one of a kind silver lake opportunity€¦ · air conditioning owner user opportunity mediterranean...

e x c l u s i v e o f f e r i n g

15250 Ventura Blvd., Suite 100Sherman Oaks, CA 91403

P: 818-986-9800 F: 818-933-0450

www.lee-associates.com

Lee & Associates® LA North/Ventura, Inc.

Corporate ID #01191898A Member of the Lee & Associates

Group of Companies

WARREN BERZACKNational Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors

Lic. #01329015

[email protected]

One of a Kind Silver Lake Opportunity1381 & 1383 Lucile Avenue, Los Angeles, CA | SFR + Rental Unit

i n v e s t m e n t p r op e rt y a d v i s or si n v e s t m e n t p r op e rt y a d v i s or sBERZACK

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

1381 & 1383 Lucile Avenue | Los Angeles, CA

PR I M E S I LV E R LA K E OP P O R T U N I T Y


PROPERTY DESCRIPTION

Upside in Rents

Safe Residential Neighborhood

Landscaped Yard

Gentrifying Location

LOCATION INFORMATION

Blocks from Metro Red Line

1 Mile from Los Angeles City College

Nearby to multiple parks and schools

Minutes from myriad other retail off erings on Santa Monica Boulevard and Sunset Boulevard

Private Garage with Driveway

Air Conditioning

Owner User Opportunity

Mediterranean Architecture

Th e Lucile is located along Lucile Avenue between Hyperion Avenue to the west and Edgecliff e Drive to the east. Sunset Boulevard is north east of the property and Santa Monica Boulevard is north west.

The Lucile is a single family residence with a 2+1 rental unit located in the neighborhood of Silver Lake in the

City of Los Angeles, California. Set on a 11,024 square foot lot, the 4,057 square foot property consists of a 3+2 single family residence currently receiving a scheduled monthly income of $4,186 and 2+1 apartment that’s projected to rent for $2,195 once fully renovated. Built in 1918, the property offers upside in rents, is located in an excellent rental location, and would make a fabulous owner-user with rental income.

Highlights & Amenities





MULTIFAMILY INVESTMENT INFORMATION SHEET

PROPERTY NAME NUMBER OF UNITS 2

ADDRESS BUILDING SIZE (SQ. FT.) 4,057

CITY, STATE, ZIP LOT SIZE (SQ. FT.) 11,024

PRICE COST PER UNIT $912,500

YEAR BUILT COST PER SQFT $449.84

RENTAL INFORMATIONNO. UNITS BDRMS BATHS AVG. RENT RENT Monthly Income

1 3 2 Front SFR $4,186 $7,995 $7,9951 2 1 To Be Delivered Vacant $2,195 $2,195 $2,195

Needs Renovation

Scheduled Monthly Income: $10,190

ANNUAL PROPERTY OPERATING DATACURRENT INCOME/YEAR

AS % GOI AS % GOI AS % GOIScheduled Gross Income $76,574 100.00% $122,280 100.00% Taxes (Est. 1.25%) $22,813 29.79%Other Income (RSO) $0 0.00% $0 0.00% Insurance $1,200 1.57%Laundry $0 0.00% $0 0.00% Utilities $2,243 2.93%Gross Operating Income $76,574 CURRENT MARKET $122,280 Repairs/Maintanence ($1.00/ft) $4,057 5.30%Vacancy Reserve $2,297 3.00% $3,668 3.00% Off-Site Management $0 0.00%Effective Gross Income $74,277 23.83 14.92 $118,612 Landscaping (Tenant handles) $0 0.00%Expenses $30,512 39.85% $30,512 24.95% Pest Control (Tenant handles) $0 0.00%Net Operating Income $43,765 57.15% 2.40% 4.83% $88,099 72.05% On-Site Management: $0 0.00%Debt Service $0 $0 License/Permits $0 0.00%Pre-Tax Cash Flow $43,765 2.40% 4.83% $88,099 Trash $0 0.00%Principal Reduction $0 $0 Miscellaneous ($100/un) $200 0.26%Return on Equity $43,765 2.40% 4.83% $88,099

MORTGAGE FINANCING INFORMATIONLoan Amount $0 Monthly Loan Payment $0Down Payment $1,825,000 100% Annual Loan Payment $0 TOTAL EXPENSES $30,512 39.85%5-Year Fixed Rate 4.00% Year 1 Interest Amount (approx.) $0Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $0 Expense / NRSF

Expense / Unit $15,256

Lee Associates - LA North/Ventura, Inc.

Warren Berzack 818.933.0350

15250 Ventura Boulevard, Suite 100 | Sherman Oaks, CA 91403

The Lucile

INVESTMENT HIGHLIGHTS

Cash on Cash

CAP Rate

MARKET INCOME/YEAR

$7.52

ESTIMATED ANNUAL EXPENSES

1918

1381 & 1383 Lucile Ave.

Return On Equity

Current Income Renovated Market Income

$6,381

$1,825,000

[email protected] Lic. #01329015

GRM

$4,186$2,195

Monthly Income

Los Angeles, CA 90026

* Stunning Property with an Amazing History * Owner User Potential * Prime Silver Lake Locale * Reposition Opportunity * Spectacular Views * Private Garage & Driveway Parking





RENT ROLL





AREA INFORMATION

DEMOGRAPHIC SUMMARY

Total Population

Average Household Income

54,123

$77,990

1,124,569

$68,532

1-mile radius 5-mile radius

Silver Lake, nestled just below the Hollywood Hills, is a community in the eastern portion of the city of Los Angeles, approximately six miles from downtown Los Angeles. Its population of 30,000 residents is well-educated and upper middle-class with a distinctly hipster fl air.

Favored for its walkability since it was originally settled in the early 1900s, Silver Lake is still known for its easy access to shops, restaurants and night life as well as its mid-century, modern architecture and artsy vibe.Th e Subject Property is located in the Sunset Junction neighborhood, named for the intersection where Santa Monica and Sunset boulevards meet Sanborn Avenue. Sunset Junction has gentrifi ed rapidly over the last decade, and its shops and eateries cater to well-heeled boho tastemakers. Case in point: Intelligentsia Coff ee, where exotic blends like Tikur Anbessa Organic Ethiopia sell for $22 lb., the Hollywood Bowl, Griffi th Park and Dodger Stadium are all close by.

• Silver Lake Reservoir…Just a mile from the Subject Property, the Reservoir features nearly 100 acres of park land and playgrounds

• Sunset Boulevard...Off ers numerous shops, restaurants, bars and music clubs.

• Farmers Market…Held Tuesdays and Saturdays, the popular market features fresh produce and prepared foods.





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