8 Unit Multi-Family Investment Opportunity

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8 Unit Multi-Family Investment Opportunity 8 Unit Multi-Family InvestmentOpportunity 14629 Gilmore Street Van Nuys, California 91411 OFFERING MEMORANDUM 14629 GILMORE STREET TABLE OF CONTENTS ➢Property Overview ➢Financial Analysis ➢Comparables ➢Location Overview 14629 Gilmore Street Page 2 SECTION ONE PROPERTY OVERVIEW 14629 Gilmore Street Page 3 PROPERTY OVERVIEW DETAILS Street Address 14629 Gilmore St. Number of Units 8 City Van Nuys Number of Buildings 1 State CA Number of Stories 2 Zip Code 91411 Water Master-Metered APN 2236-017-017 Electric Individually Metered Building Size 6,534 SF Gas Individually Metered Lot Size 7,502 SF Construction Wood-frame Stucco Year Built 1962 Roof Flat Parking 8 Zoning LARD 1.5 Unit Mix (4) 1 Bed / 1 Bath (4) 2 Bed / 1 Bath 14629 Gilmore Street Page 4 PROPERTY OVERVIEW HIGHLIGHTS INVESTMENT DESCRIPTION ➢ Located in the heart of Van Nuys, CA, in the central San Fernando Valley, 14629 Gilmore Street is a prime multifamily value-add investment opportunity. Situated two blocks away from Van Nuys and Victory Boulevards, the 8-unit gated property is within walking distance of Van Nuys High School, Van Nuys City Hall, and many useful and essential services and businesses. EXCELLENT UNIT MIX ➢ 50% 1-bedroom Units, 50% 2-bedroom Units RENTAL UPSIDE ➢ While currently leased to long-term tenants the property boasts significant potential future upside in rents. BUILDING AMENITIES ➢ Gated property, covered parking, on-site laundry 14629 Gilmore Street Page 5 SECTION TWO FINANCIAL ANALYSIS 14629 Gilmore Street Page 6 FINANCIAL ANALYSIS PRICING ANALYSIS $1,800,000 Price $1,800,000 Price per Unit $225,000 Price per Square Foot $275 CURRENT PRO FORMA CAP Rate 3.29% 5.37% GRM 14.08 10.64 Effective Gross Income $126,376 $166,452 Expenses $(67,215) $(69,866) NOI $59,161 $96,586 14629 Gilmore Street Page 7 FINANCIAL ANALYSIS INCOME & EXPENSE INCOME CURRENT PRO FORMA EXPENSE CURRENT PRO FORMA Rental Income $127,884 $169,200 Real Estate Taxes $(22,500) $(22,500) Laundry Income $2,400 $2,400 Insurance $(8,000) $(8,000) Total Income $130,284 $171,600 Utilities $(12,644) $(12,644) Vacancy Allowance $(3,908) $(5,148) Repairs $(5,547) $(5,547) Effective Gross Income $126,376 $166,452 Management Fee $(7,501) $(10,152) Total Expenses $(67,215) $(69,866) Misc. Operations $(11,022) $(11,022) Net Operating Income $59,161 $96,586 Total Expenses $(67,214) $(69,866) 14629 Gilmore Street Page 8 FINANCIAL ANALYSIS RENT SCHEDULE PROFORMA UNIT UNIT TYPE RENT RENT 01 1 Bed / 1 Bath $ 990 $ 1,625 02 2 Bed / 1 Bath $ 1,467 $ 1,900 03 2 Bed / 1 Bath $ 1,318 $ 1,900 04 2 Bed / 1 Bath $ 1,383 $ 1,900 05 1 Bed / 1 Bath $ 1,438 $ 1,625 06 2 Bed / 1 Bath $ 1,408 $ 1,900 07 1 Bed / 1 Bath $ 1,028 $ 1,625 08 1 Bed / 1 Bath* $ 1,625 $ 1,625 TOTAL MONTHLY $10,657 $14,100 TOTAL YEARLY $127,884 $169,200 *Vacant, Market Rent 14629 Gilmore Street Page 9 SECTION THREE COMPARABLES 14629 Gilmore Street Page 10 COMPARABLES SOLD COMPARABLES Address Sale Price Total Units Price Per Unit Total SF $/SF CAP Rate GRM 7310 Haskell Ave. $1,250,000 06 $208,333 5,039 $248 3.01% NA Van Nuys, CA 91406 14812 Gilmore St. $1,675,000 08 $209,375 7,343 $228 5.45% 12.40 Van Nuys, CA 91411 7343 Woodley Ave. $1,375,000 06 $229,167 5,176 $266 4.39% 13.89 Van Nuys, CA 91406 5640 Kester Ave. $1,818,000 06 $303,000 4,520 $402 3.74% 16.69 Van Nuys, CA 91411 14837 Delano St. $1,762,500 08 $220,313 6,489 $272 5.10% 12.88 Van Nuys, CA 91411 14163 Delano St. $2,266,667 08 $283,333 9,934 $228 4.92% 16.69 Van Nuys, CA 91401 Average Average Average Average Average Average Average Sale Price Units Price Per Unit SF Price Per SF CAP Rate GRM $1,691,195 07 $242,254 6,417 $274 4.44% 14.51 14629 Gilmore Street Page 11 COMPARABLES ON MARKET SALES COMPARABLES Address Sale Price Total Units Price Per Unit Total SF $/SF CAP Rate GRM 14815 Burbank Blvd. $3,775,000 13 $290,385 10,066 $375 3 . .7. 3 % 16.57 Van Nuys, CA 91411 14224 Erwin St. $1,850,000 10 $185,000 6,127 $302 3.92% 14.50 Van Nuys, CA 91401 15919 Vanowen St. $1,659,000 09 $184,333 6,450 $257 4.60% 13.80 Van Nuys, CA 91406 14633 Sylvan St. $1,850,000 10 $185,000 6,564 $282 4.17% 13.90 Van Nuys, CA 91411 6600 Woodman Ave. $1,425,000 06 $237,500 4,458 $320 4.77% 13.82 Van Nuys, CA 91401 Average Average Average Average Average Average Average Sale Price Units Price Per Unit SF Price Per SF CAP Rate GRM $2,111,800 10 $216,444 6,733 $307 4.24% 14.52 14629 Gilmore Street Page 12 COMPARABLES ON MARKET RENT COMPARABLES ADDRESS UNIT TYPE RENT AVERAGE 5721 Tilden Ave. 2 Bed / 1 Bath $ 1,825 5739 Halbrent Ave. 2 Bed / 1 Bath $ 2,150 6743 Haskell Ave. 2 Bed / 1 Bath $ 1,675 $ 1,883 6333 Coldwater Canyon 1 Bed / 1 Bath $ 1,525 14545 Albers St. 1 Bed / 1 Bath $ 1,895 Oxnard Hazeltine 1 Bed / 1 Bath $ 1,450 $ 1,623 14629 Gilmore Street Page 13 SECTION FOUR LOCATION OVERVIEW 14629 Gilmore Street Page 14 LOCATION OVERVIEW LOS ANGELES COUNTY LOS ANGELES COUNTY ➢ The most heavily populated county in the country is Los Angeles County with approximately 9.9 million ➢ Los Angeles is recognized worldwide as a leader in entertainment, health sciences, business services, people, including about 1 million that live in unincorporated areas of the county. The metropolis - aerospace, and international trade. The Los Angeles area is so large and diverse, it has something to formed by the six neighboring counties of Los Angeles, Ventura, Kern, San Bernardino, Riverside, and offer to everyone. While Hollywood and the Los Angeles beach culture are part of our collective image Orange - is home to approximately 19 million residents. Los Angeles County is home to one of the most of Los Angeles, the city also has more museums than any other city and some of the best hotels in the educated labor pools in the country and offers a labor force of more than 4.7 million, of which more world are in Los Angeles. than 1.5 million are college graduates. Los Angeles County has the largest population of any county in the nation, exceeded only by eight states. According to the United States Conference of Mayors, Los ➢ With just under 1.5 Million residences, the San Fernando Valley economy has employed over 650,000 Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued people, with one of the largest concentration of LA's media, entertainment and technology companies. economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well- trained workforce. ➢ Space X, Universal Studios Hollywood, The Walt Disney Company, Amgen, Warner Bros., Bank of America, DreamWorks SKG, NBCUniversal, Aerojet Rocketdyne, Universal Music, Television Academy, ➢ Los Angeles County is well located on the Southern Coast of California and covers 4,061 square miles, Nestle USA, Nickelodeon Animation Studios, CBS Studio Center, and Kaiser Permanente. What do all of including the San Clemente and Santa Catalina islands. The County is comprised of approximately 88 these major corporations have in common? They have all chosen to make the San Fernando Valley one vibrant and diverse cities hosting more than 244,000 business establishments— the greatest of their home bases, if not the main headquarters for their company. concentration in the state. Los Angeles County has a Gross Domestic Product (GDP) of approximately $446 billion -placing it among the top 20 economies in the world. The combined GDP of Los Angeles and its five surrounding neighboring counties places it in the top10. California is generally considered to be in the top five. ➢ If Los Angeles County were its own nation, its economy would be the 18th largest in the world. It is home to more than 244,000 businesses, with more minority and women-owned businesses than any other in the nation and is the nation’s top international trade center and manufacturing center. ➢ Los Angeles is recognized worldwide as a leader in entertainment, health sciences, business services, aerospace, and international trade. The Los Angeles area is so large and diverse, it has something to offer to everyone. While Hollywood and the Los Angeles beach culture are part of our collective image of Los Angeles, the city also has more museums than any other city and some of the best hotels in the world are in Los Angeles. 14629 Gilmore Street Page 15 LOCATION OVERVIEW SAN FERNANDO VALLEY SAN FERNANDO VALLEY RECENT DEVELOPMENTS ➢ With just under 1.5 Million residences, the San Fernando Valley economy has employed over ➢ ICON By a unanimous vote in 2018, Icon at Panorama, a massive mixed-Use development, was 650,000 people, with one of the largest concentration of LA's media, entertainment and finally approved by the Panorama City, City Council. The Icon at Panorama is a $150,000,000 technology companies. development site that will bring 623 units of housing and 60,000 sf of commercial space at the long-vacant and dilapidated Montgomery ward department store. ➢ Space X, Universal Studios Hollywood, The Walt Disney Company, Amgen, Warner Bros., Bank of America, DreamWorks SKG, NBCUniversal, Aerojet Rocketdyne, Universal Music, Television ➢ NoHo West A newly developed retail and residential development site consisting of 642 Academy, Nickelodeon Animation Studios, CBS Studio Center, and Kaiser Permanente.
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