3792 ashwood ave los angeles, ca 90066€¦ · 3792 ashwood ave los angeles, ca 90066 location mar...

3792 Ashwood Ave

Los Angeles, CA 90066--------------------

7 UNITS IN MAR VISTA SHORT BIKE RIDE TO VENICE BEACH

3792 ASHWOOD AVE

LOS ANGELES, CA 90066

OFFERING MEMORANDUM

Kenny Stevens BRE# 01090251310.963.7851 [email protected]

3792 Ashwood Ave

Los Angeles, CA 90066

PRESENTED BY

LOCATION OVERVIEWMarket Overview

Property Location

PROPERTY SUMMARYProperty Highlights

Property Details

FINANCIALSFinancial Overview

Rent Roll

PHOTOGRAPHY

COMPARABLESSales Comps

Rent Comps

Kenny Stevens

BRE# 01090251

310.963.7851

[email protected]

MARKETING PACKAGEOVERVIEW

www.prosserstevens.com | [email protected] | 310.963.7851

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212

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3792 Ashwood Ave

Los Angeles, CA 90066LOCATIONMAR VISTA, CA

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MAR VISTA - LOS ANGELES, CA 90066

3792 Ashwood Ave, is located in the booming, culturally rich neighborhood of Mar Vista — Close to

the 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 the

best shopping and restaurants in LA are located. Easy commute to LAX, Downtown LA and Beverly

Hills 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 emerging

submarkets in Los Angeles. Its central location on the Westside along with its proximity to Venice and

Silicon Beach has made this area irresistible to residents. With Venice and Playa Vista filling up fast

and Santa Monica virtually out of space, developers and brokers are eying Mar Vista as the next

prevalent neighborhood.

Venice has become one of the most expensive neighborhoods in Los Angeles. According to the real

estate website Zillow, it is the seventh most expensive neighborhood in which to buy a house, its

median home value — $1,578,200 — coming in just behind the Hollywood Hills and just ahead of

Beverlywood. According to ApartmentList.com, the average rental price of a two-bedroom

apartment in Venice is $4,900 a month — well ahead of Westwood, Santa Monica, Brentwood, even

Bel-Air and the Hollywood Hills. When you rank neighborhoods in the city of L.A. by price per square

foot of real estate, Venice becomes even loftier: According to data provided to L.A. Weekly by

Zillow, Venice is tied with Bel-Air for No. 2. Only the Pacific Palisades is more expensive per square

foot. 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 500

tech startup companies. Major technology companies have opened Offices in the region including

Google, Yahoo!, YouTube, BuzzFeed, Facebook, AOL, Electronic Arts, EdgeCast Networks, and

MySpace. The region is considered the second- or third-largest tech hub in the world, according to

various reports. This has had major impacts on the type and availability of office space and on home

prices in Mar Vista, Playa Vista, Playa Del Rey, Westchester, Santa Monica, and Venice, as these

areas have become more desirable due to this influx.

3792 Ashwood Ave

Los Angeles, CA 90066LOCATIONOVERVIEW

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3792 Ashwood Ave

Los Angeles, CA 90066--------------------

PROPERTY DESCRIPTION3792 Ashwood Avenue, located in the rapidly growing Westside

neighborhood of Mar Vista. This 1949 / 1954 bungalow-style property

is located just 1.5 miles from the world-famous Venice Beach

Boardwalk. Entertainment value and proximity to a variety of westside

neighborhoods add to this property’s long-term appreciation. The

building 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, and

individual parking spaces. Several units have been beautifully

renovated with stainless steel appliances, new fixtures, quartz counter

top, new cabinets, and updated bathrooms. Additional renovations

to the property include; new contemporary landscaping, new front

fence, as well as a newly paved parking lot.

PROPERTY DETAILS

Major Intersection Venice Blvd and Ashwood Ave

Market Mar Vista

APN 4245-021-001

Zoning Type LARD1.5

Building SF 2,499 SF

Units (2)1+1, (5) Single

PROPERTY SUMMARY PROPERTY DETAILS

3792 Ashwood Ave

Los 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

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3792 Ashwood Ave

Los Angeles, CA 90066FINANCIALSFINANCIAL OVERVIEW - $1,950,000

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Purchase Price: $1,950,000 UNIT MIX CURRENT PRO FORMA

Down Payment: $1,950,000 100% Units Beds Baths Range Monthly Rent Monthly

Year Built: 1949 / 1954 2 1 1 $1,430 - $2,395 $3,825 $2,395 $4,790

Units: 7 4 Studio 1 $1,070 - $1,795 $5,904 $1,795 $7,180

Approx. Lot Size: 6,001 Sq. Ft. 1 Studio 1 $1,750 $1,750 $1,750 $1,750

Cost per Unit: $278,571

Expense / Unit: $6,653 Scheduled Rent: $11,479 $13,720

CURRENT PRO FORMA Storage Income: $0 $0

GRM: 14.16 11.84 Laundry Income: $0 $0

CAP: 4.46% 5.80% Monthly Gross Income: $11,479 $13,720

Annual Gross Income: $137,748 $164,640

CURRENT PRO FORMA ITEM AMOUNT

Scheduled Gross Income: $137,748 $164,640 Taxes: (based on new purchase price) 1.25% $24,375

Less Vacancy Reserve Rate: ($4,132) 3.00% * ($4,939) 3.00% *Insurance: $3,987

Gross Operating Income: $133,616 $159,701 *Utilities: $7,739

Less Expenses: ($46,571) 34% * ($46,571) 28% *Repairs & Maintenance: $2,164

Net Operating Income: $87,045 $113,130 Professional Mgmt: $6,681

Less Debt Service: $0 $0 *Landscape $1,625

Pre-Tax Cash Flow: $87,045 4.46% ** $113,130 5.83%

Plus Principal Reduction: $0 $0 Total Expenses: $46,571

Total Return Before Taxes: $87,045 4.46% ** $113,130 5.80% Expense / Unit: $6,653

* As a percent of the scheduled gross income. ** As a percent of the down payment

INVESTMENT SUMMARY SCHEDULED INCOME

*Expenses are 2017 Actuals

ANNUAL INCOME ANNUAL EXPENSES

3792 Ashwood Ave

Los Angeles, CA 90066FINANCIALSRENT ROLL

Current Market Lease

Unit # Unit Type Rent Rent Date

13121 1 + 1 $2,395 $2,395 12/1/2017

3792 Studio $1,779 $1,795 2/13/2017

3794 1 + 1 $1,430 $2,395

13117 Studio $1,750 $1,750 4/1/2018

13117 1/2 Studio $1,070 $1,795

13119 Studio $1,795 $1,795 Vacant

13119 1/2 Studio $1,260 $1,795

MONTHLY TOTAL: $11,479 $13,720

ANNUAL TOTAL: $137,748 $164,640

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3792 Ashwood Ave

Los Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS

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3792 Ashwood Ave

Los Angeles, CA 90066COMPARABLESSALES COMPS

Property Photo Address Sale Price COE# ofUnits

Price/Unit

BuildingSF

GRM CAPYearBuilt

Unit Mix Comments

3792 Ashwood AveLos Angeles, CA 90066

$1,950,000 - 7 $278,571 2,499 14.16 4.46% 1949(2) 1+1

(5) StudioSubject 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 900663632 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

33913 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

44320-4326 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

5561 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

62700 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

73745 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

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3792 Ashwood Ave

Los Angeles, CA 90066COMPARABLESSALES COMPS

Sales Comps

3910 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

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3792 Ashwood Ave

Los 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.

$1,795 Large Studio

$1,750 Small Studio

111923 Venice Blvd #2Los Angeles, CA 90066

$2,399 1 + 1

212602 Venice Blvd #110Los Angeles, CA 90066

$1,625 Studio Gated entry. Vinyl floors throughout. 1 parking space.

321 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

62700 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.

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3792 Ashwood Ave

Los Angeles, CA 90066COMPARABLESRENTAL COMPS

6

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Rental Comps

11923 Venice Blvd

12602 Venice Blvd

21 Westminster Ave

11900 Venice Blvd

3629 Beethoven St



6

7

3792 Ashwood Ave

7

3792 ASHWOOD AVE

LOS 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

3792 ashwood ave los angeles, ca 90066€¦ · 3792 ashwood ave los angeles, ca 90066 location mar...

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