1036 n. genesee avenue
TRANSCRIPT
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1036 N. GENESEEAVENUEWEST HOLLYWOODWest Hollywood, CA 90046
Offering Memorandum
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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.
SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.
SAM LIBEROWSenior 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 CONTENTS1
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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 1036 N. Genesee Ave, a 10-unit apartment building located in the heart of West Hollywood!
Built in 1960, this two-story building happens to be the perfect opportunity for investors looking to acquire a passive investment with future upside potential.
Ideally located in one of the most desirable West Hollywood neighborhoods known for its great walkability, this property’s curb appeal showcases the recent renovations completed over the last few years. With a new roof, the completion of soft-story retrofitting, and an extensive renovation of 50% of the units, the current owners have managed to create a significant upside in rental income, while still leaving room for a value-add component.
EXECUTIVE SUMMARY
DEMOGRAPHICS
$107,177 $97,102 898,6985-Mile RadiusAverage Household Income
2-Mile RadiusAverage Household Income
5-Mile Radius Population
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PROPERTY OVERVIEW
FINANCIAL OVERVIEW
Property Address 1036 N Genesee Ave.
Building SF 8,190 SF
Lot Size 6,565 SF
Units 10
APN 5530-015-013
Year Built 1960
Zoning WDR3C
Sales Price $3,550,000
CAP Rate 3.93%GRM 15.70Price/Unit $355,000Price/SF $433.46ProForma CAP Rate 6.93%
ProForma GRM 10.57
WALKSCORE97/100
Walkscore of 97 meaning daily errands can be done by foot.
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INVESTMENT HIGHLIGHTSProperty Description: 1036 N. Genesee Ave is a 10-unit apartment building built in 1960. This 2-story building provides 8,190 rentable SF and is situated on a 6,565 SF lot. The property consists of eight (8) one bed/one baths, one (1) two bed/one bath, and one (1) two bed/two bath apartments.
Location: Located in a prime West Hollywood neighborhood, just south of Santa Monica Blvd and east of Fairfax Ave, this property is situated in one of the most desirable areas of West Hollywood, also known for its excellent walkability. Furthermore, it is surrounded by several highly-rated public schools including Laurel Elementary and Fairfax high school.
Walkability: With a walkscore of 97, this location offers tenants the possibility to walk to the world-famous Sunset Strip and Santa Monica Blvd, both offering an array of restaurants, shops, entertainment, and nightlife.
Property Perks: This property has recently undergone significant improvements including a new roof and the completion of soft story retrofitting. Furthermore, four (4) of the one bedrooms have been extensively remodeled with new kitchens, bathrooms, flooring, and include a washer/dryer inside the unit.
Amenities: On-site amenities include a laundry facility as well as gated parking.
Stabilized with Value-add: This property offers investors the perfect opportunity to acquire a passive investment with future upside potential. The recent renovations have increased the income significantly, while still leaving room for a value-add component for a new owner.
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PROXIMITY TO AMENITIES
ADDRESS 1036 N. GENESEE AVE.WEST HOLLYWOOD, CA
ShoppingSanta Monica BlvdHollywood / HighlandSunset Blvd
Hospitals/ Urgent CareCedar-Sinai Medical CenterSouthern California Hospital at HollywoodChildren’s Hospital Los Angeles
GroceriesTrader Joe’sRalph’sWhole FoodsGelson’s
WHY BUY 1036 N GENESEE AVE?
MAJOR EMPLOYERS IN THE IMMEDIATE AREA
• Kaiser Permanente Los Angeles• Cedar-Sinai Medical Center• LAC and USC Medical Center• UCLA Medical Center• Sony Pictures Entertainment
FitnessEquinoxGold’s Gym24 Hour Fitness
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PRIDE OF OWNERSHIPPROXIMITY TO HOLLYWOOD BLVDLuxury ShoppingUpscale RestaurantsWalk of Fame
VALUE-ADD OPPORTUNITY
Significant Upside in Rents Through the Implementation of the Renovation Program
HIGH-END DEMOGRAPHICS
Average HH Income of $107,717 Within a 2-Mile Radius
Property Located in the Heart of West HollywoodFitness
EquinoxGold’s Gym24 Hour Fitness
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PROPERTY OVERVIEW
THE OFFERINGProperty Address 1036 N Genesee AvePrice $3,550,000Assessors Parcel Number 5530-015-013Zoning WDR3C
SITE DESCRIPTIONNumber of Units 10Number of Buildings 1Number of Stories 2Year Built/Renovated 1960Rentable Square Feet 8,190 SFLot Size 6,565 SFType of Ownership Fee SimpleParking 10 Spaces
UTILITIESWater Landlord PaysElectric Tenant PaysGas Tenant Pays
CONSTRUCTIONFoundation ConcreteFraming Wood FrameExterior StuccoRoof Flat
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PLAT MAP
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PROPERTY PHOTOS
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UNIT 6 L IVING ROOM & KITCHEN
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UNIT 6 BED & BATH
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FAIRFAX AVE
SUNSET STRIPPACIFIC DESIGN CENTER
WHOLE FOODSKUNG PAO BISTRO
LIQUOR MART
H & R BLOCK U.S POST OFFICE
SUBWAYLAUREL HARDWARE
7-ELEVEN
GENESEE AVE
BRICK FITNESS
SUBJECT PROPERTY
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WHOLE FOODSKUNG PAO BISTRO
LIQUOR MART BRISTOL FARMS
MAJOR AMENITIES
Whole Foods Market 0.3 Miles
L.A. Post Office 0.3 Miles
Trader Joe’s 0.6 Miles
Bank of America 0.7 Miles
FedEx Office Print & Ship 0.7 Miles
Melrose Trading Post 0.9 Miles
Original Farmer’s Market 1.4 Miles
Sprouts 1.4 Miles
CVS 1.5 Miles
The Grove 1.6 Miles
Beverly Center 2.0 Miles
NEARBY HOSPITALS
Cedars-Sinai 2.2 Miles
Hollywood Urgent Care 2.3 Miles
Kaiser Permanente 4.2 Miles
NEARBY FITNESS CENTER
Retrofit Gym 0.2 Miles
24 Hour Fitness 1.3 Miles
Equinox West Hollywood 1.7 Miles
Golds Gym 1.8 Miles
LARCHMONT CHARTER SCHOOL
AREA OVERVIEW
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F INANCIAL ANALYSIS
UNIT NO UNIT TYPE CURRENT RENT MARKET RENT MOVE IN DATES UNIT NOTES
1 2+1 $865 $3,100 10/1/1984
2 1+1 $2,600 $2,600 1/31/2020 Renovated / WD in Unit
3 2+2 $1,044 $3,150 6/15/19944 1+1 $1,521 $2,600 12/1/20145 1+1 $1,465 $2,600 3/15/20146 1+1 $2,600 $2,600 1/15/2020 Renovated / WD in Unit
7 1+1 $1,146 $2,600 7/1/20038 1+1 $1,472 $2,600 2/15/20149 1+1 $2,600 $2,600 Vacant Renovated / WD in Unit
10 1+1 $2,675 $2,675 7/21/2020 Renovated / WD in Unit
Total $17,988 $27,125
RENT ROLL
Rent Disclaimer:Any rent or income information in this offering memorandum, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.
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NO OF UNITS UNIT TYPE
8 1+11 2+11 2+2
10 Total Units
CURRENT RENTS MARKET RENTS
NO. OF UNITS BR/BA MO. RENT/UNIT MO. INCOME MO. RENT/UNIT MO. INCOME
8 1+1 $1,146 - $2,675 $16,079 $2,675 $20,8751 2+1 $865 $865 $3,100 $3,1001 2+2 $1,044 $1,044 $3,150 $3,150
Total Scheduled Rent: $17,988 $27,125Laundry: $50 $50Other Income (Storage Income): $800 $800Monthly Scheduled Gross Income: $18,838 $27,975Annual Scheduled Gross Income: $226,056 $335,700
SCHEDULED INCOME
UNIT MIX
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F INANCIAL ANALYSIS
PRICING PROPOSED FINANCING
Sales Price $3,550,000
Price/Unit $355,000
Price/SF $433.46CAP Rate 3.93%ProForma CAP Rate 6.93%GRM 15.70ProForma GRM 10.57Cash-on-Cash 2.03%
Loan Amount $1,952,500Term 5 YearsInterest Rate 3.65%Annual Payment $107,183
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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.
EXPENSES ANNUAL PER SF PER UNIT
Real Estate Taxes $42,017 $5.13 $4,201
Insurance $3,276 $0.40 $328
Utilities $9,600 $1,17 $960
Maintenance & Repairs $8,771 $1.07 $877
Trash $1,275 $0.15 $128
Reserves $2,500 $0.31 $250
Landscape $2,160 $0.26 $216
Off-Site Management $8,771 $1.07 $877
Pest Control $636 $0.08 $64
West Hollywood Registration $720 $0.09 $72
Total $79,726 $9.73 $7,973
INCOME & EXPENSE % CURRENT RENTS % MARKET RENTS
Scheduled Gross Income: $226,056 $335,700Vacancy/ Bad Debt: 3% $6,782 3% $10,071
Gross Operating Income: $219,274 $325,629Less Expenses: 35% $79,726 24% $79,726
Net Operating Income: $139,548 $245,903Less Loan Payments: $107,183 $107,183
Debt Coverage Ratio: 1.30 2.29
Pre-Tax Cash Flow: 2.03% $32,365 8.68% $138,720
Plus Principal Reduction Yr 1: $36,524 $36,524
Total Return Before Taxes: 4.31% $68,889 10.97% $175,243
ANNUALIZED OPERATING DATA
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SALES COMPARABLES
SUBJECT PROPERTY
ADDRESS 1036 N GENESEE AVE
Sales Price $3,550,000Price/Unit $355,000Price/SF $433.46CAP Rate 3.93%GRM 15.70No. of Units 10Year Built 1960
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ADDRESS ADDRESS
ADDRESS ADDRESS
ADDRESS 929 N CURSON AVE
Close of Escrow 1/8/2020Sales Price $6,500,000Price/Unit $361,111Price/SF $443.63CAP Rate 4.22%GRM 14.67No. of Units 18Year Built 1959
ADDRESS 1263 N CRESCENT HEIGHTS BLVD
Close of Escrow 6/22/2020Sales Price $3,725,000Price/Unit $465,625Price/SF $529.42CAP Rate 3.60%GRM 16.00No. of Units 8Year Built 1939
ADDRESS 1300-1308 N CURSON AVE
Close of Escrow 11/8/2019Sales Price $8,057,000Price/Unit $402,850Price/SF $470.51CAP Rate 3.62%GRM 16.09No. of Units 20Year Built 1961
ADDRESS 1235 N OGDEN DR
Close of Escrow 6/30/2020Sales Price $3,395,000Price/Unit $377,222Price/SF $342.93CAP Rate 2.67%GRM 19.42No. of Units 9Year Built 1964
1 2
3 4
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ADDRESS ADDRESS
ADDRESS ADDRESS
ADDRESS 920 WESTBOURNE DR
Close of Escrow 12/1/2020Sales Price $3,910,000Price/Unit $391,000Price/SF $510.44CAP Rate 4.39%GRM 15.23No. of Units 10Year Built 1955
ADDRESS 725 N EDINBURGH AVE
Close of Escrow 5/5/2020Sales Price $2,100,000Price/Unit $262,500Price/SF $448.33CAP Rate 3.21%GRM 14.75No. of Units 8Year Built 1947
ADDRESS 7471 HOLLYWOOD BLVD
Close of Escrow 7/10/2020Sales Price $3,845,000Price/Unit $384,500Price/SF $415.32CAP Rate 4.20%GRM 15.80No. of Units 10Year Built 1950
ADDRESS 1415 N HARPER AVE
Close of Escrow 10/21/2020Sales Price $3,400,000Price/Unit $340,000Price/SF $426.07CAP Rate 4.18%GRM 15.88No. of Units 10Year Built 1953
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GRM
SALES COMPARABLESCAP RATE
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0
AVG. 3.76%
1036 N GENESEE
AVE
929 N CURSON
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1300-1308N CURSON
AVE
1263 NCRESCENTHEIGHTS
BLVD
1235 NOGDEN
DR
AVG. 15.98
21.00
18.90
16.80
14.70
12.60
10.50
8.40
6.30
4.20
2.10
0.00
920WESTBOURNE
DR
7471HOLLYWOOD
BLVD
725 N EDINBURGH
AVE
1415 NHARPER
AVE
1036 N GENESEE
AVE
929 N CURSON
AVE
1300-1308N CURSON
AVE
1263 NCRESCENTHEIGHTS
BLVD
1235 NOGDEN
DR
920WESTBOURNE
DR
7471HOLLYWOOD
BLVD
725 N EDINBURGH
AVE
1415 NHARPER
AVE
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PRICE/SF
PRICE/UNIT
AVG. $448.33
AVG. $373,101
$600.00
$540.00
$480.00
$420.00
$360.00
$300.00
$240.00
$180.00
$120.00
$60.00
$0.00
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
1036 N GENESEE
AVE
929 N CURSON
AVE
1300-1308N CURSON
AVE
1263 NCRESCENTHEIGHTS
BLVD
1235 NOGDEN
DR
920WESTBOURNE
DR
7471HOLLYWOOD
BLVD
725 N EDINBURGH
AVE
1415 NHARPER
AVE
1036 N GENESEE
AVE
929 N CURSON
AVE
1300-1308N CURSON
AVE
1263 NCRESCENTHEIGHTS
BLVD
1235 NOGDEN
DR
920WESTBOURNE
DR
7471HOLLYWOOD
BLVD
725 N EDINBURGH
AVE
1415 NHARPER
AVE
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RENT COMPARABLES
SUBJECT PROPERTY 1036 N GENESEE AVE.
1
2
3
UNIT TYPE UNITS TOTAL RENT
1+1 8 $16,079 2+1 1 $865 2+2 1 $1,044
Total 10Year Built 1960
30C
OM
PAR
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LES
INV
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TME
NT
HIG
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TSP
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RTY
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RV
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FIN
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ADDRESS 1031 N CURSON AVE ADDRESS 939 N OGDEN DR
UNIT TYPE UNITS RENT
1+1 1 $2,695 - $2,745
Total 1Year Built 1963
UNIT TYPE UNITS RENT
2+1 1 $3,195
Total 1Year Built 1957
1 2
ADDRESS 7607 NORTON AVE
3
UNIT TYPE UNITS RENT
2+2 1 $3,290
Total 1Year Built 1965
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AVERAGE RENT
1 BEDROOM
AVG. $2,720
1036 NGENESEE AVE
1031 N CURSON AVE
$3,000
$2,700
$2,400
$2,100
$1,800
$1,500
$1,200
$900
$600
$300
$0
32C
OM
PAR
AB
LES
INV
ES
TME
NT
HIG
HLI
GH
TSP
RO
PE
RTY
O
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RV
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FIN
AN
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2 BEDROOM
7607 NORTON AVE
$4,000
$3,600
$3,200
$2,800
$2,400
$2,000
$1,600
$1,200
$800
$400
$0
AVG. $3,243
1036 NGENESEE AVE 7607 NORTON
AVE
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West Hollywood is centrally located south of the Hollywood Hills, west of Hollywood,east of Beverly Hills and north of Beverly Grove. This neighborhood benefits from a verydense, compact urban form with small lots, mixed land use, and a walkable street grid.According to Walkscore, West Hollywood is the most walkable city in California.
As one of the most vibrant and exciting parts of Los Angeles, WeHo is home to fantasticrestaurants, hotels, nightlife, and shopping. Its creative energy is palpable throughout theentire neighborhood, which has become a destination for modern furniture and decor.With no shortage of things to do in West Hollywood, it’s a popular place for both touristsand locals to visit.
Its inhabitants are mostly of young professionals and celebrities. While this city draws itsshare of out-of-towners, the locals represent an equally diverse crowd. Dynamic nightlifeand entertainment make WeHo a very hip, dynamic, and late-to-bed locale. The overallexperience is a melting pot of traditions, whether it’s innovative vegan food, couturefashion, or street art and statues. This is not a neighborhood populated by the faint ofheart, so arrive ready for excitement.
Creative people flock to West Hollywood, not only for its ample club and bar offerings,but also for its hopping art scene. Peruse the many galleries, pick up pieces from bothestablished and up-and-coming artists, or check out the music scene at one of the manylocal venues.
AREA OVERVIEW
34IN
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PR
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POINTS OF INTEREST
SANTA MONICA BLVD
MELROSE AVENUE
SUNSET STRIP
MAJOR AMENITIES
Beverly Center 2.0 Miles
Melrose Avenue 1.7 Miles
Kodak Theater 1.8 Miles
Beverly Hills 2.9 Miles
The Grove 1.5 Miles
Pacific Design Center 1.8 Miles
TCL Chinese Theatre 1.9 Miles
Sunset Strip 1.4 Miles
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DEMOGRAPHICS 2 MILE 3 MILES 5 MILES
Population:
2025 Projection 167,747 903,982 3,148,875
2020 Estimate 165,980 898,698 3,134,193
Growth 2010-2020 0.9% 0.6% 0.5%
Households:
2025 Projection 92,152 384,204 1,193,012
2020 Estimate 91,519 382,752 1,188,177
Growth 2010 - 2020 0.6% 0.5% 0.5%
Owner Occupied 19,107 97,485 369,627
Renter Occupied 72,412 285,267 818,550
Avg Household Income $107,177 $97,102 $93,812
Median Household Income $75,467 $65,063 $63,718
2020 Households by Household Income:
< $25,000 16,847 80,880 265,281
$25,000 - 50,000 14,344 74,263 227,790
$50,000 - 75,000 14,363 59,788 179,963
$75,000 - 100,000 11,009 42,195 131,606
$100,000 - 125,000 8,654 32,235 102,811
$125,000 - 150,000 5,514 19,531 64,337
$150,000 - 200,000 7,231 24,576 79,731
$200,000+ 13,557 49,286 136,658
DEMOGRAPHICS
36IN
VE
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SAM LIBEROWSenior Vice President InvestmentsDirector, Ntnl 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: