14815 Burbank Blvd. - LoopNet › d2 › SMjI8_2Uwrv8L0...14815 Burbank Blvd. Sherman Oaks, CA 91411...
Transcript of 14815 Burbank Blvd. - LoopNet › d2 › SMjI8_2Uwrv8L0...14815 Burbank Blvd. Sherman Oaks, CA 91411...
14815 Burbank Blvd.14815 Burbank Blvd. • Sherman Oaks, CA 91411
Cindy Hill, CCIMSenior Vice [email protected]
4061 Laurel Canyon Blvd.Studio City, CA 91604www.valleyapartmentsales.com
PROPERTY HIGHLIGHTSExcellent Sherman Oaks rental pocket●
Large 10,066 square foot lot with courtyard pool●
Great unit mix of ones and two bedroom units●
Upside in rents. 11.29 g.r.m on market rents●
Some remodeled units with granite & new cabinets●
Prepared By
INVESTMENT DETAILS
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Analysis
Analysis Date November 2017
Property
Property 14815 Burbank Blvd.
Property Address 14815 Burbank Blvd.Sherman Oaks, CA 91411
Year Built 1961
Financial Information
Down Payment $1,515,000
Purchase Information
Property Type MultiFamily
Purchase Price $3,000,000
Units 13
Total Rentable Sq. Ft. 10,066
Loans
Type Debt Term Amortization Rate Payment LO Costs
Fixed $1,485,000 30 years 30 years 4% $7,090
Income & Expenses
Gross Operating Income $189,182
Monthly GOI $15,765
Total Annual Expenses ($80,691)
Monthly Expenses ($6,724)
Contact Information
Cindy Hill, CCIM
818.846.1611
00885625
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EXECUTIVE SUMMARY
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Acquisition Costs
Purchase Price, Points and Closing Costs $3,000,000
Investment - Cash $1,515,000
First Loan $1,485,000
Investment Information
Purchase Price $3,000,000
Price per Unit $230,769
Price per Sq. Ft. $298.03
Income per Unit $14,995
Expenses per Unit ($6,207)
Income, Expenses & Cash Flow
Gross Scheduled Income $194,940
Total Vacancy and Credits ($5,758)
Operating Expenses ($80,691)
Net Operating Income $108,491
Debt Service ($85,075)
Cash Flow Before Taxes $23,415
Financial Indicators
Cash on Cash Return Before Taxes 1.55%
Debt Coverage Ratio 1.28
Capitalization Rate 3.62%
Gross Rent Multiplier 15.39
Gross Income / Square Feet $19.37
Gross Expenses / Square Feet ($8.02)
Operating Expense Ratio 42.65%
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PRO FORMA SUMMARY
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
INCOME
Description Actual Per Unit Market Per Unit
Gross Potential Rent $191,940 $14,765 $262,800 $20,215
Less: Vacancy ($5,758) ($443) ($7,884) ($606)
Misc. Income $3,000 $231 $3,000 $231
Effective Gross Income $189,182 $14,552 $257,916 $19,840
OPERATING EXPENSES
Description Actual Per Unit Market Per Unit
Building Insurance $4,715 $363 $4,715 $363
General Supplies $1,200 $92 $1,200 $92
Grounds Maintenance $1,200 $92 $1,200 $92
Maintenance $3,500 $269 $3,500 $269
Management Fees $6,600 $508 $6,600 $508
Misc $1,500 $115 $1,500 $115
Repairs $4,500 $346 $4,500 $346
Pool Service $2,640 $203 $2,640 $203
Taxes - Real Estate $37,500 $2,885 $37,500 $2,885
Trash Removal $4,560 $351 $4,560 $351
Utility - Gas $1,921 $148 $1,921 $148
Utility - DWP $10,855 $835 $10,855 $835
Total Expenses ($80,691) ($6,207) ($80,691) ($6,207)
NET OPERATING INCOME $108,491 $8,345 $177,225 $13,633
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PRO FORMA SUMMARY
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
UNIT MIX & MONTHLY SCHEDULED
Type Units Actual Total Market Total 1+1 5 $1,102 $5,511 $1,500 $7,5002+1 8 $1,311 $10,484 $1,800 $14,400TOTALS 13 $15,995 $21,900
ANNUALIZED INCOME Description Actual Market
Gross Potential Rent $191,940 $262,800Less: Vacancy ($5,758) ($7,884)Misc. Income $3,000 $3,000Effective Gross Income $189,182 $257,916Less: Expenses ($80,691) ($80,691)Net Operating Income $108,491 $177,225Debt Service ($85,075) ($85,075)Net Cash Flow after Debt Service $23,415 $92,150Principal Reduction $26,151 $26,151Total Return $49,567 $118,301
ANNUALIZED EXPENSES Description Actual Market
Building Insurance $4,715 $4,715General Supplies $1,200 $1,200Grounds Maintenance $1,200 $1,200Maintenance $3,500 $3,500Management Fees $6,600 $6,600Misc $1,500 $1,500Repairs $4,500 $4,500Pool Service $2,640 $2,640Taxes - Real Estate $37,500 $37,500Trash Removal $4,560 $4,560Utility - Gas $1,921 $1,921Utility - DWP $10,855 $10,855Total Expenses $80,691 $80,691Expenses Per RSF $8.02 $8.02Expenses Per Unit $6,207 $6,207
INVESTMENT SUMMARY
Price: $3,000,000
Year Built: 1961
Units: 13
Price/Unit: $230,769
RSF: 10,066
Price/RSF: $298.03
Lot Size: 10,664 sf
Floors: 2
APN: 2244-015-019
Cap Rate: 3.62%
Market Cap Rate: 5.91%
GRM: 15.39
Market GRM: 11.29
FINANCING SUMMARY
Loan Amount: $1,485,000
Down Payment: $1,515,000
Loan Type: Fixed
Interest Rate: 4%
Term: 30 years
Monthly Payment: $7,090
DCR: 1.28
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PROPERTY DESCRIPTION
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
13 Units in Sherman Oaks | Great Mix Upside in rents KW Commercial is proud to represent the 13 unit apartment building in the affluent neighborhood of Sherman Oaks.
The unit mix consists of (8) 2 bedroom 1 bath units and (5) one bedroom one bath units. The building is a total of10,066 square feet and is situated on a 10,664 square foot lot.
Some of the units have been upgraded with new cabinets and granite countertops.
The tenants enjoy close proximity to the Sherman Oaks Galleria, Sherman Oaks Fashion square, and numerousupscale restaurants on Ventura Blvd. The property is in close proximity to the 405 and 101 freeways and is surroundedby an established residential tree-lined neighborhood.
The property is separately metered for gas and electricity. An astute investor will enjoy low interest rates and theincrease in rents over time.
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UNIT RENT ROLL
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Unit Description Current Rent Pro Forma Rent Comments
1 1+1 $977 $1,500
2 2+1 $1,695 $1,800
3 2+1 $1,600 $1,800
4 2+1 $1,390 $1,800
5 2+1 $1,044 $1,800
6 2+1 $1,401 $1,800
7 1+1 $975 $1,500
8 1+1 $1,068 $1,500
9 2+1 $989 $1,800
10 2+1 $1,106 $1,800
11 1+1 $1,041 $1,500
12 2+1 $1,259 $1,800
13 1+1 $1,450 $1,500
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UNIT MIX REPORT
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Units Type Approx. SqFt Avg. Rents Monthly Mkt Rents Monthly
5 1+1 0 $1,102 $5,511 $1,500 $7,5008 2+1 0 $1,311 $10,484 $1,800 $14,40013 0 $15,995 $21,900
UNIT MIX UNIT MIX SQUARE FEET
● 1+1
● 2+1
● 1+1
● 2+1
UNIT MIX INCOME UNIT MIX MARKET INCOME
● 1+1
● 2+1
● 1+1
● 2+1
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PROPERTY PHOTOS
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Front of property Courtyard pool
Kitchen Front door & living room
Bathroom Laundry room
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MAPS AND AERIALS
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
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RECENT SALE COMPARABLES
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Subject 1 2 3 4 5 6
1%
2%
3%
4%
5%
6%
7%
8%
Avg.
3.837
Cap Rate
Subject 1 2 3 4 5 6
3.0
6.0
9.0
12.0
15.0
18.0
21.0
24.0
Avg.
15.467
Gross Rent Multiplier
Subject 1 2 3 4 5 6
$37,000
$74,000
$111,000
$148,000
$185,000
$222,000
$259,000
$296,000
Avg.
$259,122
Price per Unit
Subject 1 2 3 4 5 6
$46
$92
$138
$184
$230
$276
$322
$368
Avg.
$293.72
Price per Sq. Ft.
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RECENT SALE COMPARABLES
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
S 14815 Burbank Blvd.14815 Burbank Blvd.Sherman Oaks, CA 91411
Sale Price $3,000,000
Units 13
Price/Unit $230,769
Price/SqFt $298.03
Cap Rate 3.62%
Year Built 1961
GRM 15.39
# Units Unit Type
5 1+1
8 2+1
1 5625 Kester Ave5625 Kester AveSherman Oaks, CA 91411
Sale Price $2,585,000
Units 12
Price/Unit $215,417
Price/SqFt $227.15
Cap Rate 3.38%
Year Built 1961Sale Date 8/19/2016
GRM 15.3
# Units Unit Type
1 Studio/Efficiency
7 One Bedroom One Bath
3 Two Bedroom One Bath
1 Three Bedroom Two Bath
2 4565 Hazeltine Ave4565 Hazeltine AveSherman Oaks, CA 91423
Sale Price $3,350,000
Units 15
Price/Unit $223,333
Price/SqFt $360.72
Cap Rate 3.87%
Year Built 1958Sale Date 9/1/2016
GRM 15.1
# Units Unit Type
12 One Bedroom One Bath
3 Two Bedroom One Bath
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RECENT SALE COMPARABLES
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
3 5632 Kester Ave5632 Kester AveVan Nuys, CA 91411
Sale Price $1,890,000
Units 7
Price/Unit $270,000
Price/SqFt $328.98
Cap Rate 4.53%
Year Built 1958Sale Date 3/21/2017
GRM 15.4
# Units Unit Type
2 Two Bedroom One Bath
5 One Bedroom One Bath
4 5017 Buffalo Ave5017 Buffalo AveSherman Oaks, CA 91423
Sale Price $2,800,000
Units 10
Price/Unit $280,000
Price/SqFt $305.34
Cap Rate 4.14%
Year Built 1961Sale Date 8/29/2017
GRM 15.3
# Units Unit Type
10 Two Bedroom One Bath
5 14936 Magnolia Blvd14936 Magnolia BlvdSherman Oaks, CA 91403
Sale Price $4,100,000
Units 14
Price/Unit $292,857
Price/SqFt $261.05
Cap Rate 4.08%
Year Built 1962Sale Date 7/25/2017
GRM 14.9
# Units Unit Type
14 Two Bedroom One Bath
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RECENT SALE COMPARABLES
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
6 4336 Ventura Cyn4336 Ventura CynSherman Oaks, CA 91423
Sale Price $4,370,000
Units 16
Price/Unit $273,125
Price/SqFt $279.09
Cap Rate 3.02%
Year Built 1971Sale Date 3/20/2017
GRM 16.8
# Units Unit Type
4 One Bedroom One Bath
12 Two Bedroom Two Bath
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RECENT SALE COMPARABLES
14815 Burbank Blvd.Sherman Oaks, CA 91411
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made tothe accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing orwithdrawal without notice. No liability of any kind is to be imposed on the broker herein.
S 14815 Burbank Blvd.Sherman Oaks, CA, 91411$3,000,000
1 5625 Kester AveSherman Oaks, CA, 91411$2,585,000
2 4565 Hazeltine AveSherman Oaks, CA, 91423$3,350,000
3 5632 Kester AveVan Nuys, CA, 91411$1,890,000
4 5017 Buffalo AveSherman Oaks, CA, 91423$2,800,000
5 14936 Magnolia BlvdSherman Oaks, CA, 91403$4,100,000
6 4336 Ventura CynSherman Oaks, CA, 91423$4,370,000
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