SAN VICENTE GARDENS 5810 SAN VICENTE BLVD, LOS ANGELES, CA 90019
Offering Memorandum NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & 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. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE 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. SAN VICENTE GARDENS 14-UNIT INVESTMENT OPPORTUNITY
EXCLUSIVELY LISTED BY
ANDREW B. PARK ASSOCIATE Office 310.909.5413 [email protected] License CA 01960665
OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM A 14-UNIT COMMUNITY IN THE HEART OF LOS ANGELES SAN VICENTE GARDENS 5810 SAN VICENTE BLVD, LA, CA 90019
TABLE OF CONTENTS
EXECUTIVE SUMMARY FINANCIAL ANALYSIS SECTION 1 SECTION 4 01 Investment Overview • Investment Highlights 22 Pricing Details • Operating Data • Rent Roll Location
PROPERTY DESCRIPTION COMPARABLE PROPERTIES SECTION 2 SECTION 5 08 Property Details • Regional Map • Property Photos 28 Sales Comparables • Rent Comparables
MARKET OVERVIEW SECTION 3 12 Overview • Location Highlights Market Aerial • Demographics
EXCLUSIVELY LISTED BY: This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 EXECUTIVE SUMMARY
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // EXECUTIVE SUMMARY SAN VICENTE GARDENS //
1
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The Miracle Mile neighborhood boasts some of the strongest demographicsradius inof Losthe Angeles.site, the Within average a one-milehousehold income is in excess of $101,000excess of and $935,000. the average The affluenthome value neighborhood is in is sought after by professionalscenter including that Century work in City, nearby Hollywood, employment West Hollywood, Beverly Hills and museums. of local entertainment, grocers, restaurants, bars, schools in close walking distance to a variety and Culver City. The the Property is also Located at 5810 San Vicente Boulevard, the Property is within a 15-minutePurple Line walk station from the (opening Wilshire/Fairfax in 2023), providingMetro direct access to Hills,Downtown and Los Westwood. Angeles, Mid-Wilshire, Beverly THE OFFERING Gardens - a 14-unit apart is offering for sale San Vicente as the exclusive listing agent, Marcus & Millichap, ment community located in the Miracle Mile District of Los Angelesin and 1958, adjacent the Property to Beverly is situatedHills. Originally on a large built 9,321 square foot parcel and consists of one two-story structure.
SAN VICENTE GARDENS // EXECUTIVE SUMMARY 2 3 SAN VICENTE GARDENS // EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS
► TRANSIT ORIENTED INVESTMENT - Located in an irreplaceable transit-oriented location just 15-minute walk from the Wilshire/Fairfax Metro Purple Line station and convenient access to the Santa Monica and Holly- wood freeways.
► VIBRANT NEIGHBORHOOD - San Vicente Gardens is ideally located near the trendy shopping and dining dis- tricts of 3rd Street, Fairfax Avenue, Melrose Avenue and Robertson Boulevard, as well as popular retail and entertainment complexes like the Beverly Center, the Farmer’s Market, and The Grove.
► PROXIMITY TO MAJOR EMPLOYERS - Centrally located in Los Angeles with excellent accessibility to over 100 million square feet of office space and employment hubs within a 5- to 20-minute drive including industry giants such as Netflix, Paramount, and Viacom.
► VALUE ADD POTENTIAL - Opportunity to capitalize on strategic enhancements to the Property’s common areas and community amenities to increase rents.
ICON HIGHLIGHT ICON HIGHLIGHT ICON HIGHLIGHT PLACED HERE PLACED HERE PLACED HERE 5 SAN VICENTE GARDENS // EXECUTIVE SUMMARY property tours must be arranged with the Marcus & Millichap contacted without prior approval. on-site management or staff be listing agents. At no time shall the tenants, PROPERTY TOURS PROPERTY Prospective purchasers are encouraged to visit the However,subject all property property prior tours to must submitting be arranged offers. with the management or staff without prior approval. do not contact the tenants, on-site Marcus & Millichap listing agent. Please INTEREST OFFERED INTEREST Marcus & Millichap has been selected to exclusively CA 90019. 5810 San Vicente Blvd, Los Angeles, located at community, 14-unit multifamily market for sale San Vicente Gardens, a SALE TERMS OF and clear of existing debt. The Property is being offered free SUMMARY OF TERMS SUMMARY
SAN VICENTE GARDENS // EXECUTIVE SUMMARY 6 7 SAN VICENTE GARDENS // EXECUTIVE SUMMARY This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 PROPERTY DESCRIPTION
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // PROPERTY DESCRIPTION PROPERTY SAN VICENTE GARDENS //
9 PROPERTY DETAILS SAN VICENTE GARDENS // PROPERTY DESCRIPTION
SAN VCENTE GARDENS
5810 San Vicente Blvd Property Address Los Angeles, CA 90019
Assessor’s Parcel Number 5085-023-021
Zoning R3-1
Units 14
Year Built 1958
Gross SF 10,147 SF
Lot Area 9,321 SF
Parking 8 Single Spaces
UNIT MIX # OF UNITS
STUDIO / 1 BATH 2
1 BED / 1 BATH 9
2 BED / 1 BATH 3
10 Regional Map
Delete this after map is inserted
SUBJECT PROPERTY NAME SAN VICENTE GARDENS // PROPERTY DESCRIPTION PROPERTY SAN VICENTE GARDENS //
11 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 MARKET OVERVIEW
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS //
13 TRANSIT ORIENTED INVESTMENT
SAN VICENTE GARDENS // MARKET OVERVIEW The Property is ideally located in Mid-Wilshire, one of the most desirable neighborhoods in Los Angeles, located less than one-mile from the Wilshire/Fairfax Purple Line Metro Station. This address provides unparalleled access to the abundance of neighborhoods that make up the city of Los Angeles. As the Purple Line continues its expansion west ward, residents will also have subway transit to Beverly Hills, Century City and Westwood from this vibrant location.
Future renters traveling from the Property can expect to travel the new nine-mile extension:
► Wilshire/La Brea, Wilshire/Fairfax
► Wilshire/La Cienega
► Wilshire/Rodeo
► Century City/Constellation
► Westwood/UCLA, Westwood/VA Hospital
14 15 SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS // MARKET OVERVIEW 16 ACCESSIBILITY TO JOBS
Centrally located in Los Angeles, San Vicente Gardens offers residents immediate access to over 100 milion square feet of office in less than 30 minutes at Century City, Hollywood, West Hollywood, Beverly Hills, Culver City and Downtown Los Angeles.
PROXIMITY TO EMPLOYMENT CENTERS
► DOWNTOWN LOS ANGELES - 30 Million SF Office ► KOREATOWN/MID-WILSHIRE - 13.7 Million SF Office ► HOLLYWOOD - 11.4 Million SF Office ► WEST HOLLYWOOD - 7.2 Million SF Office ► BEVERLY HILLS & CENTURY CITY - 22 Million SF Office ► MIRACLE MILE - 5.8 Million SF Office SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS //
17 VIBRANT NEIGHBORHOOD
SAN VICENTE GARDENS // MARKET OVERVIEW The Property is within walking distance to Museum Row on Miracle Mile. Miracle Mile is a stretch on Wilshire Boulevard between Fairfax Avenue and La Brea Avenue - and it is home to four major Los Ange- les museums: L.A. County Museum of Art, La Brea Tar Pits and Museum, Craft and Folk Art Museum, and Petersen’s Auto Museum. These world-famous museums and arts centers of Los Angeles County draw millions of visitors annually. The area is within an easy drive or bus ride to The Grove and Farmers Market.
EMPLOYERS, ARTS & ENTERTAINMENT
► CBS Studios, E! News, Style Network, Fox Studio
► L.A. Museum of Art (LACMA)
► SLS Hotel at Beverly Hills, The Hotel Wilshire
LUXURY SHOPPING
► Rodeo Drive
► The Beverly Center
► Westfield Century City
► The Grove
MEDICAL CENTERS
► Cedars-Sinai, Miracle Mile, and Olympic Medical Center
18 19 SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS // MARKET OVERVIEW 20 SAN VICENTE GARDENS 14-UNIT INVESTMENT OPPORTUNITY
COMPELLING DEMOGRAPHIC HIGHTLIGHTS
► 2019 Total Population (1 Mile): 49,298 ► 2019 Average Household Inc. (1 Mile): $101,482 ► 2019 Median Household Inc. (1 Mile): $72,455 ► Median Home Value (1 Mile): $1,018,284 SAN VICENTE GARDENS // MARKET OVERVIEW SAN VICENTE GARDENS //
21 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 FINANCIAL ANALYSIS
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // FINANCIAL ANALYSIS SAN VICENTE GARDENS //
1723 RENT ROLL SAN VICENTE GARDENS // FINANCIAL ANALYSIS
24 OPERATING STATEMET SAN VICENTE GARDENS // FINANCIAL ANALYSIS SAN VICENTE GARDENS //
25 PRICING DETAIL SAN VICENTE GARDENS // FINANCIAL ANALYSIS
26 27 SAN VICENTE GARDENS // FINANCIAL ANALYSIS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, as- sumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap ACT ID Z0000000 COMPARABLE PROPERTIES
5810 SAN VICENTE BLVD SAN VICENTE GARDENS // COMPARABLE PROPERTIES COMPARABLE SAN VICENTE GARDENS //
29 SAN VICENTE GARDENS // COMPARABLE PROPERTIES SALES COMPARABLES – SUMMARY
PRICE PER SALES COMPARABLES PRICE UNITS PRICE PER SF UNIT
5810 San Vicente Blvd $4,000,000 14 $285,714 $394.21
1) 1242 S Ogden Dr $2,360,000 8 $295,000 $357.09
2) 1164 S Fairfax Ave $1,850,000 8 $231,250 $333.09
3) 5761 San Vicente Blvd $1,665,000 6 $277,500 $323.80
4) 800-830 S Fairfax Ave $15,000,000 40 $375,000 $456.14
5) 1041-1053 1/2 S Genesee Ave $4,450,000 12 $370,833 $371.86
6) 1150 Masselin Ave $2,826,000 10 $282,600 $322.31
7) 5710 San Vicente Blvd $1,415,000 6 $235,833 $384.51
7) 1837-1841 S Redondo Blvd $4,777,200 16 $298,575 $393.02
AVERAGE $295,431 $364.11
30 31 SAN VICENTE GARDENS // COMPARABLE PROPERTIES SALES COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
San Vicente Gardens 1 1242 S OGDEN DR 5810 San Vicente Blvd, LA, CA 90019 1242 S Ogden Dr, LA, CA 90019
SALES PRICE $4,000,000 SALES PRICE $2,360,000
Sale Date 02/14/2019
No. of Units 14 No. of Units 8
Year Built 1958 Year Built 1957
Price Per Unit $285,714 Price Per Unit $295,000
Price Per SF $394.21 Price Per SF $357.09
UNIT TYPE UNIT TYPE
Studio 2 Studio 1
1 Bed / 1 Bath 9 1 Bed / 1 Bath 2
2 Bed / 1 Bath 3 2 Bed / 1 Bath 5
32 2 1164 S FAIRFAX AVE 3 5761 SAN VICENTE BLVD 1164 S Fairfax Ave, LA, CA 90019 5761 San Vicente Blvd, LA, CA 90019
SALES PRICE $1,850,000 SALES PRICE $1,665,000
Sale Date 11/28/2018 Sale Date 01/31/2019
No. of Units 8 No. of Units 6
Year Built 1950 Year Built 1949
Price Per Unit $231,250 Price Per Unit $277,500
Price Per SF $333.09 Price Per SF $323.80
UNIT TYPE UNIT TYPE
Studio 1 1 Bed / 1 Bath 4 PROPERTIES COMPARABLE SAN VICENTE GARDENS //
1 Bed / 1 Bath 5 2 Bed / 1 Bath 2
2 Bed / 1 Bath 2
33 SALES COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
4 800-830 FAIRFAX AVE 5 1041-1053 1/2 S GENESEE AVE 6 800 S Fairfax Ave, LA, CA 90036 1041-1053 1/2 S Genesee Ave, LA, CA 90019
SALES PRICE $15,000,000 SALES PRICE $4,450,000
Sale Date 04/08/2019 Sale Date 06/26/2019
No. of Units 40 No. of Units 12
Year Built 1951 Year Built 1936
Price Per Unit $375,000 Price Per Unit $370,833
Price Per SF $456.14 Price Per SF $371.86
UNIT TYPE UNIT TYPE
1 Bed / 1 Bath 7
2 Bed / 1 Bath 5
34 6 1150 MASSELIN AVE 7 5701 SAN VICENTE BLVD 1150 Masselin Ave, LA, CA 90019 5701 San Vicente Blvd, LA, CA 90019
SALES PRICE $2,826,000 SALES PRICE $1,415,000
Sale Date 04/05/2019 Sale Date 06/11/2019
No. of Units 10 No. of Units 6
Year Built 1948 Year Built 1949
Price Per Unit $282,600 Price Per Unit $235,833
Price Per SF $322.31 Price Per SF $384.51
UNIT TYPE UNIT TYPE
1 Bed / 1 Bath 6 Studio 4 PROPERTIES COMPARABLE SAN VICENTE GARDENS //
2 Bed / 1 Bath 4 1 Bed / 1 Bath 2
35 SAN VICENTE GARDENS // COMPARABLE PROPERTIES LEASE COMPARABLES – SUMMARY
LEASE COMPARABLES STUDIO ONE BED TWO BED RENT/SF
5810 San Vicente Blvd VACANT $1,267 $1,166 $1.47
1) VINZ On Fairfax $2,939 $3,638 $4,698 $4.29
2) 1117 S Cochran Ave - - $3,100 $2.48
3) 1106 S Fairfax Ave - $2,395 - $2.99
4) 345 S Cloverdale Ave $2,050 - - $3.77
36 37 SANPROPERTY VICENTE NAME GARDENS HERE //// COMPARABLECOMPARABLE PROPERTIESPROPERTIES LEASE COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
1 VINZ ON FAIRFAX SAN VICENTE GARDENS 950 S Fairfax Ave, LA, CA 90036 5810 San Vicente Blvd, LA, CA 90019
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
Studio - Vacant - Studio 547-648 $2,939 $4.92
One Bed - $1,267 - One Bed 755-940 $3,638 $4.29
Two Bed - $1,166 - Two Bed 1,090-1,323 $4,698 $3.89
14 1958 144 2018 TOTAL UNITS YEAR BUILT TOTAL UNITS YEAR BUILT
38 2 1117 S COCHRAN AVE 3 1106 S FAIRFAX AVE 1117 S Cochran Ave, LA, CA 90019 1106 S Fairfax Ave, LA, CA 90019
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
Studio - - - Studio - - -
One Bed - - - One Bed 800 $2,395 -
Two Bed 1,250 $3,100 $2.48 Two Bed - - -
6 1928 19 1959
TOTAL UNITS YEAR BUILT TOTAL UNITS YEAR BUILT PROPERTIES COMPARABLE SAN VICENTE GARDENS //
39 LEASE COMPARABLES SAN VICENTE GARDENS // COMPARABLE PROPERTIES
4 345 S CLOVERDALE AVE 345 S Cloverdale Ave, LA, CA 90036
UNIT TYPE SQFT RENT RENT/SF
Studio - $2,050 -
One Bed - - -
Two Bed - - -
36 1990 TOTAL UNITS YEAR BUILT
40 SAN VICENTE GARDENS
EXCLUSIVELY LISTED BY
Andrew B. Park Associate Office 310.909.5413 [email protected] License CA 01960665