1905 Vassar Street Los Angeles, CA · Pest Control $86 $600 $600 Repairs & Maintenance $793 $5,553...

™

O F F E R I N G M E M O R A N D U M1 9 0 5 V a s s a r S t r e e tG l e n d a l e , C A 9 1 2 0 4

E X C L U S I V E L Y L I S T E D B Y

D A N I E L W. W I T H E R S Senior Vice Pres ident - Mult i fami ly

Direct 818 923 6107Mobi le 310 365 5054

danie l [email protected]# BRE 01325901

T A B L E O F C O N T E N T S0 4 P r o p e r t y0 8 L o c a t i o n 1 4 F i n a n c i a l

™

O F F E R I N G M E M O R A N D U M1 9 0 5 V a s s a r S t r e e t

G l e n d a l e , C A 9 1 2 0 4

M I C H A E L A S TO R I A N Assoc iate - Mult i fami ly

Direct 818 923 6123Mobi le 818 926 8889

michael .astor [email protected]# BRE 01974130

04 PROPERT Y OVERVIEW

51905 VASSAR AVENUEGLENDALE, CA 91204

1905 Vassar Street i s a 7-unit , two-story garden-sty le apartment community located in Glenda le , Ca l i forn ia , approx imate ly 12 mi les north of downtown Los Angeles . Bui l t in 1962, the property i s s i tuated on 8,046 square foot lot w ith in a rentab le area of 5 ,527 square feet and i s improved with a wood-frame constructed bu i ld ing, featur ing a stucco exter ior and compos i te f lat roof .

The 1905 Vassar Street conta ins a un it mix of four one-bedroom / one- bath un its , one two-bedroom / one-bath, and two two-bedroom / two-bathroom units w ith an overa l l average un it s i ze of 789 square feet . With the recent increase in rents , th i s va lue-add opportunity st i l l has a s ign i f icant amount of ups ide in the rents . With some hands-on management and a smal l cap i ta l contr ibut ion, an investor could see a potent ia l increase of an add it iona l ±20%. With some minor cosmet ic work to the exter ior and smal l upgrades to the inter ior, an investor could increase the net operat ing income by ±$100,000.

P R O P E R T Y S U M M A R Y

Units 7

Year Bui l t 1962

Tota l SF 5,527

Site Acreage ±0.18

Parce l Number(s) 5640-039-002

Roofs Flat

Exter ior Wood Frame / Stucco

P R O P E R T Y D E S C R I P T I O N

6 MATTHEWS

L O C A L M A P

R E G I O N A L M A P

N

N

L O C A T I O N H I G H L I G H T S1905 Vassar Street i s convenient ly located between Vassar Street and GardenaAvenue. The property i s w ith in c lose prox imity to Interstate 5 , Interstate 210,and CA State routes 2 and 134, ensur ing easy access to Pasadena and the Los Angeles metro area . Major shopping centers located near Vassar Street inc lude:

• The Amer icana at Brand• Glendale Gal ler ia• The Grove• Other shopping opt ions inc lude: Glendale Marketplace (DSW and HomeGoods)

and Westf ie ld Fashion Square (Bloomingdale’ s and Macy ’s) .

Nearby enterta inment and recreat iona l act iv i t ies inc lude:

• Five-Star Cinema, located with in one mi le of the property, offers in-theater d in ing and enterta inment .

• L .A. L ive , located approx imate ly 12 mi les f rom the property, i s a premiere sports and enterta inment d istr ict .

• Runyon Canyon Park, located n ine mi les f rom the property, features wa lk ing tra i l s and scenic v iews .

Home to more than 196,700 res idents , Glendale i s located in Los AngelesCounty and i s the 13th-most populated metropol i tan area in the wor ld andthe second- largest MSA in the United States . Los Angeles County i s home tomore than 10 mi l l ion res idents , compr is ing 26% of Cal i forn ia’ s tota lpopulat ion and making i t the most populous county in the nat ion.

• Glendale’ s populat ion i s expected to reach 202,261 by 2021, growing 2 .8% over the next f ive years .

• The current median household income with in three mi les of Chateau Louise i s $55,418 and i s est imated to reach $60,944 by 2021 .


12

3

5 6

74

N

L O S F E L I S B LV D

S A N F E R N

A ND

O R D

G L E ND A L E B

LV D

S B

RA

ND

BLV

D

1 Rally’s

2 Glendale Amtrak Station

3 Cerritos Elementary

4 Best Buy

5 CostCo

6 Vons

7 Glendale Memorial Hospital

8 Americana at Brand

9 Glendale Galleria

10 Glendale Fashion Center

8

9

10

GL E

ND

AL E

BLV

D

N

P R O P E R T Y A E R I A L

S A N F E R N

A ND

O R D

S B

RA

ND

BLV

D

08 LOCATION OVERVIEW

3rd

8 Miles

Largest Cityin LA County

North ofDowntown Los Angeles

L O C A T I O N D E S C R I P T I O N1905 VA S S A R S T R E E T i s convenient ly located off of San Fernando Rd and Glendale Blvd . 1905 Vassar i s eas i ly access ib le f rom major f reeways inc luding Interstate 5, 210 and State Routes 2 and 134. Pasadena and the rest of the Los Angeles metro area i s just a short dr ive away. 1905 Vassar Street i s a 10 minute walk f rom the Ante lope Val ley L ine and the Ventura County L ine at the Glendale Metro l ink Stat ion stop.

S H O P P I N GT H E A M E R I C A N A AT B R A N D

Located less than a mile from the subject property, the Americana at Brand is the ultimate shopping, dining, and entertainment complex. The Americana at Brand of fers ever yth ing f rom la rger s tores inc lud ing Nordst rom and Bloomingdale’ s to carefu l ly chosen unique bout iques .

G L E N D A L E G A L L E R I AAs the go to shopping destination, the Glendale Gal ler ia is a large shopping center with a unique feel and a dist inctive var iety of stores. It is the fourth largest mal l in L A County. In 2016, the Glendale Gal ler ia saw 30 mi l l ion v i s i tors a lone.

T H E G R O V EStores at The Grove offer ever ything from the newest fashions , h igh-tech gadgets , and must have beauty products . The Grove i s a wor ld-renowned shopping, d in ing and enterta inment dest inat ion with h igh-end stores l ike Anthropolog ie , Apple , Michael Kors , Coach and Nordstrom.

O U T D O O R R E C R E A T I O N With over 50 publ ic parks with in the c i ty l imits , Glendale has p lenty of n a t u r e s e t t i n g s i n w h i c h r e s i d e n t s c a n p a r t a ke i n o u t d o o r r e c r e a t i o n a l a c t i v i t i e s . L o c a l h i ke r s f r e q u e n t De u k m e j i a n Wi l d e r n e s s Pa r k - o n e o f the most gorgeous and sparse ly v i s i ted parks in L A county. The tra i l s go through waterfa l l s , creeks , and stunning v i stas that can fee l wor lds away from Los Angeles .


10 MATTHEWS

1 MILE 3 MILE 5 MILE

P O P U L A T I O N

2010 Census 29,620 276,512 831,363

2017 Estimate 31,463 286,829 869,872

2022 Projection 32,877 296,580 903,015

P O P U L A T I O N G R O W T H

Percent Change: 2010 to 2017 6.22 3.73 4.63


H O U S E H O L D S

2000 Census 10,659 107,256 303,283

2017 Estimate 11,361 111,711 327,458

2022 Projection 11,913 115,922 341,445

H O U S E H O L D G R O W T H



F A M I L Y H O U S E H O L D S

2010 Census 6,765 62,494 180,385

2017 Estimate 7,264 65,340 189,679

2000 Census 7,636 67,847 197,536

F A M I L Y H O U S E H O L D G R O W T H



I N C O M E

Average Household Income 64,234.00 80,277.00 70,689.00

Median Household Income 45,721.03 53,826.28 44,245.52

D E M O G R A P H I C S


T R A N S P O R T A T I O N L A R R Y Z A R I A N T R A N S P O R TAT I O N C E N T E R

The Glenda le Amtrak/Metro l ink Stat ion , refer red to as the Lar r y Zarian Transportation Center, is an Amtrak and Metrolink rai l station. Th e L Z TC s e r v e s a s a c e n t r a l t r a n s p o r t a t i o n h u b f o r t h e Ci t y o f Glenda le . Severa l pub l ic t ransportat ion systems; such as Amtrak , Metrol ink, Greyhound, Metro, and the Glendale Beel ine ut i l i zes the LZTC as a transfer point and/or layover. Ten Pacif ic Surf l iner tra ins serve the station dai ly and 54 Metrol ink trains serve the station each weekday, as wel l as ser v ing the Ante lope Val ley L ine on Saturdays .

12 FINANCIAL OVERVIEW


U N I T M I XU N I T S T Y P E E S T. U N I T S F TOTA L S F C U R R E N T R E N T M A R K E T R E N T

4 1 Bed / 1 Bath 750 3,000 $1,325 $1,575

1 2 Bed / 1 Bath 840 840 $1,600 $1,825

2 2 Bed / 2 Bath 845 1,690 $1,700 $1,850

7 790 5,530 $1,471 $1 ,689

UNIT MIX MONTHLY CURRENT RENT ANNUAL CURRENT RENT MONTHLY MARKET RENT ANNUAL MARKET RENT

57.1% $5,300 $63,600 $6,300 $75,600

14.3% $1,600 $19,200 $1,825 $21,900

28.6% $3,400 $40,800 $3,700 $44,400

$10,300 $123,600 $11 ,825 $141,900

CAP RATE & GRM ANALYSIS PRICE $/UNIT $/FOOT CURRENT

CAP RATEMARKET

CAP RATECURRENT

GRMMARKET

GRM

Listing Price $2,019,000 $288,429 $365.30 4.08% 4.94% 16.33 14.23

C A P R A T E A N D G R M A N A L Y S I S

*Rents will be effective January 1st, 2018.

14 MATTHEWS

Unit# Unit Type Actual Rent

1 2 Bed / 2 Bath $1,700

2 2 Bed / 2 Bath $1,700

3 1 Bed / 1 Bath $1,350

4 1 Bed / 1 Bath $1,250

5 1 Bed / 1 Bath $1,350

6 1 Bed / 1 Bath $1,350

7 2 Bed / 1 Bath $1,600

$10,300

R E N T R O L L



INCOME CURRENT ACTUALS

MARKET PRO FORMA

Scheduled Market Rent $123,600 $141,900 Less: Vacancy 3.00% ($3,708) ($4,257)Net Rental Income $119,892 $137,643 Plus: Laundry $3,500 $3,500 Total Operating Income (EGI) $123,392 $141,143

ESTIMATED EXPENSES PER UNITUtilities $471 $3,300 $3,300Pest Control $86 $600 $600Repairs & Maintenance $793 $5,553 $5,553Off-Site Management Fee 3.00% $529 $3,702 $4,234Trash $121 $850 $850Gardner $171 $1,200 $1,200Real Estate Taxes 1.1918% $3,437 $24,058 $24,058Insurance $237 $1,658 $1,658

Total Expenses $40,921 $41,453

Per Unit: $5,846 $5,922% of SGI 33.16% 29.37%

Net Operating Income $82,471 $99,690Total Return 4.08% $82,471 $99,690

P R O F O R M A A N N U A L O P E R A T I N G E X P E N S E S


16 MATTHEWS

R E N T C O M P A R A B L E S R E N T C O M P A R A B L E S

PROPERTY SUMMARYUnits 10Built 1968



PROPERTY SUMMARYUnits 0Built -

215 East Maple StreetGlendale, CA 91205

729 East RaleighGlendale, CA 91206

438 East Acacia AvenueGlendale, CA 91205

1003 South Central AvenueGlendale, CA 91204

1

32

4

S U B J E C T P R O P E R T Y 1905 Vassar StreetGlendale, CA 91204

UNIT MIX & RENT SCHEDULEUnits Type Asking Rent

4 1/1.00 $1,3251 2/1.00 $1,6002 2/2.00 $1,7007 $1,471


2 1/1.00 $1,5508 2/2.00 $1,93510 2/2.00 $1,858


12 2/2.00 $1.89512 2/2.00 $1,895


1227-1229 South Central AvenueGlendale, CA 912048


- 1/1.00 $1,625- - -


10 1/1.00 $1,79510 2/2.00 $1,795


326-334 West Chevy Chase DriveGlendale, CA 912049


30 1/1.00 $1,59526 2/1.50 $1,79510 - $1,688


- 0/1.00 $995- 1/1.00 $1,6950 - -


1123-25 East Acacia AvenueGlendale, CA 912065


- - $010 1/1.00 $1,75010 - $1,750


600-604 East Chevy Chase DriveGlendale, CA 912066


10 1/1.00 $1,6754 2/1.00 $1,82514 - $1,718


610 East Acacia AvenueGlendale, CA 912057


- 1/1.00 $1,5250 - -



R E N T C O M P A R A B L E S


1011 East Palmer AvenueGlendale, CA 9120510


14 1/1.00 $1,69515 2/1.00 $2,09529 - $1,902

1

2 3

4 567

89 10

18 MATTHEWS

S A L E C O M P A R A B L E S S A L E S C O M P A R A B L E S

Built 1953Units 5Price/Unit $320,000Price/SF $426.21List Price $1,600,000Cap Rate 3.73%

301 North Kenwood StreetGlendale, CA 912069

334 Cameron Place Glendale , CA 91207

1725 East Chevy Chase Drive Glendale, CA 91206



10 11

5 816 East Garfield AvenueGlendale , CA 91205

1121 East Palmer AvenueGlendale, CA 91205


Built 1957Units 5Price/Unit $350,000Price/SF $426.83List Price $1,750,000Cap Rate -

6 7 1157 North Maryland AvenueGlendale, CA 91207



432 Palm DriveGlendale, CA 912028


SUBJECT PROPERTY 1905 Vassar StreetGlendale, CA 91204

238 North Verdugo RoadGlendale , CA 91206

1001 San Rafael AvenueGlendale, CA 91202

1124-1126 East Doran StreetGlendale, CA 91206




1 2 3


618 Glenwood RoadGlendale, CA 912064


S A L E S C O M P A R A B L E S

1

2

3

4

56

78

9

11

10

20 MATTHEWS

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of 1905 Vassar Street Gelndale, CA 91204 (“Property”) . I t has been prepared by Matthews

Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained

in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose

or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied

by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty,

express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto.

Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the

interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase

the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten

agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing

to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the

Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have

any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees,

or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of

the Property s ince the date this Offer ing Memorandum.

™

E X C L U S I V E L Y L I S T E D B Y

D A N I E L W. W I T H E R S Senior Vice Pres ident - Mult i fami ly

Direct 818 923 6107Mobi le 310 365 5054

danie l [email protected]# BRE 01325901

O F F E R I N G M E M O R A N D U M1 9 0 5 V a s s a r S t r e e t

G l e n d a l e , C A 9 1 2 0 4

M I C H A E L A S TO R I A N Assoc iate - Mult i fami ly

Direct 818 923 6123Mobi le 818 926 8889

michael .astor [email protected]# BRE 01974130

1905 Vassar Street Los Angeles, CA · Pest Control $86 $600 $600 Repairs & Maintenance $793 $5,553...

Documents

Transcript of 1905 Vassar Street Los Angeles, CA · Pest Control $86 $600 $600 Repairs & Maintenance $793 $5,553...