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3792 Ashwood Ave
Los Angeles, CA 90066--------------------
7 UNITS IN MAR VISTA SHORT BIKE RIDE TO VENICE BEACH
3792 ASHWOOD AVE
LOS ANGELES, CA 90066
OFFERING MEMORANDUM
Kenny Stevens BRE# 01090251310.963.7851 [email protected]
3792 Ashwood Ave
Los Angeles, CA 90066
PRESENTED BY
LOCATION OVERVIEWMarket Overview
Property Location
PROPERTY SUMMARYProperty Highlights
Property Details
FINANCIALSFinancial Overview
Rent Roll
PHOTOGRAPHY
COMPARABLESSales Comps
Rent Comps
Kenny Stevens
BRE# 01090251
310.963.7851
MARKETING PACKAGEOVERVIEW
www.prosserstevens.com | [email protected] | 310.963.7851
449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
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3792 Ashwood Ave
Los Angeles, CA 90066LOCATIONMAR VISTA, CA
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MAR VISTA - LOS ANGELES, CA 90066
3792 Ashwood Ave, is located in the booming, culturally rich neighborhood of Mar Vista — Close to
the Mar Vista Sunday Farmer's Market, Venice Beach, Marina Del Rey, Silicon Beach, Santa Monica,
and Culver City. Located only a short bike ride from trendy Abbot Kinney Blvd where some of the
best shopping and restaurants in LA are located. Easy commute to LAX, Downtown LA and Beverly
Hills and all that West LA has to offer!
Over the course of just a couple of years, Mar Vista has been among the most significant emerging
submarkets in Los Angeles. Its central location on the Westside along with its proximity to Venice and
Silicon Beach has made this area irresistible to residents. With Venice and Playa Vista filling up fast
and Santa Monica virtually out of space, developers and brokers are eying Mar Vista as the next
prevalent neighborhood.
Venice has become one of the most expensive neighborhoods in Los Angeles. According to the real
estate website Zillow, it is the seventh most expensive neighborhood in which to buy a house, its
median home value — $1,578,200 — coming in just behind the Hollywood Hills and just ahead of
Beverlywood. According to ApartmentList.com, the average rental price of a two-bedroom
apartment in Venice is $4,900 a month — well ahead of Westwood, Santa Monica, Brentwood, even
Bel-Air and the Hollywood Hills. When you rank neighborhoods in the city of L.A. by price per square
foot of real estate, Venice becomes even loftier: According to data provided to L.A. Weekly by
Zillow, Venice is tied with Bel-Air for No. 2. Only the Pacific Palisades is more expensive per square
foot. As for median rental price per square foot, Venice is the most expensive place in L.A.
Silicon Beach is the Westside region of the Los Angeles metropolitan area that is home to over 500
tech startup companies. Major technology companies have opened Offices in the region including
Google, Yahoo!, YouTube, BuzzFeed, Facebook, AOL, Electronic Arts, EdgeCast Networks, and
MySpace. The region is considered the second- or third-largest tech hub in the world, according to
various reports. This has had major impacts on the type and availability of office space and on home
prices in Mar Vista, Playa Vista, Playa Del Rey, Westchester, Santa Monica, and Venice, as these
areas have become more desirable due to this influx.
3792 Ashwood Ave
Los Angeles, CA 90066LOCATIONOVERVIEW
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3792 Ashwood Ave
Los Angeles, CA 90066--------------------
PROPERTY DESCRIPTION3792 Ashwood Avenue, located in the rapidly growing Westside
neighborhood of Mar Vista. This 1949 / 1954 bungalow-style property
is located just 1.5 miles from the world-famous Venice Beach
Boardwalk. Entertainment value and proximity to a variety of westside
neighborhoods add to this property’s long-term appreciation. The
building has five (5) singles with full kitchen and bath as well as two (2)
1+1 unit, all of which have hardwood floors, private entrances, and
individual parking spaces. Several units have been beautifully
renovated with stainless steel appliances, new fixtures, quartz counter
top, new cabinets, and updated bathrooms. Additional renovations
to the property include; new contemporary landscaping, new front
fence, as well as a newly paved parking lot.
PROPERTY DETAILS
Major Intersection Venice Blvd and Ashwood Ave
Market Mar Vista
APN 4245-021-001
Zoning Type LARD1.5
Building SF 2,499 SF
Units (2)1+1, (5) Single
PROPERTY SUMMARY PROPERTY DETAILS
3792 Ashwood Ave
Los Angeles, CA 90066PROPERTY SUMMARY PROPERTY HIGHLIGHTS
7 UNITS IN MAR VISTA• Charming, quiet gated property
• Owner can raise rents by 5% annually
• Excellent location on the Venice-Mar Vista border
• Easy bike ride to the beach, Abbot Kinney Blvd, Santa Monica
• Excellent unit mix for AirBnB rentals
• Approximately 20% upside in rents
• Several units have been beautifully renovated
• 7 open parking spaces
• Simple to manage
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3792 Ashwood Ave
Los Angeles, CA 90066FINANCIALSFINANCIAL OVERVIEW - $1,950,000
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Purchase Price: $1,950,000 UNIT MIX CURRENT PRO FORMA
Down Payment: $1,950,000 100% Units Beds Baths Range Monthly Rent Monthly
Year Built: 1949 / 1954 2 1 1 $1,430 - $2,395 $3,825 $2,395 $4,790
Units: 7 4 Studio 1 $1,070 - $1,795 $5,904 $1,795 $7,180
Approx. Lot Size: 6,001 Sq. Ft. 1 Studio 1 $1,750 $1,750 $1,750 $1,750
Cost per Unit: $278,571
Expense / Unit: $6,653 Scheduled Rent: $11,479 $13,720
CURRENT PRO FORMA Storage Income: $0 $0
GRM: 14.16 11.84 Laundry Income: $0 $0
CAP: 4.46% 5.80% Monthly Gross Income: $11,479 $13,720
Annual Gross Income: $137,748 $164,640
CURRENT PRO FORMA ITEM AMOUNT
Scheduled Gross Income: $137,748 $164,640 Taxes: (based on new purchase price) 1.25% $24,375
Less Vacancy Reserve Rate: ($4,132) 3.00% * ($4,939) 3.00% *Insurance: $3,987
Gross Operating Income: $133,616 $159,701 *Utilities: $7,739
Less Expenses: ($46,571) 34% * ($46,571) 28% *Repairs & Maintenance: $2,164
Net Operating Income: $87,045 $113,130 Professional Mgmt: $6,681
Less Debt Service: $0 $0 *Landscape $1,625
Pre-Tax Cash Flow: $87,045 4.46% ** $113,130 5.83%
Plus Principal Reduction: $0 $0 Total Expenses: $46,571
Total Return Before Taxes: $87,045 4.46% ** $113,130 5.80% Expense / Unit: $6,653
* As a percent of the scheduled gross income. ** As a percent of the down payment
INVESTMENT SUMMARY SCHEDULED INCOME
*Expenses are 2017 Actuals
ANNUAL INCOME ANNUAL EXPENSES
3792 Ashwood Ave
Los Angeles, CA 90066FINANCIALSRENT ROLL
Current Market Lease
Unit # Unit Type Rent Rent Date
13121 1 + 1 $2,395 $2,395 12/1/2017
3792 Studio $1,779 $1,795 2/13/2017
3794 1 + 1 $1,430 $2,395
13117 Studio $1,750 $1,750 4/1/2018
13117 1/2 Studio $1,070 $1,795
13119 Studio $1,795 $1,795 Vacant
13119 1/2 Studio $1,260 $1,795
MONTHLY TOTAL: $11,479 $13,720
ANNUAL TOTAL: $137,748 $164,640
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3792 Ashwood Ave
Los Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS
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3792 Ashwood Ave
Los Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS
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3792 Ashwood Ave
Los Angeles, CA 90066PROPERTY SUMMARY PROPERTY PHOTOS
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3792 Ashwood Ave
Los Angeles, CA 90066COMPARABLESSALES COMPS
Property Photo Address Sale Price COE# ofUnits
Price/Unit
BuildingSF
GRM CAPYearBuilt
Unit Mix Comments
3792 Ashwood AveLos Angeles, CA 90066
$1,950,000 - 7 $278,571 2,499 14.16 4.46% 1949(2) 1+1
(5) StudioSubject Property
13910 Beethoven St Los Angeles, CA 90066 $4,075,000 9/26/17 13 $313,462 7,841 n/a n/a 1969 (13) 1+1
2 Los Angeles 900663632 S Centinela AveLos Angeles, CA 90066
$2,200,000 3/31/17 6 $366,667 6,200 17.92 n/a 1944(2) 3+2
(2) 2+2
(2) 2+1
33913 Beethoven StLos Angeles, CA 90066
$1,980,000 9/5/17 4 $495,000 2,596 18.33 4.14% 1964(1) 2+1
(3) 1+1
44320-4326 Inglewood BlvdLos Angeles, CA 90066
$2,350,000 5/4/17 6 $391,667 5,316 n/a 2.57% 1953(4) 2+1
(2) 1+1
5561 Washington BlvdVenice, CA 90292
$4,250,000 3/8/17 10 $425,000 6,280 19.69 2.96% 1954(2) 2+1
(8) 1+1
62700 Abbot Kinney Blvd Venice, CA 90291
$5,650,000 7/13/16 15 $376,667 11,180 22.84 2.27% 1959(1) 2+1.5
(8) 2+1
(6) 1+1
73745 S Centinela AveLos Angeles, CA 90066
$1,763,000 8/15/17 5 $352,600 4,554 17.97 3.53% 1959(3) 2+1
(2) 1+1
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3792 Ashwood Ave
Los Angeles, CA 90066COMPARABLESSALES COMPS
Sales Comps
3910 Beethoven St
3632 S Centinela Ave
3913 Beethoven St
4326 Inglewood Blvd
561 Washington Blvd
2700 Abbot Kinney Blvd
3745 S Centinela Ave
3792 Ashwood Ave
6
6
7
7
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3792 Ashwood Ave
Los Angeles, CA 90066COMPARABLESRENTAL COMPS
Property Photo Address Rent Unit Type Comments
3792 Ashwood AveLos Angeles 90066
$1,430 - $2,395 1 + 1Subject Property
Several units have been fully renovated with hardwood floors, new kitchen and bathroom.
$1,795 Large Studio
$1,750 Small Studio
111923 Venice Blvd #2Los Angeles, CA 90066
$2,399 1 + 1
212602 Venice Blvd #110Los Angeles, CA 90066
$1,625 Studio Gated entry. Vinyl floors throughout. 1 parking space.
321 Westminster Ave #106Venice, CA 90291
$1,900 Studio358 sqft studio. No parking. Closer to the beach. Unit interior
is outdated and not as nice as subject property.
411900 Venice Blvd #4Los Angeles, CA 90066 $1,695 Studio
53629 Beethoven StLos Angeles, CA 90066 $2,195 1 + 1
62700 Abbot Kinney Blvd #6Venice, CA 90291
$2,495 1 + 1No parking. Closer to the beach. Not as updated as subject
property.
72610 Abbot Kinney Blvd Venice, CA 90291 $1,650 Studio
No parking. 1 mile to the beach. Unit located on 1st floor of 2 story building. Unit is outdated with old appliances and
carpet.
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3792 Ashwood Ave
Los Angeles, CA 90066COMPARABLESRENTAL COMPS
6
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Rental Comps
11923 Venice Blvd
12602 Venice Blvd
21 Westminster Ave
11900 Venice Blvd
3629 Beethoven St
2700 Abbot Kinney Blvd
2610 Abbot Kinney Blvd
6
7
3792 Ashwood Ave
7
3792 ASHWOOD AVE
LOS ANGELES, CA 90066
Kenny Stevens310.963.7851
[email protected]# 01090251
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. Buyer must
verify the information and bears all risk for any inaccuracies.
BRE#01931128
PRESENTED BY