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1851 South Barrington Avenue BRENTWOOD SANTA MONICA STONER PARK NEBRASKA AVENUE STONER AVENUE BARRINGTON AVENUE OFFERING MEMORANDUM 1851 SOUTH BARRINGTON AVENUE A premier 4 SLO home or 8 unit multifamily development opportunity located LOS ANGELES, CA 90025 in prime West Los Angeles, CA EXCLUSIVELY LISTED BY: 1 2 3 4 5 EXECUTIVE NEW CONSTRUCTION DEVELOPMENT SALES AREA OVERVIEW JEFF LOUKS SUMMARY RENT SUVEY GUIDELINES COMPARABLES Executive Managing Director Investments Executive Director - National Multihousing Group Tel: (818) 212-2780 Fax: (818) 212-2627 [email protected] License: CA 00908473 BRIAN GROSSMAN Investment Associate Member - National Multihousing Group Tel: (818) 212-2666 Mobile: (818) 292-6197 [email protected] License: CA 0210920 This information has been secured from sources we believe to be reliable, but we make no repre- sentations 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, assumptions or estimates used herein are for exam- ple 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. © 2016 Marcus & Millichap 2 3 Prime West Los Angeles SAWTELLE Location 1851 SOUTH BARRINGTON AVENUE MISSOURI AVENUE Potential to build 4 Small Lot LOS ANGELES, CA 90025 Homes or 8 Apartment Units 1851 SOUTH BARRINGTON AVENUE LOS ANGELES, CA 90025 Convenient accessibility to local retail and amenities BARRINGTON AVENUE 4 5 1851 S BARRINGTON AVENUE a premier 4 Small Lot Home or 8 unit apartment development in prime West Los Angeles, CA Marcus & Millichap, as exclusive listing agent, is pleased to present 1851 S Barrington Avenue, a premier 4 SLO or up to 8 unit apartment development opportunity in prime West Los Angeles, CA. This unique development opportunity is comprised of 6,491 SF of land zoned LARD1.5-1, allowing for a “By Right” 4-unit apartment project or 4 small lot single family homes. The site also falls under TOC Tier 3, allowing for a 45% density bonus or 8 total apartment units (including 1 affordable) along with reduced parking incentives, increased Floor Area Ratio, and a 30% reduction in an individual setback. A developer may also apply to change zoning to R3-1 for a total of 8 units. Because the project would result in less than 10 units, it would not be subject to Measure JJJ. The property is currently comprised of 5 units with a unit mix of (4) Studios and (1) 1 Bedroom / 1 Bathroom. The current building is 1,980 SF and was built in 1952. 1851 S Barrington Avenue has a prime location in the world-renowned West Los Angeles. Situated just North of the 10 Freeway one of Los Angeles’ most significant East West throughfares, 1851 S Barrington Avenue is surrounded by affluent neighborhoods, home to expensive residences, as well as numerous high profile office and residential developments. The subject property is uniquely positioned in one of the most connected areas in Los Angeles. Within short walking distance of the LA Expo Line, future residents will benefit from convenient accessibility to neighboring Santa Monica, and Culver City, Downtown Los Angeles, Hollywood, and Long Beach / South Bay. EXECUTIVE SUMMARY EXECUTIVE 6 7 CONCEPTUAL RENDERING THE OFFERING PROPERTY SUMMARY Address 1851 S Barrington Ave, Los Angeles, CA 90025 Price $1,725,000 Land Size (SF) 6,491 SF A 4 SLO Home or 8 unit Prime West Los Angeles $ / SF $265.75 development opportunity Location “By Right” Units 4 Density Bonus Units 8 $ / Unit (By Right) $431,250 $ / Unit (DB) $215,625 APN 4262-022-012 Pedestrian-Oriented Community Surrounded by major shopping Zoning LARD1.5-1 allowing tenants to run daily errands center developments without a car 8 9 CONCEPTUAL RENDERING CONCEPTUAL PROJECT a 4 SLO or 8 unit residential development project PROPOSED PROJECT “By Right” Density Bonus Density 1 du / 1,500 SF 1 du / 1,500 SF (+45%) Units 4 8 Min. Affordable Units 0 1 Floor Area Ratio 3 : 1 4.35 : 1 Height 45’ 67’ Parking 2 spaces / unit 0.5 spaces / unit 10 11 PRICINGDETAILS OPERATINGDATA Based on the income of the current 5 unit building PRICE $1,725,000 INCOME CURRENT PROFORMA Number of Units 5 Gross Scheduled Rent $83,916 $102,000 Price Per Unit $345,000 Less: Vacancy/Deductions 3.0% $2,517 3.0% $3,060 Price Per SqFt $871.21 Effective Gross Income $81,399 $98,940 Gross SqFt 1,980 Less: Expenses 42.5% $34,576 35.7% $35,308 Net Operating Income $46,823 $63,632 Lot SqFt 6,491 Approx. Year Built 1952 RETURNS CURRENT PRO FORMA EXPENSES CURRENT PROFORMA CAP Rate 2.71% 3.69% Taxes $20,257 $20,257 Insurance $1,098 $1,098 GRM 20.56 16.91 Utilities $2,820 $2,850 Main. & Repairs $4,197 $4,197 RENT ROLL SUMMARY Landscaping $600 $600 Misc.+ Reserves $1,250 $1,250 UNIT UNIT TYPE AVG CURRENT PRO FORMA Management Fee $3,256 $3,958 1 Studio $1,037 $1,500 Total Expenses $34,576 $35,308 2 Studio $1,500 $1,500 Per Sq. Ft: $12.59 $12.86 3 Studio $1,044 $1,500 Per Unit: $6,915 $7,062 4 Studio $1,066 $1,500 5 1 Bed / 1 Bath $2,346 $2,500 12 13 1851 SOUTH BARRINGTON AVENUE NEW CONSTRUCTION LOS ANGELES, CA 90025 RENT SURVEY 14 15 RENT SURVEY - NEW CONSTRUCTION 1 &Pico - 11916 W Pico Blvd, Los Angeles, CA 90064 UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF Studio $2,585 476 SF $5.43 1 Bed / 1 Bath $3,425 711 SF $4.82 $2,674 | $5.40/SF 2 Bed / 2 Bath $4,495 978 SF $4.60 AVERAGE STUDIO YEAR BUILT: 2019 2 Linea - 2455 S Sepulveda Blvd, Los Angeles, CA 90064 3 UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF Studio $2,763 515 SF $5.37 1 Bed / 1 Bath $3,378 681 SF $4.96 2 2 Bed / 2 Bath $4,351 992 SF $4.39 YEAR BUILT: 2019 $3,341 | $4.71/SF 1 AVERAGE ONE BEDROOM 3 The SW by CLG - 1947 Sawtelle Blvd, Los Angeles, CA 90025 4 UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF 1 Bed / 1 Bath $3,499 790 SF $4.43 2 Bed / 2 Bath $4,299 999 SF $4.30 YEAR BUILT: 2019 3 C on Pico - 12301 W Pico Blvd, Los Angeles, CA 90064 $4,234 | $4.44/SF AVERAGE TWO BEDROOM UNIT TYPE AVG. RENT UNIT SIZE (SF) AVG. RENT / SF 1 Bed / 1 Bath $3,063 664 SF $4.61 2 Bed / 2 Bath $3,792 853 SF $4.45 YEAR BUILT: 2013 16 17 1851 SOUTH BARRINGTON AVENUE COMPARABLES ANALYSIS LOS ANGELES, CA 90025 LAND 18 19 SALES COMPARABLES - LAND SOLD # ADDRESS SALE PRICE LAND SF ZONING “BY RIGHT” UNITS $/SF $/UNIT COE DATE NOTES Subject Property $1,725,000 6,491 RD1.5-1 4 $265.71 $431,250 - - 1851 S Barrington Avenue 1747 Stoner Ave, The property sold for land 1 $1,950,000 7,375 R3 6 $264.41 $325,000 9/24/18 value. The buyer plans to Los Angeles, CA, 90025 build 6 units 1 Building was sold for land 3 2 2044-2048 Colby Ave , value along with 2044 Colby. 2 $1,495,000 11,920 R2 4 $125.42 $373,750 2/24/20 Land is zoned R2. Los Angeles, CA, 90025 Intent would be to build 2 Townhouses per lot. Building was sold for land 1920-1924 Barry Ave, value along with 1924 Barry 3 $3,000,000 15,118 R2 6 $198.44 $500,000 11/7/19 Ave. R2 zoning allows for up Los Angeles, CA 90025 to 6 units/townhouses on the site. AVERAGE $399,583 20 21 SALES COMPARABLES - LAND 1 6 UNIT DEVELOPMENT 2 4 UNIT DEVELOPMENT 1747 Stoner Ave, 2044-2048 Colby Ave, Address Address Los Angeles, CA 90025 Los Angeles, CA 90025 Sale Price $1,950,000 Sale Price $1,495,000 SF 7,375 SF 11,920 Zoning R3 Zoning R2 Buildable Units 6 Buildable Units 4 $/SF $264.41 $/SF $125.42 $/Buildable Unit $325,000 $/Buildable Unit $373,750 COE Date 9/24/2018 COE Date 2/24/2020 Building was sold for The property sold for land value along with Notes land value. The buyer Notes 2044 Colby. Land is plans to build 6 units zoned R2. 3 4 UNIT DEVELOPMENT 1920-1924 Barry Ave, Address Los Angeles, CA 90025 Sale Price $3,000,000 SF 15,118 Zoning R2 Buildable Units 6 $/SF $198.44 $/Buildable Unit $500,000 COE Date 11/7/2019 Building was sold for land value along with 1924 Barry Ave. R2 Notes zoning allows for up to 6 units/townhouses on the site. 22 23 1851 SOUTH BARRINGTON AVENUE AREA OVERVIEW LOS ANGELES, CA 90025 WEST LOS ANGELES 24 25 THE GEOGRIAN HOTEL MARINA DEL REY PLAYA VISTA SHOPPING MALL Natural Beauty, Boutique Dining, Famed Shopping an iconic urban experience. LOCATION The Los Angeles Westside is an urban region in western Los Angeles County, California. It has no official definition, but according to the Los Angeles Times, it comprises 101.28 square miles, encompassing not only districts in the city of Los Angeles but also two unincorporated neighborhoods, plus the cities of Beverly Hills, West Hollywood, Culver City, and Santa Monica. COASTLINE AND BEACHES Broad, glistening beaches stretch for 26 miles along the scenic Santa Monica Bay, with 3.5 of those miles falling within Santa Monica proper.
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