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Value-Add Opportunity

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Value-Add Opportunity 52-U NIT A PA RTMENT B U ILDING TARZANA, CALIFORNIA RESEDA GARDENS $10,500,000 www.ResedaGardens.com FOR MORE INFORMATION, PLEASE CONTACT: LAURIE LUSTIG-BOWER Executive Vice President Lic 00979360 +1 310 550 2556 [email protected] KADIE PRESLEY WILSON Senior Sales Director Lic 01476551 +1 310 550 2575 [email protected] VALUE-ADD OPPORTUNITY SOUTH EASTERN EXPOSURE SANTA PACIFIC MONICA OCEAN ENCINO VENTURA BLVD 101 TARZANA RESEDA PARK LAKE VICTORY BLVD RESEDA BLVD 5 EXECUTIVE SUMMARY www.ResedaGardens.com 6 EXECUTIVE SUMMARY CBRE, Inc., as exclusive agent, is pleased to present for sale Reseda Gardens, a value-add 52-unit apartment property located in the San Fernando Valley neighborhood of Tarzana, just one mile north of famous Ventura Boulevard. The Property, with address 6251-67 Reseda Boulevard, is priced below replacement cost at $10,500,000 and has significant upside potential. Built in 1960, the Property has been owned by the same family for almost 20 years. The current ownership upgraded a handful of units with new laminate flooring and paint and was able to achieve significantly higher rents. If a buyer were to upgrade the units further and bring all the tenants to market, the upside potential is approximately 28% and the cash-on-cash return would be approximately 5%. Reseda Gardens features a sparkling swimming pool and a well-manicured lawn in a courtyard- OPPORTUNITY HIGHLIGHTS style building. It has a desirable unit mix of mostly one and two bedroom units with a handful of three • Priced Below Replacement Costs bedrooms as well. The community is gated and nicely • Great Value-Add Opportunity: ±28% Upside Potential maintained with carport parking. Two units feature • Beautifully Maintained Building with Swimming Pool central heat and air and some units have a balcony or • Owned by the Same Family for Almost 20 Years patio. • Great San Fernando Valley Location: The Property is located near the northern border -Three minute drive to the 101 Freeway. of the City of Tarzana in the San Fernando Valley -Five minute walk to the Metro Orange Line Busway – connecting residents to the region of Los Angeles County. Tarzana includes a two greater Los Angeles region via the metro rail line. mile stretch of Ventura Boulevard with Whole Foods Markets, Gelson’s Market and Von’s all within a five- -Approximately one mile to Ventura Boulevard (five minute drive). minute drive of Reseda Gardens. -Five minute drive to Whole Foods, Gilson’s and Von’s. -Less than a 10 minute drive to Pierce College. www.ResedaGardens.com -Approximately 10 minute drive to Warner Center. • Excellent Demographics: -The City of Tarzana boasted an Average Household Income of $132,921 in 2017 -46.9% of the population (aged 25 and older) hold a Bachelor’s Degree and/or a Graduate or Professional Degree. -The Median Housing Value in Tarzana in 2017 was $845,238. 7 PROPERTY DESCRIPTION ADDRESS 6251-6267 Reseda Blvd. Tarzana, CA 91335 PRICE $10,500,000 CURRENT FORECASTED CAP RATE 4.05% 5.42% GRM 13.2 10.3 # OF UNITS 52 28 units - 1+1 UNIT MIX 20 units - 2+1 4 units - 3+2 YEAR BUILT 1960 PARKING 59 spaces in gated carport BUILDING SIZE ±41,944 SF LOT SIZE ±58,883 SF Water, Sewer, Trash - Landlord UTILITIES Gas, Electric - Tenant Wall Heaters and Window Unit AC MECHANICAL Two Units - Central Heating & AC 2127-012-007 APN 2127-012-008 8 PARCEL MAP APN : 2127-012-007; 2127-012-008 9 COMMUNITY AMENITIES • Swimming Pool • Picnic Area w/ BBQ • Gated Building Access • Gated, Covered Parking • On-Site Laundry Facility • Well-Manicured Lawn UNIT AMENITIES • Vinyl Wood Flooring (some units) • Wall Heaters • Window Unit AC • Ceiling Fans • Two Units have Central Heat/AC • Refrigerators (owned by Seller) • Dishwasher (all but one unit) • Garbage Disposal • Tiled Showers • Tiled Bathroom and Kitchen Counter Tops 10 11 FINANCIAL OVERVIEW www.ResedaGardens.com 12 FINANCIALS 6251-67 RESEDA BLVD TARZANA, CA 91335 RENT ROLL AS OF 11/09/2017 Unit Number Type Actual Rent MRK / RHB Move In Lease End Notes 1 2 + 1 $1,379 $1,700 02/01/12 m-t-m - 2 2 + 1 $1,470 $1,700 08/16/14 m-t-m - 3 2 + 1 $1,625 $1,700 05/26/17 05/25/18 Renovated 4 1 + 1 $1,325 $1,475 09/01/17 08/31/18 Renovated 5 2 + 1 $1,385 $1,700 01/30/10 m-t-m - 6 2 + 1 $1,185 $1,750 09/01/98 m-t-m Corner Unit, Larger 7 1 + 1 $1,072 $1,475 07/15/12 m-t-m - 8 3 + 2 $1,681 $2,050 11/01/10 m-t-m - 9 1 + 1 $1,041 $1,475 01/12/13 m-t-m - 10 1 + 1 $1,031 $1,475 10/01/00 m-t-m - 11 1 + 1 $1,069 $1,475 08/10/10 m-t-m - 12 1 + 1 $1,087 $1,475 11/07/14 m-t-m - 14 1 + 1 $1,175 $1,475 11/08/16 11/07/17 - 15 2 + 1 $1,139 $1,700 09/26/98 m-t-m - 16 2 + 1 $1,595 $1,700 02/01/17 01/31/18 Renovated 17 2 + 1 $1,345 $1,700 05/01/13 m-t-m - 18 1 + 1 $1,175 $1,475 11/01/14 m-t-m - 19 2 + 1 $1,406 $1,700 04/10/15 m-t-m - 20 2 + 1 $1,435 $1,750 10/01/13 m-t-m Corner Unit, Larger 21 1 + 1 $973 $1,475 04/15/99 m-t-m - 22 3 + 2 $1,681 $2,050 06/16/12 m-t-m - 23 1 + 1 $957 $1,475 12/10/97 m-t-m - 24 1 + 1 $1,072 $1,475 01/21/12 m-t-m - 25 1 + 1 $1,087 $1,475 04/01/14 m-t-m - 26 1 + 1 $1,067 $1,475 03/01/11 m-t-m - 27 1 + 1 $1,069 $1,475 02/25/10 m-t-m - 28 1 + 1 $1,120 $1,475 07/20/14 m-t-m - 29 1 + 1 $1,097 $1,475 05/01/09 m-t-m - 30 1 + 1 $1,072 $1,475 08/01/12 m-t-m - 31 1 + 1 $1,069 $1,475 06/15/13 m-t-m - 32 1 + 1 $973 $1,475 01/01/99 m-t-m - 33 3 + 2 $1,710 $2,050 04/05/03 m-t-m - 34 1 + 1 $902 $1,475 07/01/98 m-t-m - 35 2 + 1 $1,238 $1,750 10/01/99 m-t-m Corner Unit, Larger 36 2 + 1 $1,595 $1,700 01/22/17 01/21/18 Floor Replaced 37 1 + 1 $1,120 $1,475 07/01/14 m-t-m - 38 2 + 1 $1,700 $1,700 05/07/97 m-t-m Manager 39 2 + 1 $1,345 $1,700 01/05/13 m-t-m - 40 2 + 1 $1,379 $1,700 07/10/10 m-t-m - 42 1 + 1 $1,002 $1,475 06/13/97 m-t-m - 13 FINANCIALS Unit Number Type Actual Rent MRK / RHB Move In Lease End Notes 43 1 + 1 $1,049 $1,475 03/01/94 m-t-m - 44 1 + 1 $1,065 $1,475 02/15/14 m-t-m - 45 1 + 1 $1,295 $1,475 05/15/17 05/14/18 - 46 1 + 1 $1,065 $1,475 01/18/14 m-t-m - 47 3 + 2 $1,412 $2,050 07/01/97 m-t-m - 48 1 + 1 $1,375 $1,475 10/22/17 10/21/18 - 49 2 + 1 $1,403 $1,750 05/22/02 m-t-m Corner Unit, Larger 50 2 + 1 $1,385 $1,700 12/19/09 m-t-m - 51 1 + 1 $1,032 $1,475 04/01/00 m-t-m - 52 2 + 1 $1,385 $1,700 10/28/11 m-t-m - 53 2 + 1 $1,420 $1,700 10/22/11 m-t-m - 54 2 + 1 $1,495 $1,700 11/08/16 11/07/17 - $65,232 $83,700 14 FINANCIALS 6251-67 RESEDA BLVD TARZANA, CA 91335 CURRENT OPERATIONS 1.71 1.00 INVESTMENT PRO FORMA HISTORICAL OPERATIONS ESTIMATED INCOME Annual % of EGI Per Unit Comments 2017 2016 Rent Income $65,232 per mon. $782,790 101.3% $15,054 Per Rent Roll $732,384 $714,328 Total Scheduled Gross Income $782,790 101.3% $15,054 $732,384 $714,328 Vacancy 3.0% of SGI ($23,484) -3.0% ($452) Estimated $0 $0 Total Net Rental Income $759,306 98.2% $14,602 Estimated $732,384 $714,328 Parking Income (3 Spaces, $50/Space) $150 per mon. $1,800 0.2% $35 Estimated $0 $0 Laundry Income $585 per mon. $7,015 0.9% $135 2017 Annualized $7,015 $5,635 Other Income $400 per mon. $4,804 0.6% $92 2017 Annualized $4,804 $4,465 TOTAL ESTIMATED INCOME $772,925 100.0% $14,864 $744,203 $724,429 ESTIMATED EXPENSES Annual % of Exp. % of EGI Per Unit 2017 2016 Property Taxes 1.191849% of est. price $125,144 36.0% 16.2% $2,407 Per LA County Asessor $33,705 $39,413 Direct Assessments $5,563 1.6% 0.7% $107 Per LA County Asessor $0 $0 Business Taxes $3,802 1.1% 0.5% $73 Estimated $4,599 $4,438 Insurance $0.35 per GSF $14,680 4.2% 1.9% $282 Estimated $14,157 $12,177 Management Fee 4.5% EGI $34,782 10.0% 4.5% $669 Estimated $34,807 $33,944 On-Site Manager/Cleaner $3,963 per mon.
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