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8 Units Wilshire Vista Heights1358 S Cochran Ave
Los Angeles, CA 90019
Price: $2,200,000
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.comDRE# 01802527
Jonathan RawsonSenior Associate3108699137Jon@TheEnsburyGroup.comDRE #02010400
830 S Sepulveda Blvd. Ste. 200El Segundo, CA 90245
PROPERTY HIGHLIGHTS
All Copper Plumbing Throughout ●
7 Covered Parking Spaces in the Rear●
Great Location! North of Venice, West of Redondo, East of Hauser &South of Olympic
●
Walking Distance To Midtown Crossing ●
New Boiler & Most Units Have Been Upgraded ●
(1) Unit Is Currently Vacant & Will Be Delivered Vacant ●
Solid In Place Rents Plus 25%+ Rental Upside●
Keith MoretBroker Associate
310.939.9360
kemo0325@yahoo.com
Jonathan RawsonSenior Associate
3108699137
Jon@TheEnsburyGroup.com
The calculations and data presented are deemed to be accurate, but not guaranteed. They are intended for the purpose of illustrative projections and analysis. The informationprovided is not intended to replace or serve as substitute for any legal, accounting, investment, real estate, tax or other professional advice, consultation or service. The user of thissoftware should consult with a professional in the respective legal, accounting, tax or other professional area before making any decisions.
TABLE OF CONTENTS
SECTION I Location OverviewLocation Map 4
Property Photos 5
Aerial Map 6
Business Map 7
SECTION 2 Financial AnalysisExecutive Summary 9
Pro Forma Summary 10
Unit Mix Report 11
SECTION III Market RentsMarket Rent Survey 13
SECTION IV Financing OptionsLoan Quotes 15
SECTION 5 Pricing AnalysisRecent Sale Comparables 17
On Market Comparables 23
Location Overview
SECTION I
LOCATION MAP1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Page 04
PROPERTY PHOTOS1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Page 05
AERIAL MAP1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Page 06
BUSINESS MAP1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Page 07
1358 S COCHRAN AVE1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
F i n a n c i a l A n a l y s i sS E C T I O N 2
EXECUTIVE SUMMARY1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $2,215,066
Investment Cash $839,066
First Loan $1,236,000
INVESTMENT INFORMATION
Purchase Price $2,200,000
Price per Unit $275,000
Price per Sq. Ft. $431.71
Income per Unit $16,910
Expenses per Unit ($5,142)
INCOME, EXPENSES & CASH FLOW
GROSS SCHEDULED INCOME $135,276
Total Vacancy and Credits ($5,411)
Operating Expenses ($41,132)
NET OPERATING INCOME $88,733
Debt Service ($75,152)
CASH FLOW BEFORE TAXES $13,581
AFTER TAX RESULTS *
Total Interest (Debt Service)* ($55,212)
Depreciation and Amortization* ($37,128)
Taxable Income (Loss)* ($3,607)
Tax Savings (Costs)* $1,226
CASH FLOW AFTER TAXES* $14,808
FINANCIAL INDICATORS
Cash on Cash Return Before Taxes 1.62%
Optimal Internal Rate of Return (yr 10) 6.57%
Debt Coverage Ratio 1.18
Capitalization Rate 4.03%
Gross Rent Multiplier 16.26
Gross Income / Square Feet $26.55
Gross Expenses / Square Feet ($8.07)
Operating Expense Ratio 31.67%
Page 09
PRO FORMA SUMMARY1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
UNIT MIX & ANNUAL SCHEDULED INCOME
Type Units Actual Total Market Total
1BR/1BA 1 $15,024 $15,024 $20,700 $20,700
1BR/1BA 1 $19,344 $19,344 $20,700 $20,700
1BR/1BA 1 $15,420 $15,420 $20,700 $20,700
1BR/1BA (Vacant) 1 $20,700 $20,700 $20,700 $20,700
1BR/1BA 1 $17,844 $17,844 $20,700 $20,700
1BR/1BA 1 $15,744 $15,744 $20,700 $20,700
1BR/1BA 1 $15,420 $15,420 $20,700 $20,700
1BR/1BA 1 $15,780 $15,780 $20,700 $20,700
TOTALS 8 $135,276 $165,600
ANNUALIZED INCOME
Description Actual Market
Gross Potential Rent $135,276 $165,600
Less: Vacancy ($5,411) $0
Effective Gross Income $129,865 $165,600
Less: Expenses ($41,132) ($41,324)
Net Operating Income $88,733 $124,276
Debt Service ($75,152) ($75,152)
Net Cash Flow after Debt Service $13,581 $49,124
+ Principal Reduction $19,939 $19,939
TOTAL RETURN $33,521 $69,064
ANNUALIZED EXPENSES
Description Actual Market
Building Insurance $2,800 $2,800
Grounds Maintenance $135 $135
Pest Control $205 $205
Janitorial $150 $150
LAHD Permit $542 $542
Repairs $3,600 $3,600
Taxes Real Estate @ 1.28% $27,520 $27,712
Trash Removal $1,620 $1,620
Utility Water & Electricity $4,200 $4,200
Utility Gas $360 $360
TOTAL EXPENSES $41,132 $41,324
EXPENSES PER RSF $8.07 $8.11
EXPENSES PER UNIT $5,142 $5,166
INVESTMENT SUMMARY
PRICE $2,200,000
Year Built 1954
Units 8
Price/Unit $275,000
RSF 5,096
Price/RSF $431.71
Lot Size 6,904 sf
Floors 2
Parking Spaces .88 to 1
APN 5070011032
Cap Rate 4.03%
Market Cap Rate 5.65%
GRM 16.26
Market GRM: 13.29
FINANCING SUMMARY
LOAN AMOUNT $1,236,000
Down Payment $824,000
Loan Type Fixed
Interest Rate 4.5%
Term 30 years
Monthly Payment $6,263
DCR 1.18
Page 10
UNIT MIX REPORT1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
1 1BR/1BA 637 $1,252 $1,252 $1,725 $1,725
1 1BR/1BA 637 $1,612 $1,612 $1,725 $1,725
1 1BR/1BA 637 $1,285 $1,285 $1,725 $1,725
1 1BR/1BA (Vacant) 637 $1,725 $1,725 $1,725 $1,725
1 1BR/1BA 637 $1,487 $1,487 $1,725 $1,725
1 1BR/1BA 637 $1,312 $1,312 $1,725 $1,725
1 1BR/1BA 637 $1,285 $1,285 $1,725 $1,725
1 1BR/1BA 637 $1,315 $1,315 $1,725 $1,725
8 5,096 $11,273 $13,800
UNIT MIX UNIT MIX SQUARE FEET
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA (Vacant)
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA (Vacant)
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
UNIT MIX INCOME UNIT MIX MARKET INCOME
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA (Vacant)
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA (Vacant)
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
● 1BR/1BA
Page 11
Market Rents
SECTION III
Market Rent Survey - 1358 S Cochran Avenue (90019)
1 Bed / 1 Bath Units
0.5 Mile Radius From Subject
Property Address Bed / Bath Mix Unit Size $/SF Distance From Subject Rented Date Price Per Month
1351 S Cochran Avenue 1 Bed / 1 Bath 430 SF $3.60 0.04 Miles Oct-19 $1,550
5221 Packard Street 1 Bed / 1 Bath N/A N/A 0.17 Miles Oct-19 $2,095
1263 S Dunsmuir Avenue 1 Bed / 1 Bath N/A N/A 0.18 Miles Jul-19 $1,895
1343 S Burnside Avenue 1 Bed / 1 Bath 700 SF $2.29 0.18 Miles Mar-19 $1,600
5404 Packard Street 1 Bed / 1 Bath 800 SF $2.49 0.2 Miles Jun-19 $1,995
1417 S Cloverdale Avenue 1 Bed / 1 Bath N/A N/A 0.3 Miles Jun-19 $1,795
5351 San Vicente Blvd 1 Bed / 1 Bath 585 SF $3.57 0.32 Miles Apr-19 $2,089
1434 S Orange Drive 1 Bed / 1 Bath 650 SF $2.45 0.39 Miles May-19 $1,595
5360 Saturn Street 1 Bed / 1 Bath 720 SF $2.71 0.4 Miles Sep-19 $1,950
5394 Edgewood Place 1 Bed / 1 Bath N/A N/A 0.49 Miles Sep-19 $2,095
5654 San Vincente Blvd 1 Bed / 1 Bath N/A N/A 0.5 Miles Jan-19 $1,695
Average: $2.85 $1,850
Keith Moret Jonathan Rawson
Vice President, CA DRE #01802527 Senior Associate, CA DRE #02010400
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 INACCURACIES
Financing Options
SECTION IV
Tyler Bradford Travis Bradford(310) 664-6705 x104 (Direct) (310) 664-6705 x106 (Direct)
(310) 850-7197 (Mobile) (310) 869-7490 (Mobile)
tbradford@firstpacific1.com travis@firstpacific1.com
BRE #01860008 BRE #02046147
Prepared for: 11/13/2019Property Address: Quote #1
Option 1 Option 2 Option 3 Option 4 Option 5 Option 63-Year Fixed 5-Year Fixed 7-Year Fixed 7-Year Fixed 10-Year Fixed 3-Yr Fixed Bridge
Purchase Price $2,200,000 $2,200,000 $2,200,000 $2,200,000 $2,200,000 $2,200,000
Loan Amount $1,185,000 $1,150,000 $1,110,000 $1,060,000 $1,060,000 $1,375,000
Down Payment $1,015,000 $1,050,000 $1,090,000 $1,140,000 $1,140,000 $825,000
Loan-to-Value 54% 52% 50% 48% 48% 63%
Debt Coverage Ratio (DCR) 1.15 1.15 1.15 1.20 1.20 1.25
Current Interest Rate 3.375% 3.625% 3.875% 3.850% 3.950% 4.75%
Index 3 Year CMT 5 Year CMT 7 Year CMT 6 Mo. LIBOR 6 Mo. LIBOR 6 Mo. LIBOR
Margin 2.75% 2.75% 2.75% 2.25% 2.25% 3.75%
Floor / Ceiling 3.375% / 8.375% 3.625% / 8.625% 3.875% / 8.875% 3.85% / 7.50% 3.95% / 8.75% 4.75% / 10.75%
Loan Term 10 10 10 10 15 30
Amortization in Years 30 30 30 30 30 30
N/A N/A N/A $3,401 $3,489 $5,443
Monthly Payment $5,239 $5,245 $5,220 $4,969 $5,030 $7,173
Recourse Yes Yes Yes Yes Yes Yes
Impounds No No No No No NoYears 1-2 Years 1-4 Years 1-6 Years 1-5 Years 1-7 Years 1-3
2-1% 3-3-2-1% 4-3-3-2-2-1% 3-2-2-1-1% 3-3-2-2-1-1-1% 3-2-1%
Loan Fee 1% 1% 1% 1% 1% 1%
Estimated Costs:
Appraisal/Due Diligence $4,500 $4,500 $4,500 $4,500 $4,500 $5,500
Closing/Processing/Underwriting Included Above Included Above Included Above Included Above Included Above Included Above
*Options 4-6: Interest-Only for first 3 years of loan period; 30 year amortization thereafter
licensed Real Estate Broker - CA Dept. of Real Estate - License Number: BRE# 00925920
Loan Options
Pre-Payment Penalty
Alternative fixed and adjustable rate options may be available upon requestQuote subject to satisfactory lender review of rent roll, I & E, property condition, and borrower's financials
Rates and programs are subject to change without notice© 2019 First Pacific Financial is headquartered at 3420 Ocean Park Blvd., Suite 3020, Santa Monica, CA 90405 and is a
1358 S. Cochran AveLos Angeles, CA 90019
C/O Jon Rawson & Keith Moret
1358 S COCHRAN AVE1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
P r i c i n g A n a l y s i sS E C T I O N 5
RECENT SALE COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
Subject 1 2 3 4 5 7
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Avg.
4.158
Cap Rate
Subject 1 2 3 4 5 7
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Avg.
15.583
Gross Rent Multiplier
Page 17
RECENT SALE COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
Subject 1 2 3 4 5 6 7
$38,000
$76,000
$114,000
$152,000
$190,000
$228,000
$266,000
$304,000
$342,000
$380,000
Avg.
$289,024
Price per Unit
Subject 1 2 3 4 5 6 7
$45
$90
$135
$180
$225
$270
$315
$360
$405
$450
Avg.
$389.34
Price per Sq. Ft.
Page 18
RECENT SALE COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
S
1358 S Cochran Ave1358 S Cochran Ave, Los Angeles, CA 90019
Sale Price $2,200,000
Units 8
Price / Unit $275,000
Price/SqFt $431.71
Lot Size 6,904
Cap Rate 4.03%
GRM 16.26
Year Built 1954
# Units Unit Type
1 1BR/1BA
1 1BR/1BA
1 1BR/1BA
1 1BR/1BA (Vacant)
1 1BR/1BA
1 1BR/1BA
1
1505 S Cochran1505 S Cochran, Los Angeles, CA 90019
Sale Price $1,559,000
Units 6
Price / Unit $259,833
Price/SqFt $360.88
Lot Size 6,098
Cap Rate 2.17%
GRM 19.5
Year Built 1954
Sale Date 1/3/2019
DaysOnMarket 20
# Units Unit Type
2 Studio/Efficiency
1 1 Bedroom / 1 Bath
3 2 Bedroom / 1 Bath
NotesThis property is .25 miles from Subject. The sale is 2 month old and was sold offmarket. There was no income & expenseinfo available
2
1242 S Ogden1242 S Ogden Ave, Los Angeles, CA 90019
Sale Price $2,360,000
Units 8
Price / Unit $295,000
Price/SqFt $357.09
Lot Size 6,609
Cap Rate 4.44%
GRM 14.7
Year Built 1957
Sale Date 2/14/2019
DaysOnMarket 134
# Units Unit Type
1 Studio/Efficiency
2 1 Bedroom / 1 Bath
5 2 Bedroom / 2 Bath
NotesThis property is 1 mile from Subject in a slightly more desirable area. The property was on market for 134 days and the saleis 1 month old. It is similar in vintage and condition but has 25% more net RSF
Page 19
RECENT SALE COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
3
5761 San Vicente5761 San Vicente Blvd, Los Angeles, CA 90019
Sale Price $1,665,000
Units 6
Price / Unit $277,500
Price/SqFt $323.80
Lot Size 6,098
Cap Rate 3.67%
GRM 17.1
Year Built 1959
Sale Date 1/31/2019
# Units Unit Type
4 1 Bedroom / 1 Bath
2 2 Bedroom / 1 Bath
NotesThis property is 1 mile from Subject. It is similar in vintage and condition but has 6 units. The sale is 1 month old
4
1212 S Orange grove1212 S Orange Grove Ave, Los Angeles, CA 90019
Sale Price $1,850,000
Units 5
Price / Unit $370,000
Price/SqFt $445.25
Lot Size 6,936
Cap Rate 4.1%
GRM 17.3
Year Built 1927
Sale Date 8/8/2019
DaysOnMarket 302
# Units Unit Type
1 Studio/Efficiency
2 1 Bedroom / 1 Bath
2 2 Bedroom / 1 Bath
NotesThis property is .75 miles from Subject. It is 30 years older in vintage and was on market for 320 days
5
1507 3rd1507 3rd Ave, Los Angeles, CA 90019
Sale Price $1,800,000
Units 6
Price / Unit $300,000
Price/SqFt $418.51
Lot Size 7,004
Cap Rate 5.57%
GRM 11.5
Year Built 1960
Sale Date 9/5/2019
DaysOnMarket 57
# Units Unit Type
4 1 Bedroom / 1 Bath
2 2 Bedroom / 1 Bath
NotesThis property is 1 mile from Subject. It was onmarket for 56 days
Page 20
RECENT SALE COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
6
4832 W 17th St4832 West 17th Street, Los Angeles, CA 90019
Sale Price $1,710,000
Units 6
Price / Unit $285,000
Price/SqFt $435.34
Lot Size 7,000
Year Built 1964
Sale Date 7/29/2019
# Units Unit Type
6 2 Bedroom / 1 Bath
NotesThis property is 1.2 miles form Subject. The sale is 3 months old . There was no income/expense info available
7
5701 San Vicente5701 San Vicente Boulevard, Los Angeles, CA 90019
Sale Price $1,415,000
Units 6
Price / Unit $235,833
Price/SqFt $384.51
Lot Size 5,271
Cap Rate 5.0%
GRM 13.4
Year Built 1949
Sale Date 6/11/2019
DaysOnMarket 183
# Units Unit Type
4 Studio/Efficiency
2 1 Bedroom / 1 Bath
NotesThis property is .25 miles from Subject. It was on market for 183 days and the sale is 4 months old
Page 21
RECENT SALE COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
S 1358 S Cochran AveLos Angeles, CA, 90019$2,200,000
1 1505 S CochranLos Angeles, CA, 90019$1,559,000
2 1242 S Ogden AveLos Angeles, CA, 90019$2,360,000
3 5761 San Vicente BlvdLos Angeles, CA, 90019$1,665,000
4 1212 S Orange Grove AveLos Angeles, CA, 90019$1,850,000
5 1507 3rd AveLos Angeles, CA, 90019$1,800,000
6 4832 West 17th StreetLos Angeles, CA, 90019$1,710,000
7 5701 San Vicente BoulevardLos Angeles, CA, 90019$1,415,000
Page 22
ON MARKET COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
Subject 1
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Avg.
3.4
Cap Rate
Subject 1
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Avg.
18.4
Gross Rent Multiplier
Page 23
ON MARKET COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
Subject 1
$38,000
$76,000
$114,000
$152,000
$190,000
$228,000
$266,000
$304,000
$342,000
$380,000 Avg.
$373,167
Price per Unit
Subject 1
$44
$88
$132
$176
$220
$264
$308
$352
$396
$440
Avg.
$389.66
Price per Sq. Ft.
Page 24
ON MARKET COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
S
1358 S Cochran Ave1358 S Cochran Ave, Los Angeles, CA 90019
Sale Price $2,200,000
Units 8
Price / Unit $275,000
Price/SqFt $431.71
Lot Size 6,904
Cap Rate 4.03%
GRM 16.26
Year Built 1954
# Units Unit Type
1 1BR/1BA
1 1BR/1BA
1 1BR/1BA
1 1BR/1BA (Vacant)
1 1BR/1BA
1 1BR/1BA
1
1074 S Cloverdale1074 S Cloverdale, Los Angeles, CA 90019
Asking Price $2,239,000
Units 6
Price / Unit $373,167
Price/SqFt $389.66
Lot Size 7,792
Cap Rate 3.4%
GRM 18.4
Year Built 1947
Sale Date On Market
DaysOnMarket 80
# Units Unit Type
4 1 Bedroom / 1 Bath
2 2 Bedroom / 1 Bath
NotesThis property has been on market for 120 days. # of the 6 units were completely renovated. It has 6 units and is North ofSan Vicente slightly more desirable location.
Page 25
ON MARKET COMPARABLES1358 S Cochran Ave1358 S Cochran Ave | Los Angeles, CA 90019
Keith MoretBroker Associate310.939.9360kemo0325@yahoo.com
S 1358 S Cochran AveLos Angeles, CA, 90019$2,200,000
1 1074 S CloverdaleLos Angeles, CA, 90019$2,239,000
Page 26
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