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11-Unit Apartment Community Located in Beverlywood

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11-Unit Apartment Community Located in Beverlywood 2009 PREUSS ROAD 11-UNIT APARTMENT COMMUNITY LOCATED IN BEVERLYWOOD 1 CONFIDENTIALITY & DISCLAIMER All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to com- pleteness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate indepen- dent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction PRESENTED BY RICH JOHNS ADAM ZUNDER Multifamily Advisor Multifamily Advisor KW Commercial KW Commercial 4061 Laurel Canyon Blvd. 4061 Laurel Canyon Blvd. Studio City, CA 91604 Studio City, CA 91604 T 818.432.1575 T 818.432.1634 [email protected] [email protected] CalBRE Lic#01432215 CalBRE Lic#01349349 APARTMENT EXPERT GROUP 2 MULTIFA MILY REAL ESTA TE ADVISORS PAGE 05 PROPERTY DESCRIPTION 13 EXECUTIVE SUMMARY 19 LOCATION 25 MARKET COMPARABLES 3 PROPERTY OVERVIEW 5 THE OFFERING KW Commercial is pleased to present 2009 Preuss Road, an 11-unit investment opportunity located on Preuss Road in the Beverlywood neighborhood (90034), within the West Los Angeles submarket. The property offers investors a unique and rare opportunity to acquire an investment property in one of LA’s best rental markets with historically low vacancy and excellent long term appreciation. The unit composition consists of One (1) Single, Seven (7) One Bedroom and One Bath units and Three (3) Two Bedroom and One and Half Bath units. Eight (8) of Eleven (11) units have been extensively renovated and include in-unit washer / dryers. All utilities are separately metered for gas & electrical services. * The asset, built in 1957 is 8,912 SF sits on a 8,685 parcel of land. It features prominent street frontage, high visibility and parking for 12 vehicles. Located and just one block east Robertson Blvd, and is poised to capitalize on the tremendous momentum within the submarket. Furthermore, the subject property’s transit-oriented and highly walkable location (WalkScore of 76) offers residents access to the 10 Freeway, Kaiser Permanente Hospital, UCLA, and a variety of restaurants, shopping and entertainment. Given the property’s location and strong income potential, 2009 Preuss Road is an ideal investment for apartment operators seeking long term wealth preservation and appreciation. *Unit #1 is master metered for gas utilities 6 7 INVESTMENT HIGHLIGHTS 8 INVESTMENT HIGHLIGHTS THE OFFERING: 2009 Preuss Road, is a 11-unit investment opportunity located in Beverlywood (90036), in West Los Angeles submarket, a densely populated rental submarket of Los Angeles known for excellent rent growth and low vacancy rates. PROPERTY UPGRADES: 72% of units have been significantly renovated with new kitchens, bathrooms and in-unit washer dryers. Exterior upgrades include new color palette and draught resistant landscaping. RARE OPPORTUNITY: Beverlywood has one of the lowest transactions rates in all of Los Angeles County . WA ELL LOC TED: Centrally located and just one block east of Robertson Blvd, 2009 Preuss Road is poised to capitalize on the tremendous momentum within the submarket. Furthermore, the subject property’s transit-oriented and highly walkable location offers residents access to a variety of dining, entertainment, and nearby schools. STRONG EMPLYMENT: West Los Angeles submarket features one of the strongest employment centers in the Los Angeles MSA and offers access to a diverse set of employers. 9 INTERIOR SPACES 810 11 11 11 12 EXECUTIVE SUMMARY 13 2009 Preuss Road FINANCIAL SUMMARY Los Angeles, CA 90034 FINANCIAL INDICATORS CURRENT MARKET Offering Price $3,975,000 SOURCE OF INCOME # of Units Unit Type Avg. Rent Total Avg. Rent Total Down Payment 40% $1,590,000 3 2 Bedroom / 1.5 Bathroom $1,827 $5,481 $2,850 $8,550 Loan Amount $2,385,000 7 1 Bedroom / 1 Bathroom $1,946 $13,622 $2,200 $15,400 Interest Rate 4.15% 1 Single $1,600 $1,600 $1,600 $1,600 Term Mo. 360 Total Rental Income $20,461 $25,550 Fixed Period 5 Years Total Monthly Income $20,461 $25,550 Minimum DSCR 1.15 Total Annual Income $245,537 $306,600 DSCR 1.62 Current CAP 4.0% EST. ANNUALIZED OPERATING DATA CURRENT MARKET Market CAP 5.5% Scheduled Gross Income $245,537 $306,600 Current GRM 16.2 Less Vacancy 2.0% ($4,911) 2.0% ($6,132) Gross Operating Income $240,626 $300,468 Market GRM 13.0 Less Expenses 33.4% $80,261 26.2% $80,261 Cost Per SF $446 Net Operating Income $160,366 $220,207 Cost Per Unit $361,364 Less Loan Payment $98,978 $98,978 Pre‐Tax Cash Flow $61,388 $121,230 Cash on Cash Return 3.9% Return on Investment 3.9% 7.6% Expenses Per Unit ‐$7,296 Expenses Per Sq Ft ($9.01) BUILDING DATA Notes Units 11 Repairs & Maintenance: Actual based upon 2017 expenses Year Built 1957 Contract Service: Based upon actual expenses for Waste Removal and Pest Control. Utilities: Utilities are based upon the 2017 Numbers Lot Sq Ft 8,685 Landscaping: Based on $75 / mo market rate. Bldg Gross Sq Ft 8,912 Real Estate Taxes: Taxes have been estimated and based upon a tax rate of 1.2%. Parking Spaces 12 Property Insurance: Actual Based on 2017 Numbers ESTIMATED ANNUALIZED EXPENSES Rental Registration: Based on $54 / unit / year Property Management: 3rd Party Property Management Estimated at 3.5% x SGI New Property Taxes $47,700 Utilities Electrical $1,344 Gas $2,433 Water & Sewer $5,218 Rental Registration $594 Waste Removal $1,377 Property Insurance $3,991 General & Administrative $974 Landscaping $900 Pest Control $422 Repairs & Maintenance $6,714 Offsite Management (3.5%) $8,594 14 Total Estimated Expenses $80,261 2009 Preuss Road RENT ROLL Los Angeles, CA 90034 CURRENT MARKET APPROX. UNIT STATUS UNIT TYPE RENT Rent / SF RENT Rent / SF UNIT SF 1 Vacant Large Single FULLY RENOVATED w/ In‐Unit Washer/Dryer 475 $1,600 $3.37 $1,600 $3.37 2 Occupied 1 Bed / 1 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryer 675 $1,957 $2.90 $2,200 $3.26 3 Occupied 1 Bed / 1 Bath 675 $1,126 $1.67 $2,200 $3.26 4 Occupied 1 Bed / 1 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryerr 675 $2,200 $3.26 $2,200 $3.26 5 Occupied 2 Bedroom / 1.5 Bath 950 $1,419 $1.49 $2,850 $3.00 6 Occupied 1 Bed / 1 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryer 675 $2,045 $3.03 $2,200 $3.26 7 Occupied 2 Bedroom / 1.5 Bath 950 $1,065 $1.12 $2,850 $3.00 8 Vacant 1 Bed / 1 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryer 675 $2,200 $3.26 $2,200 $3.26 9 Occupied 1 Bed / 1 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryer 675 $1,983 $2.94 $2,200 $3.26 10 Occupied 1 Bed / 1 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryer 675 $2,112 $3.13 $2,200 $3.26 11 Occupied 2 Bedroom / 1.5 Bath FULLY RENOVATED w/ In‐Unit Washer/Dryer 950 $2,755 $2.90 $2,850 $3.00 $20,461 $2.54 $25,550 $3.23 These materials are based on information and content provided by others which we believe are accurate.
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