L A U R I E LU S T I G - B O W E RExecutive Vice PresidentLic 00979360+1 310 550 [email protected]
K A D I E P R E S L E Y W I L S O NVice PresidentLic 01476551+1 310 550 [email protected]
2 0 - U n i t A p a r t m e n t B u i l d i n gVa l u e - A d d O p p o r t u n i t y
N o R e n t C o n t ro l
8151 R e s e d a B l v d . , R e s e d a , C a l i f o r n i aC a m e l o t A p a r t m e n t s
w w w.8151Reseda.com
Price: $5,200,000
TABLE OF CONTENTS
Executive Summary P. 6
Financial Analysis P.12
Area Overview P.21
LAURIE LUSTIG-BOWERExecutive Vice PresidentLic 00979360+1 310 550 [email protected]
KADIE PRESLEY WILSONVice PresidentLic 01476551+1 310 550 [email protected]
www.8151Reseda.com
CONTAC TS:
RESEDA BLVD
S O U T H W E S T E R N E X P O S U R E
WARNERCENTER
DIGNITYHEALTH
8151RESEDA BLVD
ROSCOE BLVD
CAN
TAR
A ST
5 w w w . 8151 R e s e d a . c o m
EXECUTIVE SUMMARYCBRE, Inc. as exclusive agent, is pleased to present for sale Camelot Apartments, a value-add 20-unit garden-style building located in the San Fernando Valley neighborhood of Reseda. The property is priced well below replacement cost at $272 per square foot and offers immediate upside as the rents are below market and the building is not rent controlled.
At the asking price of $5,200,000, the current cap rate is 4.65% with a GRM of 12.6. We estimate that if a buyer were to spend roughly $20,000 per unit in upgrades, the buyer would achieve a 5.21% cap rate “all in”, including the renovation costs.
Built in 1987, the property features a desirable unit mix of 18 two-bedroom units and two one-bedroom units averaging almost 900 square feet per unit. The building has gated garage parking with at least one space per bedroom. Units are separately metered for gas and electricity and feature central heat and air conditioning.
Camelot Apartments is located one block to Dignity Health Center, with an employment base of over 1,600 people, and is a five minute drive to California State University Northridge, which had a 2017/2018 enrollment of approximately 38,000 students and employs approximately 4,000 people.
Price: $5,200,000
Current Cap Rate: 4.65% | Market Cap Rate “All In”: 5.21%
Current GRM: 12.6 | Market GRM: 12.0
Price Per Unit : $260,000
Price Per SF: $272
OPPORTUNITY HIGHLIGHTS• Great Value-Add Opportunity
• No Rent Control
• Current Cap Rate: 4.65% | Market Cap Rate “All In”: 5.21%
• Priced Below Replacement Costs
• Great Central San Fernando Valley Location:
- One block to Dignity Health Center
±1,600 employees
- Five minute drive to Cal State University Northridge
±38,000 student enrolled 2017/2018
±4,000 employees
- Five minute drive to the Metrolink Northridge Commuter Rail Station
Connects Downtown Los Angeles with Ventura County
Station has free on-site parking
- Seven minute drive to the MTA Orange Line
Connects Downtown Los Angeles to the western San Fernando Valley
Station has free on-site parking and bike lockers
ADDRESS 8151 Reseda Blvd.Reseda, CA 91335
NUMBER OF UNITS 20
YEAR BUILT 1987
PARKING
Gated Parking Garage16 Single Spaces26 Tandem Spaces42 Spaces Total
BUILDING SIZE ±19,098 SF
UTILITIES Water, Sewer, Trash - Landlord PaysGas, Electric - Tenant Pays
MECHANICAL Central Heating & AC
PROPERTY DESCRIPTION
PARCEL MAPAPN: 2103-007-013Lot Size: ±16,993 SF
UNIT T YPE UNITS AVERAGE SF
1 Bed/1 Bath 2 ±650
2 Bed/2 Bath 18 ±925
Total 20 ±898
UNIT MIX
9 w w w . 8151 R e s e d a . c o m
COMMUNITY AMENITIES
• Gated Parking Garage - One Space per Bedroom
• Large Common Area Patio with Picnic Furniture
• Secured Community with Lobby Entry
• Dedicated Storage - a total of 22 storage units
UNIT FEATURES
• Central Heating and Air Conditioning• Separately Metered for Gas & Electricity• In-Suite Bathroom in Master Bedroom (most units)• Hot Water Heater• Dishwasher• Garbage Disposal • Gas Stoves• Balconies (10 units)
ON-SITE LAUNDRY FACILITY
Washer 2 Units $1.50/load
Dryer 2 Units $1.25/load
Leased to WASH Multifamily Laundry Systems on a month-to-month basis.
10 w w w . 8151 R e s e d a . c o m
Camelot Apartments8151 Reseda Blvd.
Rent Roll as of February 26, 2019
Unit Number Approx SF Type Curent Rent Current Rent/SF Market Rehab Rent MKT-RHB Rent/SF Move-In Lease End Note101 925 2 Bed/2 Bath $1,670 $1.81 $2,000 $2.16 08/13/13 m-t-m large balcony102 925 2 Bed/2 Bath $1,730 $1.87 $1,950 $2.11 11/01/02 m-t-m103 925 2 Bed/2 Bath $1,730 $1.87 $1,950 $2.11 06/05/04 m-t-m104 925 2 Bed/2 Bath $1,630 $1.76 $1,950 $2.11 06/09/17 m-t-m balcony105 925 2 Bed/2 Bath $1,675 $1.81 $1,950 $2.11 04/26/17 m-t-m106 650 1 Bed/1 Bath $1,350 $2.08 $1,580 $2.43 08/29/16 m-t-m107 925 2 Bed/2 Bath $1,700 $1.84 $1,950 $2.11 01/01/13 m-t-m balcony108 925 2 Bed/2 Bath $1,695 $1.83 $1,950 $2.11 07/28/16 m-t-m109 925 2 Bed/2 Bath $1,655 $1.79 $1,950 $2.11 03/01/14 m-t-m balcony110 925 2 Bed/2 Bath $1,750 $1.89 $1,950 $2.11 02/01/11 m-t-m balcony201 925 2 Bed/2 Bath $1,730 $1.87 $2,000 $2.16 10/31/09 m-t-m large balcony202 925 2 Bed/2 Bath $1,690 $1.83 $1,950 $2.11 11/01/13 m-t-m203 925 2 Bed/2 Bath $1,695 $1.83 $1,950 $2.11 08/16/14 m-t-m204 925 2 Bed/2 Bath $1,655 $1.79 $1,950 $2.11 09/27/13 m-t-m balcony205 925 2 Bed/2 Bath $1,950 $2.11 $1,950 $2.11 02/22/16 - On-site Manager206 650 1 Bed/1 Bath $1,300 $2.00 $1,580 $2.43 01/01/96 m-t-m207 925 2 Bed/2 Bath $1,950 $2.11 $1,950 $2.11 - - Vacant; balcony208 925 2 Bed/2 Bath $1,795 $1.94 $1,950 $2.11 09/18/18 09/17/19209 925 2 Bed/2 Bath $1,795 $1.94 $1,950 $2.11 02/01/18 01/31/19 Granite counters; balcony210 925 2 Bed/2 Bath $1,765 $1.91 $1,950 $2.11 07/01/11 m-t-m balcony
$33,910 $38,360$1,696 $1.89 $1,918 $2.14
8151 RESEDA BLVD, RESEDA, CA 91335RENT ROLL AS OF 02.26.2019
TotalAverage
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ESTIMATED INCOME Annual % of EGI Per UnitRent Income $33,910 per mon. $406,920 101.3% $20,346 Based on Current Rent Roll
Total Scheduled Gross Income $406,920 101.3% $20,346Vacancy 3.0% of SGI ($12,208) -3.0% ($610) Estimated
Total Net Rental Income $394,712 98.3% $19,736
Parking Income $150 per mon. $1,800 0.4% $90 $50 per month for three extra spacesRepair Reimbursement $15 per mon. $175 0.0% $9 Based on 2018 ActualLaundry Income $255 per mon. $3,058 0.8% $153 Based on 2018 ActualOther Income $165 per mon. $1,980 0.5% $99 Based on 2018 Actual
TOTAL ESTIMATED INCOME $401,725 100.0% $20,086
ESTIMATED EXPENSES Annual % of Exp. % of EGI Per UnitProperty Taxes 1.193270% of est. price $62,050 38.8% 15.4% $3,103 Based on PriceDirect Assessments $2,225 1.4% 0.6% $111 Assessor's OfficeBusiness Taxes $1,221 0.8% 0.3% $61Insurance $0.35 per GSF $6,684 4.2% 1.7% $334 EstimatedOn-Site Manager $1,900 per mon. $22,800 14.3% 5.7% $1,140 Manager's Free Rent for 2-bedroom unitBuilding Office Expense $187 per mon. $2,245 1.4% 0.6% $112 Based on 2018 ActualLegal Fees $50 per mon. $600 0.4% 0.1% $30 EstimatedRepairs and Maintenance $400 per unit $8,000 5.0% 2.0% $400 EstimatedUtilities $3,089 per mon. $37,067 23.2% 9.2% $1,853 Based on 2018 ActualTurnover $200 per unit $4,000 2.5% 1.0% $200 EstimatedReserves $250 per unit $5,000 3.1% 1.2% $250 Industry Standard
TOTAL ESTIMATED EXPENSES $159,892 100.0% 39.8% $7,995
ESTIMATED NET OPERATING INCOME $241,834 60.2% $12,092
Price $5,200,000Capitalization Rate 4.65%Gross Rent Multiplier 12.6 Unit Type Units Mix Avg SF Avg Rent Rent/SFEst. Sales Price Per Unit $260,000 1 Bed/1 Bath 2 10.0% 650 $1,325 $2.04Price Per Sq. Ft. $272 2 Bed/2 Bath 18 90.0% 925 $1,737 $1.88Number of Units 20Est. Expenses Per Unit $7,995Est. Expenses Minus Taxes Per Unit $4,781Est. Expenses Per Sq. Ft. $8.37Bldg. Sq. Ft. 19,098 Total 20 100.0% 898 $1,696 $1.89Year Built 1987APN 2103007013Zip Code 91335Date 2/27/2019
INVESTMENT PRO FORMAComments
8151 RESEDA BLVD, RESEDA, CA 91335CURRENT OPERATIONS
14 w w w . 8151 R e s e d a . c o m
ESTIMATED INCOME Annual % of EGI Per UnitRent Income $38,360 per mon. $460,320 103.6% $23,016 Based on MKT-RHB Rent Roll
Total Scheduled Gross Income $460,320 103.6% $23,016Vacancy 5.0% of SGI ($23,016) -5.2% ($1,151) Estimated
Total Net Rental Income $437,304 98.4% $21,865
Parking Income $150 per mon. $1,800 0.4% $90 $50 per month for three extra spacesRepair Reimbursement $15 per mon. $175 0.0% $9 Based on 2018 ActualLaundry Income $255 per mon. $3,058 0.7% $153 Based on 2018 ActualOther Income $165 per mon. $1,980 0.4% $99 Based on 2018 Actual
TOTAL ESTIMATED INCOME $444,317 100.0% $22,216
ESTIMATED EXPENSES Annual % of Exp. % of EGI Per UnitProperty Taxes 1.193270% of est. price $62,050 40.7% 14.0% $3,103 Based on PriceDirect Assessments $2,225 1.5% 0.5% $111 Assessor's OfficeBusiness Taxes $1,275 0.8% 0.3% $64Insurance $0.35 per GSF $6,684 4.4% 1.5% $334 EstimatedOn-Site Manager $1,950 per mon. $23,400 15.3% 5.3% $1,170 Manager's Free Rent for 2-bedroom unitBuilding Office Expense $187 per mon. $2,245 1.5% 0.5% $112 Based on 2018 ActualLegal Fees $50 per mon. $600 0.4% 0.1% $30 EstimatedRepairs and Maintenance $400 per unit $8,000 5.2% 1.8% $400 EstimatedUtilities $3,089 per mon. $37,067 24.3% 8.3% $1,853 Based on 2018 ActualTurnover $200 per unit. $4,000 2.6% 0.9% $200 EstimatedReserves $250 per unit $5,000 3.3% 1.1% $250 Industry Standard
TOTAL ESTIMATED EXPENSES $152,546 100.0% 34.3% $7,627
ESTIMATED NET OPERATING INCOME $291,771 65.7% $14,589
Price $5,200,000Renovation Costs (assumes $20k/unit) $400,000Price Including Renovation Costs $5,600,000Capitalization Rate (Including Renovation Costs) 5.21%Gross Rent Multiplier (Including Renovation Costs) 12.0 Unit Type Units Mix Avg SF Avg Rent Rent/SFEst. Sales Price Per Unit (Including Renovation Costs) $280,000 1 Bed/1 Bath 2 10.0% 650 $1,580 $2.43Price Per Sq. Ft. (Including Renovation Costs) $293 2 Bed/2 Bath 18 90.0% 925 $1,956 $2.11Number of Units 20Est. Expenses Per Unit $7,627Est. Expenses Minus Taxes Per Unit $4,414Est. Expenses Per Sq. Ft. $7.99Bldg. Sq. Ft. 19,098 Total 20 100.0% 898 $1,918 $2.14Year Built 1987APN 2103007013Zip Code 91335Date 3/5/2019
INVESTMENT PRO FORMAComments
8151 RESEDA BLVD, RESEDA, CA 91335FORECASTED OPERATIONS
15 w w w . 8151 R e s e d a . c o m
© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:6116259
RENT SURVEY
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8151RESEDA BLVD
8151 Reseda Blvd.
Northview - Southview Apartments
8001 Reseda Blvd.
Blue North Apartments
Royal Villas
8155 Reseda Blvd.
Villa Sorrento
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16 w w w . 8151 R e s e d a . c o m
RENT COMPARABLES
NORTHVIEW-SOUTHVIEW APARTMENTS8111 Reseda BlvdReseda, CA 91335Year Built: 1976Units: 160Occupancy: 95%Phone: 818-616-6977Owner: Davlyn InvestmentsManager: Davlyn - Northview Southview
Type Number of Units0 + 1 231 + 1 802 + 1 262 + 2 31
Amenities: Swimming Pool Controlled Access Spa Parking - some carportCommunity BBQ Fitness Center Elevator Laundry Facility
Walk-in Closets A/C Patio/Balcony
ROYAL VILLAS8040 Reseda BlvdReseda, CA 91335Year Built: 1969Units: 88Occupancy: 97%Phone: 818-701-9160Owner: Miracle Mile PropertiesManager: Miracle Mile - Royal Villas
Type Number of Units0 + 1 41 + 1 722 + 2 12
Amenities: Swimming Pool Controlled Access Walk-in Closets Gated surface parkingRenovated units Laundry Facility Wall unit A/C Laminate style floors
$1,460 690 $2.12 $1,838 900 $2.04
COMPARABLE 4
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,207 576 $2.10
$1,890 - $2,975 850 $2.22 - $3.50$2,185 - $2,610 1,025 $2.13 - $2.55
COMPARABLE 1
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,515 - $2,040 450 $3.37 - $4.53$1,700 - $2,240 687 $2.47 - $3.26
0 + 115%
1 + 150%
2 + 116%
2 + 219%
0 + 14%
1 + 182%
2 + 214%
8001 RESEDA8001 Reseda BlvdResada, CA 91335Year Built: 1962Units: 56Occupancy: 100%Phone: 818-345-8233Owner: Yair KemplerManager: Yair Kempler
Type Number of Units1 + 1 482 + 2 63 + 2 2
Amenities: Swimming Pool Controlled Access Laundry Facilities Full Covered Parking
BLUE NORTH APTS7850 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 40Occupancy: 95%Phone: 818-481-4672Owner: 7850 Reseda Blvd LLCManager: Moss & Company
Type Number of Units0 + 1 101 +1 262 + 2 4
Amenities: Swimming Pool Controlled Access Laundry Facility Gated Parking - some carportCentral A/C - select units Stainless Steel Appliances - select units Granite or Quartz Counter Tops - select units
Patio/Balcony - select units Wood-Style Flooring
$1,918 850 $2.26 $2,053 1,000 $2.05
COMPARABLE 2
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,497 600 $2.50
$1,450 - $1,495 525 $2.76 - $2.85
$2,025 - $2,095 995 $2.04 - $2.11
COMPARABLE 3
Effective Rent Unit Square Feet Rent per SF
$1,695 825 $2.05
0 + 125%
1 +165%
2 + 210%
1 + 186%
2 + 211% 3 + 2…
1
2
17 w w w . 8151 R e s e d a . c o m
RENT COMPARABLESNORTHVIEW-SOUTHVIEW APARTMENTS8111 Reseda BlvdReseda, CA 91335Year Built: 1976Units: 160Occupancy: 95%Phone: 818-616-6977Owner: Davlyn InvestmentsManager: Davlyn - Northview Southview
Type Number of Units0 + 1 231 + 1 802 + 1 262 + 2 31
Amenities: Swimming Pool Controlled Access Spa Parking - some carportCommunity BBQ Fitness Center Elevator Laundry Facility
Walk-in Closets A/C Patio/Balcony
ROYAL VILLAS8040 Reseda BlvdReseda, CA 91335Year Built: 1969Units: 88Occupancy: 97%Phone: 818-701-9160Owner: Miracle Mile PropertiesManager: Miracle Mile - Royal Villas
Type Number of Units0 + 1 41 + 1 722 + 2 12
Amenities: Swimming Pool Controlled Access Walk-in Closets Gated surface parkingRenovated units Laundry Facility Wall unit A/C Laminate style floors
$1,460 690 $2.12 $1,838 900 $2.04
COMPARABLE 4
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,207 576 $2.10
$1,890 - $2,975 850 $2.22 - $3.50$2,185 - $2,610 1,025 $2.13 - $2.55
COMPARABLE 1
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,515 - $2,040 450 $3.37 - $4.53$1,700 - $2,240 687 $2.47 - $3.26
0 + 115%
1 + 150%
2 + 116%
2 + 219%
0 + 14%
1 + 182%
2 + 214%
8001 RESEDA8001 Reseda BlvdResada, CA 91335Year Built: 1962Units: 56Occupancy: 100%Phone: 818-345-8233Owner: Yair KemplerManager: Yair Kempler
Type Number of Units1 + 1 482 + 2 63 + 2 2
Amenities: Swimming Pool Controlled Access Laundry Facilities Full Covered Parking
BLUE NORTH APTS7850 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 40Occupancy: 95%Phone: 818-481-4672Owner: 7850 Reseda Blvd LLCManager: Moss & Company
Type Number of Units0 + 1 101 +1 262 + 2 4
Amenities: Swimming Pool Controlled Access Laundry Facility Gated Parking - some carportCentral A/C - select units Stainless Steel Appliances - select units Granite or Quartz Counter Tops - select units
Patio/Balcony - select units Wood-Style Flooring
$1,918 850 $2.26 $2,053 1,000 $2.05
COMPARABLE 2
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,497 600 $2.50
$1,450 - $1,495 525 $2.76 - $2.85
$2,025 - $2,095 995 $2.04 - $2.11
COMPARABLE 3
Effective Rent Unit Square Feet Rent per SF
$1,695 825 $2.05
0 + 125%
1 +165%
2 + 210%
1 + 186%
2 + 211% 3 + 2…
3
4
18 w w w . 8151 R e s e d a . c o m
RENT COMPARABLES
VILLA SORRENTO7947 Reseda BlvdReseda, CA 91335Year Built: 1970Units: 93Occupancy: 98%Phone: 818-342-6505Owner: Miracle Mile PropertiesManager: Miracle Mile Properties
Type Number of Units0 + 1 121 + 1 782 + 2 3
Amenities: Controlled Access Swimming Pool Spa Laundry FacilitiesElevator Gated Surface Parking Private Balcony/Patio in Select Units
8155 RESEDA BLVD8155 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 37Occupancy: 100%Phone: 818-715-0575Owner: Sylvan Property LLCManager: North Oak Real Estate Inc.
Type Number of Units1 + 1 352 + 2 2
Amenities: Stainless Steel Appliances Granite Countertops Gated Carport
COMPARABLE 6
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,212 372 $3.26
$1,462 - $1,560 589 $2.48 - $2.49$1,509 - $1,750 900 $1.68 - $1.94
COMPARABLE 5
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,595 663 $2.41
$1,845 - $2,012 966 $1.91 - $2.08
0 + 113%
1 + 184%
2 + 23%
1 + 195%
2 + 25%
VILLA SORRENTO7947 Reseda BlvdReseda, CA 91335Year Built: 1970Units: 93Occupancy: 98%Phone: 818-342-6505Owner: Miracle Mile PropertiesManager: Miracle Mile Properties
Type Number of Units0 + 1 121 + 1 782 + 2 3
Amenities: Controlled Access Swimming Pool Spa Laundry FacilitiesElevator Gated Surface Parking Private Balcony/Patio in Select Units
8155 RESEDA BLVD8155 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 37Occupancy: 100%Phone: 818-715-0575Owner: Sylvan Property LLCManager: North Oak Real Estate Inc.
Type Number of Units1 + 1 352 + 2 2
Amenities: Stainless Steel Appliances Granite Countertops Gated Carport
COMPARABLE 6
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,212 372 $3.26
$1,462 - $1,560 589 $2.48 - $2.49$1,509 - $1,750 900 $1.68 - $1.94
COMPARABLE 5
PHOTO
Effective Rent Unit Square Feet Rent per SF$1,595 663 $2.41
$1,845 - $2,012 966 $1.91 - $2.08
0 + 113%
1 + 184%
2 + 23%
1 + 195%
2 + 25%
5
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Address City Zip Code Units Sale Price Cap Rate GRM $/Unit $/SF Bldg SF Yr Blt Sale Date7123 Tampa Ave Reseda 91335 22 $12,598,318 - 13.34 $572,651 $330 38,170 2018 01/08/1918528 Chase St Northridge 91324 28 $10,498,000 4.55 14.27 $374,929 $327 32,058 2017 03/06/185505 Zelzah Ave Encino 91316 27 $9,500,000 - 26.50 $351,852 $322 29,536 1978 04/11/185204 Yarmouth Ave Encino 91316 29 $9,325,000 - - $321,552 $312 29,936 1971 02/17/176930 Balboa Blvd Lake Balboa 91406 10 $5,550,000 5.90 12.57 $555,000 $301 18,438 2016 08/24/1718543-18545 Clark St Tarzana 91356 29 $8,300,000 3.57 14.88 $286,207 $278 29,884 1962 01/10/187122 Amigo Ave Reseda 91335 14 $4,430,000 4.29 15.09 $316,429 $277 16,000 2013 03/24/1718600 Burbank Blvd Tarzana 91356 19 $5,200,000 6.58 - $273,684 $274 18,958 1964 04/30/1817931 Devonshire St Northridge 91325 28 $6,125,000 - 13.00 $218,750 $273 22,466 1963 06/30/1718634 Clark St Tarzana 91356 30 $7,285,000 4.69 13.55 $242,833 $271 26,840 1962 12/19/1718540 Wyandotte St Reseda 91335 12 $2,960,106 4.38 - $246,676 $271 10,906 1989 03/16/18
Select Apartment Sales Comparables Over $270 PSF10-50 Units in Reseda, Northridge, Lake Balboa, Tarzana and Encino
Sold February 1, 2017 to February 24, 2019Source: CoStar; Sorted by Price Per SF
SELECT APARTMENT SALES COMPARABLES OVER $270 PSF10-50 Units in Reseda, Northridge, Lake Balboa, Tarzana and EncinoSold February 1, 2017 to February 24, 2019Source: CoStar; Sorted by Price Per SF
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© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.
Layout ID:L04 MapId:6100581
Parthenia St
Roscoe BlvdRoscoe Blvd
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CAL STATE UNIVERSITY
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AREA RETAIL MAP
8151RESEDA BLVD
Employee Count 4,000
Employee Count 400
Employee Count 1,646
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TRANSPORTATION LINKAGES8151 Reseda Blvd. is located within the primary trade corridor of the West San Fernando Valley. The property is proximate to the 101, 405, 27, and 118 freeways, providing access to the entire Los Angeles Metro Area. The Property is served by nearby transit routes, and shuttles. The Metro Orange Line provides access to the west to Warner Center, north to Chatsworth and east to Van Nuys, Laurel Canyon and North Hollywood. The Metro Red Line subway provides service from North Hollywood to Universal City, Hollywood and Downtown Los Angeles.
RIVERSIDECOUNTY
SAN BERNARDINOCOUNTY
LOS ANGELES COUNTY
VENTURACOUNTY
COUNTYSAN LUIS OBISPO
COUNTYSANTA BARBARA
ORANGECOUNTY
SAN DIEGOCOUNTY
Los
Ange
les
Rive
r
Los Angeles River
PACIFIC OCEAN
CRENSHAW/
PURPLE LINE EXTENSION
REGIONAL CONNECTOR
LAX LINE
LAX
GOLD LINE FOOTHILL EXTENSION
Little To
kyo/
Little To
kyo/
Arts Dist
Burbank/B
ob Hope
Airport
Van Nuys
Northrid
ge
Simi V
alley
Moorpark
Camarillo
Oxnard
Ventura - East
Sun Valley
Sylmar/San Fernando
Newhall
Santa Clarita
Via Princessa
Vincent Grade/Acton
Palmdale
Lancaster
Antelope Valley Line
Amtrak Pacific Surfliner
San Bernardino Line
Riverside Line
91/Perris Valley Line
Inland Empire -Orange County Line
Ventura County Line
Amtrak Pacific Surfliner
Orange County Line
Inland Empire -Orange County Line
Ventura
Carpinteria
Santa Barbara
Goleta
Surf
Guadalupe
Grover Beach
San Luis Obispo
Burbank - Downtown
Glendale
El Monte
Baldwin Park
CovinaPomona - N
orth
Claremont
Montclair
Upland
Rancho Cuca
monga
Fontana
RialtoSan Bern
ardino
Industry
Pomona - Downtown
Ontario - E
ast
Jurupa Valle
y/Pedley
Commerce
Norwalk/Santa Fe Springs
Buena Park
Corona - North Main
Riverside - Downtown
Riverside - Hunter Park/UCR
Moreno Valley/March Field
Perris - Downtown
Perris - South
Anaheim Canyon
Riverside - La Sierra
Corona - West
Fullerton
Anaheim
Orange
Santa Ana
Irvine
San Juan Capistrano
San Clemente
San Clemente Pier
Oceanside
Tustin
Laguna Niguel/Mission Viejo
BUR
Montebello/Commerce
Carlsbad
Solana Beach
Sorrento Valle
y
Old Town
San Diego
Universal C
ity/Studio City
Hollywood/V
ine
Hollywood/H
ighland
Universal C
ity/Studio City
Civic Ctr/
Civic Ctr/
Civic Ctr/
Civic Ctr/
GrandGrandGrandGrand
ParkParkParkPark
Westlake/M
acArthur P
ark
Roscoe
Pico/Alis
o
Mariach
i Plaza
Long Beach Bl
Artesia
Del Amo
Civic Ctr/
GrandPark
Allen
LakeSierra
Madre Villa
Arcadia
Monrovia
Duarte/City
of Hope
Irwindale
Azusa Downtown
APU/Citrus Colle
ge
Lincoln/Cypress
Heritage Sq
Southwest Museum
Highland Park
Fillmore
Del Mar
Memorial Park
South Pasadena
Westlake/M
acArthur P
ark
Wilshire
/Vermont
Pershing
Chinatown
Union Station
Chinatown
Square
7th St/Metro CtrPico
LATTC/OrthoInstitute
Jefferson/U
SC
LAX FlyAwayAmtrak & MetrolinkLAX FlyAway
LAX FlyAwayLAX FlyAway
LAX FlyAway
LAX FlyAway
LAX FlyAway
LAX FlyAway
LAX Shuttle G
Amtrak & MetrolinkMetro
link
Sherman Way
Roscoe
Nordhoff
Chatsworth
Hollywood/W
estern
Vermont/S
anta MonicaHolly
wood/Western
Hollywood/V
ine
Hollywood/H
ighlandNorth
Hollywood
Balboa
Balboa
Woodley
Sepulveda
Sepulveda
Van Nuys
Van Nuys
Woodman
Valley Colle
ge
Laurel Canyo
n
Canoga
Canoga
De Soto
De Soto
Pierce Colle
ge
Pierce Colle
ge
TampaTampa
Reseda
Reseda
Vermont/B
everly
Vermont/S
anta Monica
Vermont/S
unset
Vermont/S
unset
Amtrak & Metrolink
Soto
Indiana
Maravilla
East LA Civic C
tr
Atlantic
El Monte
Cal State LA
LAC+USC Medica
l Ctr
Pico/Alis
o
Mariach
i Plaza
Wilshire
/
Normandie
Wilshire
/Western
ExpoPark
/USC
Expo/Vermont
Expo/Western
Expo/Crenshaw
Farmdale
Expo/La Brea
La Cienega/Jefferson
Culver C
ity
Palms
Westwood/R
ancho Park
Expo/Sepulveda
Expo/Bundy
26th St/Bergamot
Expo/Sepulveda
Expo/Bundy
26th St/Bergamot
17th St/S
MC
Downtown Santa Monica
Mariposa
El Segundo
Douglas
Redondo Beach
37th St/USC
Rosecrans
Harbor
Carson
Pacific CoastHwy
GatewayTransit Ctr
Long Beach Bl
AvalonVerm
ont/
AthensCrenshaw
Hawthorne/Lennox
Aviation/L
AX
Lakewood Bl
Norwalk
Norwalk
Slauson
Manchester
Harbor F
wy
5th St
1st St
PacificAv
DowntownLong Beach
PacificAv
Washington
Vernon
Slauson
Florence
Firestone
Compton
Artesia
Del Amo
Wardlow
Willow St
Pacific Coast Hwy
Anaheim St
103rd St/
Willowbrook/Rosa Parks
Watts Towers 103rd St/
Willowbrook/Rosa Parks
DowntownLong Beach
Grand/LATTC
San Pedro St
Watts Towers
Union Station
SAN FERNANDO VALLEY
SAN GABRIEL VALLEY
EASTSIDE
SOUTH BAY
San Pedro
GATEWAY CITIES
DOWNTOWNLA
SOUTH LA
CENTRAL LA
SAN FERNANDO VALLEY
SAN GABRIEL VALLEY
EASTSIDE
SOUTH BAY
San Pedro
GATEWAY CITIES
DOWNTOWNLA
SANTAMONICA
SOUTH LA
CENTRAL LA
WESTSIDE
Metro & Regional Railmetro.net
amtrak.commetrolinktrains.com
18-2
878M
M ©
2018
LAC
MTA
Antelope Valley Line
San Bernardino Line
Riverside Line
91/Perris Valley Line
Ventura County Line
Amtrak Pacific Surfliner
Orange County Line
Inland Empire -Orange County Line
Regional Rail
amtrak.com
metrolinktrains.com
Airport Shuttle
Rail Station
StationTransfer
RegionalRailStation
Busway
Station
UNDERCONSTRUCTION
Busway StreetService
Amtrak
Metrolink
LAX FlyAwaylawa.org/flyaway
LAX Shuttle (free)lawa.org
North Hollywood to Union StationRed Line
Metro Rail
Wilshire/Western to Union StationPurple Line
Blue Line
Expo Line
Orange Line
Metro Busway
Green Line
Gold Line
Downtown LA to Long Beach
Downtown LA to Santa Monica
Redondo Beach to Norwalk
East Los Angeles to Azusa
Silver Line Chatsworth to North Hollywood
San Pedro to El MonteStreet Service in Downtown LAand San Pedro
MAY 2016 Subject to ChangeJUN 2018 Subject to Change
8151Reseda Blvd
MetrolinkVentura County Line
LA MetroOrange Line
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TRANSIT/SUBWAY
COMMUTER RAIL/TRANSIT
AIRPORT
L O S A N G E L E SI N T E R N AT I O N A L A I R P O R T
3 6 M I N U T E S
B O B H O P E A I R P O R T ( B U R B A N K )
2 4 M I N U T E S
N O R T H R I D G E C O M M U T E R R A I L ( M E T R O L I N K V E N T U R A C O U N T Y L I N E )
5 M I N U T E S
R E S E D A S TAT I O N ( M TA O R A N G E L I N E )
7 M I N
VA N N U Y S A I R P O R T
8 M I N U T E S
24 w w w . 8151 R e s e d a . c o m
California State University – Northridge18111 Nordhoff St, Northridge, CA 91330
Distance from Site: 1.6 miles or 5 minute drive time
Types of Programs Offered: Bachelors Degrees (BA /BS), Masters Degrees (MA/MS)
Annual Student Headcount: • 2014-2015: 38,436• 2015-2016: 39,654• 2016-2017: 38,018• 2017-2018: 37,708
Los Angeles Pierce College 6201 Winnetka Ave, Woodland Hills, CA 91371 Distance from Site: 4.6 miles or 10 minute drive time
Types of Programs Offered: Associate Degrees (AA /AS), Occupational Certification Programs (C)
Annual Student Headcount: • 2014-2015: 31,331• 2015-2016: 31,160• 2016-2017: 31,020• 2017-2018: 29,087
Los Angeles Pierce College
California State University – Northridge
NEARBY PUBLIC COLLEGES/UNIVERSITIES
25 w w w . 8151 R e s e d a . c o m
NEARBY EMPLOYMENT CENTERS
405
32
1
8151RESEDA BLVD
EMPLOYERS IN SURROUNDING AREAS SUCH AS WARNER CENTER, ENCINO AND SHERMAN OAKS, ARE WITHIN A 14 MINUTE DRIVE TIME.
COMPANY EMP. TOTAL
21ST CENTURY HOLDING COMPANY 1200
HEALTH-NET, INC. 1000
PIERCE COLLEGE 1000
PRATT & WHITNEY 1000
INNOVATIVE MERCHANT SOLUTIONS 1000
COMPANY EMP. TOTAL
FARMERS GROUP 500
BLUE CROSS BLUE SHIELD 400
LOS ANGELES DAILY NEWS 300
PANAVISION INV. 300
1. WOODLAND HILLS/WARNER CENTER
COMPANY EMP. TOTAL
ENCINO-TARZANA REGIONAL HOSPITAL 800
ANSWER FINANCIAL INC. 325
2. ENCINO COMPANY EMP. TOTAL
AVIDA CAREGIVERS 500
MORAVEE AGENCY 500
PROSPECT MORTGAGE, LLC 400
PREMIERE NETWORKS 300
3. SHERMAN OAKS
Warner Center is considered the “Downtown” of the San Fernando and Conejo Valley office markets with over 6.9 million square feet of office space.
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SAN FERNANDO VALLEYThe San Fernando Valley, or “the Valley” as it is generally known, encompasses most of the northern portion of the City of Los Angeles. It is bounded on the west by the Santa Susana Mountains, on the north by the San Gabriel Mountains, on the east by the Verdugo Hills, and on the south by the Santa Monica Mountains.
Home to 1.77 million people, the Valley has become one of the most densely populated areas in Los Angeles County. The Valley’s bustling economy employs over 700,000 people and boasts a significant percentage of Los Angeles County’s media and entertainment firms, aerospace, technology, manufacture, finance, health, insurance and real estate companies.
With its highly diversified development, the San Fernando Valley boasts some of Southern California’s premier employer concentrations, destination retail, tourist attractions, and residential living.
RESEDAReseda ranks among the San Fernando Valley’s most densely populated urban infill communities: A population of nearly 578,000 within a five-mile radius is forecasted by 2021. Proximity to key employment centers, nearby entertainment venues, ready freeway access, and outdoor recreation amenities combine to make Reseda an attractive submarket to live, work and play.
Reseda boasts an excellent, central location within the western San Fernando Valley that is minutes away from employers, institutions of higher learning, shopping and dining in Warner Center, Northridge, Encino, and Sherman Oaks. Also within convenient driving distance are Agoura Hills, North Hollywood Arts District, Universal City, Burbank, Glendale, Pasadena, and Downtown Los Angeles.
27 w w w . 8151 R e s e d a . c o m
Located approximately 6.3 miles from 8151 Reseda Blvd is The Village at Westfield Topanga, the Warner Center’s just-completed 550,000 square foot premier destination retail center. Retailers at The Village include Fleurish Flower Bar, REI, Costco, YogaWorks, Tender Greens, Sushi Katsu-ya, and Il Fornaio Cucina Italiana.
Year-r ound ar ts & cultur e events, enter t ainment , & dining options within 6-mile radius to pr oper t y site
WARNER CENTER
WESTFIELD TOPANGA REGIONAL SHOPPING CENTERLocated approximately 5.5 miles from 8151 Reseda Blvd, at Victory Boulevard, is Westfield Topanga, one of Southern California’s top regional retail destinations. Home to more than 260 top brands, including Cartier, Jimmy Choo, Salvatore Ferragamo, Louis Vuitton, Burberry, Gucci and Tiffany & Co. Other tenants include Abercrombie & Fitch, Anthropologie, H&M, Hugo Boss, Kevin’s Jewelers, Lacoste, Lego, Lenscrafters, L’Occitane En Provence, Lucky Brand Jeans, Macy’s, Nordstorm, Swarovki, Target, Tesla, Urban Outfitters, Victoria’s Secret, Williams Sonoma and Zara.
Dining options at Westfield Topanga include California Pizza Kitchen, The Cheesecake Factory, Gyu-Kaku, La Vaca Brazilian Grill, Sorabol Korean BBQ, Starbucks Coffee, and Yogurtland.
WESTFIELD PROMENADELocated approximately 6.7 miles from 8151 Reseda Blvd at W. Oxnard St. is the Westfield Promenade shopping mall. Anchored by AMC Theater, dining options at the Promenade include Ruth’s Chris Steak House, P.F. Chang’s China Bistro, Maggiano’s Little Italy and Corner Bakery Cafe.
SHERMAN OAKS GALLERIALocated eight miles from the Property on Ventura and Sepulveda Boulevards is the open-air Sherman Oaks Galleria shopping mall. With its 300,000 square feet of retail floor space.
Tenants and Lifestyle include Urban Home, 24 Hour Fitness, Arclight Cinemas, Burke Williams Spa and Paul Mitchell.
Dining options include Hana Grill, P.F. Chang’s China Bistro, Robeks Juice, Salad Farm, Ben & Jerry’s and The Cheesecake Factory.
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Zenith InsuranceUnited Online Inc.Unico American CorpRach Local Inc. Pierce CollegeGirl Scouts of Greater
Los AngelesAvnet Inc.
Intuit Inc.RedboxMerrill LynchActivision PublishingATK Defense Electronics
SystemsViking River CruisesMedesthetica Medical
Group
The California Wellness Foundation
Oplink CommunicationsMusic Reports Inc.Medtek Net Inc.Anthem Blue CrossReachLocal LLC
Warner Center employers engage in a diverse range of sectors including real estate, transportation, insurance, accounting, banking, manufacturing and government. Local employers include:
WARNER CENTER
29 w w w . 8151 R e s e d a . c o m
DEMOGRAPHIC BRIEF
8151 RESEDA BLVD
NAME LATITUDE LONGITUDE
8151 RESEDA BLVD 34.218639 -118.5365205
©2019 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:422377
AREA DEMOGRAPHICS
Within a one mile radius there were 8,437 employees and 1,050 businesses in 2018.
1 MILE
1 MILE
8151RESEDA BLVD
In 2018, 34,988 people lived within a one mile radius of the Property and the population is projected to grow
to 35,862 by 2023.
The average 2018 household income within a one mile radius was $74,419, which is projected to grow to $90,497 by 2023.
30 w w w . 8151 R e s e d a . c o m
AFFILIATED BUSINESS DISCLOSURE
CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the Property, and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the Owner or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc
DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective Owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
32 w w w . 8151 R e s e d a . c o m
L A U R I E LU S T I G - B O W E RExecutive Vice PresidentLic 00979360+1 310 550 [email protected]
K A D I E P R E S L E Y W I L S O NVice PresidentLic 01476551+1 310 550 [email protected]
2 0 - U n i t A p a r t m e n t B u i l d i n gVa l u e - A d d O p p o r t u n i t y
N o R e n t C o n t ro l
8151 R e s e d a B l v d . , R e s e d a , C a l i f o r n i aC a m e l o t A p a r t m e n t s
w w w.8151Reseda.com
Price: $5,200,000