“Landmark” Los Feliz 31 units

Layden Hall / Horton Hall

2041 North Vermont Avenue, Los Angeles, CA 90027

31 Units • Built: Circa 1929 $9,950,000

Exclusive Multifamily Offering by:

Lane Aronson Berkshire Hathaway Commercial Division 323 671-1233 and Paloma Fierro Compass Real Estate The Iskus Group 323 365-6505

“Landmark” Los Feliz 31 units

Layden Hall / Horton Hall

2041 North Vermont Avenue, Los Angeles, CA 90027

THE INVESTMENT

Own a piece of Los Feliz History. In 1928 architect/contractor Hugh Howe Hinds was commissioned to design and build what was to become Layden Hall. His progressive French Normandie design became a Landmark in the “posh” Los Feliz neighborhood on North Vermont. The building was subsequently purchase in 1955 by Ms. Gwendolyn Horton and became known to the locals as Horton Hall. This fabulous building has not been resold since her purchase. Very rarely do any buildings on North Vermont, just below Los Feliz Blvd, come up for sale. The property features 31 units, consisting of 24 charming studios (separate kitchens, dining areas and walk-in closets), 6 beautiful 1 bedroom, view units and a huge additional one bedroom, “owner’s” unit of approximately 1,500+ sq. ft. All, we believe, to have beamed ceilings. The total building size is 22,582 square feet per assessor. Although master metered for gas and electricity, the expenses of the building appear to be very reasonable. Almost always 100% occupied, the owner has indicated that there is consistently a “waiting-list” to get into the building. Vacancies have historically been filled through “word-of-mouth”. The views, character and charm of the units, elevator, large laundry room and the current owner’s maintenance record, make this a most attractive building for tenants. Anticipated upside of the rents is approximately 35-40% of current. This may be a once-in-a-lifetime opportunity to own this Los Feliz treasure.

ABOUT THE AREA

Los Feliz offers a perfect mix of shopping and nightlife, always with the option to take a breather in one of the largest urban parks in North America—4,310 acres to be exact. Because of that, residents are as likely to spend Saturday afternoons sipping a stiff cocktail at one of the local watering holes as they are to hit the trails of Griffith Park with a cold-pressed juice in hand.

Inhabited by an eclectic mix of residents, this east side enclave is a wonderful hodgepodge of historic mansions and charming apartment buildings. This rare hybrid manages to offer city life in the form of local shops, restaurants, and bars, and nature, thanks to the many trails and grassy knolls of Griffith Park.

Dotted with restaurants, coffee shops, boutiques, vintage stores, and even an independent movie theater, the heart of this neighborhood rests within a stretch of downtown’s Vermont Avenue. Skylight Books is a reader’s dream come true and beloved Italian restaurant Little Dom’s is a local favorite.

View Property Website for Exterior and Interior Photos (copy and paste):

https://www.cribflyer.com/2041-vermont-ave-los-feliz-90027 “Landmark” Los Feliz 31 units 2041 N Vermont Ave,

Layden Hall / Horton Hall Los Angeles, CA. 90027

Summary Current Rents Market Rents Proposed Financing

Price $9,950,000 First Loan Amount: $4,400,000. New Down Payment % $5,550,000 Terms: 3.75% fixed for 7 years (as of 01/01/2020) Number of Units 31 Cost per Unit $338,710 Current GRM 16.79 13.13 Subject to rent control. Current CAP 3.5% 5.1 Year Built / Age 1929 *Laundry Income Approx $300+ per month. Approx. Lot Size 8,977 Approx. Building 22,582 Robert Fox, Chase Bank Lending Cost per SF $464.97 714 327-6993

Annualized Operating Data Current Rents Market Rents

Scheduled Gross Income $592,440 $757,800 Vacancy Rate Reserve ($11,848)(inlaundry 2.0% ($15,084) 2.0% Gross Operating Income $580,591 $742,716 Expenses ($231,352) -39.3% (231,352) -31% Net Operating Income $349,239 $511,664 Loan Payments Pre-Tax Cash Flow $ $ Principal Reduction 0 Total Return $ $

1 As a percent of Scheduled Gross Income 2 As a percent of Down Payment

Scheduled Income Rents Market Rents Estimated Expenses

No. of Bdrms/ Approx Monthly Rent/Unit Monthly Income Monthly Rent/Unit Monthly Income Units Baths Sq. Ftg. ($) ($) ($) ($) 24 0+1 550 $1,488 average $36,016 $1,900 $45,600 Taxes 1.25% $131,250 6 1+1 700 $1,700 average $10,200 $2,400 $14,400 Insurance $ 10,450 1 1+1 1,500 $2,850 proj $ 2,850 $2,850 $ 2,850 Utilities (W,G,E,S,T) $ 48,250 Elevator $ 1,500 Gardener&Pest $ 1,860 Off-Site Mgr. 4% $ 23,272 (est) On-Site Mgr. $ 6,000 LAHD $ 3,770 Maint./Repairs $ 5,000 $231,352 Total Scheduled Rent $49,066 $62,850 Laundry $304 $300 Storage $ $ Total Expenses $231,352 Monthly Scheduled Gross Income $49,370 $63,150 Per Gross Sq. Ft. ($10.24) Annualized Scheduled Gross Income $592,440 $757,800 Per Unit ($7,463)

Utilities Paid by Tenant None

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. The future income and expenses of the Property may vary significantly during Buyer’s ownership. Buyer shall rely on Buyer’s expertise to project the future Income and expense of the Property.

Rent Schedule

(current)

Sched UNIT # TYPE PRO- Rent FORMA 100 NINA KHAZEI Studio $1,400.00 $1,900.00 102 BEVERLY GAUDIN Studio 1650.00 1,900.00 103 **OWNER OCCUPIED** Huge 1 Br -0- 2,850.00 104 PHILIP HAMRICK Studio 1,650.00 1,900.00 105 AMANDA ORTIZ Studio 1,450.00 1,900.00 106 YOUNGER Studio 1,650.00 1,900.00 107 ADRIANA PEREZ Studio 1,450.00 1,900.00 200 SOPHIA DA SILVA 1 Bdrm 1,721.57 2,400.00 201 MATTHEW PERICANO 1 Bdrm 1,597.96 2,400.00 202 OFIR ENGEL Studio 1,400.00 1,900.00 203 LOURDEZ MENDEZ Studio 1,383.16 1,900.00 204 JOSEPH GOSETT Studio 1,498.64 1,900.00 205 DAGMAR WILSON Studio 1,498.78 1,900.00 206 FRANCESCA FLEMING Studio 1,473.61 1,900.00 207 EMILY & SIMON Studio 1,473.61 1,900.00 300 RUSTY GANNT 1 Bdrm 1,526.11 2,400.00 301 MYCHAEL CANCHOLA 1 Bdrm 1,567.32 2,400.00 302 JENNIFER JONES Studio 1,473.61 1,900.00 303 ANDREW SIEGEL Studio 1,650.00 1,900.00 304 ROBERT J FOLEY Studio 1.473.61 1,900.00 305 PIERRE KABALAN Studio 1,421.11 1,900.00 306 MONROE ROBERTSON Studio 1,440.65 1,900.00 307 LANCE Studio 1,650.00 1,900.00 400 WILLIAN WOODMAN 1 Bdrm 1,893.61 2,400.00 401 AARON GARIDO 1 Bdrm 1,893.61 2,400.00 402 MARYLAND DOLL Studio 1,400.00 1,900.00 403 ROEY REICHERT Studio 1,526.11 1,900.00 404 MICHELE CLARK Studio 1,526.11 1,900.00 405 DEJANNA LUEVANO Studio 1,526.11 1,900.00 406 RAFFAELE NOELLE Studio 1,473.61 1,900.00 407 SHELBY REA Studio 1,473.61 1,900.00

TOTAL $46,215.51 $62,850

Property website: https://www.cribflyer.com/2041-vermont-ave-los-feliz-90027