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S Vermont Avenue S VERMONT AVE 6501 S Vermont Avenue 20 Unit Value-Add Investment Opportunity in South Los Angeles Consisting of 18 Singles & 2 One-Bedroom Apartment Units 26% Rental Upside | 11.39 Current GRM | $134,750 per Unit CONFIDENTIALITY AND DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified 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, PCB’s or asbestos, the compliance with 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 Marketing Brochure 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. NON-ENDORSEMENT NOTICE Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. EXCLUSIVELY LISTED BY: NEEMA AHADIAN LEO LATERZA Senior Managing Director of Investments Senior Associate of Investments Tel: (310) 909-5444 Tel: (310) 909-2372 [email protected] [email protected] License: CA 01346750 License: CA 01861324 01 EXECUTIVE SUMMARY 02 INVESTMENT HIGHLIGHTS 03 FINANCIALS 04 SALES COMPARABLES W 65TH ST W 66TH ST S VERMONT AVE 6501 S Vermont Avenue Executive Summary The Neema Group of Marcus & Millichap is pleased to present Four units have recently been renovated with new flooring, ceiling 6501 S Vermont Ave, a 20-unit investment opportunity located on fans, a stainless steel kitchen refrigerator and oven, countertops, the main thoroughfare of Vermont Ave in South Los Angeles just and a fresh coat of paint. In addition, there is community laundry south of W Gage Ave with easy access to the 110 Freeway. for the building. Built in 1928, this true value-add building is currently leased at Vermont Harbor is a densely populated neighborhood in South below market rents and presents an investor the opportunity to Los Angeles just below USC and Exposition Park. The location attain over 26% in rental upside. provides convenient access to the 110 Freeway and Downtown Los Angeles. The subject property is located nearby Vermont The unit mix consists of 18 singles and 2 one-bedrooms Gage Pocket Park, John Muir Middle School, Augustus Hawkins apartment units. Furthermore, there are preliminary plans in place High School, and the Vermont Slauson Shopping Mall. to add ADU’s. The subject property is being offered at a 11.39 GRM on current income with a pro forma CAP rate of 6.15%. DOWNTOWN LA EXPOSITION PARK BUDLONG AVENUE JOHN MUIR VERMONT/SLAUSON AUGUSTUS HAWKINS ELEMENTARY SCHOOL MIDDLE SCHOOL SHOPPING MALL HIGH SCHOOL VERMONT/GAGE POCKET PARK S VERMONT AVE Property Summary PROPERTY INFORMATION PRICING INFORMATION 6501 S Vermont Ave Sales Price $2,695,000 Address Los Angeles, CA 90042 Cost per Legal Unit $134,750 Number of Units 20 Cost per Bldg SF $309 Approx. Gross SF 8,734 Current GRM 11.39 Approx. Lot Size 4,053 Market GRM 9.05 Year Built/Renovated 1928 Current CAP 4.08% APN 6014-005-001 Market CAP 6.15% Zoning LAC2 6501 S Vermont Avenue 20 Unit Value-Add Investment Opportunity Consisting of 18 Singles & 2 One-Bedroom Apartment Units 26% Rental Upside | 11.39 GRM | $134,750 per Unit S VERMONT AVE W 65TH ST 20 18 2 UNITS SINGLES 1+1 Investment Highlights • The Neema Group of Marcus & Millichap is pleased to present 6501 • Four units have recently been renovated with new flooring, ceiling S Vermont Ave, a 20-unit investment opportunity located on the fans, a stainless steel kitchen refrigerator and oven, countertops, main thoroughfare of Vermont Ave in South Los Angeles just south and a fresh coat of paint. In addition, there is community laundry for of W Gage Ave with easy access to the 110 Freeway. the building. • Built in 1928, this true value-add building is currently leased at • Vermont Harbor is a densely populated neighborhood in South Los below market rents and presents an investor the opportunity to Angeles just below USC and Exposition Park. The location provides attain over 26% in rental upside. convenient access to the 110 Freeway and Downtown Los Angeles. The subject property is located nearby Vermont Gage Pocket Park, • The unit mix consists of 18 singles and 2 one-bedrooms apartment John Muir Middle School, Augustus Hawkins High School, and the units. Furthermore, there are preliminary plans in place to add Vermont Slauson Shopping Mall. ADU’s. • The subject property is being offered at a 11.39 GRM on current income with a pro forma CAP rate of 6.15%. Potential ADU Additions Ownership currently has preliminary plans to add two ADU’s (392 SF & 508 SF) in the existing storage area of the building. Opportunity for an investor to take over the plans and further increase the NOI upon approval. Rent Roll UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENTS NOTES 1 Single $1,200 $1,200 Will be Vacant 2 Single $1,095 $1,200 3 Single $954 $1,200 4 Single $1,095 $1,200 5 1+1 $965 $1,375 6 Single $864 $1,200 7 Single $1,095 $1,200 8 Single $780 $1,200 9 Single $909 $1,200 10 Single $965 $1,200 11 Single $864 $1,200 12 Single $1,095 $1,200 13 1+1 $885 $1,375 Section 8; On-Site Manager* 14 Single $860 $1,200 15 Single $760 $1,200 16 Single $802 $1,200 17 Single $802 $1,200 18 Single $1,200 $1,200 Will be Vacant 19 Single $1,095 $1,200 20 Single $965 $1,200 Total $19,249 $24,350 Single $17,399 *On-site manager is a section 8 tenant. Current compensation for management is the ownership paying the tenant’s portion of the rent ($513 per month). 1+1 $1,850 Total $19,249 Financials OPERATING DATA CURRENT RENTS MARKET RENTS Scheduled Gross Income: $236,651 $297,862 Less Vacancy Rate Reserve: $(11,833) 5.0% $(14,893) 5.0% Gross Operating Income: $224,819 $282,969 Less Expenses: $(114,979) 48.6% $(117,306) 39.4% Net Operating Income: $109,839 $165,663 Reserves: $(4,000) $(4,000) Less Debt Service: $(87,133) $(87,133) Pre-Tax Cash Flow: $18,707 1.7% $74,531 6.9% Plus Principal Reduction: $31,323 $31,323 Total Return Before Taxes: $50,030 4.6% $105,854 9.8% Current Market Rents MONTHLY MONTHLY MONTHLY MONTHLY NUMBER OF UNITS UNIT TYPE APPROX SF RENT/UNIT INCOME RENT/UNIT INCOME 18 Single 456 $967 $17,399 $1,200 $21,600 2 1+1 540 $925 $1,850 $1,375 $2,750 Total Scheduled Rent $19,249 $24,350 Storage $300 $300 RSO $72 $72 Laundry $100 $100 Monthly Scheduled Gross Income: $19,721 $24,822 Annual Scheduled Gross Income: $236,651 $297,862 Financials EXPENSES % CURRENT PROFORMA PRICING Taxes: 1.20% $32,340 $32,340 Price: $2,695,000 Insurance $9,962 $9,962 Down Payment: 40% $1,078,000 Utilities: $32,617 $32,617 Number of Units: 20 Waste Removal $7,416 $7,416 Cost per Legal Unit: $134,750 Repairs & Maintenance $10,000 $10,000 Current GRM: 11.39 Elevator 4% $1,500 $1,500 Market GRM: 9.05 Management $8,993 $11,319 Current CAP: 4.08% Cleaning $3,300 $3,300 Market CAP: 6.15% Pest Control $420 $420 Approx. Age: 1928 On Site Manager $6,156 $6,156 Approx. Lot Size: 4,053 License & Fees $1,000 $1,000 Approx. Gross SF: 8,734 Direct Assessment $1,276 $1,276 Cost per Net GSF: $309 Total Expenses: $114,979 $117,306 NEW POTENTIAL FINANCING Per Net Sq.
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