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William Penn Apartments – 189 Units WILLIAM PENN a Value Add Opportunity in the Heart of Los Angeles 2208 W

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William Penn Apartments – 189 Units WILLIAM PENN a Value Add Opportunity in the Heart of Los Angeles 2208 W The William Penn Apartments – 189 Units WILLIAM PENN A Value Add Opportunity in the Heart of Los Angeles 2208 W. 8TH STREET | LOS ANGELES, CA www.WilliamPennApts-CBRE.com Open House: Wednesday, August 8, 2018 from 11:00 AM - 2:00 PM www.WilliamPennApts-CBRE.com THE OPPORTUNITY CBRE, Inc. as exclusive agent is pleased to present for sale the William Penn Apartments – an architecturally elegant 189-unit apartment community with ground-level retail space located in the historic MacArthur Park neighborhood of Los Angeles, California. Current ownership has spent over $2 million in renovating all of the common areas and approximately 74 of the units, and is continuing their ongoing renovation plan. The property offers tremendous upside for a new owner to simply renovate the remaining 115 units which would provide an additional $820,500± in net operating income, a 57%± increase from today. Located at 2208 West 8th Street, The William Penn displays impressive street presence on its block, boasts an outstanding WalkScore of 95 out of 100 – a “Walker’s Paradise” – and is proximate to the METRO rail Westlake/MacArthur Park subway station. An abundance of Los Angeles’s best shopping, dining, and entertainment amenities are nearby. Featuring a mix of efficiency and studio units with 9-foot ceilings and ample closet space, The William Penn is rich in architectural detail built in the acclaimed Parisian Beaux-Arts style. Common area amenities include secured access entry, beautifully appointed lobby seating with three lounge areas and a fireplace, a landscaped courtyard with fountain, building WiFi, and a fitness center. Units on upper floors offer sweeping views of the City including the Downtown Los Angeles skyline, the Hollywood sign, and west-facing views. The Property’s excellent, central location is minutes away from key employment centers including Downtown Los Angeles, Koreatown, Hollywood, West Hollywood, Beverly Hills, and Century City. P.2 Other significant Los Angeles architecture built in the same Beaux-Arts style as The William Penn includes the Orpheum Theatre and Loft Building, Angels Flight, the Barclay Hotel, Grand Central Market, and the Millennium Biltmore Hotel Los Angeles. TABLE OF CONTENTS PROPERTY OVERVIEW P. 10 FINANCIAL ANALYSIS/ SALES COMPARABLES P. 27 AREA OVERVIEW P. 41 Tour Date: Wednesday, August 8, 2018 11:00 AM - 2:00 PM For more information, please contact: LAURIE LUSTIG-BOWER KAMRAN PAYDAR Executive Vice President Senior Sales Director +1 310 550 2556 +1 310 550 2529 [email protected] [email protected] Lic. 0979360 Lic. 01242590 www.WilliamPennApts-CBRE.com PROPERTY OVERVIEW www.WilliamPennApts-CBRE.com PROPERTY DESCRIPTION 2208 W. 8th St Los Angeles 1928 77,558 SF 1 CA 90057 Property Address Year Built Total Building Area Number of Buildings UNIT MIX UNIT TYPE UNITS Efficiency A1 19 Efficiency A2 132 Efficiency A3 24 Studio A4 9 Studio A5 5 TOTAL 189 P.11 www.WilliamPennApts-CBRE.com PROPERTY FEATURES Three Lounge Areas 360° Views on Rooptop of Downtown Los Angeles, Hollywood, Koreatown, and MacArthur Park Attractive Landscaped Nearby METRO Red & Courtyard with Fountain Purple Line Fire Pit On-Site Clothes Care Center Gym with Bathrooms Bike Racks Retail Space (1,700 SF) Custom-Made Furniture On-Site Storage Units Free Wifi Elevator Vending Machines P.12 www.WilliamPennApts-CBRE.com COMMON AREAS P.13 www.WilliamPennApts-CBRE.com COMMON AREAS P.14 www.WilliamPennApts-CBRE.com P.16 www.WilliamPennApts-CBRE.com UNIT FEATURES Many Units have 74 Units have Upgraded Interiors views of Courtyard, Downtown Los Angeles, Hollywood, Koreatown, Granite Countertops MacArthur Park Ceramic Bath Counters 9ft Ceilings Laminated Hardwood Vinyl Plank Flooring Electric Stove Track Lighting with Dimmer Walk-In Closets/ Ample Closet Space Designer Paint Color Scheme Compact Refrigerator Microwave P.17 www.WilliamPennApts-CBRE.com ROOFTOP VIEWS Rooftop View Towards Downtown Los Angeles Rooftop View Towards Hollywood P.23 www.WilliamPennApts-CBRE.com HISTORICAL BACKGROUND ON WILLIAM PENN APARTMENTS HISTORICAL BACKGROUND ON WESTLAKE The Central Los Angeles neighborhood of Westlake has a long and storied history. In the early 20th Century, the area surrounding MacArthur Park was described as the Champs Elysees of Los Angeles. Currently, new development projects are bringing The William Penn Apartment Homes building in Westlake is a rare gem of history in Los investment capital into the area. Angeles. Built in 1928 in the Beaux Arts architectural style, the building previously housed the William Penn Hotel, a luxury hotel accommodation popular amongst the ever-growing jet-set of vacationers enamored with California’s idyllic Mediterranean climate. Today, the William Penn Apartment Homes maintains the old-school elegance of its early 20th Century history. P.24 www.WilliamPennApts-CBRE.com HISTORY OF WILLIAM PENN APARTMENTS Most likely circa 1920’s August 7, 1955 William Penn Apartments is a Beaux-Arts architecture, which was the academic architectural style taught at the École des Beaux-Arts in Paris, particularly from the 1830s to the end of the Photograph of the William Penn Hotel 19th Century 1982 View from intersection of Eighth and Alvarado of multi-story brick hotel with businesses on Part of a series entitled first floor. From the William Reagh Collection. Between circa 1930 “California Hotel Post Cards” and circa 1945 from the print department of the Boston Public Library Between circa 1930 and circa 1945 1929 Exterior View of the Building P.25 www.WilliamPennApts-CBRE.com PARCEL MAP APN 5141-022-015 P.26 FINANCIAL ANALYSIS www.WilliamPennApts-CBRE.com THE WILLIAM PENN OFFERS SIGNIFICANT RENTAL INCOME UPSIDE POTENTIAL THROUGH UNIT RENOVATIONS. To date, 74 units have been renovated to upgrade flooring, kitchen appliance packages, electrical and plumbing fixtures, and window coverings. Renovated floorplans are achieving rents as much as 40% to 50% higher than rents for comparable unrenovated floorplans. The William Penn, which operates at 95% occupancy, is a rare opportunity to acquire an apartment building of scale with significant upside potential in one of the most dynamic, densely populated, culturally rich areas of Los Angeles. P.28 www.WilliamPennApts-CBRE.com UNIT MIX CURRENT RENT* Unit TypType Unitsts MiMix AvgAvg SF AvgAvg Rent Rent/St/SF Efficiency A1 19 10% 219 $929 $4.24 Efficiency A2 132 70% 235 $920 $3.92 Efficiency A3 24 13% 275 $990 $3.60 Studio A4 9 5% 340 $1,244 $3.66 Studio A5 5 3% 400 $1,507 $3.77 ToTotatal 18189 10100% 24848 $961 $3.88 * Current Rent with 74 out of 189 units already renovated FORECASTED RENT** Unit TTypype Unittss MMiix AAvgvg SF A Avgvg Rent R entt/S/SF Efficiency A1 19 10.1% 219 $1,295 $5.91 Efficiency A2 132 69.8% 235 $1,295 $5.51 Efficiency A3 24 12.7% 275 $1,495 $5.44 Studio A4 9 4.8% 340 $1,595 $4.69 Studio A5 5 2.6% 400 $1,795 $4.49 ToTottaal 11889 11000.0% 24488 $11,3,34488 $5.4444 ** Forecasted Rent with 189 units renovated. P.29 www.WilliamPennApts-CBRE.com CURRENT AND FORECASTED OPERATIONS CURRENT FORECASTED OPERATIONS OPERATIONS ESTIMATED INCOME Annual Annual Rent Income $2,198,027 [1] $3,135,900 [2] CURRENT FORECASTED $2,198,027 $3,135,900 Total Scheduled Gross Income OPERATIONS OPERATIONS Vacancy ($65,941) [3] ($156,795) [4] TEoSTtaIMl ANTeEtD R IeNnCtaOl MInEcome Annual $2,132,086 Annual $2,979,105 [1] [2] BadRent IncomeDebt $2,178,964 ($25,652) $3,057,060 ($25,652) ToRetailtal Sc hRentedu landed G CAMross IChargesncome $2,178,964 $54,000 $3,057,060 $54,000 Vacancy ($65,369) [3] ($152,853) [4] Pet Income $10,260 $10,260 Total Net Rental Income $2,113,595 $2,904,207 Rental Income- Through Lease Term $40,000 $40,000 Bad Debt ($25,652) ($25,652) Appliance Rental $8,465 $8,465 Retail Rent and CAM Charges $54,000 $54,000 FeePet Income Income $10,260 $53,734 $10,260 $53,734 LaundryRental Income- Room Through and Snack Lease Machines Term Income $40,000 $9,000 $40,000 $9,000 AntennaAppliance andRental Sign Rental $8,465 $24,157 $8,465 $24,157 RUBSFee Income Income $53,734 $38,877 $53,734 $38,877 TOLaundryTAL E SRoomTIM AandTE DSnack IN CMachinesOME Income $9,000 $2,344,927 $9,000 $3,191,946 Antenna and Sign Rental $24,157 $24,157 RUBS Income $38,877 $38,877 ESTIMATED EXPENSES Annual Annual TOTAL ESTIMATED INCOME $2,326,436 $3,117,048 Property Taxes [5] Ad Valorem Ad Valorem ESDirectTIMAT EAssessmentsD EXPENSES Annual $5,624 Annual $5,624 BusinessProperty Taxes Taxes [5] Ad Valorem $13,228 Ad Valorem $14,303 InsuranceDirect Assessments $5,624 $54,291 $5,624 $54,291 ManagementBusiness Taxes Fee (3% of Total Estimated Income) $13,204 $70,348 $14,208 $95,758 Insurance $54,291 $54,291 On-Site Manager/ Staff Payroll $331,386 $331,386 Management Fee (3.5% of Total Estimated Income) $81,425 $109,097 Electricity $85,997 $85,997 On-Site Manager/ Staff Payroll $331,386 $331,386 WaterElectricity & Sewer $85,997 $27,868 $85,997 $27,868 OtherWater & Utilities Sewer $27,868 $8,642 $27,868 $8,642 GasOther Utilities $8,642 $21,902 $8,642 $21,902 Telephone/Cable/InternetGas $21,902 $1,200 $21,902 $1,200 LifeTelephone/Cable/Internet Safety, Security Patrol $1,200 $78,574 $1,200 $78,574 TurnoverLife Safety, Security Patrol $78,574 $21,000 $78,574 $21,000 Turnover $21,000 $21,000 Repairs and Maintenance $71,517 $71,517 Repairs and Maintenance $71,517 $71,517 Garbage Collection Collection $11,100 $11,100 $11,100 $11,100 Administration $26,710 $26,710 $26,710 $26,710 By continuing to Advertising $16,618 $16,618 $16,618 $16,618 Professional Fees Fees (Legal (Legal and and Credit Credit Check) Check) $28,200 $28,200 $28,200 $28,200 renovate and Reserves $37,800 $37,800 $37,800 $37,800 re-lease the remaining TTOTALL EESSTTIMIMATAETDE DEX EPEXNPESENSS WESIT HWOITUHTO PRUOTP PERTOYP TEARXTEYS TAXES $923,057 $912,004 $951,733 $938,490 115 units, there is ESTIMATED NET OPERATING INCOME WITHOUT PROPERTY TAXES $1,403,379 $2,165,315 ESTIMATED NET OPERATING INCOME WITHOUT PROPERTY TAXES $1,432,923 $2,253,456 potentially 57%± [1] Rent Income based on Current Rent, with 74 out of 189 units already renovated.
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