3792 ashwood ave - loopnet · 3792 ashwood ave los angeles, ca 90066 location. mar vista,...
TRANSCRIPT
-
3792 Ashwood AveLos Angeles, CA 90066--------------------
7 UNITS IN MAR VISTA SHORT BIKE RIDE TO VENICE BEACH
3792 ASHWOOD AVELOS ANGELES, CA 90066
OFFERING MEMORANDUM
-
3792 Ashwood AveLos Angeles, CA 90066
PRESENTED BY
LOCATION OVERVIEWMarket OverviewProperty Location
PROPERTY SUMMARYProperty Highlights Property Details
FINANCIALSFinancial Overview Rent Roll
PHOTOGRAPHY
COMPARABLESSales Comps Rent Comps
Kenny StevensBRE# 01090251
MARKETING PACKAGEOVERVIEW
www.prosserstevens.com | [email protected] | 310.963.7851449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066LOCATIONMAR VISTA, CA ---------------------------
MAR VISTA - LOS ANGELES, CA 900663792 Ashwood Ave, is located in the booming, culturally rich neighborhood of Mar Vista — Close tothe Mar Vista Sunday Farmer's Market, Venice Beach, Marina Del Rey, Silicon Beach, Santa Monica,and Culver City. Located only a short bike ride from trendy Abbot Kinney Blvd where some of thebest shopping and restaurants in LA are located. Easy commute to LAX, Downtown LA and BeverlyHills and all that West LA has to offer!
Over the course of just a couple of years, Mar Vista has been among the most significant emergingsubmarkets in Los Angeles. Its central location on the Westside along with its proximity to Venice andSilicon Beach has made this area irresistible to residents. With Venice and Playa Vista filling up fastand Santa Monica virtually out of space, developers and brokers are eying Mar Vista as the nextprevalent neighborhood.
Venice has become one of the most expensive neighborhoods in Los Angeles. According to the realestate website Zillow, it is the seventh most expensive neighborhood in which to buy a house, itsmedian home value — $1,578,200 — coming in just behind the Hollywood Hills and just ahead ofBeverlywood. According to ApartmentList.com, the average rental price of a two-bedroomapartment in Venice is $4,900 a month — well ahead of Westwood, Santa Monica, Brentwood, evenBel-Air and the Hollywood Hills. When you rank neighborhoods in the city of L.A. by price per squarefoot of real estate, Venice becomes even loftier: According to data provided to L.A. Weekly byZillow, Venice is tied with Bel-Air for No. 2. Only the Pacific Palisades is more expensive per squarefoot. As for median rental price per square foot, Venice is the most expensive place in L.A.
Silicon Beach is the Westside region of the Los Angeles metropolitan area that is home to over 500tech startup companies. Major technology companies have opened Offices in the region includingGoogle, Yahoo!, YouTube, BuzzFeed, Facebook, AOL, Electronic Arts, EdgeCast Networks, andMySpace. The region is considered the second- or third-largest tech hub in the world, according tovarious reports. This has had major impacts on the type and availability of office space and on homeprices in Mar Vista, Playa Vista, Playa Del Rey, Westchester, Santa Monica, and Venice, as theseareas have become more desirable due to this influx.
-
3792 Ashwood AveLos Angeles, CA 90066LOCATIONOVERVIEW ---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066--------------------
PROPERTY DESCRIPTION3792 Ashwood Avenue, located in the rapidly growing Westsideneighborhood of Mar Vista. This 1949 bungalow-style property islocated just 1.5 miles from the world-famous Venice BeachBoardwalk. Entertainment value and proximity to a variety of westsideneighborhoods add to this property’s long-term appreciation. Thebuilding has five (5) singles with full kitchen and bath as well as two (2)1+1 unit, all of which have hardwood floors, private entrances, andindividual parking spaces. Several units have been beautifullyrenovated with stainless steel appliances, new fixtures, quartz countertop, new cabinets, and updated bathrooms. Additional renovationsto the property include; new contemporary landscaping, new frontfence, as well as a newly paved parking lot.
PROPERTY DETAILSUnits (2) 1+1, (5) Singles Major Intersection Venice Blvd and Ashwood AveMarket Mar VistaAPN 4245-021-001Zoning Type LARD1.5Building SF 2,499 SFUnits (2)1+1, (5) Single
PROPERTY SUMMARY PROPERTY DETAILS
-
3792 Ashwood AveLos Angeles, CA 90066PROPERTY SUMMARY PROPERTY HIGHLIGHTS
7 UNITS IN MAR VISTA• Charming, quiet gated property • Owner can raise rents by 5% annually• Excellent location on the Venice-Mar Vista border• Easy bike ride to the beach, Abbot Kinney Blvd, Santa Monica• Excellent unit mix for AirBnB rentals• Approximately 20% upside in rents• Several units have been beautifully renovated• 7 open parking spaces• Simple to manage
---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066FINANCIALSFINANCIAL OVERVIEW - $2,050,000 ---------------------------
Purchase Price: $2,050,000 UNIT MIX CURRENT PRO FORMADown Payment: $2,050,000 100% Units Beds Baths Range Monthly Rent MonthlyYear Built: 1949 2 1 1 $1,430 - $2,395 $3,825 $2,395 $4,790Units: 7 5 Studio 1 $1,070 - $1,895 $7,754 1,750-1,895 $9,185Approx. Lot Size: 6,001 Sq. Ft.Cost per Unit: $292,857Expense / Unit: $6,844 Scheduled Rent: $11,579 $13,975
CURRENT PRO FORMA
GRM: 14.69 12.18 Laundry Income: $50 $50CAP: 4.27% 5.63% Monthly Gross Income: $11,629 $14,025
Annual Gross Income: $139,548 $168,300
CURRENT PRO FORMA ITEM AMOUNTScheduled Gross Income: $139,548 $168,300 Taxes: (based on new purchase price) 1.25% $25,625Less Vacancy Reserve Rate: ($4,186) 3.00% * ($5,049) 3.00% *Insurance: $3,987Gross Operating Income: $135,362 $163,251 *Utilities: $7,739Less Expenses: ($47,908) 34% * ($47,908) 28% *Repairs & Maintenance: $2,164Net Operating Income: $87,453 $115,343 Professional Mgmt: $6,768Less Debt Service: $0 $0 *Landscape $1,625Pre-Tax Cash Flow: $87,453 4.27% ** $115,343 5.63%Plus Principal Reduction: $0 $0 Total Expenses: $47,908Total Return Before Taxes: $87,453 4.27% ** $115,343 5.63% Expense / Unit: $6,844
INVESTMENT SUMMARY SCHEDULED INCOME
*Expenses are 2017 Actuals
ANNUAL INCOME ANNUAL EXPENSES
Sheet1
INVESTMENT SUMMARYSCHEDULED INCOME
Purchase Price:$2,050,000UNIT MIXCURRENTPRO FORMA
Down Payment:$2,050,000100%UnitsBedsBathsRangeMonthlyRentMonthly
Year Built:1949211$1,430 - $2,395$3,825$2,395$4,790
Units:75Studio1$1,070 - $1,895$7,7541,750-1,895$9,185
Approx. Lot Size:6,001Sq. Ft.
Approx. Bldg. NRSF:Sq. Ft.
Cost per NRSF:$747
Cost per Unit:$292,857
Expense / NRSF:$13.13
Expense / Unit:$6,844Scheduled Rent:$11,579$13,975
CURRENTPRO FORMA
GRM:14.6912.18Laundry Income:$50$50
CAP:4.27%5.63%Monthly Gross Income:$11,629$14,025
Annual Gross Income:$139,548$168,300
ANNUAL INCOMEANNUAL EXPENSES
CURRENTPRO FORMAITEMAMOUNT
Scheduled Gross Income:$139,548$168,300Taxes: (based on new purchase price) 1.25%$25,625
Less Vacancy Reserve Rate:($4,186)3.00%*($5,049)3.00%*Insurance:$3,987
Gross Operating Income:$135,362$163,251*Utilities:$7,739
Less Expenses:($47,908)34%*($47,908)28%*Repairs & Maintenance:$2,164
Net Operating Income:$87,453$115,343Professional Mgmt:$6,768
Less Debt Service:$0$0*Landscape$1,625
Pre-Tax Cash Flow:$87,4534.27%**$115,3435.63%*Expenses are 2017 Actuals
Plus Principal Reduction:$0$0Total Expenses:$47,908
Total Return Before Taxes:$87,4534.27%**$115,3435.63%Expense / Unit:$6,844
* As a percent of the scheduled gross income. ** As a percent of the down payment
Sheet2
CurrentMarketLease
Unit #Unit TypeRentRentDateNotes
131211 + 1$2,395$2,39512/1/17
3792Studio$1,779$1,8952/13/17
37941 + 1$1,430$2,395
13117Studio$1,750$1,7504/1/17
13117 1/2Studio$1,070$1,895
13119Studio$1,895$1,895Vacated 4/10/18
13119 1/2Studio$1,260$1,895
Laundry$50$50
MONTHLY TOTAL:$11,629$14,170
ANNUAL TOTAL:$139,548$170,040
-
3792 Ashwood AveLos Angeles, CA 90066FINANCIALSRENT ROLL
Current Market LeaseUnit # Unit Type Rent Rent Date Notes
13121 1 + 1 $2,395 $2,395 12/1/20173792 Studio $1,779 $1,895 2/13/20173794 1 + 1 $1,430 $2,395
13117 Studio $1,750 $1,750 4/1/201813117 1/2 Studio $1,070 $1,750
13119 Studio $1,895 $1,895 Vacated 4/10/1813119 1/2 Studio $1,260 $1,895
Laundry $50 $50MONTHLY TOTAL: $11,629 $14,025
ANNUAL TOTAL: $139,548 $168,300
---------------------------
Sheet1
INVESTMENT SUMMARYSCHEDULED INCOME
Purchase Price:$3,300,000UNIT MIXCURRENTPRO FORMA
Down Payment:$3,300,000100%UnitsBedsBathsAverageMonthlyRentMonthly
Year Built:1906421$2,210-$3,300$10,819$3,300$13,200
Units:721 + loft1$1,879-$1,927$3,805$2,700$5,400
Approx. Lot Size:3,060Sq. Ft.111$944$944$2,500$2,500
Approx. Bldg. NRSF:4,416Sq. Ft.
Cost per NRSF:$747
Cost per Unit:$471,429
Expense / NRSF:$13.13
Expense / Unit:$8,282Scheduled Rent:$15,568$21,100
CURRENTPRO FORMAStorage Income:$0$0
GRM:17.6613.03Laundry Income:$0$0
CAP:3.73%5.69%Monthly Gross Income:$15,568$21,100
ROI:3.73%5.69%Annual Gross Income:$186,816$253,200
ANNUAL INCOMEANNUAL EXPENSES
CURRENTPRO FORMAITEMAMOUNT
Scheduled Gross Income:$186,816$253,200Taxes: (based on new purchase price) 1.25%$41,250
Less Vacancy Reserve Rate:($5,604)3.00%*($7,596)3.00%*Insurance:$1,208
Gross Operating Income:$181,212$245,604*Utilities:$1,311
Less Expenses:($57,976)31%*($57,976)23%*Repairs & Maintenance:$5,315
Net Operating Income:$123,236$187,628Professional Mgmt:$7,142
Less Debt Service:$0$0Misc:$1,750
Pre-Tax Cash Flow:$123,2363.73%**$187,6285.69%*Expenses are 12-month actuals
Plus Principal Reduction:$0$0Total Expenses:$57,976
Total Return Before Taxes:$123,2363.73%**$187,6285.69%Expense / NRSF:$13.13
* As a percent of the scheduled gross income. ** As a percent of the down paymentExpense / Unit:$8,282
Sheet2
CurrentMarketLease
Unit #Unit TypeRentRentDateNotes
131211 + 1$2,395$2,39512/1/17
3792Studio$1,779$1,8952/13/17
37941 + 1$1,430$2,395
13117Studio$1,750$1,7504/1/18
13117 1/2Studio$1,070$1,750
13119Studio$1,895$1,895Vacated 4/10/18
13119 1/2Studio$1,260$1,895
Laundry$50$50
MONTHLY TOTAL:$11,629$14,025
ANNUAL TOTAL:$139,548$168,300
-
3792 Ashwood AveLos Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS ---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS ---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS ---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066COMPARABLESSALES COMPS
Property Photo Address Sale Price COE # ofUnitsCost/Unit
BuildingSF GRM CAP
YearBuilt Unit Mix Comments
3792 Ashwood AveLos Angeles, CA 90066 $2,050,000 - 7 $292,857 2,499 14.69 4.27%
1949/
1954
(2) 1+1(5) Studio Subject Property
13910 Beethoven St Los Angeles, CA 90066 $4,075,000 9/26/17 13 $313,462 7,841 n/a n/a 1969 (13) 1+1
2 Los Angeles 90066 3632 S Centinela AveLos Angeles, CA 90066 $2,200,000 3/31/17 6 $366,667 6,200 17.92 n/a 1944(2) 3+2(2) 2+2(2) 2+1
3 3913 Beethoven StLos Angeles, CA 90066 $1,980,000 9/5/17 4 $495,000 2,596 18.33 4.14% 1964(1) 2+1(3) 1+1
4 4320-4326 Inglewood BlvdLos Angeles, CA 90066 $2,350,000 5/4/17 6 $391,667 5,316 n/a 2.57% 1953(4) 2+1(2) 1+1
5 561 Washington BlvdVenice, CA 90292 $4,250,000 3/8/17 10 $425,000 6,280 19.69 2.96% 1954(2) 2+1(8) 1+1
6 2700 Abbot Kinney Blvd Venice, CA 90291 $5,650,000 7/13/16 15 $376,667 11,180 22.84 2.27% 1959(1) 2+1.5(8) 2+1(6) 1+1
7 3745 S Centinela AveLos Angeles, CA 90066 $1,763,000 8/15/17 5 $352,600 4,554 17.97 3.53% 1959(3) 2+1(2) 1+1
---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066COMPARABLESSALES COMPS
Sales Comps3910 Beethoven St
3632 S Centinela Ave
3913 Beethoven St
4326 Inglewood Blvd
561 Washington Blvd
2700 Abbot Kinney Blvd
3745 S Centinela Ave
3792 Ashwood Ave
6
6
7
7
---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066COMPARABLESRENTAL COMPS
Property Photo Address Rent Unit Type Comments
3792 Ashwood AveLos Angeles 90066
$1,430 - $2,395 1 + 1Subject Property
Several units have been fully renovated with hardwood floors, new kitchen and bathroom.
$1,895 Large Studio
$1,750 Small Studio
1 11923 Venice Blvd #2Los Angeles, CA 90066 $2,399 1 + 1
2 12602 Venice Blvd #110Los Angeles, CA 90066 $1,625 Studio Gated entry. Vinyl floors throughout. 1 parking space.
3 21 Westminster Ave #106Venice, CA 90291 $1,900 Studio358 sqft studio. No parking. Closer to the beach. Unit interior
is outdated and not as nice as subject property.
411900 Venice Blvd #4Los Angeles, CA 90066 $1,695 Studio
53629 Beethoven StLos Angeles, CA 90066 $2,195 1 + 1
6 2700 Abbot Kinney Blvd #6Venice, CA 90291 $2,495 1 + 1No parking. Closer to the beach. Not as updated as subject
property.
72610 Abbot Kinney Blvd Venice, CA 90291 $1,650 Studio
No parking. 1 mile to the beach. Unit located on 1st floor of 2 story building. Unit is outdated with old appliances and
carpet.
---------------------------
-
3792 Ashwood AveLos Angeles, CA 90066COMPARABLESRENTAL COMPS
6
---------------------------
Rental Comps11923 Venice Blvd
12602 Venice Blvd
21 Westminster Ave
11900 Venice Blvd
3629 Beethoven St
2700 Abbot Kinney Blvd
2610 Abbot Kinney Blvd
67
3792 Ashwood Ave
7
-
3792 ASHWOOD AVELOS ANGELES, CA 90066
Kenny Stevens310.963.7851
[email protected]# 01090251
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. Buyer must
verify the information and bears all risk for any inaccuracies.
BRE# 01931128
PRESENTED BY
Slide Number 1Slide Number 2Slide Number 3Slide Number 4Slide Number 5Slide Number 6Slide Number 7Slide Number 8Slide Number 9Slide Number 10Slide Number 11Slide Number 12Slide Number 13Slide Number 14Slide Number 15Slide Number 17