The Orion 4702 Orion Avenue, Sherman Oaks, Ca, 91403
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THE ORION 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 KEVIN W. HURLEY, Director KEVIN LUTZ, Director 626.484.1897 626.429.0685 WALK SCORE [email protected] [email protected] 81 DRE# 01237798 DRE# 00925595 VERY WALKABLE All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without THE ORION representation or warranty as to completeness , veracity, or accuracy, condition of the 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations KEVIN W. HURLEY, Director including through appropriate third party independent professionals selected by such 626.484.1897 party. [email protected] All financial data should be verified by the party including by obtaining and reading DRE# 01237798 applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed KEVIN LUTZ, Director transaction. 626.429.0685 [email protected] All data and assumptions regarding financial performance, including that used DRE# 00925595 for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by KW Commercial in compliance with all applicable fair housing and equal opportunity laws. BROKER OF RECORD 251 S. Lake Avenue, Suite 320 OFFERING MEMORANDUM PASADENA, CA 91103 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 DRE: 01444805 EXECUTIVE SUMMARY THE ORION 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 SUMMARY PROPERTY NAME The Orion ADDRESS 4702 Orion Avenue CITY, STATE Sherman Oaks, CA, 91403 UNITS 11 YEAR BUILT 1963 GROSS SF 7,650 SF LAND SF 10,500 SF PARCEL # 2261-040-003 CONSTRUCTION WoodFrame/Stucco METERING Seperately Metered gas & electric. Master-Metered for Water PARKING 19 Spaces: 10 carport & 9 open ZONING LAR3 81 WALK SCORE VERY WALKABLE The Orion is an 11-unit apartment building located spaces. Water is master-metered while gas in prime Sherman Oaks. The building consists of and electricity are individually metered. two, 2-bedroom/1-bath units, two 1-bedroom/1- Located within walking distance to Ventura bath units with a den, six 1-bedroom/ 1-bath Blvd, tenants benefit from local movie units and one studio unit. This 7,650 square feet theaters, trendy restaurants and building is situated on a 10,498 square foot lot numerous shopping options. It also provides offering a courtyard, pool and 19 on-site parking easy access to the 405 and 101 freeways. STUDIO CITY VAN NUYS VALLEY EXECUTIVE TOWER SHERMAN OAKS PARK DEERVALE-STONE CANYON PARK SHERMAN OAKS MARTIN POLLARD BRANCH LIBRARY VENTURA BLVD. MOORPARK ST. THE ORION ORION AVE. MOORPARK ST. OFFERING MEMORANDUM 4702 Orion Avenue, Sherman Oaks, CA. 91403 STUDIO CITY EXTERIOR PICTURES VAN NUYS VALLEY EXECUTIVE TOWER SHERMAN OAKS PARK DEERVALE-STONE CANYON PARK SHERMAN OAKS MARTIN POLLARD BRANCH LIBRARY VENTURA BLVD. MOORPARK ST. THE ORION THE ORION ORION AVE. 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 MOORPARK ST. AREA MAP topanga BEVERLY GLEN state park BEL AIRE TARZANA BENEDICT CANYON ENCINO VENTURA BLVD. MOORPARK ST. VALLEY EXECUTIVE TOWER SHERMAN OAKS AVE. THE ORION SEPULVEDA BLVD VENTURA BLVD. MOORPARK ST. OFFERING MEMORANDUM 81 WALK SCORE VERY WALKABLE AREA MAP SEPULVEDA BASIN SAN FERNANDO VALLEY RECREATION AREA VAN NUYS Woodley Park Archery Range sepulveda dam LOS ANGELES RIVER MOORPARK ST. THE ORION ORION AVE. 81 WALK SCORE OFFERING MEMORANDUM 81 WALK SCORE VERY WALKABLE 4702 Orion Avenue, Sherman Oaks, CA. 91403 VERY WALKABLE FINANCIAL ANALYSIS THE ORION 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 81 WALK SCORE VERY WALKABLE FINANCIAL PRICING PRICE $/UNIT $/SF GRM CAP MARKET GRM MARKET CAP OVERVIEW List Price $3,000,000 $272,727 $392.16 15.97 3.37% 13.81 4.25% PRICING DOWN PAYMENT LOAN TO VALUE AMORT INTEREST PAYMENTS YEARS PRICING List Price $1,500,000 50% $1,500,000 50% 30 3.50% ($6,736) Price $3,000,000 Price/Unit $272,727 UNITS TYPE ESTIMATED AVG CURRENT CURRENT TOTAL ESTIMATED TOTAL MARKET Price/SF $392.16 UNIT SF RENT RENT/SF RENT MARKET RENT RENT 1 0/1 500 $935 $1.87 $935 $1,400 $1,400 6 1/1 600 $1,431 $2.38 $8,583 $1,600 $9,600 CURRENT MARKET 2 1/1+den 800 $1,368 $1.71 $2,735 $1,650 $3,300 2 2/1 1,000 $1,650 $1.65 $3,300 $1,850 $3,700 Cap 3.37% 4.25% GRM 15.97 13.81 Scheduled Monthly Rent $15,553 $18,000 Laundry $100 $100 FINANCING Total Monthly Scheduled Income $15,653 $18,100 Scheduled Gross Income $187,836 $217,200 Down Payment 50% $1,500,000 Less Vacancy 3% $5,635 $6,516 Gross Operating Income $182,201 $210,684 Loan to Value 50% $1,500,000 Amort Years 30 Interest Rate 3.50% EXPENSES CURRENT MARKET Payments ($6,736) Real Estate Taxes 1.200129% $36,004 $36,004 Direct Assessments (Actual) $1,665 $1,665 Insurance (Est.) $4,400 $4,400 EXPENSES CURRENT MARKET Trash $3,132 $3,132 Gas $7,620 $7,620 Total $81,250 $83,305 Electric/Sewer/Water $13,830 $13,830 Total/Unit $7,386 $7,573 Landscaping $480 $480 Pest Control/Termite $150 $150 Total/SF $10.62 $10.89 Maintenance & Repairs 7% SGI $13,149 $15,204 Pool $820 $820 RETURN CURRENT MARKET NOI $100,951 $127,379 Less Debt (80,828) (80,828) TOTAL % OF SGI PER SF PER UNIT TOTAL TOTAL List Price 43% $10.62 $7,386 $81,250 $83,305 Cash Flow $20,123 $46,551 Cash/Cash 1.34% 3.10% RETURN CURRENT NOI MKT NOI LESS DEBT CASH FLOW MKT CASH FLOW CASH/CASH MKT CASH/CASH List Price $100,951 $127,379 ($80,828) $20,123 $46,551 1.34% 3.10% RENT ROLL ESTIMATED UNIT # TYPE ESTIMATED CURRENT RENT CURRENT MARKET RENT MARKET RENT/SF OCCUPIED COMMENTS UNIT SF RENT/SF 1 1/1 600 $1,258 $2.10 $1,600 $2.67 Yes 2 1/1 600 $1,475 $2.46 $1,600 $2.67 Yes 3 1/1 600 $1,450 $2.42 $1,600 $2.67 Yes 4 1/1 600 $1,450 $2.42 $1,600 $2.67 Yes 5 1/1 600 $1,450 $2.42 $1,600 $2.67 Yes 6 1/1 600 $1,500 $2.50 $1,600 $2.67 Yes 7 1/1+den 800 $1,160 $1.45 $1,650 $2.06 Yes 8 1/1+den 800 $1,575 $1.97 $1,650 $2.06 No Vacant 9 2/1 1,000 $1,650 $1.65 $1,850 $1.85 Yes 10 0/1 500 $935 $1.87 $1,400 $2.80 Yes 11 2/1 1,000 $1,650 $1.65 $1,850 $1.85 Yes TOTAL MONTHLY RENT $15,553 $18,000 LAUNDRY INCOME $100 $100 TOTAL MONTHLY INCOME $15,653 $18,100 SCHEDULED GROSS INCOME $187,836 $217,200 UNIT # TYPE ESTIMATED AVG CURRENT CURRENT ESTIMATED MARKET RENT/SF TOTAL OCCUPIED OCCUPANCY UNIT SF RENT RENT/SF MARKET RENT UNITS UNITS % 1 0/1 500 $935 $1.87 $1,400 $2.80 11 10 91% 6 1/1 600 $1,431 $2.38 $1,600 $2.67 2 1/1+den 800 $1,368 $1.71 $1,650 $2.06 2 2/1 1,000 $1,650 $1.65 $1,850 $1.85 11 11 OFFERING MEMORANDUM 4702 Orion Avenue, Sherman Oaks, CA. 91403 SALES COMPARABLES OCCUPANCY THE ORION % 4702 ORION AVENUE, SHERMAN OAKS, CA, 91403 SALES COMPARABLES ADDRESS & TOTAL UNITS UNIT MIX BUILT SALE DATE PRICE PRICE/UNIT PRICE/SF CAP GRM 15025-15029 Burbank Blvd 4 - 1/1 1961 Under $2,900,000 $290,000 $362.23 3.96% 15.71 Sherman Oaks, CA.