executive summary property overview€¦ · executive summary: property highlights • strong unit...

VALUE OF ASSET $ 3,050,000Year Built 1958

Building SF ± 12,458 SF

Lot Size ± 12,822 SF

Number of Units 14 Units

Price Per Unit $ 217,857

Price Per SF $ 244.82

GRM 17.10

Cap Rate 3.25 %

Pro-Forma GRM 10.06

Pro-Forma Cap Rate 7.07 %

EXECUTIVE SUMMARY

property highlights• Strong Unit Mix of Six 1 Bed + 1 Bath, Six 2 Bed + 1 Bath Units, One Large 2 Bed + .75

Bath + Den and One 2 Bed + 1.75 Bath Units

• Huge 70 % Upside in Rental Potential

• All Units are Equipped with Gas Heat and Air Conditioning

• All Units are Individually Metered for Electricity and Gas

• Private Swimming Pool

• Nearby Parks Include Erwin Park, Valley Plaza Park, and Studio City Park

• Within Proximity to 7-Eleven, Fed-Ex, Papa John›s Pizza. Starbucks, La Fitness, Ralphs,

Walgreens, Smart and Final, Sears, Chase Bank, Bank of America, Regency Valley

Plaza 6

12828 OXNARD STREETNORTH HOLLYWOOD, CA 91606

14 UNIT MULTIFAMILY INVESTMENT OPPORTUNITY

location overview

property overview12828 Oxnard Street in North Hollywood, California is a 14 unit multi-family apartment building consisting

of 12,458 square feet sitting on a 0.29 acre lot. With a great unit mix of (six) 1 Bed + 1 Bath, (six) 2 Bed + 1

Bath, (one) 2 Bed + .75 Bath + Den, and (one) 2 Bed + 1.75 Bath units, the Oxnard Street apartments offer huge

upside with the rents sitting 70 % below market. The property contains a swimming pool, laundry room,

and tuck-under parking for tenant access allowing for a potential new owner the opportunity to add value

through aggressive management practices. In addition to the tenant amenities, the site has alley allowing

controlled access to the building.

The mix of cosmopolitan flair and relatively low-key personality once led LA

Weekly to speculate that North Hollywood just might be the best place to live in

the Los Angeles area. The community has become popular among artists, writers,

filmmakers, and actors seeking balance between easy access to Hollywood (via a

quick drive or Red Line ride) and a quieter, more suburban home environment.

The local food and bar scene is amazing, and the bohemian vibe of the NoHo

Art District attracts all manner of offbeat creative types. Uncommon among Los

Angeles-area communities, much of North Hollywood is quite walkable, with food,

drinks, galleries, and performance venues just a leisurely stroll away from one

another.

CASEY PICARDManaging Partner

626.376.9224 Office626.716.4451 MobileCal BRE #01921866

[email protected]

AGGREGATE INVESTMENT PARNERS251 South Lake Ave Suite 320Pasadena, CA 91101Office [email protected]

12828 OXNARD STREETNORTH HOLLYWOOD, CA 91606

14 UNIT MULTIFAMILY INVESTMENT OPPORTUNITY

PRICE $ 3,050,000

Price/Unit $ 217,857

Price/SF $ 244.82

GRM 17.10 10.06

Cap 3.25 % 7.07 %

Current Pro-Forma

FINANCIAL ANALYSIS

MONTHLY RENT SCHEDULENUMBER OF UNITS UNIT TYPE AVG CURRENT RENT CURRENT TOTAL PRO-FORMA TOTAL

6 1 Bed + 1 Bath $ 964.84 $ 5,789.04 $ 1,700 $ 10,200

6 2 Bed + 1 Bath $ 1,118.48 $ 6,710.88 $ 1,875 $ 11,250

1 2 Bed + .75 Bath $ 986.28 $ 986.28 $ 1,850 $ 1,850

1 2 Bed + 1.75 Bath $ 1,379.17 $ 1,379.17 $ 1,975 $ 1,975

TOTAL $ 14,865.37 $ 25,275

Down 55 % $ 1,677,500

Loan 45 % $ 1,372,500

Amort Years 30

Interest Rate 4.50 %

Payments ($ 6,954)

Units 14 Units

Year Built 1958

Gross SF 12,458 SF

Lot SF 12,822 SF

APN 2341-006-017

ANNUALIZED INCOME Assumption Current

Gross Potential Rent $ 178,384.44 $ 303,300.00

Less Vacancy 3 % ($ 5,351.53) ($ 9,099.00)

Laundry Income $ 1,680 $ 1,680

Effective Gross Income $ 174,712.91 $ 295,881.00

OPERATING EXPENSES Assumption Current Pro-forma

Property Taxes 1.193027 % $ 36,387.32 $ 36,387.32

Department of Water & Power 2017 Actual $ 14,696.53 $ 14,696.53

So Cal Gas 2017 Actual $ 3,084.57 $ 3,084.57

Gardener 2017 Actual $ 2,050 $ 2,050

Insurance 2017 Actual $ 5,713.80 $ 5,713.80

Rubbish 2017 Actual $ 3,163.63 $ 3,163.63

Repairs & Maintenance 4 % of EGI $ 6,975 $ 11,835.24

Pool Maintenance 2017 Actual $ 2,573 $ 2,573

Pest Control 2017 Actual $ 845 $ 845

Current Pro-forma

Total Expenses $ 75,488.85 $ 80,349.09

Expenses/Unit $ 5,392.06 $ 5,739.22

Expenses/SF $ 6.02 $ 6.40

% of EGI 43.21 % 27.16 %

RETURN Current Pro-forma

NOI $ 99,224.05 $ 215,531.91

Less Debt ($ 83,451.07) ($ 83,451.07)

Cashflow $ 15,772.98 $ 132,080.84

Cash on Cash 0.94 % 7.87 %

DSCR 1.19 2.58



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UNIT NUMBER UNIT TYPE Notes CURRENT RENT PRO-FORMA RENT

1 2 Bed + 1 Bath Section 8 $ 1,123 $ 1,875

2 1 Bed + 1 Bath Section 8 $ 952 $ 1,700

3 2 Bed + .75 Bath + Den $ 986.28 $ 1,850

4 1 Bed + 1 Bath Section 8 $ 952 $ 1,700

5 2 Bed + 1 Bath $ 600 $ 1,875

6 1 Bed + 1 Bath Section 8 $ 952 $ 1,700

7 2 Bed + 1 Bath Vacant $ 1,875

8 2 Bed + 1 Bath Section 8 $ 885 $ 1,875

9 2 Bed + 1.75 Bath $ 1,379.17 $ 1,975

10 1 Bed + 1 Bath Section 8 $ 952 $ 1,700

11 2 Bed + 1 Bath $ 1,166.99 $ 1,875

12 2 Bed + 1 Bath $ 1,060.90 $ 1,875

14 1 Bed + 1 Bath Section 8 $ 1,030 $ 1,700

15 1 Bed + 1 Bath Section 8 $ 951 $ 1,700

TOTAL 14 UNITS $ 12,990.34 $ 25,275

RENT ROLL



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SALES COMPARABLES

ADDRESS YEAR BUILT NUMBER OF UNITS BUILDING SIZE UNIT MIX

12160 Burbank BlvdValley Village, CA 91607 1951 6 Units 5,884 SF 2- 1 Bed + 1 Bath

4- 2 Bed + 1 Bath

SALE DATE SOLD PRICE PRICE PER SF PRICE PER UNIT CAP RATE GRM

1-23-2018 1-23-2018 $ 248.13 $ 243,333 - -


6101 Tujunga AveNorth Hollywood, CA 91601 1957 5 Units 3,500 SF 3- 1 Bed + 1 Bath

2- 2 Bed + 1 Bath


6-30-2017 $ 1,050,000 $ 300 $ 210,000 3.96 % 15.19


11340 Miranda StNorth Hollywood, CA 91601 1964 9 Units 7,197 SF

4- 1 Bed + 1 Bath4- 2 Bed + 1 Bath1- 3 Bed + 2 Bath


8-25-2017 $ 1,727,500 $ 240.03 $ 191,944 3.52 % 15.33


12327 Burbank BlvdNorth Hollywood, CA 91607 1951 7 Units 3,976 SF

Studio + 1 Bath4- 1 Bed + 1 Bath2- 2 Bed + 1 Bath


5-1-2017 $ 1,950,000 $ 490.44 $ 278,571 3.08 % 20


11420 Oxnard StreetNorth Hollywood, CA 91606 1947 8 Units 7,366 SF 8- 2 Bed + 1 Bath


5-17-2017 $ 1,700,000 $ 230.79 $ 212,500 - -


6519 Troost AvenueNorth Hollywood, CA 91606 1957 6 Units 4,311 SF 2- 1 Bed + 1 Bath

4- 2 Bed + 1 Bath


6-20-2018 $ 1,462,000 $ 324.75 $ 243,667 4.42 % 14.71

SOLD PRICE AVG PRICE PER UNIT AVG PRICE PER SF AVG GRM AVG CAP RATE

$ 1,520,750 $ 230,002.50 $ 305.69 16.31 3.73 %

SALE COMPARABLE AVERAGES



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SALES COMPARABLESMAP OVERVIEW



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11601 Gilmore StreetNorth Hollywood, CA 91606 1953 12 Units 7,698 SF 1 Bed + 1 Bath

UNIT TYPE ASKING RENT UNIT SIZE RENT PER SF

1 Bed + 1 Bath $ 1,995 540 SF $ 3.69

LEASE COMPARABLES


13464 Victory BlvdVan Nuys, CA 91401 1969 32 Units 20,128 SF 1 Bed + 1 Bath

2 Bed + 1 Bath


1 Bed + 1 Bath $ 1,795 800 SF $ 2.24


12244 Burbank BlvdValley Village, CA 91607 1985 48 Units 33,198 SF

Studio + 1 Bath

1 Bed + 1 Bath

2 Bed + 2 Bath


11922 Burbank BlvdLos Angeles, CA 91607 1960 25 Units 24,689 SF

Studio + 1 Bath

1 Bed + 1 Bath


1 Bed + 1 Bath $ 1,700 750 SF $ 2.26


6131 Coldwater Canyon AveNorth Hollywood, CA 91606 1941 32 Units 37,112 SF 1 Bed + 1 Bath

2 Bed + 2 Bath


2 Bed + 2 Bath $ 2,000 1,100 SF $ 1.81


11657 Oxnard StreetNorth Hollywood, CA 91606 1991 101 Units 123.560 SF

1 Bed + 1 Bath2 Bed + 2 Bath3 Bed + 2 Bath


1 Bed + 1 Bath

2 Bed + 2 Bath

$ 1725

$ 2,000

900 SF

1,100 SF

$ 1.91

$ 1.81


1 Bed + 1 Bath

2 Bed + 2 Bath

$ 1,775

$ 2,500

850 SF

1,050 SF

$ 2.09

$ 2.38

UNIT TYPE AVG ASKING RENT AVG UNIT SIZE AVG RENT PER SF

1 Bed + 1 Bath

2 Bed + 1 Bath

$ 1,798

$ 2,166

768 SF

1,083 SF

$ 2.34

$ 2.00

LEASE COMPARABLE AVERAGES



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LEASE COMPARABLESMAP OVERVIEW

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