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7027 Fulton Ave North Hollywood, Ca 91605

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7027 Fulton Ave North Hollywood, Ca 91605 7027 FULTON AVE NORTH HOLLYWOOD, CA 91605 6 unit multifamily investment opportunity APN: 2328-023-024 CASEY PICARD Managing Partner 626.376.9224 Office AGGREGATE INVESTMENT PARTNERS 626.716.4451 Mobile 251 S. Lake Ave # 320 Cal BRE #01921866 Pasadena, CA 91101 [email protected] O | 626.376.9224 [email protected] BROKER OF RECORD CAL BRE#: 01444805 CONFIDENTIALITY AGREEMENT AGGREGATE INVESTMENT PARTNERS All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applica-ble governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property PROPERTY OVERVIEW PAGES 4-5 for any party’s intended use or any and all other matters. Neither Aggregate Investment Partners its directors, officers, agents, advisors, or affiliates makes 4 any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a sub-stitute for a party’s active conduct of LOCATION OVERVIEW its own due diligence to determine these and other matters of significance to such party. Aggregate Investment Partners will not investigate or verify any such PAGES 6-12 matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE 6 DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party inde-pendent professionals selected by such party. All financial data should be verified by the party FINANCIAL ANALYSIS including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. Aggregate Investment Partners PAGES 12-13 makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Aggregate Investment 12 Partners does not serve as a financial advisor to any party regarding any proposed transaction. All data and assump-tions regarding financial performance, SALE COMPARABLES including that used for financial modeling purpos-es, may differ from actual data or performance. Any estimates of market rents and/or projected rents that PAGES 14-19 may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contrac- 14 tual and governmental limitations as well as market conditions, vacancy factors and oth-er issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. RENT COMPARABLES PAGES 20-25 Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the proper-ty and whether the property 20 complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants PRICE $ 1,200,000 PROPERTY ADDRESS 7027 Fulton Avenue North Hollywood, CA 91205 YEAR BUILT 1957 OVERVIEW ZONING LAR3 FULTON SIX | 7027 Fulton Avenue LOT SIZE 0.17 ACRES is a multi-family complex located PROPERTY FEATURES BUILDING SIZE 4,935 SF in a dense market offering one • GREAT UNIT MIX OF 1S, 2S, & 3S - 3 Bedroom & 2 Bathroom, NUMBER OF UNITS 6 three- 2 Bedroom & 1 Bathroom, • FOUR TUCK-UNDER CARPORTS AND TWO GARAGE PRICE PER UNIT $ 200,000 two- one Bedroom & 1 Bathroom PARKING SPACES units totaling a square footage of PRICE PER SF $ 243.16 4,935. Resting on a 7,319 square • OPPORTUNITY TO LANDSCAPE AND BEAUTIFY THE CAP RATE 4.81 % foot lot with zoning of LAR3, a INVESTMENT potential builder would have the NOI $ 57,764 ability to build a total of 9 units • RAISED DESK AREA LOCATED DIRECTLY OVER THE GRM 14.03 on the lot. GARAGE PARKING • SOUTH OF SHERMAN WAY AND WEST OF COLDWATER CANYON AVENUE IN NORTH HOLLYWOOD. • WITHIN PROXIMITY TO SHOPS AND RESTAURANTS • EASY ACCESS TO 170 FREEWAY 5 4 Aggregate IP FULTON SIX FULTON SIX Aggregate IP NORTH HOLLYWOOD, CALIFORNIA In 2015, LA Weekly recognized North Hollywood the best neighborhood in Los Angeles. North Hollywood is located in the southeast corner of the San Fernando Valley and has become L.A.'s best- especially for those seeking fast access to many other key neighborhoods and relatively spacious housing at a bargain price. Tucked between the slick-er Studio City, solidly middle-class Burbank, mansion-filled Toluca Lake and the pleasant, leafy grid of Valley Village, the core of North Hollywood has a vibe all its owns- a little more gritty and densely urban. 7 6 Aggregate IP FULTON SIX FULTON SIX Aggregate IP NEIGHBORHOOD NEIGHBORHOOD ATTRACTIONS HIGHLIGHTS • NORTH HOLLYWOOD, CA- The 2000 U.S. census counted 77,848 residents in the -5.87 square- mile North Hollywood neighborhood, about an average population density for the city but among the highest for the country. In 2009, the city estimated that the population had increased to 87,241. • HIKES IN SURROUNDING CITIES- Because North Hollywood is in between the 5 and 134 Freeways, there are many hiking options. In Sherman Oaks, there is the Dixie Canyon Trail, NOHO WEST | In a gentrifying neighborhood like NORTH HOLLYWOOD METRO STATION | A BOB HOPE AIRPORT | Branded as Hollywood Wilacre Park in Studio City, Cahuenga Peak in North Hollywood, many new developments are big plan to redevelop more than 15 acres Burbank Airport, Bob Hope Airport is a the Hollywood Hills, and so many more trails kicking off this summer. Expecting to open in 2019, surrounding the North Hollywood Metro station public airport 3 miles northeast of the further north in Burbank. North Hollywood›s Laurel Plaza shopping center is moving forward. A smaller development subject property. The airport serves the will bring 642 apartments, between 60-50 dining with 750 rsidential units, 40,500 square feet of norther Greater Los Angeles area, including and shopping options, a grocery store, gym, and retail space, and 200,000 square feet of offices Glendale, Pasadena, and the San Fernando movie theatre. is first proposed. The second would include Valley. 1,500 units, 150,000 square feet of retail, and 450,000 square feet of offices. 9 8 Aggregate IP FULTON SIX FULTON SIX Aggregate IP WALK-SCORE HIGHLIGHTS • Walk Score of 79 | The subject property is in the Mid-Town of North Hollywood. Nearby parks include Victory & Vineland Recereation Center, Valley Plaza Park, and North Hollywood Park. Most errands can be accomplished on foot. • Transit Score of 49 | WIthin proximity to a few nearby public transportation options. • Bike Score of 64 - Flat as a pancake. There are bike lanes available throughout the city. 11 10 Aggregate IP FULTON SIX FULTON SIX Aggregate IP FINANCIAL ANALYSIS RENT ROLL CASH FLOW PRICING FINANCING THE ASSET Price $1,200,000 Down 35% $420,000 Units 6 Unit Number Unit Type Current Rent Market Rent Notes Price/Unit $200,000 Loan 65% $780,000 Year Built 1957 Price/SF $243.16 Amort Years 30 Gross SF 4,935 Unit will be delivered vacant GRM 14.01 11.40 Interest Rate 4.00% Lot SF 7,319 1 3 Bed 2 Bath $ 1,750 $ 1,750 Cap 4.82% 6.19% Payments ($3,724) APN 2328-023-024 after close Current Market 2 2 Bed 1 Bath $ 1,194 $ 1,475 MONTHLY RENT SCHEDULE 3 2 Bed 1 Bath $ 1,037 $ 1,475 # of Units Type Current Total Market Total 1 3 Bed / 2 Bath $1,750.00 $1,750 $1,750 $1,750 4 1 Bed 1 Bath $ 907 $ 1,300 3 2 Bed / 1 Bath $1,235.33 $3,706 $1,475 $4,425 2 1 Bed / 1 Bath $840.00 $1,680 $1,300 $2,600 5 1 Bed 1 Bath $ 773 $ 1,300 6 $7,136 $8,775 6 2 Bed 1 Bath $ 1,475 $ 1,475 ANNUALIZED INCOME Current Market Gross Potential Rent $85,632 $105,300 Totals $ 7,136 $ 8,775 Less Vacancy 3% ($2,569) 3% ($3,159) Other Income $420 $1,080 Effective Gross Income $83,483 $103,221 ANNUALIZED EXPENSES Current Market Property Tax $14,302 $14,302 Insurance $1,826 $1,826 Utilities $5,016 $5,016 Repairs & Maintenance $1,680 $5,000 Pest Control $768 $768 Landscaping $1,524 $1,524 Rubbish $522 $522 Total Expenses $25,638 $28,958 Expenses/Unit $4,273 $4,826 Expenses/SF $5.20 $5.87 % of EGI 30.71% 28.05% RETURN Current Market NOI $57,845 $74,263 Less Debt ($44,686) ($44,686) DSCR 1.29 1.66 Cashflow $13,159 $29,577 Cash on Cash 3.13% 7.04% 13 12 Aggregate IP FULTON SIX FULTON SIX Aggregate IP RENT North Hollywood has quickly become one of the fastest growing sub-markets in Los Angeles. With COMPARABLES all of the new developments plus increase in trendy retailers and restaurants, North Hollywood has attracted a growing population of young professionals. Address Price GRM Cap Rate Price per Unit Price per SF # of Units 6818 Morella Avenue $ 1,200,000 13.51 4.89 % $ 240,000 $ 227.27 5 SALE COMPARABLES North Hollywood, CA 91605 6938 Coldwater Canyon Avenue $ 1,855,000 13.71 4.08 % $ 185,500 $ 172.62 10 In this section, we compare the recent sales North Hollywood, CA 91605 in the City of North Hollywood.
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