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604 Evergreen StreetInglewood, CA 90302
$3,450,000
Prime Northwest Inglewood
LocationMajor Value-Add
Opportunity
Table of Contents3 Investment Summary
▪ The Opportunity ▪ Property Description ▪ Exterior and Interior Photos ▪ Aerial Photos
12 Market Overview ▪ Apartment Market Overview ▪ Silicon Beach Tech and
Entertainment Landscape ▪ Major Employers and Places of Interest ▪ Nearby Developments ▪ Demographics
17 Financial Summary ▪ Pricing, Property and Operating
Statement Summary ▪ Rent Roll ▪ Sales Comparables ▪ Sales Comparables Map ▪ Rent Comparables ▪ Rent Comparables Map
Copyright © 2020 Transwestern. California Brokerage License #01263636. The information in this offering memorandum was gathered by Transwestern from sources believed reliable. Transwestern has not verified the information and makes no guarantee, warranty or representation about it. It is the potential buyer’s responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Potential buyers and their advisors should conduct a careful, independent investigation of the property to determine to their satisfaction the suitability of the property for their needs.
John SwartzManaging [email protected] Lic 01873487
Josh KaplanManaging [email protected] Lic 01934177
Transwestern Real Estate Services601 S. Figueroa St, Suite 3650Los Angeles, CA 90017213.624.5700transwestern.com
Troy LuceroSenior [email protected] Lic 02015701
3
Transwestern as the exclusive listing agent is pleased to present
the opportunity to acquire 604 Evergreen Street, an 11-unit plus
one non-conforming unit apartment building located in one of
the most desirable parts of Inglewood. The property is located in
the Northwest part of Inglewood, South of Centinela, less than a
mile north of the 405 freeway and just east of La Cienega Blvd. on
the border of Westchester.
Investment Summary
Offering Price: $3,450,000$287,500 Per Unit | $301 Per Square Foot
16.1 Current Gross Rent Multiplier
3.78% Current Capitalization Rate
The Opportunity ▪ Rare pride-of-ownership building that presents significant value-add
opportunity
▪ Current rents are over 59% below market
▪ Unit #6 (1bed+1bath) will be delivered vacant
▪ Classic 1960’s architecture provides excellent platform for renovation
▪ Excellent unit mix – five 1bed+1bath units, four 2bed+2bath units, one 3bed+2bath unit, one 3bed+2bath townhome unit, and one non-conforming 1bed+1bath unit.
▪ Ample parking – 20 total parking spaces
4
604 Evergreen St is an 11-unit plus one non-conforming unit apartment building built in 1963. The unit mix consists of five 1bed+1bath units, four 2bed+2bath units, one 3bed+2bath unit, one large 3bed+2bath two-story townhouse unit, and one non-conforming 1bed+1bath unit. The property is a two-story, 11,444-square-foot walk-up building with wood frame and stucco construction situated on a 10,232-square-foot lot.
Eleven of the units have very large floor plans and a private patio or balcony with storage areas. All of the two-bedroom units feature large bedrooms, large kitchens, separate dining areas, spacious living rooms, and ample storage and closet space. The front unit was originally built for the owner to occupy and functions as a separate large 3bed+2bath two-story townhome with a double-door entrance that faces Evergreen St. Features include a large living room with plenty of windows for natural light and shutters for privacy on the first floor, a huge condo-level kitchen with all stainless-steel appliances (excluding the refrigerator), central A/C and heat, and a private enclosed patio area accessible through the dining area. The exterior has been recently painted and the entire building has also been re-piped to copper plumbing.
Parking is provided on-site with 20 spaces comprised of 14 single spaces enclosed by electric garage doors, and three tandem spaces without garage doors. Every unit has access to a storage locker located in the garage. Units are separately metered for electricity and gas, and the landlord pays for water and trash. The property also includes a laundry room with one washer and dryer provided through a lease with a laundry company.
Property Description
NUMBER OF UNITS 11 units and 1 non-conforming unit Five 1bed+1bath Four 2bed+2bath One 3bed+2bath One 3bed+2bath townhouse One non-conforming 1bed+1bath
YEAR BUILT 1963
BUILDING SIZE +11,444 SF (Per Certificate of Occupancy - Buyer to verify)
LAND SIZE +10,232 SF (Per Title Pro - Buyer to verify)
ZONING INR3YY (Per Title Pro - Buyer to verify)
PARKING 20 total spaces
ASSESSOR PARCEL NUMBER 4017-003-031
5
Property Location 604 Evergreen is situated between Centinela Avenue and Florence Avenue, just north of the 405 freeway. Tenants will enjoy the property location due to its proximity to the new tech hub of Los Angeles, Silicon Beach, which is defined as the coastal strip from Santa Monica to Playa Del Rey. The property is less than five miles from Playa Vista, which has emerged over the past several years as one of the most desired corporate addresses and residential neighborhoods in all of Southern California. Due to technology and media companies migrating to Playa Vista from other parts of Los Angeles, Playa Vista has become a distinct hub for some of the most well-known companies in technology and media including Google, Facebook, Microsoft, Sony Computer Entertainment, Yahoo!, Omnicom, and countless others. The property is a short distance to Los Angeles International Airport, Loyola Marymount University, Inglewood High School, and the new SoFi Stadium, home to the Los Angeles Rams and Los Angeles Chargers. The short distance to the 405 freeway also gives tenants access to all of the local major employment centers including Downtown Los Angeles, West Los Angeles, Playa Vista and Playa Del Rey.
Property Description
6
Exterior Photos
7
Exterior Photos
8
Interior Photos
9
Interior Photos
10
Aerial View Facing Santa Monica
LA CIENEGA BLVD
11
Aerial View Facing SoFi Stadium
LA CIENEGA BLVD
SoFi Stadium
LA Forum
12
Los Angeles Apartment Market OverviewAlthough vacancy levels were up significantly for brand-new construction apartment units in Los Angeles County during Second Quarter 2020, according to Costar, the vacancy rate for the majority of the apartment stock remained below 5%. Despite the current economic issues with the coronavirus pandemic, Costar also reported that overall market rent growth for the county is only down 1.2% for 2020 year to date. Los Angeles County currently has 25,440 units under construction, of which 8,000 are expected to be delivered this year.
Inglewood Submarket OverviewLocated in South West Los Angeles, Inglewood is bordered by Ladera Heights to the north, Westchester and Playa del Rey to the west, Hawthorne to the south, and El Segundo to the south west. Due to its proximity to major points of interest such as Los Angeles International Airport (LAX), Venice Beach, and Santa Monica, and El Segundo, Inglewood has seen considerably more interest in recent years as adjacent areas such as Playa Vista and Culver City have emerged as major Silicon Beach employment hubs on the Westside. In addition, Inglewood is seeing billions of dollars in investment and development activity with projects ranging from a complete renovation of the Hollywood Park and Casino, to the new SoFi Stadium being constructed for the LA Rams and LA Chargers and the proposed NBA stadium and practice facility for the Los Angeles Clippers, expect Inglewood to attract even more interest from tenants in the years ahead.
Market Overview
j
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Los Angeles Int'l Airport
Westridge-Canyonback Wilderness Pk
Topanga State Park
Los Angeles
Downey
Norwalk
Torrance
Inglewood
East Los Angeles
Carson
Gardena
Compton
Lynwood
Westmont
Rosemead
Alhambra
Cerritos
Lawndale
Lakewood
Paramount
Hawthorne
South Gate
Bellflower
Montebello
Willowbrook
Pico Rivera
Culver City
Playa VistaBell Gardens
Santa Monica
Monterey Park
Beverly Hills
Redondo Beach
West Hollywood
Huntington Park
Manhattan Beach
Riviera
Topanga
Fernwood
Topanga Beach
Brentwood Park
Pacific Palisades
I-10 Express LnUV27
UV1
UV91
UV60
UV1
UV60
£¤101
Los Angeles
Pacific Ocean
§̈¦405
§̈¦10
§̈¦5
§̈¦405
§̈¦10
604 Evergreen St
13
W Pic o Blvd
Cul
ver
Blvd
Wils
hire B
lvd
Venice Blvd
Monta
na Ave
20th S t
S Sepulveda Blvd
S La
Cie
ne
ga
Blv
d
San V icente Blvd
Rose A ve
S Centinela A
ve
SF a
i rfa
xA
veO
cean A ve
S Bundy Dr
26th S t
WO lympic
Blvd
Rodeo Rd
SR
ob
ert
son
Blv
dWestw
ood Blvd
LincolnBlv d
O ly mpic Blvd
Pacific Ave
Nat ional Blvd
W
S uns e tBl
vd
Overland A
ve
Manning A ve
O cean Park Blvd
Motor
A ve
Washing ton Pl
W J efferson Blvd
Sepul veda Blvd
Pico Blvd
everly Glen B
lvd
Santa M
onica B
lvd
C entinela A veW
C e nt ine la A ve
St ocker St
s
La B
rea
Ave
Be
verw
il D
r
ge
Ave
Beethoven S t
W Washing ton Blvd
lvd
Playa St
Neilson W
ay
4th S t
Gat
eway
Blv
d
W ashing ton Blv d
W S lauson A ve
St
Venice Blvd
S S
ep
ulv
ed
a B
lvd
W i lshire Blvd
20th S t
Linco ln Blvd
Venice Blvd
26th S t
W J efferson Blvd
Linco ln Blvd
Overland A ve
anV icente Blvd
W O lympic Blvd
S C entinela A ve
Venice Blvd
Cul
ver
Blvd
J eff
ers
on
Blvd
Pico Blvd
W W ashing ton Blvd
Linco ln Blvd
N at i onal Blvd
S Bundy D
r
W S unse
Overland A
ve
Venice Blvd
Palms
Westwood
Crenshaw
Brentwood
Ocean Park
Rancho Park
Windsor Hills
Marina del Rey
Ladera Heights
West Los A ngeles
Venice
Culver City
Santa Monica
405
10
10
187
90
1
2
1
187
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1
1
90
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604 Evergreen St
Silicon Beach Tech and Entertainment Landscape
14
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El Segundo Dunes ESHA
Hawthorne Municipal Airport
Ballona Wetlands Ecological Reserve
Raytheon Space and Airborne Systems
Dockweiler Beach State Park
Kenneth Hahn State Recreation Area
Inglewood
Hawthorne
Playa Vista
Athens
Venice
Van Ness
Hyde Park
Mar Vista
El Segundo
South Los Angeles
Delta
Crenshaw
View Park
Westchester
Leimert Park
Windsor Hills
Playa del Rey
Ladera Heights
Marina del Rey
Morningside Park
§̈¦105
§̈¦405
§̈¦110
§̈¦105
§̈¦405
§̈¦110
tS aoreugi F
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W Slauson Ave
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Culv
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W 54th St
Venice Blvd
Vista del Mar
W El Segundo Blvd
evA sse
N naV
S
Pacific Ave
W Vernon Ave
Avi
atio
n B
lvd
S Centinela Ave
Rose Ave
evA eiri ar
P S
dvlB enroht
waH
S La Brea A
ve
La T
ijera
Blvd
Sepulveda Blvd
W 120th St
Sawtelle Blvd
W Imperial Hwy
Prai
rie
Ave
Mai
n S
t
S In
glew
ood
Ave
W W
ashi
ngto
n Bl
vd
Stock
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Westchester Pkwy
W Gage Ave
W 80th St
dvlB tropri
A
Pershing Dr
dvlB
wahsnerC
Washington Pl
Palms Blvd
Arl
ingt
on A
ve
evA doo
wel gnI
dvlB adevlupe
S S
Centinela Ave
Walgrove Ave
W Century Blvd
Via Marina
Wes
t B
lvd
W 92nd St
Jeff
erso
n Bl
vd
S La
Cie
neg
a B
lvd
N La Brea Ave
W Centinela Ave
Washington Blvd
W Martin Luther King Jr Blvd
E Hyde Park Blvd
E Grand Ave
Ocean Park Blvd
W Manchester Ave
W Arbor Vitae St
Abbot Kinney Blvd
E El Segundo Blvd
Overland Ave
W 108th St
W 96th St
Ove
rhill
Dr
W Grand Ave
23rd St
W 93rd St
N P
rair
ie A
ve
Arbor Vitae St
Calif
orni
a Av
e
E Arbor Vitae St
W Florence Ave
Braddock Dr
S Venice Blvd Mesm
er Ave
W 48th St
W Olive St
Brad
dock
Dr
Venice Blvd
W Florence Ave
W Arbor Vitae St
Main St
Haw
thor
ne
Blv
d
W Imperial Hwy W Imperial Hwy
Jefferson Blvd
UV1
UV90
UV42
tS revoo
H S
W 104th St
evA rekne
D S
W 120th St
W 60th St
W 79th StW 81st St
evA dn2
dvlB dravra
H S
evA eladlla
H S
evA ht8
evA ht4
Speedway
W 74th St
W 83rd St
W 78th St
W 52nd St
evA ht6
W 48th St
Inglewood Blvd
W 98th St
W 53rd St
Beethoven St
W 57th St
E Maple Ave
W 64th St
evA rekne
D
W 59th Pl
W 71st St
W 65th Pl
W 68th St
W 108th St
S 5t
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ve
11th St
W 103rd St
W 118th St
E Mariposa Ave
lP s
werdnA t
S S
evA gnoldu
B
evA eladlla
H
evA doo
wtneK
Grand View Blvd
lP ycre
marG
S
Bluff Creek Dr
Fiji Way
S Verdun Ave
evA sse
N naV
S
W Hillcrest Blvd
N E
uca
lyp
tus
Ave
Brad
dock
Dr
Dot
y A
veK
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veev
A nokuY
Admiralty Way
evA sse
N naV
evA gnol du
B S
lP s
werdnA t
S S
W 64th St
W 83rd St
W 98th St
evA noku
Y
Grand Canal
Pacific Ocean
SoFi StadiumHollywood Park Casino
Clippers Arena
Westchester Golf Course
Venice BeachBoardwalk
WestfieldCulver City
The Promenade atHoward Hughes CenterRunway
Playa Vista
604 Evergreen StLoyola Marymount University
Deutsch Inc.
Belkin InternationalInterlink Innovations Inc.
William O’Neil & Company, Inc.
Worldwide Investments, Inc.
Inglewood Police Department
Security Industry Specialist
Univision Communications
Pepperdine University Library
Hollywood Park Casino
Centinela Hospital Medical Center
Worldwide Investments, Inc.
Los Angeles International Airport
Otis College of Art and Design
Cargo Operations
LAX Customs & Border Protection
Major Employers ▪ Los Angeles International Airport
▪ Centinela Hospital Medical Center
▪ Hollywood Park Casino
▪ LAX Customs & Border Protection
▪ Security Industry Specialist
▪ Belkin International Inc.
▪ Cargo Operations
▪ Loyola Marymount University
▪ Otis College Of Art & Design
▪ William O’Neil & Company Inc.
▪ Deutsch Inc.
▪ Inglewood Police Department
▪ Interlink Innovations Inc.
▪ Pepperdine University Library
▪ Univision Communications Inc.
▪ Worldwide Investments
Places of Interest ▪ Westfield Culver City
▪ Runway Playa Vista
▪ The Promenade at Howard Hughes Center
▪ Westchester Golf Course
▪ SoFI Stadium
▪ Hollywood Park Casino
▪ Clippers Arena
Major Employers and Places of Interest
15
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El Segundo Dunes ESHA
Hawthorne Municipal Airport
Ballona Wetlands Ecological Reserve
Raytheon Space and Airborne Systems
Dockweiler Beach State Park
Kenneth Hahn State Recreation Area
Inglewood
Hawthorne
Playa Vista
Athens
Venice
Van Ness
Hyde Park
Mar Vista
El Segundo
South Los Angeles
Delta
Crenshaw
View Park
Westchester
Leimert Park
Windsor Hills
Playa del Rey
Ladera Heights
Marina del Rey
Morningside Park
§̈¦105
§̈¦405
§̈¦110
§̈¦105
§̈¦405
§̈¦110
tS aoreugi F
S
W Slauson Ave
evA eidna
mroN
S
evA nretse
W S
Culv
er B
lvd
evA tno
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S
W 54th St
Venice Blvd
Vista del Mar
W El Segundo Blvd
evA sse
N naV
S
Pacific Ave
W Vernon Ave
Avi
atio
n B
lvd
S Centinela Ave
Rose Ave
evA eiri ar
P S
dvlB enroht
waH
S La Brea A
ve
La T
ijera
Blvd
Sepulveda Blvd
W 120th St
Sawtelle Blvd
W Imperial Hwy
Prai
rie
Ave
Mai
n S
t
S In
glew
ood
Ave
W W
ashi
ngto
n Bl
vd
Stock
er St
Westchester Pkwy
W Gage Ave
W 80th St
dvlB tropri
A
Pershing Dr
dvlB
wahsnerC
Washington Pl
Palms Blvd
Arl
ingt
on A
ve
evA doo
wel gnI
dvlB adevlupe
S S
Centinela Ave
Walgrove Ave
W Century Blvd
Via Marina
Wes
t B
lvd
W 92nd St
Jeff
erso
n Bl
vd
S La
Cie
neg
a B
lvd
N La Brea Ave
W Centinela Ave
Washington Blvd
W Martin Luther King Jr Blvd
E Hyde Park Blvd
E Grand Ave
Ocean Park Blvd
W Manchester Ave
W Arbor Vitae St
Abbot Kinney Blvd
E El Segundo Blvd
Overland Ave
W 108th St
W 96th St
Ove
rhill
Dr
W Grand Ave
23rd St
W 93rd St
N P
rair
ie A
ve
Arbor Vitae St
Calif
orni
a Av
e
E Arbor Vitae St
W Florence Ave
Braddock Dr
S Venice Blvd Mesm
er Ave
W 48th St
W Olive St
Brad
dock
Dr
Venice Blvd
W Florence Ave
W Arbor Vitae St
Main St
Haw
thor
ne
Blv
d
W Imperial Hwy W Imperial Hwy
Jefferson Blvd
UV1
UV90
UV42
tS revoo
H S
W 104th St
evA rekne
D S
W 120th St
W 60th St
W 79th StW 81st St
evA dn2
dvlB dravra
H S
evA eladlla
H S
evA ht8
evA ht4
Speedway
W 74th St
W 83rd St
W 78th St
W 52nd St
evA ht6
W 48th St
Inglewood Blvd
W 98th St
W 53rd St
Beethoven St
W 57th St
E Maple Ave
W 64th St
evA rekne
D
W 59th Pl
W 71st St
W 65th Pl
W 68th St
W 108th StS
5th
Ave
11th St
W 103rd St
W 118th St
E Mariposa Ave
lP s
werdnA t
S S
evA gnoldu
B
evA eladlla
H
evA doo
wtneK
Grand View Blvd
lP ycre
marG
S
Bluff Creek Dr
Fiji Way
S Verdun Ave
evA sse
N naV
S
W Hillcrest Blvd
N E
uca
lyp
tus
Ave
Brad
dock
Dr
Dot
y A
veK
orn
blu
m A
veev
A nokuY
Admiralty Way
evA sse
N naV
evA gnol du
B S
lP s
werdnA t
S S
W 64th St
W 83rd St
W 98th St
evA noku
Y
Grand Canal
Pacific Ocean
Clippers Arena
Residences at Hollywood Park
SoFi Stadium
YOLA Center @ Inglewood
417-433 Centinela Ave
Parallel and Icon Townhomes
604 Evergreen St
SoFI Stadium
SoFi Stadium is a sports and entertainment destination being built in Inglewood, CA. It will be home to both the Los Angeles Rams and Los Angeles Chargers with an expected completion date of Summer 2020. The state-of-the-art stadium will host a variety of events year round including Super Bowl LVI in 2022, the College Football Championship Game in 2023, and the Opening and Closing Ceremonies of the Olympic Games in 2028. Located on the site of the former Hollywood Park racetrack, the stadium is the centerpiece of a 298-acre mixed-use development featuring retail, commercial office space, a hotel, residential units, and outdoor park spaces.
Clippers Arena
The Inglewood Basketball and Entertainment Center is a proposed 18,000-seat arena to be located in Inglewood, California for the Los Angeles Clippers of the National Basketball Association. The arena would be located just south of SoFi Stadium, the home of the NFL’s Los Angeles Rams and Los Angeles Chargers, and the Hollywood Park development. In addition to the 18,000 seat arena, the venue would also include a practice facility, sports medicine clinic, team offices, retail space and a large outdoor plaza with basketball courts that are open to the public.
YOLA Center @ Inglewood
Designed by world-renowned architect Frank Gehry for the Youth Orchestra of Los Angeles, The Judith and Thomas L Beckmen YOLA Center @ Inglewood will inhabit former Security Pacific Bank branch at 101 S. La Brea Avenue. The Los Angeles Philharmonic, which is behind project, will use the space for rehearsals, classes, and performances.
Residences at Hollywood Park Phase I and II
The project is currently under construction and spans across approximately 300 acres. The project is being developed by Wilson Meany and comprised of 3,000 residential units, 620,000 SF of retail, a 300 room hotel, 110,000 SF casino, 900,000 SF of office space and 25 acres of open space.
417-433 Centinela Ave
Currently under construction is a 116- unit apartment complex linked to the Japanese real estate development firm Sanei Architecture. The project is within walking distance of Metro’s Crenshaw/LAX line.
Parallel and Icon Townhomes
Currently under construction by Atlanta-based Pulte Homes, the 105 detached townhomes will offer three- and four-bedroom floor plans with pricing expected to start in the mid $800,000s.
Nearby Developments
SoFi Stadium
Residences at Hollywood Park
1 MILE 3 MILE 5 MILEPOPULATION # % CHANGE # % CHANGE # % CHANGE
2010 Census 37,790 235,467 797,281
2019 Estimate 38,888 0.31% 247,410 0.54% 831,990 0.46%
2024 Projection 39,470 0.30% 252,048 0.37% 848,185 0.39%
HOUSEHOLD # % # % # %
2010 Census 16,174 84,411 287,798
2019 Estimate 16,503 0.22% 88,756 0.54% 298,745 0.40%
2024 Projection 16,662 0.19% 90,201 0.32% 303,930 0.34%
ETHNICITY/RACE # % # % # %
White 9,100 23.4% 78,676 31.8% 288,701 34.7%
Black 20,105 51.7% 87,583 35.4% 242,109 29.1%
Asian 2,333 6.0% 14,845 6.0% 58,239 7.0%
Hispanic Origin (Any Race) 9,683 24.9% 100,696 40.7% 366,908 44.1%
Other 7,311 18.8% 66,553 26.9% 243,773 29.3%
EDUCATION # % # % # %
Less than 9th grade 1,140 4.2% 16,524 9.9% 63,647 11.3%
Some High School 1,194 4.4% 13,019 7.8% 44,496 7.9%
High School Graduate 3,312 12.2% 26,205 15.7% 102,510 18.2%
GED/Alternative Credential 407 1.5% 2,837 1.7% 9,012 1.6%
Some College, no degree 7,303 26.9% 39,057 23.4% 120,534 21.4%
Associate Degree 2,470 9.1% 11,183 6.7% 34,921 6.2%
Bachelor's Degree 6,597 24.3% 34,717 20.8% 115,465 20.5%
Graduate/Professional Degree 4,751 17.5% 23,367 14.0% 72,658 12.9%
WORKPLACE & INCOME # % # % # %
Median Household Income $63,251 $61,478 $58,880
Average Household Income $92,432 $93,259 $89,003
All Employees 21,585 122,671 415,542
White Collar 15,239 70.6% 76,179 62.1% 251,818 60.6%
Blue Collar 2,569 11.9% 19,259 15.7% 70,227 16.9%
Services 3,777 17.5% 27,233 22.2% 93,081 22.4%
Daytime Population 32,017 308,349 837,751
2019 POPULATION
38,888 (+0.3% since 2010)
2024 POPULATION
39,470 (+0.3% est. over 2019)
MEDIAN AGE
37.6 years old
EDUCATION
68% have bachelor’s or higher
AVERAGE INCOME
$92,432
Demographics
17
PRICING SUMMARYPrice $3,450,000 Price Per Unit $287,500 Price Per SF $301 Current NOI $130,438 Pro Forma NOI $240,937 Cap Rate - Current 3.78%Cap Rate - Pro Forma 6.98%GRM - Current 16.1xGRM - Pro Forma 10.1x
PROPERTY SUMMARYYear Built 1963 Total Units 12 Building Area 11,444 SFAPN# 4017-003-031 Land Area 10,232 SFZoning INR3YY Parking 14 Single Garage Spaces
3 Open Tandem Spaces
RENT ROLL SUMMARY CURRENT PRO FORMA
NO. UNITS FLOOR PLAN
IN-PLACE AVERAGE
RENT
TOTAL MONTHLY INCOME
SCHEDULED GROSS
INCOMEAVG PRO
FORMA RENT
TOTAL MONTHLY INCOME
SCHEDULED GROSS
INCOMELOSS TO
LEASELOSS TO LEASE %
6 1B+1BA $1,413 $8,480 $101,760 $2,000 $12,000 $144,000 $42,240 42%4 2B+2BA $1,316 $5,265 $63,180 $2,450 $9,800 $117,600 $54,420 86%2 3B+2BA $2,009 $4,017 $48,204 $3,200 $6,400 $76,800 $28,596 59%
Totals/WTD Avg. 12 $1,480 $17,762 $213,144 $2,350 $28,200 $338,400 $125,256 59%
OPERATING STATEMENT SUMMARYREVENUE IN-PLACE PRO FORMAGross Potential Rent $213,144 $338,400 Vacancy (3%) (10,152)Net Rental Income $213,144 $328,248 Other Revenue 1,600 1,600 Effective Gross Income $214,744 $329,848 ESTIMATED EXPENSES Per Unit Per UnitAdministrative $1,200 $100 $1,200 $100 Repairs & Maintenance 6,000 500 6,000 500 Turnover Expense 1,800 150 1,800 150 Management Fee (4%) 8,590 716 13,194 1,099 Utilities 12,000 1,000 12,000 1,000 Contract Services 1,500 125 1,500 125 Property Taxes (1.27%) 43,826 3,652 43,826 3,652 Direct Property Tax Assessment 2,790 233 2,790 233 Insurance 4,200 350 4,200 350 CapEx Reserves 2,400 200 2,400 200 Total Expenses $84,306 $7,026 $88,911 $7,409 Net Operating Income $130,438 $240,937 Expense Ratio (% of EGI) 39% 27%
Financial Summary
18
CURRENT PRO FORMA
UNITOCCUPIED /
VACANT UNIT TYPE CURRENT RENTSCHEDULED
GROSS INCOME MARKET RENTSCHEDULED
GROSS INCOME LOSS TO LEASE#1 Occupied 3B+2BA $2,163 $25,956 $3,200 $38,400 $1,037 #2 Occupied 1B+1BA $1,184 $14,208 $2,000 $24,000 $816 #3 Occupied 2B+2BA $1,390 $16,680 $2,450 $29,400 $1,060 #4 Occupied 2B+2BA $1,545 $18,540 $2,450 $29,400 $905 #5 Occupied 1B+1BA $1,525 $18,300 $2,000 $24,000 $475 #6 Vacant 1B+1BA $2,000 $24,000 $2,000 $24,000 $0 #7 Occupied 1B+1BA $1,313 $15,756 $2,000 $24,000 $687 #8 Occupied 2B+2BA $1,030 $12,360 $2,450 $29,400 $1,420 #9 Occupied 2B+2BA $1,300 $15,600 $2,450 $29,400 $1,150 #10 Occupied 1B+1BA $1,133 $13,596 $2,000 $24,000 $867 #11 Occupied 3B+2BA $1,854 $22,248 $3,200 $38,400 $1,346 #121 Occupied 1B+1BA $1,325 $15,900 $2,000 $24,000 $675 Totals 12 11,444 SF $17,762 $213,144 $28,200 $338,400 $10,438
Loss To Lease % 59%1 Non-conforming unit
Rent Roll SummaryCURRENT PRO FORMA
NO.UNITS OCCUPANCY % FLOOR PLANAVG. IN-PLACE
RENT TOTAL MONTHLY
INCOMEAVG. PRO
FORMA RENTTOTAL MONTHLY
INCOME LOSS TO LEASE6 50% 1B+1BA $1,413 $8,480 $2,000 $12,000 $3,520 4 33% 2B+2BA $1,316 $5,265 $2,450 $9,800 $4,535 2 17% 3B+2BA $2,009 $4,017 $3,200 $6,400 $2,383
Total/WTD Avg. 100% 12 $1,480 $17,762 $2,350 $28,200 $10,438 Gross Potential Income $213,144 $338,400 $125,256
Rent Roll
19
PROPERTY ADDRESSYEAR BUILT SALE DATE SALE PRICE
CAP RATE GRM $PSF
$ PER UNIT
BLDG SF
AVG UNIT SF
# OF UNITS
217 E Hazel St Inglewood, CA 90302
1964 Nov-2019 $3,100,000 4.40% 15.3 $348 $387,500 8,898 1,112 8
614 Hill St Inglewood, CA 90302
1960 Jun-2019 $1,515,000 4.62% 14.6 $254 $303,000 5,960 1,192 5
144 W Hillsdale St Inglewood, CA 90302
1964 Jun-2019 $1,650,000 N/A 15.3 $338 $275,000 4,876 813 6
909 W Beach Ave Inglewood, CA 90302
1962 Oct-2018 $2,450,000 N/A N/A $429 $306,250 5,709 714 8
727 W Hyde Park Blvd Inglewood, CA 90302
1989 Sep-2018 $1,825,000 4.05% 15.4 $333 $304,167 5,478 913 6
TOTAL / AVERAGE $10,540,000 4.35% 15.2 $341 $319,394 30,921 937 33
604 EVERGREEN ST 1963 $3,450,000 3.78% 16.1 $301 $287,500 11,444 954 12
Sales Comparables
20
j
j
j
El Segundo Dunes ESHA
Ballona Wetlands Ecological Reserve
Dockweiler Beach State Park
Inglewood
Playa Vista
Van Ness
Hyde Park
Westchester
Windsor Hills
Playa del Rey
Ladera Heights
Marina del Rey
Morningside Park
¨
§̈¦405
§̈¦105
§̈¦405
Culv
er B
lvd
evA sse
N naV
S
Avi
atio
n B
lvd ev
A ei ri arP
S
dvlB enr oht
waH
S La Brea A
ve
La T
ijera
Blvd
W Imperial Hwy
Mai
n S
t
S In
glew
ood
Ave
Westchester Pkwy
W 80th Stdvl
B tropriA
Pershing Dr
dvlB
wahsnerC
e
dvlB adevlupe
S S
Centinela Ave
W Century Blvd
Wes
t B
lvd
S La
Cie
neg
a B
lvd
N La Brea Ave
W Centinela Ave
Washington Blvd
E Hyde Park Blvd
W Manchester Ave
W Arbor Vitae St
W 96th St
Ove
rhill
Dr
N P
rair
ie A
ve
Arbor Vitae St E Arbor Vitae St
W Florence Ave
Braddock Dr
Mesm
er Ave
W Olive St
Brad
dock
Dr
W Florence Ave
W Arbor Vitae St
Haw
thor
ne
Blv
d
W Imperial Hwy W Imperial Hwy
Jefferson Blvd
UV1
UV90
UV42
W 104th St
W 60th St
evA ht8
W 74th St
W 78th St
W 52nd St
W 57th St
W 64th St
W 59th Pl
W 71st St
S 5t
h A
ve
evA doo
wtneK
Bluff Creek Dr
Fiji Way
S Verdun Ave
W Hillcrest Blvd
N E
uca
lyp
tus
Ave
Admiralty Way
W 83rd St
evA noku
Y
727 W Hyde Park Blvd
614 Hill St
909 W Beach Ave
217 E Hazel St
604 Evergreen St
Sales Comparables
21
PROPERTY ADDRESS UNIT TYPE RENT COMMENTS
127 W 64th Pl 1B+1BA $2,095 Fully remodeled unit, hardwood floors, freshly painted, ceiling fans, stainless-steel appliances
614 Hill St 1B+1BA $1,900 Hardwood laminate flooring, renovated kitchen, stainless-steel appliances, recessed lighting, ceiling fan, freshly painted
720 N Market St 2B+2BA $2,550 New flooring and windows throughout, custom cabinetry, brand new stainless steel appliances and large amounts of storage, quartz counter tops, recessed lighting, controlled access
916 W Beach Ave 2B+2BA $2,350 Hardwood flooring, ceiling fans, stainless-steel kitchen appliances, tile bathroom, controlled access
127 W 64th Pl 3B+2BA $3,495 Fully remodeled unit, hardwood floors, freshly painted, ceiling fans, stainless-steel appliances
539 Hyde Park Pl 3B+2BA $3,095 Stainless-steel appliances, tons of cabinets and counter tops, washer and dryer in the garage, large master bedroom, hardwood floors
SUMMARY UNIT TYPE # OF UNITS AVG RENT
SUBJECT PROPERTY
1B+1BA 2 $1,998 $2,000
2B+2BA 2 $2,450 $2,450
3B+2BA 2 $3,295 $3,200
Rent Comparables
22
j
j
j
El Segundo Dunes ESHA
Ballona Wetlands Ecological Reserve
Dockweiler Beach State Park
Inglewood
Playa Vista
Van Ness
Hyde Park
Westchester
Windsor Hills
Playa del Rey
Ladera Heights
Marina del Rey
Morningside Park
¨
§̈¦405
§̈¦105
§̈¦405
Culv
er B
lvd
evA sse
N naV
S
Avi
atio
n B
lvd ev
A ei ri arP
S
dvlB enr oht
waH
S La Brea A
ve
La T
ijera
Blvd
W Imperial Hwy
Mai
n S
t
S In
glew
ood
Ave
Westchester Pkwy
W 80th St
dvlB tropri
A
Pershing Dr
dvlB
wahsnerC
e
dvlB adevlupe
S S
Centinela Ave
W Century Blvd
Wes
t B
lvd
S La
Cie
neg
a B
lvd
N La Brea Ave
W Centinela Ave
Washington Blvd
E Hyde Park Blvd
W Manchester Ave
W Arbor Vitae St
W 96th St
Ove
rhill
Dr
N P
rair
ie A
ve
Arbor Vitae St E Arbor Vitae St
W Florence Ave
Braddock Dr
Mesm
er Ave
W Olive St
Brad
dock
Dr
W Florence Ave
W Arbor Vitae St
Haw
thor
ne
Blv
d
W Imperial Hwy W Imperial Hwy
Jefferson Blvd
UV1
UV90
UV42
W 104th St
W 60th St
evA ht8
W 74th St
W 78th St
W 52nd St
W 57th St
W 64th St
W 59th Pl
W 71st St
S 5t
h A
ve
evA doo
wtneK
Bluff Creek Dr
Fiji Way
S Verdun Ave
W Hillcrest Blvd
N E
uca
lyp
tus
Ave
Admiralty Way
W 83rd St
evA noku
Y
127 W 64th Pl
539 Hyde Park Pl
720 N Market St614 Hill St
916 W Beach Ave604 Evergreen St
Rent Comparables
John SwartzManaging [email protected] Lic 01873487
Josh KaplanManaging [email protected] Lic 01934177
Transwestern601 S. Figueroa St, Suite 3650Los Angeles, CA 90017213.624.5700transwestern.com
The information provided herein was obtained from sources believed reliable; however, Transwestern makes no guarantees, warranties or representations as to the completeness of accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior to sale or lease, or withdrawal without notice. Copyright © 2020 Transwestern. CA Lic 01263636.
Troy LuceroSenior [email protected] Lic 02015701
Los Angeles
Multifamily
Investment
Group
