Christopher Newell Realtor
310.993.9213 direct ChrisNewell@BHHSCal.com
1243 Wellesley Ave Los Angeles CA 90025
Property Highlights
* Unit #1 May be open to a buyout after COE, or move due to family circumstances
* Landlord pays Water, Gardener, Sewer and Trash
* Tenants pay Gas & Electric
* Most units have in unit W/D
* Opportunity to institute s RUBS program for water moving forward.
* Soft story retrofit completed
This informa\on has been secured from sources we believe to be reliable, but we make no representa\ons or warran\es, expressed or implied, as to the accuracy of the informa\on. References to square footage or age are approximate. Buyer must verify the informa\on and bears all risk for any inaccuracies.
Price: $4,200,000 Year Built: 1968 Down Payment: 50% $2,100,000 Approx. Lot Size: 14,000 Number of Units: 11 Approx. Bldg. Sq. Ft. 9,842 Price Per Unit: $381,818 Price per Sq. Ft. $8,276 Current GRM: 16.04 Current CAP: 3.96% Market GRM: 11.24 Market CAP: 6.55% Proposed Financing: $2,100,000 Zoning: LARD1.5 Loan Rate 5.35% I.O. -$9,363 per month Loan Dura\on 30 yr ANNUALIZED FINANCIALS Current Rents Market Rents Scheduled Gross Income: $261,864 $373,800 Vacancy Allowance: $7,855.92 3% $11,214 3% Gross Opera\ng Income: $254,008 $362,586 Less Expenses: $87,611 33% $87,611 23% Net Opera\ng Income: $166,397 $274,975 Less Loan Payment: DCR = 1.48 -$112,350 -$112,350 DCR = 2.45 Pre-Tax Cash Flow: $54,047 2.57% $162,625 7.74% Plus Principal Reduc\on: $0 $0 Total Return Before Taxes: $54,047 2.57% $162,625 7.74% INCOME EXPENSES Current Rents Market Rents Taxes (new): 1.22% $51,240 No. of Bdrms/ Avg. Monthly Monthly Avg. Monthly Monthly Insurance: .5 of Bldg sf $4,921 Units Baths Rent/Unit Income Rent/Unit Income U\li\es: $16,000 3 2 + 2 $2,717 $8,150 $3,700 $11,100 Repairs/Maintenance: 5% of Gross Inc $12,700 8 1 + 1 $1,703 $13,622 $2,500 $20,000 Professional Mgmt: 4% of SGI Misc: $250 per unit $2,750 $250/unit EXPENSES ARE ESTIMATED Total Scheduled Rent: $21,772 $31,100 3 years of 3% rent raises $0 $0 Other Income: $50 $50 Total Expenses: $87,611 Monthly Scheduled Gross Income: $21,822 $31,150 Per Sq. Ft: $8.90 Annual Scheduled Gross Income: $261,864 $373,800 Per Unit: $7,965
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Christopher Newell Realtor
310.993.9213 direct ChrisNewell@BHHSCal.com
1243 Wellesley Ave Los Angeles CA 90025
RENT ROLL AS OF 1/25/23 Current Market Unit # Unit Type Rent Rent Move-in Date Size (sf) Notes 1 2 + 2 $1,850 $3,700 996 *May be Delivered Vacant 2 1 + 1 $1,838 $2,500 805 3 1 + 1 $1,900 $2,500 805 4 1 + 1 $2,100 $2,500 636 5 1 + 1 $1,800 $2,500 761 6 2 + 2 $3,700 $3,700 996 Vacant 7 1 + 1 $700 $2,500 805 8 1 + 1 $1,900 $2,500 805 9 1 + 1 $1,184 $2,500 636 10 1 + 1 $2,200 $2,500 761 11 2 + 2 $2,600 $3,700 1,104 Other Income: $50 $50 MONTHLY TOTAL: $21,822 $31,150 9,110 ANNUAL TOTAL: $261,864 $373,800
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