offering west view $975,000 angeles, · 2020. 8. 27. · 2737 west view street los angeles, ca...

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OFFERING MEMORANDUM

2737 West View Street

Los Angeles, CA 90016$975,000

MATT DUNFRUND

(310) 367‐9666

[email protected]

BRE 01785161

TABLE OF CO

NTEN

TS

TABLE OF CONTENTS

THE PROPERTY 3Property Highlights / OverviewProperty Photographs

THE FINANCIALS 9Financial SummaryRent Roll

THE LOCATION 12West Adams Market OverviewNeighborhood OverviewRedevelopment Projects

COMPARABLES 17Sales ComparablesOn‐Market CompsRent Lease Comps

OUR TEAM 22

DISCLAIMER & CONFIDENTIALITY AGREEMENT 23

OFFERING MEMORANDUM

2737 West View StreetLos Angeles, CA 90016

LYON STAHL INVESTEMENT REAL ESTATE

PROPERTY OVERVIEW


LYON STAHL INVESTEMENT REAL ESTATE • 4

THE PROPERTY

PROPERTY SUMMARY

PRICE $975,000

ADDRESS 2737 West View Street

CITY, STATE, ZIP Los Angeles, CA, 90016

COUNTY Los Angeles

ZONING

YEAR BUILT 1923

NUMBER OF UNITS 3

BUILDING SIZE 1,917

LOT SIZE 5,000

PRO FORMA NOI $45,043

PRO FORMA CAP 4.62%

PRO FORMA GRM 15.05

PRICE / SF $509



THE PROPERTY

PROPERTY OVERVIEW

Lyon Stahl is pleased to present this well‐located West Adams triplex listing at 2737 West View Street, LA 90016. Featuring a front detached 2 Bedroom 2 Bath Home, which will be delivered vacant at closing + a rear duplex with two 1 Bedroom units rented for $1,257 & $1,074/mth. The gross income will be $4,531/mth; $54,372/yr once the vacant 2+2 unit is rented at market rate. At our $975K asking price, the property is priced at: $325K/unit; a 17.93 current GRM; a 3.58% current CAP, and $509/SF. This property would also make a great owner‐user investment for a buyer looking to occupy the front 2 Bedroom Detached Home & have two great rental units to help pay your mortgage. The property is conveniently located only minutes from the 10 Freeway & only a short 0.6M walk from the La Brea/Expo Metro station for carless commuting. Fantastic central Mid‐City location just east of La Brea between Adams & Jefferson Blvd & only a short trip to all the hip new restaurants, shops, and bars like: Alta; Highly Likely; Collins Fish Market; Mizlala; Taqueria Los Anaya, Bee Taqueria & the Cork Bar just to name a few local favs.



THE PROPERTY

PROPERTY OVERVIEW

Deal Highlights

● Interesting Triplex Investment well‐located at 2737 S .West View Street in the hot West Adams (90016) submarket.● The property features a detached front 2+2 House (delivered vacant) + a rear duplex with two 1+1 units. There are 1,917 total rentable SF. Interesting owner‐user investment if buyer wants to occupy the front home & help pay their mortgage with two units' rental income.● Gross income of $4,531/mth;$54,372/yr... At the $975,000 asking price, the property is priced at: $325,000/unit; a 17.93 current GRM; a 3.58% current CAP, and$509/SF.● 5,000 SF lot zoned R2; Build twocondos/townhomes in the future here with homes already selling for $1M+ locally!



THE PROPERTY

PROPERTY PHOTOGRAPHS

OFFERING MEMORANDUM



FINANCIAL OVERVIEW



FINANCIAL OVERVIEW

FINAN

CIALS

PROPERTY SUMMARY

ADDRESS 2737 West View Street

APN: 5049-006-020

NUMBER OF UNITS 3

YEAR BUILT 1923

BUILDING SIZE 1,917

LOT SIZE 5,000

CURRENT CAP RATE 3.58%

CURRENT GRM 17.93

MARKET CAP RATE 4.62%

MARKET GRM 15.05

PRICE PER UNIT $325,000

PRICE PER SF $509

PRICING SUMMARY

PRICE $975,000

FINANCIAL SUMMARY

LOAN AMOUNT $536,250

DOWN PAYMENT $438,750

INTEREST RATE 3.750%

MONTHLY PAYMENT $2,483

ANNUAL PAYMENT $29,801

LOAN‐TO‐VALUE 55%%

AMORTIZATION 30 years

TERM 5 years

PROPOSED/EXISTING Proposed

SCHEDULED RENT SUMMARY

Unit Type No. Of Units Average Rent Market Rent

2+2 House (Delivered Vacant)

1+1 Unit

1+1 Unit

1

1

1

$2,200

$1,257

$1,074

$2,200

$1,600

$1,600

SCHEDULED RENT SUMMARY

Gross Scheduled IncomeCurrent Actuals

$54,372Market Rent$64,800

Less Vacancy 3% $1,631 $1,944

Gross Operating Income $52,741 $62,856

EXPENSE SUMMARY

Per Unit Current Actuals Market Pro Forma

Real Estate Taxes and Special Assessment Tax

$11,700 $11,700

Insurance $2,200 $2,200

Water & Sewer $2,282 $2,282

Maintenance/Repairs $ 1,631 $ 1,631

TOTAL EXPENSES $17,813 $17,813

Expense Per Unit $5,938 $5,938

Expense Per SF $9.29 $9.29

NET OPERATING INCOME $34,928 $45,043

Pre‐Tax Cash Flow $5,126 $15,241

Principal Reduction $9,860 $9,860

TOTAL RETURN $14,987 $25,102



FINAN

CIALS RENT ROLL

UNIT # UNIT TYPE ACTUAL RENT MARKET RENT NOTES

1 $2,200 $2,200

2 1+1 $1,257 $1,600

3 1+1 $1,074 $1,600

MONTHLY TOTALS $4,531 $5,400

ANNUALIZED TOTALS $54,372 $64.800

2+2 House (Delivered Vacant)

OFFERING MEMORANDUM



AREA OVERVIEW



THE LOCATIO

N

WEST ADAMS Overview



THE PROPERTY

Property Address Building StatusNumber Of Units

Rentable Building Area Zip

4801 W Adams Blvd Under Construction 6 6000 90016‐2820

5109‐5113 W Adams Blvd Under Construction 69 60940 90016

5124 W Adams Blvd Under Construction 25 36237 90016

5181 W Adams Blvd Under Construction 115 91400 90016‐2727

5301‐5335 W Adams Blvd Under Construction 60 60000 90016

3311 La Cienega Blvd Under Construction 300 300000 90016‐3114

3321 S La Cienega Blvd Under Construction 918 1400000 90016‐3114

2021 S Redondo Blvd Under Construction 5 10674 90016

2303 S West View St Under Construction 3 5090 90016‐2333

3015 W West View St Under Construction 64 65000 90016

NEW DEVELOPMENTSUNDER CONSTRUCTION

• Over 2,200 New UnitsProposed or UnderConstruction in the Area



THE PROPERTY

Property Address Building Status Number Of Units Rentable Building Area (sf) Zip

3500‐3524 Chesapeake Ave Proposed 45000 90016‐5736

2000 Clyde Ave Proposed 5 5000 90016

2254 Crenshaw Blvd Proposed 6000 90016‐1808

3518‐3520 Crenshaw Blvd Proposed 81 80000 90016‐4804

3606 W Expositions Blvd Proposed 492 500000 90016

3702‐3716 W Jefferson Blvd Proposed 75000 90016‐4208

2902‐2910 S Mansfield Ave Proposed 17 15000 90016‐3908

4600 W Washington Blvd Proposed 56 60000 90016‐1728

4601 W Washington Blvd Proposed 33 44939 90016

NEW DEVELOPMENTSPROPOSED



THE PROPERTY

NEW DEVELOPMENTS

OFFERING MEMORANDUM



COMPARABLES



COMPARABLES

SOLD COMPARABLES

Address Price Units Year Built Building Size Price/Unit Price/SF GRM Sale Date

2840 Buckingham RdLos Angeles, 90016 $950,000 3 1927 1,937 $263,333 $408 3/3/2020

3011 West View StLos Angeles, 90016 $1,000,000 2 1964 2,728 $500.000 $366 1/29/20

2410 Carmona AvenueLos Angeles, 90016 $930,000 2 1937 1,672 $465,000 $556 3/18/20

AVERAGES $960,000 ‐ ‐ 2,112 $409,444 $443 ‐

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Matt

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Matt

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COMPARABLES

ON‐MARKET COMPARABLES

Address Price Units Year Built Building Size Price/Unit Price/SF Cap Rate GRM Sale Date

2245 S Cochran AveLos Angeles, CA, 90016 $850,000 3 1923 1,826 $283,333 $466 4.5% 16.00 Active

2621 Hillcrest DrLos Angeles, CA, 90016 $850,000 3 1925 2,289 $283,333 $371 4.4% 16.30 Active

5331 Carlin StLos Angeles, CA, 90016 $1,075,000 3 1960 2,009 $358,333 $535 2.90% 24.90 Active

1877 S Cloverdale AveLos Angeles, CA, 90016 $1,100,000 3 1958 1,848 $366,667 $595 2.70% 27.1 Active

AVERAGES $968,750 ‐ ‐ 1,993 $398,950 $491.79 3.63% 21.08 NA

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COMPARABLES

LEASE COMPARABLES

Address Date Leased Unit Type Rental Rate Rate / Sq. Ft.

1938 Carmona AveLos Angeles, CA 90016 May 2020 2 Bed/1 Bath $1,800 $1.87

4639 Saturn StLos Angeles, CA 9001 July 2020 2 Bed/1 Bath $2,100 $2.80

3034 11th AveLos Angeles, CA 90018 May 2020 2 Bes/1 Bath $1,400 $1.24

2230 S Mansfield AveLos Angeles, CA 90016 Jul 2020 2 Bed/1 Bath $2,350 N/A

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COMPARABLES

LEASE COMPARABLES

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MEET THE TEAM

MATT DUNFRUNDSENIOR ASSOCIATE(310) 367‐9666

[email protected]

BRE 01785161

GAVIN BIALECKISales Associate

HOLDEN GROFFSales Associate

SALES ASSOCIATE(512) 203‐2055

[email protected]

BRE 02054995

(626) 608‐8111

[email protected]

BRE 02109075

The information contained in this Offering Memorandum (“Memorandum”) is proprietary and strictly confidential; it is intended to be reviewed only by the party receiving it from Broker and should not be made available to anyone else without the written consent of Broker. By retention or use of this Memorandum, you agree that its contents are confidential, that you will hold it in the strictest confidence, and that you will not disclose any of its contents contrary to these terms.

This Memorandum has been prepared to provide summary, unverified information to establish a preliminary level of interest in the subject property (“Property”). The information in this Memorandum has been obtained from sources Broker believes to be reliable; however, Broker has not conducted sufficient investigation to make any warranty or representation whatsoever including but not limited to the accuracy or completeness of the information, veracity or accuracy of the information, condition of the Property or its compliance or lack of compliance with applicable governmental requirements, developability, suitability or financial performance of the Property, income or expenses for the Property, the size and square footage of the Property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State or Federal regulations, the physical condition of the improvements thereon, or the financial condition or business Property and does not purport to be an all – inclusive representation regarding the Property or to contain all or part of the information which prospective investors may require to evaluate the purchase of the Property. Additional information and an opportunity to investigate the Property will be made available to interested and qualified prospective purchasers. All information is based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of Broker, therefore, all information is subject to material variation. The information contained herein is not a substitute for a thorough due diligence investigation. Interested parties are expected to review all information of whatever nature independently and not rely on the contents of this Memorandum in any manner.

The Property owner (“Owner”) expressly reserves the right, at its sole discretion, to reject any or all offers to purchase the Property, and/or to terminate discussions at any time with or without notice. The Owner shall have no legal commitment or obligation unless and until written agreement(s) have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

DISCLAIMER & CONFIDENTIALITY AGREEMENT


offering west view $975,000 angeles, · 2020. 8. 27. · 2737 west view street los angeles, ca...

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