8508 cashio street los angeles, ca 90035

A 6-Unit Multifamily Investment Opportunity In Pico-Robertson

8508 CASHIO STREETLOS ANGELES, CA 90035

8508 Cashio Street • 2

Exclusively Listed By:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

8508 CASHIO STREETLos Angeles, CA 90035

CONTENTS

04081114

PROPERTY DESCRIPTION

FINANCIAL SUMMARY

MARKET COMPARABLES

MARKET OVERVIEW

8508 Cashio Street


PROPERTY DESCRIPTION


OFFERINGTHE

8508 Cashio Street, built in 1939, features a 6-Unit Spanish style apartment building in the Pico-Robertson neighborhood of Los Angeles (90035).

The offering is sited on a 8,849 SF parcel, zoned LAR3 with a potential development +\- 26 buildable units.

The current unit composition features Six (6) One Bedroom | One Bathroom apartment units with large living rooms, eat-in kitchens and utility rooms with potential to add in-unit washers & dryers.

Below market rents make this property perfectly positioned for the astute investor with the potential to provide excellent investor returns along with long term capital appreciation.

Parking is provided for Seven (7) vehicles (6 enclosed garages and 1 open-air)

With a walk score of 87, the offering is perfectly positioned to attract the area’s growing resident demographic. The location offers residents an impressive array of nearby entertainment, lifestyle and retail amenities. Significant employment hubs are easily assessed in Mid-Wilshire, Hollywood, Beverly Hills and DTLA.

LOCATION HIGHLIGHTS:• Desirable Pico-Robertson Neighborhood• Desirable Pico-Robertson Neighborhood

• Less than One Mile from the Beverly Hills boundary• Less than One Mile from the Beverly Hills boundary

• Pride of Ownership Area with a WalkScore of 87• Pride of Ownership Area with a WalkScore of 87

• Currents Rents are +/-50% Below Market Rents • Currents Rents are +/-50% Below Market Rents

• Character property built in 1939 with Original • Character property built in 1939 with Original Hardwood Flooring Hardwood Flooring

• Six (6) One Bedroom | One Bathroom Apartment • Six (6) One Bedroom | One Bathroom Apartment HomesHomes

• Within the 90035 zip code, the average home value • Within the 90035 zip code, the average home value is $1,726,053 with values predicted to rise 5.2% in the is $1,726,053 with values predicted to rise 5.2% in the next yearnext year (per Zillow 5/13/21) (per Zillow 5/13/21)


1059 S. Holt Avenue – new 15 unit0.6 miles from 8508 CashioPlans call for a 5-story, 58 foot tall apartment building featuring 15 units

1442-1446 S. Bedford Street – 29 units0.3 miles from 8508 Cashio1442-1446 S. Bedford Street, calls for the construction of a five-story edifice featuring 29 one-, two-, and three-bedroom apartments above parking for 36 vehicles. Requested entitlements for the project include Transit Oriented Communities incentives,

9224 W. Pico Boulevard1.1 miles from 8508 CashioUrban Architecture Lab is designing the proposed 64 unit development, which would consist of a contemporary six-story building clad in plaster. Proposed common amenities include a second-level terrace, a third-level courtyard, and a rooftop deck.

1400 Reeves Street1.2 miles from 8508 CashioThe proposed development, slated for a nearly 26,000-square-foot site at the southwest corner of Pico Boulevard and Beverly Drive, would consist of a five-story building featuring 67 apartments - including seven affordable units - with 16,500 square feet of ground-floor commercial space.

1417 S. Doheny Drive1.1 miles from 8508 CashioAvi Galili Collaborative is designing the four homes, which are called the Doheny 4. Architectural plans show a collection of four-story structures, each of which would feature three bedrooms, a two-car garage, and a rooftop deck.

8862 W. Pico Boulevard0.7 miles from 8508 CashioKFA Architecture designed the six-story building containing a total of 48 studio and one-bedroom apartments above 68 parking spaces for residents and adjacent businesses.

NEW AREADEVELOPMENTS

https://urbanize.city/la/post/15-apartments-could-replace-single-family-dwelling-pico-robertson

https://urbanize.city/la/post/apartments-could-replace-two-duplexes-pico-robertson

https://urbanize.city/la/post/special-needs-housing-and-retail-rise-pico-robertson

https://urbanize.city/la/post/housing-and-retail-could-replace-car-wash-pico-robertson

https://urbanize.city/la/post/senior-affordable-housing-unwrapped-pico-robertson


EXTERIOR


MARKETOVERVIEW


A Prime Pico-Robertson Location

“Pico-Robertson is in Los Angeles County and is one of the best places to live in California. - Niche.com

The property is located blocks away from the core of three of the most enticing neighborhoods in Los Angeles County- Beverly Hills, Beverlywood, and Carthay Square. Due to its eclectic location and walkability, residents enjoy unparallaled access to a wide variety of employment, entertainment, and cultural experiences that few other neighborhoods in Los Angeles can match.

Following this uprising of trendy and eclectic residents is a diverse base of restaurants, bars, and retail shops that bring a wide range of cultural experiences to the area. Within the existing location, residents have the opportunity to walk to nearby restaurants and cafes, take the metro into the heart of Hollywood, or spend the afternoon in an adjacent neighborhood via short commute.

You can get there from here: Pico-Robertson is convenient to Century City, Beverly Hills, Culver City, Sawtelle, the Wilshire District and more, making it a great place to live for people who hate long commutes.

Restaurant row: Love kosher food? Chinese food? Kosher Chinese food? Good, because Pico-Robertson has all of this and more.

LOCATION FUNDAMENTALSMillennials have ditched the suburbs for a more active and dynamic urban lifestyle. Many don’t own or want to own cars, so they rely on walking, biking, Metro or Uber. There is a limited supply of housing in Los Angeles, and especially in Pico-Robertson, which is causing upward pressure on rents. Research firm Axiometrics projects rental rates are to increase by 25% over the next five years.

URBAN LIVING WITH WALKABILITYAs the most densely populated area in Los Angeles, Pico-Robertson is a highly walkable submarket. Residents can travel on foot to complete their daily errands and stroll to the many restaurants, clubs, chic hotels and restaurants. Scoring 87 out of 100, the property is located in what walkscore.com considers “Very Walkable”.

CLOSE PROXIMITY TO• Beverly Hills, Beverly wood, Century City and Mid-City• Brand New Starbucks• Hollywood Pies for delicious Chicago style deep dish pizza• Vons• Glatt Mart• Carthay Center Elementary School• Cedars Sinai Medical group• Robertson Recreation Center• Roxbury Park


Nick’s Coffee ShopBloom CareTwin Dragon CafeYoshinoyaWok On FireJeff’s GourmetHansen’s CakesPanda ExpressCicerro PizzaKomodo RestaurantKFCJack in the BoxOasis MediterraneanStarbucksPizza HutVersaillesBeverlywood BakeryFactor’s Famous DeliMandrakeLa Costa Del SolSubwayTaj Mahal of India

FACTOR’S FAMOUS DELI NICK’S

THE MINT

Restaurants and Bars Groceries and MarketsThe CaskVonsSmart & FinalGNCBevwood MarketGlatt Mart

A WALKABLET R A N S I T- O R I E N T E D C O M M U N I T Y

The property is located blocks away from the core of three of the most enticing neighborhoods in Los Angeles

County- Beverly Hills, Beverlywood, and Carthay Square. Due to its eclectic location and walkability, residents

enjoy unparallaled access to a wide variety of employment, entertainment, and cultural experiences that few

other neighborhoods in Los Angeles can match.

8508 Cashio Street boasts a staggering 87 Walk Score and 56 Transit Score, a rare combination for apartment buildings in Southern California.

WALK SCORE“VERY WALKABLE” 87 56WALK SCORE

“GOOD TRANSIT” WALK SCORE“BIKABLE” 60

Most errands can be accomplished on foot.

Many nearby public transportation options.

Flat, minimal bike lanes.

Entertainment & Shopping

The MintLevantine Cultural CenterLA Mirror ManPetra’s GalleryMaze RoomsMusic CityLa Cienega JewelryJerry’s Garden


FINANCIAL SUMMARY


8508 Cashio Street, Los Angeles, CA 90035

BUILDING DATA

Units* 6Year Built 1939Building SF 3,960Land SF 8,849Parking Spaces 7 VehiclesGas & Electrial Utilities

Separately Metered

ESTIMATED ANNUALIZED EXPENSESNew Property Taxes $29,397Utilities $4,296Property Insurance $2,574Registration Fees $504Pest Control $720Landscaping $720Misc. Repairs & Maintenance $2,700Total Estimated Expenses $40,911

SOURCE OF INCOME CURRENT RENTMARKET RENT Post Renovation

# of Units Unit Type Avg. Rent Total Avg. Rent Total

6 1 Bedroom / 1 Bathroom $1,294 $7,766 $2,650 $15,900

Total Monthly Rental Income $7,766 $15,900

Total Annual Income $93,188 $190,800

EST. ANNUALIZED OPERATING DATA CURRENT MARKETScheduled Gross Income $93,188 $190,800

Less Vacancy 2.0% ($1,864) 2.0% ($3,816)

Gross Operating Income $91,324 $186,984

Less Expenses 44.8% $40,911 21.4% $40,911

Net Operating Income $50,413 $146,073

NOTATIONS:Repairs & Maintenance: Proforma expense based on $450/unit/year - post renovation

Contract Service: Proforma expense for landscaping($60/mo) and pest control ($60/mo) based on market rates

Utilities: Current and based on industry standard

Rental Registrtion: Based on $84/unit/year

Property Insurance: Proforma expense of $0.65 per SF

FINANCIAL INDICATORS

Price $2,390,000

Current Cap 2.1%Market Cap 6.1%Current GRM 25.65Market GRM 12.53Cost Per SF $603.54 Cost Per Unit $398,333

Expenses Per Unit -$6,819Expenses Per Sq Ft $10.33

F I N A N C I A LSummary


UNIT STATUS UNIT TYPE Move-In Dates Notes Current Rent Market Rent Post Renovation

8508 Occupied 1 Bedroom / 1 Bathroom 9/1/2009 Washer/Dryer Hook-Ups & Outdoor Space Potential $1,297.81 $2,650.00



8514 Occupied 1 Bedroom / 1 Bathroom 8/1/1996 Washer/Dryer Hook-Ups Potential $864.00 $2,650.00

8516 Occupied 1 Bedroom / 1 Bathroom 12/1/1987 Washer/Dryer Hook-Ups Potential $762.48 $2,650.00

8518 Occupied 1 Bedroom / 1 Bathroom 3/1/2012 Washer/Dryer Hook-Ups Potential $1,487.52 $2,650.00

Monthly Total $7,765.66 $15,900.00

R E N TRoll

8508 Cashio Street, Los Angeles, CA 90035


MARKETCOMPARABLES

8508 CASHIO STREET


8508 Cashio Street

1)

2)

3)

4)

1506 S Sherbourne Dr

1097 S Bedford Dr

8714 W Olympic Blvd

1201 S Orange Grove Ave

R E N TComparables


ONE BEDROOM/ONE BATH

Property Units Year Built Owner/Manager Rent8508 Cashio StreetLos Angeles, CA 90035

6 1939 Private OwnerOwner Managed

$1,294

1 1506 S Sherbourne DrLos Angeles, CA 90035

2 1938 Westside Rentals $2,550

2 1097 S Bedford DrLos Angeles, CA 90035


$2,550

3 8714 W Olympic BlvdLos Angeles, CA 90035


$2,550

4 1201 S Orange Grove AveLos Angeles, CA 90019


$2,750

AVERAGE: $2,600

HIGH: $2,750

LOW: $2,550

R E N TComparables


All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of signifi-cance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and in-vestigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transactionAll data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or perfor-mance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

CONFIDENTIALITY AGREEMENT


Exclusively ListedBy:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

8508 cashio street los angeles, ca 90035

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