prime hollywood neighborhood green-certified / …...less: expenses $51,077 contract services...

Streetlamp Partners, Inc. is a managing partner in this development. All marketing information provided by Citivest Realty Services, BRE #01020312.

OFFERING MEMORANDUM

6413 W LEXINGTON AVENUE, HOLLYWOOD, CA 90038

LIST PRICE: $3,149,000 4.9% CAP RATE / 14.9 GRM

GREEN-CERTIFIED / NO RENT CONTROL / CofO IN MAY

SETH HAMILTON [email protected]# 01897619STREETLAMPPARTNERS.COM

NEW CONSTRUCTION FOUR UNIT PRIME HOLLYWOOD NEIGHBORHOOD

T A B L E O F C O N T E N T S

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T H E O F F E R I N G2 Sample Finishes5 Property overview6 Site 7 Site plans8 Floor Plans

P R O P E R T Y D E TA I L S12 Rent roll/MLSlisted rent comps13 Publicly listed sale comps

T H E N E I G H B O R H O O D15 Area Maps18 Featured Projects20 Contact

S T R E E T L A M P PA R T N E R S . C O M1

We are pleased to announce the offering of a new construction Green Certified fourplex in a prime Hollywood location, just a few blocks from West Hollywood and Sunset Boule-vard! The Certificate of Occupancy is expected May 2018. The property will be delivered vacant and is not subject to rent control. A 92 walk score highlights that this property is right in the mix!

This luxury fourplex offers 11 bedrooms and 14 bathrooms in four townhouse style units. All units are equipped with separate meters for water, gas, and electricity as well as a fifth common area electric and water meter for servicing exterior lighting and landscape irrigation. Plans include installation of “LID’ containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance, green-certified property.

This property is located in an ideal Hollywood location, just minutes from West Holly-wood and Sunset Boulevard. It is walking and biking distance from popular restaurants, bar and music venues, Hollywood attractions, hiking, the arts and entertainment galore. There is no lack of things to do making this fourplex the ideal location for anyone from students to young professionals to expats.

New construction, green-certified fourplexes such as this are a great find and when available lease at higher rates than competing older properties. Neighborhood rents are strong, bringing a 14.9 GRM and 4.9% Cap rate to the buyer.

The ceritificate of occupancy is expected in May 2018 and the developer is ready to accept offers and put this project into escrow. Please contact us for showing instructions or to submit an offer.

T H E O F F E R I N G

ACTUAL FINISHESS T R E E T L A M P PA R T N E R S . C O M2

O P E N F L O O R P L A N S

Q U A L I T Y F I N I S H E S

SAMPLE FINISHESS T R E E T L A M P PA R T N E R S . C O M3

G R E E N C E R T I F I E D

L O W M A I N T E N A N C E

SAMPLE FINISHESS T R E E T L A M P PA R T N E R S . C O M4

P R I V AT E L A Y O U T S

L U X U R Y L I V I N G

ACTUAL FINISHESS T R E E T L A M P PA R T N E R S . C O M

THE PROPERTY: APN: 5533-004-013

# of Units: 4

Year Built: 2018

Building Size (SF): 6,106

Lot Size (SF): 6,925

Zoning: RD1.5-1XL

THE OFFERING: List Price: $3,149,000

GRM: 14.9

Cap Rate: 4.9%

Price per SF: $515.72

Price per Unit: $787,250

AMENITIES: Covered Parking: 8

Uncovered Parking: 0

Laundry: Private Each Unit

Floors: 3

Tenant Meters: (water/gas/electric) 4

Owner/Common Meters: (water/electric) 1

5

P R O P E R T Y O V E R V I E W


S I T E


S I T E P L A N


P L A N Sf i r s t f l o o r p l a n


P L A N Ss e c o n d f l o o r p l a n


P L A N St h i r d f l o o r p l a n


P R O P E R T Y D E T A I L SSUMMARIZED PRICING METRICS BUILDING DESCRIPTION PROPOSED FINANCING

PRICE: $3,149,000 NO. OF UNITS 4 LOAN AMOUNT $1,889,400DOWN (40%): $1,259,600 YR. BUILT 2018 INTEREST RATE 4.25%PRO FORMA GRM: 14.9 YR. RENOVATED - MONTHLY PAYMENT $9,295PRO FORMA CAP RATE: 4.9% ZONING RD1.5-1XL LTV 60%$/UNIT: $787,250 LOT SIZE (SQ FT) 6,925 AMORTIZATION (YEARS) 30$/SF: $516 GROSS SF 6,106 DSCR 1.38

ANNUALIZED OPERATING DATA PRO FORMA ANNUALIZED EXPENSES PRO FORMAFIXED EXPENSES

GROSS POTENTIAL RENTAL INCOME $211,200 REAL ESTATE TAXES 1.29% $40,622 GAIN (LOSS)-TO-LEASE $0 INSURANCE .35/SQ FT $2,137GROSS SCHEDULED RENTAL INCOME $211,200 UTILITIES $918 LESS: VACANCY 3% -$6,336EFFECTIVE GROSS INCOME $204,864 CONTROLLABLE EXPENSES LESS: EXPENSES $51,077 CONTRACT SERVICES $350/MO $4,200 MISCELLANEOUS INCOME $0 REPAIRS & MAINTENANCE $400/UNIT $1,600NET OPERATING INCOME $153,787 UNIT TURNOVER $400/UNIT $1,600

DEBT SERVICE -$111,536.55 TOTAL EXPENSES $51,077PRE-TAX CASH FLOW 3.4% $42,250.25 EXPENSES/UNIT $12,769 PRINCIPAL REDUCTION $31,237.05 EXPENSES/SQ FT $8.37TOTAL RETURN 5.83% $73,487.30 % OF EGI 24.9%

P U B L I C LY L I S T E D R E N T A L C O M P S

UNIT # STATUS UNIT TYPE UNIT SIZEPRICE / SQ FT

SCHEDULED GROSS INCOME

# FLOORS / UNIT PARKING LAUNDRY

6413 VACANT 2B/ 3B 1,184 $3.17 $3,750 3 2 GARAGE PRIVATE6413 1/2 VACANT 3B/ 3.5B 1,804 $2.69 $4,850 3 2 GARAGE PRIVATE6415 VACANT 3B/ 3.5B 1,882 $2.76 $5,200 3 2 GARAGE PRIVATE6415 1/2 VACANT 3B/ 3B 1,236 $3.07 $3,800 3 2 GARAGE PRIVATE4 VACANT 11B/14B 6,106 $2.92 $17,600 3 8 GARAGES 4 PRIVATE ROOM

ADDRESS STATUS UNIT TYPE YR. BUILT UNIT SIZE RENT $/SF6509 LA MIRADA ACTIVE 2 BD/3 BT 2009 1,723 $5,600 $3.256117 W FOUNTAIN LEASED 3 BD/3 BT 2017 1,302 $3,900 $3.006007 BARTON AVE LEASED 3 BD/2.5 BT 2016 1,525 $4,600 $3.026009 1/2 BARTON AVE LEASED 2 BD/2.5 BT 2016 1,250 $3,800 $3.045941 BARTON AVE LEASED 3 BD/4 BT 2016 1,400 $4,495 $3.215941 BARTON AVE LEASED 2 BD/3 BT 2016 1,300 $3,950 $3.041219 N JUNE ACTIVE 3 BD/2 BT 1914 1,352 $3,995 $2.951246 GORDON ACTIVE 3 BD/3.5 BT 2017 1,835 $5,000 $2.724529 LEXINGTON AVE LEASED 2 BD/2 BT 2017 826 $2,700 $3.274529 1/2 LEXINGTON AVE LEASED 3 BD/2 BT 2017 1,182 $3,400 $2.88COMPARABLE AVERAGE: 2005 1,381 $4,371 $3.16

SUBJECT PROPERTY: VACANT 2018 1,527 $4,400 $2.92


R E N T R O L L

P U B L I C LY L I S T E D S A L E C O M P S

ADDRESS STATUS # UNITS BED /BATH COUNT YR. BUILT SQ FT PRICE GRM $/SF CAP RATE853 N MCCADDEN PL ACTIVE 4 12 BD/16 BT 2018 7,374 $3,749,000 14.53 $508.41 5.6636 PARKMAN PENDING 4 12 BD/14 BT 2018 6,612 $3,599,000 15.00 $544.31 4.91249 COLTON SOLD 2 6 BD/4 BT 2007 2,696 $1,354,000 17.36 $502.23 4.15722 CAMERFORD AVE ACTIVE 5 12 BD/10 BT 1921 5,547 $3,495,000 20.20 $630.07 4.46033 ELEANOR AVE ACTIVE 8 16 BD/8 BT 2006 6,400 $3,300,000 16.40 $515.63 3.6963 N WILTON PL SOLD 4 12 BD/7 BT 2017 4,499 $2,185,000 14.11 $485.66 0.01139 N COMMONWEALTH AVE SOLD 4 7 BD/7 BT 1928 3,820 $2,193,750 15.60 $574.28 4.6COMP AVERAGE: 1988 5,278 $2,839,393 16.17 $537.23 3.9

SUBJECT PROPERTY: VACANT 4 11B/14B 2018 6,106 $3,149,000 14.91 $515.72

COMP $/SQ FT $537.23SUBJECT SQ FT 6,106SUGGESTED VALUE $3,280,305

COMP GRM 16.24SUBJECT GROSS POTENTIAL RENT $211,200SUGGESTED VALUE $3,429,854



T H E N E I G H B O R H O O D

D E M O G R A P H I C SW A L K S C O R EW A L K 9 2 % ( W a l k e r ’ s P a r a d i s e )

B I K E 7 8 % ( V e r y B i k e a b l e )

T R A N S I T 6 6 %

A F R I C A N A M E R I C A N 3 , 8 9 0A S I A N O R P A C I F I C I S L A N D E R 5 , 5 2 5M I X E D R A C E S 3 , 5 0 2W H I T E 3 1 , 9 0 5H I S P A N I C 3 3 , 0 7 3

L O C A L FA V O R I T E S

T h e P i e H o l e . 7 m i l e s

S a s s a f r a s S a l o o n. 2 m i l e s

C r i s p y C r u s t P i z z a . 2 m i l e s

C o c o b e l l a C r e a m e r y. 3 m i l e s


A R E A AT T R A C T I O N S


W A L K I N G M A P - H O L LY W O O D A R E A

S T R E E T L A M P R O P E R T I E S . C O M17 S T R E E T L A M P R O P E R T I E S . C O M

S T R E E T L A M P PA R T N E R S . C O M

3400 West London Street is ideally located in a prime Silver Lake neighborhood. This property is very walkable with daily shopping, nightlife, arts and entertainment all in walking distance. It is in close proximity to major freeways providing easy commuting. It is just minutes from the popular Sunset Junction, downtown Hollywood and West Hollywood, as well as Griffith Park and the Hollywood Hills. This spacious, luxurious new construction building has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of ‘LID’ containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed April 2018.

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THE PROPERTY: APN: 5401-010-001

# of Units: 4

Year Built: 2018



Zoning: RD1.5-1VL

THE OFFERING: Price Range: $3,149,000

GRM: 15.6

Cap Rate: 4.6%






Floors: 3



NEW CONSTRUCTION FOURPLEX

L I S T P R I C E : $3,149,000

Turn key | No rent control | High cash flow

4.6% CAP RATE / 15.6 GRM

1819

3 4 0 0 W L O N D O N S T , S I L V E R L A K E 9 0 0 2 6

S T R E E T L A M P PA R T N E R S . C O M

636 North Parkman Avenue is centrally located in a trendy Silver Lake neighborhood. This property is in a good location with a 71 walk score with plenty of shopping,dining and nightlife in walking distance. It is also in close proximity to major freeways and public transportation allowing for ease of access in commute and area exploration. This project is ideally located in the mix of all prime Hollywood neighborhoods and areas, providing a mix of entertainment. This luxury, well layed out project has four townhouse style units each with three beds, three and half baths and a two car garage. Plans include installation of ‘LID’ containers for rain runoff capturing, drought tolerant landscaping and energy efficient appliances and fixtures presenting the buyer with a low maintenance green certified property. Construction is anticipated to be completed April 2018

NTHE PROPERTY: APN: 5401-026-017

# of Units: 4

Year Built: 2018



Zoning: RD1.5-1VL

THE OFFERING: List Price: $3,599,000

GRM: 15.5

Cap Rate: 4.7%






Floors: 3



NEW CONSTRUCTION FOURPLEX

L I S T P R I C E :

$3,599,000

Turn key | No rent control | High cash flow

4.7% CAP RATE / 15.5 GRM

1920

6 3 6 N PA R K M A N A V E , S I L V E R L A K E 9 0 0 2 6


C O N T A C T I N F O

P L E A S E V I S I T :S T R E E T L A M P PA R T N E R S . C O MF O R M O R E I N F O R M AT I O N O N O U R U P C O M I N G P R O P E R T I E S .

I n f o r m a t i o n P r o v i d e d b y : S e t h H a m i l t o n , B R E # 0 1 8 9 7 6 1 9C i t i v e s t R e a l t y S e r v i c e s , B R E # 0 1 8 7 5 8 2 3

2 . 5 % C o o p e r a t i n g B r o k e r C o m p e n s a t i o n

T h e i n f o r m a t i o n c o n t a i n e d h e r e i n i s n o t a s u b s t i t u t e f o r a t h o r o u g h i n d e p e n d e n t d u e d i l i g e n c e i n v e s t i g a t i o n . O w n e r / D e v e l o p e r /A g e n t a r e n o t q u a l i f i e d t o d i s c u s s o r a d v i s e o n l e g a l , a c c o u n t i n g , o r o t h e r m a t t e r s o u t s i d e o f t h o s e p e r m i t t e d b y s t a t e l a w. O w n e r / D e v e l o p e r / A g e n t h a v e n o t m a d e a n y i n v e s t i g a t i o n , a n d m a k e s n o w a r r a n t y o r r e p r e s e n t a t i o n , w i t h r e s p e c t t o t h e i n c o m e o r e x p e n s e s f o r t h e s u b j e c t p r o p e r t y , t h e f u t u r e p r o j e c t e d f i n a n c i a l p e r f o r m a n c e o f t h e p r o p e r t y .

7 1 4 . 3 9 7 . 6 0 7 7S E T H @ S T R E E T L A M P PA R T N E R S . c o m

prime hollywood neighborhood green-certified / …...less: expenses $51,077 contract services...

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