North Dillon Street
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708 NORTH DILLON STREET OFFERING MEMORANDUM PRESTIGIOUS, SEVEN-UNIT APARTMENT INVESTMENT OPPORTUNITY 708 DILLON 708-712 NORTH DILLON STREET EXCLUSIVELY LOS ANGELES, CA 90026 REPRESENTED BY: JEFF LOUKS EXECUTIVE MANAGING DIRECTOR, EXECUTIVE SUMMARY 01 INVESTMENTS SENIOR DIRECTOR, NATIONAL MULTIHOUSING GROUP MARKET OVERVIEW 05 [email protected] SUBJECT TEL. (818) 212-2780 708-712 FINANCIAL ANALYSIS 09 LICENSE: CA 00908473 NORTH MARKET COMPARABLES 12 DILLON JONATHAN SILVER INVESTMENTS ASSOCIATE AREA OVERVIEW 18 MEMBER, NATIONAL MULTIHOUSING GROUP SUMMARY 24 [email protected] TEL. (818) 212-2671 LICENSE: CA 02005665 708-712 THE OFFERING Phenomenal, Seven-Unit Apartment Investment EXECUTIVE Opportunity in Prime Silver Lake he Louks Group is pleased to present The building is fully-parked with six of the T780-712 North Dillon Street, a seven-unit seven spaces as private garages. The building SUMMARY apartment building centrally located in the features exclusive exterior common areas for neighborhood of Silver Lake in Los Angeles, the apartment units, increasing desirability. SUBJECT CA. Unique to this offering, this property is As a result of these features, numerous high- 708-712 the only commercial building on the block. end upgrades, and sought-after location, this NORTH With an ideal unit mix of (6) one bedroom / opportunity is one of the most prestigious in one bath and (1) two bedroom / one bath, the surrounding area. DILLON this asset features apartments ideal for young professionals aiming to live within 708-712 N. Dillon St. Is located just south of close proximity to Downtown Los Angeles. Sunset Blvd and just west of Silver Lake Blvd. The area is known as a trendy and sought- This Spanish-style building boasts character after pocket of Silver Lake and is just steps and charm while featuring fully-updated from the Bellevue Recreation Center. and remodeled apartment units with tasteful modern styling. Each apartment unit features washers and dryers. The extensive renovations include hardwood floors, tiled bathrooms and kitchens, cabinets, light fixtures and ceiling fans. 7 708-712 N. DILLON INVESTMENT HIGHLIGHTS STREET RARE, EXCLUSIVE INVESTMENT OPPORTUNITY • Stellar unit mix featuring (5) one bedroom/one bathroom units; (1) one bedroom/one bathroom/office unit; and (1) two bedroom/one bathroom/office unit • Unique Spanish-style building with character features on-site, covered parking • Modern, stylish units are fully-updated with hard floors and contain in-unit washer & dryer • Only commercial multifamily building on its street offers competitive advantage EXTREMELY DESIRABLE SUBMARKET • Central location in Silver Lake with immediate proximity to Echo Park, Hollywood, and DTLA 708-712 • Appeal to high-earning, young professionals aiming to live within close proximity to major nearby employers • This premium pocket of Los Angeles commands high rental rates and current rent roll provides room for rental income growth N. DILLON FAVORABLE DEMOGRAPHICS • Significant total surrounding population of 72,796 (1mi); 573,414 (3mi) and 1,195,204 (5mi) • Strong median home value of approximately $769,783 within a three mile radius STREET • Resident boast an average household income of nearly $73,000 within one mile radius 6 Offering Memorandum 9 708-712 N. DILLON STREET 8 Offering Memorandum 708-712 11 708-712 N. DILLON STREET Offering Price $2,495,000 Summary Interest Offered OF TERMS 100 percent fee-simple interest in a 7-Unit apartment building located at 708-712 North Dillon Street, Los Angeles, CA . Terms of Sale Market The property is being offered free and clear of any OVERVIEW debt. Property Details Address: 708-712 N. Dillon St., Los Angeles, CA 90026 APN: 5401-019-001 Units: 7 Units # Of Stories: Two Stories Year Built: 1930 Lot Size (SF): 6,302 SF Gross Building SF: 3,540 SF Land Use: Apartments Zoning: LAR2 HANCOCK PARK MID-CITY HOLLYWOOD 13 LARCHMONT VILLAGE 708-712 N. DILLON STREET WILSHIRE VERMONT LOS FELIZ 708 EAST HOLLYWOOD N. Dillon St. KOREATOWN RAMPART VILLAGE SILVERLAKE Aerial HISTORIC FILIPINOTOWN OVERVIEW WESTLAKE lake ilver Lake is a trendy, eastside Sneighborhood in Los Angeles, CA near Hollywood, Echo Park and ECHO PARK Downtown LA. Silver Lake has comfortably maintained its position as THE the trendiest neighborhood thanks to a ELYSIAN wealth of boutique shops and an ever- growing dining scene. DA VINCI Many of the best things to do in APARTMENTS Silver Lake are situated along Sunset Boulevard, but you’ll find plenty to do elsewhere - whether on a charming stretch of Silver Lake Boulevard or tucked among the scenic hills and namesake reservoir. While you won’t find any major museums or landmark attractions, that doesn’t mean there’s a shortage of eclectic culture. Offering Memorandum 12 CHINATOWN 15 708-712 N. DILLON STREET East Side HOT SPOTS fter a massive makeover, the Eastside’s historic HOLLYWOOD SIGN AEcho Park has finally become a family-friendly GRIFFITH OBSERVATORY destination worthy of its bold backdrop: the Downtown skyline amid the lotus flower blooms and fountains. The lake has been around since 1860—it was once used as a drinking water reservoir, and later as a recreational park with canoes and fishing. Today, you can push your way through the lake in a pedal boat or stroll around the path that hugs its borders. Either way, make sure to SILVER LAKE RESERVOIR stop at the revived boathouse and the Lady of the Lake ECHO PARK LAKE statue. A larger-than-life symbol of the entertainment business, Hollywood beckons tourists with DOWNTOWN LA landmarks like the star-studded Walk of Fame. Highlights include Paramount Pictures, historic music venues like the Hollywood Bowl, and Dolby SILVER LAKE Theatre, home of the Oscars. Scenesters can choose from improv comedy clubs, retro-cool bars and velvet-roped nightclubs. Locals frequent eateries in nearby Thai Town. SAGE BREWERY 14 Offering Memorandum WALK OF FAME DODGERS STADIUM 17 708-712 N. DILLON Notable, Nearby STREET DEVELOPMENTS 1 2 3 4 Two Sunset Blvd. Projects Echo Park Bed & Breakfast Mixed Use in Silver Lake Sunset Blvd. Mixed Use The first, located at 1251 Sunset A small apartment building in Echo CIM Group has changed up its plans The 5-story building, a joint venture Boulevard, would be a 7-story build- Park could be replaced with a hotel, by adding housing to the project. between, is billed as the first luxury ing featuring 70 apartments and 38 according to a filing yesterday with The three-story building, now rising condominiums to be built in Silver parking spaces. The second proj- the City of Los Angeles. The proper- at 4121 Santa Monica Boulevard, Lake in over a decade. The com- ect, located just north at 1275 Sun- ty, located at 1274 W. Sunset Bou- will feature 41 residential units with pleted development will feature set Boulevard, would consist of an levard, is currently improved with a 13,300 square feet of ground-floor 35 units, in addition to 2,000 SF of 8-story structure containing 77 res- two-story, three-unit structure and commercial space and a basement ground-floor restaurant space with idential units and 63 parking stalls. a small parking lot. parking structure. outdoor dining. 5 6 7 8 Walk of Fame Master Plan Netflix-Anchored Complex Thai Town Marketplace Refill Silver Lake Reservoir Gensler has been selected to design A $450-million mixed-use complex A new marketplace will soon open The Los Angeles Department of Wa- a master plan for the Hollywood from Kilroy Realty Corp. is nearing atop the Hollywood/Western sub- ter and Power has announced that Walk of Fame, a proposed $4-mil- its halfway point. The Academy on way station that is part food hall and surplus water from snowpack runoff lion makeover. The master plan is Vine - located on a full city block part small business incubator. Thai in the Eastern Sierra region will be intended to build a “more pleasant, - is highlighted by three buildings Town Marketplace is set to open on used to start refilling the Silver Lake cohesive, and enjoyable experi- containing over 350,000 SF of office the ground floor of the Metro Hol- Reservoir. Offering Memorandum ence,” along the 1.3 mile corridor. space, the entirety of which was lywood apartments at 5448 Holly- 16 leased last year by Netflix. wood Boulevard. 708 Significant N. DILLON ST. EMPLOYERS EMPLOYER EMPLOYEES DISTANCE* Eastside Los Angeles benefits from its proximity to a wide variety of major employers. In the immediate area are Capitol Records, Paramount Pictures, Kaiser Permanente, AT&T 500 0.3 Hollywood Presbyterian Medical Center, Ticketmaster, Universal City Studios, Church of Scientology 2,000 2.1 Disney and Warner Bros. As such, residents have easy access to myriad jobs in the Capitol Records 600 3.8 Color by Deluxe 626 1.8 entertainment industry as well as the health care sector. Additionally, the Eastside Paramount Pictures 1,700 2.7 offers easy commutes to major nearby employment hubs in Downtown Los Angeles, Kaiser Permanente Medical Center 3,000 2.1 West Los Angeles, and the San Fernando Valley. Hollywood Presbyterian Medical Center 1,250 1.7 Fire Insurance Exchange 2,300 2.7 Los Angeles City College 1,800 1.2 Farmers Insurance 3,000 1.9 Guardian Eagle Security 500 1.8 Ticketmaster 1,300 4.1 Universal City Studios 2,000 6.8 Technicolor 600 2.9 Walt Disney Concert Hall 500 3.1 18 Offering Memorandum Downtown Los Angeles - 4.6 21 708-712 N. DILLON STREET SUMMARYFinancial COMPARABLESMarket 27 708-712 N. DILLON SALES COMPARABLES SALES COMPARABLES STREET 708-712 North Dillon Street YEAR BUILDING CAP PRICE/ PRICE / # ADDRESS BUILT # UNITS SIZE (SF) SALE PRICE RATE GRM UNIT SF UNIT MIX 1 1441 Echo Park Drive 708-712 N.