1139LODI PLACE.
LOSANGELES, CA 90038
THE LIBEROW GROUP
NON-ENDORSEMENT AND DISCLAIMER NOTICEThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & 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.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
SAM LIBEROWFirst Vice President InvestmentsDirector, National Multi Housing Group 16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2795 Direct (818) 698-6464 Fax [email protected] License: CA 01933858
EXCLUSIVELY LISTED BY:
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TABLE OF CONTENTS
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Executive Summary
Investment Highlights
Property Overview
Financial Analysis
Comparables
Area Overview
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Marcus & Millichap is pleased to present 1139 Lodi Pl, a Spanish style, 4-unit apartment building located in the heart of Hollywood. The subject property is a two-story building, offering 3,608 of rentable SF and is situated on a 6,765 SF lot.
The property, built in 1922, features four very large units consisting of all one bedroom/one bathroom apartments which average to about +/- 902 SF each. Three of the units have been beautifully remodeled with modern kitchens and bathrooms, stainless steel appliances, & hardwood floors throughout. The building also provides its tenants with four enclosed garages for parking and/or storage and a large rear patio area as a resident amenity.
Located just north of Santa Monica Blvd and west of Gower St, Lodi Pl has a walkscore of 90 making it a Walkers Paradise. Walking distance to shopping, grocery stores, and dining venues makes it convenient for tenants to complete their daily errands by foot.
1139 Lodi Pl is a very attractive building offering a great opportunity to increase rental income by turning over the last unrenovated unit.
EXECUTIVE SUMMARY
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PROPERTY OVERVIEW
PROPERTY OVERVIEW
Property Address 1139 Lodi Place.
Building SF 3,608 SF
Lot Size 6,765 SF
Units 4
APN 5534-007-001
Year Built 1922
Zoning LARD1.5 FINANCIAL OVERVIEW
Sales Price $1,650,000
CAP Rate 3.79%
GRM 16.91
Price/Unit $412,500
Price/SF $457.32
ProForma CAP Rate 4.81%
ProForma GRM 14.35
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• Located in the Heart of Hollywood
• Three Units Have Been Extensively Renovated
• All Large and Spacious Units Averaging +/- 902 Square Feet Each
• Large Backyard Patio Area
• Interiors Feature In-Unit Washers & Dryers
• Four Enclosed Garages and/or Storage Spaces
• Within Close Proximity to Schools, Grocery Stores, Restaurants, Shopping, & Major Studios
• Excellent Schools: 8.5/10 School Rating Within a 2-Mile Radius According to Greatschools.org
• Walkscore of 90; Walkers Paradise
INVESTMENT HIGHLIGHTS
GREAT WALKABILIT Y WALK SCORE OF 90 - WALKING
DISTANCE TO RESTAURANTS, GROCERY STORES, AND RECREATIONAL CENTERS
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INVESTMENT HIGHLIGHTS
DEMOGRAPHICS
$64,209 $81,253 1,043,4435-Mile RadiusAverage Household Income
1-Mile RadiusAverage Household Income
5-Mile Radius Population
WALKSCORE90/100
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MA JOR EMPLOYERS
Employers Number of Employees
Kaiser Permanente 5,530
Paramount Pictures 5,000
Children’s Hospital of LA 3,800
Universal Studios, Inc 3,800
Sunset Gower Studios 3,000
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WHYBUY
PROXIMIT Y TO AMENITIES
Shopping• Larchmont Village• Melrose Avenue• Hollywood / Highland
Fitness • Gold’s Gym• Wild Card Boxing• Hollywood Boulders
Groceries• Pavilions• Sprouts Market• Smart & Final
MA JOR EMPLOYERS IN THE IMMEDIATE AREA
• Sunset Gower Studios• Kaiser Permanente• Sony Bronson Studios• Hollywood DMV
WHY BUY 1139 LODI PLACE?
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PROXIMIT Y TO AMENITIES PRIDE OF OWNERSHIPPROXIMIT Y TO HOLLY WOOD BLVD
Upscale ShoppingHigh-End RestaurantsWalk of FameCelebrity StarsCelebrity Homes
VALUE-ADD OPPORTUNIT Y
Tremendous Upside in Rental Income Through Renovations
HIGH-END DEMOGRAPHICS
Average HH income of $64,209 within a 1-mile radius
Located in Prime Hollywood
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THE OFFERING
Property 1139 Lodi PlacePrice $1,650,000Assessors Parcel Number 5534-007-001Zoning LARD1.5
SITE DESCRIPTION
Number of Units 4Number of Buildings 1Number of Stories 2Year Built/Renovated 1922Rentable Square Feet 3,608 SFLot Size 6,765 SFType of Ownership Fee SimpleParking 4 Enclosed Garages
UTILITIES
Water Landlord PaysElectric Tenant PaysGas Tenant Pays
CONSTRUCTION
Foundation SlabFraming Wood FrameExterior StuccoRoof Flat
BUILDING INFORMATION
PLAT MAP
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BUILDING INFORMATION
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AERIAL
P & J LIQUOR
LOUNGETHEATRE
PARAMOUNTRECORDING
RAO’SRESTAURANT
PARK LA BREARESTAURANT
ROW
THEGROVE
SANTA MONICA BLVD
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HOLLYWOODRECREATION
CENTURY CITYLEXIN
GTO
N AVE
WILD CARDBOXING
1139 LODI PLACE.
DOLLARTREE
GOLD’SGYM
MOBIL GAS
SUNSET PLAZA
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EXTERIOR PROPERTY PHOTOS
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INTERIOR PROPERTY PHOTOS
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UNIT NO UNIT TYPE CURRENT RENT MARKET RENT MOVE-IN DATES
1139 1+1 $1,692 $2,395 11/25/20151141 1+1 $1,971 $2,395 7/1/20181143 1+1 $2,395 $2,395 5/1/20191145 1+1 $2,075 $2,395 6/1/2017
Total 4 $8,133 $9,580
RENT ROLL
FINANCIALS
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NO OF UNITS UNIT TYPE
4 1+1
4 Total Units
CURRENT RENTS MARKET RENTS
NO. OF UNITS BR/BA MO. RENT/UNIT MO. INCOME MO. RENT/UNIT MO. INCOME
4 1+1 $1,692 - $2,395 $8,133 $2,395 $9,580
Total Scheduled Rent: $8,133 $9,580Laundry: $0 $0Other Income: RUBS $0 $0Monthly Scheduled Gross Income: $8,133 $9,580Annual Scheduled Gross Income: $97,596 $114,960
SCHEDULED INCOME
UNIT MIX
FINANCIALS
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FINANCIALS
Notes:This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Reference to square footage or age are approximate. Buyer must verify information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
PRICING
Sales Price $1,650,000
Price/Unit $412,500
Price/SF $457.32
CAP Rate 3.79%
ProForma CAP Rate 4.81%
GRM 16.91
ProForma GRM 14.35
Cash-on-Cash 3.79%
PRICING
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EXPENSES % ANNUAL PER SF PER UNIT
Real Estate Taxes $19,376 $5.37 $4,844Insurance $1,443 $0.40 $361Utilities $4,080 $1.13 $1,020Maintenance & Repairs $3,787 $1.05 $946Trash $1,200 $0.33 $300Reserves $1,000 $0.28 $250Landscape $1,200 $0.33 $300
Total $32,086 $8.89 $8,021
INCOME AND EXPENSE % CURRENT RENTS % MARKET RENTS
Scheduled Gross Income: $97,596 $114,960Vacancy/ Bad Debt: 3% $2,928 3% $3,449Gross Operating Income: $94,668 $111,511Less Expenses: 33% $32,086 28% $32,086Net Operating Income: $62,583 $79,426Less Loan Payments: $0 $0Pre-Tax Cash Flow: 3.79% $62,583 4.81% $79,426Plus Principal Reduction Yr 1: $0 $0Total Return Before Taxes: 3.79% $62,583 4.81% $79,426
ANNUALIZED OPERATING DATA
FINANCIALS
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SALES COMPARABLES
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SUBJEC T PROPERT Y
ADDRESS 1139 LODI PL.
Sales Price $1,650,000Price/Unit $412,500Price/SF $457.32CAP Rate 3.79%GRM 16.91No. of Units 4Year Built 1922
ADDRESS 1221 N BRONSON AVE.
Close of Escrow 6/7/2019Sales Price $1,564,000Price/Unit $391,000Price/SF $441.56CAP Rate 4.71%GRM 14.81No. of Units 4Year Built 1921
ADDRESS 912 N RIDGEWOOD PL.
Close of Escrow 7/5/2019Sales Price $1,680,000Price/Unit $420,000Price/SF $436.48CAP Rate 4.03%GRM 22.22No. of Units 4Year Built 1993
SALES COMPARABLES
1 2
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ADDRESS 823 N JUNE ST.
Close of Escrow 7/5/2019Sales Price $1,590,000Price/Unit $397,500Price/SF $581.57CAP Rate 3.33%GRM 19.57No. of Units 4Year Built 1955
ADDRESS 6003 BARTON AVE.
Close of Escrow 6/26/2019Sales Price $2,250,000Price/Unit $592,500Price/SF $527.92CAP Rate 4.90%GRM 15.12No. of Units 4Year Built 2018
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SALES COMPARABLES
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SALES COMPARABLES
CAP RATE
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
AVG. 4.24%
1139 LODI PL 1221 N BRONSON AVE
912 N RIDGEWOOD
PL
823 N JUNE ST
6003 BARTON AVE
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SALES COMPARABLES
GRM
AVG. 17.9324.00
21.60
19.20
16.80
14.40
12.00
9.60
7.20
4.80
2.40
0.00 1139 LODI PL 1221 N
BRONSON AVE912 N
RIDGEWOOD PL
823 N JUNE ST
6003 BARTON AVE
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SALES COMPARABLES
PRICE/SF
AVG. $496.88$600.00
$540.00
$480.00
$420.00
$360.00
$300.00
$240.00
$180.00
$120.00
$60.00
$0.00
1139 LODI PL 1221 N BRONSON AVE
912 N RIDGEWOOD
PL
823 N JUNE ST
6003 BARTON AVE
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SALES COMPARABLES
PRICE/UNITAVG. $442,750$600,000
$540,000
$480,000
$420,000
$360,000
$300,000
$240,000
$180,000
$120,000
$60,000
$0
1139 LODI PL 1221 N BRONSON AVE
912 N RIDGEWOOD
PL
823 N JUNE ST
6003 BARTON AVE
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RENT COMPARABLES
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UNIT TYPE UNITS RENT
1+1 4 $1,692 - $2,395
Total 4Year Built 1922
UNIT TYPE UNITS RENT
1+1 1 $2,385
Total 1Year Built 1920
ADDRESS 1139 LODI PL. ADDRESS 1238 LODI PL.
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RENT COMPARABLES
1 BEDROOM
$3,000
$2,700
$2,400
$2,100
$1,800
$1,500
$1,200
$900
$600
$300
$0
1139 LODI PL 1238 LODI PL
AVG. $2,385
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AREA OVERVIEW
HOLLY WOOD BLVD
The city of Hollywood is among the most densely populated neighborhoods in all of Los Angeles, due to its numerous amenities and its close proximity to many employers. Because of its history and attractions like Walk of Fame and the Dolbe Theatre, Hollywood has always been the main attraction for tourists and now, home to many major entertainment companies like Netflix and CBS TV City. It is famous as the historical center of movie studios and move stars.
Hollywood Boulevard is a Los Angeles cultural icon, with museums, landmarks and other attractions that celebrate L.A’s rich film and entertainment heritage. You can see handprints and footprints of the stars at the TCL Chinese Theatre, which is said to be one of the greatest theatres in the world, see the stars on the Hollywood Walk of Fame, or visit the famous celebrity Hollywood Wax Museum. You can definitely find a day’s work of activities that will give you the true experience of Hollywood and all it has to offer.
If you want great shopping, dining and entertainment, visit Hollywood & Highland, which is in the heart of all the attractions and home to Dolby Theatre. This complex has more than 70 retailers, more than 25 dining options, and a great nightlife, including a bowling alley called Lucky Strike and OHM nightclub. They also have a family friendly arcade center located within the structure called Dave and Busters. Hollywood & Highland also has Metro Rail Red Line station underneath it, as well as parking making it easy and affordable to visit from all places in Los Angeles.
POINTS OF INTEREST
KODAK THEATRE
TCL CHINESE THEATRE
SUNSET STRIP
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$64,209 $81,2535-Mile RadiusAverage Household Income
1-Mile RadiusAverage Household Income
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AREA OVERVIEW
MAJOR AMENITIES
Gold’s Gym 0.5 Miles
Pavilions 0.8 Miles
Hollywood DMV 0.9 Miles
Smart & Final 1.1 Miles
Larchmont Village 1.4 Miles
Sprouts Market 1.5 Miles
Kaiser Permanente 2.1 Miles
Hollywood/Highland 2.3 Miles
NEARBY HOSPITALS
Southern CA Hospital 0.4 Miles
Hollywood Urgent Care 0.7 Miles
Kaiser Permanente 2.1 Miles
Children’s Hospital 2.4 Miles
NEARBY SCHOOLS
Joseph Le Conte Middle School 0.5 Miles
Happy Birch Preschool 0.6 Miles
Hollywood High School 1.5 Miles
LA City College 1.8 Miles
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AREA OVERVIEW
DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Population:
2024 Projection 68,191 476,249 1,061,853
2019 Estimate 65,504 468,095 1,043,443
Growth 2010-2019 23.14% 6.54% 6.68%
Households:
2024 Projection 31,418 214,541 437,568
2019 Estimate 30,044 211,045 430,149
Growth 2010 - 2019 27.00% 5.96% 6.38%
Owner Occupied 3,073 34,564 89,494
Renter Occupied 26,972 176,482 340,655
2019 Avg Household Income $64,209 $79,945 $81,253
2019 Med Household Income $41,472 $51,625 $51,915
2019 Households by Household Inc:
<$25,000 10,475 55,495 117,547
$25,000 - $50,000 6,474 47,739 92,206
$50,000 - $75,000 5,096 33,388 64,293
$75,000 - $100,000 2,666 22,184 45,029
$100,000 - $125,000 1,603 14,711 30,478
$125,000 - $150,000 941 8,611 18,560
$150,000 - $200,000 1,199 11,045 23,760
$200,000+ 1,589 17,873 38,279
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SAM LIBEROWFirst Vice President Investments
Director, Ntnl Multi Housing Group 16830 Ventura Blvd. Suite 100
Encino, CA 91436(818) 212-2795 Direct
(818) 698-6464 Fax [email protected]
License: CA 01933858
THE LIBEROW GROUP
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