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For Sale: 72 Unit Apartment Building Maya Apartments

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For Sale: 72 Unit Apartment Building Maya Apartments FOR SALE: 72 UNIT APARTMENT BUILDING MAYA APARTMENTS 535 South Kingsley Dr. | Los Angeles, CA Price: $34,600,000 www.535SouthKingsley.com Offers 1 Due: wwwTuesday,. 535SouthKingsley.com June 30, 2020 by 5:00 PM Call For Tours DOWNTOWN LOS ANGELES NORMANDIE AVE WILSHIRE BOULEVARD 535 South Kingsley Dr. Los Angeles, CA W 5TH STREET S ARDMORE AVENUE S KINGSLEY DRIVE W 6TH STREET HARVARD BLVD 2 www. 535SouthKingsley.com MAYA APARTMENTS "LOCATED IN THE HEART OF KOREATOWN" Century City Santa Monica Beverly Hills WESTERN AVENUE 535 South Kingsley Dr. Los Angeles, CA WILSHIRE BOULEVARD KOREATOWN S KINGSLEY DRIVE S ARDMORE AVENUE W 6TH STREET W 5TH STREET W 4TH ST 4TH W NORMANDIE AVE 3 www. 535SouthKingsley.com MAYA APARTMENTS Hollywood WESTERN AVENUE 535 South Kingsley Dr. Los Angeles, CA W 5TH STREET HOBART BOULEVARD W 6TH STREET S KINGSLEY DRIVE S ARDMORE AVENUE 4 www. 535SouthKingsley.com MAYA APARTMENTS KOREATOWN WILSHIRE BOULEVARD 535 South Kingsley Dr. Los Angeles, CA HOBART BOULEVARD W 6TH STREET HARVARD BOULEVARD S KINGSLEY DRIVE KINGSLEY S S ARDMORE AVENUE W 5TH STREET 5 www. 535SouthKingsley.com MAYA APARTMENTS 535 South Kingsley Dr. Los Angeles, CA PACIFIC OCEAN 6 www. 535SouthKingsley.com MAYA APARTMENTS 535 South Kingsley Dr. Los Angeles, CA 7 www. 535SouthKingsley.com MAYA APARTMENTS 8 www. 535SouthKingsley.com Rooftop View 9 www. 535SouthKingsley.com Living Room 10 www. 535SouthKingsley.com Common Area Lounge TABLE OF CONTENTS: CONTACT LAURIE LUSTIG-BOWER Executive Vice President I EXECUTIVE SUMMARY Lic. 00979360 II PROPERTY DESCRIPTION +1 310 550 2556 [email protected] III FINANCIAL ANALYSIS & COMPARABLES IV AREA OVERVIEW KAMRAN PAYDAR Vice President Lic. 01242590 +1 310 550 2529 Offers Due: Tuesday, June 30, 2020 by 5:00 PM [email protected] Call For Tours www.535SouthKingsley.com 11 www. 535SouthKingsley.com EXECUTIVE SUMMARY 12 www. 535SouthKingsley.com THE OPPORTUNITY CBRE, Inc., as exclusive agent is pleased to present for sale Maya Apartments, a newly built boutique 72-unit apartment building in the thriving Koreatown neighborhood of Los Angeles, California. Built in 2018, Maya Apartments offers a mix of designer appointed 1-bedroom and 2-bedroom units and ample common area amenities. Common area spaces include a clubhouse, courtyard with swimming pool, gym, barbeque, fire pit, and a furnished roof-top deck that offers spectacular views of the Downtown Los Angeles skyline and the Hollywood Hills. Located at 535 South Kingsley Drive, in the heart of Los Angeles, Maya Apartments boast a “Very Walkable” WalkScore of 89 out of 100. The Property is within convenient access to an abundance of local dining, shopping, and entertainment destinations as well as mass transportation. Key employment centers are located nearby along the Wilshire Corridor, Downtown Los Angeles, Hollywood, Beverly Hills and Century City. Koreatown’s bustling 24/7 array of restaurants and nightlife, and the famed Wiltern Theater are at Maya Apartments' doorstep. Sports and entertainment venues in Downtown Los Angeles, Hollywood theaters and attractions, historic Larchmont Village’s charming cafés and boutiques, the Museum District and Griffith Park are all nearby the Property. Maya Apartments offer excellent access to transit options as the Property is located midway between two Metro portals, Wilshire/ Western station and Wilshire/Normandie station, providing easy access to Downtown Los Angeles and Hollywood. Upon completion of the Purple Line extension, additional westbound stops will include La Price: $34,600,000 Cienega, Fairfax, Beverly Hills, Century City, and Westwood. Offers 13Due: Tuesday, www. 535SouthKingsley.com June 30, 2020 by 5:00 PM Call For Tours INVESTMENT HIGHLIGHTS • 2018-built designer appointed units • Attractive mix of 1-bedroom, and 2-bedroom units • Beautiful common area amenities • Excellent WalkScore: 89 out of 100 – “Very Walkable” • Proximate to two Metro subway portals at Wilshire/Western and Wilshire/Normandie Price: $34,600,000 Current Cap Rate: 4.00% Projected Cap Rate: 4.69% Price Per SF: $497 14 www. 535SouthKingsley.com LOCATION HIGHLIGHTS • Outstanding Koreatown location: – Proximate to trendy hotels and nightlife. – An abundance of shopping centers and boutiques including Koreatown Galleria, Chapman Plaza, and City Center on 6th. • Area Restaurants include: Kang Ho-Dong Baekjeong, Guelaguetza, Shin Beijing, Jihwaja Rice Bakery, The Boiling Crab, and Cake House. • Area Amenities include: The Line Hotel, Hotel Normandie, The Wiltern Theater, Koreatown Plaza. • Convenient to Key Los Angeles Employer Concentrations: – Downtown Los Angeles, Hollywood, West Hollywood, Mid-Wilshire/Miracle Mile, Beverly Hills, Century City, and Culver City. Proximate to Two Metro Subway Portals: Submarket Occupancy 2 Wilshire/Western 94.7% Strong Income Potential Wilshire/Normandie 15 www. 535SouthKingsley.com 16 www. 535SouthKingsley.com Bedroom 17 www. 535SouthKingsley.com Bathroom PROPERTY DESCRIPTION 18 www. 535SouthKingsley.com PROPERTY FACTS ADDRESS 535 South Kingsley Drive Los Angeles, CA 90020 ASSESSOR PARCEL NUMBER 5503-023-019 NUMBER OF BUILDINGS 1 NUMBER OF UNITS 72 PARKING SPACES 92 Parking – Above Ground and Subterranean BUILDING SIZE ±91,604 SF YEAR BUILT 2018 UTILITIES Separately metered for electricity UNIT MIX Most tenants pay for water utility - calculated and Number Unit Type Avg. Size Avg. Rent billed via a third party utility management company of Units MECHANICAL 1+1 36 660 SF $2,246 Individual Air Conditioning Heat Individual – Electric 2+2 36 1,023 SF $2,933 Central Domestic Hot Water – Electric Total 72 842 SF $2,590 19 www. 535SouthKingsley.com UNIT INTERIORS FEATURE • In-Home Washer/Dryer • Above Standard Ceiling Height • Walk-In-Closets With Custom Built-In Storage • Hardwood Style Flooring in Living Areas and Bedrooms • Private Balconies • Stainless Steel GE Appliances • Microwave Ovens • Quartz Countertops • High Speed Internet Access • Nest Learning Thermostat System • Kohler Plumbing Fixtures 20 www. 535SouthKingsley.com AMENITIES • Roof Top Deck With Exceptional Views of Los Angeles • On-Site Secured Parking • Clubhouse • Gym • Pool • BBQ/Picnic Area • Fire Pit Area • Bike Storage 21 www. 535SouthKingsley.com 22 www. 535SouthKingsley.com Bathroom 23 www. 535SouthKingsley.com Gym 24 www. 535SouthKingsley.com Kitchen FLOORPLANS ONE BEDROOM, ONE BATHROOM ONE BEDROOM, ONE BATHROOM UNIT B UNIT A1 566 SF 580-677 SF 25 www. 535SouthKingsley.com MAYA APARTMENTS FLOORPLANS ONE BEDROOM, ONE BATHROOM ONE BEDROOM, ONE BATHROOM UNIT A2 UNIT D 648-820 SF 689-704 SF 26 www. 535SouthKingsley.com MAYA APARTMENTS FLOORPLANS TWO BEDROOM, TWO BATHROOM TWO BEDROOM, TWO BATHROOM UNIT H1 UNIT E 975-982 SF 1077-1078 SF 27 www. 535SouthKingsley.com MAYA APARTMENTS FLOORPLANS TWO BEDROOM, TWO BATHROOM TWO BEDROOM, TWO BATHROOM UNIT F UNIT C 909-1046 SF 1265 SF 28 www. 535SouthKingsley.com MAYA APARTMENTS FLOORPLANS TWO BEDROOM, TWO BATHROOM TWO BEDROOM, TWO BATHROOM UNIT G1 UNIT G2 987-1001 SF 1036-1059 SF 29 www. 535SouthKingsley.com MAYA APARTMENTS FINANCIAL ANALYSIS & COMPARABLES 30 www. 535SouthKingsley.com RENT ROLL MAYA AsAPAR TofME NJuneTS - 535 S2020 KINGSLEY DR RENT ROLL AS OF JUNE 2020 Unit Number Est. SF Type Current Rent Current Rent/SF Forecast Forecast Rent/SF Move-In Lease End Notes 201 689 1 + 1 $2,218 $3.22 $2,585 $3.75 10/26/2019 4/25/2021 202 935 2 + 2 $798 $0.85 $798 $0.85 4/30/2019 4/29/2021 Affordable Unit 203 580 1 + 1 $2,075 $3.58 $2,425 $4.18 4/2/2020 M-T-M 204 1,059 2 + 2 $2,673 $2.52 $3,450 $3.26 3/1/2020 2/28/2021 205 1,037 2 + 2 $3,090 $2.98 $3,450 $3.33 8/24/2019 9/23/2020 206 667 1 + 1 $2,585 $3.88 $2,585 $3.88 1/1/2020 12/31/2021 207 982 2 + 2 $2,700 $2.75 $3,425 $3.49 1/18/2020 2/17/2021 208 648 1 + 1 $1,850 $2.85 $2,585 $3.99 10/11/2019 10/10/2021 209 671 1 + 1 $2,585 $3.85 $2,585 $3.85 - - Vacant 210 987 2 + 2 $3,425 $3.47 $3,425 $3.47 - - Vacant 212 771 1 + 1 $2,390 $3.10 $2,600 $3.37 11/1/2019 11/30/2020 301 704 1 + 1 $2,048 $2.91 $2,600 $3.69 10/26/2019 10/25/2021 302 909 2 + 2 $3,350 $3.69 $3,350 $3.69 - - Vacant 303 594 1 + 1 $710 $1.20 $710 $1.20 6/1/2019 5/31/2021 Affordable Unit 304 1,057 2 + 2 $3,265 $3.09 $3,450 $3.26 9/1/2019 2/28/2021 305 1,046 2 + 2 $2,685 $2.57 $3,450 $3.30 10/11/2019 11/10/2020 306 675 1 + 1 $2,585 $3.83 $2,585 $3.83 - - Vacant 307 975 2 + 2 $2,808 $2.88 $3,400 $3.49 11/1/2019 11/30/2021 308 649 1 + 1 $1,800 $2.77 $2,585 $3.98 11/11/2019 12/10/2019 309 654 1 + 1 $2,585 $3.95 $2,585 $3.95 - - Vacant 310 999 2 + 2 $3,425 $3.43 $3,425 $3.43 - - Vacant (Model Unit) 312 1,265 2 + 2 $3,480 $2.75 $3,680 $2.91 6/1/2019 5/31/2020 313 1,077 2 + 2 $745 $0.69 $745 $0.69 8/1/2019 7/31/2020 Affordable Unit 401 704 1 + 1 $2,270 $3.22 $2,585 $3.67 12/14/2019 10/13/2021 402 909 2 + 2 $2,990 $3.29 $3,350 $3.69 8/14/2019 2/13/2021 403 594 1 + 1 $2,290 $3.86 $2,425 $4.08 5/23/2019 6/22/2020 404 1,057 2 + 2 $2,992 $2.83 $3,450 $3.26 11/1/2019 4/30/2021 405 1,046 2 + 2 $3,345 $3.20 $3,450 $3.30 5/15/2018 6/30/2020 406 675 1 + 1 $2,585 $3.83 $2,585 $3.83 1/30/2020 M-T-M 407 975 2 + 2 $2,950 $3.03 $3,400 $3.49 3/13/2020 3/12/2021 408 649 1 + 1 $2,289 $3.53 $2,585 $3.98 11/1/2019 10/31/2021 409 654 1 + 1 $710 $1.09 $710 $1.09 6/2/2019 6/1/2021 Affordable Unit 410 999 2 + 2 $3,425 $3.43 $3,425 $3.43 - - Vacant 412 1,265 2 + 2 $3,595 $2.84 $3,680 $2.91 11/1/2018 MTM 413 1,077 2 + 2 $2,801 $2.60 $3,450 $3.20 10/31/2019 11/30/2020 501 704 1 + 1 $2,585 $3.67 $2,585 $3.67 4/1/2020 3/31/2021 502 909 2 + 2 $3,125 $3.44 $3,350 $3.69 7/15/2019 8/14/2020 503 594 1 + 1 $2,425 $4.08 $2,425 $4.08 4/29/2019 M-T-M 504 1,057 2 + 2 $3,029 $2.87 $3,450 $3.26 10/31/2019 10/31/2020 505 1,044 2 + 2 $3,450 $3.30 $3,450 $3.30 - - Vacant 506 677 1 + 1 $2,450 $3.62 $2,585 $3.82 8/8/2019 2/7/2021 507 975 2 + 2 $798 $0.82 $798 $0.82 3/1/2020 2/28/2021 Affordable Unit 508 648 1 + 1 $2,585 $3.99 $2,585 $3.99 5/12/2019 5/31/2020 You are509 solely responsible654 for independently1 + 1 verifying$2,500 the information$3.82 in this $2,585Memorandum.
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