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Offering Memorandum 4 Units

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Offering Memorandum 4 Units Offering Memorandum 4 Units 521 West Riggin Street, Monterey Park Presented by: John Mociak Senior Investment Associate, BRE #01708711 830 South Sepulveda Boulevard, Suite 200 El Segundo, CA 90245 Office: (310) 939-9359 Cell: (310) 872-0963 [email protected] Table of Contents 1. Narrative 2. Pricing Sheet 3. Exterior Photos 4. Interior Photos 5. Location Information & Maps 6. Market Analysis & Sales Comparables 7. Additional Recent Transactions 8. Rent Comparables Narrative Rare opportunity to acquire a cash flow income property in highly sought after Monterey Park. Excellent investment metrics: $98,940 Gross Scheduled Income, 4.92% Cap Rate, 14.23 Gross Rent Multiplier. Monterey Park was named the third best American City to live in by Money Magazine in 2017, and has been thriving ever since. The multifamily rental market continues to demonstrate strength and growth due to the areas prime location near major freeways, rail transportation, retail and shopping centers, schools and colleges, as well as many parks, cultural venues/events, and numerous restaurants with renowned domestic and international cuisine. Turnkey asset with large units. No city rent control. Two (2) buildings, a front triplex (2+1, 2+1, 1+1) with on-site parking and a rear house (3+2) with a private entrance, sweeping mountain views, and a two car garage. Exterior renovations include: new roofs, new sub-roofing, new facia board, new windows throughout, new exterior paint, new landscaping, and more. Interior renovations include: new flooring, new cabinets, new counter tops, remodeled bathrooms, remodeled master, remodeled kitchens, and more. Tenants enjoy remodeled spacious residential living, washer and dryer hookups in each unit, on-site parking, and easy access to the 60 freeway, the 710 freeway, and the 5 freeway. *All information produced is deemed reliable but is not guaranteed. Multi-Residential Investment - Operating Information Property Address: 521 West Riggin Street Monterey Park 91754 4 Units List Summary Proposed Financing Price: $1,408,000 First Loan Amount: $774,400 New Down Payment: 45% $633,600 Terms: 4.80% Term/Yrs 30 Number of units: 4 Payment $4,063.01 Cost per Unit: $352,000 * Financing quote courtesy of Steve Reilly-Platinum Capital Partners 310-291-1421 Current GRM: 14.23 John Mociak Market GRM: 13.33 The Ensbury Group/Keller WilliamsCommercial Comercial Current CAP: 4.92% Multifamily Investments Market CAP: 5.38% 830 South Sepulveda Boulevard Suite 200 Year Built / Age: 1948/1963 El Segundo CA 90245 Approx.Lot Size: 7,531 [email protected] Approx. Gross RSF: 3,681 310-872-0963 Cost per Net RSF: $382.50 CA DRE License # 01708711 Annualized Operating Data Current Rents Market Rents Scheduled Gross Income: $98,940 $105,600 Vacancy Rate Reserve: 2,968 3.00% 1 3,168 3.00% 1 Gross Operating Income: 95,972 102,432 Expenses: 26,704 26.99% 1 26,704 25.29% 1 Net Operating Income: 69,268 75,728 Loan Payments: 48,756 48,756 Debt Coverage Ratio 1.42 1.55 Pre Tax Cash Flows: 20,512 3.24% 2 26,972 4.26% 2 Principal Reduction: 12,062 12,062 Total Return Before Taxes: 32,574 5.14% 2 39,034 6.16% 2 1 As a percent of Scheduled Gross Income 2 As a percent of Down Payment Scheduled Income Annualized Expenses: Current Rents Market Rents No. of Bdrms/ Approx Monthly Monthly Monthly Monthly Taxes (New) 1.30% $18,304 Units Baths Unit Size Rent/Unit Income Rent/Unit Income Insurance annual $1,440 523 1/2 3+2 1300 s.f. $2,750 $2,750 $2,850 $2,850 Electricity/Gas tenants $0 523 1+1 700 s.f. $1,595 $1,595 $1,650 $1,650 Water /Swg/Trash annual $3,405 521 1/2 2+1 850 s.f. $1,950 $1,950 $2,150 $2,150 Gardener annual $1,080 521 2+1 850 s.f. $1,950 $1,950 $2,150 $2,150 Licenses annual $475 Maint & Repairs 500/unit $2,000 Total Scheduled Rent: $8,245 $8,800 Monthly Scheduled Gross Income: $8,245 $8,800 Total Expenses: $26,704 Annualized Scheduled Gross Income: $98,940 $105,600 Per Net Sq. Ft: $7.25 Utilities Paid by Tenant: Electricity & Gas Per Unit: $6,676 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. BUYER MUST VERIFY THE INFORMATION AND BEARS ALL RISK FOR INACCURACIES Exterior Photos Interior Photos Interior Photos Here is what the media is saying about Monterey Park: Money Magazine: #3 Monterey Park, California. Monterey Park named 1 of the best places to live in America. (ABC7) Monterey Park named one of Americas best places to live. (CBS Los Angeles). Monterey Park ranks #3 in top American cities to live in. (Fox11) Monterey Park Cascades Newspaper Excerpts: “Some of the extraordinary resources that propelled Monterey Park towards the top include: its prime location near major freeways and rail transportation; 13 parks and recreational opportunities; a farmers market; Barnes Park Amphitheater’s free concerts and events; East Los Angeles College and Nearby Cal State Los Angeles; diverse dining choices, year round cultural events, and upcoming economic development.” “[Monterey Park] commercial areas are prospering, with a lot of people coming to shop, eat and dine…but we also maintain the When asked by reporters residents mentioned small town atmosphere for people to live and enjoy life.” “plentiful restaurant choices, historical monuments like the Cascades Waterfall, recreational activities, cultural diversity, independent fire and police services, a prospering economy, schools, their neighbors and the quality of life that Monterey Park provides”. Property Location Highlights/ Freeways & Transit 521 West Riggin Street is well positioned in South West Monterey Park. Tenants enjoy Monterey Park residential living with great local access to the following: 2 blocks to the Thai House Restaurant 2 blocks to Bella Vista Park 2 blocks to Bella Vista Elementary School 3 blocks to Ralphs Super Market 3 Blocks to Starbucks 3 blocks to The Atlantic Square Retail Center: Atlantic Square a 208,000 square foot community shopping center that serves local residents and the over 31,000 students and faculty who attend and work at East LA College just across the street 4 blocks to The Vincent Price Museum 5 blocks to East Los Angeles College Freeways and transit: 5 blocks to the 60 freeway 9 blocks to the metro gold line (Serving East Los Angeles Civic Center, Little Tokyo Arts District, Grand Central Station, South Pasadena, Arcadia, and more) see maps on the following 2 pages. 1.9 miles to the 710 freeway 3 miles to the 5 freeway General FAQ: Where is the subject property located in relation to downtown Los Angeles? 8 miles East. Bonus Fact: The subject property received a 78 out of 100 local walk score and is categorized as “Very Walkable, most errand can be accomplished on foot” by walkscore.com. metro.net Atlantic Connections 7L7B7D9>;7L7B7D9>; MO IYWb[DcZJc^i/&$'B^aZ >7CC;BI>7CC;B IJ L L L 7 7 7 9 B EB EI B 9 7 ;= E D ; =; L B B; ?; E I < M D @H B : :EP?;H7L E H :EP?;H7L:EP?;H 7L ? 9E H 7: B 7 ;B B; B 7I :6HIADH6C<:A:H = F ; 7 L7D9EKL;H7L : B MEE:I7L H C7I BDCI:G:NE6G@ 8B;7AMEE:7L 8DBBJC>IN8DAA:<: 9;I7H;9>7L;P7L 7L;D?:7 9;I L 7H L 7 9 > 7 7 8B L :EHD;H:H L ; 7 P D;MOEHA7LD;M OEHA 7L D;MOEHA7L 7L SantaSanta I 7L O MartaM Belvedere County Park ; Hospitalall H 8;BL;:;H;F7HA ; C?9>?=7D7LC?9>?=7D 7L C?9>?=7D7L : > ? ,&% I F : B E J H E D C ; E H > K C9:EDD;BB7L HEI9ECCED7L : 9 8B;7AMEE:7L MEE:I7L A;HD7L 7H?PED77L H L7D9EKL;H :7D=B;H7L I > >KCF>H;OI7L <EH: C;:D?A M;I9EJ ;K=;D;IJ;K=;D; IJ ;K=;D;IJ I>;H8HEEA B 8 ;K=;D;IJ 9EBB;=?7D7L C H ?9 ?= <;JJ;HBO7L J = D ? 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