west hollywood, ca 90046 - loopnet...great walkability is a hallmark of this west hollywood...

1038N. CRESCENT HEIGHTS BLVD.WEST HOLLYWOOD, CA 90046

THE LIBEROW GROUP

NON-ENDORSEMENT AND DISCLAIMER NOTICEThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

SAM LIBEROWFirst Vice President InvestmentsDirector, National Multi Housing Group 16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2795 Direct (818) 698-6464 Fax [email protected] License: CA 01933858

EXCLUSIVELY LISTED BY:

MAX GERSHTInvestments Associate

16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2664 Direct (818) 698-6464 Fax [email protected] License: CA 02057610

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TABLE OF CONTENTS

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Executive Summary

Investment Highlights

Property Overview

Financial Analysis

Comparables

Area Overview

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Marcus & Millichap has been selected to exclusively market for sale 1038 N Crescent Heights Blvd., a 4-unit apartment building in an excellent West Hollywood neighborhood.

1038 N Crescent Heights is situated in one of the most desirable rental sub-markets in the Los Angeles area. Potential increase in rental income is also available by implementing the renovation program to the interior and exterior facades.

The building consists of two (2) one-bedroom / one-bathroom units, one (1) two-bedroom / one-bathroom unit, and one (1) three-bedroom / one-bathroom unit. With 3,504 of rentable square feet and 0.15 acres of lot,the property offers a great opportunity for an owner/user or investor.Parking is also available and possible storage space.

Great walkability is a hallmark of this West Hollywood neighborhood. With a Walk Score of 94, the property is about a 3 minute walk from Santa Monica Blvd. right near all of the trendy restaurants, nightlife, and chic retail shopping stores. You can walk to an average of 8 restaurants, bars and coffee shops in 5 minutes.

EXECUTIVE SUMMARY

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PROPERTY OVERVIEW

PROPERTY OVERVIEW

Property Address

Building SF

Lot Size

Units

APN

Year Built

Zoning

1038 N. Crescent Heights Blvd.

3,504 SF

6,640 SF

4

5529-024-005

1938

R3B

FINANCIAL OVERVIEW

Sales Price $1,899,000

CAP Rate 3.18%

Price/Unit $474,750

Price/SF $541.95

ProForma CAP Rate 4.39%

ProForma GRM 16.15

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• Neighboring Two Lots Are Currently on the MarketGiving the Investor An Ability to Build on ThreeConsecutive Parcels

• Excellent West Hollywood Location; Just One Blockfrom Santa Monica Blvd

• Three Bedroom Unit Will Be Delivered VacantAt Close of Escrow Making This an ExcellentOpportunity for an Owner/User

• Spacious Units Consisting of Two (2) One-Bedrooms, One (1) Two-Bedroom, and One (1)Three-Bedroom

• Four Parking Garages Will Be Delivered Vacant

• On-Site Laundry and Parking

INVESTMENT HIGHLIGHTS

GREAT WALKABILIT Y

WALK SCORE OF 94 - THIS LOCATION IS A WALKER’S PARADISE SO DAILY ERRANDS DO NOT REQUIRE A CAR

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INVESTMENT HIGHLIGHTS

DEMOGRAPHICS

$102,931 $96,409 $860,2675-Mile RadiusAverage Household Income

1-Mile RadiusAverage Household Income

5-Mile Radius Population

WALKSCORE94/100

Walkscore of 94 meaning this location is a Walker’s Paradise.

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WHYBUY

PROXIMIT Y TO AMENITIES

Shopping• The Beverly Center• The Grove• Westfield Century City

Hospitals• Cedar-Sinai Medical Center• UCLA Medical Center

Groceries• Gelson’s• Whole Foods• Pavilions• Trader Joe’s

MA JOR EMPLOYERS IN THE IMMEDIATE AREA

• Cedar-Sinai Medical Center• Southern California Hospital• Kaiser Permanente• Sony Pictures Entertainment

WHY BUY 1038 N. CRESCENT HEIGHTS BLVD?

HIGH-END DEMOGRAPHICS

Average HH income of $102,931 within a 1-mile radius

Fitness• 24 Hour Fitness• Equinox• Yoga Works

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PROXIMIT Y TO AMENITIES PRIDE OF OWNERSHIPPROXIMIT Y TO SANTA MONICA BLVD

Upscale RestaurantsChic shopping storesTrendy Bars / LoungesWalk of Fame

VALUE-ADD OPPORTUNIT Y

Increase rental income by renovating exterior and interior units

Ability to acquire a property in prime West Hollywood

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THE OFFERING

PropertyPriceProperty AddressAssessors Parcel NumberZoning

1038 N. Crescent Heights Blvd.$1,899,0001038 N. Crescent Heights Blvd. 5529-024-005R3B

SITE DESCRIPTION

Number of Units 4Number of Buildings 1Number of Stories 2Year Built/Renovated 1938Rentable Square Feet 3,504Lot Size 6,640Type of Ownership Fee SimpleParking Yes

UTILITIES

Water Landlord PaysElectric Tenant PaysGas Tenant PaysTrash Tenant Pays

CONSTRUCTION

Foundation SlabFraming WoodExterior StuccoParking Surface ConcreteRoof Pitched

BUILDING INFORMATION

PLAT MAP

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BUILDING INFORMATION

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AERIAL

S A N TA M O N I C A B LV D

CR

ES

CE

NT

HE

IGH

TS

BLV

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THE HUDSON

SHELL GASMARCO’S TRATTORIA

TASTY DONUTS

CITY EXPRESS

CONNIE & TED’S

THE INDIAN KITCHEN BELLAS HAND & FOOT SPA

FUBAR

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FA

IRF

AX

AV

ES A N TA M O N I C A B LV D

7-ELEVEN

WHOLE FOODS

YOGAWORKS

YSABEL

USPS

KUNG PAO BISTRO

COFFEE COFFEE

DELILAHSURLY GOAT

BELLAS HAND & FOOT SPA

FUBAR

LAUREL HARDWARE

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CURRENT EXTERIOR PHOTOS

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UNIT NO UNIT TYPE SF CURRENT RENT NOTES MARKET RENT

1038 1+1 $1,625 $1,9501038 1/2 1+1 $860 $1,950

1040 3+1 $3,200 Vacant $3,2001040 1/2 2+1 $2,100 $2,200

Total $7,785 $9,300

RENT ROLL

FINANCIALS

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NO OF UNITS UNIT TYPE

2 1+11 2+11 3+14 Total Units

CURRENT RENTS MARKET RENTS

NO. OF UNITS BR/BA MO. RENT/UNIT MO. INCOME MO. RENT/UNIT MO. INCOME

2 1+1 $860 - $1,625 $2,485 $1,950 $3,9001 2+1 $2,100 $2,100 $2,200 $2,2001 3+1 $3,200 $3,200 $3,200 $3,200

Total Scheduled Rent: $7,785 $9,300Laundry: $40 $100Other Income: Storage Units - $400Monthly Scheduled Gross Income: $7,825 $9,800Annual Scheduled Gross Income: $93,900 $117,600

SCHEDULED INCOME

UNIT MIX

FINANCIALS

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FINANCIALS

Notes:This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Reference to square footage or age are approximate. Buyer must verify information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

PRICING

Sales Price $1,899,000

Price/Unit $474,750

Price/SF $541.95

CAP Rate 3.18%

ProForma CAP Rate 4.39%

ProForma GRM 16.15

Cash-on-Cash 3.18%

PRICING

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EXPENSES % ANNUAL PER SF PER UNIT

Real Estate Taxes 1.1562% $21,956 $6.27 $5,489Insurance $1,402 $0.40 $351Utilities $1,500 $0.43 $375Repairs & Maintenance $3,643 $1.04 $911Landscaping $1,200 $0.34 $300Operating Reserves $1,000 $0.29 $250Total Expenses $30,701 $8.77 $7,676

INCOME AND EXPENSE % CURRENT RENTS % MARKET RENTS

Scheduled Gross Income: $93,900 $117,600Vacancy/ Bad Debt: 3% $2,817 3% $3,528Gross Operating Income: $91,083 $114,072Less Expenses: 33% $30,701 26% $30,701Net Operating Income: $60,382 $83,371Less Loan Payments: $0 $0Pre-Tax Cash Flow: 3.18% $60,382 4.39% $83,371Plus Principal Reduction Yr 1: $0 $0Total Return Before Taxes: 3.18% $60,382 4.39% $83,371

ANNUALIZED OPERATING DATA

FINANCIALS

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1 2 3

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SALES COMPARABLES

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SUBJEC T PROPERT Y

ADDRESS 1038 N CRESCENT HEIGHTS BLVD

Offering Price $1,899,000Price/Unit $474,750Price/SF $541.95CAP Rate 3.18%No. of Units 4Year Built 1938

ADDRESS 854 N HARPER AVE

Close of Escrow 1/4/2019Sales Price $2,600,000Price/Unit $866,667Price/SF $577.01No. of Units 3Year Built 1938

ADDRESS 905 N GENESEE AVE


SALES COMPARABLES

1 2

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ADDRESS 931 N GARDNER ST


ADDRESS 1204 LARRABEE ST


ADDRESS 8812 RANGLEY AVE


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SALES COMPARABLES

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SALES COMPARABLES

PRICE PER SF

AVG. $632.43

1038 N CRESCENT

HEIGHTS BLVD

854 N HARPER AVE

905 NGENESEE AVE

931 NGARDNER ST

1204LARRABEE ST

8812RANGELY AVE

$900.00

$810.00

$720.00

$630.00

$540.00

$450.00

$360.00

$270.00

$180.00

$90.00

$0.00

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RENT COMPARABLES

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UNIT TYPE UNITS RENT

1+1 2 $860 - $1,625 2+1 1 $2,100 3+1 1 $3,200

Total 4Year Built 1938


1+1 1 $1,950



1+1 1 $2,095



ADDRESS 1027 N EDINBURGH AVE


1 2

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3+2 1 $3,300


ADDRESS 1265 N HARPER AVE

3

RENT COMPARABLES


2+1 1 $2,150


ADDRESS 1428 N CURSON AVE

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1 BEDROOM

2 BEDROOM

AVG. $2,023

1038 N CRESCENT HEIGHTS

BLVD

1266 NHAREPER AVE

1016 NLAUREL AVE

AVG. $3,300


BLVD

1023 N LAUREL AVE


BLVD

1321 N LAUREL AVE

$4,000

$3,600

$3,200

$2,800

$2,400

$2,000

$1,600

$1,200

$800

$400

$0

AVG. $2,150


BLVD

1027 N EDINBURGH

AVE

1266 NHARPER AVE

1016 NLAUREL AVE

$3,000

$2,700

$2,400

$2,100

$1,800

$1,500

$1,200

$900

$600

$300

$03 BEDROOM

$3,000

$2,700

$2,400

$2,100

$1,800

$1,500

$1,200

$900

$600

$300

$01027 N

EDINBURGHAVE

1428 NCURSON AVE

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AREA OVERVIEW

WEST HOLLY WOOD

WeHo, as the locals call it, is home to fantastic restaurants, hotels, nightlife, and shopping. Its creative energy is palpable throughout the entire neighborhood, which has become a destination for modern furniture and decor. With no shortage of things to do in West Hollywood, it’s a popular place for both tourists and locals to visit. While WeHo draws its share of out-of-towners, the locals represent an equally diverse crowd. Dynamic nightlife and entertainment generate great energy that courses through the community.

WeHo is home to many of Los Angeles’ most iconic hotels, music venues, and comedy clubs. When residents crave fresh air, nearby Runyon Canyon is one of the city’s most beautiful hikes.

The experience is a melting pot of traditions, whether it’s innovative vegan food, couture fashion, or street art and statues. Creative people flock to WeHo, not only for its ample club and bar offerings, but also for its hopping art scene.

It has been dubbed “The Creative City,” and for good reason. Bordering Beverly Hills and Los Angeles, it is where fashion and the arts rule, easy to see as you travel the streets of the West Hollywood Design District. This trendsetting area includes galleries and the Pacific Design Center on Melrose Avenue, and interior design showrooms along Beverly Boulevard. Shop at leading boutiques along Robertson Blvd or head to the well known Sunset Strip— home to such legendary music venues as The Roxy and the Viper Room, once co-owned by Johnny Depp. Then check out the bars along Santa Monica Boulevard— the heart of Weho’s nightlife scene.

POINTS OF INTEREST

RIOT HOUSE BAR

THE HUDSON

NOBU LA

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$102,931 $96,4095-Mile RadiusAverage Household Income

1-Mile RadiusAverage Household Income

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AREA OVERVIEW

MAJOR AMENITIES

Ysabel 0.3 Miles

The Hudson 0.4 Miles

Nobu Los Angeles 0.8 Miles

Taste on Melrose 0.9 Miles

Andaz West Hollywood 0.9 Miles

Mondrian Los Angeles 1.0 Miles

Pacific Design Center 1.5 Miles

NEARBY HOSPITALS

Cedar’s Sinai MedicalCenter 2.0 Miles

Southern CaliforniaHospital at Hollywood 2.8 Miles

United Care FamilyMedical Center 3.9 Miles

Kaiser Permanente 4.4 Miles

NEARBY SCHOOLS

Beverly HillsChildren’s Academy 0.2 Miles

ABC Little School 0.3 Miles

Larchmont CharterSchool West Hollywood 0.7 Miles

West Hollywood Academy-Music 0.9 Miles

Gardner Little School 1.2 Miles

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AREA OVERVIEW

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Population:

2023 Population Projection 52,512 290,532 880,972

2018 Population Estimate 51,320 283,228 861,651

2010 Population Census 48,001 261,087 809,053

Population Growth 2018-2023 2.32% 2.58% 2.24%

Population Growth 2010-2018 6.91% 8.48% 6.50%

2018 Owner Occupied Housing Units 6,946 38,767 99,217

2018 Renter Occupied Housing Units 23,807 106,871 274,815

2018 Households by Household Inc:

< $25,000 6,599 29,327 88,862

$25,000 - $50,000 5,003 24,094 75,486

$50,000 - $75,000 4,275 21,034 55,625

$75,000 - $100,000 4,005 16,247 39,319

$100,000 - $125,000 2,737 12,560 28,525

$125,000 - $150,000 1,835 8,386 17,715

$150,000 - $200,000 2,081 11,142 21,688

$200,000+ 4,219 22,848 46,813

2014 Median Household Income $63,333 $59,113 $48,751

2018 Avg Household Income $101,633 $107,156 $93,209

2018 Med Household Income $71,773 $72,913 $59,350C

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THE LIBEROW GROUP

SAM LIBEROWVice President InvestmentsDirector, Ntnl Multi Housing Group 16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2795 Direct (818) 212-2700 Fax [email protected] License: CA 01933858

MAX GERSHTInvestments Associate

16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2664 Direct (818) 698-6464 Fax [email protected] License: CA 02057610

EXCLUSIVELY LISTED BY:

west hollywood, ca 90046 - loopnet...great walkability is a hallmark of this west hollywood...

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