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LOS ANGELES, CA
10829 Palms Blvd
OFFERING MEMORANDUM
CONFIDENTIALITY AND DISCLAIMER
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.
LOS ANGELES, CA
10829 Palms Blvd
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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NON-ENDORSEMENT NOTICE
Section 1 PRICING AND FINANCIAL ANALYSIS
Section 2 PROPERTY DESCRIPTION
Section 3 RECENT SALES
Section 4 RENT COMPARABLES
Section 5 MARKET OVERVIEW
Section 6 DEMOGRAPHIC ANALYSIS
TABLE OF CONTENTS
10829 Palms Blvd
10829 Palms BlvdLOS ANGELES, CA
PRICING AND FINANCIAL ANALYSIS
Price $7,700,000
Down Payment 100% / $7,700,000
Price/Unit $452,941
Price/SF $442.48
Number of Units 17
Gross Square Feet 17,402
Number of Buildings One
Number of Stories Two
Year Built 1987
Lot Size 13,161
Vital Data
CAP Rate - Average 2.24%
GIM - Average 21.81
Net Operating Income - Average $172,546
Total Return - Average 2.2% / $172,546
CAP Rate - Post Rehab Pro Forma 4.21%
GIM - Post Rehab Pro Forma 14.93
Net Operating Income - Post Rehab Pro Forma $324,015
Total Return - Post Rehab Pro Forma 4.2% / $324,015
Unit Mix
No. of
Units
Unit
Type
Approx.
Square Feet
6 1 Bdr 1 Bath N/A
11 2 Bdr 2 Bath N/A
17 Total
Major Employers
Company Local
Employees
Ucla Health System Auxiliary 17,000
Ucla Medical 8,000
West Los Angeles V A Med Ctr 5,400
Mtv Networks 5,001
Greater Los Angeles Health 5,000
Team One 5,000
Electronic Arts Inc 4,040
Sony Pictures Entertainment 3,500
Project Boat Holdings LLC 3,174
University Cal Los Angeles 3,024
SBE 3,002
Centinela Frman Rgonal Med Ctr 2,590
Demographics
1
PRICING AND FINANCIAL ANALYSIS
10829 Palms BlvdLOS ANGELES, CA
1-Mile 3-Miles 5-Miles
2014 Total
Population
54,165 301,268 787,174
2019 Total
Population
54,920 304,877 800,762
2014 Total
Households
25,453 135,784 361,048
2019 Total
Households
25,897 138,020 369,241
Median HH Income $54,591 $62,684 $61,819
Per Capita Income
(based on Total
Population)
$39,220 $45,648 $46,655
Average (Mean) HH
Income
$82,870 $100,891 $100,573
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
OFFERING SUMMARY
1B1B: 35%
2B2B: 65%
No. of
Units
Unit
Type
Approx.
Square FeetAverage Rents
Monthly
Income
Post Rehab Pro Forma
Rents
Monthly
Income
6 1 Bdr 1 Bath N/A $1,417 $8,500 $2,000 $12,000
11 2 Bdr 2 Bath N/A $1,885 $20,745 $2,800 $30,800
17 TOTAL $29,245 $42,800
Unit Mix Unit Rent & Rent/SF
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
1B1B 2B2B
3
PRICING AND FINANCIAL ANALYSIS
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
UNIT MIX
Manager is currently paying $800 a month in exchange for his services
Unit
Number
Unit
Type
Unit
SF
Current
Rent
Rent/
SF
Post Rehab
Proforma
1 2 Bdr 2 Bath $1,585 $2,800
2 2 Bdr 2 Bath $1,950 $2,800
3 1 Bdr 1 Bath $1,300 $2,000
4 2 Bdr 2 Bath **Manager $2,800 $2,800
5 2 Bdr 2 Bath $1,850 $2,800
6 2 Bdr 2 Bath $1,600 $2,800
7 1 Bdr 1 Bath $1,500 $2,000
8 2 Bdr 2 Bath $2,000 $2,800
9 1 Bdr 1 Bath $1,500 $2,000
10 1 Bdr 1 Bath $1,600 $2,000
11 2 Bdr 2 Bath $1,850 $2,800
12 1 Bdr 1 Bath $1,400 $2,000
14 2 Bdr 2 Bath $1,760 $2,800
15 2 Bdr 2 Bath $1,600 $2,800
16 2 Bdr 2 Bath $2,000 $2,800
17 1 Bdr 1 Bath $1,200 $2,000
18 2 Bdr 2 Bath $1,750 $2,800
TOTAL VACANT $0 $0
17 TOTAL OCCUPIED $29,245 $42,800
17 TOTAL $29,245 $42,800
4
PRICING AND FINANCIAL ANALYSIS
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RENT ROLL
Income Average Per Unit
Post Rehab Pro
Forma Per Unit
GROSS POTENTIAL RENT $350,940 $20,644 $513,600 $30,212
Other Income
Laundry Income $2,040 $120 $2,040 $120
Total Other Income $2,040 $120 $2,040 $120
GROSS POTENTIAL INCOME $352,980 $20,764 $515,640 $30,332
Vacancy/Collection Allowance (GPR) 3.0% / $10,528 $619 3.0% / $15,408 $906
EFFECTIVE GROSS INCOME $342,452 $20,144 $500,232 $29,425
Expenses
Real Estate Taxes (1.1920%) $91,784 $5,399 $91,784 $5,399
Insurance $6,961 $409 $6,961 $409
Utilities $20,400 $1,200 $20,400 $1,200
Rubbish $3,600 $212 $3,600 $212
Repairs & Maintenance $17,013 $1,001 $17,013 $1,001
Landscaping $2,000 $118 $2,000 $118
On-Site Payroll $10,200 $600 $10,200 $600
Management Fee 4.0% / $13,698 $806 4.0% / $20,009 $1,177
Misc and Reserves $4,250 $250 $4,250 $250
TOTAL EXPENSES $169,906 $9,994 $176,217 $10,366
Expenses per SF $9.76 $10.13
% of EGI 49.6% 35.2%
NET OPERATING INCOME $172,546 $10,150 $324,015 $19,060
Total Number of Units: 17
Total Area (Gross): 17,402 SF
5
PRICING AND FINANCIAL ANALYSIS
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
INCOME & EXPENSES
No. of
Units
Unit
Type
Approx.
Square Feet
Average
Rents
Rent/
SF
Monthly
Income
Post Rehab Pro
Forma
Rents
Monthly
Income
6 1 Bdr 1 Bath N/A $1,417 N/A $8,500 $2,000 $12,000
11 2 Bdr 2 Bath N/A $1,885 N/A $20,745 $2,800 $30,800
17 Total/Wtd. Avg. $29,245 $42,800
Annualized Operating Data
Income AveragePost Rehab Pro
FormaGross Potential Rent $350,940 $513,600
Other Income $2,040 $2,040
Gross Potential Income $352,980 $515,640
Less: Vacancy/Deductions (GPR) 3.0% / $10,528 3.0% / $15,408
Effective Gross Income $342,452 $500,232
Less: Expenses $169,906 $176,217
Net Operating Income $172,546 $324,015
Net Cash Flow Before Debt Service $172,546 $324,015
10829 Palms Blvd
Los Angeles, CA 90034
Price $7,700,000
Down Payment 100% /
Number of Units 17
Price/Unit $452,941
Gross Square Feet 17,402
Price/SF $442.48
CAP Rate - Average 2.24%
CAP Rate- Post Rehab Pro 4.21%
GIM - Average 21.81
GIM- Post Rehab Pro Forma 14.93
Year Built 1987
Lot Size 13,161
Location
Expenses
Real Estate Taxes $91,784 $91,784
Insurance $6,961 $6,961
Utilities $20,400 $20,400
Rubbish $3,600 $3,600
Repairs & Maintenance $17,013 $17,013
Landscaping $2,000 $2,000
On-Site Payroll $10,200 $10,200
Management Fee $13,698 $20,009
Misc and Reserves $4,250 $4,250
Total Expenses $169,906 $176,217
Expenses/unit $9,994 $10,366
Expenses/SF $9.76 $10.13
% of EGI 49.61% 35.23%
Scheduled Income
6
PRICING AND FINANCIAL ANALYSIS
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
FINANCIAL OVERVIEW
10829 Palms BlvdLOS ANGELES, CA
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to present this 17-unit non rent controlled property located at 10829 Palms Boulevard in a prime Palms, CA location. Built in 1987, the property consists of six (6) one-bedroom/one-bathroom units and eleven (11) two-bedroom/two-bathroom units. The property provides an opportunity for an operator to increase market rents through a more aggressive management style and renovation program. Tenants are attracted to the property through a variety ofamenitiess including spacious units, central air and heat, balconies, a secured gated intercom entry, 29 subterranean parking spaces, and on-site laundry.
Situated between Glendon Avenue and Kelton Avenue, the subject property is located just a few blocks from the city of Culver City. Long considered one of the most desirable submarkets on the Westside of Los Angeles, the area is has experienced a tremendous development boom over the past decade. The property is located near numerous trendy restaurants and bars in Downtown Culver City, chic retail shopping and sought after entertainment options. The property is also close to the 10 and 405 freeways, MTA/Santa Monica/Culver City Bus Lines, and the Culver City Metro Station, which provides convenient rail line access to USC and Downtown Los Angeles. In addition, the property is located a very short distance from the Palms Metro Station, part of Phase 2 of the Metro Expo Line scheduled to be completed in early 2016, which will extend the Expo rail line westbound to Santa Monica. The property is also conveniently located near major local employers such as Sony Pictures, UCLA, Electronic Arts and Culver Studios.
This is an excellent opportunity for a location driven value add investor who wants to create immediate upside by implementing a renovation plan and significantly increasing the rents.
Investment Highlights
■ 17 Non-Rent Controlled Units in Prime Palms Location
■ Located in One of Most Desirable Rental Submarkets inWest Los Angeles With Occupancy Rates Consistently Above95%
■ Excellent Unit Mix of Mostly Two Bedrooms
■ Value Add Opportunity With Aggressive Management andRenovation Program
■ Close Proximity to 10 and 405 Freeways, MTA/SantaMonica/Culver City Bus Lines, Culver City Metro Station
■ On-Site Laundry, Central Air, Balconies
■ 29 Subterranean Parking Spaces
■ Significant Upside in Rents
8
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
INVESTMENT OVERVIEW
The Offering
Property Address 10829 Palms Blvd
Los Angeles, CA 90034
Assessor's Parcel Number 4254-023-026
Zoning LAR3
Site Description
Number of Units 17
Number of Buildings One
Number of Stories Two
Year Built 1987
Gross Square Feet 17,402
Lot Size 13,161
Utilities
Water Owner
Phone Tenant
Electric Tenant
Gas Tenant
9
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
PROPERTY SUMMARY
Common Area Amenities
Unit Amenities
■ 29 Subterranean Parking Spaces
■ Intercom Entry
■ Security Cameras
■ On-Site Laundry
■ Spacious Units
■ Central Air and Heat
■ Balconies
10
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
AMENITIES
11
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
DRONE PHOTOS
12
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
PROPERTY PHOTOS
13
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
ONE BEDROOM PHOTOS
14
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
TWO BEDROOM PHOTOS
Local Map Regional Map
15
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
AREA MAPS
16
PROPERTY DESCRIPTION
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
AERIAL PHOTO
10829 Palms BlvdLOS ANGELES, CA
RECENT SALES
0.00
0.40
0.80
1.20
1.60
2.00
2.40
2.80
3.20
3.60
4.00
Subject 3614
Motor
Ave
3726
Midvale
Ave
3647-3653
Empire
Dr
6054
Cadillac
Ave
3321
Keystone
Ave
3726
Midvale
Ave
3353
Shelby
Dr
11369
Pearl
Dr
Average GRM
0.00
2.00
4.00
6.00
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10.00
12.00
14.00
16.00
18.00
20.00
22.00
Subject 3614
Motor
Ave
3726
Midvale
Ave
3647-3653
Empire
Dr
6054
Cadillac
Ave
3321
Keystone
Ave
3726
Midvale
Ave
3353
Shelby
Dr
11369
Pearl
Dr
Average Cap Rate
18
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
CAP RATE AND GRM
Average Price per Square Foot
Average Price per Unit
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
500.00
550.00
600.00
Subject 3614
Motor
Ave
3726
Midvale
Ave
2532
S
Centinela
Ave
3647-3653
Empire
Dr
3144
Canfield
Ave
6054
Cadillac
Ave
3321
Keystone
Ave
3726
Midvale
Ave
3353
Shelby
Dr
11369
Pearl
Dr
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
450,000
500,000
Subject 3614
Motor
Ave
3726
Midvale
Ave
2532
S
Centinela
Ave
3647-3653
Empire
Dr
3144
Canfield
Ave
6054
Cadillac
Ave
3321
Keystone
Ave
3726
Midvale
Ave
3353
Shelby
Dr
11369
Pearl
Dr
19
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
PRICE PER SF AND PRICE PER UNIT
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
10829 Palms Blvd
3614 Motor Ave
3726 Midvale Ave
2532 S Centinela Ave
3647-3653 Empire Dr
3144 Canfield Ave
6054 Cadillac Ave
3321 Keystone Ave
3726 Midvale Ave
3353 Shelby Dr
11369 Pearl Dr
20
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RECENT SALES MAP
No. of Units: 7 Units Unit Type
Year Built: 1987 4 1 Bdr 1 Bath
Sale Price: $2,830,000 3 2 Bdr 2 Bath
Price/Unit: $404,286
Price/SF: $445.32
CAP Rate: 2.86%
GRM: 22.05
3614 Motor Ave
Los Angeles, CA 90034
No. of Units: 20 Units Unit Type
Year Built: 2006 1 Single 1 Bath
Sale Price: $7,800,000 6 1 Bdr 1.5 Bath
Price/Unit: $390,000 1 1 Bdr 1 Bath Loft
Price/SF: $400.82 12 2 Bdr 2.5 Bath
CAP Rate: 4.21%
GRM: 15.50
Close of Escrow: 4/20/2016
Close of Escrow: 4/15/2017
10829 Palms Blvd
Los Angeles, CA 90034
No. of Units: 17 Units Unit Type
Year Built: 1987 6 1 Bdr 1 Bath
Sale Price: $7,700,000 11 2 Bdr 2 Bath
Price/Unit: $452,941
Price/SF: $442.48
CAP Rate: 2.24%
GIM: 21.81
Subject Property
1
23726 Midvale Ave
Los Angeles, CA 90034
21
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RECENT SALES
Close of Escrow: 10/27/2016
No. of Units: 30 Units Unit Type
Year Built: 1988 30 2 Bdr 2 Bath
Sale Price: $10,750,000
Price/Unit: $358,333
Price/SF: $284.89
CAP Rate: N/A
GRM: N/A
No. of Units: 7 Units Unit Type
Year Built: 1989 2 1 Bdr 1 Bath
Sale Price: $3,400,000 4 2 Bdr 2 Bath
Price/Unit: $485,714 1 3 Bdr 1 Bath
Price/SF: $575.10
CAP Rate: N/A
GRM: N/A
2532 S Centinela Ave
Los Angeles, CA 90064
3647-3653 Empire Dr
Los Angeles, CA 90034
3144 Canfield Ave
Los Angeles, CA 90034
No. of Units: 12 Units Unit Type
Year Built: 1988 2 1 Bdr 1 Bath
Sale Price: $4,650,000 10 2 Bdr 2 Bath
Price/Unit: $387,500
Price/SF: $459.30
CAP Rate: 2.90%
GRM: 19.19
Close of Escrow: 3/23/2016
Close of Escrow: 3/30/2017
3
4
5
22
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RECENT SALES
No. of Units: 7 Units Unit Type
Year Built: 1987 4 1 Bdr 1 Bath
Sale Price: $2,830,000 3 2 Bdr 2 Bath
Price/Unit: $404,286
Price/SF: $445.32
CAP Rate: 3.00%
GRM: 21.00
No. of Units: 18 Units Unit Type
Year Built: 1990 4 1 Bdr 1 Bath
Sale Price: $6,600,000 14 2 Bdr 2 Bath
Price/Unit: $366,667
Price/SF: $443.64
CAP Rate: 3.40%
GRM: 16.09
6054 Cadillac Ave
Los Angeles, CA 90034
3321 Keystone Ave
Los Angeles, CA 90034
3726 Midvale Ave
Los Angeles, CA 90034
No. of Units: 9 Units Unit Type
Year Built: 1988 4 1 Bdr 1 Bath
Sale Price: $3,946,000 5 2 Bdr 2 Bath
Price/Unit: $438,444
Price/SF: $502.68
CAP Rate: 4.16%
GRM: 16.14
Close of Escrow: 11/18/2016
Close of Escrow: 4/15/2017
Close of Escrow: 9/30/2016
Comments
Sold by Marcus and Millichap
6
7
8
23
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RECENT SALES
No. of Units: 16 Units Unit Type
Year Built: 1984 8 1 Bdr 1 Bath
Sale Price: $6,737,000 4 2 Bdr 2 Bath
Price/Unit: $421,063 4 3 Bdr 2 Bath
Price/SF: $390.51
CAP Rate: 2.62%
GRM: 20.22
3353 Shelby Dr
Los Angeles, CA 90034
11369 Pearl Dr
Los Angeles, CA 90064
No. of Units: 9 Units Unit Type
Year Built: 1989 9 2 Bdr 2 Bath
Sale Price: $4,826,000
Price/Unit: $536,222
Price/SF: $489.85
CAP Rate: 3.56%
GRM: 17.29
Close of Escrow: 3/14/2017
Close of Escrow: 5/26/2017
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10
24
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RECENT SALES
10829 Palms BlvdLOS ANGELES, CA
RENT COMPARABLES
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Subject 10760RoseAve
3230Overland
Ave
3768Bagley
Ave
3848Mentone
Ave
3636Watseka
Ave
Average Rents - 1 Bedroom
26
RENT COMPARABLES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
AVERAGE RENTS
0
300
600
900
1,200
1,500
1,800
2,100
2,400
2,700
3,000
Subject 3707-3711MotorAve
10853RoseAve
3848Mentone
Ave
3601Hughes
Ave
Average Rents - 2 Bedrooms
27
RENT COMPARABLES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
AVERAGE RENTS
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10829 Palms Blvd
10760 Rose Ave
3230 Overland Ave
3768 Bagley Ave
3707-3711 Motor Ave
10853 Rose Ave
3848 Mentone Ave
3636 Watseka Ave
3601 Hughes Ave
28
RENT COMPARABLES
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES MAP
Subject Property
1
No. of Units 17
Occupancy: 100%
Year Built: 1987
10829 Palms Blvd
Los Angeles, CA 90034
No. of Units 94
Occupancy: N/A
Year Built: 1966
No. of Units 111
Occupancy: N/A
Year Built: 1969
10760 Rose Ave
Los Angeles, CA 90034
3230 Overland Ave
Los Angeles, CA 90034
Unit Type Units Rent
1 Bdr 1 Bath $1,995
Total/Wtd. Avg. $1,995
Unit Type Units Rent
1 Bdr 1 Bath $1,995
Total/Wtd. Avg. $1,995
2
29
RENT COMPARABLES
10829 Palms BlvdLOS ANGELES, CA
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 6 N/A $1,417 N/A
2 Bdr 2 Bath 11 N/A $1,885 N/A
Total/Wtd. Avg. 17 17,402 $1,651 $1.68
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES
No. of Units 17
Occupancy: N/A
Year Built/Renovated: 1987
3768 Bagley Ave
Los Angeles, CA 90034
No. of Units 36
Occupancy: N/A
Year Built/Renovated: 2004
No. of Units 72
Occupancy: N/A
Year Built/Renovated: 1972
3707-3711 Motor Ave
Los Angeles, CA 90034
10853 Rose Ave
Los Angeles, CA 90034
Unit Type Units Rent
2 Bdr 2 Bath $2,895
Total/Wtd. Avg. $2,895
Unit Type Units Rent
1 Bdr 1 Bath $2,195
Total/Wtd. Avg. $2,195
Unit Type Units Rent
2 Bdr 2 Bath $2,935
Total/Wtd. Avg. $2,935
5
4
30
RENT COMPARABLES
3
10829 Palms BlvdLOS ANGELES, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES
No. of Units 40
Occupancy: N/A
Year Built/Renovated: 1988
3848 Mentone Ave
Culver City, CA 90232
No. of Units 16
Occupancy: N/A
Year Built/Renovated: 1987
No. of Units 5
Occupancy: N/A
Year Built/Renovated: 1987
3636 Watseka Ave
Los Angeles, CA 90034
3601 Hughes Ave
Los Angeles, CA 90034
Unit Type Units Rent
2 Bdr 2 Bath $2,950
Total/Wtd. Avg. $2,950
Unit Type Units Rent
1 Bdr 1 Bath $2,050
Total/Wtd. Avg. $2,050
Unit Type Units Rent
1 Bdr 1 Bath $2,100
2 Bdr 2 Bath $2,895
Total/Wtd. Avg. $2,497
8
7
31
RENT COMPARABLES
10829 Palms BlvdLOS ANGELES, CA
6
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. Allrights reserved.
RENT COMPARABLES
