396 W Dryden St - LoopNet€¦ · 396 W Dryden St 396 West Dryden Street • Glendale, CA 91202...

396 W Dryden St396 West Dryden Street • Glendale, CA 91202

Cindy Hill, CCIMSenior Vice [email protected]

4061 Laurel Canyon Blvd.Studio City, CA 91604www.valleyapartmentsales.com

PROPERTY HIGHLIGHTSPride of Ownership 11 unit building●

Prime Glendale location. Above Glenoaks. Close of Whole Foods,Trader Joes, the Americana, and Glendale Galleria

●

Excellent unit mix of (10) 2 bedroom 2 bath units and (1) onebedroom two bath townhouse unit

●

Upper units have high ceilings. All units have laminate flooring●

Below market assumable financing with Chase fixed at 4.31 until3/1/2025

●

Prepared By

INVESTMENT DETAILS

396 West Dryden StreetGlendale, CA 91202

All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.

ANALYSIS

Analysis Date March 2019

PROPERTY

Property 396 W Dryden St

Property Address 396 West Dryden StreetGlendale, CA 91202

Year Built 1986

FINANCIAL INFORMATION

Down Payment $2,696,217

PURCHASE INFORMATION

Property Type MultiFamily

Purchase Price $4,765,000

Units 11

Total Rentable Sq. Ft. 10,354

LOANS

Type Debt Term Amortization Rate Payment LO Costs

Fixed $2,178,783 30 years 30 years 4.31% $10,795

INCOME & EXPENSES

Gross Operating Income $273,654

Monthly GOI $22,805

Total Annual Expenses ($74,267)

Monthly Expenses ($6,189)

p. 2

EXECUTIVE SUMMARY



Acquisition Costs

Purchase Price, Points and Closing Costs $4,765,000

Investment - Cash $2,696,217

First Loan $2,178,783

Investment Information

Purchase Price $4,765,000

Price per Unit $433,182

Price per Sq. Ft. $460.21

Income per Unit $25,635

Expenses per Unit ($6,752)

Income, Expenses & Cash Flow

Gross Scheduled Income $281,988

Total Vacancy and Credits ($8,334)

Operating Expenses ($74,267)

Net Operating Income $199,387

Debt Service ($129,540)

Cash Flow Before Taxes $69,847

Financial Indicators

Cash on Cash Return Before Taxes 2.59%

Debt Coverage Ratio 1.54

Capitalization Rate 4.18%

Gross Rent Multiplier 16.90

Gross Income / Square Feet $27.23

Gross Expenses / Square Feet ($7.17)

Operating Expense Ratio 27.14%

p. 3

PRO FORMA SUMMARY



INCOME

Description Actual Per Unit Market Per Unit

Gross Potential Rent $277,788 $25,253 $299,940 $27,267

Less: Vacancy ($8,334) ($758) ($8,998) ($818)

Misc. Income $4,200 $382 $4,200 $382

Effective Gross Income $273,654 $24,878 $295,142 $26,831

OPERATING EXPENSES

Description Actual Per Unit Market Per Unit

Building Insurance $1,800 $164 $1,800 $164

Gas $300 $27 $300 $27

Gardener $900 $82 $900 $82

Management Fees $1,200 $109 $1,200 $109

Pest Control $900 $82 $900 $82

Repairs & Maintenance $4,200 $382 $4,200 $382

Taxes - Real Estate $51,767 $4,706 $51,767 $4,706

Utilities $13,200 $1,200 $13,200 $1,200

Total Expenses ($74,267) ($6,752) ($74,267) ($6,752)

NET OPERATING INCOME $199,387 $18,126 $220,874 $20,079

p. 4

PRO FORMA SUMMARY



UNIT MIX & MONTHLY SCHEDULED

Type Units Actual Total Market Total 1+2 1 $1,795 $1,795 $1,995 $1,9952+2 10 $2,135 $21,354 $2,300 $23,000TOTALS 11 $23,149 $24,995

ANNUALIZED INCOME Description Actual Market

Gross Potential Rent $277,788 $299,940Less: Vacancy ($8,334) ($8,998)Misc. Income $4,200 $4,200Effective Gross Income $273,654 $295,142Less: Expenses ($74,267) ($74,267)Net Operating Income $199,387 $220,874Debt Service ($129,540) ($129,540)Net Cash Flow after Debt Service $69,847 $91,335Principal Reduction $36,347 $36,347Total Return $106,194 $127,681

ANNUALIZED EXPENSES Description Actual Market

Building Insurance $1,800 $1,800Gas $300 $300Gardener $900 $900Management Fees $1,200 $1,200Pest Control $900 $900Repairs & Maintenance $4,200 $4,200Taxes - Real Estate $51,767 $51,767Utilities $13,200 $13,200Total Expenses $74,267 $74,267Expenses Per RSF $7.17 $7.17Expenses Per Unit $6,752 $6,752

INVESTMENT SUMMARY Price: $4,765,000

Year Built: 1986

Units: 11

Price/Unit: $433,182

RSF: 10,354

Price/RSF: $460.21

Lot Size: 8,750 sf

Floors: 2

APN: 5636-004-001

Cap Rate: 4.18%

Market Cap Rate: 4.64%

GRM: 16.9

Market GRM: 15.67

FINANCING SUMMARY Loan Amount: $2,178,783

Down Payment: $2,696,217

Loan Type: Fixed

Interest Rate: 4.31%

Term: 30 years

Monthly Payment: $10,795

DCR: 1.54

p. 5

PROPERTY DESCRIPTION



Pride of Ownership 11 Unit | Prime Glendale Above Glenoaks KW Commercial is proud to represent this 11-unit apartment building in Glendale. The building was constructed in 1986, and its unit mix consists of (10) two-bedroom, two-bathroom units and (1)one-bedroom, two-bath townhouse units. With a lot size of 8,750 square feet, the property has a total of 10,354 rentablesquare feet.

The property is entirely turn key and features high ceilings on the top floors, secured entry and parking, and all unitshave been upgraded with hardwood floors.

The property is located in Glendale, which is a highly desirable rental market. As a major production center for theentertainment and animation industry, the city offers many amenities and attractions. Its residents enjoy excellentshopping and dining at the Americana at Brand, which features 75 shops and restaurants, as well an 18-plex theater.The city’s numerous high-rated restaurants and attractions earned its title as Los Angeles neighborhood of the year inCurbed magazine.

The property is separately metered for gas and electricity.

p. 6

UNIT RENT ROLL



Unit Description Current Rent Pro Forma Rent Comments

101 2+2 $2,195 $2,300

102 2+2 $1,979 $2,300

103 2+2 $2,195 $2,300

104 2+2 $1,995 $2,300

105 2+2 $2,195 $2,300

106 1+2 $1,795 $1,995 Townhouse

201 2+2 $2,150 $2,300

202 2+2 $2,150 $2,300

203 2+2 $2,150 $2,300

204 2+2 $2,195 $2,300

205 2+2 $2,150 $2,300

p. 7

UNIT MIX REPORT



Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly

1 1+2 0 $1,795 $1,795 $1,995 $1,99510 2+2 0 $2,135 $21,354 $2,300 $23,00011 0 $23,149 $24,995

UNIT MIX UNIT MIX SQUARE FEET

● 1+2

● 2+2

● 1+2

● 2+2

UNIT MIX INCOME UNIT MIX MARKET INCOME

● 1+2

● 2+2

● 1+2

● 2+2

p. 8

PROPERTY PHOTOS



Front View Furnished Kitchens

Walkout Balconies Well-lit Bedrooms

Nice, Cozy Bathrooms Street View (East)

p. 9

MAPS AND AERIALS



p. 10

City of Glendale

www.ValleyApartmentSales.com

Over the course of its 100‐year history, Glendale, with both Walt Disney

and Dreamworks SKG holding offices in the city, became a center of

produc on for the entertainment and anima on studios. Its wealth of

resources means that the city provides a high‐quality of life to its

residents. The city is a highly desirable rental market, as Curbed

Magazine crowned Glendale as LA’s Neighborhood of the Year in 2013.

The city provides a plethora of upscale and hip shopping, excellent

restaurants, and theatres, as well as the Americana at Brand, which

features 75 shops and restaurants, as well as an 18‐plex theatre. Its

residents enjoy easy access to the 5,134, and 2 freeways.

SALE COMPARABLES



Subje 1 2 3 4 5 6 7 8 9 10 11

1%

2%

3%

4%

5%

6%

7%

8%

Avg.

3.56

Cap Rate

Subjec 1 2 3 5 8 9 10 11 12

3.0

6.0

9.0

12.0

15.0

18.0

21.0

24.0

Avg.

18.422

Gross Rent Multiplier

Subj 1 2 3 4 5 6 7 8 9 10 11 12

$64,000

$128,000

$192,000

$256,000

$320,000

$384,000

$448,000

$512,000

Avg.

$398,753

Price per Unit

Subj 1 2 3 4 5 6 7 8 9 10 11 12

$67

$134

$201

$268

$335

$402

$469

$536

Avg.

$423.87

Price per Sq. Ft.

p. 12

SALE COMPARABLES



S 396 W Dryden St396 West Dryden StreetGlendale, CA 91202

Sale Price $4,765,000Units 11Price/Unit $433,182Price/SqFt $460.21Cap Rate 4.18%Year Built 1986GRM 16.9

# Units Unit Type1 1+2

10 2+2

1 600 Isabel St600 Isabel StGlendale, CA 91206

Sale Price $2,655,000Units 6Price/Unit $442,500Price/SqFt $334.47Cap Rate 3.06%Year Built 1986Sale Date 9/8/2017GRM 21.2

# Units Unit Type6 Two Bedroom Two Bath

2 530 Palm Dr530 Palm DrGlendale, CA 91202


# Units Unit Type8 One Bedroom One Bath

8 Two Bedroom One Bath

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SALE COMPARABLES



3 610 Palm Dr610 Palm DrGlendale, CA 91202



4 1044 Winchester Ave1044 Winchester AveGlendale, CA 91201

Sale Price $7,100,000Units 20Price/Unit $355,000Price/SqFt $450.05Cap Rate 3.43%Year Built 1988Sale Date 4/25/2018GRM N/A


10 Two Bedroom Two Bath

5 1157 Alameda Ave1157 Alameda AveGlendale, CA 91201



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SALE COMPARABLES



6 1046 Grover Ave1046 Grover AveGlendale, CA 91201



3 Three Bedroom Two Bath

7 1148 Raymond Ave. 1148 Raymond Ave. Glendale, CA 91201





8 612 E Windsor Rd612 E Windsor RdGlendale, CA 91205


# Units Unit Type10 Two Bedroom One Bath

1 One Bedroom One Bath

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SALE COMPARABLES



9 1165 Alameda Ave1165 Alameda AveGlendale, CA 91201



A 516 Concord St. 516 Concord St. Glendale, CA 91203


# Units Unit Type10 Studio/Efficiency

B 115 W Cypress St. 115 W Cypress St. Glendale, CA 91204


# Units Unit Type2 Two Bedroom One Bath



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SALE COMPARABLES



C 1831 Riverside Dr1831 Riverside DrGlendale, CA 91201

Sale Price $3,550,000Units 20Price/Unit $177,500Price/SqFt $446.88Cap Rate N/AYear Built 1953Sale Date 12/28/2017GRM 17.0

# Units Unit Type20 Studio/Efficiency

p. 17

SALE COMPARABLES



S 396 West Dryden StreetGlendale, CA, 91202$4,765,000

1 600 Isabel StGlendale, CA, 91206$2,655,000

2 530 Palm DrGlendale, CA, 91202$6,405,000

3 610 Palm DrGlendale, CA, 91202$6,400,000

4 1044 Winchester AveGlendale, CA, 91201$7,100,000

5 1157 Alameda AveGlendale, CA, 91201$9,085,000

6 1046 Grover AveGlendale, CA, 91201$2,200,000

7 1148 Raymond Ave. Glendale, CA, 91201$2,200,000

8 612 E Windsor RdGlendale, CA, 91205$4,675,000

9 1165 Alameda AveGlendale, CA, 91201$3,520,000

A 516 Concord St. Glendale, CA, 91203$4,200,000

B 115 W Cypress St. Glendale, CA, 91204$3,400,000

C 1831 Riverside DrGlendale, CA, 91201$3,550,000

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396 W Dryden St - LoopNet€¦ · 396 W Dryden St 396 West Dryden Street • Glendale, CA 91202...

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