The San Fernando Valley, Lake Balboa / Van Emergency Services
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The information contained in the following OFFERING MEMORANDUM is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the OFFERING MEMORANDUM. If you have no interest in the subject property at this time, please return this OFFERING MEMORANDUM to Marcus & Millichap. This OFFERING MEMORANDUM has been prepared to provide summary, unverified financial and physical 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, PCBs or asbestos, the compliance with local, 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 OFFERING MEMORANDUM 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. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. JEFF LOUKS All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct Executive Vice President of Investments thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable (818) 212-2780 [email protected] changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, DRE #00908473 and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) BROKER OF RECORD 16830 VENTURA BLVD. SUITE 100 ENCINO, CA 91436 EXECUTIVE SUMMARY EMPLOYMENT BASE • Chandler Valley Studio • Americh Corporation • Thompson Gundrilling • Red Lab Studios • Micahels Furniture • Pacific Shore • Spec Engineering • Chapman Studio • JR Tools Equipment • Burman Industries • Meggitt Big Lots El Super 99 Cents Only Rite Aid Ralphs Norms THE PLANT • Regency Theatres • Home Depot • Forever 21 • Old Navy • Ross Dress for Less • Gap • Sally Beauty • Pet Smart Dept of Public • In-N-Out • Five Below Services • Starbucks • Party City Big Lots Lenny & Larrys Mission Foods Zodax Creative Technology Ratpac Tradesmen Spectrum Photomed Extenda SUMMARY ADDRESS 7350 HAZELTINE AVENUE CITY VAN NUYS, CA 91405 APN 2216-001-069 UNITS 44 GROSS SF 27,608 LOT SF 41,131 YEAR BUILT 1974 ZONING LAR3 DISCLAIMER: The information contained herein is not a substitute for a thorough due diligence investigation. The Broker 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, zoning & land use, and the size and square footage of the property and improvements. CAPITAL IMPROVEMENTS 1 OF 3 Security Video There are 37 high definition security cameras. The security camera central digital recorder is located in a small Cameras room on the second floor. All landscaping is completely new including irrigation systems, palm trees, bushes, installation of decorative rocks, etc. The sprinkler time clock automatically turns off the sprinklers if it is raining. These improvements have greatly Landscaping reduced water consumption. A beautiful front entry planter was installed with stonework. This work was done in 2015 to 2016. The building is pre-wired for future tenant and/or management Wi-Fi. In several locations around the building Future Internet there are single gang cover plates that provide access to the Cat-5 wiring. Simply install the hardware and it is Capability ready to operate. Spectrum high-speed Internet is connected to the security camera digital recording system for remote live Internet viewing. The same Internet is in the manager’s apartment. This monthly Internet cost is paid by the building. Copper Piping The entire building was re-piped with copper many years ago. Water Heater Boiler, Storage Tank, and All of these were replaced with new equipment in April 2017. Recirculation Pump GFI Electric Outlets In December 2018 all of the electric outlets in the bathrooms and kitchens were changed to GFI for safety. We and Smoke/Carbon also changed all smoke detectors and carbon monoxide detectors. Detector All apartments have new double-pane windows, which were installed in 2016. The window above the main lobby Windows entrance was not replaced. OFFERING MEMORANDUM :: EXTENSIVE CAPITAL IMPROVEMENTS 7 CAPITAL IMPROVEMENTS 2 OF 3 Air Conditioners All new wall air conditioners were installed in all apartments in March 2016. All asphalt on the entire parking lot was removed, and the entire parking lot was repaved with new asphalt in May Parking Lot 2016. Gas Earthquake All new gas earthquake shut-off valves were installed in February 2016. Shut-Off Valves All new gates and fences were installed around the pool, around the pool equipment, on the south side entrance Gates and Fences to building, and in the parking lot entrance in June 2016. An accident barrier was built in June 2016 on the corner of Valerio and Hazeltine. This barrier should prevent or Accident Barrier reduce damage to the property in the event of a car accident. Note: So far there has never been an accident on the corner that has damaged the property. Laundry Room The laundry room was remodeled prior to the installation of new laundry equipment in May 2016. All of the stucco on the front and north side of the building was removed and replaced in November 2015. Then Stucco and Paint the entire building exterior and interior was painted. New granite kitchen countertops were installed in almost all of the apartments between June 2014 and June Kitchen Countertops 2016. OFFERING MEMORANDUM :: EXTENSIVE CAPITAL IMPROVEMENTS 8 CAPITAL IMPROVEMENTS 3 OF 3 The existing swimming pool was completely remodeled. The pool was demolished all the way down to the gunite shell. All new pool plumbing, pool pump, pool filter, pool chlorinator, pool electric, pool lighting, pool tile, pool Swimming Pool deck drains, pool plaster, pool coping, pool life ring, pool hook, pool gates, pool equipment fencing, and pool concrete decks were installed in March and April 2016. The entire concrete walkway and steps on the south side of the building were removed, and a new concrete Steps and Walkway walkway and steps were installed in May 2016. A new concrete trash pad and Trash Area bumpers were installed for the All new mailboxes were installed Mailboxes trash dumpsters in 2016. All new window blinds were All new high-traffic carpets were Window installed in all apartments in April installed in the interior hallways in Hallways Treatments and May 2016. 2016. All interior hallway lights were All of the concrete steps at the front Interior and changed to energy efficient CFL. entry of the building were removed, Front Entry Exterior Lighting All exterior lights were changed to and new concrete steps were installed Steps energy efficient LED. in May 2016. The roof was replaced approximately Main Lobby 20 years ago. We have a roofer inspect All new high-traffic, non-slip tile Entry and it each fall prior to the rainy season. It Roof was installed in 2016. Laundry Room has consistently been reported to us that the roof is in very good condition. OFFERING MEMORANDUM :: EXTENSIVE CAPITAL IMPROVEMENTS 9 Amenities Parking Spaces ▪ 25 – Single Parking Spaces ▪ 26 – Tandem Parking Spaces ▪ 77 – Total Parking Spaces ▪ We rent 5 parking spaces with a $150.00 per month income. Laundry Equipment is Apartment Owned ▪ 5 Speed Queen Washers ▪ 5 Speed Queen Dryers ▪ These are all new machines purchased in May 2016. Lead and Asbestos ▪ The building was inspected and sampled in June of 2015. No lead or asbestos was found. Seller can provide copies of the report. Additional Information ▪ Apartment 45 is part of the original construction of the building. This was originally a recreation room with a bathroom and kitchen. However, it had been rented as a studio for many years. Sometime in the late 1990s or early 2000s, the Seller received notification from the City of Los Angeles that Apartment 45 could no longer be a rented unit. At that time we attempted to have the decision reversed. It is our understanding that this unit can be approved to rent due to a recently enacted law.