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3148 James M. Wood Blvd Los Angeles, California 90006 Copyright © 2021 Transwestern

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3148 James M. Wood Blvd Los Angeles, California 90006 Copyright © 2021 Transwestern $2,700,000 Eight-unit apartment building in the heart of Koreatown High-end, turnkey renovation completed in 2020 13.0 current gross rent multiplier | 5.31% current capitalization rate 3148 James M. Wood Blvd Los Angeles, California 90006 Copyright © 2021 Transwestern. California Table of Contents Brokerage License #01263636. The information in this offering memorandum was gathered 3 Investment Summary 15 Financial Summary by Transwestern from sources believed reliable. Transwestern has not verified the ▪ The Opportunity ▪ Pricing, Property and Operating information and makes no guarantee, warranty ▪ Property Description Statement Summary or representation about it. It is the potential ▪ Exterior and Interior Photos ▪ Rent Roll buyer’s responsibility to independently confirm ▪ Aerial Photos ▪ Sales Comparables its accuracy and completeness. Any projections, ▪ Sales Comparables Map opinions, assumptions or estimates used are 11 Market Overview ▪ Rent Comparables for example only and do not represent the ▪ Apartment Market Overview ▪ Rent Comparables Map current or future performance of the property. ▪ Major Employers and Places of Interest Potential buyers and their advisors should ▪ Nearby Developments conduct a careful, independent investigation of ▪ Demographics the property to determine to their satisfaction the suitability of the property for their needs. Josh Kaplan John Swartz Troy Lucero Transwestern Real Estate Services Managing Director Managing Director Senior Associate 601 S. Figueroa St, Suite 3650 213.430.2538 213.430.2526 213.457.1656 Los Angeles, CA 90017 [email protected] [email protected] [email protected] 213.624.5700 CA Lic 01934177 CA Lic 01873487 CA Lic 02015701 transwestern.com Investment Summary Transwestern as the exclusive listing agent is pleased to present the opportunity to acquire 3148 James M Wood Blvd., Los Angeles, California 90006, an eight-unit turn-key apartment building completely renovated with high-end modern finishes in 2020. The property is located in the heart of Koreatown, at the prime corner of James M Wood Boulevard and Normandie Avenue, and within a short walking distance from retail and entertainment on both Wilshire and Olympic Blvd. The Opportunity ▪ Turn-key high-end modern renovation completed in 2020 ▪ Excellent unit mix – two 1 bed+1bath units and six large 1bed+1bath+den units ▪ Expand current landlord utility reimbursement program (RUBS) to include all future new tenants ▪ Great long-term investment in supply-constrained Offering Price: $2,700,000 area 13.0 Current Gross Rent Multiplier 5.31% Current Capitalization Rate Current capitalization rate and GRM assume that vacant Units 3150, 3154 and 3158 will be leased at market rent. 3 Property Description 3148 James M Wood Blvd. is an eight -unit apartment building originally constructed Renovation highlights for the property include: in 1952 and thoroughly renovated, both exterior and interior, to modern high-end Exterior spec in 2020. The unit mix consists of two large 1 bed+1bath units and six large ▪ New exterior paint 1bed+1bath+den units. The property is a two-story, 6,800-square-foot walk-up ▪ New exterior stucco building with wood frame and stucco construction situated on a 6,643-square- foot lot. ▪ New modern windows ▪ New secure access entry gate All the tenants at the property are new since the renovation was completed in ▪ New electrical re-wire and subpanel upgrade 2020. Each unit features a large floor plan and includes an in-unit washer/dryer and individual hot water heaters. The units also feature large open kitchens, living ▪ Electronic keypad unit door access areas and bedrooms. Each unit features an above average amount of window Interior coverage, creating ample natural light. Another unique feature of the property is ▪ In-Unit washer/dryer in all units that all units can be accessed from both the front and rear of the building. ▪ New bathrooms with tile flooring and walk-in showers ▪ New stainless appliances ▪ Full recessed lighting and smooth ceilings ▪ New kitchen cabinets and floating shelves ▪ New vinyl plank flooring ▪ Wall mount mini-split HVAC systems in all units ▪ New baseboards and floor casing ▪ New plumbing finish and electrical ▪ New interior paint ▪ New electrical re-wire and subpanel upgrade NUMBER OF UNITS LAND SIZE In addition to the standard separately metered gas and electricity, there are no Eight units +6,643 SF1 common-area trash or gas costs to the landlord, so the utility costs at this property Two 1bed+1bath are significantly lower than most comparable properties. The current owner is also ZONING Six 1bed+1bath+den charging a reimbursement for water and sewer to 4 of the tenants in their leases. R4-22 YEAR BUILT A new owner will be able to increase this to all tenants in new future leases. Parking ASSESSOR PARCEL NUMBER 1952 is provided on-site with five single open spaces. 5094-022-009 BUILDING SIZE 1Per Title Pro - Buyer to verify +6,800 SF1 2Per Zimas - Buyer to verify 4 Property Description Property Location 3148 James M Wood Boulevard is located on the prime southeast corner of James M Wood Boulevard and Normandie Avenue, in the heart of Koreatown. The property is situated between Wilshire and Olympic Blvd, within walking distance of many prominent retail and entertainment destinations. The property is also less than 20 minutes away from Beverly Hills, Larchmont, Park La Brea, Hollywood, West Hollywood and Downtown Los Angeles. A short drive to either the 10 or 110 Fwy gives tenant’s access to all of the major employment centers including Downtown Los Angeles, West Los Angeles, The South Bay and the San Fernando Valley. 5 Exterior Photos 6 Interior Photos 7 Interior Photos 8 Aerial View Facing Downtown Los Angeles 9 Aerial View Facing Hollywood 10 Market Overview Los Angeles Apartment Market Overview Although vacancy levels are up significantly for brand-new construction UV2 apartment units in Los Angeles during fourth quarter 2020, according to Fryman Canyonj Park ATWATER Costar, the vacancy rate for the majority of the apartment stock remains UV2 j below 6%. Despite the current economic issues with the COVID-19 pandemic, Runyon Canyon Park j Santa Monica Mtns National Rec Area Costar also reported that overall market rent growth for the county is only j ¦¨§5 down 1.7% over the last twelve months. Los Angeles currently has 24,000 Franklin Canyon Park HOLLYWOOD ¦¨§5 j Silver Lake Reservoir units under construction, with approximately 4,000 units breaking ground j over the past two quarters. WEST HOLLYWOOD EDENDALE Elysianj Park Koreatown Submarket Overview ECHO PARK Located in central Los Angeles, Koreatown is one of the most vibrant and BEVERLY HILLS University of California-LA UV110 ¦¨§5 densely populated districts in Southern California. Currently in the middle of KOREATOWN a two decade-long urban renaissance, Koreatown is one of the centers of Los PARK LA BREA WESTWOOD WESTLAKE Angeles nightlife with new hotels and restaurants opening on a weekly basis. 3148 James M Wood Blvd The district is served by the Metro Red Line and Purple Line with several MID-WILSHIRE £¤101 new transit-oriented development projects in the pipeline. In addition, the WEST LOS ANGELES neighborhood’s is in close proximity to the major employment clusters of LOS ANGELES Downtown LA, Hollywood, and the Miracle Mile. UV110 ¦¨§5 ¦¨§10 ¦¨§110 ¦¨§5 ¦¨§10 Apartment Submarket Data ¦¨§10 CULVER CITY University of Southern California According to Costar, the Koreatown apartment market is showing an overall¦¨§405 PALMS Santa Monica Airport vacancy rate of 6.5% with the majority of the apartment stock averaging Expositionj Park Kenneth Hahn State Recreation Area ¦¨§110 around 6%. The average monthly asking apartment rental rate slightly j decreased to $1,638 (down 1.4% year-over-year). The limited supplyMAR VISTAof ¦¨§110 affordable housing units in Koreatown will continue to drive rental demand even as the market works through the impact of the pandemic. 11 Major Employers and Places ofInterest and Places Major Employers t r Santa Monica Blvd S 2 D EDENDALE UV t e n 2 p o UV o r m e Hollywood Forever Memorial Park t v e o d l i g l A Romaine St v l P Westerly Ter d e W Sunset Blvd Maltman Ave e o B Romaine St E r d 7 H v e Hyperion Ave t Lucile Ave o a v A n N N o g y A e t e d e n a w v r Edgecliffe Dr S C v e e N Alvarado St l e o A e l r Willoughby Ave W Los Angeles City College f u A o g l v Vine St e E i x h t d N Easterly Ter n n C e A i g w a O 6B S a r o v N i i R o x l C s l A d i V N o e r Descanso Dr G d N L c v Berkeley Ave N n l a u i N Paramount Studios N Alexandria Ave N A o l w Waring Ave H t s P W i s e l S Lemoyne St N d u S n P N Orange Dr r e r a t 2 e e v e i n UV v d v M A C o A d o t Scott Ave l e s i N a o N Melrose Ave e v a C H e W A m c k l r N Mansfield Ave N e N o a i M r D 6B d P e Reservoir St N y n e Clinton St h Ellett Pl s Clinton St e v a l Lucretia Ave a C Clinton St e e s A m v L v e r g N Scott Ave N June St d A v o A n r N i 12 A e o o 6A Micheltorena St N n K f r v t n Rosewood Ave Marathon St o x n N a A N Heliotrope Dr D Nearby Places OfInterest Places Nearby ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ s N r O o r n Robinson St t e d e r e o m v S o N l r r o S o r A 6A P Rosewood Ave e B m e w N V n d s d s r N h w Hancock Park Wilshire CountryClub Larchmont Village MacArthur Park Southwestern LawSchool Chapman Plaza The LineHotel Aroma WilshireCenter Koreatown Plaza Koreatown Galleria Wiltern Theater v v s l w c e l Silver Lake Blvd N o t o e B a
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