3305 primera avenue · stainless steel appliances, quartz countertops, modern lighting and...

3305 PRIMERA AVENUE L O S A N G E L E S , C A 9 0 0 6 8

TABLE OF CONTENTS

4121418JEFFREY BENSON

First Vice President InvestmentsDirector, National Multi Housing GroupDirect | [email protected]: CA 01327285

EXCLUSIVELY LISTED BY :

RICHARD RINGERSenior Managing Director InvestmentsSenior Director, National Housing GroupDirect | [email protected]: CA 01494512

Executive Summary

Market Overview

Market Comparables

Financial Summary

3305 PRIMERAAVENUE

L O S A N G E L E S , C A 9 0 0 6 8

THE OFFERING

Marcus & Millichap is pleased to present 3305 Primera Avenue. This is a rare opportunity to acquire a completely vacant multi-family property located in the highly desirable area

near Universal City and nestled away in a quiet neighborhood in the Hollywood Hills.

Surrounded by multi-million-dollar single-family homes, this 1959 property offers a lot of charm on its 5,982-square-foot lot. The building is 5,441 square-feet and has a great unit mix of two one-bedroom/one-bathroom units, three two- bedroom/one-bathroom units and one three-bedroom/two-bathroom unit. The property also offers ample tuck-under parking.

From this location, tenants will enjoy convenient access to Hollywood, Universal City, Ventura Boulevard and the Metro Red Line. The 101, 134 and 405 freeways offer easy connections to Downtown Los Angeles, Pasadena, Santa Monica and the beach. Some major employers nearby include Universal Studios and Warner Brothers Studios.

3305 Primera Avenue will appeal to any savvy investor looking to acquire a vacant building in the highly sought-after area of Universal City and the Hollywood Hills.

4EXECUTIVESUMMARY

RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068

Address 3305 Primera AvenueLos Angeles, California 90068

APN 5579-019-018

Zoning LAR2

Number of Units 6

Number of Stories 2

Number of Buildings 1

Year Built 1959

Building SF 5,441

Lot Size 5,982

Type of Ownership Fee Simple

property summary

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3305 Primera Ave3305 PRIMERAAVENUE

L O S A N G E L E S , C A 9 0 0 6 8

INVESTMENT HIGHLIGHTS

SPACIOUS UNITS

PRIME LOCATION

VA C A N TP R O P E R T Y

A M P L EPA R K I N G


STRATEGIC VALUE ADD: INTERIORSThere is a clear opportunity in the submarket to renovate all units to higher-end specifications inlcuding new cabinet faces, stainless steel appliances, quartz countertops, modern lighting and fixtures. By renovating to the standards depicted below, 3305 Primera Avenue will be able to further augment the income stream.

INTERIOR IDEAS

1 NEW CABINET FACES 2 MODERN APPLIANCES 3 TILE BACKSPLASH

4 UPDATED LIGHTING 5 QUARTZ COUNTERTOPS 6 STAINLESS STEEL FIXTURES1

6

4

2

35


12MARKET

OVERVIEW

PRIME UNIVERSAL CIT Y LOCATIONThis central location makes it easy to get anywhere around town. 3305 Primera Avenue offers easy access to Hollywood, Universal City, Ventura Boulevard and the Metro Red Line with easy connections to Pasadena, Long Beach, Warner Center and Downtown LA. 101, I-5 and 134 are also easily accessible; this location is meant to make your life as fun and convenient as possible. Located within the area of Universal City is the Universal Studios Hollywood film studio and theme park, as well as the Universal CityWalk shopping and entertainment center. Within the Los Angeles city limits lies 10 Universal City Plaza, a 36-floor office building for Universal and NBC; the Sheraton Universal; and the Universal Hilton. Discover the hottest hub for shops, movies, clubs, concerts, restaurants and much more!

RINGER | BENSON AT MARCUS & MILLICHAP

14MARKET

COMPARABLES

SALES COMPARABLES

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3305 Primera Ave

3055 Hollycrest Dr

3926 Kentucky Dr

AVERAGE PRICE PER UNIT

$312,750

AVERAGE PRICE PER SF

$459.91

PROPERTYYEAR BUILT UNITS PRICE

CAP RATE GRM $/UNIT $/GROSS SF

SALEDATE STUDIO 1 BED 2 BED 3 BED

3305 Primera AvenueLos Angeles, CA 90068

1959 6 $2,625,000 6.03% 11.70 $437,500 $482.45 - 2(1+1) 3(2+1) 1(3+2)

1 3055-3057 Hollycrest DriveLos Angeles, CA 90068

1939 5 $1,540,000 4.40% - $308,000 $488.73 2(0+1) 2(1+1) 1(2+1) -

2 3926-3930 Kentucky DriveLos Angeles, CA 90068

1954 8 $2,540,000 4.36% 15.23 $317,500 $431.09 - 4(1+1) 4(2+1) - -

1

2


RENT COMPARABLES

PROPERTYAVERAGE RENT

1 BedroomAVERAGE RENT

2 Bedroom

1 11846-1896 El CentroLos Angeles, CA 90068

$2,850 $3,700

2 8755 Shoreham DriveWest Hollywood, CA 90069

$3,500 $5,995

3 8957 Cynthia StreetWest Hollywood, CA 90069

$2,750 $2,400

4 1430 N Harper AvernueWest Hollywood, CA 90048

$2,925 -

5 866 Hilldale AvernueWest Hollywood, CA 90069

- $3,695

RINGER | BENSON AT MARCUS & MILLICHAP

18FINANCIAL SUMMARY

# UNIT TYPE CURRENT PRO FORMA

1 1 bed/ 1 bath $2,500 $2,500

2 1 bed/ 1 bath $2,500 $2,500

3 2 bed/ 1 bath $2,900 $2,900

4 2 bed/ 1 bath $2,900 $2,900

5 2 bed/ 1 bath $2,900 $2,900

6 3 bed/ 2 bath $5,000 $5,000

TOTAL - VACANT $0 $0

TOTAL - OCCUPIED $18,700 $18,700

6 TOTAL $18,700 $18,700

RENT ROLL


INCOME CURRENT PRO FORMA

Gross Scheduled Rent $224,400 $224,400

Loss/Gain to Lease

Vacancy $4,488 $4,488

Effective Rental Income $219,912 $219,912

Effective Gross Income $219,912 $219,912

EXPENSES CURRENT PRO FORMA

Real Estate Taxes $31,395 $31,395

Insurance $1,500 $1,500

Utilities (includes sewer) $8,620 $8,620

Repairs & Maintenance $7,200 $7,200

Landscaping $1,800 $1,800

Pest Control $900 $900

Reserves $1,500 $1,500

Management Fee $8,796 $8,796

TOTAL EXPENSES $61,711 $61,711

Per Unit $10,285 $10,285

Per SF $11 $11

Percent of EGI 28% 28%

NET OPERATING INCOME $158,201 $158,201

# OF UNITS UNIT TYPE CURRENT RENT MONTHLY INCOME PRO FORMA RENT MONTHLY INCOME2 1 bed/1 bath $2,500 $5,000 $2,500 $5,000

3 2 bed/1 bath $2,900 $8,700 $2,900 $8,700

1 3 bed/1 bath $5,000 $5,000 $5,000 $5,000

6 TOTAL $18,700 $18,700

INCOME CURRENT PRO FORMA

Gross Scheduled Rent $224,400 $224,400

Loss/Gain to Lease Vacancy $4,488 $4,488

Effective Rental Income $219,912 $219,912

Effective Gross Income $219,912 $219,912

EXPENSES CURRENT PRO FORMA

Real Estate Taxes $31,395 $31,395

Insurance $1,500 $1,500

Utilities (includes sewer) $8,620 $8,620

Repairs & Maintenance $7,200 $7,200

Landscaping $1,800 $1,800

Pest Control $900 $900

Reserves $1,500 $1,500

Management Fee $8,796 $8,796

TOTAL EXPENSES $61,711 $61,711

Per Unit $10,285 $10,285

Per SF $11 $11

Percent of EGI 28% 28%

NET OPERATING INCOME $158,201 $158,201

PRICE $2,625,000

Number of Units 6

Price/Unit $437,500

Gross SF 5,441

Price/SF $482.45

CAP Rate - Current 6.03%

CAP Rate - Pro Forma 6.03%

GRM - Current 11.70

GRM - Pro Forma 11.70

Year Built 1959

Lot Size 5,982

Type of Ownership Fee Simple

OFFERING SUMMARY

3305 Primera AvenueLos Angeles, CA 90068

SCHEDULED INCOME

INCOME & EXPENSES FINANCIAL ANALYSIS

JEFFREY BENSONFirst Vice President Investments

Director, National Multi Housing GroupDirect | 310.909.5420

[email protected]: CA 01327285

RICHARD RINGERSenior Managing Director Investments

Senior Director, National Housing GroupDirect | 310-909-5428

[email protected]: CA 01494512

EXCLUSIVELY LISTED BY:

3305 primera avenue · stainless steel appliances, quartz countertops, modern lighting and...

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