10 units in mar vista, west of centinela no rent...
TRANSCRIPT
10 Units in Mar Vista, West of Centinela
NO RENT CONTROL
More than 100% upside in rents!
All 2+1 units; covered parking
Culver City & Marina del Rey adjacent
Short walk to quiet neighborhood park and popular restaurants
One mile from Marina Arts District – restaurants, retail, dine-in theater
Culver City zoning: CCR3A*
4101 Wade Street Los Angeles, 90066
MARKETING PRESENTATION
Prosser Stevens Real Estate Investments [email protected] (310) 482-2209
www.ProsserStevens.com
CONTENTS
PROPERTY INFORMATION
Summary
Neighborhood Information
Parcel Orientation
Financial Overview
Rent Roll
COMPARABLES
On Market & Sold Comparables
On Market & Sold Comparables Map
Rent Comparables & Map
CONTACT
Mike Matthias BRE#01489863 Prosser Stevens Real Estate Investments [email protected] 310-482-2185 office 310-861-1175 fax www.ProsserStevens.com
DESCRIPTION
Units 10 Square Footage 7,996’
Intersection W. Washington Blvd. Lot Size 15,807’
Market Culver City Zoning Type CCR3A*
Parcel 4231-028-014 Year Built 1953
Property Prosser Stevens Real Estate Investments proudly presents a confidential proposal for ten units on Wade Street. Built in 1953, this multifamily investment features (10) 2+1 apartments. The non-rent controlled property offers an investor more than 100% upside in rents. There are approximately (10) covered parking spaces and (4) open parking spaces.
Area Located south of Washington Blvd. and west of Centinela Ave. The subject property is a short walk from a quiet neighborhood park and just one mile from the Marina Arts District, which features a dine-in movie theater, a variety of retail and restaurants.
HIGHLIGHTS
NEIGHBORHOOD INFORMATION
4101 Wade Street is less than a block from a quiet park and walking distance to popular restaurants including Pitfire Artisan Pizza, A-Frame LA and Röckenwagner Bakery. The new Marina Arts District is one mile from the property and features a variety of restaurants and retail as well as a dine-in movie theater. Venice Pier and the beach are 2.5 miles from the property.
FINANCIAL ANALYSIS
RENT ROLL
ON MARKET & SOLD COMPARABLES
SUBJECT PROPERTY: 4101 Wade Street, 90066 Evaluation: 5/1/2015 Year Built: 1953 Unit Mix: (10) 2+1 No rent control, more than 100% upside
PRESENTED UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$3,200,000 10 7,996 $400 $320,000 1.43% 27.72
3429 Caroline Avenue, 90232 Listed: 3/17/2015 Year Built: 1955 Unit Mix: (6) 2+1 No rent control, 35% upside, prime location adjacent to Helms Bakery
IN ESCROW UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,725,000 6 4,032 $427 $287,500 3.92% 16.81
12810 Caswell Avenue, 90066 Listed: 3/30/2015 Year Built: 1989 Unit Mix: (10) 1+1, (3) Singles No rent control, large units, great Mar Vista location, gated parking
ON MARKET UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$4,750,000 13 11,431 $415 $365,385 3.01% 18.95
4402 S Centinela Avenue, 90066 Listed: 5/5/2015 Year Built: 1955 Unit Mix: (6) 1+1 On market 43 days; completely renovated, short-term rentals, all 1+1, $2,800 per month
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,950,000 6 2,850 $684 $325,000 15.6
12025 Pacific Avenue, 90066 Sold: 3/19/15 Year Built: 1953 Unit Mix: (1) 2+1, (4) 1+1 On market for 171 days; list price was $1,690,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP
$1,545,000 5 3,379 $455 $308,000 5.60%
SOLD COMPARABLES
3974 Moore Street, 90066 Sold: 5/9/14 Year Built: 1987 Unit Mix: (16) 2+1 On market for 89 days; list price was $5,850,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$5,775,000 16 14,809 $389 $360,000 4.30% 15.4
3900 Moore Street, 90066 Sold: 5/23/14 Year Built: 1989 Unit Mix: (6) 2+2 On market for 33 days; list price was $2,025,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$1,934,000 6 5,084 $380 $322,000 3.40% 16.85
3130 S. Barrington Avenue, 90066 Sold: 8/29/14 Year Built: 1953 Unit Mix: (5) 2+1, (7) 1+1 On market for 99 days; list price was $3,400,000
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$3,400,000 12 9,934 $342 $283,000 4% 14.82
3138 S. Barrington Avenue, 90066 Sold: 3/27/15 Year Built: 1953 Unit Mix: (5) 2+1, (7) 1+1 Off-market transaction
SOLD UNITS BLDG S.F. PRICE/S.F. PRICE/UNIT CAP GRM
$3,350,000 12 9,934 $342 $283,000 4.18% 14.60
ON MARKET & SOLD COMPARABLES MAP
3138 S Barrington Ave
12810 Caswell Ave
3900 Moore St
RENT COMPARABLES
3974 Moore Street, 90066
RENT BED BATH
$2,195 2 1
12052 Sylvester Street, 90066
RENT BED BATH
$2,100 2 1
12600 Braddock Drive, 90230
RENT BED BATH
$2,070 2 1
12546 Pacific Avenue, 90066
RENT BED BATH
$1,950 2 1
CONTACT
Mike Matthias
BRE#01489863
310-482-2185 office
310-861-1175 fax
Prosser Stevens Real Estate Investments
www.ProsserStevens.com