Broker’s Opinion of Value 1021 N E d i n b u r g h A v e L os A ng e l e s , CA 9 0 0 4 6 DAVID PASTERNAK RECEIVER 1875 Century Park E #2200 Los Angeles, CA 90067 June 19, 2019
Broker’s Opinion of Value
Cover Letter June 19th, 2019 David Pasternak, Receiver 1875 Century Park E #2200 Los Angeles, CA 90067 Re: 1021 N Edinburgh Ave, Los Angeles, CA 90046 Dear Mr. Pasternak, Enclosed is the Broker’s Opinion of Value (BOV) you requested for the above referenced property. The following are the general property characteristics. • Eight unit apartment building with covered parking. • Predominantly; one bedroom, one bath of approx. 650 Sq.Ft. • Under West Hollywood rent control ordinance. • Two units vacant + rehabled • Gross Rent $87,645 (annual) Rent at market; $168, 000 (annually) • Improvements and lot size: 4804 and 6307 Sq.ft. Referencing the market comparables (Sold at 468 SqFt). Equates to $2,248,272 which would be a 13.38 gross multiple. As the property stands the rents for 6 of the units are significantly, under market. It’s our opinion that if rents were at market, the value would be in the $2,248,272 range, however buyers would see a lower price as the incentive to reposition the property by way of paying tenants to leave early. As a result if we were to enter the market for sale at this time it should be priced no more than $2,00,000. Sincerely,
Phil Seymour President DRE#00630158
4061 Laurel Canyon Blvd |Studio City | CA 91604 m: 310.612.9800 o: 818.432.1500 ext:1632 phil@theseymourgroup.net | www.theseymourgroup.net 1021 N Edinburgh Ave | Los Angeles | CA 90046
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Interior Pictures
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Exterior Pictures
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Map of Comparable Properties
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Summary of Comparable Properties
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SOLD Listings
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earthquake seismic retrofit. 1021 N Edinburgh Ave | Los Angeles | CA 90046
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ACTIVE Listings
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maintenance property, offering a tremendous rental upside.
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Analysis
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