942 curson ave west hollywood ca 90046 - …...financial overview rent roll location overview market...
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4 UNITS IN PRIME WEST HOLLYWOODWALKERS PARADISE - Walking Score of 90
942 CURSON AVE WEST HOLLYWOOD CA 90046
www.CONCORD-RE.com | [email protected] | 310.551.0660
449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
OFFERINGMEMORANDUM
PRESENTEDBY
Eric vonBluecher
InvestmentAssociate
BRE#01926201
310.900.9505direct
Our mission
PROPERTYSUMMARYProperty Highlights Property Details Property Location Aerial PhotoParcel Orientation Photography
FINANCIALSFinancial Overview RentRoll
LOCATION OVERVIEWMarket overview
COMPARABLESSalesComps RentComps
MARKETING PACKAGEOVERVIEW
942 CURSON AVEWEST HOLLYWOOD, CA 90046
www.CONCORD-RE.com | [email protected] | 310.551.0660 449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
ABOUTUS
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 anyinaccuracies.
942 CURSON AVEWEST HOLLYWOOD, CA 90046
OURWORLD HAS CHANGED AND SOHAS THE BUSINESS OFREAL ESTATE. IT’S NOT ENOUGH TOWORKWITH A TYPICALREAL ESTATE COMPANY. AT CONCORD, WE THINK OF OURSELVES AS YOUR PARTNER - ONE WHO CAN BRING EVERYASPECT OF YOUR PORTFOLIO TOGETHER UNDER ONE ROOF, COMBINING CORPORATE CAPABILITIES WITH A FAMILYFEEL.
CONCORD IS THE EVOLUTION OF REAL ESTATE. WE’RE CHANGING THE GAME AND MOVING ABOVE AND BEYOND WHATYOU’VE COME TO EXPECT. THIS IS REAL ESTATE UNIFIED; NEXT-LEVEL SERVICES THAT SEAMLESSLY CONNECT THEDOTS SO YOU DON’T HAVE TO. FROM ACQUISITION TO MANAGEMENT TO CONSTRUCTION TO THE DISPOSITION,CONCORDIS ELEVATINGYOUREXPERIENCEEVERYSTEPOFTHE WAY.
OUR CLIENTS ENTRUST US WITH SO MANY ASPECTS OF THEIR REAL ESTATE LIFE. OUR MISSION IS TO DUTIFULLY GUIDE THEM, CREATE VALUE AND ACT IN
HARMONY WITH THEIR BEST INTEREST.
WE PARTNER WITH YOU EVERY STEP OF THE WAY TO ELEVATE YOUR REAL ESTATE EXPERIENCE
a different kind of real estate partner.
942 CURSON AVEWEST HOLLYWOOD, CA 90046OURMISSION
www.CONCORD-RE.com | [email protected] | 310.551.0660 449 South Beverly Drive, First Floor, Beverly Hills, CA 90212
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 anyinaccuracies.
PROPERTY SUMMARY
942 CURSON AVE WEST HOLLYWOOD CA90046
4 UNITS IN PRIME WEST HOLLYWOODWALKERS PARADISE - Walking Score of 90
* Over 65% upside in rents
* Fully renovated unit was just rented for $2,600
* 4 large one bedroom units averaging nearly 900 sqft each
* Lower two units have 50 sqft bonus rooms
* Laundry hookups & water heater in each unit
* Each unit has front and rear entry
* 4 parking spaces with additional drive way parking
* Efficient floor plans with large baths, kitchens, bed and living rooms
* Abundant windows with plenty of light and air flow
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYHIGHLIGHTS
PROPERTY DETAILS
Unit MixMajor Intersection MarketAPNZoning Type Lot Size
Building Sq.Ft.
(4) 1+1Curson Ave and Santa Monica Ave WestHollywood5530021002WDR3C6,761 square feet 3,572 square feet
PROPERTY DESCRIPTION
Concord Real Estate Services proudly presents the offeringmemorandum for 942 Curson Ave in beautiful West Hollywood,California. This property is one half block South of thrivingSanta Monica Blvd and just south of Sunset Blvd’s recentrenaissance. Walking distance to shops, bars, restaurants,entertainment and public transit on both major thoroughfaresadd to this property’s long-term appreciation. The building hasfour (4) 1+1 units that measure approx. 900 square feet andopen, spacious floorplans with plenty of light. Each unit has itsown water heater and laundry hookups. There are 4 parkingspaces available along withdriveway parking.
PROPERTYSUMMARYPROPERTYDETAILS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYLOCATION
942 N. Curson
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYAERIAL
Curson Ave
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPARCELORIENTATION
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
942 CURSON AVEWEST HOLLYWOOD, CA 90046
PROPERTYSUMMARYPROPERTYPHOTOS
FINANCIALS
942 CURSON AVE WEST HOLLYWOOD CA90046
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 anyinaccuracies.
942 CURSON AVEWEST HOLLYWOOD, CA 90046
FINANCIALSFINANCIAL OVERVIEW
INVESTMENT SUMMARY SCHEDULED INCOMEDown Payment: $1,277,500 70.00%Year Built: 1927 Units Beds Baths Average Monthly Rent MonthlyUnits: 4 4 1 1 $2,100.00 $6,344.00 $2,550.00 $10,200.00Approx. Lot Size: 6,761 Sq. Ft.Approx. Bldg. NRSF: 3,572 Sq. Ft.Cost per NRSF: $510.92Cost per Unit: $456,250Expense / NRSF: $7.67 Parking Income: $100.00Expense / Unit: $6,848 Storage Income: $200.00
CURRENT PRO FORMA $6,344.00 $10,500.00GRM: 23.97 14.48CAP: 2.55% 5.20% $6,344.00 $10,500.00ROI: 1.03% 4.82% $76,128.00 $126,000.00
ANNUAL INCOME ESTIMATED ANNUAL EXPENSESCURRENT PRO FORMA AMOUNT
Scheduled Gross Income: $76,128 $126,000 $22,813Less Vacancy Reserve Rate: ($2,284) 3.00% * ($3,780) 3.00% $803Gross Operating Income: $73,844 $122,220 $1,701Less Expenses: ($27,394) 35.98% * ($27,394) 21.74% $1,097Net Operating Income: $46,451 $94,827 $500Less Debt Service: ($33,289) ($33,289) $480Pre-Tax Cash Flow: $13,161 1.03% ** $61,537 4.82%Plus Principal Reduction: $8,652 $8,652Total Return Before Taxes: $21,813 1.71% ** $70,189 5.49%
FINANCING INFORMATIONPrice: $1,825,000 Terms: 30 Year Amort. $27,394Down Payment: $1,277,500 Interest Rate: 4.50% For 5 Years $7.67Loan Amount: $547,500 Payment: $2,774.10 Per Month $6,848Expense / Unit:
Total Expenses:Expense / NRSF:
UNIT MIX
Taxes:
Maintenance & Repairs:
Insurance:Utilities:
CURRENT
ITEM
* As a percent of the scheduled gross income. ** As a percent of the down payment
Misc/Reserves:Pest:
PRO FORMA
Scheduled Rent:
Monthly Gross Income:Annual Gross Income:
$1,825,000
942 CURSON AVEWEST HOLLYWOOD, CA 90046
FINANCIALSRENT ROLL - As of September 22, 2016
*Squarefootageisapproximate.
RENTROLLASOF
Current Market
Unit# UnitType Rent Rent Move-inDate Size(sf) Notes
942 1+1 $2,600 $2,600 12/1/16 943 FullRemodel,lowerunit944 1+1 $1,102 $2,500 843 Upper946 1+1 $1,007 $2,500 843 Upper948 1+1 $1,635 $2,600 943 Lower
PARKINGINCOME: $100
STORAGEINCOME: $200
LAUNDRYINCOME:
MONTHLYTOTAL: $6,344 $10,500 3,572
ANNUALTOTAL: $76,128 $126,000
12/12/16
123PracticeAve
LosAngeles,CA900
LOCATION
942 CURSON AVE WEST HOLLYWOOD CA90046
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 anyinaccuracies.
LOCATIONLOCATIONOVERVIEW
942 CURSON AVEWEST HOLLYWOOD, CA 90046
WEST HOLLYWOOD, CALIFORNIA
West Hollywood, colloquially referred to as WeHo, is a city in western LosAngeles County, California. Incorporated in 1984, it is home to the Sunset Strip.As of the 2010 census, its population was 34,399. West Hollywood is bounded onthe north by the Hollywood Hills, on the east by Hollywood, on the southeast bythe Fairfax district, on the southwest by the district of Beverly Grove, and on thewest by the city of Beverly Hills.
West Hollywood benefits from a verydense, compact urban form with smalllots, mixed land use, and a walkablestreet grid. According to Walkscore, awebsite that ranks cities based onwalkability, West Hollywood is the mostwalkable city in California. Commercialcorridors include the nightlife and diningfocused on the Sunset Strip, along SantaMonica Boulevard, and the Avenues ofArt & Design along Robertson, Melrose,and Beverly Boulevard.
LOCATIONMARKETAERIAL
942 N. Curson
942 CURSON AVEWEST HOLLYWOOD, CA 90046
FoodLabPlummer Park
Poinsettia Recreation
Center
HarloweBarBrick
NowBoarding Bar
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 anyinaccuracies.
COMPARABLES
942 CURSON AVE WEST HOLLYWOOD CA90046
942 N. Curson
942 CURSON AVEWEST HOLLYWOOD, CA 90046
COMPARABLESSALESCOMPS
1 3
2
SALEPRICE# OF UNITS BUILDINGSF PRICE/SF LOTSIZE
$1,825,0004
3,572$510.926,761SF
SALEPRICE# OF UNIT.S BUILDINGSF PRICE/SFLotSize
$1,450,0004
2,702$536.64 7,372SF
SALEPRICE# OF UNIT.S BUILDINGSF PRICE/SF LOTSIZE
$1,660,0004
2,840$584.51 6,745SF
SALEPRICE# OF UNITS BUILDINGSF PRICE/SF LOTSIZE
$1,410,0004
2,552$552.51 5,864SF
942 Curson Avenue, West Hollywood, CA90046
946 N Hayworth Avenue, West Hollywood, CA900691120N VistaStreet,WestHollywood,CA90046
1230N OgdenDrive, West Hollywood,CA90046
942 CursonAvenue 1120NVistaStreet 1230NOgdenDrive 946 N HayworthAvenue
Price Per / SF Comparison Chart for Sold Comps
$584.51$552.51
$536.64
$510.92
942 CURSON AVEWEST HOLLYWOOD, CA 90046
COMPARABLESRENTCOMPS
Rent Comps
918 N GardnerStreet1 833 Sierra Bonita Avenue2
21
942 N. Curson
942 CURSON AVEWEST HOLLYWOOD, CA 90046
COMPARABLESRENTCOMPS
1
2
RENT $1,007- $2,500YEARBUILT 1927UNITTYPE 1+1
RENT $2,400PRICE PERSQFT $2.40YEARBUILT 1924UNITTYPE 1+1
942 Curson Avenue, West Hollywood, CA90046
833 Sierra Bonita Avenue, West Hollywood, CA90046
918N GardnerStreet,WestHollywood,CA90046
1
2
RENT $2,900PRICE PERSQFT $4.00YEARBUILT 1921UNITTYPE 2+1
www.CONCORD-RE.com | [email protected] | 310.551.0660
449 South Beverly Drive, First Floor, Beverly Hills, CA 90212OFFERINGMEMORANDUM
BRE# 01090251D: 310-900-9505
Eric von Bluecher