GRIFFITH PARK B LVD DUPLE X 2001 & 2001 ½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
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 completeness, 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.
Exclusive Proposal Provided By DAVID WEINBERGER Multifamily Investment Advisor
818.432.1583
davidweinberger@kw.com CalBRE Lic#01349349
ADAM ZUNDER Multifamily Investment Advisor
818.432.1634
azunder@kw.com CalBRE Lic#01821053
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 pro-vided, 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 independent 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 in-creased 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.
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THE OFFERING INVESTMENT OVERVIEW SALES COMPARABLES LOCATION INFORMATION DEMOGRAPHICS
T H E OF F E R IN G 2 0 0 1 & 2001 ½ GRIFFITH PARK B LVD | LOS ANG E LE S | CA 9 0 0 3 9
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THE OFFERING The Griffith Park Blvd Duplex is a charming residential income property in L.A’s most compelling rental market, Atwater Village (91206). The asset, built in 1971 by Tawa-Shimozono Architects and tastefully redone Modative Architects and Robert Vecchio Designs in 2013 represents quality finishes throughout the property is near Sunset Junction, Hyperion shops and the award-winning Franklin Elementary School. The duplex has been creatively reimagined from systems to surfaces for maximum utility and delight. Flexible open layout, ample daylight, new finishes, appliances and fixtures. Suitable for owner-user and tenant, multi-generational family, or as income property. The duplex provides ample space with two (4) Bedroom and (3) bathroom units. The property is located in one of the most sought after pockets in Los Angeles; Atwater Village is home to a growing number of trendy restaurants, coffee houses, and nightlife. The property is centrally located between Glendale, Los Feliz, Silver Lake, and Eagle Rock and is easily accessible to the (5) and (2) Freeways.
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PROPERTY HIGHLIGHTS
• Located in one of the most sought-after pockets in Los Angeles
• Close Proximity to the best of Atwater Village - Cafes, restaurants, retailers, and bars.
• Ability to Maintain High occupancy levels through all Real Estate Cycles
• Market rents in place
• Turn key stabilized Asset – Perfect for Passive Investor
• Pride of Ownership
• Excellent Unit Mix
• New Heating and Air Conditioning Systems
• Units features New Light Fixtures; Copper Plumbing Sewer Line; Light Fixtures
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PROPERTY DETAILS Property Address: 2001 & 2001½ GRIFFITH PARK BLVD Suggested Pricing: $1,550,000 - $1,700,000 Number of Units: 2 Price/Unit: $775,000 - $850,000 Current CAP 4.59% - 4.18% Current GRM: 16.35 - 17.93 Building Size: 2,792 SF Lot Size: 4,893 SF Zoning: LARD2 APN: 5431-002-2006 Year Built: 1971 Stories: Flat/2-Story Construction: Frame Parking: 2 Spaces
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These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercial or its personnel, and all interested parties must independently verify its accuracy and completeness.
DAVID WEINBERGER M U L T I F A M I L Y
R E A L
E S T A T E
A D V I S O R
I N V E S T M E N T OV E RVI EW 2 0 0 1 & 2001 ½ GRIFFITH PARK B LVD | LOS AN G E LE S | CA 9 0 0 3 9
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APARTMENT EXPERT GROUP M U L T I F A M I L Y
R E A L
E S T A T E
A D V I S O R S
PRICING SUMMARY 2001 & 2001½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
FINANCIAL INDICATORS Price: $1,550,000
Price: $1,600,000
Down Payment: $387,500
Down Payment: $400,000
Current CAP: 4.59%
Current CAP: 4.44%
Market CAP: 4.59%
Market CAP: 4.44%
Current GRM: 16.35
Current GRM: 16.88
Market GRM: 16.35
Market GRM: 16.88
Cost Per SF: $537
Cost Per SF: $573
Cost Per Unit: $775,000
FINANCIAL INDICATORS Price: $1,650,000
Cost Per Unit: $800,000
FINANCIAL INDICATORS Price: $1,700,000
Down Payment: $412,500
Down Payment: $425,000
Current CAP: 4.31%
Current CAP: 4.18%
Market CAP: 4.31%
Market CAP: 4.18%
Current GRM: 17.41
Current GRM: 17.93
Market GRM: 17.41
Market GRM: 17.93
Cost Per SF: $657
Cost Per SF: $609
Cost Per Unit: $825,00
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FINANCIAL INDICATORS
Cost Per Unit: $850,000
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller A P A R T M E N T E X P E R T G R O U P M U L T I F A M I L Y R E A L E S T A T E A D V I S O R S Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
FINANCIAL SUMMARY 2001 & 2001½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
SOURCE OF INCOME CURRENT # of Units 2
Unit Type 4+2
Avg SF
Avg Rent
Total
1,000
$3,950
$7,900
MARKET Avg Rent Income $3,950
$7,900
Total Rental Income:
$7,900
$7,900
Total Monthly Income
$7,900
$8,275
Total Annual Income
$94,800
$99,300
INCOME SUMMARY ESTIMATED ANNUALIZATION OPERATING DATA Scheduled Gross Income:
CURRENT $94,800
MARKET $99,300
Gross Operating Income:
$94,800
$99,300
Less Expenses:
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25.0%
($23,700)
Net Operating Income:
$71,100
Less Loan Payment:
$0
Pre-Tax Cash Flow:
$71,100
Return on Investment
4.7%
25.0%
$23,700 $75,600 $0 $75,600 5.0%
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller A P A R T M E N T E X P E R T G R O U P M U L T I F A M I L Y R E A L E S T A T E A D V I S O R S Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
RENT ROLL 2001 & 2001½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
UNIT #
STATUS
UNIT TYPE
CURRENT RENT
RENT RENT / SF
1
Occupied
4+2
$3,950
$3.95
$3,950
$3.95
2
Occupied
4+2
$3,950
$3.95
$3.950
$3.95
$7,900
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RENT / SF
MARKET
$1.58
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
$7,900
$1.58
S A L E C OM P A R A BL ES 2 0 0 1 & 2001 ½ GRIFFITH PARK B LVD | LOS AN G E LE S | CA 9 0 0 3 9
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SALES COMPARABLES 2247 AARON ST | LOS ANGELES | C A 9 0 0 2 6 SILVER LAKE 1133 Sanborn Ave | Los Angeles | CA 90026
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List Price: Year Built: No. of Units: Price PSF: List Date:
$950,000 1941 2 $474.53 03/29/2017
PRISTINE DUPLEX 4317 Russell Ave | Los Angeles | CA 90027
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ListPrice: Year Built: No. of Units: Price PSF: List Date:
$999,000 1957 2 $495.54 10/02/2017
PRIME SILVER LAKE 915 Micheltorena St | Los Angeles | CA 90026
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List Price: Year Built: No. of Units: Price PSF: List Date:
$1,095,000 1941 2 $580.59 07/15/2017
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
SALES COMPARABLES 2247 AARON ST | LOS ANGELES | C A 9 0 0 2 6 CHARM FRANKLIN HILLS 3917 Sunset Dr | Los Angeles | CA 90027
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$965,000 1023 2 $638.23 09/01/2017
CHARMING SPANISH DUPLEX 2743 2745 Locksley Pl |Los Angeles| CA 90039
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$935,000 1932 2 $660.31 06/13/2017
2-STORY CALIFORNIA BUNGALOW 3915 Effie St | Los Angeles | CA 90029
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$1,133,000 1923 2 $708.33 05/19/2017
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
SALES COMPARABLES 2247 AARON ST | LOS ANGELES | C A 9 0 0 2 6 SILVER LAKE HILLSIDE DUPLEX 2207 Apex | Los Angeles | CA 90039
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$895,000 1906 2 $823.37 07/27/2017
LOS FELIZ DIUPLEX 4302 Russell Ave | Los Angeles | CA 90027
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List Price: Year Built: No. of Units: Price PSF: List Date:
$825,000 1915 2 $302.64 08/15/2017
INVESTOR REHAB SPECIAL 1227 N. Virgil Ave | Los Angeles | CA 90029
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$750,000 1922 2 $431.53 06/13/2017
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
SALES COMPARABLES 2247 AARON ST | LOS ANGELES | C A 9 0 0 2 6 HEART OF SILVER LAKE 1204 Myra Ave | Los Angeles | CA 90029
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$690,000 1924 2 $568.00 05/30/2017
MULTI-UNIT PROPERTY IN PRIME SILVER LAKE 3125 Berkeley Cir | Los Angeles | CA 90026
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$675,000 1924 2 $585.94 06/12/2017
LOS FELIZ / SILVER LAKE DUPLEX 4216 Fountain Ave | Los Angeles | CA 90029
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Sold Price: Year Built: No. of Units: Price PSF: Sold Date:
$630,000 1924 2 $629,900 08/16/2017
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
LO CA T ION IN F OR MA TI ON 2 0 0 1 & 2001 ½ GRIFFITH PARK B LVD | LOS AN G E LE S | CA 9 0 0 3 9
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AREA HIGHLIGHTS Nestled between Glendale and Silver Lake is the unassuming neighborhood, Atwater Village. The neighborhood is among Los Angeles’ most rapidly gentrifying, with an influx of young creative professionals (sometimes called “hipsters”) and businesses catering to them, spilling over from the popular Silver Lake and Los Feliz areas. Atwater Village was once home to the recording HQ of the Beastie Boys ( where they laid tracks for Check Your Head and License To Ill), this unassuming stretch of brick-and-morter has been changing at a rapid pace. Now it’s home to some unique retail spaces and delicious eateries. Atwater Village offers something for everyone. You can bike ride along the L.A. River then grab a cold brew ate one of the many gastropub’s in the area or take part in an unexpected recreational activities such as Bollywood aerobics.
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AREA HIGHLIGHTS The Junction area of Sunset has some of the best boutiques in the neighborhood. If you’re looking to adopt a high-end hipster street style, check out Mohawk General Store for handcrafted home-wares, leather goods and a small but well-curated selection of clothing and shoes. Indulge your inner lush at Barkeeper, a shop fully dedicated to, well, keeping a well-stocked bar. In addition to top-shelf and rare liquors, you’ll find vintage glassware. Across the street, look for an ivy-covered alleyway with a sign for the Spice Station where you’ll find an aromatic room stocked floor to ceiling with colorful jars containing more than 250 different spices. There is an extensive range of eateries and bars that will keep you consuming for days and a range of price points. Fresh dining options include Forage, a restaurant that sources all of its ingredients locally. They exchange produce from backyard farmers for free meals. Then there’s Tacos Delta, and Flore, a hipster haven, Alegria, Cru, Blossom, Black Hogg, El Chavito, Bar Stella with its outdoor patio and slightly-shabby –but-mostly-chic interior and Smog Cutter, a cash only dive bar.
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For live music, there’s The Satellite, on Silver Lake Boulevard. Formerly known as Spaceland, the venue’s first-ever show featured local hero Beck, and the caliber of artists who play there has been pretty solid ever since
LOCATION MAPS 2001 & 2001½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
2001 & 2001½ GRIFFITH PARK BLVD
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These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
AERIAL MAP 2001 & 2001½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
2001 & 2001½ GRIFFITH PARK BLVD
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These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
D E M OG R AP H IC S 2 0 0 1 & 2001 ½ GRIFFITH PARK B LVD | LOS AN G E LE S | CA 9 0 0 3 9
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DEMOGRAPHICS SNAPSHOT 2001 & 2001½ GRIFFITH PARK BLVD | LOS ANGELES | CA 90039
POPULATION Total Population Median Age Median Age (Male) Median Age (Female) HOUSEHOLDS & INCOME
65 27.9 29.9 27.3 1 MILE
Total Households # of Persons Per HH Average HH Income Average House Value
18 3.6 $58,677
RACE
1 MILE
% White % Black % Asian % Hawaiian % Indin % Other ETHNICITY % Hispanic
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1 MILE
84.6% 0.0% 1.5% 0.0% 0.0% 13.8% 1 MILE 69.2%
10 MILES 38,005 27.1 26.9 22.4 10 MILES 8,127 4.7 $56,967 $225,593 10 MILES 73.7% 5.7% 1.7% 0.1% 0.8% 16.0% 10 MILES 66.5%
30 MILES 734,513 30.1 29.5 30.0 30 MILES 218,163 3.4 $64,011 $263,928 30 MILES 62.8% 5.9% 4.8% 0.1% 1.0% 21.5% 30 MILES 50.3%
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.
Exclusive Proposal Provided By DAVID WEINBERGER Multifamily Investment Advisor
818.432.1583
davidweinberger@kw.com CalBRE Lic#01349349
ADAM ZUNDER Multifamily Investment Advisor
818.432.1634
azunder@kw.com CalBRE Lic#01821053
DAVID WEINBERGER M U L T I F A M I L Y
R E A L
E S T A T E
A D V I S O R