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Mid-Century Modern - Prime Brentwood 11722 Darlington Avenue Los Angeles, CA 90049 OFFERING MEMORANDUM | FIRST TIME ON MARKET - GREAT OWNER USER PROPERTY

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Page 1: Mid-Century Modern - Prime Brentwoodimages2.loopnet.com/d2/XSEpZks-TAGutMtQwwp3zgA7faleXKjc8...Mid-Century Modern - Prime Brentwood Executive Summary | 05 OFFERING SUMMARY ADDRESS

Mid-Century Modern - Prime Brentwood

11722 Darlington AvenueLos Angeles, CA 90049

OFFERING MEMORANDUM | FIRST TIME ON MARKET - GREAT OWNER USER PROPERTY

Page 2: Mid-Century Modern - Prime Brentwoodimages2.loopnet.com/d2/XSEpZks-TAGutMtQwwp3zgA7faleXKjc8...Mid-Century Modern - Prime Brentwood Executive Summary | 05 OFFERING SUMMARY ADDRESS

Mid-Century Modern - Prime BrentwoodCONTENTS

Brian O'NeillRealtor

Lic: Cal BRE [email protected]

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility oferrors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.  We include projections, opinions, assumptions or estimates for example only, and they may not represent thecurrent or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

01 Executive Summary Executive Summary 5 Unit Mix Summary 6 Location Summary 7

02 Property Description Property Features 9 Aerial Map 10 Parcel Map 11 Floor Plans 12 Property Images 13

03 Sale Comparables Sale Comparables Summary 16 Sale Comparables Map 18

04 Financial Analysis Income & Expense Analysis 20

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The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to bereviewed only by the party receiving it from RE eBroker and it should not be made available to any other person or entity withoutthe written consent of RE eBroker. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such informationin the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offeringmemorandum. If you have no interest in the subject property, please promptly return this offering memorandum to RE eBroker.This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospectivepurchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not asubstitute for a thorough due diligence investigation. RE eBroker has not made any investigation, and makes no warranty orrepresentation with respect to the income or expenses for the subject property, the future projected financial performance of theproperty, the size and square footage of the property and improvements, the presence of absence of contaminating substances,PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, orfinancial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subjectproperty. The information contained in this offering memorandum has been obtained from sources we believe reliable; however,RE eBroker has not verified, and will not verify, any of the information contained herein, nor has RE eBroker conducted anyinvestigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy orcompleteness of the information provided. All potential buyers must take appropriate measures to verify all of the information setforth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

Mid-Century Modern - Prime Brentwood Confidentiality and Disclaimer | 03

CONFIDENTIALITY AND DISCLAIMER:

PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.PLEASE CONTACT THE RE EBROKER ADVISOR FOR MORE DETAILS.Copyright © 2017 CREOP, LLC. All Rights Reserved.

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Mid-Century M

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Executive Summary

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Offering Summary

Unit Mix Summary

Location Summary

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Mid-Century Modern - Prime Brentwood Executive Summary | 05

OFFERING SUMMARYADDRESS 11722 Darlington Avenue Los

Angeles CA 90049

COUNTY Los Angeles

BUILDING SF 6,547

LAND SF 7,501

NUMBER OF UNITS 6

YEAR BUILT 1960

APN 4265-008-028

OWNERSHIP TYPE Fee Simple

FINANCIAL SUMMARYOFFERING PRICE $4,600,000

PRICE PSF $702.61

OCCUPANCY 0.83 %

PRICE PER UNIT $766,667

NOI (CURRENT) $168,810

NOI (Pro Forma) $165,440

GRM 24.08

CAP RATE (CURRENT) 3.66 %

CAP RATE (Pro Forma) 3.59 %

Great Owner-User Property

Mid-Century Modern - Six-unit multifamily property located inprime Brentwood.

Built as the home to the original Engineer/Builder and his family ithas offered a great source of income & wonderful sense ofcommunity to this day. Lovingly cared for by the original familyand now on the market for the first time.

A desirable mix of (4) huge 2bed/2ba units and (2) large 1bed/1baunits that offers an owner-user or investor a once in a lifetimeopportunity to acquire a well located asset in the heart of LosAngeles.

Amenities include: spacious floor plans, covered parking, on-sitelaundry, private patios, lush planting and a shared courtyardfeaturing a sparkling pool.

The property is steps away from essential services, groceries andthe world renowned shops & dining options on San Vicente, aswell as nearby UCLA and the vibrant community of WestwoodVillage.

The S.M. Mountains, S.M. Bay, Brentwood Country Club, andnearby running/bike paths offer unlimited recreationalopportunities.

Currently one 1bed/1ba & one 2bed/2ba unit is being held vacant.

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Actual MarketUnit Mix # Units Square Feet Current Rent Rent PSF Monthly

IncomeMarket Rent Market Rent

PSFMarket Income

2 bd/2 ba 1 1,300 $2,346 $1.80 $2,346 $3,500 $2.69 $3,5002 bd/2 ba 1 1,300 $2,650 $2.04 $2,650 $3,500 $2.69 $3,5002 bd/2 ba 1 1,300 $2,800 $2.15 $2,800 $3,500 $2.69 $3,5002 bd/2 ba 1 1,300 $0 $0.00 $0 $3,500 $2.69 $3,5001 bd/1 ba 1 675 $0 $0.00 $0 $2,400 $3.56 $2,4001 bd/1 ba 1 675 $2,200 $3.26 $2,200 $2,400 $3.56 $2,400

Totals/Averages 6 1,092 $1,666 $1.54 $9,996 $3,133 $2.98 $18,800

Mid-Century Modern - Prime Brentwood Unit Mix Summary | 06

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Mid-Century Modern - Prime Brentwood Location Summary | 07

Walk to everything

Once part of the Rancho San Vicente & Santa Monica,the community of Brentwood is now one of the mosthighly sought after neighborhoods in Los Angeles,California. This beautiful property located onDarlington Avenue is central and only minutes awayfrom UCLA, Westwood Village, The BrentwoodCountry Club, and the vibrant Restaurants and Shopsof San Vicente and Wilshire Boulevards.

Boasting a Walk Score of 87 ("Very Walkable"), thesebeautiful, private units are just steps away from anassortment of local amenities including theBrentwood Farmers Market, The Brentwood CountryMart, coffee shops, specialty grocery stores, and afantastic mix of both casual and fine dining options.Complete your perfect day with an afternoon run orcasual bike ride past the Coral Trees of nearby SanVicente Boulevard to Santa Monica's Palisades Parkfor another mesmerizing Sunset over The PacificOcean.

A once in a lifetime opportunity for an Owner-User tomake a home in a vibrant community, bathed insunlight and refreshed by gentle ocean breezes.

A rare opportunity for an investor to secure a welllocated asset in the heart of Los Angeles, California.

Locator Map

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Mid-Century M

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Property Description

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Property Features

Aerial Map

Parcel Map

Additional Maps

Property Images

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Mid-Century Modern - Prime Brentwood Property Features | 09

Site DescriptionNUMBER OF UNITS 6

BUILDING SF 6,547

LAND SF 7,501

YEAR BUILT 1960

# OF PARCELS 1

ZONING TYPE LAR3-1

NUMBER OF STORIES 2

NUMBER OF BUILDINGS 1

NUMBER OF PARKING SPACES 6

PARKING RATIO 1/1

POOL / JACUZZI Pool

HOT WATER Solar

WASHER/DRYER Laundry Room Onsite

CONSTRUCTIONFOUNDATION Concrete

FRAMING Wood

EXTERIOR Stucco

PARKING SURFACE Asphalt

ROOF Comp

STYLE Mid-Century

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Mid-Century Modern - Prime Brentwood Aerial Map | 10

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Mid-Century Modern - Prime Brentwood Parcel Map | 11

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Mid-Century Modern - Prime Brentwood Floor Plans | 12

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Mid-Century Modern - Prime Brentwood Property Images | 13

Local Restaurants

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Mid-Century Modern - Prime Brentwood Property Images | 14

Activities

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Mid-Century M

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Sale Comparables

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Sale Comparables Summary

Sale Comparables Map

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Mid-Century Modern - Prime Brentwood Sale Comparables Summary | 16

11754 Darlington Los Angeles CA 90049

1 TOTAL UNITS 1

YEAR BUILT 1966

ASK PRICE $1,300,000

PRICE/UNIT $1,300,000

PRICE/SF $1,140.35

CLOSING DATE 6/29/2017

Cap Rate Range

LOW HIGH

Price/Unit Range $766,667 - $1,300,000

LOW HIGH

Price S/F $703 - $1,305

LOW HIGH

11668 Darlington Los Angeles CA 90049

2 TOTAL UNITS 4

YEAR BUILT 1936

ASK PRICE $3,425,000

PRICE/UNIT $856,250

PRICE/SF $1,304.76

CLOSING DATE 10/13/2017

Cap Rate Range

LOW HIGH

Price/Unit Range $766,667 - $1,300,000

LOW HIGH

Price S/F $703 - $1,305

LOW HIGH

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Mid-Century Modern - Prime Brentwood Sale Comparables Summary | 17

Mid-Century Modern - PrimeBrentwood - 11722 Darlington AvenueLos Angeles CA

S TOTAL UNITS 6

YEAR BUILT 1960

ASK PRICE $4,600,000

PRICE/UNIT $766,667

PRICE/SF $702.61

CAP RATE 3.66 %

GRM 24.08

OCCUPANCY 0.83 %

Cap Rate Range 3.66 % - 3.66 %

LOW HIGH

Price/Unit Range $766,667 - $1,300,000

LOW HIGH

Price S/F $703 - $1,305

LOW HIGH

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Mid-Century Modern - Prime Brentwood Sale Comparables Map | 18

# Address City

S 11722 Darlington Avenue Los Angeles1 11754 Darlington Los Angeles2 11668 Darlington Los Angeles

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Mid-Century M

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Financial Analysis

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Income & Expense

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Mid-Century Modern - Prime Brentwood Income & Expense Analysis | 20

INCOME CURRENT PRO FORMAGross Rent $190,752 $240,250

Laundry $250 $250

Gross Potential Income $191,002 $240,500

Effective Gross Income $191,002 $240,500

Less: Expenses $22,192 $75,060

Net Operating Income $168,810 $165,440

EXPENSES CURRENT PRO FORMAReal Estate Taxes $772 $4,632 $9,583 $57,500

Insurance (estimated) $750 $4,500 $750 $4,500

Los Angeles Housing Fee $68 $407 $68 $407

Los Angeles Business Tax $26 $153 $26 $153

Repairs & Maintenance(estimated)

$833 $5,000 $833 $5,000

Utilities (estimated) $1,250 $7,500 $1,250 $7,500

Total Operating Expense $3,699 $22,192 $12,510 $75,060

Expense / SF $3.38 $11.46

Expenses per Unit $3,698.67 $12,510.00

% of EGI 11.6 % 31.2 %

Per Unit Per Unit

REVENUE ALLOCATION

DISTRIBUTION OF EXPENSES

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Mid-Century Modern - Prime Brentwood

Brian O'NeillRealtor

Lic: Cal BRE [email protected]

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