1447 E WINDSOR ROAD [email protected] GLENDALE, CA 91205 Mobile: 626.533.4867 BRE# 01493031 $2,050,000 I $341,666 PER UNIT I 4.80% in PLACE CAP RATE
Total Page:16
File Type:pdf, Size:1020Kb
Presented By: Offering Memorandum I 6-Unit Apartment Building JOYTI GOUNDAR Realtor 1447 E WINDSOR ROAD [email protected] GLENDALE, CA 91205 Mobile: 626.533.4867 BRE# 01493031 $2,050,000 I $341,666 PER UNIT I 4.80% IN PLACE CAP RATE PROPERTY PROFILE 1447 E WINDSOR RD, GLENDALE, CA 91205 INVESTMENT SUMMARY Well maintained six unit apartment complex located in the city of Glendale California, which has no rent control (buyer to investigate). This complex is within Price $2,050,000 walking distance to grocery, several restaurants/cafes and a short commute to Glendale Galleria and The Americana, which are major retail/entertainment Year Built 1982 attractions. It is also conveniently located near two major freeways (134 & 5). Units 6 All units are 2 bedroom / 2 bathroom with the majority upgraded. Long-term tenants are in place, with potential for upside in rent. The Owner has made Price/Unit $ 341,666 substantial capital improvements. Building SF 4,992 Please do not disturb the tenants; contact agent for showing instructions. Price/Building SF $410.65 Lot Size (Acre/SF) 0.213 / 9,274 Floors 2 Parking 10 Zoning GLR4 APN 5683-003-020 Cap Rate 4.80% NOI $ 98,534 GRM 18.90 PROPERTY PROFILE 1447 E WINDSOR RD, GLENDALE, CA 91205 KEY HIGHLIGHTS q Exterior building recently painted q Two units have been fully upgraded, three units are partially upgraded q Drought tolerant landscaping q Central Heat and AC System q Automatic lighting with timers q New patio sets q Laundry room upgraded with new washer and dryer PROPERTY PHOTOS 1447 E WINDSOR RD, GLENDALE, CA 91205 REGIONAL MAP 1447 E WINDSOR RD, GLENDALE, CA 91205 Subject Property PROPERTY AERIAL 1447 E WINDSOR RD, GLENDALE, CA 91205 1447 E WINDSOR RD OPERATING STATEMENT SUMMARY 1447 E WINDSOR RD, GLENDALE, CA 91205 Revenue Actual Pro Forma Gross Potential Rent $ 132,240 $ 156,960 Less Vacancy $ - $ 0 Misc Income (Laundry, Late Fees) $ 3,918 $ 3,918 Effective Gross Income $ 136,158 $ 160,878 Less Expenses $ 37,624 $ 36,124 Net Operating Income $ 98,534 $ 124,754 Debt Service $ - $ - Total Return $ 98,534 $ 124,754 Estimated Expenses Administrative $ 0 $ 0 Repairs & Maintenance $ 4,800 $ 5,000 Landscaping $ 990 $ 1,000 Management Fees $ 0 $ 0 Turnover Expense $ 1,500 $ 1,500 Miscellaneous $ 189 $ 189 Insurance $ 3,006 $ 3,006 Taxes $ 23,026 $ 23,026 Utility - Electric $ 1,537 $ 1,537 Utility - Trash $ 1,431 $ 1,431 Utility - Water, Sewer, Back Flow $ 1,145 $ 1,145 Total Expenses $ 37,624 $ 37,834 Expenses Per RSF $ 8.74 $ 7.89 Expenses Per Unit $ 6,302 $ 5,686 The above is for information purposes only. Todd Real Estate does not guarantee the accuracy of this information sheet. Pro Forma numbers based upon Property Management bids and rental comparables. RENT ROLL RENT ROLL SUMMARY 1447 E WINDSOR RD, GLENDALE, CA 91205 as of 6/1/16 UNIT OCCUPIED/ FLOOR PLAN CURRENT RENT CURRENT AVERAGE PRO PRO FORMA LOSS TO LOSS TO VACANT SCHEDULED FORMA RENT GROSS INCOME LEASE LEASE % GROSS INCOME 1 O 2/2 $ 1,732 $ 20,790 $ 2,180 $ 26,160 $ 5,370 21% 2 O 2/2 1,732 20,790 2,180 26,160 5,370 21% 3 O 2/2 1,732 20,790 2,180 26,160 5,370 21% 4 O 2/2 1,995 23,940 2,180 26,160 2,220 8% 5 O 2/2 2,095 25,140 2,180 26,160 1,020 4% 6 O 2/2 1,732 20,790 2,180 26,160 5,370 21% Totals/Averages: 12 $ 11,020 $ 132,240 $ 13,080 $ 156,960 $ 18,600 12% The above is for information purposes only. Todd Real Estate does not guarantee the accuracy of this information sheet. Pro Forma rent based upon market rent comparables from various sources. SALES COMPARABLES 1447 E WINDSOR RD, GLENDALE, CA 91205 ADDRESS YEAR SALE DATE SALE $PSF CAP GRM $ PER UNIT bLDG SF # OF BUILT PRICE RATE UNITS ($) 415 Fischer St 1954 10/18 $1.9 M $353.16 4.0 16.6 $316,666 5,380 6 Glendale, CA (0.5 miles) 921 S Chevy Chase 1985 9/18 $2.8 M $354.61 --- --- $400,000 7,896 7 Glendale, CA 1140 E Garfield Ave 1948 8/18 $2.88 M $453.97 --- --- $288,000 6,344 10 Glendale, CA 1113 E Acacia 1956 8/18 $2.80 M $349.65 --- --- $311,111 8,008 9 Glendale, CA AVERAGES $2.510 M $377.84 4.0 16.6 $328,944 1447 E Windsor 1982 $2.050 M $410.65 4.80 18.90 $341,666 4,992 6 The above is for information purposes only. Todd Real Estate does not guarantee the accuracy of this information sheet. SALES COMPS MAP 1447 E WINDSOR RD, GLENDALE, CA 91205 E A 1447 E. Windsor Rd, Glendale, CA A 415 Fischer, Glendale, CA 0.5 mi B 921 S. Chevy Chase Dr, Glendale, 0.6 mi C CA C 1140 E. Garfield Ave, Glendale, CA 0.6 mi D B D 1113 E. Acacia Ave, Glendale, CA 0.7 mi E 335 N. Isabel, Glendale, CA 1.8 mi RENT COMPARABLES 2 BD/ 2 BTH 1447 E WINDSOR RD, GLENDALE, CA 91205 ADDRESS DISTANCE FROM SF RENT SUbJECT PROPERTY 1010 E Acacia 0.8 925 $2,195 Glendale, CA 1012 E Acacia 0.8 930 $2,149 Glendale, CA 411 Lincoln Ave 0.6 900 $2,250 Glendale, CA 920 E Harvard St 1.1 1,050 $2,150 Glendale, CA 127 S Adams St 1.0 1,000 $2,150 Glendale, A Average Rent $2,179 The above is for information purposes only. Todd Real Estate does not guarantee the accuracy of this information sheet. RENT COMPS MAP 1447 E WINDSOR RD, GLENDALE, CA 91205 E D C 1447 E. Windsor Rd, Glendale, CA A 1010 E. Acacia, Glendale, CA 0.8 mi B 1012 E. Acacia, Glendale, CA 0.8 mi C 411 Lincoln Ave, Glendale, CA 0.6 mi B D 920 E. Harvard St, Glendale, CA 1.1 mi A E 127 S. Adams St, Glendale, CA 1.0 mi AREA AMENITIES 1447 E WINDSOR RD, GLENDALE, CA 91205 10 Restaurants/ Retail 6 Cafes 2 1. McDonald’s 1. Ralph’s 2. Starbucks 2. CVS 3. Burger King 3. Jon’s Marketplace 11 4. Coffee Bean 4. Whole Foods 5. Jack-in-the-Box 5. Smart & Final 4 6. Pizza Boy 6. Rite Aid 7. Wing Street 7. Eagle Rock Plaza 1 8. Thai Food Express 8. Target 4 9. Fu House Chinese 9. Glendale Galleria 10 5 10. Popeyes 10. Glendale Fashion Ctr 4 3 11. Scarantino’s Italian 11. Glendale Marketplace 16 12. Taco Azteca 12. Verdugo Produce & 11 10 13. Wingstop Deli 14 14. Big Jim’s Donuts 13. Shell Gas Station 14 16 15. Zankou Chicken 14. Glenvista Pharmacy 13 1 6 2 16. KFC 15. Star Brite Cleaners 12 15 9 5 16. U.S. Postal Service 12 Entertainment 17. Glendale Florist tarbucBurk18. The Americana at 8 1. Troy Drive-In 6 3 15 Brand 13 2. Pacific Theatres Hospitals 6 8 2 5 13 3. Alex Theatre 5 1. Adventist Health 3 3 2 1 2 9 11 7 10 4. Glendale Ctr Theatre Glendale Hospital 16 1 5. Hookah Lounge 2. Adventist Health 1 6. Dave’s on Broadway Urgent Care 7 8 Bar 17 1 7. Library Connection Schools 8. Glendale Central 12 Library 1. Glendale H.S. 9. Maple Park 2. First Lutheran School 9 Community Ctr 3. Glendale Preschool 10. YMCA 4. Glendale Community 11. 24 – Hr Fitness College 12. LA Fitness 5. John Muir 5 13. Gold’s Gym Elementary 4 14. Orangetheory Bank 1447 E WINDSOR RD 1. Wells Fargo 7 .