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4230-4310 LOS FELIZ BOULEVARD | LOS ANGELES, CA 90027
LOS FELIZCOLLECTION
THE
32-UNIT, FOUR PARCEL OPPORTUNITY IN LOS FELIZ
CONFIDENTIALITY AND DISCLAIMER
NEEMA AHADIANSenior Vice President of InvestmentsTel: (310) 909-5444Fax: (435) [email protected]: CA 01346750
EXCLUSIVELY LISTED BY:
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
NON-ENDORSEMENT NOTICE
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of 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 and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
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INVESTMENT OVERVIEW
AREA OVERVIEW
FINANCIALS
SALES & RENT COMPARABLES
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EXECUTIVE SUMMARY
LOS FELIZMarcus and Millichap is pleased to present the Los Feliz Collection, located at 4230-4310 Los Feliz Blvd, in Los Angeles, CA. Built in 1948, the four charming 8-unit apartment buildings in prime Los Feliz are a true value-add investment. The two-story buildings total approximately 20,244 square feet and rest on an approximately 27,997 square foot lot. The properties have an ideal unit mix of five singles, 18 1+1, and nine 2+1. The units feature air conditioning units, beautiful wood floors, ceiling fans in the bedrooms, stoves, and refrigerators. There are 25 parking spaces available for tenants at the rear of the property as well as available street parking, during specified hours.
The neighborhood of Los Feliz is highly desirable and a very densely populated rental market in Los Angeles. While the residents here cover a wide range of ages, ethnicities and backgrounds, the surroundings provide the ease of engaging in a more active and local lifestyle. With some of the top schools in Los Angeles located in Los Feliz, it definitely has a large draw for families with children in the LAUSD school system.
PROPERTY OVERVIEW
Offering Price: $8,900,000
Number of Units:4230 Los Feliz Blvd4250 Los Feliz Blvd4306 Los Feliz Blvd4310 Los Feliz Blvd
8888
Approximate Year Built: 1948/1941
Approximate Lot Size: 27,997 SF (0.64 Acres)
Approximate Gross SF: 20,244 SF
Parking Spaces25 spaces - 17 open, 8 garage
FINANCIAL OVERVIEW
Cost per Unit: $278,125
Current GRM: 18.26
Market GRM: 8.72
Current CAP Rate: 3.31%
Market CAP Rate: 9.12%
THE OPPORTUNITY: 4230-4310 Los Feliz Boulevard is a four-building, 32-unit true value-add investment opportunity located on a highly sought-after street, between the 5 Freeway and Hillhurst Avenue
LOCATION: The Los Feliz neighborhood is one of the most desirable and densely populated rental submarkets in all of Los Angeles, known for excellent rent growth and low vacancy rates
UNIT MIX: The Subject Property features an impressive unit mix of five singles, 18 one-bedrooms, and nine two-bedrooms, 1 two-bedroom and 3 one-bedrooms will be delivered vacant
VALUE-ADD OPPORTUNITY: Current rents are significantly below market, a loss to lease of over 52% provides an investor with tremendous rental upside through renovations when units turn
STRONG DEMOGRAPHICS: With a population of over 330,000 within a three mile radius and average household income of $73,000 annually, this rental submarket continues significant rental growth year over year.
INVESTMENT HIGHLIGHTS
LOS FELIZ SILVER LAKE
BarnsdallArt Park
ATWATEROBSERVATORY
LITTLE ARMENIA
HOLLYWOOD
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PROPERTY OVERVIEW
Address4230 Los Feliz Boulevard, Los Angeles, CA 90027
Number of Units 8
Approximate Lot Size: 6,999 Sf
Approximate Gross SF: 5,190 SF
Approximate Year Built: 1948
APN 5591-002-006
PROPERTY OVERVIEW
Address4250 Los Feliz Boulevard, Los Angeles, CA 90027
Number of Units 8
Approximate Lot Size: 6,999 SF
Approximate Gross SF: 5,190 SF
Approximate Year Built: 1948
APN 5591-002-007
PROPERTY OVERVIEW
Address4306 Los Feliz Boulevard, Los Angeles, CA 90027
Number of Units 8
Approximate Lot Size: 6,999 SF
Approximate Gross SF: 4,932 SF
Approximate Year Built: 1941
APN 5591-002-008
PROPERTY OVERVIEW
Address4310 Los Feliz Boulevard, Los Angeles, CA 90027
Number of Units 8
Approximate Lot Size: 7,000 SF
Approximate Gross SF: 4,932 SF
Approximate Year Built: 1941
APN 5591-002-009
PORTFOLIO BREAKDOWN
LOS FELIZ BOULEVARD
ATWATER VILLAGE
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4230-4310 LOS FELIZ BLVD
DEVELOPMENT OVERVIEW
DEVELOPMENT INFORMATION
Lot Size 27,997 SF
Zoning R3-1
Transit Oriented Communities (TOC) Tier 2
Average Condominium Price in Los Feliz $890,000
Average Price/SF of Condominiums in Los Feliz $598
Separate Tax Lots
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LOS FELIZ CONDO SALES
PROPERTY NAME YEAR BUILT CONDO SF SALES PRICE PRICE PER SF
1. 4711 Ambrose Ave #206, Los Angeles, CA 90027 2007 1,410 $735,000 $521
2. 2399 Silver Lake Blvd #20, Los Angeles, CA 90039 2005 980 $728,000 $743
3. 4111 W Sunset Blvd #312, Los Angeles, CA 90029 2007 1,320 $775,000 $587
4. 4111 W Sunset Blvd #348, Los Angeles, CA 90029 2007 1,600 $827,111 $517
5. 2753 Waverly Dr #303, Los Angeles, CA 90039 2015 1,243 $820,000 $660
6. 4111 W Sunset Blvd #225, Los Angeles, CA 90029 2007 1,550 $810,000 $523
7. 2753 Waverly Dr #804, Los Angeles, CA 90039 2017 1,661 $990,000 $596
8. 2926 Rowena Ave #6, Los Angeles, CA 90039 2017 1,681 $1,048,000 $623
9. 2753 Waverly Dr #804, Los Angeles, CA 90039 2017 1,661 $1,049,900 $632
10. 2753 Waverly Dr #801, Los Angeles, CA 90039 2017 1,910 $1,100,000 $576
AVERAGE PRICE PER SF $598
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WALK-ABILITYexcellent
Situated at the foothill of the notable Griffith Park, the Los Feliz neighborhood is a quaint and charming pocket of Los Angeles. Popular with movie stars and those of the entertainment industry since the early 1900s, the area is filled with beautiful art deco, modernist, and mid-century modern homes. Eminent architects like Frank Lloyd Wright and Richard Neutra have left their mark here. The community still draws celebrity, but you’ll be more prone to find creative types, professionals, and families as well. The neighborhood has several excellent public schools, which is a rarity in most of LA.
Bordered on the north by Griffith Park, on the east by Silver Lake, to the south by East Hollywood, and on the west by Hollywood Hills. One of L.A.’s most walkable commercial districts, this collection of historic storefronts along Vermont and Hillhurst avenues has it all, including dive bars, restaurants, a neighborhood movie house, an independent bookstore and hip clothing boutiques.
If you drive through Los Feliz without knowing its history, you’ll hardly be able to tell the significant role the neighborhood and its residents played in the early days of the motion picture industry. There are no shrines, statues or tacky symbols to memorialize the birthplace of Mickey Mouse. If you pay close attention, you might spot a few modest historic landmark signs denoting the small parcels of land where humble workshops once stood.
LOS FELIZ
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• One of the best aspects of Los Feliz is its proximity to Griffith Park where one can hike, golf, run, play tennis, stargaze, or catch a concert.
• For hikers looking to burn a few calories or take in panoramic views, Griffith Park offers a 53-mile network of trails. That’s pretty impressive given Los Angeles is the second largest city in the United States. Hikers who reach the highest peak, Mt. Hollywood, are rewarded with 360-view of Downtown, the Los Angeles Basin, Santa Monica, San Fernando Valley and San Gabriel Mountains.
• Visit Barnsdall Park with a picnic and an afternoon to spare with friends.
• Check out the famous Hollyhock House or the Autry Museum of the American West
NEIGHBORHOOD HIGHLIGHTS
LOS FELIZ BOULEVARD
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FRANKLIN AVENUE
PROSPECT AVENUE
1. Messhall Kitchen2. Starbucks3. Little Dom’s4. Cafe Los Feliz5. Mexico City6. Blue Bottle Coffee7. Yuca’s8. Albertson’s9. Farfalla10. Vinoteca Farfalla11. Jeni’s Splendid Ice Cream12. Mustard Seed Cafe13. Alcove14. Qwench Juiec Bar15. Drawing Room16. Home17. Spitz18. Bru Coffeebar19. Palermo Italian20. Los Feliz Theatre21. United States Post Office22. Atrium23. Dresden24. IIl Capriccio25. Rockwell Table & Stage
NEARBY RETAIL AND AMENITIES
LOS FELIZ - THE HOLLYWOOD CONNECTION
THE WALT DISNEY LEGACYThe biggest legacy left to Los Feliz was that of Walt Disney. All of Walt Disney’s homes but one were located in the neighborhood as were his first three studios. Walt set up a makeshift animation studio in the garage behind his uncle’s house on Kingswell Street. The Disney Studios were born and he began making cartoon joke reels for movie theatre chains. In 1927, Walt and his brother Roy bought homes on Lyric Avenue. In this garage, Mickey Mouse was born.
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KATY PERRY
EVA MENDES
MEGAN FOX
DEMI LOVATO
JOHN HAMM
ANGELINA JOLIE
Los Feliz has remained a popular celebrity enclave and many of Los Feliz’s hilltop homes host the most
famous celebrity inhabitants.
celebrity
ENCLAVE
LOS FELIZ BOULEVARD
GRIFFITH OBSERVATORY
MESSHALL KITCHEN
STARBUCKS
LITTLE DOM’S
HOLLYWOOD
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303Apartments Built between 1950 & 1960
16815-20 Unit multifamily properties
8910-15 unit multifamily properties
60SOLD in the past 10 Years
In a market that has a very limited supply of multifmaily properties, those built from 1950-1960 are some of the most sought-after in the neighborhood. While these properties have been home to Angelenos for decades, only 60 have traded over the past 10 years, therefore making the aquisition of this asset a very rare opportunity.
a limited
SUPPLYGREEK THEATRE
CURRENT INTERIOR PHOTOS42
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POTENTIALRENOVATIONS• New Flooring
• New Lighting
• New Painting
• Modern Fixtures
• Stone Countertips
• Stainless Steel Appliances
• Hardwood Flooring
• Recessed Lights
• Modern Tile and Cabinetry
• Common Area Patio Furniture
UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENT MOVE-IN DATE NOTES
4230 2+1 $765 $3,250 10/1/20134232 2+1 $3,250 $3,250 - Vacant4234 1+1 $1,450 $2,600 11/1/20164236 1+1 $842 $2,600 1/1/20004238 1+1 $597 $2,600 8/1/19904240 1+1 $2,600 $2,600 - Vacant4242 2+1 $1,935 $3,250 1/24/20184244 2+1 $1,273 $3,250 3/1/2004Total $12,712
UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENT MOVE-IN DATE NOTES
4250 2+1 $1,380 $3,250 3/1/20094252 2+1 $1,339 $3,250 7/1/20104254 1+1 $1,500 $2,600 3/1/20174256 1+1 $2,600 $2,600 - Vacant4258 1+1 $415 $2,600 8/1/19634260 1+1 $1,450 $2,600 2/1/20174262 2+1 $1,415 $3,250 5/1/20134264 2+1 $713 $3,250 11/1/1994Total $10,812
FINANCIALS
4230 LOS FELIZ BLVD RENT ROLL
4250 LOS FELIZ BLVD RENT ROLL
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UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENT MOVE-IN DATE NOTES
4306 #1 1+1 $679 $2,600 8/1/19904306 #2 Single $849 $1,800 11/1/20084306 #3 1+1 $1,167 $2,600 11/1/20054306 #4 Single $824 $1,800 10/1/20084308 #1 1+1 $679 $2,600 11/1/19944308 #2 1+1 $2,600 $2,600 11/1/1992 *On-Site Manager's Unit4308 #3 1+1 $2,600 $2,600 - Vacant4308 #4 1+1 $700 $2,600 12/1/1997Total $10,098
UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENT MOVE-IN DATE
4310 #1 1+1 $675 $2,600 6/1/19934310 #2 1+1 $796 $2,600 11/1/20034310 #3 Single $1,174 $1,800 11/15/20144310 #4 2+1 $865 $3,250 9/1/19894312 #1 1+1 $1,060 $2,600 10/1/20114312 #2 Single $838 $1,800 4/1/20034312 #3 1+1 $1,112 $2,600 9/1/20114312 #4 Single $481 $1,800 12/1/1997Total $7,001
FINANCIALS
4306 LOS FELIZ BLVD RENT ROLL
4310 LOS FELIZ BLVD RENT ROLL
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*Unit 4308 #2 is the On-Site Manager's Unit, Current Rent is $2,000/monthRent shown is pro forma for a 1+1, there is an agreement in place to vacate by June 2019
INCOME CURRENT PRO FORMA
Scheduled Gross Income: $487,476 $1,020,600
Less Vacancy Rate Reserve: 3.0% ($14,624) 3.0% ($30,618)
Gross Operating Income: $472,852 $989,982
Less Expenses: 36.7% ($178,702) 19.6% ($177,953)
Net Operating Income: $294,150 $812,029
OPERATING EXPENSES CURRENT
Taxes: Rate 1.19% $105,910 Insurance $9,110 Utilities: $12,088 Management Fee $18,914Repairs & Maintenance $16,000 Waste Removal $8,520 Pest Control $840 Landscaping $3,520 License & Fee's $3,800
Total Expenses: $178,702 Per Net Sq. Ft.: $8.83 Per Unit: $5,584
FINANCIALS
ANNUALIZED OPERATING DATA
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OPERATING DATA
Price: $8,900,000 Down Payment: 35% $3,115,000 Number of Units: 32 Cost per Legal Unit: $278,125 Current GRM: 18.26 Market GRM: 8.72 Current CAP: 3.31% Market CAP: 9.12%
Approx. Age: 1941 Approx. Lot Size: 27,997 Approx. Gross SF: 20,244
PROPOSED BRIDGE FINANCING
New First Loan: $5,785,000 Interest Rate: 5.50%Amortization: 30Monthly Payment: $32,847DCR: 0.68
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SALES COMPARABLES42
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SUBJECT PROPERTY
ADDRESS 4230-4310 LOS FELIZ BOU-LEVARD, LOS ANGELES
Close of Escrow n/a
Sales Price $8,900,000
Price/Unit $278,125
CAP 3.31%
GRM 18.26
Units 32
Year Built 1941
Unit Mix Five Singles
Eighteen 1+1
Nine 2+1
ADDRESS 1216 N. KENMORE AVENUE, LOS ANGELES
Close of Escrow 10/10/2018
Sales Price $2,925,000
Price/Unit $365,625
Price/Sf $370
CAP
GRM 13.32
Units 8
Year Built 1927
Unit Mix Eight 2+1
ADDRESS 1318 N. BERENDO STREET, LOS ANGELES
Close of Escrow 10/4/2018
Sales Price $6,250,000
Price/Unit $625,000
Price/Sf $663
CAP N/A
GRM N/A
Units 10
Year Built 1924
Unit Mix Ten Singles
1 2
N/A
ADDRESS 1803 N. HARVARD BOU-LEVARD, LOS ANGELES
Close of Escrow 9/25/2018Sales Price $3,450,000Price/Unit $287,500Price/Sf $369CAP 3.26%GRM 18.18Units 12Year Built 1955Unit Mix Ten 1+1
Two 2+1
ADDRESS 2033 N VERMONT AVENUE, LOS ANGELES
Close of Escrow 9/12/2018Sales Price $2,734,000Price/Unit $341,750Price/Sf $481CAP N/AGRM N/AUnits 8Year Built 1940Unit Mix Two Singles
Six 1+1
ADDRESS 3827 EVANS STREET, LOS ANGELES
Close of Escrow 5/30/2018Sales Price $2,700,000Price/Unit $337,500Price/Sf $223CAP 4.00%GRM 16.15Units 8Year Built 1966Unit Mix Eight Single
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ADDRESS 932 MALTMAN AVENUE, LOS ANGELES
Close of Escrow 2/28/2018Sales Price $5,245,000Price/Unit $291,389Price/Sf $298CAP 4.56%GRM 16.78Units 18Year Built 1964Unit Mix Three Single
Five 1+1 Ten 2+2
ADDRESS 1816 N. MARIPOSA AVENUE, LOS ANGELES
Close of Escrow 2/22/2018Sales Price $2,380,000Price/Unit $397,500Price/Sf $404CAP 4.76%GRM 14.09Units 8Year Built 1957Unit Mix Two 1+1
One 1+1.5 Two 2+1 Three 2+1.5
ADDRESS 1701 COMMONWEALTH AVENUE, LOS ANGELES
Close of Escrow 2/22/2018Sales Price $2,742,000Price/Unit $342,750Price/Sf $331CAP 3.73%GRM 17Units 8Year Built 1969Unit Mix Eight 2+2
6 7 8
ADDRESS 4511 FINLEY AVENUE, LOS ANGELES
Close of Escrow 8/25/2017Sales Price $3,950,000Price/Unit $395,000Price/Sf $397CAP 4.38%GRM 15.78Units 10Year Built 1957Unit Mix Six 1+1
Four 2+2
ADDRESS 4233 AVOCADO STREET, LOS ANGELES
Close of Escrow 6/30/2017Sales Price $2,300,000Price/Unit $287,500Price/Sf $311CAP 3.00%GRM N/AUnits 8Year Built 1949Unit Mix Five 1+1
Three 2+1
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ADDRESS 3949 LOS FELIZ BLVD, LOS ANGELES, CA 90027
Unit Type 1+1Number of Units 104Year 1972SqFt 750 Price $2,295Notes Includes parking, has a balcony
ADDRESS 1317 N. KENMORE AVENUE, LOS ANGELES, CA 90027
Unit Type 1+1Number of Units 6Year 1956SqFt 700Price $2,400Notes Newly Renovated, Includes Parking, In Unit Washer/Dryer
ADDRESS 4211 CUMBERLAND AVE, LOS ANGELES, CA 90027
Unit Type 1+1Number of Units 5Year 1922SqFt N/APrice $2,695Notes Newly Renovated, Bungalow, In Unit Washer/Dryer
ADDRESS 3949 LOS FELIZ BLVD, LOS ANGELES, CA 90027
Unit Type SingleNumber of Units 104Year 1972SqFt 500 Price $1,895Notes Includes Parking
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ADDRESS 1800 N NEW HAMPSHIRE AVE, LOS ANGELES, CA 90027
Unit Type SingleNumber of Units 134Year 1987SqFt 570 Price $1,795Notes On-Site Laundry, Swimming Pool
ADDRESS 1611 TALMADGE ST, LOS ANGELES, CA 90027
Unit Type 1+1Number of Units 4Year N/ASqFt 900Price $2,395Notes In Unit Washer/Dryer, Includes Parking
ADDRESS 2126 GRIFFITH PARK BLVD, LOS ANGELES, CA 90027
Unit Type 1+1Number of Units 4Year 1941SqFt 500Price $2,700Notes Renovated
ADDRESS 4353 CLARISSA AVE, LOS ANGELES, CA 90027
Unit Type 2+1Number of Units 6Year 1924SqFt 850 Price $3,200Notes Additional $200/month for Parking
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ADDRESS 3311 ROWENA AVE, LOS ANGELES, CA 90027
Unit Type 2+2Number of Units 24Year 1961SqFt 1,100 Price $2,795Notes Newly Renovated
ADDRESS 4413 AVOCADO ST, LOS ANGELES, CA 90027
Unit Type 2+1Number of Units 2Year 1926SqFt 875 Price $3,150Notes Includes Parking
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Neema AhadianSenior Vice President of InvestmentsTel: (310) 909-5444Fax: (435) [email protected]: CA 01346750
EXCLUSIVELY LISTED BY: