images4.loopnet.com...in a market of sub 4% cap rates, this is a rare opportunity to own a property...

244 N PARK VIEW ST | OFFERING MEMORANDUM

The 2-4 Unit Specialists are pleased to present 244 N Park View St, a brand

new construction luxury fourplex located in the trendy Silver Lake/Echo

Park adjacent area. The sleek modern units sit atop a slope and have

stunning 360 views of Los Angeles, including a straight shot of the

Hollywood sign. This property is not subject to rent control, so you can

enjoy freedom, profit and peace of mind with a 5.47% projected cap

rate.

The property has two duplexes made up of four 3 bed / 3 bath units. The

pro forma rents on these enormous units range from $3,800-$3,900. The

units will feature top of the line appliances, high quality finishes, spacious

floor plans, laundry hookups in each unit, 2 parking spaces per unit, and

unbeatable views.

This fourplex is in just about the best location! 244 N Park View St is

conveniently located just minutes from Sunset Junction, Downtown Los

Angeles, Rampart Village, Koreatown and many more

action-packed areas that are home to countless restaurants, shops and

bars.

OFFERING SUMMARY


PROPERTY OVERVIEW

THE PROPERTY: Address: 244 N Park View St, Los Angeles, CA 90026

APN: 5157-012-004

# Units: 4

# Buildings: 2

# Stories: 2

Style: Modern

Year Built: 2018

Building Size (SF): 5,442

Lot Size (SF): 8,022

Zoning: LARD2

THE OFFERING: List Price: $2,600,000

Cap Rate: 5.47%

GRM: 14.07

Price Per Unit: $650,000

Price Per SF: $477.77

UTILITIES: Water: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays)

Electric: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays)

Gas: Separately Metered (Tenant Pays)

AMENITIES: Appliances: Top of the Line Stainless Steel

Parking: 2 Garage Spots and 6 Uncovered Spots

Air/Heat: Central

Landscaping: Drought Tolerant


• NO RENT CONTROL!!!

• Excellent location minutes from Silver Lake, Echo Park & Downtown LA.

• Extraordinary return of 5.47%. In a market of sub 4% cap rates, this is a

rare opportunity to own a property with this unheard of cash flow.

• Perched atop a slope, this property has unbeatable 360 views of LA,

including a straight shot of the Hollywood sign.

• Due to the high quality of construction, the property is extremely low

maintenance.

• Open, spacious floor plans.

• High quality finishes and top of the line appliances.

• A new construction fourplex is a rarity. The vast majority of fourplexes

are 1950’s construction. This is a unique and exciting opportunity.

• All units are separately metered for gas, electric and WATER! The

expenses on this property are minimal.

• Tasteful drought tolerant landscaping to minimize expenses.

INVESTMENT HIGHLIGHTS

LOCATION HIGHLIGHTS


• Situated in the trendy Silver Lake/Echo Park adjacent neighborhood known as Filipinotown. This property is conveniently

located minutes from Sunset Junction, Downtown Los Angeles, Rampart Village, Koreatown and many more

action-packed areas.

• Less than 1 mile North you will hit both Silver Lake and Echo Park and their countless neighborhood hotspots on Sunset

Blvd.

• Nearby several lakes, parks and outdoor activities including: the lovely Vista Hermosa Park, Echo Park Lake, the Silver Lake

Reservoir, Elysian Park and Downtown’s Grand Park.

• Blocks from countless hip restaurants and bars, such as Mohawk Bend, Masa, Button Mash, Guisado’s, Cliff’s Edge, Silver

Lake Ramen and Alimento

• Due to the central location of this property, finding top quality tenants is a fast and easy process.

LOCATION HIGHLIGHTS


LOCATION HIGHLIGHTS MAP

Dodger Stadium (1.8 Miles)

Echo Park Lake (1.1 Miles)

Walt Disney Concert Hall (1.9 Miles)

Vista Hermosa Park (1.3 Miles)

Bootleg Theater (0.3 Miles)

Lock & Key (1.4 Miles)

Crawfords (0.4 Miles)

Silverlake Ramen (1.1 Miles)

Mohawk Bend (0.8 Miles)

Original Tommy’s (0.4 Miles)

El Caserio (0.9 Miles)

Sqirl (1.5 Miles)

LA Center Studios (1.6 Miles)

The Broad Museum (2.0 Miles)

Subject Property

Nearby Attractions


FINANCIAL SUMMARY & RENT ROLL

SUMMARIZED PRICING METRICS: BUILDING DESCRIPTION: FINANCING:

Price: $2,600,000 No. of Units 4 Loan Amount $1,820,000

Down: 30% $780,000 Yr. Built 2018 Interest Rate 4.70%

Current GRM: 14.07 Lot Size (acres) 0.18 Monthly Payment ($9,439.21)

Pro Forma GRM: 14.07 Lot Size (sq. ft) 8,022 LTV 70%

Current Cap Rate: 5.47% Bldg SF 5,442 Amortization (Years) 30

Pro Forma Cap Rate: 5.47% Zoning LARD2 Proposed/Assumption Proposed

$/Unit: $650,000 Minimum DSCR 1.25

$/ SF: $477.77

RENT ROLL:

UNIT # STATUS UNIT TYPE UNIT SIZE

CURRENT

RENT

SCHEDULED GROSS

INCOME

CURRENT

RENT PER SF

PRO FORMA

RENT

PRO FORMA

RENT PER SF

LOSS-TO-

LEASE

1 Vacant 3b/3b 1,373 $0 $3,900 $2.84 $3,900 $2.84 $0

2 Vacant 3b/3b 1,373 $0 $3,900 $2.84 $3,900 $2.84 $0

3 Vacant 3b/3b 1,348 $0 $3,800 $2.82 $3,800 $2.82 $0

4 Vacant 3b/3b 1,348 $0 $3,800 $2.82 $3,800 $2.82 $0

4 5,442 $0 $15,400 $2.83 $15,400 $2.83 $0Totals/Averages:


FINANCIAL ANALYSIS

# UNITS UNIT MIX % OF TOTAL SIZEAVG

RENT

AVERAGE

RENT/SF

MONTHLY

INCOME

AVG PRO

FORMA

RENT

AVERAGE PRO

FORMA

RENT/SF

PRO FORMA

MONTHLY

INCOME

4 3b/3b 100% 1,361 $3,850 $2.83 $15,400 $3,850 $2.83 $15,400

4 Totals/Averages: 1,361 $3,850 $2.83 $15,400 $3,850 $2.83 $15,400

Gross Scheduled/Gross Potential Income: $184,800 $184,800

ANNUALIZED OPERATING DATA: ANNUALIZED EXPENSES:

CURRENT PRO FORMA CURRENT PRO FORMA

Gross Potential Rental Income $184,800 $184,800 Fixed Expenses

Gain (Loss)-to-Lease $0 $0 Real Estate Taxes 1.1930% $31,018 $31,018

Gross Scheduled Rental Income $184,800 $184,800 Insurance .37/s.f. $2,000 $2,000

Less: Vacancy 3.0% ($5,544) 3.0% ($5,544) Utilities $175/unit $700 $700

Effective Gross Income $179,256 $179,256

Less: Expenses ($36,918) ($36,918) Controllable Expenses

Miscellaneous Other Income $0 $0 Contract Services $300/unit $1,200 $1,200

Net Operating Income $142,338 $142,338 Repairs & Maintenance $500/unit $2,000 $2,000

Debt Service ($113,270) ($113,270)

Pre-Tax Cash Flow 3.73% $29,068 3.73% $29,068 TOTAL EXPENSES $36,918 $36,918

Principal Reduction $28,336 $28,336 EXPENSES/UNIT $9,230 $9,230

Total Return 7.36% $57,403 7.36% $57,403 EXPENSES/SF $6.78 $6.78

% of EGI 20.6% 20.6%


3400 London

756 N Ridgewood

442 N Kingsley

236 N Dillon

4710 Maplewood

301 N Douglas

4733 Oakwood

963 N Wilton

648 N Rampart

1249 Colton

SALES COMPARABLES MAP

Subject Property: 244 N Park View


SALES COMPARABLES

# ADDRESS UNITS SOLD PRICE $/SF $/UNIT CAP RATE GRM BLDG SF LOT SF CLOSE

DATE

YEAR

BUILT

1 3400 London 4 $3,100,000 $419.71 $775,000 4.66% 15.38 7,386 6,109 6/18/18 2018

2 756 N Ridgewood 4 $2,730,000 $518.52 $682,500 4.86% 15.85 5,265 6,089 4/30/18 2018

3 442 N Kingsley 4 $2,500,000 $413.63 $625,000 5.62% 13.71 6,044 6,736 6/8/2018 2018

4 236 N Dillon 4 $2,410,000 $444.65 $602,500 5.63% 13.85 5,420 6,368 3/30/18 2017

5 4710 Maplewood 4 $2,400,000 $421.42 $600,000 5.62% 13.70 5,695 5,723 5/10/18 2018

6 301 N Douglas 4 $2,330,000 $481.01 $582,500 5.10% 15.36 4,844 6,020 4/25/17 2016

7 4733 Oakwood 4 $2,200,000 $460.64 $550,000 5.63% 13.68 4,776 7,256 5/8/18 2017

8 963 N Wilton 4 $2,185,000 485.663 $546,250 5.54% 14.11 4,499 6750 2/23/2018 2017

9 648 N Rampart 3 $1,975,000 $401.67 $658,333 5.84% 12.96 4,917 7,310 3/23/17 2016

10 1249 Colton 2 $1,354,000 $502.23 $677,000 4.13% 17.36 2,696 5,580 1/31/18 2007

AVERAGE: 3.7 $2,318,400 $449.81 $626,595 5.26% 14.60 5,154 6,394

244 N Park View: 4 $2,600,000 $477.77 $650,000 5.47% 14.07 5,442 8,022 N/A 2018

SALES COMPARABLES CHART


SALES COMPARABLES PHOTOS


EXTERIOR


AMAZING VIEWS!


LIVING + KITCHEN


BEDROOMS


BATHROOMS


LAUNDRY


GARAGE

images4.loopnet.com...in a market of sub 4% cap rates, this is a rare opportunity to own a property...

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