Offering Memorandum 11921 Goshen Avenue Brentwood Presented By:
Kenny Stevens Principal DRE 01090251 [email protected] 310.963.7851 11921 Goshen Avenue Los Angeles, CA
LOCATION OVERVIEW
Neighborhood Description Location Highlights Nearby Developments Local Hotspots
PROPERTY SUMMARY
Property Description Property Details Photography
FINANCIALS
Set Up Rent Roll Rental Comps Sales Comps Introducing: Brentwood
Brentwood, one of L.A.’s most affluent neighborhoods, provides a tranquil refuge for residents, while maintaining a distinct presence in greater Los Angeles culture. Brentwood includes high-style boutiques and trendy restaurants balanced by large secluded houses in the foothills of the Santa Monica mountains. Sitting alongside the ever growing hustle and bustle of Santa Monica, Brentwood is still able to maintain the comforting neighborhood vibe it has held for years.
The main artery, San Vicente Boulevard, features classy Italian eateries and warm cafes, plus the historic Brentwood Country Mart, a family- friendly retail hub. While there are many restaurants, specialty food shops, and clothing boutiques, Brentwood enjoys a slightly slower pace. The town is well-maintained, from its manicured parks to its sweeping city streets. One of the neighborhood’s defining features is the Getty Center, which delivers world-class art from its mountainside perch. It is a cultural, architectural and botanical wonder designed by famed architect Richard Meier is a 24-acre hilltop campus that boasts an expansive art collection and gorgeous city views.
Brentwood has its share of high-profile residents but it’s also a mix of affluent families, UCLA students and faculty, as well as successful entertainment industry professionals who appreciate its quiet quaintness. Quaint shops are its calling card and long-time residents greet one another on the area’s many running paths and trails, lending a sense of stability and familiarity. Tree-lined streets with well-tended homes in a range of architectural styles stretch up into the hills.
The property on 11921 Goshen Ave is situated just north of Wilshire Blvd and south of San Vicente Blvd in the heart of Brentwood. The best shopping, restaurants, and entertainment that Brentwood has to offer are all within walking distance of the property. Location Highlights
Excellent Brentwood Walking distance to local Easy access to 405 and 10 freeways, location north of Wilshire Blvd shops, restaurants and markets as well as public transportation 1
Bundy Drive
Sunset Blvd I 405
5
San Vicente Blvd 2 11921 Goshen Avenue 3 Melrose Ave 4
Nearby Developments
1 229 Patton Avenue 2 1200 Granville Avenue 3 11770 Wilshire Boulevard 4 12027-12035 Wilshire Boulevard 5 11811 San Vicente Boulevard
West L.A. Veterans The shopping center next 34-story tower planned Picasso Brentwood is being Construction is underway for Collective will build at least to Q’s Billiards, Bruhaus, will replace an existing developed by Metropolitan the new Frank Gehry-Designed 900 of the 1,200 supportive and Cabo Cantina on commercial building with 376 Pacific Real Estate Group. The Office Building, which will be housing units that the Wilshire Boulevard, just units of apartment housing six-story building will feature 81 a low-rise structure designed VA has agreed to put on east of Santa Monica, residential units - including a by the architect Frank Gehry. the 400-acre campus will undergo a dramatic, handful set aside as affordable Located on a triangular, the along Wilshire Boulevard. $10-million facelift over the housing - with 10,000 square three-story, 10,000-square foot Building 207 will also hold next 10 months. feet of ground-floor retail space building will include parking community space, a library, and basement parking for 126 for 36 vehicles. a gym, case management vehicles. offices and landscaped outdoor space, Peck says. Construction is anticipated to begin in late 2019. 3
Wilshire Blvd I-405
San Vicente Blvd 1 11921 Goshen Avenue
Pico Blvd 2 Montana Ave 4 Wilshire Blvd
5 Melrose Ave
Local Hotspots
1 The Brentwood 2 Sawtelle Boulevard 3 Westwood Village 4 Stoner Park 5 Douglas Park Country Mart The neighborhood of An almost-coastal village Tucked away in a quiet and You could spend all day In today’s world of mega- Sawtelle Japantown with cosmopolitan friendly neighborhood, Stoner at Douglas Park. Bring the stores and mega-malls (formerly known as Little sensibilities, Westwood’s Park & Rec Center has something bikes and cruise around on the Brentwood Country Osaka) is a true gem of premier restaurants, revered for everyone. There is a skate the paved area with a water Mart feels cozy, familiar West Los Angeles. The playhouses, and top-notch park, tennis courts, playground, spout to soak riders in warm and is a place where it historic area is known university campus uphold LA’s baseball field, basketball courts, weather. Featuring a lawn is easy to shop and eat. for the trendy shops and reputation for looking good. soccer goals, field, free sports bowling arena and duck pond, The Brentwood Country restaurants centered Catering to both students camps in the summer, huge pool this is the perfect community Mart has been renovated on Sawtelle Boulevard. and starlets, Westwood’s and splash pad, and free movie to relax from the busy streets and restored by James S. Take a stroll through the sleek cafes and wily street nights in the summer. Rosenfield. JS Rosenfield neighborhood and shop performers walk a fine line & Co specializes in the kitschy boutiques, nosh on between intimidatingly chic preservations of unique Los delicious multicultural fare and invitingly approachable. Angeles environments. and more. Property Summary
PROPERTY DETAILS
PROPERTY DESCRIPTION Units
Kenny Stevens Team is pleased to present 11921 Goshen Ave, 8 an 8 unit multifamily building is located north of Wilshire Blvd in a highly desirable and rarely traded Brentwood submarket in West Los Angeles. This property has been totally Intersection remodeled and boasts an attractive unit mix consisting of (2) Bundy Drive & Westgate three-bedroom/two-bathroom units, (2) two-bedroom/two- bathroom units, (2) one-bedroom/one-bathroom units, and Avenue (2) single units. Units have been upgraded with hardwood floors, and modern, attractive finishes. Amenities includes on-site laundry, 9 parking spaces and a spacious community Market sun deck. Conveniently situated near trendy Brentwood shops, Brentwood restaurants and markets this investment property is a great opportunity for any investor. With this investment comes true pride of ownership of property in a high demand rental area APN in one of the best areas in Los Angeles. 4265-012-045
Zoning LAR3
Bldg Sq Ft 6,700
Lot size Sq Ft 7,874 Property Highlights
Bright and tranquil community Bright, spacious units with Some units complete 9 parking spaces Onsite Laundry sundeck and garden plentiful natural light, large with balconies or living rooms, and walk-in patios closets
Approximate Age: 1962 Price Per Sq Ft: $834 Financials Approximate Lot Size: 7.874 sq. ft. Current CAP: 3.52% Approximate Builing Size: 6,700 sq. ft. Market CAP: 3.78% Zoning: LAR3
Investment Summary Annualized Operating Data
Price: $5,590,000 Current Rents Market Rents Down Payment: 100% $5,590,000 Scheduled Gross Income: $308,160 $323,160 Number of Units: 8 Vacancy Allowance: $9,245 3% $9,695 3% Price Per Unit: $698,750 Gross Operating Income: $298,915 $313,465 Current GRM: 18.14 Less Expenses: $102,410 36% $102,410 32% Market GRM: 17.30 Net Operating Income: $196,505 $211,055 Proposed Financing: $0 Less Loan Payment: -$0 -$0 Pre-Tax Cash Flow: $196,505 3.52% $211,055 3.78% Plus Principal Reduction: $0 $0 Total Return Before Taxes: $196,505 3.52% $211,055 3.78%
Income Expenses*
Current Rents Market Rents Taxes (new): 1.25% $69,875 # of Units Bed/Baths Monthly Rent/Unit Monthly Income Monthly Rent/Unit Monthly Income Insurance: $2,680 1 3 + 3 $4,500 $4,500 $5,000 $5,000 Utilities: $6,700 1 3 + 2 $4,600 $4,600 $4,850 $4,850 Repairs/Maintenance: $7,704 2 2 + 2 $3,450 $6,900 $3,500 $7,000 Professional Mgmt: $13,451 4 1 + 1 $2300 - $2500 $9,600 $2,500 $10,000 Reserves/Misc: $2,000 Total Expenses: $102,410 Total Scheduled Rent: $25,600 $26,850 Per Sq. Ft: $15.29 Laundry Income: $80 $80 Per Unit: $12,801 Other Income: $0 $0 Monthly Scheduled Gross Income: $25,680 $26,930 *EXPENSES ARE ESTIMATED Annual Scheduled Gross Income $308,160 $323,160 Financials Rent Roll As Of 4/12/19
Rent Roll
Unit # Unit Type Current Rent Market Rent GOS 1 3 + 3 $4,500 $5,000 GOS 2 1 + 1 $2,500 $2,500 GOS 3 2 + 2 $3,450 $3,500 GOS 4 3 + 2 $4,600 $4,850 GOS 5 1 + 1 $2,500 $2,500 GOS 6 2 + 2 $3,450 $3,500 GOS 7 1 + 1 $2,300 $2,500 GOS 8 1 + 1 $2,300 $2,500
LAUNDRY INCOME: $80 $80 MONTHLY TOTAL: $25,680 $26,930 ANNUAL TOTAL: $308,160 $323,160 Comparables – Rental Comps
Property Photo
Address 11921 Goshen Avenue 8327 W 4th Street 11847 Kiowa Ave #303 8600 Burton Way 11681 Darlington Ave 8811 Burton Way #212 8888 W 3rd St #206
$2,300-$4,500 Rent per month $5,500 $5,295 $4,195 $3,795 $3,100 $2,750
(1) 3+3, (1) 3+2, Unit Type (2) 2 + 2 3+2 3+3 2+2 2+2 1+1 1+1 (4) 1 + 1 6 Burton Way 5 3 1
Wilshire Blvd
I-405
Wilshire Blvd
Pico Blvd San Vicente Blvd 4
2 11921 Goshen Avenue
1. 8327 W 4th Street 2. 11847 Kiowa Ave #303 3. 8600 Burton Way 4. 11681 Darlington Ave 5. 8811 Burton Way #212 6. 8888 W 3rd St #206 Comparables – Sales Comps
Property Photo
Address 11921 Goshen Ave 11923 Gorham Ave 1721 Colby Ave 1521-1527 Yale St
Sales Price $5,590,000 $8,650,000 $8,325,000 $6,475,000
COE — 3/8/2019 1/9/2018 11/29/2018
Units 8 8 9 7
Price Per Foot $834 /sf $453.16 /sf $841.25 /sf $737.30 /sf
Building Sq Ft 6,700 19,088 9,896 8,782
Price/Unit $698,750 $1,081,250 $925,000 $925,000
Year Built 1962 1993 1960 1963
Unit Mix (1) 3+3, (1) 3+2, (2) (8) 3 + 2 (4) 1 + 1, (5) 2 + 2 (7) 2 + 2 2 + 2, (4) 1 + 1 Comparables – Sales Comps
Property Photo
Address 11908 Montana Ave 1543 Stanford St
Sales Price $17,600,000 $5,032,500
COE 10/22/2018 6/29/2018
Units 24 7
Price Per Foot $445.46 /sf $839.59 /sf
Building Sq Ft 39,510 5,994
Price/Unit $733,333 $718,929
Year Built 1973 1963
Unit Mix (9) 1 + 1, (15) 2 + 1 (4) 1 + 1, (3) 2 + 2 3 2
11921 Goshen Avenue
1
4 1. 1721 Colby Ave 5 2. 11923 Gorham Ave 3. 11908 Montana Ave 4. 1543 Stanford St 5. 1521-1527 Yale St For more information, please contact:
Kenny Stevens Principal DRE 01090251 [email protected] 310.963.7851
— We sweat the details so you don’t have to.
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number DRE 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.