6152 Woodman Ave - images1.loopnet.com · KW COMMERCIAL 9000 W. Sunset Blvd. West Hollywood, CA...

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KW COMMERCIAL 9000 W. Sunset Blvd. West Hollywood, CA 90069 ANDREA LAMBERGER Agent 0: 310.351.9922 C: 310.351.9922 [email protected] CA DRE #01869860 6152 Woodman Ave OFFERING MEMORANDUM PRESENTED BY: VALLEY GLEN CA 91401 OFFERING MEMORANDUM

Transcript of 6152 Woodman Ave - images1.loopnet.com · KW COMMERCIAL 9000 W. Sunset Blvd. West Hollywood, CA...

Page 1: 6152 Woodman Ave - images1.loopnet.com · KW COMMERCIAL 9000 W. Sunset Blvd. West Hollywood, CA 90069 ANDREA LAMBERGER Agent 0: 310.351.9922 C: 310.351.9922 andrea.lamberger@kwcommercial.com

KW COMMERCIAL9000 W. Sunset Blvd.West Hollywood, CA 90069 ANDREA LAMBERGER

Agent0: 310.351.9922C: [email protected] DRE #01869860

6152 Woodman Ave

OFFERING MEMORANDUM

PRESENTED BY:

VALLEY GLEN CA 91401

OFFERING MEMORANDUM

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ASKING PRICE $1,100,000

NUMBER OF UNITS 5

BUILDING SIZE 4,320 SF

LOT SIZE 5,222 SF

YEAR BUILT 1961

ZONING {Q}R3

KW Commercial presents a darling 5-unit building in Valley Glen!All five units have spacious layouts, ample closet space and oneparking spot. The building has updated plumbing and a new roof.The soft-story retrofit estimate is available.

Woodman Avenue is a beautiful street and the building is locatedin a very desirable rental pocket. L.A. Valley College and OrangeExpress Metro Line are within walking distance.

The property is on the market for the first time in 33 years. It offersa good value-add opportunity for the new owner. This is alow-maintenance investment that will attract high rents andappreciate in value.

• Excellent Location

• Spacious Units

• Value Add Opportunity

• Owner-User / Investment Property

Executive Summary

6152 WOODMAN AVE |

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UNIT NO. BED / BATH CURRENT RENT MARKET RENT

A 1 + 1 $1,000 $1,700

B 1 + 1 $978 $1,700

C 2 + 1 $1,350 $2,000

D 1 + 1 $825 $1,700

E 1 + 1 $927 $1,700

$5,080 $8,800

Rent Roll

6152 WOODMAN AVE |

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6152 Woodman Ave

6152 WOODMAN AVE |

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Unit A

6152 WOODMAN AVE |

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Unit C

6152 WOODMAN AVE |

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6152 Woodman Ave

Location Map

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Aerial Picture

6152 WOODMAN AVE |

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INVESTMENT OVERVIEW

Price $1,100,000

Price per Unit $220,000

Current Gross Income $61,840

Market Gross Income $105,600

ESTIMATED ANNUAL EXPENSES

Scheduled Income $60,960

Laundry Income $880

Scheduled Gross Income $61,840

Vacancy Reduction (3%) $1,885

Gross Income $59,955

Operating Expenses:

Property Tax $13,750

Insurance $2,900

Water, Power, Trash $3,300

Gardener $600

Gas $924

Maintenance $4,000

Management $2,000

Total Annual Expenses $27,424

Net Operating Income $32,531

Financial Summary

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Valley Glen was a part of Van Nuys until 1998.

The community came together to beautify thearea through an anti-graffiti project and the effortto improve the neighborhood included a namechange.

There were many ideas for the new name:COLLEGE PARK, ERWIN OAKS, VALLEY OAKS,ERWIN RANCH AND WALNUT GROVE.

In June 1998, the name was officially changed toValley Glen.

L.A. Valley College, known for its 1,600 differenttrees, is located in Valley Glen.

WOODMAN STATION is a Valley Glen stop on theOrange Express Metro Line connecting the citywith the valley and ending in Chatsworth.

How Valley Glen Got Its Own Identity

6152 WOODMAN AVE |

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SALE COMPARABLES

1 | SALE COMPARABLES

SALE COMPS

SALE COMPS SUMMARY

SALE COMPS MAP

1SALE COMPARABLES6152 WOODMAN AVE

OFFERING MEMORANDUM

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Subject Property

6152 Woodman Ave | Van Nuys, CA 91401

$1,100,000Sale Price: 1961Year Built:

4,320 SFBuilding SF: $254.63Price PSF:

5No. Units: $220,000Price / Unit:

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6 Units on Sylvan

14810 Sylvan St | Van Nuys, CA 91401

$1,040,000Sale Price: 8,750 SFLot Size:

1950Year Built: 3,576 SFBuilding SF:

$290.83Price PSF: 6No. Units:

$173,333Price / Unit: 09/22/2019Closed:

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7 Units on Gilmore

14902 Gilmore St | Van Nuys, CA 91411

$1,170,000Sale Price: 6,051 SFLot Size:

1974Year Built: 4,600 SFBuilding SF:

$254.35Price PSF: 7No. Units:

$167,142Price / Unit: 10/25/2019Closed:

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3

6 Units on Mammoth

6444 Mammoth Ave | Van Nuys, CA 91401

$1,325,000Sale Price: 9,570 SFLot Size:

1958Year Built: 4,750 SFBuilding SF:

$278.95Price PSF: 6No. Units:

$220,833Price / Unit: 12/06/2019Closed:

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Sale Comps

6152 WOODMAN AVE 1 | SALE COMPARABLES

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8 Units on Burbank

11961 Burbank Blvd | Valley Village, CA 91607

$1,550,000Sale Price: 7,232 SFLot Size:

1975Year Built: 6,231 SFBuilding SF:

$248.76Price PSF: 8No. Units:

$193,750Price / Unit: 09/21/2019Closed:

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8 Units on Erwin

14154 Erwin St | Van Nuys, CA 91401

$1,700,000Sale Price: 7,405 SFLot Size:

1963Year Built: 5,967 SFBuilding SF:

$284.90Price PSF: 8No. Units:

$212,500Price / Unit: 06/27/2019Closed:

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6 Units on Rye

13554 Rye St | Sherman Oaks, CA 91234

$1,850,000Sale Price: 6,051 SFLot Size:

1957Year Built: 5,364 SFBuilding SF:

$344.89Price PSF: 6No. Units:

$308,333Price / Unit: 08/21/2019Closed:

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Sale Comps

6152 WOODMAN AVE 1 | SALE COMPARABLES

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SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS

6152 Woodman Ave6152 Woodman AveVan Nuys, CA 91401

$1,100,000 4,320 SF $254.63 $220,000 5

SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS CLOSE

6 Units on Sylvan14810 Sylvan StVan Nuys, CA 91401

$1,040,000 3,576 SF $290.83 $173,333 6 09/22/2019

7 Units on Gilmore14902 Gilmore StVan Nuys, CA 91411

$1,170,000 4,600 SF $254.35 $167,142 7 10/25/2019

6 Units on Mammoth6444 Mammoth AveVan Nuys, CA 91401

$1,325,000 4,750 SF $278.95 $220,833 6 12/06/2019

8 Units on Burbank11961 Burbank BlvdValley Village, CA 91607

$1,550,000 6,231 SF $248.76 $193,750 8 09/21/2019

8 Units on Erwin14154 Erwin StVan Nuys, CA 91401

$1,700,000 5,967 SF $284.90 $212,500 8 06/27/2019

6 Units on Rye13554 Rye StSherman Oaks, CA 91234

$1,850,000 5,364 SF $344.89 $308,333 6 08/21/2019

PRICE BLDG SF PRICE/SF PRICE/UNIT # OF UNITS CLOSE

Totals/Averages $1,439,167 5,081 SF $283.24 $210,712 6.83

Sale Comps Summary

6152 WOODMAN AVE 1 | SALE COMPARABLES

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6152 Woodman Ave | Van Nuys, CA 91401SUBJECT PROPERTY

114810 Sylvan StVan Nuys, CA 91401

6 UNITS ON SYLVAN 214902 Gilmore StVan Nuys, CA 91411

7 UNITS ON GILMORE

36444 Mammoth AveVan Nuys, CA 91401

6 UNITS ON MAMMOTH 411961 Burbank BlvdValley Village, CA 91607

8 UNITS ON BURBANK

514154 Erwin StVan Nuys, CA 91401

8 UNITS ON ERWIN 613554 Rye StSherman Oaks, CA 91234

6 UNITS ON RYE

Sale Comps Map

6152 WOODMAN AVE 1 | SALE COMPARABLES

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RENT COMPARABLES

2 | RENT COMPARABLES

RENT COMPS

RENT COMPS SUMMARY

RENT COMPS MAP

CONFIDENTIALITY & DISCLAIMER

2RENT COMPARABLES6152 WOODMAN AVE

OFFERING MEMORANDUM

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2 + 1 Unit for $2,040

5914 Buffalo Ave | Valley Glen, CA 91401

1963Year Built: 77,361 SFBldg Size:

48,637 SFLot Size: 44No. Units:

$2,045Avg. Rent:

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1 + 1 Unit for $1,595

14024 Oxnard St | Valley Glen, CA 91401

1964Year Built: 45,468 SFBldg Size:

33,977 SFLot Size: 45No. Units:

$1,595Avg. Rent:

2

3

1 + 1 Unit for $1,595

13813 Oxnard St | Valley Glen, CA 91401

1962Year Built: 42,693 SFBldg Size:

50,081 SFLot Size: 44No. Units:

$1,595Avg. Rent:

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1 + 1 Unit for $1,895

13464 Victory Blvd | Valley Glen, CA 81401

1969Year Built: 23,776 SFBldg Size:

26,136 SFLot Size: 32No. Units:

$1,895Avg. Rent:

4

Rent Comps

6152 WOODMAN AVE 2 | RENT COMPARABLES

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SUBJECT PROPERTY TYPE BLDG SF # OF UNITS MARKET RENT

6152 Woodman Ave6152 Woodman AveVan Nuys, CA 91401

1 + 1 4,320 SF 5 $1,700

RENT COMPS BLDG SF # OF UNITS

2 + 1 Unit for $2,0405914 Buffalo AveValley Glen, CA 91401

2 + 1 77,361 SF 44 $2,045

1 + 1 Unit for $1,59514024 Oxnard StValley Glen, CA 91401

1 + 1 45,468 SF 45 $1,595

1 + 1 Unit for $1,59513813 Oxnard StValley Glen, CA 91401

1 + 1 42,693 SF 44 $1,595

1 + 1 Unit for $1,89513464 Victory BlvdValley Glen, CA 81401

11 + 1 23,776 SF 32 $1,895

BLDG SF # OF UNITS

Totals/Averages 47,325 SF 41.25

Rent Comps Summary

6152 WOODMAN AVE 2 | RENT COMPARABLES

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6152 Woodman Ave | Van Nuys, CA 91401SUBJECT PROPERTY

15914 Buffalo AveValley Glen, CA 91401

2 + 1 UNIT FOR $2,040 214024 Oxnard StValley Glen, CA 91401

1 + 1 UNIT FOR $1,595

313813 Oxnard StValley Glen, CA 91401

1 + 1 UNIT FOR $1,595 413464 Victory BlvdValley Glen, CA 81401

1 + 1 UNIT FOR $1,895

Rent Comps Map

6152 WOODMAN AVE 2 | RENT COMPARABLES

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KW COMMERCIAL

9000 W. Sunset Blvd.

West Hollywood, CA 90069

Confidentiality & Disclaimer

ANDREA LAMBERGERAgent0: 310.351.9922C: [email protected] DRE# #01869860

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sourcesare provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliancewith applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of theproperty for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy orcompleteness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, thatmay be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters ofsignificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed inwriting.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections andinvestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by theparty including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercialmakes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercialdoes not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party withan attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by theparty with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmentalrequirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. Allproperties and services are marketed by Hollywood Hills in compliance with all applicable fair housing and equal opportunity laws.

We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. Itis submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We includeprojections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisorsshould conduct your own investigation of the property and transaction.

OFFERING MEMORANDUM

PRESENTED BY:

VAN NUYS, CA