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a Berkshire Hathaway and Leucadia National company
| EXCLUSIVE MULTIFAMILY OFFERING
a Berkshire Hathaway and Jefferies Financial Group company
923 Ocean Avenue | Santa Monica, CA 90403
PRIDE OF OWNERSHIP PROPERTY WITH EXCEPTIONAL OCEAN FRONT LOCATIONBUILT: 1936 | UNPRICED OFFERING
MIKE SMITHSenior [email protected] BRE License #01460413
JIM FISHERManaging [email protected] BRE License #00693978
INVESTMENT ADVISORS FINANCINGALLAN FREEDMANManaging [email protected]
Professionally Managed By:
EXECUTIVE SUMMARYn
• Local Bike Paths
• Foyer with Staircase
• Close to Beach
• Walking distance to Shops and Restaurants
• Blocks from Roosevelt Elementary
LOCATION AMENITIES
• Hardwood Flooring
• Modern Appliances
• Walk-in-Closets
• Pet Friendly
• Utilities Included
• Ocean Views
• Lush Grass Area
UNIT AMENITIES
923 Ocean Avenue is an 8-unit, trophy asset located on Ocean Avenue in the city of Santa Monica, California. Built in 1936, the property consists of one wood frame constructed building with stucco exteriors encompassing a lot area of 7,494 square feet. 923 Ocean Ave contains a desirable unit mix of 2 Studio units approximately 500 sq. ft. as well as 6 One Bedroom units approximately 800 sq. ft. The property is beautifully landscaped with lush grass area, direct ocean views, and proximity to downtown Santa Monica.
a Berkshire Hathaway and Jefferies Financial Group company
PROPERTY SUMMARY
PRO FORMA INCOME & EXPENSES
LOCATION
PROPERTY NAME 923 Ocean Avenue
ADDRESS 923 Ocean Avenue
CITY, STATE Santa Monica, CA 90403
COUNTY Los Angeles
UNIT MIX
Units Type SFCurrent Rents
Market Rent Rent / SF
2 Single 500 $2,313 $3,200 $4.63
6 1 Bed 800 $2,916 $4,500 $3.65
8 725 $2,765 $4,175 $3.81
n Single – 25%
n 1 Bed – 75%25+75+0+0+0+0+HBUILDING
UNITS 8
BUILT 1936
TOTAL SF 7,494
TYPE OF BUILDINGS Garden-Style
EXTERIOR Stucco
IncomeCurrent
Pro FormaMarket
Pro Forma
Scheduled Market Rent $265,464 $400,800 Less: Vacancy Actual is 0.00% 3.00% ($7,964) ($12,024)Net Rental Income $257,500 $388,776
Other Inc. / Misc. Income Buyer to Verify (Estimation) $2,000 $2,100 Total Operating Income (EGI) $259,500 $388,776
Estimated Expenses Percentage Per UnitAdministrative $260 $2,080 $2,080 On-Site Manager $36 $285 $285 Repairs & Maintenance 5.00% $1,622 $12,975 $12,975 Management Fee 4.00% $1,327 $10,619 $16,032 Utilities $1,018 $8,144 $8,144 Contracted Services $1,125 $9,000 $9,000 Real Estate Taxes + Supplemental* 1.1497% $0 $0 $0 Insurance $500 $4,000 $4,000 Total Estimated Expenses $47,103 $52,516
% of Scheduled Rent: 17.74% 13.10%Per SF: $8.12 $9.05
Per Unit: $5,888 $6,565
Net Operating Income * $212,398 $336,260
*Expenses and NOI shown do not include property taxes
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be consid-ered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2018 Berkadia Proprietary Holding LLCBerkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #00843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspxAll Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.
IRVINE OFFICE | 2020 Main Street, Suite 200 | Irvine, California 92614
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. makes no warranty or representation about the content of this brochure. It is your 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. The presence of molds may adversely affect the property and the health of some. If you have questions or concerns regarding this issue conduct further inspections by a qualified professional.
n PRIME SANTA MONICA LOCATION WITH OCEAN VIEWSn WALKING DISTANCE TO DOWNTOWN SANTA MONICA
MIKE SMITHSenior [email protected] BRE License #01460413
JIM FISHERManaging [email protected] BRE License #00693978
INVESTMENT ADVISORS FINANCING
ALLAN FREEDMANManaging [email protected]
