942 curson ave west hollywood ca 90046 - …...financial overview rent roll location overview market...

4 UNITS IN PRIME WEST HOLLYWOODWALKERS PARADISE - Walking Score of 90

942 CURSON AVE WEST HOLLYWOOD CA 90046

www.CONCORD-RE.com | hello@concord-re.com | 310.551.0660

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212

OFFERINGMEMORANDUM

PRESENTEDBY

Eric vonBluecher

InvestmentAssociate

BRE#01926201

310.900.9505direct

evonbluecher@concord-re.com

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 | hello@concord-re.com | 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 | hello@concord-re.com | 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 | hello@concord-re.com | 310.551.0660

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212OFFERINGMEMORANDUM

BRE# 01090251D: 310-900-9505

Eric von Bluecher

evonbluecher@concord-re.com