2230 n cahuenga blvd los angeles ca 90068...musmmuiciians institute 20. emeemerson college los...

2230 N C A H U E N G A B LV DL o s A n g e l e s C A 9 0 0 6 8

8-UNIT MULTIFAMILY HOLLYWOOD HILLS, CA 90068

http://youtu.be/rQMl9udNb78

Exclusively Listed By:

RICH JOHNSMultifamily Investment [email protected]

CalBRE Lic#01432215

IDO GIATSenior Vice [email protected]

CalBRE Lic.#01242143

2230 N CAHUEGA BLVD LOS ANGELES, CA 90068

CONTENTS04082226

PROPERTY DESCRIPTION

FINANCIAL SUMMARY

MARKET COMPARABLES

LOCATION OVERVIEW

PROPERTYDESCRIPTION

Centrally located in Silver Lake, just south of Sunset Boulevard, 4509 Willow Brook Avenue is poised to capitalize on the tremendous momentum in the Hollywood-Silver Lake submarket. Furthermore, the subject property’s transit oriented and highly walkable location offers residents access to myriad entertainment venues, cultural destinations, and dining options nearby. Given the property’s location and strong income metrics, 4509 Willow Brook Avenue is an ideal investment for apartment operators seeking immediate returns along with long term wealth preservation and appreciation.

KW Commercial is pleased to present a strategic mar-ket positioning analysis for 2230 Cahuenga Blvd., a charming 8-unit investment opportunity featuring a bucolic courtyard located in the Hollywood Hills (90068), one of LA’s most dynamic neighborhoods.

2230 Cahuenga Blvd., built in 1940, has an exception-al unit composition benefiting an ease of manage-ment and rental of units. Total land area is 8,694 sq ft. The property proves strong current income with sig-nificant upside potential in rent. The property shows excellent curb appeal on a street of larger apartment communities and condominiums and features ma-ture landscaping, common area laundry and hillside views.

Individual apartment homes feature wood flooring and character fitting of the era along with dual en-trances.

Building systems upgrades include roofing system in-stalled in 1998, electrical service and circuit upgrades

installed in 2006 and the installation of laundry facil-ities in 2003.

Proximity to employment, lifestyle, and retail centers in the heart of Hollywood and within immediate prox-imity to West Hollywood, Silver Lake and DTLA make these apartment units extremely desirable to the af-fluent millennial renter demographics.

This location is the indisputable “CENTER OF LA” – vibrant, dynamic and artistic resident demographic base populating cutting-edge retail, cafes, restaurants and world-class hipster hot spots. An endlessly enter-taining region, set at the base of the Hollywood Hills and within a short drive to major employment centers within Hollywood proper, DTLA and Koreatown.

The property offers investors a unique and rare bal-ance between strong current income and meaningful rental upside for future vacant apartments.

T H EOffering

THE OPPORTUNITY:2230 Cahuenga Blvd. is an 8-unit investment opportunity located in the Hollywood Hills area known as the Hollywood Dell center of Hollywood within a densely populated rental submarket of Los Angeles known for excellent rent growth and low vacancy rates.

VALUE-ADD & WEALTH PRESERVATION: The current income, although strong & stable is below the market metrics. Exceptional future market rents can be achieved as the units turn naturally over time.

WELL LOCATED: The property is in the heart Hollywood and within minutes from Hollywood and Highland, the Magic Castle, the 101 Freeway and all Hollywood has to offer.

GREAT WALKABILITY: Walk Score of 69 – Walk to LA’s renowned restaurants, retail and entertainment venues, metro red line, parks and schools.

TRANSIT ORIENTED: 2230 Cahuenga Blvd. is located 0.7 miles from the Metro Red Line and is just moments from major transportation corridors.

STRONG EMPLOYMENT: Hollywood- submarket is one of the strongest employment centers in the Los Angeles MSA and offers access to a diverse set of employers.

LACK OF HOUSING AFFORDABILITY: There is a significant affordability gap to home ownership in the Hollywood. As the median home price in the direct area is approximately $1.434,000 and a typical monthly mortgage payment is considerably more than the average renovated rents at 2230 Cahuenga Blvd.

NO SEISMIC RETROFIT REQUIRED: 2230 Cahuenga Blvd. is not on the list of buildings that require a seismic retrofit.

LOCATED NEAR NEW COMMERCIAL DEVELOPMENTS: More than 2.3 million SF of commercial space is currently under development in the Hollywood- submarket representing more than $1.58B in project costs, it is estimated that nearly 6,500 new jobs will be created in Hollywood alone.

I N V E S T M E N THighlights

To see a video of 2230 North Cahuenga, go to: https://vimeo.com/362160994.

http://vimeo.com/362160994

EXTERIOR

LOCATIONOVERVIEW

2230NORTH CAHUENGA

LOS ANGELES, CA 90068

Hollywood is recognized worldwide as the epicenter of the film entertainment industry. It is the premiere location for shopping, dining, hotel and entertainment options by locals and tourists alike. With trendy retail, hip restaurants, nightlife hot spots and exciting entertainment venues, Hollywood offers a vibe and excitement that few cities in the world can match.

Hollywood and Highland, one of the most visited tourist attractions in Los Angeles, is located within blocks of the subject properties. The nearly 400,000 square foot outdoor retail center is home to such brands as Louis Vuitton, Lucky Brand, Gap and Express. The center also includes the TCL Chinese Theater (formerly Mann Grauman’s Chinese Theatre) and the Dolby Theatre, which serves as the annual site of the Academy Awards.

THE BEST OFHOLLYWOOD

HOLLYWOOD

Sunset + Vine RetailThe Sunset + Vine retail center located approximately one mile from Wilcox Avenue Apartments sits below 300 multifamily units at the Sunset and Vine intersection. The 87,000 square foot center is occupied by Walgreens, Bed, Bath, and Beyond and Verizon Wireless.

Pantages TheatreLocated at Hollywood and Vine and one mile from Wilcox Avenue Apartments the Pantages Theatre was designed by architect B. Marcus Priteca. The 2,703 capacity theatre is one of Los Angeles’ leading venues for live theatre.

Henry Fonda TheatreOpened in 1926 the Henry Fonda Theatre was designed in Spanish Colonial revival Style. The 1,200 capacity theatre hosts live events, films and radio broadcasts and is located approximately one mile from Wilcox Avenue Apartments.

Hollywood BowlThe Hollywood Bowl, located approximately a half mile from Wilcox Avenue Apartments, is the largest natural amphitheater in the United States, with a seating capacity of nearly 18,000 patrons. The Hollywood Bowl is home to the Hollywood Bowl Orchestra, the Los Angeles Philharmonic and hosts hundreds of musical events each year

Hollywood PalladiumThe Hollywood Palladium located a mile and a half from Wilcox Avenue Apartments includes an 11,000 square foot dance floor and capacity for 4,000 people. In 2007, Live Nation signed a 20-year lease to host concerts at the venue.

Runyon CanyonRunyon Canyon Park, located approximately two miles from Orchid Apartments, is a 60-acre park set at the eastern end of the Santa Monica Mountains. The park, which features several hiking trails and a dog park, serves as one of the most popular hiking destinations in Los Angeles with a peak elevation of 1,320 feet at a point known as Indian Rock. Because of its proximity to the residential areas of Hollywood and the Hollywood Hills, celebrity sightings are common.

HOLLYWOOD MARKET OVERVIEW

HOLLYWOOD DEVELOPMENT AND RENTAL MARKET

Some of the most successful new developments in Los Angeles are situated in Hollywood, including the W Hotel, Redbury Hotel, the Los Angeles Medical Center, Technicolor Headquarters, ArcLight Hollywood, Emerson College campus, Columbia Square and the future home of the Academy Museum of Motion Pictures. With over $4 billion in capital investments, Hollywood remains one of California’s fastest growing and popular urban submarkets, as evidenced by the following:

• Current Multifamily Occupancy is 96.3%; average occupancy since 1997 of 97%, never lower than 95%• Average annual rent growth of 5.6% since 2000• New units, defined as 2000 or later construction, have a 55% premium to older inventory

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AccessibilityPart of Hollywood’s appeal is its connectivity with other desirable neighborhoods. 2230

NORTH CAHUENGA AVENUEBecause of its location amongst the city highway system,

it’s easy to get from Hollywood to other parts of the city quickly and conveniently. Residents in search of apartments for rent or houses for rent can also use the LA Transit system to get around the neighborhood or the greater metro area; there are numerous bus lines that serve the Greater Los Angeles neighborhood, including the Hollywood & Highland Red Line Metro stop and has easy access to the 101 Freeway. The neighborhood is also very pedestrian friendly.

Adjacent Arts & Music AcademiesAmerican Academy of Dramatic Arts

Theater of Arts College

School of Visual Effects

Musicians Institute

Los Angeles Film School

Los Angeles Center of Photography

Los Angeles Institute of Music

Los Angeles School of Music

Los Angeles Jazz Society

SAE Institute - Los Angeles

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2230NORTH CAHUENGA

AVENUE

Red Metro Line Map

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NORTHHOLLYWOOD

VALLEY VILLAGE

TOLUCA LAKE

UNIVERSAL CITY

STUDIOCITY

HOLLYWOOD LOS FELIZHILLS

HOLLYWOOD

CHINATOWN

WESTLAKE DOWNTOWNLOS ANGELES

KOREATOWN

To/from Warner Center

METRO ORANGE LINE

METROLINK/AMTRAK

To/from Pasadena

O GOLD LINE

METR

To/from Metro Expo Line, Metro Green Line and Long Beach

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XPO LINE

To/from East L.A.

METR

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UNIVERSAL CITY

HOLLYWOOD/HIGHLAND

HOLLYWOOD/VINE

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VERMONT/SUNSET

VERMONT/SANTA MONICA

VERMONT/BEVERLY

WILSHIRE/NORMANDIE

WILSHIRE/WESTERN

PICO

CHINATOWN

UNIONSTATION

PERSHINGSQUARE

CIVIC CENTER

7TH ST/METRO CENTER

WESTLAKE/MACARTHUR PARK

WILSHIRE/VERMONT

LITTLE TOKYO/ARTS DIST

MAP NOTES1

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Universal Studios/CityWalkJohn Anson Ford TheaterHollywood BowlGrauman’s Chinese TheatreHollywood & HighlandEl Capitan TheaterPantages TheatreBarnsdall ParkKaiser Medical CenterChildren’s Hospital of Los AngelesQueen of the Angels Hollywood Presbyterian Medical CenterLos Angeles City CollegeBraille InstituteWiltern TheatreLafayette ParkMacArthur ParkGood Samaritan HospitalLos Angeles Convention CenterStaples CenterMusic CenterLos Angeles City HallEl Pueblo de Los Angeles

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LEGEND

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Metro Red LineMetro Purple LineMetro Rail StationMetro Blue LineMetro Gold LineMetro Orange LineMetrolink/AmtrakMap Notes (see Inset)Freeway

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2230NORTH CAHUENGA

AVENUE

FRANKLIN VILLAGELocated just a few blocks from Hollywood’s Central Business District, Franklin Village is one of the smaller urban villages in Los Angeles, but one with strong appeal as evidenced by the wide variety of businesses at its center. The businesses include magazine stands, gift shops, clothing boutiques, record and bookstores, gourmet delis, supermarkets, salons, natural foods stores, a comedy theater, and pet supplies. Although this neighborhood has a young history in terms of its popularity, the high walkability, variety of shops, and nostalgic feeling of early 1920’s architecture in surrounding buildings will continue to attract today’s trend setters.

The Hollywood Hills is an area of Los Angeles that is sit-

uated in the Santa Monica Mountains overlooking the

city of Los Angeles and beyond, with views that stretch

from Downtown to the Catalina Island. The greater Hol-

lywood Hills area is customarily divided into east and

west halves, each comprised of several neighborhoods.

Besides the incomparable views, the endless maze of

streets throughout the hills provides its residents with a

sense of solitude and seclusion despite being only min-

utes away from the vast city below, brimming with light

and life.

As with Los Angeles as a whole, the style of homes in

the hills varies widely and includes Spanish, Califor-

nia Mid-Century Modern, bungalows, and ultra modern

with price tags ranging from several hundred thousand

dollars to tens of millions of dollars. East to west, neigh-

borhoods of the Hollywood Hills East include Franklin

Village, Beachwood Canyon and Hollywoodland, Holly-

wood Dell, Whitley Heights, Hollywood Heights, Outpost,

Mount Olympus, Nichols Canyon and Sunset Hills.

One of a Kind...HOLLYWOOD HILLS

HILLSHol l ywood

Joe’s FalafelThe Magic CastleYamashiro HolllywoodMercado HollywoodPaceBourgeois PigBurger LoungePinches TacosThree BroomsticksSpitz - Studio CityVeggie HousePoké BarVegetableMicelli’sCafe SierraTokyo CubeSushiStopGood Neighbor RestaurantShintaro SushiPimai It’s ThaiThe Salsa BarLocali Healthy ConvenienceJoe’s PizzaLa Poubelle

SPITZ VEGETABLE

HOLLYWOOD BOWL

Restaurants and Bars Groceries and MarketsThe Oaks GourmetLocali Healthy ConveniencePink DotGelson’s MarketBeachwood MarketLaurel Canyon Country Store House of AmbroseViktor Bene’s Continental

A WALKABLET R A N S I T- O R I E N T E D CO M M U N I T Y

The subject property are also within walking distance of a variety of highly regarded dining experiences, cafés, boutique shopping, entertainment, and nightlife options including notable popular destinations such as the Hollywood Bowl, Ford Theaters, and La Poubelle in addition to the local everyday necessities located along Sunset Boulevard, Hollywood Boulevard, and North Highland Avenue.

2230 Cahuenga Boulevard boasts a 64 Walk Score and 50 Transit Score, a rare combination for apartment buildings in Southern California.

WALK SCORE“SOMEWHAT WALKABLE”

64 50WALK SCORE“GOOD TRANSIT”

WALK SCORE“SOMEWHAT BIKABLE”

35Some errands can be accomplished on foot.

Many nearby public transportation options.

Steep hills, minimal bike lanes.

Entertainment & Shopping

Universal CityWalkHollywood BowlEscape Room GamesFord TheatersTheatre WestHollywood HeritageUniversal StudiosHollywood Bowl MuseumBerlin - Wall ProjectThe Magic Castle

Along Vermont and Hillhurst Avenues, Los Feliz Village features a wide array of local restaurants, boutique shops, artsy coffee shops, theaters, gastrobus, and parks. Notable establishments include The Dresden Room, which was prominently featured in the movie Swingers; Fred 62, a retro 1960’s California 24-hour diner, and Alcove Cafe & Bakery, a converted bungalow which has become one of the most reviewed and most popular brunch destinations in Los Angeles. Locals enjoy Barns-dall Art Park which plays host to Los Feliz farmer’s mar-ket and local theater at Los Feliz Five Star Theaters know for its signature marquee signage. The Rockwell: Table & Stage, another local favorite, it offers live music perfor-mances combined with seasonal cuisine and cocktails.

THE BEST OFLOS FELIZ AND SILVERLAKE

LOS FELIZ

Somewhere between the seediness of the strip and the spar-kle of West Hollywood you’ll find a thriving metropolis of cre-ative, chilled-out cool. If you want to see a little soul in the City of Angels, step away from the vegan juice bars of Sunset Bou-levard, ride east in an Uber and stop when you see the Sunset Junction sign.

The Junction culminates into the semi-gentried Silverlake neighborhood around Sunset Junction, about six kilome-ters from Downtown LA. It’s here you’ll find chic gourmet institution L&E Oyster Bar, where you’ll munch on fried oys-ter po’boys with shaved fennel, lettuce and gribiche and rub shoulders with another hundred people dressed in skinny jeans and cardigans. If you take a stroll down Silverlake Boule-vard you’ll find some of the best bohemian homewares.

Following this uprising of trendy and eclectic residents is a diverse base of restaurants, bars, nighclubs, and retail shops that bring a wide range of cultural experiences to the area. Within the existing location, residents have the opportunity to walk to nearby restaurants and cafes, take the metro into the heart of Hollywood, or spend the afternoon in an adjacent neighborhood via short commute.

SILVER LAKE

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 limited supply of housing in Los Angeles, and especially in Silver Lake which is causing upward pressure on rents. Research firm Axiometrics projects rental rates are to increase by 25% over the next five years.

URBAN LIVING WITH WALKABILITYAs the most densely populated area in Los Angeles, Silver Lake is a highly walkable submarket. Residents can travel on foot to complete their daily errands and stroll to the many restaurants, clubs, chic hotels and pop up shops. Score 92 out of 100, The property is located in what walkscore.com considers “Walker’s Paradise”.

FINANCIALSUMMARY

2230 N Cahuenga Blvd, Los Angeles, CA 90068

BUILDING DATAUnits 8

Year Built 1940

APN 5576-004-024

Lot Sq Ft 8,694

Bldg Gross Sq Ft 5,100

Parking Spaces 7 Spaces

ESTIMATED ANNUALIZED EXPENSESNew Property Taxes $29,890

Utilities-DWP & Gas $3,200

Trash Removal $3,540

Property Insurance $2,295

Repairs & Maintenance $3,200

Pest Control $780

Landscaping $960

Rental Registration $432

Total Estimated Expenses $44,297

SOURCE OF INCOME CURRENT RENT MARKET RENT Post Renovation

# of Units Unit Type Avg. Rent Total Avg. Rent Total

6 One Bedroom - One Bathroom $1,469 $8,813.73 $2,295 $13,770

2 Single $1,223 $2,445.08 $1,495 $2,990

$11,258.81 $16,715

Laundry Income $336 $336

Total Monthly Income $11,595 $17,051

Total Annual Income $139,135 $204,609

EST. ANNUALIZED OPERATING DATA CURRENT MARKETScheduled Gross Income $139,135 $204,609

Less Vacancy 2.0% ($2,783) 2.0% ($4,092)

Gross Operating Income $136,352 $200,517

Less Expenses -32% $44,297 -22% $44,297

Net Operating Income $92,055 $156,220

NOTATIONS:

1) Repairs & Maintenance: Based upon $400 / Unit / Year / Post Renovation

2) Contract Services: Landscaping ($80/mo), pest control ($65/mo) and trash removal ($295 / mo) based on market rates.

3) Utilities: Estimated at $500 / unit / year. (Electrical utilities are separately metered, Gas utilities are separately metered)

4) Real Estate Taxes: Taxes have been underwritten based a proforma tax rate of 1.22%

5) Property Insurance: Based on a proforma rate of $0.45 per SF per year.

6) Rental Registration: Based on an estimated $54 / unit / year.

FINANCIAL INDICATORS

Offering Price $2,450,000

Current CAP 3.8%

Market CAP 6.4%

Current GRM 17.6

Market GRM 12.0

Cost Per Unit $306,250

Cash on Cash Return 3.8%

Expenses Per Unit -$5,537

Expenses Per Sq Ft -$8.69

F I N A N C I A LSummary

UNIT STATUS UNIT TYPE Parking Provided Current Rent Market Rent Post Renovation

2230 Occupied Single / 1 Bath N/A $950.08 $1,450

2230 1/2 Vacant Single / 1 Bath 1 Space $1,495 $1,495

2232 Occupied 1 Bed / 1 Bath 1 Space $1,346.11 $2,295

2232 1/2 Occupied 1 Bed / 1 Bath 1 Space $1,654.42 $2,295





$11,258.81 $16,715

2230 N Cahuenga Blvd, Los Angeles, CA 90068

R E N TRoll

Assessor’s Parcel Number Buildings Year Built Land Use

Zoning Stories

SITE DESCRIPTIONUnits

Gross Square Footage Lot Size Square Footage

UTILITIESElectric

Gas

HVACFire Protection

CONSTRUCTIONFoundation

Framing Exterior

Topography

2 2 3 0 C A H U E N G A B LV DProperty Details

2230 North Cahuenga Blvd • Los Angeles, • CA 90068

5576-004-02421940ApartmentsLAR32

8+/- 5,100 +/- 8,694

Separately MeteredSeparately Metered

Wall HeatersSmoke Detectors

RaisedWood FrameStuccoSlight Down Slope

MARKETCOMPARABLES

2230 North Cahuenga Blvd

1)

2)

3)

4)

5)

6)

1999 Pinehurst Road

2212 North Cahuenga Blvd

2054 Argyle Ave

2330 N Cahuenga Blvd

1911 N Highland Ave

2237 N Cahuenga Blvd

R E N TComparables

SINGLE ONE BEDROOM

Property UnitsYear Built Owner/Manager Rent

2230 North Cahuenga BlvdLos Angeles, CA 90068

8 1940 Private OwnerOwner Managed

$1,313 $1,447

1 1999 Pinehurst RoadLos Angeles, CA 90068

- - Private OwnerOwner Managed

$2,499

2 2212 North Cahuenga BlvdLos Angeles, CA 90068


$1,750 $2,295

3 2054 Argyle AveLos Angeles, CA 90068


$2,250

4 2330 N Cahuenga BlvdLos Angeles, CA 90068


$2,395

5 1911 N Highland AveLos Angeles, CA 90068


$2,100

6 2237 N Cahuenga BlvdLos Angeles, CA 90068

- - Private OwnerOwner Managed

$2,200

AVERAGE: $2,125 $2,115

HIGH: $2,499 $2,395

LOW: $1,313 $1,447

R E N TComparables

2230 N Cahuenga2230 N Cahuenga Boule vardBoule vard

Hollywood HillsHollywood Hills

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 Listed By:

RICH JOHNSMultifamily Investment [email protected]

CalBRE Lic#01432215

IDO GIATSenior Vice [email protected]

CalBRE Lic.#01242143

2230 n cahuenga blvd los angeles ca 90068...musmmuiciians institute 20. emeemerson college los...

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