OFFERING MEMORANDUM | EIGHT-UNIT APARTMENT BUILDING | PRIME BRENTWOOD LOCATION
11747 MAYFIELD AVENUELOS ANGELES, CALIFORNIA 90049
$4,150,000 | $518,750 PER UNIT | 18.1 CURRENT GRM | 3.54% CURRENT CAP RATE
2
CONTENTS
PRESENTED BY
JOHN SWARTZSenior Vice [email protected] CA License 01873487
JOSH KAPLANSenior Vice [email protected] CA License 01934177
TROY [email protected] CA License 02015705
TRANSWESTERN601 S. Figueroa Street, Suite 2750Los Angeles, CA 90017213.624.5700 transwestern.com/losangeles
3 INVESTMENT SUMMARY
▪ Investment Summary
5 PROPERTY IMAGES
▪ Property Exterior Images
▪ Property Interior Images
7 LOCATION OVERVIEW
▪ Location Summary
▪ Los Angeles/Brentwood Apartment Market
Overviews
▪ Aerial View Facing Santa Monica
▪ Aerial View Facing Westwood Village
▪ Plat Map
▪ Brentwood Demographics
▪ Nearby Development Projects
▪ Major Employers and Places of Interest Map
▪ Silicon Beach
▪ Silicon Beach Map
17 FINANCIAL ANALYSIS
▪ Offering Summary
▪ Rent Roll
19 SALES AND RENT COMPARABLES
▪ Sales Comparables
▪ Sales Comparables Map
▪ Rent Comparables
▪ Rent Comparables Map
Copyright © 2019 Transwestern. California
Brokerage License #01263636. The information
in this offering memorandum was gathered
by Transwestern from sources believed
reliable. Transwestern has not verified the
information and makes no guarantee, warranty
or representation about it. It is the potential
buyer’s responsibility to independently confirm
its accuracy and completeness. Any projections,
opinions, assumptions or estimates used are for
example only and do not represent the current
or future performance of the property. Potential
buyers and their advisors should conduct
a careful, independent investigation of the
property to determine to their satisfaction the
suitability of the property for their needs.
3
INVESTMENT SUMMARY
Transwestern as the exclusive listing agent is pleased to present the opportunity to acquire 11747 Mayfield Avenue, Los Angeles, California 90049, an eight (8) unit apartment building located in the heart of Brentwood within a short walking distance from retail, dining and entertainment on both Wilshire Boulevard and San Vicente Boulevard.
THE OPPORTUNITY■■ One 2bed+1bath unit delivered vacant.
■■ Value-add opportunity – Current rents are
approximately 36% below market
■■ All units have large and efficient floor plans
■■ Excellent unit mix – two (2) 1bed+1bath,
four (4) 2bed+1bath, one (1) 2bed+1.5bath
townhome, and one (1) 3bed+2bath unit.
■■ Ample on-site parking – a total of eight (8)
single spaces – four (4) garaged.
PROPERTY SUMMARY
PROPERTY ADDRESS 11747 Mayfield Avenue
Los Angeles, CA 90049
NUMBER OF UNITS 8 total units
2 1bed + 1bath
4 2bed + 1bath
1 2bed + 1.5bath townhouse
1 3bed + 2bath
YEAR BUILT
1955
BUILDING SIZE
+7,120 SF
LAND SIZE2
+ 7,500 SF (Per TitlePro - Buyer to verify)
ZONING
LAR3 (Per zimas.lacity.org - Buyer to verify)
PARKING
Eight (8) total spaces
Four (4) garage spaces
ASSESSOR PARCEL NUMBER
4265-008-012
PRICE: $4,150,000
$583 PER SQUARE FOOT
$518,750 PER UNIT
18.1 CURRENT GRM1
3.54% CURRENT CAP RATE1
1 Assumes Unit 5 is leased at projected rent. Assumes
a 4% increase for Units 4R, 6R and 8 as of 7/1/19.
4
INVESTMENT SUMMARY
PROPERTY DESCRIPTION11747 Mayfield Avenue is an eight (8) unit
apartment building constructed in 1955. The
unit mix consists of two (2) large 1bed+1bath
units, four (4) large 2bed+1bath units, one (1)
two story 2bed+1bath townhome unit, and one
(1) 3bed+2bath unit. The property is a two-story,
7,120-square-foot walk-up building with a wood
frame and stucco construction situated on a
7,500-square-foot lot.
One (1) 1bed+1bath and three (3) 2bed+1bath
units have been fully renovated with high-
end finishes. The renovated units feature light
laminate flooring throughout, recessed lighting,
custom tiled walk-in showers, in-unit washer/
dryer, new kitchen cabinets and countertops
along with all major stainless-steel appliances
including a dishwasher and over-the-range
microwave. Every unit features a window air
conditioner and wall heaters, additional closet
space in the living room and storage space in
the hallway.
Parking is provided on-site with eight (8) single
spaces of which four are individually garaged.
Each of the units are separately metered for gas
and electricity. In addition to the washer/dryers
in the renovated units, tenants are provided with
one common washer and dryer which are both
owned by the landlord.
WALK SCORE BREAKDOWN
DINING/DRINKING
GROCERIES
SHOPPING
ERRANDS
PARKS
SCHOOLS
ENTERTAINMENT
0 100
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PROPERTY EXTERIOR IMAGES
6
PROPERTY INTERIOR IMAGES
7
General Consulate Austria
General Consulate Azerbaijan
Veterans Administration Med Ctr
§̈¦405
§̈¦405
S Barrington Ave
Montana Ave
San Vicente Blvd
Wilshire
Blvd
S Bundy Dr
S Sepulveda Blvd
W Sunset Blvd
S Kenter Ave
S Bundy Dr
UV2
Barry Ave
Kiowa Ave
Mayfield Ave
Goshen Ave
Texas Ave
Ohio Ave
Bonsalle Ave
Darlington Ave
Federal Ave
Gorham Ave
W Dorothy St
S Saltair Ave
Grant Ave
Chenault St
S Westgate Ave
Granville Ave
Butler Ave
Colby Ave
S Gretna Green Way
S Carmelina Ave
Toul Ave
Dorothy St
Dowlen Dr W
Nimitz Ave
Rochester Ave
Pershing Ave
Dewe
y Av
e
S Bundy Dr Oce
ano
Dr
Amherst Ave
Centinela Ave
Franklin St
Wellesley Ave
Bringham Ave
Stoner Ave
Armacost Ave
S Amherst Ave
W Gorham Ave
Montana Ave
Dowlen Dr E
Constitutio
n Ave
Brockton Ave
Vandergrift Ave
Eisenhower Ave
W Shetland Ln
Kearsarge St
Sawtelle Blvd
Hadley Ln
W Goshen Ave
Wyoming Ave
Chateau Thierry Ave
W Darlington Ave
S Saltair Ave
W Gorham Ave
S Gretna Green Way
Granville Ave
S W
estg
ate
Ave
S Westgate Ave
Wellesley Ave
55B
11747 Mayfield Ave
Bandera
Pecorino
ToscanaSugarfish
Soul Cycle
Brentwood Country Club
Palmeri
The Coffee BeanStarbucks
Burger LoungeFresh BrothersPizzicotto
KatsuyaJamba Juice
CVS
Whole FoodsMarket
Brentwood Gardens
11747 Mayfield Avenue is located between
Barrington and Granville Avenue, a short
walking distance from Wilshire Boulevard, in the
heart of Brentwood. Brentwood is an affluent
area in West Los Angeles. While the area is
more widely known for its multi-million dollar
mansions at the base of the Santa Monica
Mountains, Brentwood also offers a charming
walkable urban village that is located a few
blocks from the subject property. The area
offers a wide array of convenient walkable
neighborhood amenities including Whole
Foods, Starbucks, The Coffee Bean, CVS,
Jamba Juice, SoulCycle, Fresh Brothers, Burger
Lounge, SusieCakes, Citibank, and Brentwood
Gardens, an alfresco shopping center which
includes a variety of boutique, shops, and
restaurants. Additionally, there are numerous
fine dining establishments in the area including
Katsuya, Sugarfish, Coral Tree Café, Toscana,
Pecorino, Palmeri Ristorante, Pizzicotto, and
Bandera. On nights and weekends, residents
will be afforded a truly complete, urban
experience replete with hikes in the Santa
Monica Mountains, shopping and brunch on
Montana Avenue in Santa Monica, cultural
entertainment at The Getty Center or Geffen
Playhouse Theater in Westwood, and trips to
the Santa Monica beach less than five miles
from their front door. Brentwood is also home
to seven private schools, two public schools,
and the exclusive Brentwood Country Club.
a charming walkable urban village
LOCATION
8
LOS ANGELES APARTMENT MARKET OVERVIEWAt year-end 2018, Los Angeles County’s
807,663-unit apartment real estate market
continued to see high occupancy levels and
strong year-over-year rent growth. Moody’s REIS
reported the County-wide occupancy rate in
the fourth quarter at 96.2%, down 30 basis
points from 96.5% a year earlier. With the
average apartment rental rate now at $2,004
per month County-wide according to REIS, year-
over-year rental rate growth has been 6.2%
which has outpaced apartment rent growth on
the West Coast (5.3% year-over-year), as well as
the nation (4.9% year-over-year).
Los Angeles County reported 2,200 apartment
units completed in the fourth quarter which
brought total 2018 deliveries to 8,416 apartment
units. Between now and year-end 2020, a total
of 21,436 apartment units are projected to be
completed market-wide. With Los Angeles now
mostly built-out and the City guidelines now in
place for its Transit Oriented Communities
(TOC) Program, apartment developers have
looked more closely at constructing in infill
neighborhoods with existing infrastructure and
transit links to the rest of the region. Despite
the high amount of apartment construction in
the market, Los Angeles remains supply-
constrained as the local economy, population,
and household formations continue to grow. As
a result, Moody’s REIS forecasts asking and
effective rents to increase at an annualized rate
of 4.1% through year-end 2020.
BRENTWOOD APARTMENT SUBMARKET OVERVIEWAt year-end 2018, the 22,008-unit West LA/
Westwood/Brentwood rental apartment market
saw occupancy levels for Class A properties
decrease to 94.3%, down from 94.7% the year
previously. Class B/C properties saw their
occupancy levels increase to 98.3%, up from
97.9% a year ago. According to Moody’s REIS,
the average monthly asking apartment rental
rate in Brentwood for Class A buildings in the
fourth quarter 2018 was $3,819 (up 6.9% year
over year) while Class B/C buildings saw asking
rents increase to $2,532 (up 6.4% year over year).
With Brentwood continuing to be a high-barrier-
to-entry neighborhood near major employment
clusters on the Westside, expect the apartment
market to continue to see high demand from
both renters and investors for the foreseeable
future.
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Palisades Park
Santa Monica CollegeSanta Monica Airport
Temescal Gateway Park
Santa Monica State Beach
University of California-LA
Barrington Recreation Center
South Will Rogers State Beach
Ronald Reagan UCLA Medical Ctr
Veterans Administration Med Ctr
Riviera Country Club
Bel-Air Country Club
Brentwood Country Club
Santa Monica State Beach
Los Angeles Country Club
Los Angeles National Cemetery
Will Rogers State Historic Park
PALMS
WESTWOOD
WEST LOS ANGELES
WESTWOOD VILLAGE
RIVIERA
BRENTWOOD
RANCHO PARK
CENTURY CITY
BRENTWOOD PARK
BRENTWOOD HEIGHTS
PACIFIC PALISADES
§̈¦405
§̈¦10
§̈¦405
§̈¦10
W S
unse
t Blvd
14th St
7th St
S Sepulveda Blvd
S Bundy Dr
Wilshire
Blvd
Montana Ave
W Pico Blvd
20th St S Barrington Ave
Pico Blvd
San Vicente Blvd
Sawtelle Blvd
W Olympic Blvd
Westwood Blvd
26th St
Palms Blvd
Ocean Ave
Olympic Blvd
National Blvd
Overland Ave
S Beverly Glen Blvd
Veteran Ave
Hilgard Ave
23rd St
Colorado Ave
Cotner Ave
Manning Ave
Idaho Ave
16th St
N W
hittier Dr
Airport Ave
Centinela Ave
Broadway
Chau
tauq
ua B
lvd
4th St
Tem
esca
l Can
yon
Rd
Venice Blvd
5th St
Ocean Park Blvd
McLaughlin Ave
Cloverfield Blvd
Entrada D
r
N Church Ln
20th St
Manning Ave26th St
UV2
UV1
UV1
11th St
17th St
Pearl St
9th St
16th St
Alta Ave
Ohio Ave
12th St
10th St
Amal
fi Dr
Arizona Ave
Idaho Ave
Broadway
Euclid St
6th St
19th St
Barry Ave
2nd St
4th St5th St
Yale St
18th St
Military Ave
Veteran Ave
15th St
N Kenter Ave
Iliff St
Washington Ave
N Bundy Dr
Kelton Ave
Federal Ave
Carlyle Ave
Colby Ave
Butler Ave
Comstock Ave
California Ave
21st Pl
Missouri Ave
21st St
Tennessee Ave
23rd St24th St
Iowa Ave
25th St
Corinth Ave
Marguerita Ave
Prosser Ave
Toyopa Dr
Rochester Ave
Stanford St
28th St
22nd St
Texas Ave
Stoner Ave
3rd St
Wellworth Ave
Warner Ave
Napoli Dr
Lincoln Blvd
Armacost Ave
Westholm
e Ave
Tilden Ave
El M
edio
Ave
Oak St
Selby Ave
Beloit Ave
Malcolm
Ave
Greenfield Ave
Hill St
Wellesley Ave
Lindbro
ok Dr
Via
de L
a Pa
z
Rose Ave
Purdue Ave
Franklin St
Stewart St
S Westgate Ave
Parnell Ave
S Church Ln
Michigan Ave
Centinela Ave
Loring Ave
Mississippi AveCamden Ave
Midvale Ave
Patricia Ave
20th St
Pelham Ave
Fiske St
Brockton Ave
Holmby Ave
Hartzell St
Latim
er R
d
S Bentley Ave
Pontius AvePrinceton St
29th St31st St
Alm
ar A
ve
Bonsalle Ave
30th St
Exposition Blvd
Glendon Ave
Cors
ica D
r
Ilona Ave
Homewood Rd
Kiowa Ave
Le Conte Ave
Geor
gina
Ave
32nd St
Grant St
N Bonhill Rd
Bien
vene
da A
ve
Swar
thm
ore
Ave
Mayfield Ave
Levering Ave
Goshen Ave
Ayres Ave
Cove
ntry
Pl
Lom
itas A
ve
14th St
Thayer Ave
Capr
i Dr
Inglewood Blvd
Albright St
Delaware Ave
Benecia Ave
Almayo Ave
N Bristol Ave
Galloway St
Harvard St
Northvale Rd
Cushdon Ave
Amherst Ave
La Mesa Dr
Adelaid
e Dr
Eastborne Ave
N Linden Dr
Charnock Rd
Bestor Blvd
Darlington Ave
Berkeley St
Esther Ave
Holman Ave
S Anita Ave
Grand View Blvd
Fox Hills Dr
Virginia Ave
Club View Dr
Granville Ave
N M
ande
ville
Can
yon
Rd
Chelsea Ave
Mesa Rd
S Moreno Ave
Las
Lom
as A
ve
N Cliffwood Ave
Kansas Ave
Hav
erfo
rd A
ve
Walden Dr
Gorham Ave
Warnall Ave
Old Ranch Rd N Carmelina Ave
W Dorothy St
N Saltair Ave
Landfair Ave
S Saltair Ave
De Pauw StFriends St
Dewey St
Constitutio
n Ave
S Cliffwood Ave
Woodbine St
S Burlingame Ave
Broo
ktre
e Rd
Bayliss Rd
S Avondale Ave
Woodruff Ave
Cloverfield Blvd
S Carmelina Ave
Ashland Ave
Casale Rd
De Neve Dr
Dowlen Dr E
Dowlen Dr W
N Gl
enro
y Av
e
Village Pkwy
Centinela Ave
Selb
y Av
e
Kelton Ave
Holmby Ave
19th St
Kelton Ave
Franklin St
Missouri Ave
S Westgate Ave
21st St
15th St
Beloit Ave
Harvard St
Exposition Blvd
Charnock Rd
Midvale Ave
S Be
ntle
y Av
e
Thayer Ave
Greenfield Ave
Tennessee Ave
Patricia Ave
23rd St
Armacost Ave
Thayer Ave
Exposition Blvd
Marguerita Ave
Georgina Ave
Veteran Ave
Stoner Ave
Mississippi Ave
Butler Ave
Federal Ave
22nd St
17th St
Midvale Ave
25th St
Rocheste
r Ave
18th St
21st St
Stoner Ave
Pacific Ocean
11747 Mayfield Ave
9
AERIAL VIEW FACING SANTA MONICA
MAYFIELD AVE
10
AERIAL VIEW FACING WESTWOOD VILLAGE
MA
YFI
ELD
AV
E
S. BARRINGTON AVENUE
11
PLAT MAP
12
1 MILE RING 3 MILE RING 5 MILE RINGPOPULATION SUMMARY # % # % # %
2023 Projection 45,060 248,842 542,879
2018 Estimate 43,494 240,269 526,216
2010 Census 41,135 228,259 500,246
Projected Growth 2018-2023 3.60% 3.57% 3.17%
Estimated Growth 2010-2018 5.73% 5.26% 5.19%
Household Summary # % # % # %
2023 Projection 23,045 113,034 247,010
2018 Estimate 22,369 109,546 240,477
2010 Census 21,416 105,213 230,833
Projected Growth 2018-2023 3.02% 3.18% 2.72%
Estimated Growth 2010-2018 4.45% 4.12% 4.18%
Ethnicity/Race Summary # % # % # %
White 29,793 68.5% 163,143 67.9% 359,405 68.3%
Black 1,348 3.1% 6,968 2.9% 20,522 3.9%
Asian 7,046 16.2% 44,209 18.4% 78,406 14.9%
Hispanic Origin (Any Race) 6,133 14.1% 30,754 12.8% 89,457 17.0%
Other 5,350 12.3% 26,189 10.9% 68,408 13.0%
Education Summary # % # % # %
Less than 9th grade 1,017 2.9% 511 0.3% 12,379 3.2%
Some High School, no diploma 1,017 2.9% 4,259 2.5% 10,445 2.7%
High School Graduate 2,035 5.8% 11,926 7.0% 32,496 8.4%
GED/Alternative Credential 175 0.5% 1,193 0.7% 3,095 0.8%
Some College, No Degree 4,104 11.7% 22,148 13.0% 57,255 14.8%
Associate Degree 1,684 4.8% 7,837 4.6% 18,956 4.9%
Bachelor’s Degree 15,049 42.9% 64,910 38.1% 141,204 36.5%
Graduate/Professional Degree 9,963 28.4% 54,177 31.8% 111,415 28.8%
Workplace & Income Summary # % # % # %
Median Household Income $91,555 $90,844 $89,384
Average Household Income $136,130 $141,731 $141,165
All Employees 29,131 136,103 302,217
White Collar 23,975 82.3% 115,143 84.6% 248,422 82.2%
Blue Collar 1,224 4.2% 5,989 4.4% 16,622 5.5%
Services 3,933 13.5% 14,971 11.0% 37,475 12.4%
Daytime Population 50,674 450,535 791,943
BRENTWOOD DEMOGRAPHIC OVERVIEWBRENTWOOD BY THE NUMBERS
2018 POPULATION
37,685 (+5.6% since 2010)
2023 POPULATION
38,581 (+2.4% est. over 2018)
MEDIAN AGE
42.2 years old
EDUCATION
78% have bachelor’s or higher
AVERAGE INCOME
$205,499
13
LANDMARK APARTMENTSUnder construction 34-story 376-unit apartment
tower by Douglas Emmett replacing the
long-vacant Pavilions supermarket site on the
southwest corner of Wilshire Boulevard and
Granville Ave consisting of 360 market rate units
and 16 affordable units.
PICASSO BRENTWOODUnder construction 6-story 81-unit mixed-use
apartment project by Metropolitan Pacific with
10,000 square feet of ground floor retail at 12035
Wilshire Boulevard.
11407 SANTA MONICA BLVDUnder construction 5-story 51-unit apartment
project by Wiseman Development on the
northwest corner of Santa Monica Boulevard
and Purdue Avenue consisting of 47 market rate
units and 4 affordable units over 1,500 square
feet of ground floor retail space.
625 S BARRINGTON AVEUnder construction 4-story 46-unit apartment
project by Nayssan Properties Drive on
Barrington Avenue between Terryhill Place and
Chenault Street.
1330 S FEDERAL WAYUnder construction 2-story 36-unit condo
development project by Woodbridge Properties
LLC on the northeast corner of Federal Avenue
and Rochester Ave.
1330 S FEDERAL WAYProposed 2-story ,26-unit condo development
project by Woodbridge Properties LLC on
the northeast corner of Federal Avenue and
Rochester Ave.
11261 W SANTA MONICA BLVDProposed 6-story 119-unit apartment project by
BLT Enterprises on near the 405 Freeway.
12431 ROCHESTER AVEProposed 5-story 50-unit apartment project by
Oakmont Capital on the northeast corner of
Santa Monica Boulevard and Centinela Avenue.
1450 SOUTH BARRINGTONProposed 4-story 20-unit apartment project by
Wiseman Development on Barrington Avenue
between Ohio Avenue and Rochester Avenue.
NEARBY DEVELOPMENT PROJECTS
Veterans Administration Med Ctr
Brentwood Country Club
WESTWOOD
WEST LOS ANGELES
WESTWOOD VILLAGE
BRENTWOOD PARK
§̈¦405
§̈¦405
S Bundy Dr
Wilshire
Blvd S Barrington Ave
S Sepulveda Blvd
Montana Ave
W Olympic Blvd
Westwood Blvd
San Vicente Blvd
26th St
W Pico Blvd
Cotner Ave
Sawtelle Blvd
Idaho Ave
W Sunset Blvd
Manning Ave
20th St Colorado Ave
Veteran Ave
S Kenter Ave
S Bundy Dr
26th St UV2
Ohio Ave
Barry Ave
Yale St
Veteran Ave
Federal Ave
Colby Ave
Butler Ave
Iowa Ave
Corinth Ave
Stanford St
Texas Ave
Stoner Ave
Armacost Ave
Kelton Ave
Missouri Ave
Wellesley Ave
Purdue Ave
Franklin St
S Westgate Ave
Wellworth Ave
Rochester Ave
Camden Ave
Midvale Ave
Nebraska Ave
Arizona Ave
Brockton Ave
Beloit Ave
Centinela Ave
S Bentley Ave
Pontius Ave
Princeton St
Bonsalle Ave
La Grange Ave
21st St
Greenfield Ave
Kiowa Ave
Mississippi Ave
23rd St
Mayfield Ave
Goshen Ave
Broadway
Harvard St
Amherst Ave
Glendon Ave
Ashton Ave
Exposition Blvd
Darlington Ave
Berkeley St
Malcolm
Ave
S Anita Ave
Selby Ave
Chelsea Ave
Westholm
e Ave
Idaho Ave
Wilkins Ave
California Ave
Gorham Ave
S Medio Dr
Massachusetts Ave
W Dorothy St
S Saltair Ave
Sawtelle Blvd
Tennessee Ave
Military Ave
S Cliffwood Ave
Washington Ave
Constitutio
n Ave
S Burlingame Ave
S Carmelina Ave
S Gretna Green Way
Lindbrook Dr
25th St
S Canyon View Dr
Overland Ave
S Moreno Ave
Kinnard Ave
Gayley Ave
Fairburn Ave
Holman Ave
Dowlen Dr E
N Carmelina Ave
Dowlen Dr W
Pelham Ave
N Cliffwood Ave
N Kenter Ave
Ayres Ave24th St
Eastborne Ave
Thayer Ave
19th St
Manning Ave
S Gretna Green Way
Selby Ave
Nebraska Ave
La Grange Ave
S Carmelina Ave
Harvard St
Missouri Ave
Rochester Ave
Franklin St
Exposition Blvd
Wilkins Ave
Midvale AveS Westgate Ave
Glendon Ave
Centinela Ave
Mississippi Ave
Kelton Ave
S W
estg
ate
Ave
Berkeley St
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55B
55A
55A
55B
55B-C
55B-C
625 S Barrington Ave
Picasso Brentwood
12431 Rochester Ave
1450 S Barrington Ave
1330 S Federal Way
11407 Santa Monica Bl
11261 Santa Monica BlLandmark Apartments
11747 Mayfield Ave
14
MAJOR EMPLOYERS AND PLACES OF INTEREST
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Palisades Park
Temescal Canyon Park
Santa Monica Airport
Temescal Gateway Park
Santa Ynez Canyon Park
Getty View Park & Trailhead
University of California-LA
Topanga State Park
Santa Monica State Beach
Will Rogers State Historic Park
Culver City
Santa Monica
Beverly Hills
Palms
Westwood
Mar Vista
Ocean Park
West Los Angeles
Westwood Village
Bel Air
Riviera
Brentwood
Rancho Park
Topanga Oaks
Century City
CastellammareTopanga Beach
Brentwood Park
Brentwood Heights
Pacific Palisades
§̈¦405
§̈¦10
§̈¦405
§̈¦10
W Sunset Blvd
14th StW Pico Blvd
Sawtelle Blvd
Venice Blvd
7th St
Palms Blvd
S Sepulveda Blvd
S Bundy Dr
W Olympic Blvd
Overland Ave
Montana Ave
Wilshire Blvd
S Barrington Ave
San Vicente Blvd
Motor Ave
Ocean Ave
Westwood Blvd
Rose Ave
N Beverly Dr
26th St
4th St
National Blvd
Olympic Blvd
23rd St
S Beverly Glen Blvd
W W
ashi
ngto
n Bl
vd
Manning Ave
Veteran Ave
Hilg
ard
Ave
Washington Pl
20th St
McLaughlin Ave
Sepulveda Blvd
S Centinela Ave
Culver B
lvd
Colorado Ave
Airport A
ve
Walgrove Ave
Neilson Way
Idaho Ave
N Beverly Glen Blvd
16th St
N Palm Dr
Roscomare Rd
rD ylr ev e
B S
rD li
wreveB
Cotner Ave
N Whittier Dr
Main St
Ocean Park Blvd
Centinela Ave
Cast
le H
eigh
ts A
ve
Hughes Ave
Tem
esca
l Can
yon
Rd
Avenue of the Stars
Sunset Blvd
Ocean
Ave
Ext
Club Dr
Manning Ave
20th St
4th St
Venice Blvd
26th St
UV27
UV1
UV2
11th St
17th St
Pearl St
16th StAlta Ave
Ohio Ave
9th St
Arizona Ave
E Fi
re R
d
Idaho Ave
Amal
fi Dr
Broadway
Sullivan Fire Rd
Euclid St
Bel Air Rd
N Kenter Ave
N Bundy Dr
Military Ave
Elevado Ave
N Rexford Dr
Veteran Ave
Inglewood Blvd
N Tigertail Rd
Farmers Fire Rd
Angelo Dr
Washington Ave
Lach
man
Ln
Grand View Blvd
Carlyle Ave
Lomitas Ave
Bradd
ock D
r
California Ave
N Roxbury Dr
Missouri Ave
Carmelit
a Ave
Palisades Dr
Benedict Canyon Dr
Rochester Ave
Linda Flora Dr
Beethoven St
dR nol a h
C
Charleville Blvd
Gregory Way
N H
illcr
est R
d
Lake Dr
Lom
a Vi
sta
Dr
Pacific Ocean
Wells Fargo
UCLA
Providence St. John’s Health Center
VA Greater Los Angeles Healthcare Center
HBOHulu
Universal Music Group
Lionsgate Entertainment
Edmunds
Riot Games
Activision Blizzard
Red Bull
RAND Corporation
Will Rogers State Beach
The Getty Center
UCLA
Geffen Playhouse Theater
Hammer Museum
Santa Monica PIer
Riviera Country Club
Brentwood Country Club
Brentwood Country Mart
11747 Mayfield Ave
MAJOR EMPLOYERS
PLACES OF INTEREST
15
SILICON BEACH
SANTA MONICAUniversal Music GroupActivision BlizzardLionsgate EntertainmentHuluRubin Postaer & AssociatesEdmunds.comHBOAmazon.comCornerstone OnDemandRed BullCBS TV DistributionDemand MediaGame Show Network (GSN)Crispin PorterUberWeWorkTrueCarSkydance ProductionsTradesyTwitterPandoraRed InteractiveInteractive Data CorpOvation TVZipRecruiterMatchCraft
VENICEBuzzFeedContinuumEpoxyGoogleSnapchatVICE MediaZambeziZEFR
OLYMPIC CORRIDORRiot GamesShopzillaFandango
MARINA DEL REYDollar Shave ClubTeleSignJibJab Media
PLAYA VISTA Fox Interactive MediaBelkinVerizon (EdgeCast Networks)Yahoo!Electronic ArtsUSC Institute of Creative Technologies
Sony Computer EntertainmentDeutsch AdvertisingThe Honest Company72andSunnyTeam One (Saatchi & Saatchi)IMAXOmnicom MediaWPP (GroupM Worldwide)Rubicon ProjectYouTubeCore Digital MediaICANNTMZFacebookLaureate EducationTBWA\Chiat\DayKonami Strange Frog ProductionsPhelps GroupPopMicrosoftFullscreenGehry TechnologiesChernin GroupBrighter CollectiveR/GA Media GroupVEVO
Due to its strong concentration of established and startup entertainment, digital media, and technology firms, the area stretching between Santa Monica,
Venice Beach, Marina Del Rey, Culver City, and Playa Vista has been called “Silicon Beach.” With well-known local startup firms such as Snapchat, TrueCar,
ZipRecruiter, as well as Silicon Valley behemoths such as Google, YouTube, Facebook, and Uber, this coastal area have become a major center for
Southern California’s technology industry
16
SILICON BEACH MAP
W Pico B lvd
Cul
ver
Blv
d
Wi ls
h i re B
lvd
Ven ice Blvd
Monta
na Ave
20th St
S Sepulved
a Blvd
S L
a C
ien
eg
a B
lvd
San V icente Bl vd
Rose Ave
S Cent ine la A
ve
SF
ai r
fax
Av
eO
cean Ave
S Bundy Dr
26th St
WOlympic
B lvd
Rodeo Rd
SR
ob
er t
son
Blv
dWestw
ood
Blvd
LincolnB lv d
O ly m pic B lvd
Paci f ic Ave
Nat ional Blvd
W
S uns e tB
l vd
Over land
Ave
Manning Ave
Ocean Pa rk
Blvd
Moto
rA
v e
Wash ington P
l
W Jefferson B lvd
Sepul v eda B lvd
Pico Blvd
eve
r ly Gle
n B
lvdSanta
Monic
a Blv
d
Cent ine la Ave
Jef f
ers
on
Blv
d
WCe n t in e la Ave
Stocker St
s
La B
rea
Ave
Be
ve
rwil
Dr
ge
Av
e
Beethoven St
W Washingto
n B lvd
lvd
Playa S
t
Nei lson W
ay
4th St
Ga
tew
ay
Blv
d
Washin
gton Bl v d
W S lauson Ave
St
Ven ice B lvd
Venice Blvd
S S
ep
ulv
ed
a B
lvd
W i lsh i re
Blvd
20th St
Linco ln Blvd
Ven ice Blvd
26th St
W Jefferson B lvd
Linco ln B lvd
Over land A
ve
anVicen te
Blvd
Pico Blvd
Wash
ingto
n Blv
d
W O lympic B lvd
S Cent ine la Ave
Venice Blvd
Cul
ver
Blv
d
Jeff
ers
on
Blvd
PicoBlvd
W Washington Blvd
Linco ln B lvd
N at i ona l B lvd
S B
un
dy D
r
W S uns e
Over land
Ave Ven ice
B lvd
Ven ice Blvd
Palms
Westwood
Crenshaw
Brentwood
Ocean Park
Rancho Park
Windsor Hills
Marina del Rey
Ladera Heights
West Los Angeles
Venice
Culver City
Santa Monica
405
10
10
187
90
1
2
1
187
1
1
1
90
1
11747 Mayfield Ave
17
FINANCIAL ANALYSIS - OFFERING SUMMARY
PRICING SUMMARY
Price $4,150,000
Price Per Unit $518,750
Price Per SF $583
Current NOI $146,921
Pro Forma NOI $219,140
Cap Rate - Current1 3.54%
Cap Rate - Pro Forma 5.28%
GRM - Current1 18.1x
GRM - Pro Forma 13.3x
PROPERTY SUMMARY
Year Built 1955
Total Units 8
Building Area 7,120 SF
APN# 4265-008-012
Land Area 7,500 SF
Zoning LAR3
Parking Yes
1 Assumes Unit 5 is leased at projected rent. Assumes a 4% increase for Units 4R, 6R and 8 as of 7/1/19.
OPERATING STATEMENT SUMMARY
REVENUE IN-PLACE PRO FORMA
Gross Potential Rent $228,635 $310,800
Vacancy - (9,324)
Net Rental Income $228,635 $301,476
Other Revenue 500 500
Effective Gross Income $229,135 $301,976
ESTIMATED EXPENSES Per Unit Per Unit
Administrative $1,200 $150 $1,200 $150
Repairs & Maintenance 3,400 425 3,400 425
Turnover Expense 1,200 150 1,200 150
Management Fee 11,457 1,432 12,079 1,510
Utilities 8,800 1,100 8,800 1,100
Contract Services 2,400 300 2,400 300
Property Taxes 49,511 6,189 49,511 6,189
Direct Assessment 967 121 967 121
Insurance 3,280 410 3,280 410
Total Expenses $82,214 $10,277 $82,836 $10,355
Net Operating Income $146,921 $219,140
Expense Ratio (% of EGI) 36% 27%
18
RENT ROLL
CURRENT1 PRO FORMA
UNIT OCCUPIED / VACANT MOVE-IN DATE UNIT TYPE CURRENT RENT SCHEDULED GROSS
INCOME MARKET RENTSCHEDULED GROSS
INCOME LOSS TO LEASE1R2 Occupied 11/1/2018 2B+1BA $3,000 $36,000 $3,225 $38,700 $225 2R2 Occupied 5/17/2019 2B+1BA $3,175 $38,100 $3,225 $38,700 $50
3 Occupied 11/1/1994 2B+1.5BA-TH $1,171 $14,049 $3,400 $40,800 $2,229 4R2,3 Occupied 4/15/2017 1B+1BA $2,650 $31,800 $2,650 $31,800 $0
5 Vacant NA 2B+1BA $3,200 $38,400 $3,225 $38,700 $25 6R2,3 Occupied 7/19/2018 2B+1BA $3,224 $38,688 $3,225 $38,700 $1
7 Occupied 5/15/2009 1B+1BA $1,294 $15,531 $2,650 $31,800 $1,356 83 Occupied 6/1/1975 3B+2BA $1,339 $16,068 $4,300 $51,600 $2,961
Totals 8 7,120 SF $19,053 $228,635 $25,900 $310,800 $6,847 Loss To Lease % 36%
RENT ROLL SUMMARY
CURRENT1 PRO FORMA
FLOOR PLANUNIT BREAKDOWN
% NO.UNITS AVG. IN-PLACE RENT TOTAL MONTHLY INCOME AVG. PRO FORMA RENT TOTAL MONTHLY INCOME LOSS TO LEASE
1B+1BA 25% 2 $1,972 $3,944 $2,650 $5,300 $1,356 2B+1BA 50% 4 $3,150 $12,599 $3,225 $12,900 $301
2B+1.5BA-TH 13% 1 $1,171 $1,171 $3,400 $3,400 $2,229 3B+2BA 13% 1 $1,339 $1,339 $4,300 $4,300 $2,961
Total/WTD Avg. 100% 8 $2,382 $19,053 $3,238 $25,900 $6,847 Gross Potential Income $228,635 $310,800 $82,165
1 Assumes Unit 5 is leased at projected rent. 2 Units 1R, 2R, 4R, and 6R are fully renovated. 3 Assumes a 4% increase for Units 4R, 6R and 8 as of 7/1/19.
19
SALES COMPARABLES
PROPERTY ADDRESS YEAR BUILT SALE DATE SALE PRICE CAP RATE GRM $PSF $ PER UNIT BLDG SF # OF UNITS
1005 S Barrington Ave
Los Angeles, CA 900491962 Aug-2018 $2,638,000 3.29% 18.2 $407 $527,600 6,477 5
11722 Darlington Ave
Los Angeles, CA 900491960 Jun-2018 $3,500,000 3.39% 18.1 $535 $583,333 6,547 6
11642 Kiowa Ave
Los Angeles, CA 900491967 Apr-2018 $4,250,000 2.99% 19.8 $513 $472,222 8,284 9
11921 Goshen Ave
Los Angeles, CA 900491962 Jan-2018 $3,900,000 3.66% N/A $582 $487,500 6,700 8
11835-37 Dorothy St
Los Angeles, CA 900491968 Sep-2017 $10,000,000 2.55% 21.8 $555 $500,000 18,012 20
TOTAL / AVERAGE $24,288,000 3.01% 20.1 $528 $506,000 46,020 48
11747 MAYFIELD AVE 1955 $4,150,000 3.54%1 18.11 $583 $518,750 7,120 8
1 Assumes Unit 5 is leased at projected rent. Assumes a 4% increase for Units 4R, 6R and 8 as of 7/1/19.
1
2
3
4
5
20
Veterans Administration Med Ctr
§̈¦405
§̈¦405
S Bundy Dr
Wilshire
Blvd
S Barrington Ave
Montana Ave
San Vicente Blvd
Idaho Ave
S Sepulveda Blvd
S Bundy Dr
UV2
Barry Ave
Ohio Ave
Texas A
ve
Iowa Ave
Federal Ave
Colby Ave
Butler Ave
Yale St
Kiowa Ave
Mayfield Ave
Goshen Ave
Franklin St
Amherst Ave
Armacost Ave
Wellesley Ave
Stanford St
Darlington Ave
S Westgate Ave
Brockton Ave
Berkeley St
Stoner Ave
Gorham Ave
Centinela Ave
W Dorothy St
Sawtelle Blvd
Roches
ter A
ve
Nebraska Ave
Granville Ave
Corinth Ave
Harvard St
S Gretna Green Way
S Saltair Ave
S Carmelina Ave
Bonsalle Ave
Chenault St
S Medio Dr
Dorothy St
Grant Ave
Dowlen Dr E
Dowlen Dr W
Lipton Ave
Purdue Ave
Missouri Ave
Dewe
y Av
e
Bringham Ave
S Amherst Ave
Princeton St
Washington Ave
W Gorham Ave
Beloit Ave
Montana Ave
S Anita Ave
Idaho Ave
Pershing Ave
W Shady Dr
Eisenhower Ave
W Shetland Ln
McC
lella
n Dr
Wyoming Ave
Cotner Ave
W Darlington Ave
S McClellan Dr
Massachusetts Ave
W Gorham Ave
S W
estg
ate
Ave
Granville Ave
Granville AveS Saltair Ave
Ohio Ave
Stoner Ave
S Westgate Ave
S Gretna Green Way
Centinela Ave
Rochester Ave
Franklin St
Wellesley Ave
S Saltair Ave
S Carmelina Ave
55A
55B
55B-C11642 Kiowa Ave
11722 Darlington Ave
11835-37 Dorothy St1005 S Barrington Ave
11921 Goshen Ave
11747 Mayfield Ave
SALES COMPARABLES MAP
21
RENT COMPARABLES
PROPERTY ADDRESS UNIT TYPE RENT COMMENTS
11832 Kiowa Ave 1B+1BA $2,595 Unit comes with granite countertops, new laminate and tile floors, new cabinets and new stainless-steel
appliances.
11621 Chenault St 1B+1BA $2,649 Renovated unit comes with washer/dryer, large balcony and hardwood floors throughout.
11738 Mayfield Ave. 2B+1BA $3,250 Updated two level townhouse-style unit.
11622 Gorham Ave. 2B+1BA $3,350 Large but dated unit, older kitchen and carpet floors.
11927 Gorham Ave 2B+2BA $3,345 Remodeled unit featuring stainless-steel kitchen appliances, black granite countertops, hardwood floors,
high ceilings and a private patio.
11911 Dorothy St 2B+2BA $3,495 Units features hardwood and carpet flooring, updated bathroom and kitchen cabinets and fireplace.
1
2
3
4
5
6
22
PROPERTY ADDRESS UNIT TYPE RENT COMMENTS
1233 S Westgate Ave 3B+3BA $4,495 Unit feature an open floor plan with designer fixtures, in-unit washer/dryer, stainless-steel appliances and
hardwood floors throughout.
11818 Dorothy St 3B+3BA $4,695 Unit comes with custom modern kitchen with stainless-steel appliances, Caesarstone countertops, and in-
unit washer and dryer.
RENT COMPARABLES SUMMARY
UNIT TYPE # OF UNITS AVG RENT SUBJECT PROPERTY
1B+1BA 2 $2,622 $2,650
2B+1BA 2 $3,300 $3,225
2B+2BA1 2 $3,420 $3,400
3B+2BA2 2 $4,595 $4,300
12B+2BA rent comparables is used to estimate subject’s 2B+1.5BA townhouse rent.
23B+3BA rent comparables is used to estimate subject’s 3B+2BA rent.
7
8
23
Veterans Administration Med Ctr
Montana Ave
San Vicente Blvd
S Barrington AveS Bundy Dr
Wilshire
Blvd
S Kenter Ave
S Bundy Dr
Kiowa Ave
Barry Ave
Mayfield AveGoshen Ave
Darlington Ave
Gorham Ave
W Dorothy St
Grant Ave
Chenault St
S Westgate Ave
S Saltair Ave
Granville Ave
Bonsalle Ave
Texas Ave
Federal Ave
S Gretna Green Way
Dorothy St
Pershing Ave
Dewe
y Av
e
Rochester Ave
Dowlen Dr W
Bringham Ave
Stoner Ave
S Amherst Ave
W Gorham Ave
Montana Ave
Wellesley Ave
S Bundy Dr
W Shetland Ln
Oce
ano
Dr
Eisenhower Ave
Hadley Ln
Colby Ave
Armacost Ave
Amherst Ave
Centinela Ave
S Gretna Green Way
S Westgate Ave
Granville Ave
S W
estg
ate
Ave
W Gorham Ave
1233 S Westgate Ave
11911 Dorothy St
11622 Gorham Ave
11621 Chenault St
11738 Mayfield Ave
11818 Dorothy St
11927 Gorham Ave
11832 Kiowa Ave
11747 Mayfield Ave
RENT COMPARABLES MAP
T 213.624.5700 F 213.624.9203www.transwestern.com
601 S. Figueroa Street, Suite 2750Los Angeles, CA 90017
Copyright © 2019 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information in this offering memorandum was gathered by Transwestern from sources believed reliable. Transwestern has not verified the information and makes no guarantee, warranty or representation about it. It is the potential buyer’s responsibility to independently confirm its accuracy and completeness. Any projec-tions, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Potential buyers and their advisors should conduct a careful, independent investigation of the property to determine to their satisfaction the suitability of the property for their needs. CA Broker License 01263636
John SwartzSenior Vice President213.430.2526 [email protected] CA Lic 01873487
Josh KaplanSenior Vice President213.430.2538 [email protected] Lic 01934177
Troy [email protected] Lic 02015705