1317 e wilson avenue, glendale, ca 91206 · sandwiches at the amazing porto’s bakery, or the...

1317 E Wilson Avenue, Glendale, CA 912068-Unit Multifamily Investment Opportunity in Glendale

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2 | 1317 E WILSON AVENUE

Exclusively Listed By:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

1317 E WILSON AVENUE, GLENDALE, CA 91206

NICK ASTRUPGAARDMultifamily [email protected]

CALBRE LIC #01893466

1317 E WILSON AVENUE | 3

CONTENTS

04091421

PROPERTY DESCRIPTION

FINANCIAL SUMMARY

MARKET OVERVIEW

MARKET COMPARABLES


P r o p e r t yD e s c r i p t i o n


KW Commercial is pleased to present 1317 E Wilson Avenue, a charming 1920s 8-Unit apartment community in Glendale (91206).

Current ownership has created a proven concept through interior unit renovations of most of the 8 units. Units upgrades include new hardwood floors, new tile kitchens, and new appliances. The entire property has seen extensive remodeling/updating with new copper plumbing and updated electrical systems. Additional improvements include new hardscaping and fencing, increasing the property’s curb appeal and aesthetic for tenants.

The property offers a functional unit mix of eight (8) spacious 1 bedroom and 1 bathroom units. The units are an average of 662 square feet and feature large living rooms, kitchens, fireplaces and a walk-in closets. Several of the units have private patios.

Centrally located in Glendale, 1317 E Wilson Avenue is ideally located in Glendale and adjacent to the 2 and 134 freeways. Furthermore, the subject property’s transit oriented and highly walkable location offers residents access to a myriad of entertainment venues, cultural destinations, and dining options nearby. The property is just a short drive from the Americana and Glendale Galleria.

Given the property’s location and strong income metrics, 1317 E Wilson Avenue is an ideal investment for apartment operators seeking immediate returns along with long term wealth preservation and appreciation.

OFFERINGTHE


THE OPPORTUNITY: 1317 E Wilson Avenue is an attractive 8-Unit apartment community located in the densely populated and enormously popular rental submarket of Glendale.

STRONG INCOME METRICS: 1317 E Wilson Avenue is currently producing strong rents and has the possibility for income growth through further unit attrition and annual rent increases.

EXTENSIVELY REMODELED: The entire building has seen extensive remodeling and upgrades to the central systems. The grounds have also been upgraded and are attractive.

WELL LOCATED: 1317 E Wilson Avenue is a short drive from the extremely popular Americana at the Brand and Glendale Galleria. The property is also a short distance and has easy access to the 2 and 134 Freeways.

EXCEPTIONAL FINANCING / LOAN OPTIONS: Historically low interest rates and attractive financing options available.

LACK OF HOUSING AFFORDABILITY: There is a significant affordability gap to home ownership in the Glendale submarket. As the median home price in the area is $806,44 a typical monthly mortgage payment is between 2-3 times more than the average renovated rents at 1317 E Wilson Avenue.

INVESTMENT

HIGHLIGHTS


1317 E WILSON AVENUE


F i n a n c i a l S u m m a r y


FINANCIAL SUMMARY 1317 E Wilson Avenue, Glendale, CA 91206

BUILDING DATAUnits 8

Year Built 1927

Lot Sq Ft 5,297

Bldg Gross Sq Ft 8,510

Parking Spaces 5

ESTIMATED ANNUALIZED EXPENSESNew Property Taxes $30,135

Utilities (DWP & Gas) $5,600

Property Insurance $2,913

Landscaping $1,440

Repairs & Maintenance $4,400

Rental Registration $432

Pest Control $960

Total Estimated Expenses $45,880

SOURCE OF INCOME CURRENT RENT MARKET RENT Post Renovation

# of Units Unit Type Rent/SF Avg. Rent Total Rent/SF Avg. Rent Income

8 1 Bed / 1 Bath $2.55 $1,686 $13,490 $3.16 $2,095 $16,760

Total Monthly Income $13,490 $16,760

Total Annual Income $161,880 $201,120

EST. ANNUALIZED OPERATING DATA CURRENT MARKETScheduled Gross Income $161,880 $201,120

Less Vacancy 2.0% ($3,238) 2.0% ($4,022)

Gross Operating Income $158,642 $197,098

Less Expenses 28% ($45,880) 23% ($45,880)

Net Operating Income $112,762 $151,217

NOTATIONS:1) Repairs & Maintenance: Repairs and Maintenance is underwritten as a pro forma expense of $550 per unit per year.

2) Contract Service: Expenses are projected for Pest Control ($80/mo), Landscaping ($120/mo) based on market rates.

3) Utilities: Estimated at $700 / unit / year based on market rates. Separately metered for Gas & Electrical utilities.

4) Real Estate Taxes: Taxes have been underwritten based upon a tax rate of 1.23%.

5) Property Insurance: The Current and Pro Forma Insurance expense is based upon $0.55/SF/Year.

FINANCIAL INDICATORS

Offering Price $2,450,000

Current CAP 4.6%

Market CAP 6.2%

Current GRM 15.13

Market GRM 12.18

Cost Per Unit $306,250

Price per SF $462.53


RENT ROLL 1317 E Wilson Avenue, Glendale, CA 91206

UNIT STATUS UNIT TYPE Est. SF Current Rent / SF

Current Rent Market Rent / SF

Market Rent Post Renovation

1317 Occupied 1 Bed / 1 Bath 662 $2.57 $1,700 $3.16 $2,095

1317 1/2 Occupied 1 Bed / 1 Bath 662 $2.57 $1,700 $3.16 $2,095

1317 A Occupied 1 Bed / 1 Bath 662 $2.57 $1,700 $3.16 $2,095

1317 B Occupied 1 Bed / 1 Bath 662 $2.57 $1,700 $3.16 $2,095

1319 Occupied 1 Bed / 1 Bath 662 $2.56 $1,695 $3.16 $2,095

1319 1/2 Occupied 1 Bed / 1 Bath 662 $2.41 $1,595 $3.16 $2,095

1319 A Occupied 1 Bed / 1 Bath 662 $2.57 $1,700 $3.16 $2,095

1319 B Occupied 1 Bed / 1 Bath 662 $2.57 $1,700 $3.16 $2,095

$2.55 $13,490 $3.16 $16,760


Assessor’s Parcel Number Buildings Year Built Land Use

Zoning Stories

SITE DESCRIPTIONUnits

Gross Square Footage Lot Size Square Footage

Parking

UTILITIESWaterSewer

ElectricGas:

Property Details

1317 E Wilson Avenue • Glendale, CA • 91206

CONSTRUCTION

5645-021-018 One1927ApartmentsGLR4YYTwo

85,2978,5105

Master MeteredMaster MeteredSeparately MeteredSeparately Metered

Foundation Framing Exterior

RoofTopography

Foundation Retrofitted/Raised FoundationWood FrameStucco PitchedFlat


M a r k e tO v e r v i e w


BURBANK

1317E WILSON AVENUE

LA CAÑADA FLINTRIDGE

PASADENA SAN GABRIEL MOUNTAINS

GLENDALE DOWNTOWN LOS ANGELES

GLENDALE, CALIFORNIA


RETAIL AMENITIESLess than 7 miles from AMAZING SHOPPING

The Americana at Brand is a large mixed-use shopping, dining, entertainment and residential complex in Glendale, California. The Americana at Brand offers world-class retail, restaurants, entertainment and residences together in one beautiful destination. It is the home of eighty-two retail shops including Barneys New York, Nordstrom, XXI Forever, and Anthropologie. A few of its restaurants are Din Tai Fung, Bourbon Steak by Michael Mina, and Katsuya. The complex also includes 100 condominiums and 242 luxury apartments.

Glendale Galleria is a large shopping center in Downtown Glendale. The mall contains a wide variety of stores, including the first ever Apple and Disney stores. It is the home to traditional favorites, including Macy’s, Williams Sonoma, and LOFT, and is continuously adding the most coveted new retail concepts.

AMERICANA AT BRAND

GLENDALE GALLERIA


PASADENAPasadena is situated at the base of the San Gabriel Mountains. The city is best known for hosting the annual Rose Bowl football game and Tournament of Roses Parade. In addition, Pasadena is also home to many scientific and cultural institutions, including Caltech, Pasadena City College, Fuller Theological Seminary, ArtCenter College of Design, the Pasadena Playhouse, the Ambassador Auditorium, the Norton Simon Museum, and the USC Pacific Asia Museum.

ONE COLORADO

Old Town Pasadena is one of the West Coast's most vibrant shopping, dining, and entertainment destination districts. It features a true downtown experience combined with all of the modern conveniences. Old Pasadena finds itself at the heart of a city that has amazing mountain views, sun-drenched rose gardens, world-class cultural institutions, and beautifully authentic early 20th-Century architecture.

OLD PASADENA


LA CAÑADA

FLINTRIDGELa Cañada Flintridge is a city in Los Angeles County, located in the Crescenta Valley and western end of the San Gabriel Valley. It is the home of NASA's Jet Propulsion Laboratory (JPL).

La Cañada Flintridge prides itself on being a small, close-knit, and family-oriented community with many volunteer-based organizations and highly ranked/award winning schools. The city also contains many community amenities, including parks, sports fields and courts, a skate park, hiking/equestrian trails, a public library, the historic Lanterman House, and Descanso Gardens.

DESCANSO GARDENSDescanso Gardens is an urban retreat of year-round natural beauty, internationally renowned botanical collections and spectacular seasonal horticultural displays. Visit for a stroll, a concert or a class — there are so many ways to explore.

Descanso Gardens is more than a place to explore; it’s a place to find inspiration for your home garden, learn a new skill or enjoy a concert on the lawn. Take a class, attend a festival or bring your favorite foodie to a wine tasting dinner. Whatever your mood, the Gardens offer a range of activities, classes, festivals and events.


BURBANKThe city of Burbank, located just north of Hollywood, is considered to be home base for the entertainment industry. It is the headquarters for a handful of the large film studios, including Warner Bros., Disney Studios, and ABC.

Beyond the industry-driven Media District, the city has two more distinct areas. The Downtown Burbank district is home to eateries such as Moore’s Delicatessen (complete with doodles on the walls from local animators), Guisados, or Fosters Freeze, a ’50s-era drive-in famous for their soft-serve ice cream cones. Burbank also has one of the top-grossing movie theaters in the U.S – the AMC Burbank 16.

Every October, the city is home to the massive Burbank Beer Festival & Fall Street Fair in Downtown Burbank. In addition to tastings of your favorite brews, there is live music and a Fall Street Fair featuring art vendors, handcrafted products and more.

For more dining and shopping, take a stroll through the diverse Magnolia Park neighborhood, with delicious Cuban pastries and sandwiches at the amazing Porto’s Bakery, or the eco-friendly, all-California beer bar Tony’s Darts Away. Magnolia Park also has a “vintage-inspired” shopping scene, where you can find ’50s-style fashions at Pinup Girl Boutique and Unique Vintage, or Hollywood souvenirs from It’s A Wrap!


M a r k e tC o m p a r a b l e s


1317 E Wilson AveCOMPARABLES

SALE

1)

2)

3)

4)

5)

6)

312 N Belmont St

131 S Belmont St

1145 E California Ave

138 N Everett St

418 Piedmont Ave

1415 Stanley Ave


COMPARABLESSALE

PROPERTY YEAR BUILT UNITS BLDG SF PRICE CAP GRM $/UNIT CLOSED

1317 E Wilson AveGlendale, CA 91206 1927 8 5,297

1 312 N Belmont StGlendale, CA 91206 1970 6 7,176 $2,108,000 3.86% 16.66 $351,333 4/16/2019

2 131 S Belmont StGlendale, CA 91205 1981 7 5,616 $2,125,000 - - $303,571 10/25/2019

3 1145 E California AveGlendale, CA 91206 1957 12 11,033 $3,350,000 4.23% 13.30 $279,167 4/11/2019

4 138 N Everett StGlendale, CA 91206 1986 8 8,102 $2,780,000 - - $347,500 5/13/2019

5 418 Piedmont AveGlendale, CA 91206 1959 12 11,643 $4,020,000 3.98% 15.18 $335,000 2/12/2020

6 1415 Stanley AveGlendale, CA 91206 1964 7 5,08 $2,175,000 4.34% 15.10 $310,714 12/13/2019


13171317E Wilson AvenueE Wilson Avenue


All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of sig-nificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transactionAll data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or perfor-mance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.

CONFIDENTIALITY AGREEMENT


Exclusively ListedBy:

RICH JOHNSMultifamily Investment [email protected]

CALBRE LIC#01432215

NICK ASTRUPGAARDMultifamily [email protected]

CALBRE LIC #01893466

1317 e wilson avenue, glendale, ca 91206 · sandwiches at the amazing porto’s bakery, or the...

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