6058 HAZELHURST PLACE - LoopNet...6058 HAZELHURST WAY | NORTH HOLLYWOOD Investment Highlights...

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6058 HAZELHURST PLACE A 12-Unit Apartment Building Adjacent to the NOHO Arts District

Transcript of 6058 HAZELHURST PLACE - LoopNet...6058 HAZELHURST WAY | NORTH HOLLYWOOD Investment Highlights...

Page 1: 6058 HAZELHURST PLACE - LoopNet...6058 HAZELHURST WAY | NORTH HOLLYWOOD Investment Highlights Charming Property in High Rental Demand Market in North Hollywood Large Lot - 16,314 Square

6058 HAZELHURST PLACEA 12-Unit Apartment Building Adjacent to the NOHO Arts District

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Non-Endorsement | Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Disclaimer | THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2016 Marcus & Millichap. All rights reserved.

OFFERING MEMORANDUM

LEONARDO LATERZAAssociate InvestmentsDirect | 310-909-2372

[email protected] | CA 01861324

ACTIVITY ID:

NEEMA AHADIANFirst Vice President Investments

Direct | [email protected]

License | CA 01346750

INVESTMENT HIGHLIGHTS

PROPERTY DETAILS

LOCATION OVERVIEW

MARKET COMPARABLES

PRICING & FINANCIALS

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6058 HAZELHURST PLACENORTH HOLLYWOOD, CA 91606

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6058 HAZELHURST WAY | NORTH HOLLYWOOD

Investment Highlights Charming Property in High Rental Demand Market in North Hollywood Large Lot - 16,314 Square Feet, Zoned [Q]R-3 Secured Entry and Parking - 22 Open Parking Spaces (No Tuck Under) for 12 Units Roof Approximately 10 Years Old; Two New Water Boilers Copper Plumbing and Separately Metered for Gas & Electric Attractive Mix of 3 One-Bedroom/One-Bathroom and 9 Two-Bedroom/One-Bathroom Units

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Property Summary

SITE DESCRIPTIONNumber of Units 12

Number of Buildings 1

Number of Stories 2

Year Built 1973

Gross Square Feet 9,352 SF

Lot Size 16,318 SF

Type of Ownership Fee Simple

Parking 22 Open Spaces

6058 HAZELHURST PLACE, NORTH HOLLYWOOD CA 91606APN 2338-007-004

Zoning [Q]R-3

CONSTRUCTIONFoundation Concrete

Framing Wood

Exterior Stucco

Roof Flat

UTILITIESWater Master Metered

Electric Separately Metered

Gas Separately Metered

Laundry On-site; Owned

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DISTANCE TO LOCAL ATTRACTIONS

NOHO ARTS DISTRICT 1.2 miles

VALLEY VILLAGE 1.2 miles

BURBANK 2.0 miles

BURBANK AIRPORT 2.2 miles

UNIVERSAL CITY 3.0 miles

HOLLYWOOD & HIGHLAND 6.0 miles

GRIFFITH PARK 4.75 miles

NOHO ARTSDISTRICT

UNIVERSAL CITY

BURBANK

VALLEYVILLAGE

DEMOGRAPHICS

TOTAL POPULATION 155,684

MEDIAN AGE 33.91

NUMBER OF HOUSEHOLDS 55,321

AVERAGE HHI $65,413

AVERAGE HH NET WORTH $495,950

MEDIAN HOME SALE PRICE $348,916

VACANCY RATE

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North Hollywood, in the San Fernando Valley, is an eclectic neighborhood with modest residential blocks and the humming NoHo Arts District. The historic El Portal Theatre and many up-and-coming playhouses share the scene with art galleries, sound studios and the Academy of TV Arts and Sciences. The subway-accessible area also features retro-inspired cocktail lounges, craft beer bars, vintage shops and casual cafe.

Today, The NoHo Arts District, in conjunction with greater North Hollywood, is being transformed into a regional center, in large part as a result of the construction of Metro Stations for the Red Line and the Orange Line, two lines that have made the neighborhood into a regional hub for the San Fernando Valley. Medium- and high-density developments are being built around the Metro Station, making the Arts District a center of citywide development, with the intent of creating a walkable urban village. North Hollywood's landscape (and the Art's District as a result) has been transformed in recent years, with condominium towers (including a fifteen-story building on Lankershim Boulevard being built in the midst of older one-story bungalows and small apartment complexes.

north hollywoodEcclectic + Artistic

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THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA

sales comparables[ 1 ] 11621 SYLVAN STREET[ 2] 11659 HAMLIN STREET[ 3 ] 5529 BONNER AVENUE[ 4 ] 6734 BAKMAN AVENUE[ 5 ] 11601-11609 SYLVAN STREET[ 6 ] 6256 BECK AVENUE[ 7 ] 12618 OXNARD STREET

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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606

11621 SYLVAN STREETNORTH HOLLYWOOD, CA 91606

Sale Price: $3,380,000

Close of Escrow: 9/7/2017

No. of Units: 18

Year Built: 1962

Price/Unit: $187,778

Price/SF: $240.52

CAP Rate: 4.67%

GRM: 13.04

UNITS UNIT TYPE

8 1 BD/1 BA

9 2 BD/2 BA1 3 BD/2 BA

6058 HAZELHURST PLACENORTH HOLLYWOOD, CA 91606

Offering Price: $2,200,000

Close of Escrow On Market

No. of Units: 12

Year Built: 1973

Price/Unit: $183,333

Price/SF: $232.24

CAP Rate: 3.88%

GRM: 13.78

UNITS UNIT TYPE

3 1 BD/1 BA

9 2 BD/1 BA

11659 HAMLIN STREETNORTH HOLLYWOOD CA 91606

Sale Price: $1,215,000

Close of Escrow: 7/31/2017

No. of Units: 6

Year Built: 1955

Price/Unit: $202,500

Price/SF: $284.00

CAP Rate: 4.00%

GRM: 15.31

UNITS UNIT TYPE

2 1 BD/1 BA

4 2 BD/1 BA

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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606

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THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA

6734 BAKMAN AVENUENORTH HOLLYWOOD, CA 91606

Sale Price: $3,500,000

Close of Escrow: 4/13/2017

No. of Units: 20

Year Built: 1961

Price/Unit: $175,000

Price/SF: $208.68

CAP Rate: 4.43%

GRM: N/A

UNITS UNIT TYPE

1 Single /1 BA

5 1 BD/1 BA

14 2 BD/1 BA

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5529 BONNER AVENUENORTH HOLLYWOOD, CA 91601

Sale Price: $1,500,000

Close of Escrow: 6/28/2017

No. of Units: 8

Year Built: 1963

Price/Unit: $187,500

Price/SF: $327.80

CAP Rate: 4.25%

GRM: N/A

UNITS UNIT TYPE

1 Single /1 BA

4 1 BD/1 BA

3 2 BD/1 BA

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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606

11601-11609 SYLVAN STREETNORTH HOLLYWOOD, CA 91606

Sale Price: $2,175,000

Close of Escrow: 4/12/2017

No. of Units: 12

Year Built: 1956

Price/Unit: $181,250

Price/SF: $218.99

CAP Rate: 4.41%

GRM: N/A

UNITS UNIT TYPE

12 2 BD /1 BA

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6256 BECK AVENUENORTH HOLLYWOOD, CA 91606

Sale Price: $1,100,000

Close of Escrow: 3/23/2017

No. of Units: 6

Year Built: 1957

Price/Unit: $183,333

Price/SF: $219.12

CAP Rate: N/A

GRM: N/A

UNITS UNIT TYPE

4 1 BD /1 BA

2 2 BD/1 BA

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12618 OXNARD STREETNORTH HOLLYWOOD, CA 91606

Sale Price: $2,100,000

Close of Escrow: 1/20/2017

No. of Units: 10

Year Built: 1959

Price/Unit: $210,000

Price/SF: $211.29

CAP Rate: 4.40%

GRM: 13.38

UNITS UNIT TYPE

2 1 BD /1 BA

2 2 BD/1 BA

6 3 BD/2 BA

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SALES COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606

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THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA

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PROPERTY YEAR BUILT NO. OF UNITS RENT - SINGLE RENT - 1 BD/1 BA RENT - 2 BD/1 BA

[ 1 ] 6108 HAZELHURST PLACE, NORTH HOLLYWOOD CA 91606 1976 20 N/A N/A $1,800

[ 2 ] 11840 KITTRIDGE STREET, NORTH HOLLYWOOD CA 91606 1964 46 N/A $1,550 N/A

[ 3 ] 5650 FAIR AVENUE, NORTH HOLLYWOOD CA 91601 1963 11 N/A N/A $1,845

[ 4 ] 10651-10673 OXNARD STREET, NORTH HOLLYWOOD CA 91601 1953 30 N/A N/A $1,850

[ 5 ] 5637 STROHM AVENUE, NORTH HOLLYWOOD CA 91606 1953 12 N/A $1,395 N/A

[ 6 ] 11843 GILMORE STREET, NORTH HOLLYWOOD CA 91606 1981 52 N/A $1,350 N/A

[ 7 ] 5915 FAIR AVENUE, NORTH HOLLYWOOD CA 91601 1957 7 N/A $1,595 N/A

[ 8 ] 6263 VINELAND AVENUE, NORTH HOLLYWOOD CA 91606 1954 6 N/A N/A $1,595

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RENT COMPARABLES | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD 91606

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THE NEEMA GROUP AT MARCUS & MILLICHAPLOS ANGELES, CALIFORNIA

RENT ROLL | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD, CA 91606 FINANCIAL ANALYSIS | 6058 HAZELHURST PLACE, NORTH HOLLYWOOD, CA 91606

6058 HAZELHURST PL., NORTH HOLLYWOOD 91606Price $2,200,000Down Payment 45% / $990,000Number of Units 12Price/Unit $183,333Gross Square Feet 9,352Price/SF $235.24

SCHEDULED INCOME

ANNUALIZED OPERATING DATA

FINANCINGFirst Trust DeedLoan Amount $1,210,000Interest Rate 3.85%Amortization 30 Years

Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative.

NO. OF UNITS

UNIT TYPE APPROX. SF CURRENTRENTS

RENT/SF MONTHLY INCOME

PRO FORMARENTS

RENT/SF MONTHLY INCOME

3 1 BD/1 BA 550 $928 $2,784 $1,485 $20,655

9 2 BD/1 BA 725 $1,146 $10,318 $1,800 $16,200

12 Total/Wtd.Avg. $13,102 $20,655

INCOME CURRENT PRO FORMAGross Potential Rent $157,224 $247,860Other Income: Laundry $200 $200Gross Scheduled Income $159,624 $250,260Less: Vacancy Rate Reserve 3.0%/($4,789) 5.0%/($12,513)Gross Operating Income $154,835 $237,747Less: Expenses 43.5%/($69,414) 27.7%/($69,414)Net Operating Income $85,421 $168,333Less: Reserves ($2,400) ($2,400)Less: Loan Payments ($68,071) ($68,071)Pre-Tax Cash Flow 1.5%/$14,950 10.1%/$100,262Plus Principal Reduction $22,121 $22,121Total Return 3.7%/$37,071 12.4%/$122,382

EXPENSESReal Estate Taxes (1.19%) $26,180 $26,180Insurance $4,676 $4,676Utilities $17,085 $17,085Waste $2,832 $2,832Repairs & Maintenance $6,000 $6,000Pest Control $660 $660Landscaping $1,800 $1,800Management Fee (5.0%) $7,981 $7,981License & Permits $2,200 $2,200Total Expenses $69,414 $69,414Expenses/Unit $5,785 $5,785Expenses/SF $7.42 $7.42

CAP Rate - Current 3.88%CAP Rate - Pro Forma 7.65%GRM - Current 13.78GRM - Pro Forma 8.79Year Built 1973Lot Size 16,314 SFType of Ownership Fee Simple

Unit # Unit Type SF Actual Rents Pro Forma Rents

1 1 BD/1 BA 650 $928 $1,485

2 2 BD/1 BA 825 $1,166 $1,800

3 2 BD/1 BA 825 $1,145 $1,800

4 2 BD/1 BA 825 $1,002 $1,800

5 2 BD/1 BA 825 $1,450 $1,800

6 1 BD/1 BA 650 $928 $1,485

7 1 BD/1 BA 650 $928 $1,485

8 2 BD/1 BA 825 $933 $1,800

9 2 BD/1 BA 825 $1,166 $1,800

10 2 BD/1 BA 825 $1,145 $1,800

11 2 BD/1 BA 825 $1,166 $1,800

12 2 BD/1 BA 825 $1,145 $1,800

TOTAL $13,102 $20,655

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LEONARDO LATERZAAssociate InvestmentsDirect | 310-909-2372

[email protected] | CA 01861324

NEEMA AHADIANFirst Vice President Investments

Direct | [email protected]

License | CA 01346750