barton apartments - loopnet
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e x c l u s i v e m u lt i fa m i l y o f f e r i n g
15250 Ventura Blvd., Suite 100 Sherman Oaks, CA 91403
P: 818-986-9800 F: 818-933-0450
www.lee-associates.com
Lee & Associates® LA North/Ventura, Inc.
Corporate ID #01191898A Member of the Lee & Associates
Group of Companies
WARREN BERZACKNational Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors
Lic. #01329015
Barton Apartments5918 Barton Ave, Los Angeles CA | 8 units
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.
5918 Barton Ave | Los Angeles, CA
Ba r t o n apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
PROPERTY DESCRIPTION
�Charming, Spanish Revival Architecture
�Significant Rental Upside
�Spacious 1-Bedroom, 1-Bath Units
�Five, Separate, Fully Enclosed Garages
�Three Units Fully Renovated
�High Density and Growing Rental Submarket
Barton Apartments is a charming, Spanish Revival garden apartment complex located in Hollywood, one of the
most exciting and dynamic neighborhoods in Los Angeles. The property consists of eight units, each with its own entrance, and five individual, fully enclosed garages. Three of the eight units have been fully remodeled with stainless steel gas ranges and quartz countertops. The units feature hardwood floors and air conditioning. Built in 1924, the 3,964-square-foot property sits on a 6,497-square-foot lot. The property features a premier location in walking distance of numerous amenities and employment centers.
LOCATION INFORMATION
�Close to many employment centers
�Minutes from the Pantages Theatre, Palladium, ArcLight Dome and trendy restaurants
�Easy access to Metro stops at Hollywood and Vine and Hollywood and Highland
�Walk Score of 89, “Very Walkable” for all errands.
�Hardwood Floors
�Air Conditioning
�Secured Entry
�Refrigerator, Stainless Steel Range, Quartz Countertops in Remodeled Units
�Private Entrances
�Spacious, Mirrored Closets, Recessed Lighting and Ceiling Fans in Remodeled Units
Highlights Amenities
The Barton Apartments lie between Gower Street on the east, Vine Street on the west, Santa Monica Boulevard to the north and Melrose Avenue to the south.
The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.
5918 Barton Ave | Los Angeles, CA
Ba r t o n apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
MULTI‐FAMILY INVESTMENT INFORMATION SHEET
NUMBER OF UNITS 8 ADDRESS BUILDING SIZE (SQ. FT.) 3,964 CITY, STATE, ZIP LOT SIZE (SQ. FT.) 6,497 PRICE COST PER UNIT $273,125YEAR BUILT COST PER SQFT $551.21
□ Exterior Completely Remodeled □ 5 Individual Garages □ 3 of 8 Units Fully Remodeled □ Great Curb Appeal
RENTAL INFORMATIONUnit # BDRMS BATHS Market Rents5918 1 1 $705.13 $2,095
5918‐1/4 1 1 $716.67 $1,250 $2,0955918‐1/2 1 1 $747.98 $1,250 $2,0955918‐3/4 1 1 $1,998.61 $1,250 $2,0955920 1 1 $2,078.41 $1,300 $2,095
5920‐1/4 1 1 $652.30 $1,250 $2,0955920‐1/2 1 1 $2,044.79 $1,250 $2,0955920‐3/4 1 1 $1,415.07 $1,250 $2,095
Scheduled Monthly Income: $10,358.95 $8,800 $16,760
ANNUAL PROPERTY OPERATING DATAINCOME/YEAR AS OF 5/1/2020
AS % GOI AS % GOI AS % GOIScheduled Gross Income $124,307 96.52% $201,120 95.72% Taxes (Est. 1.25%) $27,313 21.21%Other Income $4,476 3.48% ($150/garage/month) $9,000 4.28% Insurance $2,270 1.76%(Parking, Pet fee, Renters Ins.) Repairs/Maintanence $8,000 6.21%Gross Operating Income $128,783 CURRENT MARKET $210,120 Landscaping ($150/mo) $1,800 1.40%Vacancy Reserve $3,864 3.00% $6,304 3.00% Pest Control ($40/mo) $480 0.37%Effective Gross Income $124,920 16.97 10.40 $203,816 Trash & Electricity $1,075 0.83%Expenses $43,270 33.60% $43,270 20.59% License/Permits $543 0.42%Net Operating Income $81,650 63.40% 3.74% 7.35% $160,546 76.41% Miscellaneous($100/un) $800 0.62%Debt Service $72,857 $72,857 Management $0 0.00%Pre‐Tax Cash Flow $8,792 1.01% 10.03% $87,689 Janitorial $990 0.77%Principal Reduction $24,024 $24,024Return on Equity $32,817 3.75% 12.78% $111,713
MORTGAGE FINANCING INFORMATIONLoan Amount $1,311,000 Monthly Loan Payment $6,071Down Payment $874,000 40% Annual Loan Payment $72,857 TOTAL EXPENSES $43,270 33.60%5‐Year Fixed Rate 3.75% Year 1 Interest Amount (approx.) $48,833Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $24,024 Expense / NRSF
Expense / Unit
Los Angeles, CA, 90038
GRM
□ Highly Desireable Hollywood loca�on
$2,185,000
ESTIMATED ANNUAL EXPENSES
Lee Associates ‐ LA North/Ventura, Inc.
Warren Berzack 818.933.0350
15250 Ventura Boulevard, Suite 100 | Sherman Oaks, CA 91403
Barton Apartments
$5,409
MARKET INCOME/YEAR
Return On Equity
Income as of 5/1/20 Market Income
Cash on Cash
CAP Rate
$10.92
wberzack@lee‐re.com Lic. #01329015
□ Signicant Upside in Rents
1924
5918 Barton Ave.
INVESTMENT HIGHLIGHTS
The information provided herein is from sources we believe are reliable. While we do not doubt its accuracy, we have not verified it and make no representations, guarantees or warranties about it.
The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.
5918 Barton Ave | Los Angeles, CA
Ba r t o n apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
PROPERTY PHOTOS
The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.
5918 Barton Ave | Los Angeles, CA
Ba r t o n apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
PROPERTY PHOTOS
The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.
5918 Barton Ave | Los Angeles, CA
Ba r t o n apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
PROPERTY PHOTOS
The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.
5918 Barton Ave | Los Angeles, CA
Ba r t o n apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
AREA INFORMATIONHollywood is undergoing a seismic shift. Little evidence of its tattered past remains as this market evolves into a vibrant, live-work community that caters to the burgeoning population of Millenialenos (Los Angeles Millennials) with a dynamic mix of creative and professional office space, restaurants and shops and nightlife offerings. More than $4.8 billion has been invested in Hollywood since 2000, and the development boom is continuing with several billion dollars more in office, mixed-use and hospitality projects still underway. The development is expected to increase an already dense population of more than 85,500 residents to 340,000 over the next few years.
• Walkability… The Subject Property offers Paramount Studios, Raleigh Studios and Sunset Las Palmas Studios, along with Netflix new headquarters, among many other employers all within a 20-minute walk.
• Restaurants and Nightlife… The Cahuenga Corridor, with restaurants, bars, entertainment venues and shops is minutes away as are iconic locations including the Pantages and Egyptian Theaters, Hollywood Paladium, ArcLight Dome and more.
• Transportation… Hollywood is a regional transportation hub with two Metro stops, one at Hollywood and Vine and one at Hollywood and Highland.
DEMOGRAPHIC SUMMARY
Total Population
Average Household Income
32,623
$72,320
641,466
$88,782
1-mile radius 5-mile radius
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