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815 W Beach Ave, Inglewood CA 90302

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815 W Beach Ave, Inglewood CA 90302 OFFERING MEMORANDUM 815 W Beach Ave Inglewood, CA 90302 ™ INGLEWOOD, CA 90302 | 1 LISTED BY DANIEL SHIEH Associate Direct +1.310.295.4378 Mobile +1.310.990.2131 [email protected] License No. 01978847 (CA) DAVID J. HARRINGTON National Director - Multifamily Direct +1.310.295.1170 Mobile +1.310.497.5590 [email protected] License No. 01320460 (CA) ™ OFFERING MEMORANDUM CONTENT 04 PROPERTY OVERVIEW 815 W Beach Ave 05 LOCATION OVERVIEW Inglewood, CA 90302 10 FINANCIAL OVERVIEW 14 SALES COMPARABLES PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS • 42% Rental Upside in a Non-Rent Controlled Property • Close Proximity to Hollywood Park Development Project • Centrally Located Near LAX Airport, Crenshaw/LAX Metro Station, the 405, & the Forum • Diverse Unit Mix of Six (6) 1-bed/1-bath and Three (3) 2-bed/1-bath Units • Convenient Walk Score of 82 For Tenants • Onsite Laundry OPPORTUNITY Matthews Real Estate Investment Services is proud to offer 815 W Beach Avenue in Inglewood, a 9-unit apartment building located in the Northwest Highland neighborhood of Inglewood, near Ladera Heights. The 6,550 sq ft building sits on a 9,062 sq ft lot, boasting a desirable unit mix of six (6) 1-bed/1-bath units and three (3) 2-bed/1-bath units and benefits from a new roof and copper plumbing installed approximately 13 years ago. A laundry room onsite generates additional income for the owner. This offering presents the opportunity to own a non-rent control property with 40% rent upside in a high demand rental market that still has tremendous growth potential. Tenants appreciate the convenient location just blocks from La Cienega Blvd and Centinela Ave, and less than one mile from the 405. The City of Champions Revitalization Initiative slated to include 890,000 square feet of retail space, 25 acres of park and open space, revamped casino, performing arts venue and numerous fine dining restaurants is less than two miles away. Inglewood median home sales prices have increased over 35% since January 2015*, making it more difficult for home ownership and ensuring a continued strong rental market. With overall rent increases of 40% over the same time period**, multifamily appreciation has seen a similar trend in value. *https://www.zillow.com/inglewood-ca/home-values/ **https://www.rentcafe.com/average-rent-market-trends/us/ca/inglewood/ 4 | 815 W BEACH AVE LOCATION OVERVIEW LOCAL DESCRIPTION INGLEWOOD Southwest of downtown Los Angeles, Inglewood is a city in the South Bay region of Los Angeles County that is a gateway to major commercial center of the United States and internationally. Inglewood is in a unique position on the shore of the Pacific Rim with direct access to the Los Angeles International Airport through its Century Boulevard, which is one of the city’s busiest commercial corridors. Proximity to the airport, the Los Angeles and Long Beach Harbors and four major freeways facilitate both domestic and international trade in the city. Recent years have shown Inglewood taking initiatives towards once again becoming a regional hub for sports and entertainment through renovations of existing structures and new developments. INGLEWOOD, CA 90302 | 5 HOLLYWOOD PARK Designed to reestablish the feel of a village and create an energetic city center in the heart of Inglewood, Hollywood Park is a development envisioned as a walkable, mixed-use community where residents can live, shop, play and have easy access to the Westside Los Angeles job market. Inglewood’s suburban setting assets will be complemented with an increased range of range of lifestyle choices made possible by a retail and entertainment center and high quality public parks and green spaces. Development is focused around a 26-acre public park system connecting the residential areas to the retail and entertainment center. In addition to enriching the scenery of residents and visitors, this comprehensive public park system will not only offer a wide range of passive and active recreational opportunities. THE CITY OF CHAMPIONS The City of Champions Revitalization Project is a massive 298-acre, mixed-use real estate development being built on the former site of the Hollywood Racetrack and Casino: the largest parcel of undeveloped land in the greater Los Angeles area. Featuring retail, office, residential, hotel, casino, and park space, the development is a joint venture of San Francisco-based Stockbridge Capital and the Missouri-based Kroenke Group under the entity Hollywood Park Land Company. As the centerpiece of Inglewood’s urban renewal efforts, the City of Champions Revitalization Project is projected to create thousands of construction jobs and thousands of permanent jobs upon the project’s completion; It is estimated to deliver $24 million in permanent annual tax revenue to Inglewood. Set into motion by the NFL Rams relocating to Inglewood, Hollywood Park Land Company and Kroenke Group have partnered up in a joint venture to add a sports entertainment zone to the existing Hollywood Park Specific Plan, which now calls for 780,000 SF of high end office space, 800,000 SF of retail and dining space, 2,500 residential units, a hotel and a movie theater. The construction of the Los Angeles Stadium at Hollywood Park is one component of the much larger Hollywood Park Development. An 80,000 seat NFL Specification stadium that has a capacity of 100,000, this stadium will be the largest and most expensive arena in the world at 3 million SF and $2.66 billion dollars. With the ability to host Super Bowls, Final Fours, concerts, and potentially the 2024 Summer Olympics, the stadium will bring additional revenue into Inglewood and the Greater Los Angeles area. 6 | 815 W BEACH AVE INGLEWOOD, CA 90302 | 7 LOS ANGELES MSA Los Angeles is the third largest metropolitan economy in the world, with a population of 13 million and a GDP of over $700 billion. L.A.’s rise to global prominence in such a short time is a ND 2 Most populous city in the U.S. testament to the can-do spirit of its residents and businesses, and to a culture of thinking big. Los Angeles has always been an incubator of new ideas, and the scale of its economy reflects the impact that L.A.’s brand of creativity and innovation has had on the world. And it’s a way of ±18.6 MILLION thinking that cuts across industries. CSA Population The Los Angeles economy is exceptionally diversified, with established industry clusters ranging #1 HIGHEST from Aerospace, entertainment, and fashion to biomedical services, consumer products, and Percentage of Renters tourism. REGIONAL MAP PROPERTY DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2023 Projection 42,585 257,956 889,798 2018 Estimate 41,570 251,321 862,539 Growth 2018-2023 2.44% 2.64% 3.16% Growth 2010-2018 2.53% 3.09% 4.23% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2023 Projection 17,274 92,655 314,626 2018 Estimate 16,789 90,044 304,638 Growth 2018-2023 2.89% 2.90% 3.28% Growth 2010-2018 3.54% 3.61% 4.52% INCOME 1-MILE 3-MILE 5-MILE Income < $15,000 11.42% 12.66% 13.58% LOCAL MAP Income $15,000 - $24,999 10.98% 10.59% 10.94% Income $25,000 - $34,999 12.03% 10.39% 9.98% Income $35,000 - $49,999 14.86% 12.79% 13.01% Income $50,000 - $74,999 17.03% 15.57% 16.02% Income $75,000 - $99,999 10.95% 10.79% 10.92% Income $100,000 - $124,999 7.70% 7.83% 7.75% Income $125,000 - $149,999 5.01% 5.60% 5.26% Income $150,000 - $199,999 4.75% 6.09% 5.42% Income $200,000 - $249,999 2.22% 3.12% 2.82% Income $250,000 - $499,999 2.13% 3.17% 2.95% Income $500,000+ 0.91% 1.39% 1.36% Average Household Income $74,480.81 $83,705.94 $80,854.76 Median Household Income $50,838.01 $54,933.11 $53,316.81 INGLEWOOD, CA 90302 | 9 FINANCIAL OVERVIEW INVESTMENT SUMMARY Offering Price: $2,100,000 Number of Units: 9 Property: 815 West Beach Ave Year Built: 1957 Inglewood, CA 90302 APN: 4017-013-018 Price Per Unit: $233,333 Gross Sq. Ft.: 6,550 Price Per S.F.: $320.61 Average S.F. Per Unit: 728 Cap (current / market): 3.58% / 5.58% Lot Size 9,062 SF GRM (current / market): 16.39 / 12.12 Zoning INR3YY UNIT MIX Total Units Unit Mix Unit Mix % Current Avg Rent Current Monthly Rent Market Rent Market Monthly Rent 6 1+1 67% $1,082 $6,491 $1,495 $8,970 3 2+1 33% $1,367 $4,100 $1,795 $5,385 Scheduled Monthly Rent: $10,591 $14,355 Scheduled Yearly Rent: $127,092 $172,260 10 | 815 W BEACH AVE ANNUALIZED OPERATING DATA Current Market Scheduled Gross Income: $127,092 $172,260 36% Upside Less Vacancy Reserve: 3.0% $3,813 3.0% $5,168 * Laundry Income (estimated): $1,000 $1,000 Gross Operating Income: $124,279 $168,092 Expenses: 38.6% $49,116 29.5% $50,868 * Net Operating Income: $75,163 $117,224 Loan Payments: $60,102 $60,102 Cash-on-Cash Return: 1.3% $15,061 5.1% $57,121 ** Plus Principal Reduction: $15,484 $15,484 Total Return Before Taxes: 2.7% $30,545 6.5% $72,606 ** * As a percent of Scheduled Gross Income ** As a percent of Down Payment PRO FORMA ANNUAL OPERATING EXPENSES Current Per Unit % of SGI *Taxes 1.288% x Sale Price $27,057 $3,006 21% *Insurance Actual 2017 $2,611 $290 2% Off-Site Management 4.0% x GOI $4,971 $552 4% Repairs & Maintenance Actual 2017 $3,401 $378 3% Contract Services Actual 2017 $880 $98 1% Utilities Actual 2017 $9,121 $1,013 7% General Administration Actual 2017 $1,075 $119 0.85% Total Expenses $49,116 $5,457 38.6% Current Per Unit % of SGI Non-controllable expenses: Taxes, Ins., Reserves: $29,668 $3,296 23.3% Total Expense without Taxes $22,059 $2,451 17.36% INGLEWOOD, CA 90302 | 11 RENT ROLL Mix Rent Market Rent 2+1 $1,300 $1,795 1+1 $950 $1,495 1+1 $1,000 $1,495 1+1 $1,000 $1,495 2+1 $1,400 $1,795 1+1 Vacant $1,495
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