Bath 2-1 Bed/1 Bath Total/Average 4.64% $179,473 $300.22

18 2731 Beverly Boulevard 65 UNITS + GROUND RETAIL IN WESTLAKE LISTED BY ALEX GALUZ President (310) cell (818) office (818) fax alex@crescentrealtyla.com CA License: Crescent Realty Ventura Boulevard Woodland Hills, CA