The Demille Apartments 7716 Laurel Canyon Blvd | North Hollywood, CA MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS
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OFFERING MEMORANDUM The DeMille Apartments 7716 Laurel Canyon Blvd | North Hollywood, CA MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS 2 2 | APARTMENT NAME CONTENTS 04 |PROPERTY OVERVIEW MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS 06 |AREA OVERVIEW - SAN FERNANDO VALLEY 10 |FINANCIAL OVERVIEW EXCLUSIVELY LISTED BY BRANDON DICKER ASSOCIATE-MULTIFAMILY Direct +1 818 923 6118 Mobile +1 818 523 1754 [email protected] License No. 01958894 (CA) DAVID HARRINGTON EVP & NATIONAL DIRECTOR - MULTIFAMILY Direct +1 310 295 1170 Mobile +1 310 497 5590 [email protected] License No. 01320460 (CA) 3 MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS 4 Property Overview OPPORTUNITY PROPERTY DESCRIPTION 7716 Laurel Canyon Boulevard presents a unique opportunity to capitalize • 16 Units, Built in 1970 MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS on a well maintained multifamily property in one of Los Angeles’s most • Tremendous Rent Upside Potential of 83% popular rental markets, North Hollywood. Built in 1970, the building has • Great Mix of One, Two, and Three Bedroom Units been maintained very well and has a quiet and secluded feel. With central AC, heating, and on-site laundry, tenants are provided with the essentials • Building Size of 14,979 Square Feet and amenities of living in a prime neighborhood. This building will provide • Currently 100% Occupied an investor a great value-add opportunity with tremendous upside in rents • Lot Size of 0.45 Acres with R3 Zoning upwards of 89 percent. • Front Structure is Two Stories with 10 units, Back Structure is Two Stories with 6 Units The building consists of 16 units which include six one-bedroom units, • Units Feature Central Air Conditioning nine two-bedroom units, and one three-bedroom unit. This is perfect for the neighborhood which is filled with a with range of professionals. The • Secured Entry for Tenant Access property is located on Laurel Canyon Boulevard between Keswick Street • Gated Parking with Ample Covered, Tuck-Under Spaces and Stagg Street and has access to 170 freeway. In addition, this property • Laundry Facilities On-Site allows residents to be in proximity to shopping, dining, and entertainment offered in North Hollywood Arts District. 7716 Laurel Canyon Boulevard is • Adjacent to the Keswick Court Apartments truly a unique property in one of the most exciting rental markets in Los • Walking Distance to Julie Korenstein Elementary School Angeles. 5 Area Overview Los Angeles MSA As the second largest metropolitan area in the United States, the Los Angeles Metropolitan Statistical Area, or the Southland, consists of both Los Angeles and Orange Counties. These two counties also make up the inner core of the Greater Los Angeles urbanized region. Los Angeles County, one of California’s original 27 counties, is one of the nation’s largest counties both in land area and population. With nearly 10 million residents, the Los Angeles population accounts for approximately 27 percent of California’s population. The area continues to grow, especially given the vigorous residential development in downtown LA. Famously known for a heavy entertainment industry based economy, the Los Angeles metropolitan area attracts many visitors. Consequently, leisure and hospitality is also a leading industry and has experienced recent growth in employment. It is now the sixth largest hotel market in the United States. The Los Angeles-Orange County metro area alone has an enormous economy with an estimated $866 billion GMP. Together with Ventura, Riverside and San Bernardino Counties, Orange and Los Angeles county make up the Greater Los Angeles Area, a combined statistical area that is the third largest economic center in the world after the Greater Tokyo and New York metropolitan areas. MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS 6 POPULATION AT A GLANCE ECONOMY The LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, interactive games, and recorded music - the Hollywood district of Los Angeles and its 18.7 Million $55,509 4.4% surrounding areas are known as the “Movie Capital of the United States” POPULATION MEDIAN UNEMPLOYMENT due to the region’s extreme commercial and historical importance to the HOUSEHOLD INCOME RATE American motion picture industry. Other significant sectors include shipping/ international trade - particularly at the adjacent Port of Los Angeles and Port of Long Beach, together comprising the United States’ busiest seaport - as DEMOGRAPHICS well as aerospace, technology, petroleum, fashion and apparel, and tourism. POPULATION 1-MILE 3-MILE 5-MILE 2000 Census 34,641 261,656 690,696 2010 Census 33,842 263,308 712,695 2018 Estimate 34,530 272,199 746,033 2023 Projection 35,283 279,955 772,043 TOP EMPLOYERS POPULATION GROWTH 1-MILE 3-MILE 5-MILE % Change: 2010 to 2018 2.03% 3.38% 4.68% % Change: 2018 to 2023 2.18% 2.85% 3.49% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2000 Census 9,038 77,004 226,915 2010 Census 8,931 77,848 232,198 2018 Estimate 9,125 80,503 243,115 2023 Projection 9,333 82,856 251,840 INCOME 1-MILE 3-MILE 5-MILE 2018 Avg. $67,235 $71,279 $83,755 Household Income NORTH HOLLYWOOD North Hollywood, or NoHo as many call it, is a thriving suburb of Los Angeles less than 10 minutes through the Hollywood Hills from bustling Hollywood Boulevard. Situated perfectly in the beautiful San Fernando Valley, North Hollywood provides the best of both suburban living and the dynamic LA life. It is a full-fledged, well-developed diverse neighborhood that combines history, community, arts, and entertainment and offers everything a person needs within walking distance. Most retail activity sits along the triangle of streets between Lankershim Boulevard and Vineland Avenue, known as the Arts District. There are many bars, shops, restaurants and more things to do all over the neighborhood. In recent years, the NoHo Arts District has been expanding with the intention of creating a pedestrian-friendly “urban village.” North Hollywood is also home to the Academy of Television Arts & Sciences and shares a border with Universal Studios to the south. The city has sustained transformation as it continues to provide increasingly better opportunities to work, play, and live. A surge of new construction turned North Hollywood in to the bustling community it is now. Today, NoHo is home to a variety of development projects aimed at maintaining its historic character while also building new places for residents to live, work, and play. MATTHEWS REAL ESTATE INVESTMENT SERVICES INVESTMENT REAL ESTATE MATTHEWS TRANSPORTATION With the Bob Hope Airport along its northeast border and new metro stations added for the Red and Orange Line transforming North Hollywood into a regional hub for the entire valley, it has never been easier to get to and from NoHo than it is today. North Hollywood is bordered by freeways, making it easy to get just about anywhere in a hurry. 8 NOHO: A RESURGENCE North Hollywood’s renaissance has largely been attributed to the Red Line and Orange Line of the Metro. Beginning in 2000 with the formation of the 743-acre North Hollywood Development District and the subsequent NoHo Commons projects, the community continues its initiatives to recapture its historic image and restore the local economy. Revitalization of the NoHo Arts District transformed North Hollywood’s landscape as condominium towers appeared in the midst of one-story bungalows and SERVICES INVESTMENT REAL ESTATE MATTHEWS apartment complexes. As an emerging regional hub for the San Fernando Valley, NoHo is seeing medium- and high-density developments being built around the Metro Station, particularly in the Arts District, with the intent of creating a walkable urban village. ATTRACTIONS As a happening enclave that is characterized by its live theatre scene, NoHo has more than 20 professional theatres putting on memorable performances in L.A.’s own version of “off-Broadway”. The city has the highest concentration of operating theaters in a single square mile, outside of New York. Locals and visitors can see a show at one of the 1926 El Portal Theater’s three stages or catch performances presented by the acclaimed Road Theatre Company, which stages plays at two venues, including the Art Deco Lankershim Arts Center, a renovated 1939 utility building. Meanwhile, a stroll down Lankershim Boulevard allows for the opportunity to visit vintage boutiques and engage with local artists at outdoor cafes. Notable restaurants and lounges along this main thoroughfare are The Federal Bar, a gastropub house in a 1920s-era bank; Firenze Osteria, which is run by TV superchef Fabio Viviani; Skinny’s Lounge, a cozy nightspot; and Tiki No, a bar replete with exterior fire-spewing torches. 9 TRANSPORTATION The San Fernando Valley is made up of part of Los Angeles, Glendale, Burbank, San Fernando, Agoura Hills, and Calabasas. It is surrounded by the Transerve Ranges, just north of Los Angeles Basin. The area is the perfect mix of city life and suburban areas. Whether you are looking for a great urban area to grab a bite to eat or an amazing view for a hike, San Fernando Valley offers something for everyone. With a majority of studios located in the San Fernando Valley, you can take amazing tours to see where your favorite movies and shows were filmed. Universal Studios is a great amusement park for everyone to experience. Whether you enjoy thrilling rides or like to observe how production works, Universal Studios has it all. If you are looking to get a breath of fresh area, there are several parks that give a great view of the surrounding cities. Lake Balboa Park is a great place for picnics and walks.