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Midvale Ave Los Angeles, Ca Offering Memorandum 2 Matthews Real Estate Investment Servicestm Table of Contents

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Midvale Ave Los Angeles, Ca Offering Memorandum 2 Matthews Real Estate Investment Servicestm Table of Contents 3658 MIDVALE AVE LOS ANGELES, CA OFFERING MEMORANDUM 2 MATTHEWS REAL ESTATE INVESTMENT SERVICESTM TABLE OF CONTENTS 04 | PROPERTY OVERVIEW 06 | FINANCIAL ANALYSIS 09 | AREA OVERVIEW EXCLUSIVELY LISTED BY KYLE MIRRAFATI ASSOCIATE VICE PRESIDENT - MULTIFAMILY Direct +1.310.295.4269 Mobile +1.949.533.4650 [email protected] License No. 01911204 (CA) DAVID HARRINGTON EVP & MANAGING DIRECTOR - MULTIFAMILY Direct +1.310.295.1170 Mobile +1.310.497.5590 [email protected] License No. 01320460 (CA) LOS ANGELES, CA 3 I SECTION OPPORTUNITY PROPERTY OVERVIEW » Prime Palms Neighborhood of Los Angeles | Steps from Downtown Culver City » Healthy Rental Income | 4.83% CAP & 13.74 GRM » Great Unit Mix of Majority 2- & 3-Bedroom Units NO. OF UNITS » Delivered with 2 Vacant Units 7 » New Copper Plumbing, Roof, & Resurfaced Driveway » High Density Rental Market with Strong Demographics YEAR BUILT 1958 PROPERTY DESCRIPTION APN » 4252-027-012 7 Legal Units, Built in 1958 | Updated Certificate of Occupancy » Unit Mix: (2) – 3Bed/2Bath ; (4) – 2Bed/1Bath ; (1) – Bachelor » Renovated Property | New Flooring, Granite Counter Tops, Bathrooms, Kitchens, Etc.. GROSS SF » Upgraded Systems | New Copper Plumbing, Roof, Driveway, Water Heaters. 6,350 » 11 Total Parking Spaces | 6 Carport Parking Spaces, 1 Tuck Under, and 2 Tandem Spots » Soft Story has been Completed AVG SF PER UNIT » Individually Metered for Electric and Gas 907 » On-Site Laundry for Additional Income | Leased on Month to Month » Centrally Located along the 10 & 405 Freeway Accessing the Entire Los Angeles LOT SIZE » Steps from All the Major Shops, Theaters, Restaurants, Bars in Culver City 7,990 » 6,350 Rentable SqFt on a 7,990 SqFt Lot with LAR3 Zoning | TOC Tier 1 4 MATTHEWS REAL ESTATE INVESTMENT SERVICESTM LOCATION MAP LOS ANGELES, CA 5 II FINANCIAL ANALYSIS SECTION INVESTMENT SUMMARY Offering Price: $2,600,000 3658 Midvale Ave, Property Address: Los Angeles, CA 90034 Price Per Unit: $371,429 Price Per S.F.: $409.45 Cap (current/market): 4.83% / 5.01% GRM (current /market): 13.74 / 13.37 PROPERTY DESCRIPTION Number of Units: 7 Year Built: 1958 APN: 4252-027-012 Gross Sq. Ft.: 6,350 Average S.F. Per Unit: 907 Lot Size: 7,990 Zoning: LAR3 UNIT MIX Total Units Unit Mix Unit Mix % Current Avg Rent Current Monthly Rent Market Rent Market Monthly Rent 4 2+1 57% $2,091 $8,365 $2,200 $8,800 2 3+2 29% $3,075 $6,150 $3,000 $6,000 1 Bachelor 14% $1,150 $1,150 $1,300 $1,300 Scheduled Monthly Rent: $15,665 $16,100 Scheduled Yearly Rent: $187,980 $193,200 6 MATTHEWS REAL ESTATE INVESTMENT SERVICESTM ANNUALIZED OPERATING DATA CURRENT MARKET Scheduled Gross Income: $187,980 $193,200 3% Upside Less Vacancy Reserve: 3.0% $5,639 3.0% $5,796* Laundry Income: $1,200 $1,200 Gross Operating Income: $183,541 $188,604 Expenses: 30.9% $58,057 30.2% $58,259* Net Operating Income: $125,484 $130,345 Loan Payments: $100,362 $100,362 Cash-on-Cash Return: 3.1% $25,122 3.7% $29,982** * As a percent of Scheduled Gross Income ** As a percent of Down Payment PRO FORMA ANNUAL OPERATING EXPENSES CURRENT PER UNIT % OF SGI *Taxes 1.190% x Sale Price $30,940 $4,420 16% *Insurance $0.45 x GSF $3,175 $454 2% Off-Site Management 4.0% x GOI $7,342 $1,049 4% Repairs & Maintenance $500 x Units $3,500 $500 2% Contract Services Actual 2019 $3,550 $507 2% Utilities Actual 2019 $8,150 $1,164 4% General Administration $200 x Units $1,400 $200 0.74% Total Expenses $58,057 $8,294 30.9% CURRENT PER UNIT % OF SGI Non-controllable expenses: Taxes, Insurance $34,115 $4,874 18.1% Total Expense with out Taxes $27,117 $3,874 14.43% FINANCING Loan Amount $1,784,000 Terms: 30 Down Payment: 31% $816,000 Interest: 3.85% Yearly Pmt: $100,362 Monthly Pmt: $8,364 Debt Coverage: 1.25 LOS ANGELES, CA 7 III SECTION RENT ROLL RENT ROLL Unit Mix Rent Market Rent 1 2+1 (Vacant) $2,200 $2,200 2 2+1 $2,170 $2,200 3 3+2 $3,150 $3,000 4 2+1 $2,200 $2,200 5 2+1 $1,795 $2,200 6 3+2 (Vacant) $3,000 $3,000 7 Bachelor $1,150 $1,300 Totals 7 $15,665 $16,100 Averages $2,238 $2,300 8 MATTHEWS REAL ESTATE INVESTMENT SERVICESTM IV AREA OVERVIEW PROPERTY DEMOGRAPHICS SECTION POPULATION 1-MILE 3-MILE 5-MILE 2025 Projection 55,194 294,938 808,966 2020 Estimate 54,254 288,486 791,040 2010 Census 53,308 277,879 760,071 Growth 2020-2025 1.73% 2.24% 2.27% RENT VS. OWN Growth 2010-2020 1.77% 3.82% 4.07% RENT 88% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2025 Projection 25,643 130,728 362,722 OWN 12% 2020 Estimate 25,182 127,791 354,311 2010 Census 24,695 122,868 339,891 Growth 2020-2025 1.83% 2.30% 2.37% #9 BEST NEIGHBORHOODS Growth 2010-2020 1.97% 4.01% 4.24% TO LIVE IN LA INCOME 1-MILE 3-MILE 5-MILE 2020 Avg. $104,584 $133,409 $130,209 Household Income PALMS NEIGHBORHOOD Palms is located on the Westside of Los Angeles, south of Beverly Hills, Rancho Park, and Beverlywood and just north of Culver City. Small in size it covers only a two-square mile area marked by signs on Venice, Robertson, and Palms boulevards. With 45,475 people in that small plot of land, it is currently one of the most densely populated areas in Los Angeles County. A community with well-established roots in California history, Palms has become a good location for ambitious post grads and young families looking to make their home in Los Angeles. Palms provides a central hub for residents — closely located to the growing cultural center of Culver City, near freeways for commuters, and only five miles from the bustling UCLA campus. In general, the Palms area has a healthy community life; there are two libraries, four public parks, a public pool, and an organization that works to involve veterans in community events. There is even an annual “Bike Rodeo”, a community event that promotes bike safety for kids and families. There are plenty of retail outlets on Motor Ave – including the Anonymous LA boutique which offers everything from locally made fashion items to hats and candles – as well as larger shopping venues such as the National Sepulveda Shopping Center at 3010 Sepulveda Blvd.here is a variety of dining options within Palms, with even more diverse options when venturing over to Culver City. LOS ANGELES, CA 9 CHRISTOPHER COLUMBUS TRANS HWY INTERSTATE 10 VENICE CROSSROADS SHOPPING CENTER downtown culver city MOTOR AVE culver medical plaza OVERLAND AVE VENICE BLVD SUBJECT PROPERTY BAMBOO CULVER BLVD TENANTS ALONG CULVER BLVD VENICE BLVD 10 MATTHEWS REAL ESTATE INVESTMENT SERVICESTM CHRISTOPHER COLUMBUS TRANS HWY INTERSTATE INTERSTATE 10 405 VENICE CROSSROADS SHOPPING CENTER INTERSTATE 10 downtown INTERSTATE 10 INTERSTATE culver city 10 INTERSTATE 405 MOTOR AVE SUBJECT culver medical PROPERTY plaza OVERLAND AVE downtown VENICE BLVD culver city 1 MILE SUBJECT 3 MILE PROPERTY BAMBOO CULVER BLVD TENANTS ALONG CULVER BLVD INTERSTATE VENICE BLVD 405 VENICE BLVD LOS ANGELES, CA 11 CULVER CITY, CA ECONOMY Culver City is quickly becoming a major hub for new media ventures, as Amazon recently Culver city continues to be sought after by both people and businesses looking to call announced plans to lease 280,000 square feet of space at the Culver Studios, which is home. Culver City’s studios, officially nicknamed “The Heart of the Screenland” have just a few blocks from the Apple site. produced hundreds of award winning films. Culver city is a hip, modern, and progressive community that sits right between the beach While media is still king in Culver City and has a heavy presence, start-ups including and downtown Los Angeles. Culver City combines unique restaurants and entertainment Criteo, MeUndies, and Steelhouse all make their homes in town and more are likely to with a rapidly expanding multimedia hub. Culver City is an ideal retail location on Los follow. Angeles’ Westside, just minutes from LAX, Marina Del Rey, Santa Monica, and Downtown Los Angeles. Surrounded by nearly 295,000 households within a five mile radius, and a TOP EMPLOYERS network of high-volume freeways (the 405 (San Diego) and the 10 (Santa Monica), Culver City offers great opportunity for businesses. A daytime population of 60,000 creates tremendous demand for retail and personal services in the City’s business districts. Culver City captures more than twice its share of Los Angeles County employment and 3x its share of sales tax revenues. 12 MATTHEWS REAL ESTATE INVESTMENT SERVICESTM PLATFORM This luxury shopping complex has brought nearly 20 high-end eateries and shops to Culver City, with outposts of Blue Bottle Coffee and Van Leeuwen, as well as mindful-living staples like Sweetgreen and SoulCycle, and the meat-centric butcher/restaurant the Cannibal. The colorful complex sits just across the street from the Culver City Metro stop, making it both a convenient stop on the way to Santa Monica and a destination in its own right. CULVER HOTEL Culver City‘s historic Culver Hotel was once the part-time residence to Old Hollywood, from Clark Gable and Joan Crawford to Greta Garbo and Buster Keaton. Charlie Chaplin supposedly sold the hotel to John Wayne for a buck, while tales of apparitions surround the Neo-Renaissance–designed hotel. Locals and tourists alike can drop in for a nightcap at the hotel‘s lobby bar, while overnight guests can lie their heads at one of the 46 newly renovated rooms.
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