8528 CASHIO STREET - LoopNet

A 6-Unit Multifamily Investment Opportunity In Pico-Robertson

8528 CASHIO STREET

8528 Cashio Street • 2

Exclusively Listed By:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

8528 CASHIO STREETLos Angeles, CA 90035

CONTENTS

04091216

PROPERTY DESCRIPTION

FINANCIAL SUMMARY

MARKET COMPARABLES

MARKET OVERVIEW

8528 Cashio Street


PROPERTY DESCRIPTION


Centrally located in Silver Lake, just south of Sunset Boulevard, 4509 Willow Brook Avenue is poised to capitalize on the tremendous momentum in the Hollywood-Silver Lake submarket. Furthermore, the subject property’s transit oriented and highly walkable location offers residents access to myriad entertainment venues, cultural destinations, and dining options nearby. Given the property’s location and strong income metrics, 4509 Willow Brook Avenue is an ideal investment for apartment operators seeking immediate returns along with long term wealth preservation and appreciation.

8528 Cashio Street, built in 1956, is located in the Pico-Robertson neighborhood which is one of L.A.’s strongest and stable rental markets.

The asset boasts Four (4) One Bedroom - One (1) Bathroom units and Two (2) Two Bedroom - One (1) units.

Parking is provided for 6 vehicles in either on-grade or garage(s) and gas/electrical utilities are separately metered.

The location of this building offers residents an impres-sive array of entertainment, lifestyle and retail amenities. Within minutes, residents can enjoy boutique shops, chic restaurants, cool meeting spots and artistically inclined venues.

With a walk score of 84, this pocket of Pico-Robertson is a walker’s paradise.

Below market rents offer the astute investor significant rental upside potential.

T H EOffering


THE LOCATION: • Desirable Pico-Robertson Location

• Less Than One Mile from the Beverly Hills Border

• Rich in Amenities - Restaurants, Retail and Entertainment

• Walk Score of 84

PROPERTY & INCOME HIGHLIGHTS• Built in 1956

• Below Market Rents / Significant Upside Potential

• Large Units / One and Two Bedroom Units

• Original Hardwood flooring / Bright Units / Vintage Tilework

• No Soft Story Retrofit Required

I N V E ST M E N THighlights


EXTERIOR


INTERIOR


MARKETOVERVIEW


A Prime Pico-Robertson Location

“Pico-Robertson is in Los Angeles County and is one of the best places to live in California.- Niche.com

The property is located blocks away from the core of three of the most enticing neighborhoods in Los Angeles County- Beverly Hills, Beverlywood, and Carthay Square. Due to its eclectic location and walkability, residents enjoy unparallaled access to a wide variety of employment, entertainment, and cultural experiences that few other neighborhoods in LosAngeles can match.

Following this uprising of trendy and eclectic residents is a diverse base of restaurants, bars, and retail shops that bring a wide range of cultural experiences to the area. Within the existing location, residents have the opportunity to walk to nearby restaurants and cafes, take the metro into the heart of Hollywood, or spend the afternoon in an adjacent neighborhood via short commute.

You can get there from here: Pico-Robertson is convenient to Century City, Beverly Hills, Culver City, Sawtelle, the Wilshire District and more, making it a great place to live for people who hate long commutes.

Restaurant row: Love kosher food? Chinese food? Kosher Chinese food? Good, because Pico-Robertson has all of this and more.

LOCATION FUNDAMENTALSMillennials have ditched the suburbs for a more active and dynamic urban lifestyle. Many don’t own or want to own cars, so they rely on walking, biking, Metro or Uber. There is a limited supply of housing in Los Angeles, and especially in Pico-Robertson, which is causing upward pressure on rents. Research firm Axiometrics projects rental rates are to increase by 25% over the next five years.

URBAN LIVING WITH WALKABILITYAs the most densely populated area in Los Angeles, Pico-Robertson is a highly walkable submarket. Residents can travel on foot to complete their daily errands and stroll to the many restaurants, clubs, chic hotels and restaurants. Scoring 84 out of 100, the property is located in what walkscore.com considers “Very Walkable”.

CLOSE PROXIMITY TO• Beverly Hills, Beverly wood, Century City and Mid-City• Brand New Starbucks• Hollywood Pies for delicious Chicago style deep dish pizza• Vons• Glatt Mart• Carthay Center Elementary School• Cedars Sinai Medical group• Robertson Recreation Center• Roxbury Park


Nick’s Coffee ShopBloom CareTwin Dragon CafeYoshinoyaWok On FireJeff’s GourmetHansen’s CakesPanda ExpressCicerro PizzaKomodo RestaurantKFCJack in the BoxOasis MediterraneanStarbucksPizza HutVersaillesBeverlywood BakeryFactor’s Famous DeliMandrakeLa Costa Del SolSubwayTaj Mahal of India

FACTOR’S FAMOUS DELI NICK’S

THE MINT

Restaurants and Bars Groceries and MarketsThe CaskVonsSmart & FinalGNCBevwood MarketGlatt Mart

A WALKABLET R A N S I T- O R I E N T E D C O M M U N I T Y

The property is located blocks away from the core of three of the most enticing neighborhoods in Los Angeles

County- Beverly Hills, Beverlywood, and Carthay Square. Due to its eclectic location and walkability, residents

enjoy unparallaled access to a wide variety of employment, entertainment, and cultural experiences that few

other neighborhoods in Los Angeles can match.

8528 Cashio Street boasts a staggering 84 Walk Score and 59 Transit Score, a rare combination for apartment buildings in Southern California.

WALK SCORE“VERY WALKABLE”

84 59WALK SCORE“GOOD TRANSIT”

WALK SCORE“BIKABLE”

61Most errands can be accomplished on foot.

Many nearby public transportation options.

Flat, minimal bike lanes.

Entertainment & Shopping

The MintLevantine Cultural CenterLA Mirror ManPetra’s GalleryMaze RoomsMusic CityLa Cienega JewelryJerry’s Garden


FINANCIAL SUMMARY


8528 Cashio Street, Los Angeles, CA 90035

BUILDING DATA

Units* 6Year Built 1956Building SF 5,018Land SF 6,011Parking Spaces 6 Vehicles

ESTIMATED ANNUALIZED EXPENSESNew Property Taxes $28,598Utilities $3,900Property Insurance $2,757Registration Fees $384Pest Control $660Landscaping $900Repairs & Maintenance Estimate $3,300Total Estimated Expenses $40,499

SOURCE OF INCOME CURRENT RENTMARKET RENT Post Renovation

# of Units Unit Type Avg. Rent Total Avg. Rent Total

4 1 Bedroom / 1 Bathroom $1,152 $4,419 $1,995 $7,980

2 2 Bedroom / 1 Bathroom $1,386 $2,486 $2,495 $4,990

Total Rental Income $7,381 $12,970

Laundry Income Estimated (owned) $55 $55

Total Monthly Income $7,436 $13,025

Total Annual Income $89,228 $156,300

EST. ANNUALIZED OPERATING DATA CURRENT MARKETScheduled Gross Income $89,228.40 $156,300

Less Vacancy 2.0% ($1,785) 2.0% ($3,126)

Gross Operating Income $87,444 $153,174

Less Expenses 46.3% $40,499 25.9% $40,499

Net Operating Income $46,945 $112,675

NOTATIONS:Repairs & Maintenance: Estimated based on a proforma cost of $550/unit/year/post renovation

Contract Service: Expenses for landscaping($75/mo) and pest control ($55/mo) based on market rates

Utilities: Utilities Based on proforma expense of $650/unit/year

Rental Registrtion: Based on $64/unit/year

Property Insurance: Based on $0.55 per SF as industry standard

FINANCIAL INDICATORS

Price $2,325,000

Cost Per Unit $387,500 Price per SF $463.79

F I N A N C I A LSummary


UNIT STATUS UNIT TYPE Current Rent Market Rent Post Renovation

1 Occupied 1 Bedroom / 1 Bathroom $1,070.00 $1,995.00



4 Occupied 1 Bedroom / 1 Bathroom $986.00 $1,995.00



Monthly Total $7,380.70 $12,970.00

Annual Total $88,568.40 $155,640.00

R E N TRoll

8528 Cashio Street, Los Angeles, CA 90035


Assessor’s Parcel Number Buildings

Year Built Land Use

Zoning Stories

SITE DESCRIPTIONUnits

Gross Square Footage Lot Size Square Footage

Parking

UTILITIESElectric

Gas

8528 CASHIO STREETProperty Details

8528 Cashio Street • Los Angeles, • CA 90035

CONSTRUCTION

Foundation Framing Exterior

Roof Topography

4303-032-006One 1956ApartmentsLAR3Two

65,0186,0116

Separately Metered - LADWPSeparately Metered - LADWP

Raised FoundationWood FrameStuccoPitchedFlat


MARKETCOMPARABLES

8528 CASHIO STREET


8528 Cashio Street

8546 Cashio St

1001 S Shenandoah St

1474 S Wooster St

S A L E SComparables

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2)

3)


PROPERTYYEAR BUILT UNITS BLDG SF PRICE CAP GRM $/UNIT $/SF CLOSED

8528 Cashio StreetLos Angeles, CA 90035

1956 6 5,018 - - - - - JUSTLISTED

1 8546 Cashio StLos Angeles, CA 90035 1953 6 5,816 $2,700,000 4.12% 17.04 - $484.24 12/16/2020

2 1001 S Shenandoah StLos Angeles, CA 90035 1948 6 5,262 $2,380,500 4.50% 15.00 $3,96,750 $452.39 9/18/2020

3 1474 S Wooster StLos Angeles, CA 90035 1953 6 4,324 $1,780,000 - - $296,667 $411.66 9/9/2020

S A L E SComparables


8528 Cashio Street

1)

2)

3)

4)

5)

6)

7)

8)

9)

10)

11)

1054 S Bedford St

9169 Alcott St

1025 S Holt Ave

1449 Rexford Dr

1455 S Beverly Dr

1136 S Wooster St

6066 Cashio St

1503 S Durango Ave

6107 Horner St

1227 Stearns Dr

1503 S Durango Ave

R E N TComparables


ONE BEDROOM/ONE BATH

TWO BEDROOM /ONE BATH

Property Units Year Built Owner/Manager Rent Rent8528 Cashio StreetLos Angeles, CA 90035

6 1956 Private OwnerOwner Managed

$1,152 $1,386

1 1054 S Bedford St Los Angeles, CA 90035


$2,100

2 9169 Alcott St Los Angeles, CA 90035


$2,100

3 1025 S Holt Ave Los Angeles, CA 90035


$2,195

4 1449 Rexford Dr Los Angeles, CA 90035


$2,200

5 1455 S Beverly Dr Los Angeles, CA 90035


$2,200

6 1136 S Wooster St Los Angeles, CA 90035


$2,295

7 6066 Cashio St Los Angeles, CA 90035


$2,795

8 1503 S Durango Ave Los Angeles, CA 90035


$2,795

9 6107 Horner St Los Angeles, CA 90035


$2,900

10 1227 Stearns Dr Los Angeles, CA 90035


$3,000

11 1503 S Durango Ave Los Angeles, CA 90035


$3,000

AVERAGE: $2,182 $2,898

HIGH: $2,295 $3,000

LOW: $2,100 $2,795

R E N TComparables


All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property 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 or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may 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 of signifi-cance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

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 and in-vestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transactionAll data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or perfor-mance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City 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. It is 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 include projections, 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 advisors should conduct your own investigation of the property and transaction.

CONFIDENTIALITY AGREEMENT


Exclusively ListedBy:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

8528 CASHIO STREET - LoopNet

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