Market Positioning and Pricing Analysis
973 WEST GLENOAKS BOULEVARD Glendale, CA 91202 1 NON- ENDORSEMENT AND DISCLAIMER NOTICE
Non-Endorsements 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.
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Disclaimer THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
973 W GLENOAKS BLVD Glendale, CA ACT ID ZAA0120292
2 PRESENTED BY
Janette Monfared Jason Tuvia Senior Vice President Investments First Vice President Investments Senior Director - National Multi Housing Group Director - National Multi Housing Group Encino Office Encino Office Tel: (818) 212-2752 Tel: (818) 212-2735 Fax: (818) 212-2710 Fax: (818) 698-8372 [email protected] [email protected] License: CA 00765098 License: CA 01772495
3 973 W GLENOAKS BLVD
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01 Regional Map Local Map Aerial Photo
FINANCIAL ANALYSIS 02 Rent Roll Summary Rent Roll Detail Operating Statement Notes Pricing Detail Proposal Price
MARKET COMPARABLES 03 Sales Comparables
THE MARCUS & MILLICHAP ADVANTAGE 04
MARKETING TEAM 05 Bio Page
MARKETING PLAN 06
MARKET OVERVIEW 07 Market Analysis Demographic Analysis
4 973 W GLENOAKS BLVD
INVESTMENT OVERVIEW
5 973 W GLENOAKS BLVD
PROPERTY OVERVIEW
PROPERTY OVERVIEW Marcus & Millichap is pleased to present a triplex located in Glendale, California. Situated at 973 West Glenoaks Boulevard, in between North Pacific Avenue and Grandview Avenue, the property is well positioned in a great location within North Glendale that is adjacent to Burbank.
Located between Burbank and Downtown Los Angeles, Glendale is best known for its wide variety of age demographics and unique cultural arts scene. Offering countless trendy restaurants, niche coffee shops, and energetic nightlife, the area continues to attract new residents, businesses, and visitors each year. The area is a short drive to Downtown Los Angeles and is recognized as being a hub for Armenian culture. Notable attractions in the area include the Glendale Galleria, Brand Park, and the Museum of Neon Art; in terms of dining, Raffi’s Place and Porto’s Bakery and Café are some of the most recognizable names in the Los Angeles food scene. The subject property is also a couple blocks from the 134 Freeway on-ramp, allowing for an easy drive to the San Fernando Valley or Downtown Los Angeles.
Constructed in 1937, the property has a strong unit mix of three (3) one bedroom/ one bathroom units. One of the units is a detached cottage in the back. Tenants enjoy a short walk to Brand Boulevard, close proximity to the 134 and 5 Freeways, and hardwood flooring in two of the three units.
Well positioned in a prime Glendale location, the subject property presents an excellent opportunity for an investor to acquire in a prime area with tremendous rental upside.
PROPERTY OVERVIEW
§ Prime Glendale Location § Tremendous Rental Upside § Strong Rental Pocket § Detached Units § Excellent Frontage on Main Thoroughfare § Easy Access to Commuting Routes § Lovely Curb Appeal
6 AERIAL PHOTOS 973 W GLENOAKS BLVD
Interior Photos 973 W GLENOAKS BLVD
LOCAL MAP
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AERIAL PHOTO
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FINANCIAL ANALYSIS
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FINANCIAL ANALYSIS RENT ROLL SUMMARY
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* Rent Increases to take effect in June, 2019.
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FINANCIAL ANALYSIS RENT ROLL DETAIL
* *
* Rent Increases to take effect in June, 2019.
13 973 W GLENOAKS BLVD
FINANCIAL ANALYSIS OPERATING STATEMENT
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FINANCIAL ANALYSIS PRICING DETAIL
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MARKET COMPARABLES
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SALES COMPARABLES MAP
973 W GLENOAKS BLVD (SUBJECT)
1 657 W Glenoaks Blvd
2 809 N Verdugo Rd
3 1048 Sonora Ave
4 1912 E Chevy Chase Dr
5 1025 Justin Ave
SALES COMPARABLES
17 PROPERTY973 W GLENOAKSNAME BLVD
SALES COMPARABLES SALES COMPS AVG SALES COMPARABLES
Average Price Per Square Foot Average Price Per Unit
$600.00 $400,000
$540.00 $360,000 Avg. $342,000 Avg. $465.67 $480.00 $320,000
$420.00 $280,000
$360.00 $240,000
$300.00 $200,000
$240.00 $160,000
$180.00 $120,000
$120.00 $80,000
$60.00 $40,000
$0.00 $0 973 W 657 W 809 N 1048 1912 1025 973 W 657 W 809 N 1048 1912 1025 Glenoaks Glenoaks Verdugo Rd Sonora Ave E Chevy Justin Ave Glenoaks Glenoaks Verdugo Rd Sonora Ave E Chevy Justin Ave Blvd Blvd Chase Dr Blvd Blvd Chase Dr
18 PROPERTY973 W GLENOAKSNAME BLVD
SALESMARKETING COMPARABLES TEAM
SALES COMPARABLES
657 W GLENOAKS BLVD 809 N VERDUGO RD 973 W GLENOAKS BLVD 657 W Glenoaks Blvd, Glendale, CA, 91202 809 N Verdugo Rd, Glendale, CA, 91206 973 W Glenoaks Blvd, Glendale, CA, 91202 1 2
rentpropertyname1 rentpropertyname1 rentpropertyname1
Units Unit Type Units Unit Type Units Unit Type Offering Price: $1,050,000 3 1 Bdr 1 Bath Close Of Escrow: 9/24/2018 1 3 Bdr 1.5 Bath Close Of Escrow: 10/29/2018 3 2 Bdr 1 Bath Price/Unit: $350,000 Sales Price: $1,175,000 1 1 Bdr 1 Bath Sales Price: $1,150,000 Price/SF: $537.08 Price/Unit: $391,667 1 1 Bdr 1 Bath Price/Unit: $383,333 CAP Rate: 3.12% Price/SF: $502.14 Price/SF: $455.27 GRM: 20.35 Total No. of Units: 3 Total No. of Units: 3 Total No. of Units: 3 Year Built: 1928 Year Built: 1946 Year Built: 1937
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1 Underwriting Criteria Income $50,052 Expenses $17,305 NOI $32,747 Vacancy ($1,548)
19 PROPERTY973 W GLENOAKSNAME BLVD
SALESMARKETING COMPARABLES TEAM
SALES COMPARABLES
1048 SONORA AVE 1912 E CHEVY CHASE DR 1025 JUSTIN AVE 1048 Sonora Ave, Glendale, CA, 91201 1912 E Chevy Chase Dr, Glendale, CA, 91206 1025 Justin Ave, Glendale, CA, 91201
3 4 5
rentpropertyname1 rentpropertyname1 rentpropertyname1
Units Unit Type Units Unit Type Units Unit Type Close Of Escrow: 7/9/2018 1 2 Bdr 1.5 Bath Close Of Escrow: 9/17/2018 2 1 Bdr 1 Bath Close Of Escrow: 8/31/2018 2 1 Bdr 1 Bath Sales Price: $1,036,000 2 1 Bdr 1 Bath Sales Price: $799,000 1 2 Bdr 1 Bath Sales Price: $970,000 1 2 Bdr 1 Bath Price/Unit: $345,333 Price/Unit: $266,333 Price/Unit: $323,333 Price/SF: $511.35 Price/SF: $400.30 Price/SF: $459.28 Total No. of Units: 3 Total No. of Units: 3 Total No. of Units: 3 Year Built: 1928 Year Built: 1939 Year Built: 1950
rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1
20 PRESENTED BY
Janette Monfared Senior Vice President Investments Senior Director - National Multi Housing Group Encino Office Tel: (818) 212-2752 Fax: (818) 212-2710 [email protected] License: CA 00765098
www.MarcusMillichap.com 21