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NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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Page 1: NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN › d2 › 7C-D38WFjBSOpp2GJsEtKHvu... · 2019-08-17 · Habitat Apartments, located at 310 South Kenmore Avenue in the heart of Los Angeles’

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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This offering memorandum has been provided by Iconic Investments for the use of the intended recipient. All information contained in the offering memorandum has been obtained from sources other than Iconic Investments, and neither Iconic Investments nor its affiliates makes any representation or warranties, expressed or implied, as to the accuracy or completeness of the information within the offering memorandum. Iconic Investments has provided the unverified information to prospective purchasers only to establish a preliminary interest in the property. Furthermore, Iconic Investments does not guarantee that the information provided herein has not changed since the date the offering memorandum was prepared. It is the sole responsibility of the recipient to analyze, verify and conclude that the information provided herein is accurate and meets the recipient’s investment criteria. Iconic Investments and Owner, and their respective officers, directors, employees, equity holders and agents expressly disclaim any and all liability that may be based upon or relate to the use of the information contained within this Offering Memorandum.

Owner and Iconic Investments each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the property and/or terminate discussions with any entity at any time with without notice. Owner shall have no legal commitment or obligations to any recipient reviewing the offering memorandum or making an offer to purchase the property unless and until such offer is approved by Owner, a written agreement for the purchase of the property has been fully executed, delivered and approved by Owner and its legal counsel, and any obligations set by Owner thereunder have been satisfied or waived.

The recipient agrees that (a) the Offering Memorandum and its contents are confidential information, except for such information contained in the Offering Memorandum that is a matter of public record or is provided from sources made available to the public, (b) the Recipient will hold and treat it in the strictest of confidence, and the Recipient and the need to know parties will not directly or indirectly, disclose or permit anyone else to disclose its contents to any other person, firm, or entity without prior written authorization of Iconic Investments and the Owner.

CONFIDENTIALITY & DISCLAIMER

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I C O N I CEXCELLENCE IN REAL ESTATE

3 HABITAT

Property Overview 7Investment Overview 8Property Photos 11-14Location Overview 15Financial Overview 21Rent Survey 26Sales Comparables 29

AGENT CONTACT

PETER STRAUSSPartnero: 747-444-3303m: [email protected] #01335696

16530 Ventura BlvdSuite 409Encino, CA 91436

ROBIN D. OSSENBECKManaging Directoro: 310-470-1667m: [email protected] #00969036

11111 Santa Monica BlvdSuite 400Los Angeles, CA 90025

310 S KENMORE AVETABLE OF CONTENTS

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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HABITAT4

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HABITAT5

Habitat ApartmentsHabitat Apartments, located at 310 South Kenmore Avenue in the heart of Los Angeles’ rapidly reviving Koreatown neighborhood, is a 24-unit, four-story multifamily property that offers investors the opportunity to acquire a property that has been 60% renovated with proven market rents. The astute investor can further improve property performance by continuing renovations on units as they become vacant to capture market rents and higher-quality tenants. Constructed in 1988, the property is not subject to rent control ordinances, and units may be easily turned as leases expire.

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6 HABITAT

investment overview 310 S KENMORE AVE

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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7 HABITAT

PROPERTY OVERVIEWHabitat Apartments is located in the heart of the Koreatown sub-market of Los Angeles, a community that is undergoing rapid growth and urbanization with dozens of developments in various stages of planning, currently in construction, or recently completed. Modernization of the neighborhood is leading to a “city-within-a-city” feel with continuing population increases and greater overall density. These shifts are attracting new retail, services, dining, and entertainment options. Habitat Apartments is ideally suited to serve this growing population with value-priced living compared to the brand-new luxury units.

Located at 310 S Kenmore Ave, Habitat Apartments was built in 1988 and is free of any rent control restrictions. The property offers a blend of two Studio, one Studio + Loft, six 1-Bedroom + 1-Bath, three-1-Bedroom + 1.5-Bath + Loft, and twelve 2-Bedroom + 2-Bath units. Extensive renovations have been completed in 14 of the 24 units, with updated desirable floorplans featuring kitchens that are open to the living and dining rooms, new shaker kitchen cabinets, quartz countertops, faux hardwood floors, stainless steel appliances and updated bathrooms with designer touches.

• Excellent Koreatown Location – South of 3rd Street and East of Normandie

• Surrounded by Numerous New developments: Apartments, Office, Condos and Live-Work units.

• Built in 1988, Not Subject to Rent Control• 50% units are 2-Bedroom + 2-Bath• Charming Units with Effective Use of Space• Fifteen Units have been Extensively Renovated with Designer

Finishes

9 Ability to Reposition

9 of the 24 units

3 Metro Stations

Vermont/BeverlyWilshire/Vermont

Wilshire/Normandie

3 3 Major Employment Hubs

750k Jobs - Within 5 Miles

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8 HABITAT

PARCEL MAPINVESTMENT OVERVIEW

Address 310 S Kenmore AveLos Angeles, CA 90020

Submarket Koreatown

Assessor Parcel Number 5502-005-007

IMPROVEMENTS 24 Apartment Units

Year BUILT 1988

parking 27 Garage Spaces

GROSS SQUARE FOOTAGE 20,073 (Square Feet)

Estimated Land Area 9,863 (Square Feet)

UTILITIES Individually Metered

Zoning LAR4

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habitat APARTMENTS310 S Kenmore Ave.

9 HABITAT

Silverlake/Los Feliz

3rd street

Catalina Street

Mariposa on 3rd(under construction)

121 units+ 4,600 sqft retail

3rd & Kenmore(in-planning)

46 units

4th & catalina(near completion)

61 units

KENMORE AVE

Downtown la

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habitat APARTMENTS310 S Kenmore Ave.

10 HABITAT

MAP OF THE AREA

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HABITAT11

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INTERIOR PROPERTY PHOTOS

HABITAT12

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INTERIOR PROPERTY PHOTOS

HABITAT13

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HABITAT14

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15 HABITAT

LOCATION overview 310 S KENMORE AVE

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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HABITAT16

KOREATOWN

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HABITAT17

KOREATOWN HIGHLIGHTS

WHY KOREATOWN?

CENTRALLY LOCATED - SUPER HIGH DENSITY - 3 SQUARE MILE COMMUNITY | RAPIDLY EXPANDING RENTAL MARKET - 5000+ APARTMENTS IN DEVELOPMENTTRUE TRANSPORTATION ORIENTED COMMUNITY - NUMEROUS SUBWAY OPTIONS | RICH IN AMENITIIES - RESTAURANTS, RETAIL, ENTERTAINMENT

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18 HABITAT

LOCATION HIGHLIGHTSKOREATOWN IS BOOMINGThere are over 5,000+ new luxury apartments in development in Koreatown. These projects also include 200,000+ square feet of retail space with new retailers like Target on 6th and Virgil, and Yoga Works on 7th Street.

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 highly limited supply of housing in Los Angeles, and especially in Koreatown, which is causing upward pressure on rents. In fact, rental rates are expected to increase by 25% over the next five years, according to Axiometrics.

NEW YORK IN LAThe Metro has been a catalyst for transportation-oriented growth, leading to demographic shifts in areas like Downtown LA, Koreatown, Hollywood and Pasadena. LA residents now have a greater choice in where they live while still being connected to major employment hubs.

Residents of Habitat can walk to three metro stations: Vermont/Beverly, Wilshire/Vermont and Wilshire/Normandie. That gives them easy access to a number of key lines:

• The Purple Line provides access to Downtown LA to the east and is being extended through Miracle Mile, Beverly Hills, Century City and Westwood.

• The Red Line provides access to Downtown LA in the east and Hollywood and North Hollywood to the northwest.

• The Expo Line, dubbed the “subway to the sea,” extends from Downtown LA to the beaches of Santa Monica and Silicon Beach employment hubs.

• The Gold Line allows residents to travel to cities like Pasadena and Azuza.

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19 HABITAT

LOCATION HIGHLIGHTSAFFORDABILITY GAP – BUY VS RENTThe median neighborhood home price is over $725,000, with adjacent markets approaching $1 million, making home purchase out of reach for most local renters. Renting at Habitat offers tenants a modern, sophisticated alternative at a fraction of the cost of home ownership. This disparity is a leading reason behind high occupancy and demand throughout the marketplace.

MOST SEARCHED NEIGHBORHOODKoreatown is the #1 searched-for rental market in Los Angeles, well ahead of other popular submarkets such as Hollywood, West Los Angeles and Mid-City, according to the online property rental site Zumper.com. The convergence of gourmet-restaurants, shopping and chic hotels like The Line is a leading reason behind Koreatown’s emergence as “America’s Hippest Neighborhood.”

URBAN LIVING WITH WALKABILITYDensely-populated, Koreatown is a sprawling three-square-mile community in the middle of the city. It is a highly walkable submarket served by multiple subway and bus lines. Residents can travel on foot to complete their daily errands and stroll to the many restaurants, clubs, chic hotels and restaurants that make up Koreatown’s vibrant nightlife. While there is a newness to Koreatown, its palm-lined streets are also rich in architectural charm and cultural heritage.

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Grocery Stores Fitness & Spa Entertainment & ShoppingRalphs Yoga Works Target 6th and Virgil

H Mart Whole Body Pilates Wiltern

Hank Kook Strength RX Crossfit Shrine Karaoke

Zion Market WilFit Sports Club Koreatown Galleria

Galleria Market Fitness M Vermont Galleria

Jons Marketplace Flywheel Sports Koreatown Plaza

Vons 24 Hour Fitness

California Market Movement Pilates

Plaza Market Taejo Kickboxing

Sang Nok Soo Wi Spa

Asian Market Beverly Hot Springs

Family Discount Store

East West Market

Restaurants & Bars & Hotels Within Driving DistancePot Lobby Bar Larchmont Village

Lock & Key Staples Center/ LA Live

Mountain Café Walt Disney Concert Hall

Beer Belly Broad Museum

The Normandie Club Griffith Observatory

Cassell’s Burgers ArcLight Cinemas

Apt 503 Lounge 7th & Fig

The Virgil MOCA

Sumo Dog Dodger Stadium

Horse’s Mouth Natural History Museum

Line Hotel

Hotel Normandie

Shelter Hotel20 HABITAT

KOREATOWN AREA AMENITIES

"AMERICA'S HIPPEST NEIGHBORHO0D"

Despite it’s name, the population of Koreatown is highly

diversified with only one-third of local residents claiming

Korean descent. Habitat residents can enjoy the nearby

eclectic mix of bars, restaurants, entertainment venues and

shops. New thriving hipster hangouts include the Line Hotel

with its two popular bars, Break Room 86 and Pot.

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21 HABITAT

FINANCIAL OVERVIEW 310 S KENMORE AVE

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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22 HABITAT

INVESTMENT OVERVIEWAsset Habitat Apartments

Location 310 S Kenmore AveLos Angeles, CA 90020

Opportunity 24 Apartment Units

YEAR BUILT 1988

PARKING 27 Garage Spaces

GROSS SQUARE FOOTAGE 20,073 (Square Feet)

PURCHASE PRICE $8,600,000

PRICE PER UNIT $358,333

CURRENT CAP RATE 4.54%

CURRENT GRM 14.65

RENOVATED UNITS 14 Units Rehabbed

UTILITIES Individually MeteredIndividual Water Heaters

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23 HABITAT

RENT ROLLCURRENT RENOVATED

Unit # Status Unit Type Unit Sq. Ft Current Rent Per Sq. Ft As-IsMarket Rent Per Sq. Ft Renovated

Market Rent Per Sq. Ft

101 Vacant - Demo 1 Bedroom + 1 Bath 650 $1,875.00 $2.88 $1,875.00 $2.88 $1,875.00 $2.88

102 Occupied - NR 1 Bedroom + 1 Bath 650 $1,550.00 $2.38 $1,800.00 $2.77 $1,875.00 $2.88

103-MGR Occupied - NR 2 Bedroom + 2 Bath 875 $2,500.00 $2.86 $2,450.00 $2.80 $2,500.00 $2.86

104 Occupied - R 1 Bedroom + 1 Bath 650 $1,695.00 $2.61 $1,800.00 $2.77 $1,875.00 $2.88

105 Occupied - NR 2 Bedroom +2 Bath 875 $2,200.00 $2.51 $2,350.00 $2.69 $2,500.00 $2.86

106 Vacant - R 2 Bedroom + 2 Bath 875 $2,500.00 $2.86 $2,500.00 $2.86 $2,500.00 $2.86

107 Vacant - Demo 2 Bedroom + 2 Bath 875 $2,500.00 $2.86 $2,500.00 $2.86 $2,500.00 $2.86

108 Vacant - R Studio 450 $1,600.00 $3.56 $1,650.00 $3.67 $1,600.00 $3.56

201 Occupied - R 1 Bedroom + 1 Bath 650 $1,795.00 $2.76 $1,800.00 $2.77 $1,875.00 $2.88

202 Occupied - R 1 Bedroom + 1 Bath 650 $1,695.00 $2.61 $1,800.00 $2.77 $1,875.00 $2.88

203 Occupied - R 2 Bedroom + 2 Bath 875 $2,295.00 $2.62 $2,350.00 $2.69 $2,500.00 $2.86

204 Occupied - R 1 Bedroom + 1 Bath 650 $1,800.00 $2.77 $1,800.00 $2.77 $1,875.00 $2.88

205 Occupied - R 2 Bedroom + 2 Bath 875 $2,295.00 $2.62 $2,500.00 $2.86 $2,500.00 $2.86

206 Occupied - R 2 Bedroom + 2 Bath 875 $2,195.00 $2.51 $2,350.00 $2.69 $2,500.00 $2.86

207 Occupied - R 2 Bedroom + 2 Bath 875 $2,295.00 $2.62 $2,500.00 $2.86 $2,500.00 $2.86

208 Occupied - NR Studio 450 $1,350.00 $3.00 $1,600.00 $3.56 $1,600.00 $3.56

301 Occupied - R 1 Bedroom + 1.5 Bath (Loft) 740 $1,995.00 $2.70 $2,050.00 $2.77 $2,150.00 $2.91

302 Vacant - Demo 1 Bedroom + 1.5 Bath (Loft) 740 $2,150.00 $2.91 $2,150.00 $2.91 $2,150.00 $2.91

303 Occupied - R 2 Bedroom + 2 Bath 875 $2,295.00 $2.62 $2,350.00 $2.69 $2,500.00 $2.86

304 Occupied - R 1 Bedroom + 1.5 Bath (Loft) 740 $1,995.00 $2.70 $2,150.00 $2.91 $2,150.00 $2.91

305 Occupied - NR 2 Bedroom + 2 Bath 875 $2,200.00 $2.51 $2,350.00 $2.69 $2,500.00 $2.86

306 Occupied - R 2 Bedroom + 2 Bath 875 $2,295.00 $2.62 $2,350.00 $2.69 $2,500.00 $2.86

307 Occupied - R 2 Bedroom + 2 Bath 875 $2,295.00 $2.62 $2,350.00 $2.69 $2,500.00 $2.86

308 Occupied - NR Studio Loft 550 $1,550.00 $2.82 $1,675.00 $3.05 $1,750.00 $3.18

TOTAL 24 Units $48,915.00 $2.75 $51,050.00 $2.86 $52,650.00 $2.94

Demo = Renovation Underway R= Renovation Complete NR= Non-Renovated

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24 HABITAT

UNIT MIX SUMMARYUNIT TYPE # OF UNITS

AVG SQUARE

FEET

AVERAGE CURRENT

RENTSRENT $/SF

CURRENT MONTHLY INCOME

AS-IS MARKET RENTS

AS-IS MARKET

$/SF

AS-IS MARKET

MONTHLY INCOME

RENOVATED MARKET RENTS

RENOVATED MARKET

$/SF

RENOVATED MARKET

MONTHLY INCOME

Studio 2 450 $1,475.00 $3.28 $2,950 $1,625.00 $3.61 $3,250 $1,600 $3.56 $3,200

Studio + Loft 1 550 $1,675.00 $3.05 $1,550 $1,675.00 $3.05 $1,675 $1,750 $3.18 $1,750

1 Bedroom + 1 Bath 6 650 $1,735.00 $2.67 $10,410 $1,812.50 $2.79 $10,875 $1,875 $2.88 $11,250

1 Bedroom + 1 Bath Loft 3 740 $2,046.67 $2.77 $6,140 $2,116.67 $2.86 $6,350 $2,150 $2.91 $6,450

2 Bedroom + 2 Bath 12 875 $2,322.08 $2.65 $27,865 $2,408.33 $2.75 $28,900 $2,500 $2.86 $30,000

Totals/Averages 24 752 $2,072.08 $2.75 $48,915.00 $2,121 $2.86 $51,050 $2,171 $2.94 $52,650

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METRICSPROPERTY OVERVIEW

Property Address 310 S Kenmore Ave

Los Angeles, CA 90020

Assessor Parcel Number 5502-005-007

Market Los Angeles

Sub-Market Koreatown

Zoning LAR4

Number of Units 24

Year Built 1988

Gross Building Square Feet 20,073

Lot Size 9,863

INVESTMENT OVERVIEW

Purchase Price $8,600,000

Price Per Unit $358,333

Price Per Square Foot $428.44

FINANCING OVERVIEW

OPERATIONS OVERVIEWINCOME CURRENT AS-IS MARKET RENOVATED MARKET

Scheduled Market Rent $586,980 $612,600 $631,800

Less: Vacancy 3.00% ($17,609) ($18,378) ($18,954)

Subtotal: Effective Rental Income $569,371 $594,222 $612,846

Other Income

Plus: Laundry Income $2,750 $2,750 $2,750

Plus: Miscellaneous Fees $4,100 $4,100 $4,100

Plus: RUBS Reimbursement $21,120 $21,120 $21,120

Plus: LAHD Registration/SCEP Reimbursement $1,333 $1,333 $1,333

Subtotal: Total Other Income $29,303 $29,303 $29,303

EFFECTIVE GROSS INCOME $598,674 $623,525 $642,149

EXPENSESFixed Expenses

Off-Site Management 4.00% $22,775 $23,769 $24,514

Property Tax 1.19% $102,511 $102,511 $102,511

Direct Assessments $2,153 $2,153 $2,153

Property & Liability Insurance $10,546 $10,546 $10,546

Subtotal: Fixed Expenses $137,985 $138,979 $139,724

Controllable Expenses

On-Site Management Payroll $6,000 $6,000 $6,000

On-Site Management Unit Allowance $12,000 $12,000 $12,000

LAHD Fees & Administrative Costs $2,627 $2,627 $2,627

Repairs & Maintenance $500 $12,000 $12,000 $12,000

Utilities $850 $20,400 $20,400 $20,400

Rubbish Removal $12,276 $12,276 $12,276

Landscaping $1,200 $1,200 $1,200

Elevator/Fire System $2,200 $2,200 $2,200

Pest Control $1,350 $1,350 $1,350

Subtotal : Controllable Expenses $70,053 $70,053 $70,053

TOTAL EXPENSES ($208,038) ($209,032) ($209,777)

NET OPERATING INCOME $390,635 $414,493 $432,372

Capital Reserves $200 ($4,800) ($4,800) ($4,800)

Debt Service ($310,658) ($310,658) ($310,658)

NET CASH FLOW $75,177 $99,035 $116,914

2.50% 3.29% 3.88%

Principal Reduction $102,788 $102,788 $102,788

TOTAL RETURN $177,965 $201,822 $219,701

5.91% 6.71% 7.30%

Down Payment $3,010,000

Loan Amount $5,590,000

Loan to Value % 65.00%

Debt Service Coverage Ratio 1.26

Loan Type Fully Amortizing

Loan Rate 3.75%

Loan Term 7 Years

INVESTMENT RETURNS

GRM - Current 14.65

CAP Rate - Current 4.54%

GRM - Market 14.04

CAP Rate - Market 4.82%

GRM - Renovated 13.61

CAP Rate - Renovated 5.03%

25

* RUBS Reimbursement income assumes buyer implementation * Laundry Income is estimated assuming 97% occupancy* RUBS Reimbursement is estimated at 80% cost recovery* Utility Expense is estimated at $850 per unit/year* On-Site Management Expense assumes manager occupies a 1 Bedroom Unit* Loan was quoted by Mike Shay of First Republic Bank

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26 HABITAT

Rent survey 310 S KENMORE AVE

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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27 HABITAT

PROPERTY UNITS YEAR BUILT PARKING RENOVATED INDIVIDUALLY METERED TYPE RENT SF RENT/SF

310 S Kenmore AveLos Angeles, CA 90020 24 1988 Yes Yes Yes Studio $1,600 450 $3.55

500 S WestmorelandLos Angeles, CA 90020 54 1926 No Yes No Studio $1,895 470 $4.03

411 S Virgil Ave Los Angeles, CA 90020 70 1979 Yes Yes Yes Studio $1,680 410 $4.10

501 S New Hampshire AveLos Angeles, CA 90020 259 1989 Yes Yes Yes Studio $1,768 455 $3.89

310 S Kenmore AveLos Angeles, CA 90020 24 1988 Yes Yes Yes 1 Bedroom/ 1 Bath $1,875 650 $2.88

448 S Alexandria Ave Los Angeles, CA 90020 27 1963 Yes Yes Yes 1 Bedroom/1 Bath $1,895 750 $2.53

410 S Hobart BlvdLos Angeles, CA 90020 68 1970 Yes Yes No 1 Bedroom/1 Bath $1,850 650 $2.85

500 S St Andrews PlLos Angeles, CA 90020 68 1990 Yes Yes Yes 1 Bedroom/1 Bath $1,925 950 $2.03

530 S Catalina StLos Angeles, CA 90020 45 1971 Yes Yes Yes 1 Bedroom/1 Bath $1,865 700 $2.66

310 S Kenmore AveLos Angeles, CA 90020 24 1988 Yes Yes Yes 2 Bedroom/ 2 Bath $2,500 875 $2.86

345 S Alexandria AveLos Angeles, CA 90020 41 1989 Yes Yes Yes 2 Bedroom/2 Bath $2,500 920 $2.72

501 S New Hampshire AveLos Angeles, CA 90020 259 1989 Yes Yes Yes 2 Bedroom/2 Bath $2,700 950 $2.84

309 S Mariposa AveLos Angeles, CA 90020 9 2005 Yes Yes Yes 2 Bedroom/2.5 Bath $2,995 1170 $2.54

334 S Gramercy Pl Los Angeles, CA 90020 36 1963 Yes Yes Yes 2 Bedroom/2 Bath $2,495 1025 $2.43

RENT SURVEY

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HABITAT310 S Kenmore Ave

501 S New Hampshire Ave

410 S Hobart Blvd

309 S Mariposa Ave

500 S St Andrews Pl

334 S Gramercy Pl

411 S Virgil Ave 530 S Catalina St

500 S Westmoreland

345 S Alexandria Ave

448 S Alexandria Ave

28 HABITAT

RENT SURVEY

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29 HABITAT

SALES COMPARABLES 310 S KENMORE AVE

NON-RENT CONTROLLED OPPORTUNITY IN KOREATOWN

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Studio Studio + Loft 1 Bedroom + 1 Bath

1 Bedroom + 1.5 Bath Loft 2 Bedroom + 2 Bath

Made with

Studio 1 Bedroom/1 Bath 2 Bedroom/2 Bath

Made with

1 Bedroom/1-2 Bath 2 Bedroom/1 Bath

3 Bedroom/2 Bath

Made with

2 Bedroom/2 Bath

Made with

30 HABITAT

SALES COMPARABLES

PROPERTY 310 S Kenmore Ave 855 S Harvard Blvd 709 S Kingsley Dr 130 S Alexandria Ave

LOCATION Koreatown Koreatown Koreatown Koreatown

NUMBER OF UNITS 24 32 15 30

YEAR BUILT 1988 1988 1989 1990

DATE SOLD Subject Apr-19 Mar-18 Mar-19

SALE PRICE $8,600,000 $10,925,000 $5,300,000 $12,365,000

PRICE/UNIT $358,333 $341,406 $353,333 $412,167

CAP RATE 4.54% N/A 3.73% N/A

GRM 14.65 N/A N/A N/A

PRICE/SF $428 $346 $473 $300

PARKING Yes Yes Yes Yes

UNIT MIX

2 - Studio1 - Studio + Loft

6 - 1 Bedroom + 1 Bath3 - 1 Bedroom + 1.5 Bath Loft

12- 2 Bedroom + 2 Bath

26 - 1 Bedroom/1-2 Bath5 - 2 Bedroom/1 Bath1- 3 Bedroom/2 Bath* 10u are low income

1 - Studio8 - 1 Bedroom/1 Bath6- 2 Bedroom/2 Bath

30 - 2 Bedroom/2 Bath

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Studio Studio + Loft 1 Bedroom + 1 Bath

1 Bedroom + 1.5 Bath Loft 2 Bedroom + 2 Bath

Made with

1 Bedroom/1 Bath

Made with

2 Bedroom/2 Bath

Made with

1 Bedroom/1 Bath

Made with

31 HABITAT

SALES COMPARABLES

PROPERTY 310 S Kenmore Ave 742 S Harvard Blvd 519 S Westmoreland 827 S Wilton Pl

LOCATION Koreatown Koreatown Koreatown Koreatown

NUMBER OF UNITS 24 30 18 18

YEAR BUILT 1988 1985 1984 1986

DATE SOLD Subject Dec-18 Apr-19 Aug-18

SALE PRICE $8,600,000 $13,200,000 $4,410,000 $5,335,000

PRICE/UNIT $358,333 $440,000 $245,000 $296,389

CAP RATE 4.54% 3.70% N/A 3.38%

GRM 14.65 N/A N/A 16.79

PRICE/SF $428 $433 $444 $518

PARKING Yes Yes Yes Yes

UNIT MIX

2 - Studio1 - Studio + Loft

6 - 1 Bedroom + 1 Bath3 - 1 Bedroom + 1.5 Bath Loft

12- 2 Bedroom + 2 Bath

30 - 2 Bedroom/2 Bath 18 - 1 Bedroom/1 Bath 18 - 1 Bedroom/1 Bath

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709 S Kingsley Dr

130 S Alexandria Ave

HABITAT310 S Kenmore Ave

742 S Harvard Blvd

519 S Westmoreland

827 S Wilton Pl

855 S Harvard Blvd

32 HABITAT

SALES COMPARABLES MAP

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AGENT CONTACTPETER STRAUSSPartnero: 747-444-3303m: [email protected] #01335696

16530 Ventura BlvdSuite 409Encino, CA 91436

ROBIN D. OSSENBECKManaging Directoro: 310-470-1667m: [email protected] #00969036

11111 Santa Monica BlvdSuite 400Los Angeles, CA 90025

I C O N I CEXCELLENCE IN REAL ESTATE