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6916 Laurel Canyon BoulevardNorth Hollywood, CA 91605Marketing Package
Closing Dealsin a Difficult Market
6916 Laurel Canyon Blvd.Marketing Package
Neighborhood Overview
Nearby Developments
Local Hotspots
Financials
Set-Up
Rent Roll
Property Overview
Description
Photography (HD & Drone)
Comparables
Rental Comparables
Sales Comparables
NeighborhoodOverview
Just a short drive from the glitz and excess of Hollywood, North Hollywood is one of themost underrated developing suburbs in the Greater Los Angeles area. NoHo, as its called bylocals, is understated, audacious and every bit as glamourous as its more famouscounterpart. Formerly a quiet residential suburb filled with strip malls, North Hollywood hastransformed into the San Fernando Valley’s go-to cultural hub over the last decade with aninflux of art galleries, trendy boutiques and new mixed-use developments. This diverse andeclectic community is bordered by Toluca Lake to the south, Valley Village to the west andBurbank to the east. Additionally, the MTA Red Line runs directly to North Hollywood,providing an easy public transportation to Downtown Los Angeles.
The epicenter of this vrising ethnic enclave is the North Hollywood Arts District, an emerginglocal hub comprised of a wide selection of art galleries, independently-owned boutiques,crowdfavorite eateries and lively nightlife destinations. This neighborhood is currentlyundergoing a massive development boom that aims to create a new central businessdistrict for the an Fernando Valley. The $1 Billion development project, centered around theMETRO Red Line, will feature 1,216 market-rate housing units, 105,000 SF of retail/restaurant space, 580,000 SF of o�ce space, 87,000 of pubicly-accessible open space and3,313 parking spaces.
Many businesses have relocated to the area, taking advantage of the a�ordable rents whileproviding better quality employment opportunities to local residents. More and morepeople are using the increasingly popular and versatile transit system. This positivemomentum will continue as more mixed-use developments continue to change theneighborhood dynamic.
Introducing:
North HollywoodA Family-Friendly Suburb Under Massive Development
District NoHoThe proposed mixed-use complex, unveiled in Oct. 2019,would rise on roughly 16 acres of land. A full buildout of theproject would include over 1,500 apartments, 105,000 SFof retail/restaurant space and 580,000 SF of o�ce space.
Alexan NoHo WestPlans call for the development of two buildings featuring644 studio, one- and two-bedroom apartments with on-site parking. The project is currently under constructionand is on pace to open in phases between late 2021-2023.
The WeddingtonWrapping up two-and-a-half years of construction, TheWeddington consists of a series of five-story buildingsfeaturing 329 apartments and 4,300 SF of ground-floorretail space.
Chandler & Lankersheim BoulevardCurrently under construction, the project will consist of aseven-story building featuring 127 apartments above12,000 SF of retail and restaurant space.
11301-11321 Camarillo StreetThe project is taking shape just east of the 170 Fwy., andwill feature a five-story building comprised of 60apartments with 2,800 SF of ground-floor retail space.
NearbyDevelopments
The Weddington
Alexan NoHo West
11301 Camarillo St.
Chandler & LankersheimBoulevard District NoHo
1346 N. Laurel
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2
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Series of five-story buildings featuring 329 apartments and 4,300 SF of ground-floor retail space
Notes
Full buildout of the project would include over 1,500 apartments, 105,000 SF of retail/restaurant space
Development of two buildings featuring 644 studio, one- and two-bedroom apartments with on-site parking
3) The Weddington
Seven-story building featuring 127 apartments above 12,000 SF of retail and restaurant space4) Chandler & Lankersheim Boulevard
7-story mixed-use project will feature 228 units, 3 levels of subterranean parking and 16,429 SF of ground-floor retail space5) 11301-11321 Camarillo Streeet
Address
1) District NoHo
2) Alexan NoHo West
Nearby Developments MapSubject Property: 6916 Laurel Canyon Boulevard
3 1014 & 1018 Mooney Dr.
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Subject Property
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NoHo Arts District
Local HotspotsNoHo Arts DistrictKnown as the “epicenter” of North Hollywood, thisrapidly developing neighborhood is a walkable strip oftrendy, independently-owned boutiques, trendyrestaurants and lively nightlife destinations.
North Hollywood Recreation CenterAn urban recreational center featuring lush grass fields forpicnics, sports fields, an indoor gym, playground, outdoorpool and much more.
Fryman CanyonA 2.1 mile hiking trail that is less of a “scene” than RunyonCanyon. Head through the Hollywood Hills for breath-taking panoramic views of Los Angeles.
Lankershim Arts CenterConstructed in 1939 and registed cultural landmark by theCity of Los Angles, the Lankershim Arts Center has beenthoroughly renovated and showcases art exhibitions,acting classes and original plays.
Universal Studios & CitywalkOpened in 1964, Universal Studios and Citywalk has beena Los Angeles staple for locals and tourists and featuresaction-packed rides and fully functioning movie studios
Fryman Canyon
Lankershim Arts Center
NoHo Recreation Center
Universal Studios
1346 N. Laurel
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3) Fryman Canyon
4) Lankershim Arts Center
5) Universal Studios & Citywalk
Address
1) NoHo Arts District
2) North Hollywood Recreation Center
Local Hotspots MapSubject Property: 6916 Laurel Canyon Boulevard
3 1014 & 1018 Mooney Dr.
12
34
Hayworth Portfolio
12
3
4
5
Subject Property
12
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2.1 mils hiking trail featuring breathtaking panoramic views of the Greater Los Angeles Area
Notes
Walkable strip of trendy, independently-owned boutiques, trendy restaurants and lively nightlife destinations
Urban recreational center featuring lush picnic areas, sports fields, an indoor gym, playground, outdoor pool
Renovated arts center showcasing art exhibitions, acting classes and original plays
Action-packed rides and fully functioning movie studios
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Subject Property
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Property Description
1522 N Mariposa Ave.
Price - $3,200,000
Kenny Stevens Team is pleased to present 6916-6924 Laurel Canyon
Boulevard, a 16-unit multifamily complex in the family-friendly
submarket of North Hollywood. With ease of access to the 170 Fwy., the
subject property is conveniently located near entertainment destinations
and employment hubs in Burbank, Valley Village, Studio City and Toluca
Lake.
Under the same ownership since 1993, there are (2) two-story buildings
totaling 9,809 bldg. SF that sit on a spacious 15,075 SF double lot, and is
comprised of (1) two-bedroom and one bath unit and (15) one bedroom
and one bath units. Additionally, the subject property o�ers 16 surface
parking spaces and each unit has been separately metered for gas and
electricity. 6916-6924 Laurel Canyon presents a significant value-add
opportunity to investors, as current rents are approx. 53% below market
value for nicely remodeled units in the area.
With significant upside in rents based on conservative market rates and
an up-and-coming location, this value-add project presents investors
with the opportunity to acquire an asset with incredible promise.
Year Built - 1964
Building Size - 9,809 SF
Lot Size - 15,075 SF
Zoning Type - R3-1
Submarket - North Hollywood
Cross Streets
Laurel Canyon Boulevard &Dehougne Street
APN
2321-011-037
Price Per Unit - $200,000
Number of Units - 16
Property Overview | Professional Photography
Property Overview | Professional Photography
Property Overview | Professional Photography
FinancialsApproximate Gross RSF:
Approximate Age:
Approximate Lot Size:
1964
15,075 SF
9,809 SF Market CAP:
Price Per SF: $326
Current CAP: 3.61%
6.82%
Investment Summary
Price:
Down Payment: 44% $1,392,000
Number of Units: 16
Price Per Unit: $200,000
Current GRM: 16.06
Potential GRM: 10.49
Proposed Financing: $1,808,000
Loan Rate: 3.45% Fixed for 5 Years
Loan Duration: 30 Years
$3,200,000
Annualized Operating Data
Current Rents
Scheduled Gross Income: $199,296 $304,920
Vacancy Allowance: $5,979 3%
Gross Operating Income: $193,317
Less Expenses: $77,662 39%
Net Operating Income: $115,655
Less Loan Payment: -$96,820
Pre-Tax Cash Flow: $18,835 1.35%
Plus Principal Reduction: $34,994
Total Return Before Taxes: $53,829 3.87%
Market Rents
$9,148 3%
$295,772
$77,662 25%
$218,110
$121,290
-$96,820
8.71%
$34,994
$156,284 11.23%
Income
# of Units Bed/Baths Monthly Rent/Unit Monthly Rent/Unit
Current Rents Potential Rents
Monthly Income
Total Scheduled Rent: $16,448 $25,250
Laundry Income: $160 $160
Other Income: $0 $0
Monthly Scheduled Gross Income: $16,608 $25,410
Annual Scheduled Gross Income: $199,296 $304,920
Monthly Income
6916-6924 Laurel Canyon Boulevard
Offered at: $3,200,000
Expenses*
Taxes (new): 1.20% $40,000
Insurance: $3,924
Utilities: $9,809
Repairs/Maintenance: $11,958
Professional Mgmt: $7,972
Reserve / Misc: $4,000
Per Sq. Ft. $7.92
Total Expenses: $77,662
Per Unit: $4,854
EXPENSES ARE ESTIMATED
On-site Manager: $0
1 2 + 1 $1,067 $2,000$1,067 $2,000
15 1 + 1 $728 - $1,200 $1,550$15,381 $23,250
Rent Roll6916-6924 Laurel Canyon Boulevard
Rent Roll
2
1
1 + 1
3 2 + 1
1 + 1
Unit # Unit Type
$1,550
$1,067
$1,200
$1,550 Manager
$2,000
4 1 + 1 $746 $1,550
$1,550
5 1 + 1 $936 $1,550
6 1 + 1 $927 $1,550
7 1 + 1 $728 $1,550
8 1 + 1 $1,200 $1,550
9 1 + 1 $1,200 $1,550
10 1 + 1 $1,032 $1,550
11 1 + 1 $955 $1,550
12 1 + 1 $927 $1,550
13 1 + 1 $1,022 $1,550
14 1 + 1 $992 $1,550
15 1 + 1 $983 $1,550
16 1 + 1 $983 $1,550
Current Rent Market Move-in DateRent Notes
Laundry Income: $160 $160
Other Income: $0 $0
Monthly Total: $16,608 $25,410
Annual Total: $199,296 $304,920
Comparables
Comparables | Sales Comps
Address
COE
Sales
Price
Units
Bldg.
Sq. Ft.
Unit
Mix
Price/
Unit
Price
Per Foot
Year
Built
6916-6924Laurel Canyon Blvd.
Subject Property
$3,200,000
16 Units
$200,000
9,809 SF
$326
1964
(1) 2+1 & (15) 1+1
6714Troost Ave.
07/31/2020
$4,250,000
9,417 SF
(19) Studios
19 Units
$223,684
$451
1986
6868Laurel Canyon Blvd.
09/13/2019
$1,750,000
8 Units
5,658 SF
(8) 1+1
$218,750
$309
1979
12211Vanowen Ave.
10/05/2018
$2,740,870
8,697 SF
(2) 2+1 & (12) 1+1
28 Units
$195,776
$315
1958
11942Hart St.
08/07/2020
$1,160,000
6 Units
5,300 SF
(6) Studios
$193,333
$219
1954
Comparables Rental Comps
1) 630 N. Grand Avenue
Rent: $2,395
Unit Type: 2 Bdrm. & 2 Bath
2) 1219 Boston Street
Rent: $2,850
Unit Type: 2 Bdrm. & 2 BathSubject Property(s)
900 W. College St.Current Rent:
(1) 4+3.5: $3,600
(1) 3+1.5: $447 - $2,300
(6) 2+1: $2,404
41 3
4186-4190 S. Western Ave.
1
234
1014 & 1018 Mooney Dr.
1
2
34
5
1 2
3
4
900 West College St.1 2
3
4
5
24 Breeze Ave.
1
2
3
4
5
24 Breeze Ave.
2
3
4
5
1
24 Breeze Ave.
Units
16 Units
19 Units
8 Units
14 Units
6 Units
SalesPrice
$3,200,000
$4,250,000
$1,750,000
$2,740,870
$1,160,000
COE
Subject Property
07/31/2020
09/13/2019
10/05/2018
08/07/2020
Price PerUnit
$200,000
$223,684
$218,750
$195,776
$193,333
Bldg. SF
9,809 SF
9,417 SF
5,658 SF
8,697 SF
5,300 SF
Price PerFoot
$326
$451
$309
$315
$219
YearBuilt
1964
1986
1979
1958
1954
Address
6916-6924 Laurel Canyon Blvd.
2) 6868 Laurel Canyon Blvd.
3) 12211 Vanowen Ave.
4) 11942 Hart St.
1) 6714 Troost Ave.
Sold Sales Comparables MapSubject Property: 6916-6924 Laurel Canyon Boulevard
1
2
3
Subject Property
12 3
4
2
1
2
3
4Subject Property
3) 11740 Vanowen St. (Unit 305)
Unit Type: 1 Bdrm. & 1 Bath
Rent: $2,100
Unit Type: 2 Bdrm. & 2 Bath
Rent: $1,700
Unit Type: 1 Bdrm. & 1 Bath
4) 11740 Vanowen St. (Unit 201)
Rent: $2,200
Unit Type: 2 Bdrm. + 2 Bath
Comparables Rental Comps
1) 11931 Elkwood St.
Rent: $1,500
2) 12132 Hart St. (Unit 205)
Subject Property
6916 Laurel Canyon Blvd.
Current Rent:
(5) 1+1: $1,484 - $1,925
(1) Studio: $938
Subject Property
1
Comparables Rental Comps
1) 630 N. Grand Avenue
Rent: $2,395
Unit Type: 2 Bdrm. & 2 Bath
2) 1219 Boston Street
Rent: $2,850
Unit Type: 2 Bdrm. & 2 BathSubject Property(s)
900 W. College St.Current Rent:
(1) 4+3.5: $3,600
(1) 3+1.5: $447 - $2,300
(6) 2+1: $2,404
41 3
4186-4190 S. Western Ave.
1
234
1014 & 1018 Mooney Dr.
1
2
34
5
1 2
3
4
900 West College St.1 2
3
4
5
24 Breeze Ave.
1
2
3
4
5
24 Breeze Ave.
2
3
4
5
1
24 Breeze Ave.
Bldg SF.
700 SF
1,108 SF
1,108 SF
673 SF
UnitType
1 Bdrm. & 1 Bath
2 Bdrm. & 2 Bath
2 Bdrm. & 2 Bath
1 Bdrm. & 1 Bath
Rent
$1,500
$2,200
$2,100
$1,700
Address
4) 11740 Vanowen St. (Unit 201)
1) 11931 Elkwood St.
3) 11740 Vanowen St. (Unit 305)
2) 12132 Hart St. (Unit 205)
Rental Comparables MapSubject Property: 6916 Laurel Canyon Boulevard
2
Subject Property
1
2
3
4
12
3
4
Subject Property
1
2
3
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Subject Property
1
2
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Subject Property
We sweat the details,
so you don’t have to.
If you have additional questions, please contact:
Ben Kreitenberg
(818) 454-8268
DRE# 02103370
Max Berger
(818) 321-4972
DRE# 02054048
We Sweat the Details,So You Don’t Have To.