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11921 Goshen Avenue Brentwood Presented By 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.
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