OFFERING MEMORANDUM 7972 NORTON AVENUEimages2.loopnet.com/d2/K2QKHjbrzSICGDP6rtPbbG416... · stretch of Sunset Boulevard. ... to boasting a Walk Score of 95, which is extremely high

7972 NORTON AVENUEWEST HOLLYWOOD, CA 90046

Real Estate Investment Sales t Financing t Research t Advisory Services

OFFERING MEMORANDUM

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.

NON-ENDORSEMENT NOTICE

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorse 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 cor-poration of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant

lessee information about this listing to prospective customers.

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 YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Confidentiality and disClaimer

table of Contents

Section 1 INVESTMENT OVERVIEW

Section 2 PRICING AND FINANCIAL ANALYSIS

Section 3 PROPERTY DESCRIPTION

Section 4 RECENT SALES

Section 5 RENT COMPARABLES

Section 6 DEMOGRAPHIC ANALYSIS

Exclusively Listed:


Rick E. RaymundoSenior Managing Director Investments

Senior Director, National Multi Housing Group

515 South Flower Street Suite 500Los Angeles, CA 90071(213) 943-1855 Direct

(213) 943-1961 Fax(818) 219-6146 Mobile

[email protected]

INVESTMENT OVERVIEW

Marcus & Millichap is pleased to announce the sale of 7972 Norton Avenue, a 9-unit multifamily property located in the desirable and trendy community of West Hollywood, California, just three blocks from the Sunset Strip. Situated one block north of Santa Monica Boulevard, near its intersection with Crescent Heights Boulevard, the property is in close proximity to several popular restaurants, bars, and clubs along the most famous stretch of Sunset Boulevard. In addition to boasting a Walk Score of 95, which is extremely high for the Los Angeles area, the building affords tenants convenient vehicular access to the The Grove and The Beverly Center.

Constructed in 1958, the two-story building rests atop semi-subterranean parking for 10 vehicles. Current rents are well below those of similar properties in the neighborhood, resulting in an opportunity for a new investor to eventually recapture approximately 66% in rent upside. This income is supplemented by the landlord-owned on-site laundry facilities, while expenses are limited by the presence of partial copper plumbing and a newer water heater.

Select units feature fully renovated kitchens with new countertops, cabinets, and tile backsplashes, new wood flooring, crown moulding, remodeled bathrooms, updated sliding closet doors, ceiling fans, and balconies, but the potential remains for a new owner to upgrade the remaining interiors in order to enhance the rental income.

the offering

7972 NortoN AveNueWest HollyWood, CA 90046

investment highlights

Desirable West Hollywood Location Just Three Blocks from the Sunset Strip

Excellent Reposition Opportunity with Potentially Over 66% Rent Upside

Attractive Price per Unit and Price per Square Foot Compared to Recent Comparable Sales

Walking Distance to Trendy Boutiques, Restaurants, Bars, and Clubs that Line Fairfax, Melrose, and Santa Monica

Short Drive to The Grove, The Sunset Strip, Beverly Center, Whole Foods, Target, and Trader Joe’s

Extremely High Walk Score of 95 Allows Tenants to Complete Most Daily Errands on Foot

On-Site Parking for All Units

Available as Portfolio Sale with 1033 North Genesee Avenue, West Hollywood, CA 90046

investment overview

loCation highlights

This Information has been secured from sources we believe to be reliable, but we make no representation or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are appoximate. Buyer must verify the information and bears all risk for any inaccuracies. © 2017 Marcus & Millichap Activity ID: Y0140730


Vital Data

CAP Rate – Current 3.12%

GIM – Current 18.81

Net Operating Income – Current $88,259

Total Return – Current 3.1% / $88,259

CAP Rate – Pro Forma 6.37%

GIM – Pro Forma 11.36

Net Operating Income – Pro Forma $180,068

Total Return – Pro Forma 6.4% / $180,068

The Offering

Property Address7972 Norton Avenue

West Hollywood, CA 90046

Price $2,825,000

Down Payment 100% / $2,825,000

Price/Unit $313,889

Price/SF $377.47

Number of Units 9

Rentable Square Feet 7,484

Number of Buildings 1

Number of Stories 3

Year Built 1958

Lot Size 7,461

Demographics

1-Mile 3-Miles 5-Miles

2014 Total Population 50,848 278,100 834,448

2019 Total Population 50,980 280,814 841,227

2014 Total Households 31,461 146,692 375,084

2019 Total Households

31,790 149,107 381,210

Median Household Income $50,710 $53,917 $46,935

Per Capital Income(Based on total Population) $51,002 $50,426 $38,808

Average (Mean) Household Income $82,114 $95,102 $85,653

Major Employers

Company Local Employees

Disney 14,991

Southern California / Hawa Reg 13,000

Walt Disney Company 8,333

UCLA Medical 8,000

Victory Studio 5,000

Mental Health California Dept 4,000

Paramount Pictures 3,511

Project Boat Holdings LLC 3,174

Farmers Insurance 3,119

SBE 3,002

Fire Dept-Station 61 3,000

Platinum Equity 2,575

Unit MixNo. ofUnits

UnitType

Approximate Square Feet

7 1 Bdr 1 Bath 750

2 2 Bdr 2 Bath 1,000

Total 7,484

offering summary

investment overview

In addition to a variety of restaurants and shops within a block on Santa Monica Boulevard and along

Fairfax Avenue, tenants are just a 10 minute walk away from the world famous Sunset Strip. Within a

short drive are The Beverly Center, The Grove, and Beverly Hills.

transit and Pedestrian oriented

TRANSITSCORE

BIKESCORE60 65

“GOOD TRANSIT”Many nearby public transpor-

tation options.

“BIKEABLE”Flat as a pancake, minimal

bike lanes.

WALKSCORE95

“WALKER’S PARADISE”Daily errands do not require

a car.

investment overview


$2,825,000 5554-013-016PRICE Assessor’s Parcel Number

$313,889 WDR4PRICE PER UNIT ZONING

$377.47 9PRICE PER SQUARE FOOT Number of Units

$88,259 1958NET OPERATING INCOME Year Built/Renovated

3.12% 7,484CURRENT CAP RATE Rentable Square Feet

18.81 7,461CURRENT GIM Lot Size

7972 norton avenue, west hollywood, Ca 90046


investment overview

PRICING AND FINANCIAL ANALYSIS

unit mixNO. OF UNITS

UNIT TYPE APPROX. SF

CURRENTRENTS

RENT/SF

MONTHLY INCOME

PRO FORMA RENTS

RENT/SF

MONTHLY INCOME

7 1 Bdr 1 Bath 750 $700 - $1,914 $1.72 $7,892 $2,145 $2.86 $15,015

2 2 Bdr 2 Bath 1,000 $2,123 - $2,374 $2.25 $4,497 $2,795 $2.80 $5,590

9 TOTAL: 7,484 $12,389 $20,605

rent rollUNIT NUMBER UNIT TYPE UNIT SF CURRENT RENT RENT/SF

Unit 1 1 Bdr 1 Bath 750 $1,812 $2.42

Unit 2 1 Bdr 1 Bath 750 $859 $1.15

Unit 3 2 Bdr 2 Bath 1,000 $2,123 $2.12

Unit 4 1 Bdr 1 Bath 750 $1,914 $2.55

Unit 5 2 Bdr 2 Bath 1,000 $2,374 $2.37

Unit 6 1 Bdr 1 Bath 750 $760 $1.01

Unit 7 1 Bdr 1 Bath 750 $924 $1.23

Unit 8 1 Bdr 1 Bath 750 $923 $1.23

Unit 9 1 Bdr 1 Bath 750 $700 $0.93

TOTAL Vacant $0

9 TOTAL Occupied 7,250 $12,389

9 TOTAL 7,250 $12,389

PriCing & finanCial analysis


inCome & exPenses

INCOME Current Per Unit Pro forma Per Unit

GROSS POTENTIAL RENT $148,668 $16,519 $247,260 $27,473

Other Income

Laundry Income $1,488 $165 $1,488 $165

GROSS POTENTIAL INCOME $150,156 $16,684 $248,748 $27,639

Vacancy/Collection Allowance (GPR) 3.0% / $4,460 $496 3.0% / $7,418 $824

EFFECTIVE GROSS INCOME $145,696 $16,188 $241,330 $26,814

EXPENSES Current Per Unit Pro Forma Per Unit

Real Estate Taxes (1.1792%) $33,312 $3,701 $33,312 $3,701

Insurance $3,689 $410 $3,689 $410

Utilities $2,895 $322 $2,895 $322

Rubbish $1,138 $126 $1,138 $126

Repairs & Maintenance $4,500 $500 $4,500 $500

Unit Turnover $2,250 $250 $2,250 $250

Management Fee 4.0% / $5,828 $648 4.0% / $9,653 $1,073

General & Administrative $1,125 $125 $1,125 $125

Reserves & Replacements $1,800 $200 $1,800 $200

Landscaping $900 $100 $900 $100

TOTAL EXPENSES $57,437 $6,382 $61,262 $6,807

Expenses per SF $7.67 $8.19

% of EGI 39.4% 25.4%

NET OPERATING INCOME $88,259 $9,807 $180,068 $20,008



finanCial overview

Property Details

Location 7972 Norton Avenue West Hollywood, CA 90046

Price $2,825,000

Down Payment 100% / $2,825,000

Number of Units 9

Price/Unit $313,889


Price/SF $377.47

CAP Rate-Current 3.12%

CAP Rate - Pro Forma 6.37%

GIM - Current 18.81

GIM - Pro Forma 11.36

Year Built / Renovated 1958

Lot Size 7,461

Type of Ownership Fee Simple

Annualized Operating DataIncome Current Pro FormaGross Potential Rent $148,668 $247,260

Other Income $1,488 $1,488

Gross Potential Income $150,156 $248,748

Less: Vacancy / Deductions (GPR) 3.0% / $4,460 3.0% / $7,418

Effective Gross Income $145,696 $241,330

Less: Expenses $57,437 $61,262

Net Operating Income $88,259 $180,068

Expenses Current Pro FormaReal Estate Taxes $33,312 $33,312

Insurance $3,689 $3,689

Utilities $2,895 $2,895

Rubbish $1,138 $1,138

Repairs & Maintenance $4,500 $4,500

Unit Turnover $2,250 $2,250

Management Fee $5,828 $9,653

General & Administrative $1,125 $1,125

Reserves & Replacements $1,800 $1,800

Landscaping $900 $900

Total Expenses $57,437 $61,262

Expenses / Unit $6,382 $6,807

Expenses / SF $7.67 $8.19

% of EGI 39.42% 25.39%

Scheduled Income

NO. OF UNITS

UNIT TYPE APPROX. SF

CURRENTRENTS

RENT/SF

MONTHLY INCOME

PRO FORMA RENTS

RENT/SF

MONTHLY INCOME

7 1 Bdr 1 Bath 750 $700 - $1,914 $1.72 $7,892 $2,145 $2.86 $15,015

2 2 Bdr 2 Bath 1,000 $2,123 - $2,374 $2.25 $4,497 $2,795 $2.80 $5,590

9 TOTAL: 7,484 $12,389 $20,605



PROPERTY DESCRIPTION

regional maP

Local Map Regional Map

PROPERTY DESCRIPTION7972 Norton AvenueWEST HOLLYWOOD, CA

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 mustverify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap RealEstate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.

AREA MAPS

7972 Norton Avenue

ProPerty desCriPtion


loCal maP

Local Map Regional Map

PROPERTY DESCRIPTION7972 Norton AvenueWEST HOLLYWOOD, CA


AREA MAPS

7972 Norton Avenue



aerial Photo



ProPerty summary

The Offering

Property Address7972 Norton Avenue


Assessor’s Parcel Number 5554-013-016

Zoning WDR4

Site DescriptionNumber of Units 9

Number of Buildings 1

Number of Stories 3

Year Built 1958


Lot Size 7,461

Type of Ownership Fee Simple

Parking 10 Spaces

UtilitiesElectric Separately Metered

Gas Separately Metered

ConstructionFraming Wood Frame

Exterior Stucco

Parking Surface Concrete

Roof Pitched









reCent sales maP

1)2)3)4)5)6)7)8)9)

7972 Norton Avenue1036 N Genesee Avenue7714-20 Hampton Avenue1280 N Laurel Avenue8208 Norton Avenue633-37 N Hayworth Avenue7969 Norton Avenue1205 N Hayworth Avenue1218 N Laurel Avenue525 N Hayworth Avenue

RECENT SALES7972 Norton AvenueWEST HOLLYWOOD, CA


RECENT SALES MAP

5

4 78

9

32

1

Recent Sales

7972 Norton Avenue

1) 1036 N Genesee Avenue

2) 7714-20 Hampton Avenue

3) 1280 N Laurel Avenue

4) 8208 Norton Avenue

5) 633-37 N Hayworth Avenue


7) 1205 N Hayworth Avenue


9) 525 N Hayworth Avenue

6

reCent sales


average CaP rate

average GRM average PriCe Per unit

average PriCe Per square foot

0.00

0.40

0.80

1.20

1.60

2.00

2.40

2.80

3.20

3.60

4.00

Subject 1036N

GeneseeAvenue

7714-20HamptonAvenue

1280N

LaurelAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

8208NortonAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue



0.00

40.00

80.00

120.00

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360.00

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440.00

Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

8208NortonAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue

525N

HayworthAvenue

0

40,000

80,000

120,000

160,000

200,000

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320,000

360,000

400,000

Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

8208NortonAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue

525N

HayworthAvenue



0.00

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Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

8208NortonAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue

525N

HayworthAvenue

0

40,000

80,000

120,000

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200,000

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Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

8208NortonAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue

525N

HayworthAvenue



0.00

0.40

0.80

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1.60

2.00

2.40

2.80

3.20

3.60

4.00

Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue

0.00

2.00

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Subject 1036N

GeneseeAvenue


1280N

LaurelAvenue

8208NortonAvenue

633-37N

HayworthAvenue

7969NortonAvenue

1205N

HayworthAvenue

1218N

LaurelAvenue



SubjectSubject

SubjectSubject

Avg $382.52

Avg $324,309

Avg 3.16%

Avg 18.95

3.12

%

2.97

%

2.23

%

3.85

%

2.81

%

3.72

%

3.32

%

3.25

%

18.8

1

19.6

0

20.9

4

16.0

1

19.3

0

21.4

9

17.4

3

17.9

7

18.8

5

$377

.47

$354

.09

$306

.06

$437

.69

$372

.55

$412

.43

$397

.08

$346

.99

$405

.91

$409

.91

$313

,889

$290

,000

$279

,545

$322

,000

$330

,000

$313

,333

$373

,333

$337

,000

$312

,500

$361

,071

reCent sales


7972 Norton AvenueWest Hollywood, CA 90046

Subject Property

Total No. of Units 9

Year Built 1958

Sales Price $2,825,000

Price/Unit $313,889

Price/SF $377.47

Rentable SF 7,484

Lot Size 7,461

CAP Rate 3.12%

GRM 18.81

NO. OF UNITS UNIT TYPE

7 1 Bdr 1 Bath

2 2 Bdr 2 Bath

1036 N Genesee AvenueWest Hollywood, CA 90046

Close of Escrow 05/19/2017


Year Built 1960


Price/Unit $290,000

Price/SF $354.09

Rentable SF 8,190

Lot Size 6,565

CAP Rate 2.97%

GRM 19.60


8 1 Bdr 1 Bath

2 2 Bdr 2 Bath

1

7714-20 Hampton AvenueWest Hollywood, CA 90046



Year Built 1965


Price/Unit $279,545

Price/SF $306.06

Rentable SF 20,094

Lot Size 16,325

CAP Rate 2.23%

GRM 20.94


2 Single

15 1 Bdr 1 Bath

5 2 Bdr 2 Bath

2

reCent sales


1280 N Laurel AvenueWest Hollywood, CA 90046



Year Built 1950


Price/Unit $322,000

Price/SF $437.69

Rentable SF 18,392

Lot Size 19,201

CAP Rate 3.85%

GRM 16.01


3 Studio

22 1 Bdr 1 Bath

3




Year Built 1956


Price/Unit $330,000

Price/SF $372.55

Rentable SF 7,972

Lot Size 7,497

GRM 19.30


6 1 Bdr 1 Bath

3 2 Bdr 1 Bath

633-37 N Hayworth AvenueWest Hollywood, CA 90048



Year Built 1958


Price/Unit $313,333

Price/SF $412.43

Rentable SF 5,761

Lot Size 6,608

CAP Rate 2.81%

GRM 21.49


13 1 Bdr 1 Bath

1 1 Bdr 2 Bath

1 2 Bdr 2 Bath

54

reCent sales


1205 N Hayworth AvenueWest Hollywood, CA 90046



Year Built 1954


Price/Unit $337,000

Price/SF $346.99

Rentable SF 9,712

Lot Size 9,688

CAP Rate 3.32%

GRM 17.97


6 1 Bdr 1 Bath

4 2 Bdr 2 Bath

7




Year Built 1954


Price/Unit $312,500

Price/SF $405.91

Rentable SF 12,318

Lot Size 15,599

CAP Rate 3.25%

GRM 18.85


9 1 Bdr 1 Bath

6 2 Bdr 1 Bath

1 2 Bdr 2 Bath

8




Year Built 1956


Price/Unit $373,333

Price/SF $397.08

Rentable SF 14,103

Lot Size 15,055

CAP Rate 3.72%

GRM 17.43


1 Single

4 1 Bdr 1 Bath

2 2 Bdr 1 Bath

6 2 Bdr 1.5 Bath

1 2 Bdr 1.5 Bath Twnhs

1 3 Bdr 1.5 Bath Twnhs

6

reCent sales


525 N Hayworth AvenueWest Hollywood, CA 90048



Year Built 1966


Price/Unit $361,071

Price/SF $409.91

Rentable SF 6,166

Lot Size 6,610


5 1 Bdr 1 Bath

1 2 Bdr 1 Bath

1 3 Bdr 2 Bath

9

reCent sales


sales ComParable summaryADDRESS CLOSE OF

ESCROW UNIT TYPE YEAR BUILT

NO. OF UNITS

BLDG SIZE

LOT SIZE

SALES PRICE

PRICE/ UNIT

PRICE/ SF

CAP RATE GRM

11036 N Genesee Avenue

West Hollywood, CA 90046 05/19/20178 -

2 -

1 Bdr 1 Bath

2 Bdr 2 Bath1960 10 8,190 6,565 $2,900,000 $290,000 $354.09 2.97% 19.60

27714-20 Hampton AvenueWest Hollywood, CA 90046 04/27/2017

2 -

15 -

5 -

Single

1 Bdr 1 Bath

2 Bdr 2 Bath

1965 22 20,094 16,325 $6,150,000 $279,545 $306.06 2.23% 20.94

31280 N Laurel Avenue


22 -

Studio

1 Bdr 1 Bath1950 25 18,392 19,201 $8,050,000 $322,000 $437.69 3.85% 16.01

48208 Norton Avenue


3 -

1 Bdr 1 Bath

2 Bdr 1 Bath1956 9 7,972 7,497 $2,970,000 $330,000 $372.55 -- 19.30

5633-37 N Hayworth Avenue West Hollywood, CA 90048 08/31/2016

13 -

1 -

1 -

1 Bdr 1 Bath

1 Bdr 2 Bath

2 Bdr 2 Bath

1958 15 5,761 6,608 $4,700,000 $313,333 $412.43 2.81% 21.49

67969 Norton Avenue

West Hollywood, CA 90046 01/26/2017

1 -

4 -

2 -

6 -

1 -

1 -

Single

1 Bdr 1 Bath

2 Bdr 1 Bath

2 Bdr 1.5 Bath

2 Bdr 1.5 Bath Twnhs

3 Bdr 1.5 Bath Twnhs

1956 15 14,103 15,055 $5,600,000 $373,333 $397.08 3.72% 17.43

71205 N Hayworth Avenue


4 -

1 Bdr 1 Bath

2 Bdr 2 Bath 1954 10 9,712 9,688 $3,370,000 $337,000 $346.99 3.32% 17.97



9 -

6 -

1 -

1 Bdr 1 Bath

2 Bdr 1 Bath

2 Bdr 2 Bath

1954 16 12,318 15,599 $5,000,000 $312,500 $405.91 3.25% 18.85

9525 N Hayworth Avenue


5 -

1 -

1 -

1 Bdr 1 Bath

2 Bdr 1 Bath

3 Bdr 2 Bath

1966 7 6,166 6,610 $2,527,500 $361,071 $409.91 -- --

AVERAGES 1958 14 11,412 11,461 $4,585,278 $324,309 $382.52 3.16% 18.95

* 7972 Norton Avenue West Hollywood, CA 90046

Subject Property

7 -

2 -

1 Bdr 1 Bath

2 Bdr 2 Bath1958 9 7,484 7,461 $2,825,000 $313,889 $377.47 3.12% 18.81

reCent sales


RENT COMPARABLES

rent ComParables maP

1)2)3)4)5)6)

7972 Norton Avenue7969 Norton Avenue1031 N Orange Grove Avenue904 N Gardner Street1216 N Crescent Heights Boulevard1237 N Orange Grove Avenue1016 N Laurel Avenue

RENT COMPARABLES7972 Norton AvenueWEST HOLLYWOOD, CA


RENT COMPARABLES MAP

4

6

3

2

1

Rent Comparables

7972 Norton Avenue


2) 1031 N Orange Grove Avenue

3) 904 N Gardner Street

4) 1216 N Crescent Heights Boulevard

5) 1237 N Orange Grove Avenue


5

rent ComParables


average rents - 1 bedroom units

0

300

600

900

1,200

1,500

1,800

2,100

2,400

Subject 904N

GardnerStreet

1237N

OrangeGrove

Avenue

1016N

LaurelAvenue



OCCUPANCY AND AVERAGE RENTS

0

300

600

900

1,200

1,500

1,800

2,100

2,400

2,700

3,000

Subject 7969NortonAvenue

1031N

OrangeGrove

Avenue

1216N

CrescentHeights

Boulevard



average rents - 2 bedroom units

Avg $2,382

Avg $2,957

Subject

$700

- $

1,91

4

$2,4

95

$2,4

50

$2,2

00

$2,1

23 -

$2,

374

$2,9

95

$2,8

95

$2,9

80

rent ComParables

Subject





UNIT TYPE UNITS SF RENT RENT/SF

1 Bdr 1 Bath 7 750 $700 - $1,914 $1.72

2 Bdr 2 Bath 2 1,000 $2,123 - $2,374 $2.25

TOTAL/AVG. 9 7,484 $1,778 $1.66




UNIT TYPE SF RENT RENT/SF

2 Bdr 1 Bath 1,000 $2,995 $3.00

TOTAL/AVG. $2,995

1

AmenitiesProperty features wood flooring, on-site laundry, and a swimming pool.

rent ComParables


1031 N Orange Grove AvenueWest Hollywood, CA 90046




2 Bdr 2 Bath 970 $2,895 $2.98

TOTAL/AVG. $2,895

904 N Gardner StreetWest Hollywood, CA 90046




1 Bdr 1 Bath 725 $2,495 $3.44

TOTAL/AVG. $2,495

32

AmenitiesProperty features stainless steel appliances, wood flooring, balconies, and on-site laundry.

AmenitiesProperty features wood flooring, Caesarstone countertops, tile backsplashes, stainless steel appliances, balconies, and on-site laundry.

rent ComParables


1216 N Crescent Heights BoulevardWest Hollywood, CA 90046




2 Bdr 1 Bath 945 $2,980 $3.15

TOTAL/AVG. $2,980

1237 N Orange Grove AvenueWest Hollywood, CA 90046


Year Built 1926


1 Bdr 1 Bath 670 $2,450 $3.66

TOTAL/AVG. $2,450

54

AmenitiesProperty features wood flooring, stainless steel appliances, and on-site laundry.

AmenitiesProperty features wood flooring, quartz countertops, recessed lighting, stainless steel applianc-es, and in-unit laundry.

rent ComParables






1 Bdr 1 Bath 700 $2,200 $3.14

TOTAL/AVG. $2,200

6

AmenitiesProperty features wood flooring, ceiling fans, and on-site laundry.

rent ComParables


rent ComParable summary

ADDRESS UNIT TYPE NO. OF UNITS

YEAR BUILT / REN-OVATED AVG SF MARKET RENTS RENT PER SF

17969 Norton Avenue

West Hollywood, CA 90046 2 Bdr 1 Bath 15 1956 1,000 $2,995 $3.00

21031 N Orange Grove AvenueWest Hollywood, CA 90046 2 Bdr 2 Bath 7 1989 970 $2,895 $2.98

3904 N Gardner Street

West Hollywood, CA 90046 1 Bdr 1 Bath 7 1956 725 $2,495 $3.44

41216 N Crescent Heights Boulevard


51237 N Orange Grove AvenueWest Hollywood, CA 90046 1 Bdr 1 Bath 8 1926 670 $2,450 $3.66



AVERAGES1 Bedroom Unit2 Bedroom Unit

814

19481965

698972

$2,382$2,957

$3.41$3.04

* 7972 Norton Avenue


1 Bdr 1 Bath

2 Bdr 2 Bath9 1958

750

1,000

$700 - $1,914

$2,123 - $2,374

$1.72

$2.25

rent ComParables


DEMOGRAPHIC ANALYSIS

demograPhiC rePort

Population 1 MILE 3 MILES 5 MILES Income 1 MILE 3 MILES 5 MILES

2010 POPULATION 57,346 296,514 863,370 $0 $14,999 17.3% 16.0% 17.1%

2010 POPULATION 53,244 290,731 842,045 $15,000 $24,999 10.3% 10.6% 12.7%

2014 POPULATION 56,383 304,258 874,176 $25,000 $34,999 10.2% 9.5% 10.6%

2019 POPULATION 56,494 306,957 881,103 $35,000 $49,999 12.6% 12.2% 13.1%

$50,000 $74,999 16.9% 16.0% 15.3%

Households 1 MILE 3 MILES 5 MILES $75,000 $99,999 10.8% 9.8% 8.9%

2000 HOUSEHOLDS 33,423 148,348 365,918 $100,000 $124,999 8.0% 7.6% 6.6%

2010 HOUSEHOLDS 31,889 147,987 367,214 $125,000 $149,999 4.2% 4.4% 3.8%

2014 HOUSEHOLDS 34,084 157,043 387,104 $150,000 $199,999 4.3% 5.0% 4.2%

2019 HOUSEHOLDS 34,428 159,559 393,282 $200,000 $249,999 1.9% 2.8% 2.5%

$250,000 + 3.7% 6.0% 5.2%

2014 AVERAGE HOUSEHOLD SIZE 1.64 1.92 2.23

2014 MEDIAN HOUSEHOLD INCOME $49,461 $52,237 $45,491

2014 DAYTIME POPULATION 21,503 186,810 431,471 2014 PER CAPITAL $47,308 $47,566 $37,212

2000 OWNER OCCUPIED HOUSING UNITS 16.51% 24.09% 24.58% 2014 AVERAGE HOUSEHOLD INCOME $77,848 $91,646 $83,341

2000 RENTER OCCUPIED HOUSING UNITS 80.01% 71.57% 70.91%

2000 VACANT 3.48% 4.34% 4.51%

2014 OWNER OCCUPIED HOUSING UNITS 16.62% 24.41% 25.10%


2014 VACANT 1.17% 3.06% 3.08% Demographic data © 2012 by Experian.

2019 OWNER OCCUPIED HOUSING UNITS 16.65% 24.34% 25.07%


2019 VACANT 0.97% 3.05% 3.01%

demograPhiC analysis


demograPhiC summary

POPULATION

In 2014, the population in your selected geography is 874,175. The population has changed by 1.25% since 2000. It is estimated that the population in your area will be 881,102 five years from now, which represents a change of 0.79% from the current year. The current population is 50.10% male and 49.89% female. The median age of the population in your area is 36.9, compare this to the Entire US average which is 37.3. The population density in your area is 11,128.59 people per square mile.

HOUSEHOLDS

There are currently 387,103 households in your selected geography. The num-ber of households has changed by 5.78% since 2000. It is estimated that the number of households in your area will be 393,282 five years from now, which represents a change of 1.59% from the current year. The average household size in your area is 2.22 persons.

INCOME

In 2014, the median household income for your selected geography is $45,491, compare this to the Entire US average which is currently $51,972. The median household income for your area has changed by 31.59% since 2000. It is estimated that the median household income in your area will be $53,690 five years from now, which represents a change of 18.02% from the current year.

The current year per capita income in your area is $37,211, compare this to the Entire US average, which is $28,599. The current year average household income in your area is $83,341, compare this to the Entire US average which is $74,533.

RACE & ETHNICITY

The current year racial makeup of your selected area is as follows: 53.46% White, 8.75% Black, 0.10% Native American and 15.71% Asian/Pacific Island-er. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 34.08% of the current year population in your selected area. Compare this to the Entire US average of 17.13%.

HOUSING

In 2000, there were 94,204 owner occupied housing units in your area and there were 271,713 renter occupied housing units in your area. The median rent at the time was $639.

EMPLOYMENT

In 2014, there are 431,471 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed that 67.04% of em-ployees are employed in white-collar occupations in this geography, and 32.90% are employed in blue-collar occupations. In 2014, unemployment in this area is 9.82%. In 2000, the average time traveled to work was 31.5 minutes.

GeoGrApHy: 5 miles



PoPulation density

Number of people living in a given area per square mile.

Demographic data © 2012 by Experian.

DEMOGRAPHIC ANALYSIS7972 Norton AvenueWEST HOLLYWOOD, CA


POPULATION DENSITY



emPloyment density

The number of people employed in a given area per square mile.




EMPLOYMENT DENSITY



average household inCome

Average income of all the people 15 years and older occupying a single housing unit.




AVERAGE HOUSEHOLD INCOME



traffiC Counts

Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.



* Traffic Count Estimate

TRAFFIC COUNTS



Exclusively Listed By:

Rick E. RaymundoSenior Managing Director Investments

Senior Director, National Multi Housing Group

515 South Flower Street Suite 500Los Angeles, CA 90071(213) 943-1855 Direct

(213) 943-1961 Fax(818) 219-6146 Mobile

[email protected]


Documents

OFFERING MEMORANDUM 7972 NORTON AVENUEimages2.loopnet.com/d2/K2QKHjbrzSICGDP6rtPbbG416... · stretch of Sunset Boulevard. ... to boasting a Walk Score of 95, which is extremely high