10412 South Figueroa Street - LoopNet · 2019-07-03 · 10412 South Figueroa Street. 19 unit...
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10412 South Figueroa Street 19 unit Apartment Complex in Los Angeles California Exclusively listed by: Martin Ensbury President (310) 880-0132 [email protected] L'mar Kojani Global Investment Associate (310) 733-6819 [email protected]
Transcript of 10412 South Figueroa Street - LoopNet · 2019-07-03 · 10412 South Figueroa Street. 19 unit...
10412 South Figueroa
Street19 unit Apartment
Complex in Los Angeles
California
Exclusively listed by:Martin EnsburyPresident(310) [email protected]
L'mar KojaniGlobal Investment Associate (310) [email protected]
TABLE OF CONTENT
L'mar KojaniGlobal Investment Associate (310) [email protected]
• INVESTMENT OVERVIEW 3• NEIGHBORHOOD AERIAL 4• PROPERTY OVERVIEW 5• DEMOGRAPHICS 6• FINANCIALS 7• SCHEDULED INCOME 8• MARKET INFORMATION 9-12• AGENT CONTACT INFO 13
INVESTMENT OVERVIEW
L'mar KojaniGlobal Investment Associate (310) [email protected]
Sitting just an 8-minute drive to the Los Angeles Memorial Coliseum, Exposition Park and the new Los Angeles Football Club – Banc of California Stadium, local economies are booming. This once intimidating pocket of Los Angeles is now garnering attention from investors all over the world who see South Los Angeles as the next frontier of Commercial Real Estate in Los Angeles.
10412 South Figueroa is a 19-unit apartment building, consisting of 13 Bachelors, 5 Studios and 1 One-Bedroom Units. There are 15 parking spots in the back lot. These large floor plans offer an investor the opportunity to capitalize on growing rents in the area that goes hand in hand with the booming Exposition Park just a 10 minute drive north of this property.
This building is in a Great location for several businesses. close to most major freeways, 110 freeway,105 freeway, 91 freeway, and the 405 freeway. close to LAX airport and downtown Los Angeles.
HIGHLIGHTS• Major value add opportunity! 6.83% cap rate on proforma rents.• Perfect for most government subsidy programs.• 10 of the 19 units to be delivered vacant.• Located in gentrifying South Los Angeles, easily accessible to the new Rams stadium and the
resurgent Downtown LA.• Seller just replace the roof and has recently renovated most units.
NEIGHBORHOOD AERIAL
L'mar KojaniGlobal Investment Associate (310) [email protected]
SITE
W 105TH Street
PROPERTY OVERVIEW
L'mar KojaniGlobal Investment Associate (310) [email protected]
Apartment Complex with 19 Units
InSouth Central LA
DEMOGRAPHICS POPULATION
CHARACTERISTIC1 MILE 3 MILE 5 MILE
AGE 0-4 4,457 30,050 86,709
AGE 5-9 5,321 35,704 101,941
AGE 10-14 4,949 33,380 93,916
AGE 15-19 4,947 33,313 92,386
AGE 20-24 5,089 34,363 96,540
AGE 25-29 4,904 33,295 96,120
AGE 30-34 4,497 30,783 91,921
AGE 35-39 4,152 28,330 87,602
AGE 40-44 3,851 26,470 83,488
AGE 45-49 4,152 28,330 87,602
AGE 50-54 3,121 22,209 69,163
AGE 55-59 2,544 18,711 57,802
AGE 60-64 1,912 14,769 45,317
AGE 65-69 1,381 10,984 33,255
AGE 70-74 944 7,718 23,091
AGE 75-79 540 5,049 14,854
AGE 80-84 283 2,969 8,629
HOUSEHOLD INCOME
1 MILE 3 MILE 5 MILE
MEDIAN $30,052 $37,835 $39,368
<$10,000 1,748 12,690 31,506
$10,00-$14,999 1,860 10,644 28,621
$15,000-$19,999 1.511 8,348 24,431
$20,000-$24,999 917 7,451 23,232
$25,000-$29,999 1,192 7,157 21,023
$30,000-$34,999 1,082 6,900 20,410
$35,000-$39,999 786 5,672 18,337
$40,000-$49,999 65 4,232 14,302
$50,000-$60,000 1,142 8,119 26,336
$60,000-$74,000 1,467 9,907 30,635
$75,000-$99,999 940 9,094 28,612
$100,000-$124,999 337 5,205 14,905
$125,000-$149,999 199 2,513 7,764
$150,000-$199,999 144 1,366 4,600
>$200,000 29 786 2,654
CHARATERISTIC HOUSING 1 MILE 3 MILE 5 MILE
HOUSING UNITS 15,636 111,492 328,208
OCCUPIED HOUSING UNITS 14,268 103,549 308,574
OWNER OCCUPIED 4,923 43,376 118,555
RENTER OCCUPIED 9,345 60,173 190,019
VACANT HOUSING UNITS 1,368 7,943 19,634
L'mar KojaniGlobal Investment Associate (310) [email protected]
FINANCIALS
INVESTMENT SUMMARY
PRICE $2,500,000
DOWN PAYMENT 26% $650,000
NUMBER OF UNITS 19
COST PER UNIT $131,579
CURRENT GRM 29.60
MARKET GRM 9.42
CURRENT CAP 0.12%
MARKET CAP 6.83%
YEAR BUILT 1960
APPOX. LOT SIZE 7,405
APPOX. NET RSF 5,295
COST PER NET RSF $472.14
ANNUALIZED OPERATING DATA
CURRENT RENTS MARKET RENTS
SCHEDULED GROSS INCOME $84,456 $265,260
LESS: VACANCY - 0% $ (13,263) 5%
GROSS OPERATING COST $84,456 $251,997
LESS: EXPENSES $ (81,339) 96.3% $ (81,339) 32.3%
NET OPERATING COST $3,110 $170,658
LESS LOAN PAYMENTS $ (111,169) $ (111,169)
NET CASH FLOW $ (108,052) -16.62% $59,489 9.15%
PLUS: PRINCIPAL PAYDOWN $ 30,377 $ 30,377
TOTAL RETURN BEFORE TAXES
$ (77,675) -11.95% $ 89,866 13.83%
ESTIMATED OPERATING EXPENSES
PROPERTY TAXES – NEW (1.196046%)
$29,901
SPECIAL ASSESMENTS $804
ELECTRIC $5,497
WATER $4,824
SEWER $3,811
TRASH $2,400
REPAIRS $6,650
GENERAL $4,750
ON-SITE MANAGER $4,800
OFF-SITE MANAGEMENT $9,301
RESERVES $4,750
INSURANCE $3,850
ESTIMATED TOTAL EXPENSES $81,339
PER NET SQ FT $15.36
EXPENSES PER UNIT $4,281
L'mar KojaniGlobal Investment Associate (310) [email protected]
LOAN INFORMATION
1ST TRUST DEED: 5-YEAR FIXED RATE LOAN (74%)
LOAN AMOUNT 1,850,000
INTEREST RATE 4.40%
LOAN TERM (YEARS) 5
AMORTIZATION (YEARS) 30
MONTHLY PAYMENT ($9,264.08)
ANNUAL DEBT SERVICE ($111,168.92)
SCHEDULED INCOME
L'mar KojaniGlobal Investment Associate (310) [email protected]
UNIT BDRMS / MONTHLY MONTHLY MONTHLY MONTHLY# BATHS RENT/UNIT INCOME RENT/UNIT INCOME
1 1BD/1BA $1,500 $1,500 $1,570 $1,5702 SINGLE (vacant) $0 $0 $1,055 $1,0553 STUDIO $1,150 $1,150 $1,220 $1,2204 SINGLE (vacant) $0 $0 $1,065 $1,0655 STUDIO $1,150 $1,150 $1,220 $1,2206 SINGLE $738 $738 $1,065 $1,0657 SINGLE $850 $850 $1,065 $1,0658 SINGLE (vacant) $0 $0 $1,065 $1,0659 SINGLE (vacant) $0 $0 $1,065 $1,06510 SINGLE (vacant) $0 $0 $1,065 $1,06511 STUDIO $700 $700 $1,220 $1,22012 SINGLE (vacant) $0 $0 $1,065 $1,06513 SINGLE (vacant) $0 $0 $1,220 $1,22014 SINGLE (vacant) $0 $0 $1,065 $1,06515 STUDIO $0 $0 $1,220 $1,22016 SINGLE $950 $950 $1,065 $1,06517 SINGLE (vacant) $0 $0 $1,065 $1,06518 SINGLE (vacant) $0 $0 $1,065 $1,06519 SINGLE (vacant) $0 $0 $1,065 $1,065
MONTHLY SCHEDULED GROSS INCOME: $7,038 $81,339PARKING INCOME: $0 $300
UTILITY REIMBURSEMENT: $0 $300TOTAL MONTHLY SCHEDULED GROSS INCOME: $7,038 $22,105
ANNUAL SCHEDULED GROSS INCOME: $84,456 $265,260
CURRENT RENTS PROFORMA RENTS
MARKET INFORMATION
L'mar KojaniGlobal Investment Associate (310) [email protected]
WELCOME to LOS ANGELES
MARKET INFORMATION
L'mar KojaniGlobal Investment Associate (310) [email protected]
LEIMERT PARKOnce the home of Ray Charles and Ella Fitzgerald, Leimert Park was dubbed the
"Black Greenwich Village" by filmmaker John Singleton. The World Stage and Kaos Network showcase jazz, hip-hop and poetry slams. During the monthly
Leimert Art Walk, shop for art, fashion and jewelry. Visit the beloved Eso Won bookstore, which frequently hosts book signings. Leimert Park is brimming with
eateries serving BBQ, spicy Jamaican cuisine and soul food that's sure to tantalize.
MARKET INFORMATION
L'mar KojaniGlobal Investment Associate (310) [email protected]
EXPOSITION PARKLocated south of Downtown L.A. and adjacent to USC, Exposition Park is home to a world-class collection of museums, sports facilities and recreational areas.
Exposition Park also offers diverse cultural, entertainment and educational activities. Founded in 1872, the 160-acre park is renowned as one of L.A.’s
premier cultural and special event destinations. Highlights include the California Science Center, Los Angeles Memorial Coliseum, Natural History Museum and
the Rose Garden, a popular wedding site.
