1296 citrus - om · 2019. 9. 18. · • lionsgate • pandora • riot games • truecar •...
TRANSCRIPT
A Six-Unit Value-Add
Opportunity in Miracle Mile
1 2 9 6SOUTH CITRUS AVE
1 2 9 6SOUTH CITRUS AVE LOS ANGELES, CA9 • 0 • 0 • 1 • 9
STEVEN F. GOLDSTEINSenior Associate(213) [email protected] License: 01975978
SEAN ROSENZWEIGFirst Vice President, Investments(213) [email protected] License: 01406343
CONFIDENTIALITY AGREEMENTThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. 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. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect 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, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
NON-ENDORSEMENT NOTICE
EXCLUSIVELY LISTED BY:
Marcus & Millichap 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 Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Activity ID:
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTING AGENTS FOR MORE DETAILS.
CONTENTS
01EXECUTIVE SUMMARY
03MARKET OVERVIEW
12FINANCIAL SUMMARY
15MARKET COMPARABLES
1•EXECUTIVE SUMMARY
Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire a two-property portfolio located at 1296 South Citrus Avenue and 1430 Sherbourne Drive, a six-unit and five-unit value-add opportunity located in prime submarkets of Los Angeles. The properties can either be purchased as a portfolio or individually.
Originally constructed in 1927, 1296 South Citrus Avenue offers investors the ability to acquire a charming 1920s vintage apartment complex in the heart of Mid-Wilshire with a significant value-add component. Situated on a 7,052 square foot parcel, the asset consists of one two-story building with four detached carports and two garage parking spaces located in the rear of the building. The building consists of six spacious one bedroom units averaging 855 square feet with in-unit washer/dryer and private walk-up entrances in select units. While the building has been well maintained, the unit interiors are prime candidates for a comprehensive renovation strategy; investors can expect to increase rental income by approximately 42 percent post renovation.
The property is located within a highly desirable residential enclave of Mid-Wilshire. This highly walkable (89 Walk Score) pocket provides residents with ideal proximity to thousands of high-paying jobs, a myriad of entertainment venues, cultural destinations, and world class dining. Additionally, with CIM Group’s recently delivered
75,000 square foot retail center located across San Vicente Boulevard from the subject property, and future developments including Onni Group’s repositioning
of the one million square foot Wilshire Courtyard business center and the extension of the Metro Purple Line, investors should expect consistent rent
growth in the coming years.
Given the property’s prime Mid Wilshire location, significant value-add component, and the neighborhood’s transforming landscape, 1296 South Citrus Avenue is an ideal investment for investors seeking long term appreciation.
THE OFFERING
SUMMARYEXECUTIVE
Great Walkability and Transit Oriented
With a Walk Score of 89, 1296 South Citrus Avenue is considered very walkable—most errands can be accomplished on foot. Additionally, with the coming extension of the Metro Purple Line, residents will have convenient access to Westside neighborhoods as well as Downtown Los Angeles without the use of a car.
Strong Demand for Renovated Product
Strong Demand for Renovated Product: With strong neighborhood demographics, Mid Wilshire has an affluent tenant base seeking luxury finishes.
Value-Add Opportunity
Investors will have the opportunity to implement a comprehensive renovation strategy, capitalizing on approximately 42 percent rental upside post renovation.
Large Character-Style Units
The property features large one bedroom one bathroom units averaging 855 square feet with in-unit washer/dryer and private walk-up entrances on select units.
100 percent fee simple interest in a six-unit apartment community located at 1296 South Citrus Avenue, Los Angeles, CA 90019.
INTEREST OFFERED:
Property has in-place financing that must be assumed.
TERMS OF SALE:
Prospective purchasers are encouraged to visit the subject property prior to submitting offers. Please do not contact the management company without prior approval. All property tours must be coordinated through the listing agents.
PROPERTY TOURS:
Address: 1296 South Citrus Avenue, Los Angeles, CA 90019
List Price: $2,100,000
Current Cap: 2.37%
Market Cap: 5.27%
Price/Unit: $350,000
Price/Gross SF: $386
SUMMARY OF TERMSI N V E S T M E N T H I G H L I G H T S
2 1296 SOUTH CITRUS•
3•EXECUTIVE SUMMARY
OVERVIEWMARKET
1 2 9 6SOUTH CITRUS AVE
4 1296 SOUTH CITRUS•
BEST OF
MIRACLE MILE ONLY STEPS AWAY
Originally developed in the 1920s, pioneer developer A.W Ross saw an opportunity for this one mile stretch along Wilshire Boulevard as an alternative shopping district to Downtown Los Angeles. Since then Miracle Mile has evolved into one of the city’s more densely populated neighborhoods and an attractive place of residence due to its central location and the wide variety of walkable amenities.
Situated on South Citrus Avenue, the subject property is within two miles of popular destinations such as LACMA, El Rey Theatre, The Grove, Hancock Park, Pan Pacific Park, and The Farmers Market at 3rd and Fairfax. Additionally, it is situated within a short Uber ride of countless local amenities on Pico Boulevard, Wilshire Boulevard, La Brea Avenue, and Venice Boulevard including Trader Joe’s, CVS, La Brea Bakery, Modo Yoga, and numerous boutique eateries, cafes, and shoppes.
Wilshire BoulevardMuseum Row
The Grove Shopping Center
Los Angeles County Museum of Art
The Academy Museum of Motion Pictures (2019)
5•MARKET OVERVIEW
We think of Wilshire Boulevard as synonymous with Los Angeles—as our Main Street.-Los Angeles Times
Los Angeles County Museum of Art Pan Pacific Park
El Rey Theatre
The Original Farmers Market
6 1296 SOUTH CITRUS•
6 milesSANTA MONICA:15.72M SF OF OFFICE SPACE
Hulu • HBO • Activision • Lionsgate • Pandora • Riot Games • TrueCar •
Fandango
1296 Citrus offers residents unparalleled accessibility to all of Metro Los Angeles.The property is located within a 30-minute drive of nearly 225 million square feet of office space and prominent employers across a wide variety of industries. This high level of accessibility has routinely driven demand to live in and around Miracle Mile as it affords residents a great balance of urban living with manageable commute times to more than one million jobs throughout Los Angeles.
Additionally, 1296 Citrus is located within a five-minute walk of the purple line extension at Wilshire/La Brea which will enhance accessibility to employment hubs such as Downtown Los Angeles, Hollywood, Koreatown, and the Westside (upon completion of the Purple Line extension in 2026).
This high level of accessibility appeals to the cosmopolitan spirit of the subject property’s target renter profile who desire to have access to the best of everything within arm’s reach. This location is also ideal for roommate sharing situations and couples where the tenants’ respective jobs are located in diverging markets or those who have careers and lifestyles that require commutes to various areas of the city.
Furthermore, the continued gentrification of the immediate area surrounding the property continues to draw attractive lifestyle amenities within walking distance, thereby increasing demand to live at properties like 1296 Citrus.
ACCESSIBILIT Y TO HIGH-SAL ARY JOBSUnparalleled Accessibility
8 miles
2 miles
4 miles
6 milesMID-WILSHIRE/MIRACLE MILE:
21.74M SF OFFICE SPACEHanmi Bank • Mercury Insurance • Ares
Management • CBS Television City • SAG-AFTRA • E! Entertainment • Securitas • Entercom
Communications • Southwestern Law School • Los Angeles Magazine
WEST HOLLYWOOD/HOLLYWOOD/STUDIO CITY: 23.53M SF OF OFFICE SPACE
Netflix • HBO • Paramount • Live Nation • Viacom • NBC Universal • CBS Studios •
Universal Studios
MARINA DEL REY/VENICE/LAX: 15.97M SF OF OFFICE SPACE
Facebook • YouTube • Google • Yahoo! • Electronic Arts • Toms • Genzyme • Deutsch
GREATER DOWNTOWN LOS ANGELES:
72.27M SF OF OFFICE SPACEAECOM • Gibson, Dun,
& Crutcher • KPMG • Deloitte • Gensler •
Ernst & Young • Wedbush Securities • Manufacturers
Bank • Oaktree Capital Management • O’Melveny &
Myers • Transamerica
BURBANK/GLENDALE: 26.65M SF OF OFFICE SPACE
DreamWorks • Nestle • Whole Foods • Walt Disney
Animation • Warner Brothers • ABC EntertainmentBEVERLY HILLS/CENTURY CITY:
22.07M SF OF OFFICE SPACECreative Artists Agency • 20th Century Fox • Houlihan Lokey • Cedars Sinai Medical Center
• William Morris Agency • Latham & Watkins
6 miles
WESTWOOD/WEST LA/CULVER CITY:
24.15M SF OF OFFICE SPACEUCLA • Sony Pictures • NFL Network • Oracle • LA Weekly • Symantec •
Comedy Central • Amazon Studios
1 2 9 6SOUTH CITRUS AVE
8 1296 SOUTH CITRUS•
From the NoHo Arts’ District, to Hollywood, to Koreatown, Metro Stations Have Clearly
Demonstrated Their Ability to Drive Neighborhood Growth.
89 WALK SCORE
“Very Walkable”Most errands can be accomplished on foot.
63 TRANSIT SCORE
“Good Transit”Many nearby public transportation options.
70 BIKESCORE
“Very Bikeable”Biking is convenient for most trips.
TRANSIT AND PEDESTRIAN ORIENTED
8 1296 SOUTH CITRUS•
9•MARKET OVERVIEW
Listed in the table are travel times to popular destinations and employment centers via different means of transportation. Additionally, the subject property has an 89 Walk Score rating which means most errands can be accomplished on foot. Investors will benefit from this high level of walkability as more walkable neighborhoods tend to attract young, educated, and affluent lifestyle renters who are willing to premiums for renovated living spaces.
Residents at 1296 Citrus are also within a short drive of some of the most desirable submarkets in Los Angeles County. The immediately adjacent neighborhoods (Hollywood and Koreatown) are within a 5- to 10-minute drive while other employment centers such as Beverly Hills, West Hollywood, and Downtown Los Angeles are within a 25-minute drive (during light traffic conditions).
METHOD OF TRANSPORTATION
LOCATION WALK BIKE BUS
La Brea Avenue & 3rd Street 5 min 2 min N/A
The Grove/Farmers Market 19 min 5 min 13 min
LACMA / Museum Row 18 min 5 min 11 min
Larchmont Village 34 min 10 min 16 min
Beverly Center/Restaurant Row N/A 13 min 20 min
Hollywood & Highland N/A 19 min 23 min
Downtown LA Financial District N/A 39 min 43 min
12minutes to
beverly hills
18minutes to
downtown los angeles
15minutes to
west hollywood
1296 Citrus offers residents convenient proximity to local employers, cultural attractions, and entertainment destinations without the use of a car. The property is located near stops for six bus lines (the DASH, 16, 20, 212, 312, and 316) which enable residents to easily access various locations within the city.
Additionally, the subject property is less than a 20-minute walk from the site of the future Wilshire/La Brea Station on the Purple Line which will further enhance future transit options.
10 1296 SOUTH CITRUS•
FACADE & LANDSCAPING IMPROVEMENTSFirst impressions are key to the decision making process for prospective residents and one of the best ways to set the right tone is with exterior/facade improvements and freshly landscaped grounds. Additionally, introducing new landscaping concepts like hardscape and drought resistant plants will also help reduce operational costs of landscape maintenance and utilities (via less watering).
INTERIOR RENOVATIONSUpgraded Flooring
Modern Light Fixtures
Stainless Steel Appliances
Stone Countertops
Contemporary Window Treatments
Recessed Lighting
Modern Plumbing Fixtures
Designer Paint Scheme
COMMON AREA & SYSTEMS UPGRADENew Exterior Paint Scheme
Modern Address Numbering
1296 Citrus is an excellent candidate for value-add renovations that will allow investors to capitalize on the demand for premium finishes in the immediate market.
Investors will have the opportunity to replicate similar upgrades completed at other properties in the submarket shown here.
VALUE-ADDOPPORTUNITY
PREMIUM POTENTIAL
10 1296 SOUTH CITRUS•
11•MARKET OVERVIEW
1 2 9 6SOUTH CITRUS AVE
11•MARKET OVERVIEW
SUMMARYFINANCIAL
13•FINANCIAL SUMMARY
ANNUALIZED OPERATING DATA Current Year 1 Market
Market Rent $162,000 $162,000 $162,000
Gain (Loss)-to-Lease 41.93% (67,920) 39.60% (64,157) 0.00% -
Gross Potential Rental Income $94,080 $97,843 $162,000
Less: Vacancy 3.00% (2,822) 3.00% (2,935) 5.00% (8,100)
Less: Non-Revenue Units 0.00% - 0.00% - 0.00% -
Less: Bad Debt 0.50% (470) 0.50% (489) 0.50% (810)
Less: Concession Loss 0.00% - 0.00% - 0.00% -
Total Rental Income $90,787 $94,419 $153,090
Other Income $/unit/mo. - $/unit/mo. - $/unit/mo. -
RUBS Income $/unit/mo. - $/unit/mo. - $25/unit/mo. 1,800
Effective Gross Income $90,787 $94,419 $154,890
Less: Expenses 45.19% (41,024) 43.64% (41,206) 28.56% (44,229)
Net Operating Income $49,763 $53,213 $110,661
Less: Debt Service (45,500) (45,500) (45,500)
Pre-Tax Cash Flow 0.33% 4,263 0.59% 7,713 5.01% 65,160
UNIT MIX CURRENT MARKET
# of Avg. Unit Average Average Average Monthly Average Average Average Monthly Loss-to-Unit Type Units Size (SF) Rental Range Rent Rent/SF Income Rental Range Rent Rent/SF Income Lease
1 Bed/1 Bath 6 855 $562 - $1,813 $1,307 $1.53 $7,840 $2,250 - $2,250 $2,250 $2.63 $13,500 42%
Totals/Weighted Averages: 855 $1,307 $1.53 $7,840 $2,250 $2.63 $13,500 42%
Current Occupancy: 100.00% Annual Current: $94,080 Annual Market: $162,000
FINANCING
Loan Amount 800,000
Interest Rate 3.94%
Monthly Payment ($3,792)
Loan-to-Value 38%
Amortization (Years) 30
Proposed/Assumption Assumption
Debt Service Coverage Ratio 1.09
I/O Period (Years) 0
ANNUALIZED OPERATING DATA Current Year 1 Market
FIXED EXPENSES
Real Estate Taxes 1.196046% 25,117 25,117 25,117
Direct Assessments Per Assessor 968 968 968
Insurance $300/unit 1,800 1,800 1,800
Utilities $304/unit 1,825 1,825 1,825
Reserves $200/unit 1,200 1,200 1,200
VARIABLE EXPENSES
On Site Payroll $0/unit - - -
General & Administrative $150/unit 900 900 900
Marketing & Promotion $50/unit 300 300 300
Contract Services $229/unit 1,375 1,375 1,375
Repairs & Maintenance $300/unit 1,800 1,800 1,800
Turnover $200/unit 1,200 1,200 1,200
Management Fee 5.0% of EGI 4,539 4,721 7,745
Total Expenses 41,024 41,206 44,229
Expenses/Unit $6,837 $6,868 $7,372
Expenses/Gross SF $7.54 $7.58 $8.13
% of EGI 45.2% 43.6% 28.6%
FINANCIAL INDICATORS
Price $2,100,000
Down 62% $1,300,000
Current CAP 2.37%
Year 1 CAP 2.53%
Market CAP 5.27%
Price/Unit $350,000
Price/Gross SF $386
Current GRM 22.32
Year 1 GRM 21.46
Market GRM 12.96
Current GIM 22.32
Market GIM 12.82
Ownership Fee Simple
BUILDING DATA
No. of Units 6
Year Built 1927
Lot Size (acres) 0.16
Lot Size (SF) 7,052
Gross SF 5,438
Net Rentable SF 5,130
APN 5084-026-024
NOTES/ASSUMPTIONS(1) Unit sizes are estimated based off broker’s measurement of one unit.(2) Utilities and contract services are based on the operating statement provided; tenants are billed direct for trash.(3) Year 1 Scenario accounts for all tenants receiving 4% annual RSO increase.
FINANCIAL SUMMARY 1296 Citrus AvenueLos Angeles, CA 90019
14 1296 SOUTH CITRUS•
CURRENT SCHEDULED GROSS INCOME YEAR 1 MARKET
UNIT STATUS UNIT TYPE UNIT SIZE RENT RENT / SF RENT RENT / SF RENT RENT / SF RENT RENT / SF LOSS-TO-
LEASE1296 Occupied 1 Bed/1 Bath 855 $1,743 $2.04 $1,743 $2.04 $1,812 $2.12 $2,250 $2.63 ($507)
1296.5 Occupied 1 Bed/1 Bath 855 $1,120 $1.31 $1,120 $1.31 $1,165 $1.36 $2,250 $2.63 ($1,130)
1298 Occupied 1 Bed/1 Bath 855 $1,813 $2.12 $1,813 $2.12 $1,886 $2.21 $2,250 $2.63 ($437)
1298.5 Occupied 1 Bed/1 Bath 855 $1,795 $2.10 $1,795 $2.10 $1,867 $2.18 $2,250 $2.63 ($455)
4913 Occupied 1 Bed/1 Bath 855 $807 $0.94 $807 $0.94 $839 $0.98 $2,250 $2.63 ($1,443)
4915 Occupied 1 Bed/1 Bath 855 $562 $0.66 $562 $0.66 $585 $0.68 $2,250 $2.63 ($1,688)
6 6 100.0% 5,130 $7,840 $1.53 $7,840 $1.53 $8,154 $1.59 $13,500 $2.63 ($5,660)
RENT ROLL 1296 Citrus AvenueLos Angeles, CA 90019
NOTES/ASSUMPTIONS(1) Unit sizes are estimated based off broker’s measurement of one unit.(2) Utilities and contract services are based on the operating statement provided; tenants are billed direct for trash.(3) Year 1 Scenario accounts for all tenants receiving 4% annual RSO increase.
COMPARABLESMARKET
16 1296 SOUTH CITRUS•
Untitled map
Untitled layer
RENT CONTROLLED1 451 South Detroit Avenue
3 1041 South Genesee Avenue
5 5701 San Vicente Boulevard
2 1212 Orange Grove Avenue
4 613 South Detroit Avenue
6 1055 South Sycamore Avenue
SALEScomparables
1296 SOUTH CITRUS
2 5
14
3 6
17•MARKET COMPARABLES
PROPERTYYEAR BUILT UNITS
GROSS SF PRICE
COECAP
COEGRM $/UNIT $/SF
SALE DATE STUDIO 1-BED 2-BED 3-BED
1296 South Citrus Avenue 1927 6 5,438 $2,100,000 2.37% 22.32 $350,000 $386 N/A N/A 6(1+1) N/A N/ALos Angeles, CA 90019
1 451 South Detroit Avenue 1933 8 8,203 $3,125,000 N/A N/A $390,625 $381 8/13/19 N/A 8(1+1) N/A N/ALos Angeles, CA 90036
2 1212 Orange Grove Avenue 1932 5 4,155 $1,774,000 4.29% 18.29 $354,800 $427 8/2/19 1(S) 2(1+1) 2(2+2) N/A
Los Angeles, CA 90019
3 1041 South Genesee Avenue 1936 12 11,967 $4,450,000 3.98% 16.03 $370,833 $372 6/26/19 N/A 7(1+1) 4(2+1) N/A
Los Angeles, CA 90019 1(2+1.5)
4 613 South Detroit Avenue 1939 6 6,526 $2,200,000 4.79% 20.87 $366,667 $337 6/17/19 N/A 3(1+1) 3(2+1) N/A
Los Angeles, CA 90035
5 5701 San Vicente Boulevard 1949 6 3,800 $1,415,000 5.00% 13.40 $235,833 $372 6/11/19 4(S) 2(1+1) N/A N/A
Los Angeles, CA 90019
6 1055 South Sycamore Avenue 1939 5 3,286 $1,830,000 4.90% N/A $366,000 $557 10/4/18 N/A 4(1+1) N/A N/A
Los Angeles, CA 90019 Note: Property had 4 vacant units at time of sale. 1(P)
High: 5.00% 20.87 $390,625 $557 Average: 4.59% 17.15 $347,460 $408
Low: 3.98% 13.40 $235,833 $337
SALEScomparables
18 1296 SOUTH CITRUS•
SALEScomparables
1
451 SOUTH DETROIT AVENUE • LOS ANGELES, CA 90036
YEAR BUILT: 1933
UNITS: 8
GROSS SF: 8,203
SALE PRICE: $3,125,000
COE CAP RATE: N/A
COE GRM: N/A
PRICE PER UNIT: $390,625
PRICE/SF: $381
SALE DATE: 8/13/19
UNIT MIX
1 BED/1 BATH 8
451 SOUTH DETROIT AVENUE 2
1212 ORANGE GROVE AVENUE • LOS ANGELES, CA 90019
YEAR BUILT: 1932
UNITS: 5
GROSS SF: 4,155
SALE PRICE: $1,774,000
COE CAP RATE: 4.29%
COE GRM: 18.29
PRICE PER UNIT: $354,800
PRICE/SF: $427
SALE DATE: 8/2/19
UNIT MIX
STUDIO 1
1 BED/1 BATH 2
2 BED/2 BATH 2
1212 ORANGE GROVE AVENUE 3
1041 SOUTH GENESEE AVENUE • LOS ANGELES, CA 90019
YEAR BUILT: 1936
UNITS: 12
GROSS SF: 11,967
SALE PRICE: $4,450,000
COE CAP RATE: 3.98%
COE GRM: 16.03
PRICE PER UNIT: $370,833
PRICE/SF: $372
SALE DATE: 6/26/19
UNIT MIX
1 BED/1 BATH 7
2 BED/1 BATH 4
2 BED/1.5 BATH 1
1041 SOUTH GENESEE AVENUE
19•MARKET COMPARABLES
SALEScomparables
4
613 SOUTH DETROIT AVENUE • LOS ANGELES, CA 90035
YEAR BUILT: 1939
UNITS: 6
GROSS SF: 6,526
SALE PRICE: $2,200,000
COE CAP RATE: 4.79%
COE GRM: 20.87
PRICE PER UNIT: $366,667
PRICE/SF: $337
SALE DATE: 6/17/19
UNIT MIX
1 BED/1 BATH 3
2 BED/1 BATH 3
613 SOUTH DETROIT AVENUE 5
5701 SAN VICENTE BOULEVARD • LOS ANGELES, CA 90019
YEAR BUILT: 1949
UNITS: 6
GROSS SF: 3,800
SALE PRICE: $1,415,000
COE CAP RATE: 5.00%
COE GRM: 13.40
PRICE PER UNIT: $235,833
PRICE/SF: $372
SALE DATE: 6/11/19
UNIT MIX
STUDIO 4
1 BED/1 BATH 2
5701 SAN VICENTE BOULEVARD 6
1055 SOUTH SYCAMORE AVENUE • LOS ANGELES, CA 90019
YEAR BUILT: 1939
UNITS: 5
GROSS SF: 3,286
SALE PRICE: $1,830,000
COE CAP RATE: 4.90%
COE GRM: N/A
PRICE PER UNIT: $366,000
PRICE/SF: $557
SALE DATE: 10/4/2018
UNIT MIX
1 BED/1 BATH 5
1055 SOUTH SYCAMORE AVENUE
20 1296 SOUTH CITRUS•
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RENTcomparables
11296 SOUTH CITRUS
1
3
5
2
4
6
1085 South Cloverdale Avenue
1535 6th Avenue
1016 Masselin Avenue
1303 South Cloverdale Avenue
5078 Pickford Street
1055 South Sycamore Avenue
6
2
3
4
5
21•MARKET COMPARABLES
1 BED/1 BATH
PROPERTY UNITS YEAR BUILT RENT SIZE $/SF
1296 SOUTH CITRUS 6 1927 Avg. In-Place Rents: $1,307 855 $1.53 1296 South Citrus Avenue Avg. Market Rents: $2,250 855 $2.63 Los Angeles, CA 90019 - - -
1 1085 South Cloverdale Avenue 8 1928 $2,850 800 $3.56
Los Angeles, CA 90019 - - -
- - -
2 1303 South Cloverdale Avenue 8 1928 $2,195 850 $2.58
Los Angeles, CA 90019 - - -
- - -
3 1535 6th Avenue 11 1922 $2,195 700 $3.14
Los Angeles, CA 90019 - - -
- - -
4 1016 Masselin Avenue 8 1936 $2,395 1,100 $2.18
Los Angeles, CA 90019 - - -
- - -
5 5078 Pickford Street 5 1949 $1,995 980 $2.04
Los Angeles, CA 90019 - - -
- - -
6 1055 South Sycamore Avenue 5 1939 $2,950 - -
Los Angeles, CA 90019 - - -
- - -
Average: $2,430 886 $2.70 High: $2,950 1,100 $3.56 Low: $1,995 700 $2.04
RENTcomparables
MIRACLE MILE
HOLLYWOOD
KOREATOWN
HANCOCK PARK
SILVER LAKE
22 1296 SOUTH CITRUS•
1 2 9 6 SOUTH CITRUS AVE
DOWNTOWN LOS ANGELES
MID WILSHIRE
UNIVERSITY PARK
N
EXCLUSIVELY LISTED BY:
1 2 9 6SOUTH CITRUS AVE
STEVEN F. GOLDSTEINSenior Associate(213) [email protected] License: 01975978
SEAN ROSENZWEIGFirst Vice President, Investments(213) [email protected] License: 01406343