1341 crenshaw blvd. offering los angeles, ca 90019 … · 2015-04-09 · 1341 crenshaw blvd. los...
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1341 Crenshaw Blvd.Los Angeles, CA 90019
Offering Memorandum
Rosano Partners // Offering Memorandum 21341 Crenshaw Blvd. Los Angeles, CA 90019
Presented by:
Rosano PartnersLos Angeles Office700 S. Flower St, Suite 2920Los Angeles, CA 90017www.RosanoPartners.com
Table Of Contents
Property Overview...................... 3
Location Overview .................... 5
Sales Comparables ................. 12
Financial Analysis .................... 19
Demographics ......................... 23
The information contained in the Offering Memorandum is confidential, furnished solely for the purpose of a review by a prospective purchaser of the Property, and is not to be used for any other purpose or made available to any other person without the express written consent of the Seller or Advisor. Prospective purchasers should also conduct their own due diligence, including, but not limited to, engineering and environmental inspections, to determine the condition of the Property and the exis-tence of any potentially hazardous material located at the Property or used in the construction of maintenance of the building(s) at the Property.
Rosano Partners // Offering Memorandum 3
1341 Crenshaw Blvd.Los Angeles, CA 90019
Property Overview
Rosano Partners // Offering Memorandum 41341 Crenshaw Blvd. Los Angeles, CA 90019
PRICE$1,225,000
PRICE / SF$230.22
PRICE / LOT SF$169.04
LEASABLE AREA5,321 SF
YEAR BUILT1950
Property Overview / Financial Summary
Property Overview
Property Overview / Investment Highlights
/ 8 unit apartment building in Mid-City/ Parking and laundry on site/ All units individually metered
PRICE/UNIT$153,125
CURRENT CAP5.51%
PRO FORMA CAP6.19%
CURRENT GRM11.82
PRO FORMA GRM10.63
Rosano Partners // Offering Memorandum 5
1341 Crenshaw Blvd.Los Angeles, CA 90019
Location Overview
Rosano Partners // Offering Memorandum 61341 Crenshaw Blvd. Los Angeles, CA 90019
Located in Mid-City, just South of Pico Blvd. and North of Venice.
Location Overview / Aerial
Location Overview / Location Descriptions
Rosano Partners // Offering Memorandum 71341 Crenshaw Blvd. Los Angeles, CA 90019
S
Location Overview / Map
Rosano Partners // Offering Memorandum 81341 Crenshaw Blvd. Los Angeles, CA 90019
S
Location Overview / Map
Rosano Partners // Offering Memorandum 91341 Crenshaw Blvd. Los Angeles, CA 90019
Location Overview / Plat Map
Rosano Partners // Offering Memorandum 101341 Crenshaw Blvd. Los Angeles, CA 90019
Location Overview / LA County
African American
American Indian
Asian
Native Hawaiian
Hispanic or Latino
White Alone
Other
/ Population: 10,017,068 • (~26% of California’s population) / 4,057.88 Sq Mi Land Area / 2,419.6 Persons/Sq Mi / 29.5% Bachelors Degree or Higher / 3,462,202 Housing Units / 47.3% Homeownership Rate / $56,241 Median Household Income
La County Facts
La County Demographics
La County IndustryLos Angeles is the largest major manufacturing center in the United States. / 500,000 Manufacturing Workers
Los Angeles and Long Beach ports support international trade.
Rosano Partners // Offering Memorandum 111341 Crenshaw Blvd. Los Angeles, CA 90019
Location Overview / LA County Economy
Top 5 Companies Headquartered in LA County
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
$45,000
Walt Disney DirecTV OccidentalPetroleum
EdisonInternational
Health Net
Reve
nues
Mill
ions
Company Names
Series1
Occidental Petroleum - $24,216 MM
Walt Disney Co. - $40,893 MM
Health Net - $11,901 MM
DirecTV - $27,226 MM
Edison International - $12,760 MM
Rosano Partners // Offering Memorandum 12
1341 Crenshaw Blvd.Los Angeles, CA 90019
Sales Comparables
Rosano Partners // Offering Memorandum 131341 Crenshaw Blvd. Los Angeles, CA 90019
Price / Unit
S
31
2
Sales Comparables / Overview
$153,125 $168,571 $148,571 $170,000 $169,595
S 1 2 3
S. No. Address Sale Price Price / Unit
S 1341 Crenshaw Blvd. $1,225,000 $153,125
1 1520 3rd Ave. $1,180,000 $168,571
2 1336 5th Ave. $1,040,000 $148,571
3 5079 Pickford St. $1,020,000 $170,000
4 1607 S. Gramercy Pl. $975,000 $162,500
5 4150 Venice Blvd. $1,190,000 $198,333
4
$162,5004
5
$198,3335 A
Rosano Partners // Offering Memorandum 141341 Crenshaw Blvd. Los Angeles, CA 90019
Sales Comparables / 01 1520 3rd Ave. Los Angeles, CA 90019
Closing Date 11/26/14
Building SF 4,850 SF
Lot SF 7,500 SF
Year Built 1962
Zoning LARD 1.5
Units 7
Sale Price $1,180,000
Price/Building SF $243.30
Price/Unit $168,571.43
Rosano Partners // Offering Memorandum 151341 Crenshaw Blvd. Los Angeles, CA 90019
Sales Comparables / 02 1336 5th Ave. Los Angeles, CA 90019
Closing Date 8/25/14
Building SF 4,488 SF
Lot SF 7,001 SF
Year Built 1951
Zoning LARD 2
Units 7
Sale Price $1,040,000
Price/Building SF $231.73
Price/Unit $148,571.43
Rosano Partners // Offering Memorandum 161341 Crenshaw Blvd. Los Angeles, CA 90019
Sales Comparables / 03 5079 Pickford St. Los Angeles, CA 90019
Closing Date 7/22/14
Building SF 8,710 SF
Lot SF 8,500 SF
Year Built 1924
Zoning LARD 1.5
Units 6
Sale Price $1,020,000
Price/Building SF $117.11
Price/Unit $170,000
Rosano Partners // Offering Memorandum 171341 Crenshaw Blvd. Los Angeles, CA 90019
Sales Comparables / 04 1607 - 1609 S. Gramercy Pl. Los Angeles, CA 90019
Closing Date 11/21/14
Building SF 3,624 SF
Lot SF 8,912 SF
Year Built 1949
Zoning LAR 3
Units 6
Sale Price $975,000
Price/Building SF $269.04
Price/Unit $162,500
Rosano Partners // Offering Memorandum 181341 Crenshaw Blvd. Los Angeles, CA 90019
Sales Comparables / 05 4150 Venice Blvd. Los Angeles, CA 90019
Closing Date 7/10/14
Building SF 6,164 SF
Lot SF 8,799 SF
Year Built 1947
Zoning LAR 4
Units 6
Sale Price $1,190,000
Price/Building SF $193.06
Price/Unit $198,333
Rosano Partners // Offering Memorandum 19
1341 Crenshaw Blvd.Los Angeles, CA 90019
FinancialAnalysis
Rosano Partners // Offering Memorandum 201341 Crenshaw Blvd. Los Angeles, CA 90019
Financial Analysis / Setup
Price: $1,225,000 Loan Amount: $796,250Down Payment: 35% $428,750 Amortization: 30Number of Units 8 Interest Rate: 3.75%Price/Unit $153,125 Monthly Payment: ($3,688)Price/ Square Foot $230.22 Yearly Payment: ($44,251)Price/ Land Square Foot $169.04 Financing Summary:Current Cap: 5.51%Pro Forma Cap: 6.19%Current GRM: 11.82Pro Forma GRM: 10.63 # UnitsLeasable Area (sq/ft) 5,321 8 1+1Lot Size (sq/ft) 7,247Year Built 1950
Current Pro FormaGross Potential Rent $103,644 $115,200Other income (laundry) $660 $700Gross Potential Income: $104,304 $115,900Less: Vacancy Allowance $2,086 2% $3,477 3%Effective Gross Incomes $102,218 $112,423Less Expenses: $34,762 $36,571Net Operating Income: $67,456 66.0% * $75,852 67.5% *Debt Service ($44,251) ($44,251)Cash Flow After Debt Service/ CoC Return $23,205 5.4% $31,601 7.4%Principal Reduction $22,914 $22,914Total Return Before Taxes: $46,119 10.8% ** $54,515 13% **
NOTES:* As a percent of Effective Gross Income.** As a percent of Down Payment.
GPR % Current Pro FormaReal Estate Taxes 1.266% $15,503 $15,503Insurance $2,785 $2,800Management $4,146 $5,760Trash $1,176 $1,176Utilities $8,232 $8,232Maintenance/ Repairs $1,920 $2,000Miscellaneous reserves $1,000 $1,100
$34,762 $36,571Expenses/Sq.Ft. $6.53 $6.87
$1,100 $1,200
This information has been secured from sources we believe to be reliable, however we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify all information.
Pricing Summary
Total Expenses
Annualized Expenses
Annualized Operating Data
Current Rents
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Financing
Market Rents
1341 Crenshaw Blvd
INVESTMENT OPERATION SUMMARYLos Angeles, CA 90019
The said quote is the most competitive that the capital markets can offer.
Unit MixUnit Type
Rosano Partners // Offering Memorandum 211341 Crenshaw Blvd. Los Angeles, CA 90019
Financial Analysis / Rent Roll
1341 Crenshaw BlvdLos Angeles, CA 90019
Unit Current Current Rent/ Market Market PriceUnit # Unit Type Sq. Ft.(1) Rent Sq. Ft. Rent Price Sq. Ft.
1 1bd + 1ba 665 $1,167 $1.75 $1,200 $1.802 1bd + 1ba 665 $1,159 $1.74 $1,200 $1.80
3 * 1bd + 1ba 665 $1,100 $1.65 $1,200 $1.804 1bd + 1ba 665 $1,133 $1.70 $1,200 $1.805 1bd + 1ba 665 $1,050 $1.58 $1,200 $1.806 1bd + 1ba 665 $752 $1.13 $1,200 $1.80
7 * 1bd + 1ba 665 $1,003 $1.51 $1,200 $1.808 1bd + 1ba 665 $1,273 $1.91 $1,200 $1.80
5,320Totals: $8,637 $9,600
NOTES: * Section 8 tenant
Year 1 Year 2 Year 3 Year 4 Year 5GROSS POTENTIAL INCOME* $115,900 $120,536 $125,357 $130,372 $135,587 Vacany** $3,477 $3,581 $3,689 $3,799 $3,913EFFECTIVE GROSS INCOME $112,423 $116,955 $121,669 $126,572 $131,673 Expenses*** $36,571 $36,782 $36,994 $37,209 $37,426
NET OPERATING INCOME $75,852 $80,173 $82,863 $89,363 $94,247
DEBT Annual Debt Service $44,251 $44,251 $44,251 $44,251 $44,251 Loan Oustanding $751,999 $737,608 $721,018 $704,427 $686,593
BEFORE TAX CASH FLOW $31,601 $35,922 $38,612 $45,112 $49,996
6.19% 6.54% 6.76% 7.29% 7.69%7.37% 8.38% 9.01% 10.52% 11.66%
ASSUMPTIONS:4.00%3.00%1.00%
RENT ROLL
5 YEAR PRO-FORMA CASH-FLOW & VALUATION
*Rental Increases**Vacancy Trend
***Variable Expense Increase
Return on InvestmentCap Rate (Based on Purchase Price)
This information deemed 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 risks
Rosano Partners // Offering Memorandum 221341 Crenshaw Blvd. Los Angeles, CA 90019
Financial Analysis / 5 Year Cash Flow
1341 Crenshaw BlvdLos Angeles, CA 90019
Unit Current Current Rent/ Market Market PriceUnit # Unit Type Sq. Ft.(1) Rent Sq. Ft. Rent Price Sq. Ft.
1 1bd + 1ba 665 $1,167 $1.75 $1,200 $1.802 1bd + 1ba 665 $1,159 $1.74 $1,200 $1.80
3 * 1bd + 1ba 665 $1,100 $1.65 $1,200 $1.804 1bd + 1ba 665 $1,133 $1.70 $1,200 $1.805 1bd + 1ba 665 $1,050 $1.58 $1,200 $1.806 1bd + 1ba 665 $752 $1.13 $1,200 $1.80
7 * 1bd + 1ba 665 $1,003 $1.51 $1,200 $1.808 1bd + 1ba 665 $1,273 $1.91 $1,200 $1.80
5,320Totals: $8,637 $9,600
NOTES: * Section 8 tenant
Year 1 Year 2 Year 3 Year 4 Year 5GROSS POTENTIAL INCOME* $115,900 $120,536 $125,357 $130,372 $135,587 Vacany** $3,477 $3,581 $3,689 $3,799 $3,913EFFECTIVE GROSS INCOME $112,423 $116,955 $121,669 $126,572 $131,673 Expenses*** $36,571 $36,782 $36,994 $37,209 $37,426
NET OPERATING INCOME $75,852 $80,173 $82,863 $89,363 $94,247
DEBT Annual Debt Service $44,251 $44,251 $44,251 $44,251 $44,251 Loan Oustanding $751,999 $737,608 $721,018 $704,427 $686,593
BEFORE TAX CASH FLOW $31,601 $35,922 $38,612 $45,112 $49,996
6.19% 6.54% 6.76% 7.29% 7.69%7.37% 8.38% 9.01% 10.52% 11.66%
ASSUMPTIONS:4.00%3.00%1.00%
RENT ROLL
5 YEAR PRO-FORMA CASH-FLOW & VALUATION
*Rental Increases**Vacancy Trend
***Variable Expense Increase
Return on InvestmentCap Rate (Based on Purchase Price)
This information deemed 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 risks
Rosano Partners // Offering Memorandum 23
1341 Crenshaw Blvd.Los Angeles, CA 90019
Demographics
Rosano Partners // Offering Memorandum 241341 Crenshaw Blvd. Los Angeles, CA 90019
Demographics / Market Comparison Report
-0.44%
2.31%2.30%
3.24%
-1.00%
-0.50%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
2010 - 2014 2014 - 2019
Population Growth
1 Mile
County
-5.54%
2.07%
-0.02%
3.29%
-6.00%
-5.00%
-4.00%
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
2010 - 2014 2014 - 2019
Household Growth
1 Mile
County
Rosano Partners // Offering Memorandum 251341 Crenshaw Blvd. Los Angeles, CA 90019
Demographics / Market Comparison Report
$37,151
$54,607
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
1 Mile County
2014 Med Household Inc
1 Mile
County
36.5
36
35.7
35.8
35.9
36
36.1
36.2
36.3
36.4
36.5
36.6
1 Mile County
2014 Med Age
1 Mile
County
Rosano Partners // Offering Memorandum 261341 Crenshaw Blvd. Los Angeles, CA 90019
Demographics / Market Comparison Report
35.04%
27.96%
13.42%
9.00%
5.00%3.00% 3.42% 3.64%
24.20%22.48%
16.51%
12.00%
8.00%5.00% 5.50% 6.05%
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
<$25K $25K - $50K $50K - $75K $75K - $100K $100K - $125K $125K - $150K $150K - $200K $200K +
2014 Households by Household Income
1 Mile
County
53.47%
21.30%
2.16%
20.15%
0.25% 2.67%
71.82%
9.28%
1.51%
14.24%
0.38% 2.77%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
70.00%
80.00%
White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other
2014 Population by Race
1 Mile
County
Rosano Partners // Offering Memorandum 271341 Crenshaw Blvd. Los Angeles, CA 90019
Demographics / Market Comparison Report
2014 Employed vs Unemployed
2014 Renter vs Owner
72.91%
27.09%
1 Mile
Rent
Own52.36%
47.64%
County
Rent
Own
88.11%
10.89%
1 Mile
Employed
Unemployed
89.59%
10.41%
County
Employed
Unemployed
Presented by:
Rosano PartnersLos Angeles Office700 S. Flower St, Suite 2920Los Angeles, CA 90017www.RosanoPartners.com
The information contained in the Offering Memorandum is confidential, furnished solely for the purpose of a review by a prospective purchaser of the Property, and is not to be used for any other purpose or made available to any other person without the express written consent of the Seller or Advisor. Prospective purchasers should also conduct their own due diligence, including, but not limited to, engineering and environmental inspections, to determine the condition of the Property and the existence of any potentially hazardous material located at the Property or used in the construction of maintenance of the building(s) at the Property.
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