SAN VICENTE GARDENS 5810 SAN VICENTE BLVD, LOS ANGELES, CA 90019
Offering Memorandum NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMER 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE 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. SAN VICENTE GARDENS 14-UNIT INVESTMENT OPPORTUNITY
EXCLUSIVELY LISTED BY
ANDREW B. PARK ASSOCIATE Office 310.909.5413 [email protected] License CA 01960665
OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM A 14-UNIT COMMUNITY IN THE HEART OF LOS ANGELES SAN VICENTE GARDENS 5810 SAN VICENTE BLVD, LA, CA 90019
TABLE OF CONTENTS
EXECUTIVE SUMMARY FINANCIAL ANALYSIS SECTION 1 SECTION 4 01 Investment Overview • Investment Highlights 22 Pricing Details • Operating Data • Rent Roll Location
PROPERTY DESCRIPTION COMPARABLE PROPERTIES SECTION 2 SECTION 5 08 Property Details • Regional Map • Property Photos 28 Sales Comparables • Rent Comparables
MARKET OVERVIEW SECTION 3 12 Overview • Location Highlights Market Aerial • Demographics
EXCLUSIVELY LISTED BY: 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 must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 EXECUTIVE SUMMARY
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // EXECUTIVE SUMMARY SAN VICENTE GARDENS //
1
THE OFFERING OFFERING THE in- Gardens, a 14-unit apartment is offering for sale San Vicente as the exclusive advisor, Marcus & Millichap, Located at 5810 neighborhood of Mid-Wilshire. desirable located in Southern California’s vestment opportunity Metro Purple Line less than a mile from the Wilshire/Fairfax the Property is situated San Vicente Boulevard, centers in Downtown Los access to numerous employment the Property provides direct station of Los Angeles, City. Beverly Hills, and Century Hollywood, West Mile, Hollywood, Angeles, Mid-Wilshire/Miracle
SAN VICENTE GARDENS // EXECUTIVE SUMMARY 2 3 SAN VICENTE GARDENS // EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS
►► TRANSIT ORIENTED INVESTMENT - Located in an irreplaceable transit-oriented location just 15-minute walk from the Wilshire/Fairfax Metro Purple Line station and convenient access to the Santa Monica and Holly- wood freeways.
►► MAJOR EMPLOYMENT HUB - Centrally located in Los Angeles with excellent accessibility to over 100 million square feet of office space and employment hubs within a 5- to 20-minute drive including industry giants such as Netflix, Paramount, and Viacom.
►► VALUE ADD POTENTIAL - Opportunity to capitalize on strategic enhancements to the Property’s common areas and community amenities to increase rents.
►► PLETHORA OF AMENITIES - San Vicente Gardens is ideally located near the trendy shopping and dining dis- tricts of 3rd Street, Fairfax Avenue, Melrose Avenue and Robertson Boulevard, as well as popular retail and entertainment complexes like the Beverly Center, the Farmer’s Market, and The Grove.
ICON HIGHLIGHT ICON HIGHLIGHT ICON HIGHLIGHT PLACED HERE PLACED HERE PLACED HERE 5 SAN VICENTE GARDENS // EXECUTIVE SUMMARY PROPERTY TOURS PROPERTY to visit the subject property prior to submitting offers. Prospective purchasers are encouraged & Millichap listing agent. Please all property tours must be arranged with the Marcus However, management or staff without prior approval.property tours do not contact the tenants, on-site & Millichap listing agents. At no time shall the tenants, must be arranged with the Marcus contacted without prior approval. on-site management or staff be INTEREST OFFERED INTEREST Gardens, a market for sale San Vicente has been selected to exclusively Marcus & Millichap CA 90019. 5810 San Vicente Blvd, Los Angeles, located at community, 14-unit multifamily SALE TERMS OF and clear of existing debt. The Property is being offered free SUMMARY OF TERMS SUMMARY
SAN VICENTE GARDENS // EXECUTIVE SUMMARY 6 7 SAN VICENTE GARDENS // EXECUTIVE SUMMARY 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 must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 PROPERTY DESCRIPTION
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // PROPERTY DESCRIPTION PROPERTY SAN VICENTE GARDENS //
9 PROPERTY DETAILS SAN VICENTE GARDENS // PROPERTY DESCRIPTION
Located just east of Fairfax Avenue between Olympic Boulevard and Pico Boulevard in the Mid-Wilshire district, the Property is surrounded by affluent neighborhoods, highly sought-after boutique shopping, and some of the most desirable entertainment and cultural destinations in Los Angeles.
SAN VCENTE GARDENS
5810 San Vicente Blvd UNIT MIX # OF UNITS Property Address Los Angeles, CA 90019 STUDIO / 1 BATH 2 Assessor’s Parcel Number 5085-023-021 1 BED / 1 BATH 9 Zoning R3-1 2 BED / 1 BATH 3 Units 14
Year Built 1958
Gross SF 10,147 SF
Lot Area 9,321 SF
Parking 8 Single Spaces
10 Regional Map
Delete this after map is inserted
SUBJECT PROPERTY NAME SAN VICENTE GARDENS // PROPERTY DESCRIPTION PROPERTY SAN VICENTE GARDENS //
11 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 must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 MARKET OVERVIEW
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS //
13 TRANSIT ORIENTED INVESTMENT
SAN VICENTE GARDENS // MARKET OVERVIEW The Property is ideally located in Mid-Wilshire, one of the most desirable neighborhoods in Los Angeles, located less than one-mile from the Wilshire/Fairfax Purple Line Metro Station. This address provides unparalleled access to the abundance of neighborhoods that make up the city of Los Angeles. As the Purple Line continues its expansion west ward, residents will also have subway transit to Century City and Westwood/West LA from this vibrant location. Moreover, the Site is located 2 miles north of the 10-Freeway, providing residents with immediate access to Southern California’s vast freeway system.
14 15 SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS // MARKET OVERVIEW 16 ACCESSIBILITY TO JOBS
Centrally located in Los Angeles, San Vicente Gardens offers residents immediate access to over 100 milion square feet of office in less than 30 minutes at Miracle Mile, Hollywood, West Hollywood, Beverly Hills, Koreatown, and Downtown Los Angeles.
PROXIMITY TO EMPLOYMENT CENTERS
►► DOWNTOWN LOS ANGELES - 30 Million SF Office
►► KOREATOWN/MID-WILSHIRE - 13.7 Million SF Office
►► HOLLYWOOD - 11.4 Million SF Office
►► WEST HOLLYWOOD - 7.2 Million SF Office
►► BEVERLY HILLS & CENTURY CITY - 22 Million SF Office
►► MIRACLE MILE - 5.8 Million SF Office SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS //
17 CULTURAL ATTRACTIONS
SAN VICENTE GARDENS // MARKET OVERVIEW The Property is within walking distance to Museum Row on Miracle Mile. Miracle Mile is a stretch on Wilshire Boulevard between Fairfax Avenue and La Brea Avenue - and it is home to four major Los Ange- les museums: L.A. County Museum of Art, La Brea Tar Pits and Museum, Craft and Folk Art Museum, and Petersen’s Auto Museum. These world-famous museums and arts centers of Los Angeles County draw millions of visitors annually. The area is within an easy drive or bus ride to The Grove and Farmers Market.
18 19 SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS // MARKET OVERVIEW 20 SAN VICENTE GARDENS 14-UNIT INVESTMENT OPPORTUNITY
COMPELLING DEMOGRAPHIC HIGHTLIGHTS
►► 2019 Total Population (1 Mile): 49,298
►► 2019 Total Households (1 Mile): 23,454
►► 2019 Median Household Inc. (1 Mile): $72,455
►► Median Home Value (1 Mile): $1,018,284 SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS //
21 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 must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 FINANCIAL ANALYSIS
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // FINANCIAL ANALYSIS SAN VICENTE GARDENS //
1723 RENT ROLL SAN VICENTE GARDENS // FINANCIAL ANALYSIS
24 OPERATING STATEMET SAN VICENTE GARDENS // FINANCIAL ANALYSIS SAN VICENTE GARDENS //
25 PRICING DETAIL SAN VICENTE GARDENS // FINANCIAL ANALYSIS
26 27 SAN VICENTE GARDENS // FINANCIAL ANALYSIS 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 must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 COMPARABLE PROPERTIES
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // COMPARABLE PROPERTIES COMPARABLE SAN VICENTE GARDENS //
29 SAN VICENTE GARDENS // COMPARABLE PROPERTIES SALES COMPARABLES – SUMMARY
PRICE PER SAN VICENTE GARDENS PRICE UNITS PRICE PER SF UNIT
SAN VICENTE GARDENS - 5810 San Vicente Blvd $4,000,000 14 $285,714 $394.21
1) 1242 S Ogden Dr $2,360,000 8 $295,000 $357.09
2) 754 S Orange Grove Ave $2,240,000 6 $373,333 $358.11
3) 1313 S Cochran Ave $1,950,000 8 $243,750 $400.90
4) 1164 S Fairfax Ave $1,850,000 8 $231,250 $333.09
5) 5761 San Vicente Blvd $1,665,000 6 $277,500 $323.80
6) 1505 S Cochran Ave $1,559,500 6 $259,917 $361.00
7) 1837-1841 S Redondo Blvd $4,777,200 16 $298,575 $393.02
8) 1552 S Hi Point St $2,675,000 9 $297,222 $394.43
9) 800-830 S Fairfax Ave $15,000,000 40 $375,000 $456.14
10) 660 S Cochran Ave $3,975,000 16 $248,438 $449.05
30 31 SAN VICENTE GARDENS // COMPARABLE PROPERTIES SALES COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
San Vicente Gardens 1 1242 S OGDEN DR 5810 San Vicente Blvd, LA, CA 90019 1242 S Ogden Dr, LA, CA 90019
SALES PRICE $4,000,000 SALES PRICE $2,360,000
Sale Date 02/14/2019
No. of Units 14 No. of Units 8
Year Built 1958 Year Built 1957
Price Per Unit $285,714 Price Per Unit $296,000
Price Per SF $394.21 Price Per SF $357.09
UNIT TYPE UNIT TYPE
Studio 2 Studio 1
1 Bed / 1 Bath 9 1 Bed / 1 Bath 2
2 Bed / 1 Bath 3 2 Bed / 1 Bath 5
32 2 754 S ORANGE GROVE AVE 3 1313 S COCHRAN AVE 754 S Orange Grove Ave, LA, CA 90036 1313 S Cochran Ave, LA, CA 90019
SALES PRICE $2,240,000 SALES PRICE $1,950,000
Sale Date 04/26/2018 Sale Date 05/24/2018
No. of Units 6 No. of Units 8
Year Built 1928 Year Built 1952
Price Per Unit $373,333 Price Per Unit $243,750
Price Per SF $358.11 Price Per SF $400.90
UNIT TYPE UNIT TYPE
1 Bed / 1 Bath 6 Studio 2 PROPERTIES COMPARABLE SAN VICENTE GARDENS //
1 Bed / 1 Bath 6
33 SALES COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
4 1164 S FAIRFAX AVE 5 5761 SAN VICENTE 6 1164 S Fairfax Ave, LA, CA 90019 5761 San Vicente Blvd, Los Angeles, CA 90019
SALES PRICE $1,850,000 SALES PRICE $1,665,000
Sale Date 11/28/2018 Sale Date 01/31/2019
No. of Units 8 No. of Units 6
Year Built 1950 Year Built 1949
Price Per Unit $231,250 Price Per Unit $277,500
Price Per SF $333.09 Price Per SF $323.80
UNIT TYPE UNIT TYPE
1 Bed / 1 Bath 7 1 Bed / 1 Bath 4
2 Bed / 1 Bath 1 2 Bed / 1 Bath 2
34 6 1505 S COCHRAN AVE 7 1837-41 S REDONDO BLVD 1505 S Cochran Ave, LA, CA 90019 1837- 1841 S Redondo Blvd, LA, CA 90019
SALES PRICE $1,559,500 SALES PRICE $4,777,200
Sale Date 01/03/2019 Sale Date 05/02/2018
No. of Units 6 No. of Units 16
Year Built 1954 Year Built 1950
Price Per Unit $259,917 Price Per Unit $298,575
Price Per SF $361.00 Price Per SF $393.02
UNIT TYPE UNIT TYPE
Studio 2 1 Bed / 1 Bath 10 PROPERTIES COMPARABLE SAN VICENTE GARDENS //
1 Bed / 1 Bath 1 2 Bed / 1 Bath 6
2 Bed / 1 Bath 3
35 SALES COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
8 1552 HI POINT ST 9 800-830 FAIRFAX AVE 6 1552 Hi Point St, LA, CA 90035 1242 S Ogden Dr, Los Angeles, CA 90036
SALES PRICE $2,675,000 SALES PRICE $15,000,000
Sale Date 09/28/2018 Sale Date 04/08/2019
No. of Units 9 No. of Units 40
Year Built 1967 Year Built 1951
Price Per Unit $297,222 Price Per Unit $375,000
Price Per SF $394.43 Price Per SF $456.14
UNIT TYPE UNIT TYPE
Studio 9
36 10 660 S COCHRAN AVE 660 S Cochran Ave, LA, CA 90036
SALES PRICE $3,975,000
Sale Date 11/28/2018
No. of Units 16
Year Built 1928
Price Per Unit $259,917
Price Per SF $449.05
UNIT TYPE
Studio 12 PROPERTIES COMPARABLE SAN VICENTE GARDENS //
1 Bed / 1 Bath 4
37 SAN VICENTE GARDENS // COMPARABLE PROPERTIES LEASE COMPARABLES – SUMMARY
SAN VICENTE GARDENS STUDIO ONE BED TWO BED
SAN VICENTE GARDENS - 5810 San Vicente Blvd VACANT $1,267 $1,166
1) VINZ On Fairfax $2,550 - $2,800 $3,199 - $3,860 $3,999 - $4,449
2) 5723 San Vicente Blvd - $2,050 -
3) 6328 Orange St - $2,495 -
4) 1333 S Ogden Dr - - $2,900
5) 1041 S Ogden Dr $1,695 - -
7) 5351 San Vicente Blvd $1,827 $2,199 -
8) 1438 S Crescent Heights Blvd - - $2,700
38 39 SANPROPERTY VICENTE NAME GARDENS HERE //// COMPARABLECOMPARABLE PROPERTIESPROPERTIES LEASE COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
1 VINZ ON FAIRFAX SAN VICENTE GARDENS 950 S Fairfax Ave, LA, CA 90036 5810 San Vicente Blvd, LA, CA 90019
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
Studio - Vacant - Studio 547-648 $2,500-$2,800 $4.48
One Bed - $1305 - One Bed 755-940 $3,199-$3,860 $4.16
Two Bed - $1,166 - Two Bed 1,090-1,323 $3,999-$4,449 $3.50
14 1958 144 2018 TOTAL UNITS YEAR BUILT TOTAL UNITS YEAR BUILT
40 2 5723 SAN VICENTE BLVD 3 6328 ORANGE ST 5723 San Vicente Blvd, LA, CA 90019 6328 Orange St, LA, CA 90048
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
Studio - - - Studio - - -
One Bed - $2,050 - One Bed - $2,495 -
Two Bed - - - Two Bed - - -
6 1949 4 1936
TOTAL UNITS YEAR BUILT TOTAL UNITS YEAR BUILT PROPERTIES COMPARABLE SAN VICENTE GARDENS //
41 LEASE COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
5 1041 S OGDEN DR 4 1333 S OGDEN DR 1041 S Ogden Dr, LA, CA 90019 1333 S Ogden Dr, LA, CA 90019
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
Studio - - - Studio - $1,695 -
One Bed - - - One Bed - - -
Two Bed - $2,900 - Two Bed - - -
8 1957 8 1949 TOTAL UNITS YEAR BUILT TOTAL UNITS YEAR BUILT
42 6 5351 SAN VICENTE BLVD 7 1438 S CRESCENT HEIGHTS 5351 San Vicente Blvd, LA, CA 90019 1438 S Crescent Heights Blvd, LA, CA 90035
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
Studio - $1,827 - Studio - - -
One Bed - $2,199 - One Bed - - -
Two Bed - - - Two Bed - $2,700 -
276 1963 3 1933
TOTAL UNITS YEAR BUILT TOTAL UNITS YEAR BUILT PROPERTIES COMPARABLE SAN VICENTE GARDENS //
43 SAN VICENTE GARDENS
EXCLUSIVELY LISTED BY
Andrew B. Park Associate Office 310.909.5413 [email protected] License CA 01960665