6819 variel ave (4-56)
TRANSCRIPT
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
6819 Variel Ave Canoga Park, Ca
91303
CONTENTS
OVERVIEW 3
STREET MAP 4
FINANCIAL SUMMARY 5
RENT ROLL 6
SALES COMPARABLES 7
COMMUNITY OVERVIEW 8
RECENT SALES 9
AGENT SUMMARY 10
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
OVERVIEW
WARNER CENTER DEVELOPMENT - LA City Council recently approved Promenade 235, which is clearing the way for a sprawling development less than a mile away from subject property. This newly approved development will include a new sports arena, two hotels, a 28-story office tower and more than 1,400 new apartments. Currently 100% occupied, this 6-unit multi-family building sits on a 9,003 sf parcel allowing a developer to earn income while plans and entitlements are underway. Eased building restrictions in the Warner Center allow for up to 40-units with NO HEIGHT RESTRICTIONS. Special zoning only requires 1/2 parking spaces per unit and there are NO REQUIREMENTS FOR AFFORDABLE HOUSING. This property is also located in an OPPORTUNITY ZONE, giving the developer an opportunity to build 40 units and in 10 years sell the property and pay ZERO CAPITAL GAINS TAX! Please do NOT disturb the Tenants!
PROPERTY HIGHLIGHTS • No Height Restrictions • No Requirements for Affordable • Potential to Build 40 Units • Lot Size: 9,003 SF
LOCATION HIGHLIGHTS • Zero Capital Gains Tax • Promenade 235- Redevelopment in the Area • Opportunity Zone • Warner Center
Chase Simonton Vice President, Multi-family Investments
310.383.5927 Mobile
STREET MAP
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
ARIEL VIEW
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
FINANCIAL SUMMARY
Income
Current Proforma
Monthly Income $8,621 $12,050
Annualized Income $103,452 $144,600
Less Vacancy (3%) $3,104 $4,338
Effective Rental Income $100,348 $140,262
Annual Laundry Income 0 0
Effective Gross Income $100,348 $140,262
EXPENSES
Real Estate Taxes $25,625
Insurance $1,314
Utilities $4,260
Repairs and Maint $3,600
Mangagement $3,621
Reserevers $4,138
Total Expenses $45,258 (43.75%) $45,258 (31.30%)
Net Operating Income (NOI) $55,091 $95,004
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
PRICING
Offering Price $2,050,000 Down Payment (56%) $1,148,000 Price/Unit $341,667 Price/SF $468.04 GRM 14.18 19.82 Cap Rate 4.63% 2.69% Market
ASSET
Units 6 Year Built 1959 Gross SF 4,380 Lot SF 9,003 Zoning LAR3
RENT ROLL
UNIT # UNIT MIX CURRENT RENT PROFORMA RENT
Unit 1 3 bedroom + 2 bathroom $2,060 $2,600
Unit 2 2 bedroom + 2 bathroom $2,060 $2,250
Unit 3 1 bedroom + 1 bathroom $1,400 $1,800
Unit 4 1 bedroom + 1 bathroom $1,400 $1,800
Unit 5 1 bedroom + 1 bathroom $1,338 $1,800
Unit 6 1 bedroom + 1 bathroom $975 $1,800
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
AGENT SUMMARY
Chase Simonton Vice President, Multi-family Investments [email protected] 310.383.5927 Mobile 310-683-5400 x9009 Office
Chase leads a team of 7 commercial agents and heads the multi-family division of RE/MAX One, the highest producing RE/MAX franchise in total sales volume. With over 15 years of experience and over $400 million in closed transactions, Chase has become one of the premier multifamily specialists in Santa Monica, the San Fernando Valley, and the Greater Los Angeles Area.
Chase Simonton Vice President, Multi-family
Investments
310.383.5927 Mobile
2601 Ocean Park Blvd | Santa Monica, CA, 90405 (310)-683-5400
6819 Variel Ave Canoga Park, Ca 91303