6916 Laurel Canyon Boulevard North Hollywood, CA 91605...project would include over 1,500...

6916 Laurel Canyon BoulevardNorth Hollywood, CA 91605Marketing Package

Closing Dealsin a Difficult Market

6916 Laurel Canyon Blvd.Marketing Package

Neighborhood Overview

Nearby Developments

Local Hotspots

Financials

Set-Up

Rent Roll

Property Overview

Description

Photography (HD & Drone)

Comparables

Rental Comparables

Sales Comparables

NeighborhoodOverview

Just a short drive from the glitz and excess of Hollywood, North Hollywood is one of themost underrated developing suburbs in the Greater Los Angeles area. NoHo, as its called bylocals, is understated, audacious and every bit as glamourous as its more famouscounterpart. Formerly a quiet residential suburb filled with strip malls, North Hollywood hastransformed into the San Fernando Valley’s go-to cultural hub over the last decade with aninflux of art galleries, trendy boutiques and new mixed-use developments. This diverse andeclectic community is bordered by Toluca Lake to the south, Valley Village to the west andBurbank to the east. Additionally, the MTA Red Line runs directly to North Hollywood,providing an easy public transportation to Downtown Los Angeles.

The epicenter of this vrising ethnic enclave is the North Hollywood Arts District, an emerginglocal hub comprised of a wide selection of art galleries, independently-owned boutiques,crowdfavorite eateries and lively nightlife destinations. This neighborhood is currentlyundergoing a massive development boom that aims to create a new central businessdistrict for the an Fernando Valley. The $1 Billion development project, centered around theMETRO Red Line, will feature 1,216 market-rate housing units, 105,000 SF of retail/restaurant space, 580,000 SF of o�ce space, 87,000 of pubicly-accessible open space and3,313 parking spaces.

Many businesses have relocated to the area, taking advantage of the a�ordable rents whileproviding better quality employment opportunities to local residents. More and morepeople are using the increasingly popular and versatile transit system. This positivemomentum will continue as more mixed-use developments continue to change theneighborhood dynamic.

Introducing:

North HollywoodA Family-Friendly Suburb Under Massive Development

District NoHoThe proposed mixed-use complex, unveiled in Oct. 2019,would rise on roughly 16 acres of land. A full buildout of theproject would include over 1,500 apartments, 105,000 SFof retail/restaurant space and 580,000 SF of o�ce space.

Alexan NoHo WestPlans call for the development of two buildings featuring644 studio, one- and two-bedroom apartments with on-site parking. The project is currently under constructionand is on pace to open in phases between late 2021-2023.

The WeddingtonWrapping up two-and-a-half years of construction, TheWeddington consists of a series of five-story buildingsfeaturing 329 apartments and 4,300 SF of ground-floorretail space.

Chandler & Lankersheim BoulevardCurrently under construction, the project will consist of aseven-story building featuring 127 apartments above12,000 SF of retail and restaurant space.

11301-11321 Camarillo StreetThe project is taking shape just east of the 170 Fwy., andwill feature a five-story building comprised of 60apartments with 2,800 SF of ground-floor retail space.

NearbyDevelopments

The Weddington

Alexan NoHo West

11301 Camarillo St.

Chandler & LankersheimBoulevard District NoHo

1346 N. Laurel

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Series of five-story buildings featuring 329 apartments and 4,300 SF of ground-floor retail space

Notes

Full buildout of the project would include over 1,500 apartments, 105,000 SF of retail/restaurant space

Development of two buildings featuring 644 studio, one- and two-bedroom apartments with on-site parking

3) The Weddington

Seven-story building featuring 127 apartments above 12,000 SF of retail and restaurant space4) Chandler & Lankersheim Boulevard

7-story mixed-use project will feature 228 units, 3 levels of subterranean parking and 16,429 SF of ground-floor retail space5) 11301-11321 Camarillo Streeet

Address

1) District NoHo

2) Alexan NoHo West

Nearby Developments MapSubject Property: 6916 Laurel Canyon Boulevard

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NoHo Arts District

Local HotspotsNoHo Arts DistrictKnown as the “epicenter” of North Hollywood, thisrapidly developing neighborhood is a walkable strip oftrendy, independently-owned boutiques, trendyrestaurants and lively nightlife destinations.

North Hollywood Recreation CenterAn urban recreational center featuring lush grass fields forpicnics, sports fields, an indoor gym, playground, outdoorpool and much more.

Fryman CanyonA 2.1 mile hiking trail that is less of a “scene” than RunyonCanyon. Head through the Hollywood Hills for breath-taking panoramic views of Los Angeles.

Lankershim Arts CenterConstructed in 1939 and registed cultural landmark by theCity of Los Angles, the Lankershim Arts Center has beenthoroughly renovated and showcases art exhibitions,acting classes and original plays.

Universal Studios & CitywalkOpened in 1964, Universal Studios and Citywalk has beena Los Angeles staple for locals and tourists and featuresaction-packed rides and fully functioning movie studios

Fryman Canyon

Lankershim Arts Center

NoHo Recreation Center

Universal Studios

1346 N. Laurel

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3) Fryman Canyon

4) Lankershim Arts Center

5) Universal Studios & Citywalk

Address

1) NoHo Arts District

2) North Hollywood Recreation Center

Local Hotspots MapSubject Property: 6916 Laurel Canyon Boulevard

3 1014 & 1018 Mooney Dr.

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2.1 mils hiking trail featuring breathtaking panoramic views of the Greater Los Angeles Area

Notes

Walkable strip of trendy, independently-owned boutiques, trendy restaurants and lively nightlife destinations

Urban recreational center featuring lush picnic areas, sports fields, an indoor gym, playground, outdoor pool

Renovated arts center showcasing art exhibitions, acting classes and original plays

Action-packed rides and fully functioning movie studios

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Property Description

1522 N Mariposa Ave.

Price - $3,200,000

Kenny Stevens Team is pleased to present 6916-6924 Laurel Canyon

Boulevard, a 16-unit multifamily complex in the family-friendly

submarket of North Hollywood. With ease of access to the 170 Fwy., the

subject property is conveniently located near entertainment destinations

and employment hubs in Burbank, Valley Village, Studio City and Toluca

Lake.

Under the same ownership since 1993, there are (2) two-story buildings

totaling 9,809 bldg. SF that sit on a spacious 15,075 SF double lot, and is

comprised of (1) two-bedroom and one bath unit and (15) one bedroom

and one bath units. Additionally, the subject property o�ers 16 surface

parking spaces and each unit has been separately metered for gas and

electricity. 6916-6924 Laurel Canyon presents a significant value-add

opportunity to investors, as current rents are approx. 53% below market

value for nicely remodeled units in the area.

With significant upside in rents based on conservative market rates and

an up-and-coming location, this value-add project presents investors

with the opportunity to acquire an asset with incredible promise.

Year Built - 1964

Building Size - 9,809 SF

Lot Size - 15,075 SF

Zoning Type - R3-1

Submarket - North Hollywood

Cross Streets

Laurel Canyon Boulevard &Dehougne Street

APN

2321-011-037

Price Per Unit - $200,000

Number of Units - 16

Property Overview | Professional Photography

FinancialsApproximate Gross RSF:

Approximate Age:

Approximate Lot Size:

1964

15,075 SF

9,809 SF Market CAP:

Price Per SF: $326

Current CAP: 3.61%

6.82%

Investment Summary

Price:

Down Payment: 44% $1,392,000

Number of Units: 16

Price Per Unit: $200,000

Current GRM: 16.06

Potential GRM: 10.49

Proposed Financing: $1,808,000

Loan Rate: 3.45% Fixed for 5 Years

Loan Duration: 30 Years

$3,200,000

Annualized Operating Data

Current Rents

Scheduled Gross Income: $199,296 $304,920

Vacancy Allowance: $5,979 3%

Gross Operating Income: $193,317

Less Expenses: $77,662 39%

Net Operating Income: $115,655

Less Loan Payment: -$96,820

Pre-Tax Cash Flow: $18,835 1.35%

Plus Principal Reduction: $34,994

Total Return Before Taxes: $53,829 3.87%

Market Rents

$9,148 3%

$295,772

$77,662 25%

$218,110

$121,290

-$96,820

8.71%

$34,994

$156,284 11.23%

Income

# of Units Bed/Baths Monthly Rent/Unit Monthly Rent/Unit

Current Rents Potential Rents

Monthly Income

Total Scheduled Rent: $16,448 $25,250

Laundry Income: $160 $160

Other Income: $0 $0

Monthly Scheduled Gross Income: $16,608 $25,410

Annual Scheduled Gross Income: $199,296 $304,920

Monthly Income

6916-6924 Laurel Canyon Boulevard

Offered at: $3,200,000

Expenses*

Taxes (new): 1.20% $40,000

Insurance: $3,924

Utilities: $9,809

Repairs/Maintenance: $11,958

Professional Mgmt: $7,972

Reserve / Misc: $4,000

Per Sq. Ft. $7.92

Total Expenses: $77,662

Per Unit: $4,854

EXPENSES ARE ESTIMATED

On-site Manager: $0

1 2 + 1 $1,067 $2,000$1,067 $2,000

15 1 + 1 $728 - $1,200 $1,550$15,381 $23,250

Rent Roll6916-6924 Laurel Canyon Boulevard

Rent Roll

2

1

1 + 1

3 2 + 1

1 + 1

Unit # Unit Type

$1,550

$1,067

$1,200

$1,550 Manager

$2,000

4 1 + 1 $746 $1,550

$1,550

5 1 + 1 $936 $1,550

6 1 + 1 $927 $1,550

7 1 + 1 $728 $1,550

8 1 + 1 $1,200 $1,550

9 1 + 1 $1,200 $1,550

10 1 + 1 $1,032 $1,550

11 1 + 1 $955 $1,550

12 1 + 1 $927 $1,550

13 1 + 1 $1,022 $1,550

14 1 + 1 $992 $1,550

15 1 + 1 $983 $1,550

16 1 + 1 $983 $1,550

Current Rent Market Move-in DateRent Notes

Laundry Income: $160 $160

Other Income: $0 $0

Monthly Total: $16,608 $25,410

Annual Total: $199,296 $304,920

Comparables

Comparables | Sales Comps

Address

COE

Sales

Price

Units

Bldg.

Sq. Ft.

Unit

Mix

Price/

Unit

Price

Per Foot

Year

Built

6916-6924Laurel Canyon Blvd.

Subject Property

$3,200,000

16 Units

$200,000

9,809 SF

$326

1964

(1) 2+1 & (15) 1+1

6714Troost Ave.

07/31/2020

$4,250,000

9,417 SF

(19) Studios

19 Units

$223,684

$451

1986

6868Laurel Canyon Blvd.

09/13/2019

$1,750,000

8 Units

5,658 SF

(8) 1+1

$218,750

$309

1979

12211Vanowen Ave.

10/05/2018

$2,740,870

8,697 SF

(2) 2+1 & (12) 1+1

28 Units

$195,776

$315

1958

11942Hart St.

08/07/2020

$1,160,000

6 Units

5,300 SF

(6) Studios

$193,333

$219

1954

Comparables Rental Comps

1) 630 N. Grand Avenue

Rent: $2,395

Unit Type: 2 Bdrm. & 2 Bath

2) 1219 Boston Street

Rent: $2,850

Unit Type: 2 Bdrm. & 2 BathSubject Property(s)

900 W. College St.Current Rent:

(1) 4+3.5: $3,600

(1) 3+1.5: $447 - $2,300

(6) 2+1: $2,404

41 3

4186-4190 S. Western Ave.

1

234

1014 & 1018 Mooney Dr.

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2

34

5

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4

900 West College St.1 2

3

4

5

24 Breeze Ave.

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5

24 Breeze Ave.

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3

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5

1

24 Breeze Ave.

Units

16 Units

19 Units

8 Units

14 Units

6 Units

SalesPrice

$3,200,000

$4,250,000

$1,750,000

$2,740,870

$1,160,000

COE

Subject Property

07/31/2020

09/13/2019

10/05/2018

08/07/2020

Price PerUnit

$200,000

$223,684

$218,750

$195,776

$193,333

Bldg. SF

9,809 SF

9,417 SF

5,658 SF

8,697 SF

5,300 SF

Price PerFoot

$326

$451

$309

$315

$219

YearBuilt

1964

1986

1979

1958

1954

Address

6916-6924 Laurel Canyon Blvd.

2) 6868 Laurel Canyon Blvd.

3) 12211 Vanowen Ave.

4) 11942 Hart St.

1) 6714 Troost Ave.

Sold Sales Comparables MapSubject Property: 6916-6924 Laurel Canyon Boulevard

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Subject Property

12 3

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4Subject Property

3) 11740 Vanowen St. (Unit 305)


Rent: $2,100


Rent: $1,700



Rent: $2,200

Unit Type: 2 Bdrm. + 2 Bath


1) 11931 Elkwood St.

Rent: $1,500

2) 12132 Hart St. (Unit 205)

Subject Property

6916 Laurel Canyon Blvd.

Current Rent:

(5) 1+1: $1,484 - $1,925

(1) Studio: $938

Subject Property

1


1) 630 N. Grand Avenue

Rent: $2,395


2) 1219 Boston Street

Rent: $2,850

Unit Type: 2 Bdrm. & 2 BathSubject Property(s)

900 W. College St.Current Rent:

(1) 4+3.5: $3,600

(1) 3+1.5: $447 - $2,300

(6) 2+1: $2,404

41 3

4186-4190 S. Western Ave.

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234

1014 & 1018 Mooney Dr.

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2

34

5

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4

900 West College St.1 2

3

4

5

24 Breeze Ave.

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24 Breeze Ave.

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1

24 Breeze Ave.

Bldg SF.

700 SF

1,108 SF

1,108 SF

673 SF

UnitType

1 Bdrm. & 1 Bath

2 Bdrm. & 2 Bath

2 Bdrm. & 2 Bath

1 Bdrm. & 1 Bath

Rent

$1,500

$2,200

$2,100

$1,700

Address


1) 11931 Elkwood St.


2) 12132 Hart St. (Unit 205)

Rental Comparables MapSubject Property: 6916 Laurel Canyon Boulevard

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Subject Property

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Subject Property

We sweat the details,

so you don’t have to.

If you have additional questions, please contact:

Ben Kreitenberg

(818) 454-8268

[email protected]

DRE# 02103370

Max Berger

(818) 321-4972

[email protected]

DRE# 02054048

We Sweat the Details,So You Don’t Have To.

6916 Laurel Canyon Boulevard North Hollywood, CA 91605...project would include over 1,500...

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