228 S. Mariposa Ave. Los Angeles, CA 90004

Transcription

1 EXCLUSIVE MULTI-FAMILY OFFERING Derrick Vartanian Vice President Investments DRE# Offered at $2,525,000

2 Property Description: MVPartners of KW Commercial is proud to present 228 S. Mariposa Ave. an 18 unit apartment building located in Los Angeles, CA. The building was constructed in 1956 and consists of 14,257 square feet of living area and is situated on a 15,000 square foot double lot with 100 feet of frontage. The unit mix at the property consists of thirteen (13) 1+1, three (3) 2+1, one (1) single and one (1) bachelor. All units are individually metered for both gas and electric. 14 of the 18 units have been fully renovated. The property has undergone some recent major improvements including: a new roof, 100% copper plumbing, a new water heater, hardwood floors, updated kitchens and bathrooms, and new magnesite stairs and walkways. The property features an electric gate, drought resistant landscaping, and energy efficient lighting. The property has also recently passed LA City Code Enforcement inspections as well as all insurance requirements. 228 S. Mariposa Avenue is an ideal opportunity for an investor that is looking for a very well-maintained, turn-key asset in a very strong rental pocket of Los Angeles. Location: The property is located in the Mid-Wilshire district if Los Angeles, which is one of the most densely populated regions of the city. The property is specifically located north of 3 rd St., south of Beverly Blvd., east of S. Normandie Ave. and just west of S. Alexandria Ave. The building is located very close to Dowtown and just a few miles from many of the major Los Angeles freeways and public transportation. Highlights: 5.34% CAP / 11.6 GRM Full Copper Plumbing New Roof / New Water Heater / Hard adwood Floors Excellent Unit Mix / Fully Renovated Turn Key Building Large Double Lot!

3 228 S. Mariposa Ave. Subject Property

4

5

6

7 Multi-Residential - Operating Information 228 S. Mariposa Ave. Los Angeles, CA Summary Proposed Financing New First Loan: 1,018,680 Price: $2,525,000 Interest Rate: 5.110% Down Payment: 59.6% 1,506,320 Amortization: 30 Number of Units: 18 Monthly Payment: $5, Cost per Legal Unit: $140,278 DCR 2.03 Current GRM: Assumable Loan: Balance $1,018,680 Market GRM: % fixed until July 2015 Current CAP: 5.34% No PrePay after January 2015 Market CAP: 6.01% Approx. Age: 1956 Derrick Vartanian Approx. Lot Size: 15,000 Office (310) Approx. Bldg SF: 14,257 Cell (310) Cost per Net GSF: $ Fax (310) Annualized Operating Data Current Rents Market Rents Scheduled Gross Income: 217, ,984 Less Vacancy Rate Reserve: (6,411) 3.0% (6,930) 3.0% Gross Operating Income: 211, ,054 Less Expenses: (76,352) 35.1% (76,352) 32.5% Net Operating Income: 134, ,702 Less Loan Payments: (66,446) (66,446) Pre-Tax Cash Flow: 68, % * 85, % * Plus Principal Reduction: 15,045 15,045 Total Return Before Taxes: 83, % * 100, % * Scheduled Income ** As a percent of Down Payment. * As a percent of the down payment Estimated Annualized Expenses Current Rents Market Rents Taxes: Rate 1.25% $ 31,563 No. Bdrms/ Approx. Monthly Monthly Monthly Monthly Insurance $ 6,416 of Units Baths Sq.Ft. Rent/Unit Income Rent/Unit Income Utilities $ 11,880 Maintenance/Repair $ 8, $1,011 $14,153 $1,050 $13,650 Trash $ 1, $1,152 $2,304 $1,400 $4,200 Gardening $ 1,350 1 Single $800 $800 $ On-Site Mgmt 4.0% $ 8,707 1 Bach $550 $550 $ Off-Site Mgmt 3.0% 6,530 Avg. Rent/Gr. Sq. Ft. $1.27 $1.37 Total Scheduled Rent: $17,807 $19,250 Laundry: $332 $332 Misc : Monthly Scheduled Gross Income: $18,139 $19,582 Total Expenses: $76,352 Annual Scheduled Gross Income: $217,668 $234,984 Per Net Sq. Ft.: $5.36 Utilities Paid by Tenant: Gas & Electric Per Unit: $4, 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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any

8 Unit No. Mix Current Notes Proforma $ $ 1, $ 1, $ 1, *Mngr $ 1, $ 1, $ $ 1, $ $ 1, /2 2+1 $ 1, $ 1, $ 1, $ Single $ $ Bach $ $ 600 *Mgnr rent at market 228 S. Mariposa Ave. Rent Roll Monthly Rent $ 17,807 $ 19,250 Laundry $ 332 $ 332 Yearly Gross Income $ 217,668 $ 234,984