10 UNITS IN CULVER CITY - files.ctctcdn.comfiles.ctctcdn.com/796e91ba001/080f0617-ac2e-4348-b798-e3143344… · Prosser Stevens Real Estate Investments [email protected]

Prosser Stevens Real Estate Investments [email protected] 310.482.2209 ProsserStevens.comINVEST WELL. LIVE WELL.

3827 TILDEN AVE CULVER CITY, CA 90232

10 UNITS IN CULVER CITY

• Excellent location, close to downtown Culver City

• NO RENT CONTROL

• Great unit mix with 1 bedroom, 2 bedroom, & 3 bedroom units

• 8 parking spaces

• Almost 20% upside in rents

• Approximately $300,000 in property upgrades over the past

36 months

• Zoned R4


PROPERTY ANALYSIS • Summary• Neighborhood Information• Financial Analysis Setup• Financial Analysis Rent Roll• Photos• Sold Comparables• Rent Comparables

CONTACTKenny StevensBRE# 01090251310-482-2273 direct310-861-1175 [email protected]

CONTENTS


PROPERTY DESCRIPTIONUnits 10 Square Footage 9,340’ Major Intersection Sepulveda Blvd & Venice Blvd Zoning Type CCR4Market Culver City Year Built 1957APN 4213-005-022 Lot Size 10,926’

HIGHLIGHTSProperty Excellent Culver City location, close to downtown. No rent control. Great unit

mix with 1 bedroom, 2 bedroom, & 3 bedroom units. 8 parking spaces. Almost 20% upside in rents. Approximately $300,000 in property upgrades over the past 36 months. Zoned R4.

Area Located in Culver City between Venice Blvd & Washington Blvd and west of Overland. It maintains close proximity to downtown Culver City with it’s hip downtown area full of trendy bars & restaurants.

LISTING SUMMARY


NEIGHBORHOOD INFORMATION

CULVER CITY, CALIFORNIASince the 1920s, Culver City has been a significant center for motion picture and later television production, best

known as the home of Metro-Goldwyn-Mayer studios. It was also the headquarters for the Hughes Aircraft Company

from 1932 to 1985. National Public Radio West and Sony Pictures Entertainment now have headquarters in the city.

The NFL Network studio is also based in Culver City. Culver City’s population is approximately 39,428 with an average

median household income of $75,424.

Downtown Culver City is one of Southern California’s best kept secrets, featuring a wonderful mix of historic buildings,

boutiques, theaters, galleries, and unique restaurants opening onto tree-lined streets. Some of the notable locations

include the historic Kirk Douglas theater, Arclight Cinemas and Trader Joes. Downtown Culver City is also close in

proximity to acclaimed restaurant n/naka, which was rated by Zagat in 2015 as the best restaurant in Los Angeles.

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Neighboring areas include Mar Vista, Venice, Palms, Westchester, Baldwin Hills, Inglewood, Playa Vista and Marina Del

Rey. The largest employers in Culver City are Sony Pictures Entertainment, Southern California Hospital at Culver City,


NEW DEVELOPMENTS

New Developments:

1) In 2013, Greystar Real Estate broke ground on Access Culver City, one of the first transit-oriented projects built along the Expo Line. The project, designed by Togawa Smith Martin Residential, will bring 115 apartments, 31,000 square feet of retail, and a 7,000 square foot public plaza. Pricing and availability for the units to be released Spring 2016.

2) The current western terminus of the Expo Line light rail, near downtown Culver City and the Hayden Tract, is set to see some dramatic changes. The area will soon get a jolt with Platform, an upscale retail project from developers Runyon Group. Architects Abramson Teiger have just released new renderings for the project, which will hug one side of the elevated Expo station and features a style similar to the uber trendy Space15Twenty retail complex on Cahuenga in Hollywood. Looks like some retailers have already signed leases at Platform, which will have about half a dozen three- and four-story buildings (plus an awesome parking garage).

Update:“Over the past year we have been busy! Construction is well under way and we have leased over 75 percent of our buildings to an incredibly exciting mix of merchants and chefs. With the tone of quality set by our first fifteen tenants, we are releasing our final six spaces for lease. We are also excited to announce the acquisition of the immediately adjacent parcel, which will add approximately 30,000 square feet of additional retail and creative office space to PLATFORM.”

3) The former industrial areas in eastern Culver City known as Hayden Tract and Smiley Blackwelder are coming alive thanks to a new parking district overlay making them hotspots for creative office space. Priced out of Santa Monica and Venice, media and tech firms--like Beats Electronics, Inside.com, and PopSugar--are setting up shop or relocating to this central area. Hackman Capital Partners is turning several industrial buildings in the Hayden Tract into even more creative office space. Near the freeway and the Metro, and halfway between DTLA and the beach, the area has many draws of its own and the city is helping by facilitating more parking and working to lay down high-speed fiber-optic cable throughout Culver City. Meanwhile, the nearby Helms Bakery complex, closer to the rail stop, is also seeing an infusion of new restaurants and shops.


The first phase of the Expo Line opened to Culver City on June 20th, 2012. The line is cur-rently being extended westward to Santa Monica, with a projected opening date of May 20, 2016. The Expo Line light rail extension from Culver City to Santa Monica is nearing com-pletion and there will be seven stations west of Culver City; the furthest west is located just blocks from 3rd Street Promenade and Santa Monica Pier.

Travel from downtown Los Angeles to Santa Monica will be 46 minutes, even during rush hour. There will be three park-and-ride lots offering 580 parking spaces and a projected ridership of 64,000 daily riders by 2030. The $1.5 billion investment promises to minimize

EXPO LINE


CURRENT FINANCIAL ANALYSIS @ $4.2M



CURRENT RENT ROLL


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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.


FINANCING OPTIONS

3827 TILDEN AVE CULVER CITY, CA 90232 April 1, 2016

3-Year Fixed 5-Year Fixed 7-Year Fixed

$1,900,000 $1,900,000 $1,900,000

50% 50% 50%

3.06% 3.24% 3.51%

$8,072 $8,258 $8,542

30 years 30 years 30 years

30 years 30 years 30 years

2.25 > 6-month LIBOR 2.25 > 6-month LIBOR 2.25 > 6-month LIBOR

Full Full Full

3,2,1 3,2,1,1,1 5,5,4,4,3,2,1

$2,375 $2,375 $2,375

$500 $500 $500

1% refundable deposit for 60 days at application



1% of funded loan amount plus $500 processing fee



FINANCING OPTIONS FOR 3827 TILDEN

Loan Amount:

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Commercial Realty Consultants23586 Calabasas RoadSuite 100Calabasas, California 91302

Brian WeisbergTelephone: (818) 222-8076

Facsimile: (818) 222-8516Email: [email protected]

Brian Weisberg - Commercial Realty ConsultantsEmail: [email protected]: (818) 222-8076


Photos


Photos


Photos


Photos


SOLD COMPARABLES

UNIT MIX: (10) 2+1 CLOSED: 8/20/15

UNIT MIX: (1) 1+1, (5) 2+2, (1) 3+2 CLOSED: 1/7/16

UNIT MIX: (8) 2+1 CLOSED:11/16/15

UNIT MIX: (4) 1+1, (5) 2+1, (1) 3+1

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Subject Property: 3827 Tilden Ave $4,200,000 10 9,340 $449.68 $420,000

4173-4177 Ince Blvd, Built 1956

$4,250,000 8 6,968 $609.93 $531,250

4221 Grand View Blvd, Built 1986

$3,640,000 7 13,503 $269.57 $520,000

4101 Wade St, Built 1953 $3,260,000 10 7,996 $407.70 $326,000

SALE PRICE UNITS BLDG S.F. PRICE S.F. PRICE/UNIT

UNIT MIX: (2) 1+1, (10) 2+1 CLOSED: 3/24/163647-3653 Empire Dr, Built 1988 $4,650,000 12 10,124 $459.30 $387,500


SOLD 4173-4177 Ince Blvd 4221 Grand View Blvd 3647-3653 Empire Dr 4101 Wade St

SOLD COMPARABLES MAP

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RENT COMPARABLES MAP

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Rent Bed Bath Description1

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11105 Rose Ave, Los Angeles, CA 90034 $2,195 2 1 Two bedroom one bath, newly remodeled, large closet space, lot’s of natural light, balcony, two parking spaces.

940 Venice Blvd Venice, CA 90291 $1,995 1 1 Newly remodeled 1 Bedroom apartment. Just 5 minutes away from beach by bike. We have a pool and 2 washers and 2 dryers on-site in the common area.

3715 S Canfield Ave Apt 204, Los Angeles, CA 90034 $2,895 3 2 Newer contemporary gated intercom building. Large airy remodeled 2 story - 3 bedroom and 2 bath townhouse that is approximately 1150 square feet of living space. Large kitchen with brown cabinets.

9301 Lucerne Ave, Culver City, CA 90232 $2,795 3 2 Gas stove, Dishwasher, lots of kitchen cabinets,New hardwood floors in living room, kitchen, and hallway. New carpets in the bed-rooms. Balcony, One parking spot.


10 UNITS IN CULVER CITY

Please contact: Kenny StevensBRE# 01090251310-482-2273 direct310-861-1175 [email protected]

Prosser Stevens Real Estate InvestmentsProsserStevens.com


Documents

10 UNITS IN CULVER CITY - files.ctctcdn.comfiles.ctctcdn.com/796e91ba001/080f0617-ac2e-4348-b798-e3143344… · Prosser Stevens Real Estate Investments [email protected]