CRENSHAW DRIVE INGLEWOOD, CALIFORNIA SIX UNIT APARTMENT BUILDING OFFERING MEMORANDUM

Transcription

1 INGLEWOOD, CALIFORNIA SIX UNIT APARTMENT BUILDING OFFERING MEMORANDUM

2 INGLEWOOD, CALIFORNIA For further information contact: DARIO SVIDLER Executive Vice President & Regional Director License Pacific Union Commercial and Pacific Union International do not guarantee the accuracy of estimates, square footages, lot size, government approvals, government conditions, government allowances, construction feasibility, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property, project or possible projects provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, possibilities, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property is to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are shown for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. Svidler License

3 TABLE OF CONTENTS ABOUT DARIO... THE OFFERING... PROPERTY OVERVIEW... PROPERTY PHOTOS... RENT ROLL... MAPS... FINANCIALS... POINTS OF INTEREST... METRO CRENSHAW LIGHT RAIL... CITY OF CHAMPIONS... WALK SCORE PRESENTED BY DARIO SVIDLER 3

4 Dario Svidler Executive Vice President & Regional Director Pacific Union Commercial License I grew up with Real Estate all around me. My father, a Structural Engineer and practicing General Contractor, and my mother, an Architect, have been bringing me to their job sites since I was born. I have experienced all facets of the Construction and Real Estate Businesses, ranging from Commercial and Industrial to all types of Residential. As a Real Estate Salesperson, I have sold in excess of $200 million in Real Estate and am well on my way to doubling that number. My talent in finding Value-Add Properties have made me an indispensable asset to a select group of Clients and Investors looking to add higher-yielding properties to their portfolio. I am a member of the Real Estate and Construction Division of the Jewish Federation and an alumnus of the American Jewish University. PRESENTED BY DARIO SVIDLER 4

5 A COMMITMENT TO YOU WHAT WE ARE. First, and foremost, Pacific Union is a California-based real estate brokerage that leverages our global network, media savvy and command of the market to provide our clients with a discreet and peerless level of real estate services. We are a select group of the finest, principled and reputable agents in the market. We are distinguished in the marketplace by our emphatic sales volume, and reputed for our integrity, market intelligence and a genuine connection to our communities. We are proud of these accomplishments. We work diligently everyday to maintain them. This is what we are. WHO WE ARE. What a company is should be driven by who they are at the core and what they believe in that drives them to do what they do. In this regard, Pacific Union is a group of professionals that believe in the sanctity of real estate ownership and the inalienable right everyone has to own real estate. To support our beliefs, we create optimum conditions required to provide the deepest level of regard, respect, care, empathy, commitment and services possible to buyers, sellers, our associates and our competitors. We are people who care about the lives, the careers, the families, the financial securities and the peace of mind for everyone we touch. PRESENTED BY DARIO SVIDLER 5

6 THE OFFERING INGLEWOOD 6 UNIT APARTMENT BUILDING On offer is a charming 6 unit apartment building consisting of four 1+1s and two 2+1s. Each home has it s own private one car garage with driveway parking in front. Some units were recently updated and with the changes happening in Inglewood, the current upside of 25% may seem like peanuts. Great visibility on a corner lot and about a mile to the new Crenshaw Light Rail Line Station! About a mile to the coming Metro Station! PRESENTED BY DARIO SVIDLER 6 Pacific Union Commercial and Pacific Union International do not guarantee the accuracy of estimates, square footages, lot size, government approvals, government conditions, government allowances, construction feasibility, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property, project or possible projects provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, possibilities, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property is to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are shown for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. Svidler License Braverman License

7 PROPERTY OVERVIEW Crenshaw Drive, Inglewood, CA PRICE $1,439,000 UNITS Four 1+1 Two 2+1 CAP 3.68% 5.54% (Market) GRM (Market) PRICE PER GSF $335 PRICE PER DOOR $239,833 GARAGES 6 YEAR BUILT 1952 BUILDING SIZE 4,297 Sq. Ft. LOT SIZE 6,729 Sq. Ft. MUNICIPALITY Inglewood RENT CONTROL None (as of 2018) APN PROPERTY HIGHLIGHTS Corner Lot Large Homes Each home with a private garage and driveway parking Huge Upside About a Mile to the New Metro Light Rail Station (Crenshaw Line) Less than a Mile to the Forum Around a Mile to the under-construction City of Champions (Stadium and Entertainment Complex) Buyer and Buyer s Representative to rely solely on their own research and investigations. This information is provided as a courtesy. PRESENTED BY DARIO SVIDLER 7 Pacific Union Commercial and Pacific Union International do not guarantee the accuracy of estimates, square footages, lot size, government approvals, government conditions, government allowances, construction feasibility, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property, project or possible projects provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, possibilities, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property is to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are shown for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. Svidler License Braverman License

8 PROPERTY PHOTOS PRESENTED BY DARIO SVIDLER 8

9 PROPERTY PHOTOS PRESENTED BY DARIO SVIDLER 9

10 PROPERTY PHOTOS PRESENTED BY DARIO SVIDLER 10

11 RENT ROLL Address Type Rent 3407 W 83rd St., Unit $1, W 83rd St., Unit $1,250 S. Crenshaw Dr., Unit $1,045 S. Crenshaw Dr., Unit $1,475 S. Crenshaw Dr., Unit $1,200 S. Crenshaw Dr., Unit $1,475 Monthly Total $7,645 Annual Total $91,740 PRESENTED BY DARIO SVIDLER 11

12 MAPS PRESENTED BY DARIO SVIDLER 12

13 FINANCIALS Summary Estimated Annualized Expenses Price: $1,439,000 Taxes $17,988 Number of Units: 6 Insurance $0.50 / RSF $2,149 Cost per Legal Unit: $239,833 Utilities $75 / Unt / Mnt $5,400 Current GRM: Repairs + Maint $45 / Unt / Mnt $3,240 Market GRM: Trash/Pest/Garden $35 / Unt / Mnt $2,520 Current CAP: 3.68% Off-site Manager 4.0% $3,584 Market CAP: 5.54% Reserves 2.0% $1,792 Approx. Age: 1952 Approx. Lot Size: 6,750 Total Expenses: $36,671 Approx. Building SF: 4,297 Per Net Sq. Ft.: $8.53 Cost per GSF: $335 Per Unit: $6,112 Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Current Rents Annualized Operating Data 92, ,400 25% upside (2,752) 3.0% (6,060) 5.0% 89, ,340 (36,671) 39.7% (36,671) 30.0% 52,917 79,669 Scheduled Income No. of Units Unit Mix Mo. Rent/Unit Mo. Income Mo. Rent/Unit Mo. Income $1,174 $4,695 $1,550 $6, $1,475 $2,950 $1,950 $3,900 Avg. Rent/Gr. Sq. Ft. $1.78 $2.35 Market Rents Current Rents Market Rents Total Scheduled Rent: $7,645 $10,100 Other Income: $50 $100 Monthly Scheduled Gross Income: $7,695 $10,200 Annual Scheduled Gross Income: $92,340 $122,400 PRESENTED BY DARIO SVIDLER 13

14 POINTS OF INTEREST Downtown Inglewood LA Stadium & Entertainment District City of Champions under construction PRESENTED BY DARIO SVIDLER 14

15 POINTS OF INTEREST PRESENTED BY DARIO SVIDLER 15

16 POINTS OF INTEREST PRESENTED BY DARIO SVIDLER 16

17 AVIATION LA CIENEGA INGLEWOOD LA BREA MARKET PRAIRIE LA BREA WESTERN NORMANDIE VERMONT HIGHLAND LA BREA WEST HOOVER WAY METRO CRENSHAW LIGHT RAIL BARRINGTON WASHINGTON BL 1 SUNSET SANTA MONICA BL CENTURY CITY PALMS PALMS BL JEFFERSON WESTCHESTER PKWY Existing Metro Rail & Station Metro Silver Line & Station Purple Line Extension (under construction) WILSHIRE Purple Line Extension (approved alignment) Exposition Transit Corridor Phase 2 (under construction) Harbor Subdivision Crenshaw/LAX Transit Corridor (under construction) Subject to Change Light Rail (LRT) Alignment & Station At-Grade LRT Below Grade LRT Aerial LRT Maintenance Yard Site Parking 405 CULVER INGLEWOOD MARINA FWY MANCHESTER 90 SEPULVEDA WESTCHESTER CHEVIOT HILLS LACMTA CULVER CITY OVERLAND 1 BEVERLY DR SAWTELLE SEPULVEDA BEVERLY HILLS PICO OLYMPIC ROBERTSON CADILLAC Culver City AIRPORT BURTON LA CIENEGA CENTINELA LA TIJERA FAIRFAX La Cienega/ Jefferson LA CIENEGA LADERA HEIGHTS SLAUSON 405 HILLCREST FLORENCE ARBOR VITAE VENICE WASHINGTON STOCKER FAIRVIEW BEACH FAIRFAX Westchester/ Veterans Aviation/ Century WEST HOLLYWOOD LA BREA LA BREA PARK LA BREA OVERHILL HAUSER SAN VICENTE REDONDO BUCKLER OLYMPIC LOS ANGELES Expo/ La Brea INGLEWOOD ADAMS Farmdale WEST MARTIN LUTHER KING JR BL BALDWIN HILLS STOCKER ANGELES VISTA SLAUSON MID-CITY 60TH FAIRVIEW HYDE PARK Downtown Inglewood HANCOCK PARK MANCHESTER 90TH CENTURY RIMPAU ROSSMORE Expo/ Crenshaw CRENSHAW BL Hyde Park MELROSE 3RD WILSHIRE WASHINGTON SANTA MONICA FWY EXPOSITION 8TH BEVERLY 6TH CRENSHAW LEIMERT 48TH 54TH PICO VENICE Martin Luther King Jr Fairview Heights MORNINGSIDE PARK WEST ADAMS LEIMERT PARK Leimert Park VERNON HYDE PARK ARLINGTON SOUTHWEST FLORENCE Crenshaw Drive VAN NESS WILTON ARBOR VITAE 8TH JEFFERSON MARTIN LUTHER KING JR BL 60TH GAGE WILSHIRE CENTER Wilshire/ Western WESTERN 10 Expo/Western 60TH NORMANDIE 101 Wilshire/ Normandie KOREATOWN Vermont/ Beverly Wilshire/ Vermont Expo/ Vermont VERMONT HOOVER FIGUEROA TEMPLE BEVERLY BL 3RD 8TH 23RD SILVER LAKE BL 110 RAMPART 6TH Westlake/ MacArthur Park 23rd St Jefferson/ Expo USC Park/ USC Slauson Manchester 37th St/ USC BROADWAY MAIN MAIN The Metro Crenshaw/LAX Line will extend from the existing Metro Exposition Line at Crenshaw and Exposition Boulevards. The Line will travel 8.5 miles to the Metro Green Line and will serve the cities of Los Angeles, Inglewood and El Segundo; and portions of unincorporated Los Angeles County. The new Metro Rail extension will offer an alternative transportation option to congested roadways and provide significant environmental benefits, economic development and employment opportunities throughout Los Angeles County. Riders will be able to make easy connections within the entire Metro Rail system, municipal bus lines and other regional transportation services. The Crenshaw/LAX Transit Project will serve the Crenshaw District, Inglewood, Westchester and surrounding area with eight stations, at: 1. Expo/Crenshaw 2. Martin Luther King Jr. 3. Leimert Park 4. Hyde Park 5. Fairview Heights Florence Ave. & West Blvd. Around 1.1 Miles from Crenshaw Drive 6. Downtown Inglewood 7. Westchester/Veterans 8. Aviation/Century MANH SEPULVEDA LAX LENNOX Hawthorne/Lennox 108TH MAIN IMPERIAL MARIPOSA GRAND NASH Mariposa Aviation/LAX INGLEWOOD RAMONA HAWTHORNE IMPERIAL HWY HAWTHORNE Crenshaw 120TH 105 ATHENS Vermont/Athens Harbor Fwy EL SEGUNDO El Segundo IE N EL SEGUNDO ESS RN NDIE 110 OA LAX Automated People Mover linking the Crenshaw Metro Line to LAX pictured at right. PRESENTED BY DARIO SVIDLER 17

18 CITY OF CHAMPIONS LOS ANGELES STADIUM AND ENTERTAINMENT DISTRICT AT HOLLYWOOD PARK 3,000 new residential units, an artificial lake, and a revamped casino are just a few features of a huge Hollywood Park makeover. City of Champions Stadium is the temporary name of a sports and entertainment complex to be built in Inglewood, California, about 3 miles from LAX, a stone s throw to Inglewood s Downtown District and adjacent to The Forum concert and event venue. The stadium will serve as the home of the Los Angeles Rams when it opens in The stadium is a component of the City of Champions Revitalization Initiative, the working title of the development on the site of the former Hollywood Park Racetrack. The stadium and surrounding development around the site includes 8.5 million square feet of office space, a 6,000 seat theater and the NFL Flagship Campus, an NFL Network studio, and the headquarters for the National Football League's digital properties. Other possible uses for the stadium site include the NCAA Men's Basketball Final Four, a venue in any American bid for the FIFA World Cup, the Los Angeles bid for the 2024 Summer Olympics, WrestleMania, boxing matches, the NFL Draft, college bowl games, international soccer friendlies, concerts, community events, award shows, movie showings, rodeos, high school sporting events, monster truck rallies, auto shows, boat shows, flea markets, wedding expos, political conventions, comic book conventions, Star Trek conventions, a natural disaster shelter, religious rallies, circuses, the X Games, Pro Bowl, and NFL scouting combine, among others. The stadium-adjacent housing will consist primarily of apartments and townhouses, interspersed with green park space. An artificial lake, complete with waterfalls, will provide a centerpiece to the community space. A representative for Hart Howerton, the architectural firm helping to develop the project, says that the firm has been trying to ensure that the housing and retail components of the complex will integrate smoothly with the surrounding neighborhood. At the same time, the developers clearly want the project to stand out. Special care has been taken to make the complex a visually arresting sight from the windows of the 1,500 aircrafts that fly overhead and land nearby at LAX daily. Winding streets and paths will be featured throughout. The stadium will also be the site of Super Bowl LV in PRESENTED BY DARIO SVIDLER 18

19 20 MINUTE WALKING AREA ABOUT THIS LOCATION Crenshaw Drive has a Walk Score of 66 out of 100. This location is Somewhat Walkable so some errands can be accomplished on foot. This location is in the Morningside Park neighborhood in Inglewood. Nearby parks include Darby Memorial Park, Queen Park and Centinela Park. PRESENTED BY DARIO SVIDLER 19

20 Pacific Union Commercial and Pacific Union International do not guarantee the accuracy of estimates, square footages, lot size, government approvals, government conditions, government allowances, construction feasibility, construction concepts, construction plans, construction progress, inspections, investigations, reports or other information concerning the condition or features of the property, project or possible projects provided by the seller or obtained from public records or other sources and the buyer is advised to independently verify the accuracy of all information through personal inspection, with appropriately licensed professionals and city officials. All pro-formas, possibilities, projections, assumptions, concepts, construction plans, studies, estimates, etc. are presented as a possible scenarios; buyer, their agents and everyone else associated with the purchase of this property is to rely on their own pro-formas, projections, assumptions, investigations, consultations, estimates, etc. If images of construction projects are listed, they are shown for illustrative purposes and not necessarily meant to be an actual depiction of what can be built. Svidler License For further information contact: DARIO SVIDLER Executive Vice President & Regional Director dario@pacunionla.com License S. Rodeo Drive, Suite 100 Beverly Hills, CA 90212