15919 VANOWEN 9 UNITS€¦ · 9 Units in Van Nuys I Desirable Rental Pocket KW Commercial is proud...
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For more information contact: 15919 VANOWEN - 9 UNITS 15919 Vanowen Street Van Nuys, CA 91406 Price: $1,775,000 Cindy Hill, CCIM +1 818 846 1611 [email protected] California 4061 Laurel Canyon Blvd. | Studio City, CA 91604 | Phone: 818-432-1500 | Fax: 818-432-1501 | www.valleyapartmentsales.com PROPERTY HIGHLIGHTS Clean 9-unit building in excellent Lake Balboa rental pocket ● Excellent unit mix of one and two bedroom units. Numerous upgrades, including some newr windows and copper plumbing ● Units feature dishwashers, built-in ovens, cooktops, and tiled kitchens, dining rooms, and bathrooms ● Tremendous upside in existing rents ● On-site laundry and covered parking ● Seismic retrofit complete ●
Transcript of 15919 VANOWEN 9 UNITS€¦ · 9 Units in Van Nuys I Desirable Rental Pocket KW Commercial is proud...
For more information contact:
15919 VANOWEN 9 UNITS15919 Vanowen StreetVan Nuys, CA 91406
Price: $1,775,000
Cindy Hill, CCIM+1 818 846 [email protected]
4061 Laurel Canyon Blvd. | Studio City, CA 91604 | Phone: 818-432-1500 | Fax: 818-432-1501 | www.valleyapartmentsales.com
PROPERTY HIGHLIGHTS
Clean 9unit building in excellent Lake Balboa rental pocket●
Excellent unit mix of one and two bedroom units. Numerous upgrades, including somenewr windows and copper plumbing
●
Units feature dishwashers, builtin ovens, cooktops, and tiled kitchens, dining rooms,and bathrooms
●
Tremendous upside in existing rents●
Onsite laundry and covered parking●
Seismic retrofit complete●
INVESTMENT DETAILS15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
ANALYSIS
Analysis Date March 2020
PROPERTY
Property Type MultiFamily
Property 15919 Vanowen 9 units
Property Address 15919 Vanowen Street, Van Nuys, CA 91406
Year Built 1962
PURCHASE INFORMATION
Purchase Price $1,775,000
Units 9
Total Rentable Sq. Ft. 6,450
INCOME & EXPENSE
Gross Operating Income $124,572
Monthly GOI $10,381
Total Annual Expenses ($49,178)
Monthly Expenses ($4,098)
FINANCIAL INFORMATION
All Cash
LOANS
Type Debt Term Amortization Rate Payment LO Costs
EXECUTIVE SUMMARY15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
ACQUISITION COSTS
Purchase Price, Points and Closing Costs $1,775,000
Investment Cash $0
INVESTMENT INFORMATION
Purchase Price $1,775,000
Price per Unit $197,222
Price per Sq. Ft. $275.19
Income per Unit $14,265
Expenses per Unit ($5,464)
INCOME, EXPENSES & CASH FLOW
GROSS SCHEDULED INCOME $128,388
Total Vacancy and Credits ($3,816)
Operating Expenses ($49,178)
NET OPERATING INCOME $75,394
Debt Service $0
CASH FLOW BEFORE TAXES $75,394
FINANCIAL INDICATORS
Debt Coverage Ratio N/A
Capitalization Rate 4.25%
Gross Rent Multiplier 13.83
Gross Income / Square Feet $19.91
Gross Expenses / Square Feet ($7.62)
Operating Expense Ratio 39.48%
PRO FORMA SUMMARY15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal 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 $127,188 $14,132 $174,600 $19,400
Less: Vacancy ($3,816) ($424) ($5,238) ($582)
+ Misc. Income $1,200 $133 $1,200 $133
Effective Gross Income $124,572 $13,841 $170,562 $18,951
OPERATING EXPENSES
Description Actual Per Unit Market Per Unit
Management expenses $7,319 $813 $7,319 $813
Cleaning Expenses $2,693 $299 $2,693 $299
Pest $636 $71 $636 $71
Security $700 $78 $700 $78
Trash $2,953 $328 $2,953 $328
Utilities $9,421 $1,047 $9,421 $1,047
Property Tax $19,376 $2,153 $19,376 $2,153
Insurance $2,580 $287 $2,580 $287
Repairs $3,500 $389 $3,500 $389
TOTAL EXPENSES ($49,178) ($5,464) ($49,178) ($5,464)
NET OPERATING INCOME $75,394 $8,377 $121,384 $13,487
PRO FORMA SUMMARY15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal 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 6 $1,093 $6,555 $1,525 $9,150
2+1 3 $1,348 $4,044 $1,800 $5,400
TOTALS 9 $10,599 $14,550
ANNUALIZED INCOME
Description Actual Market
Gross Potential Rent $127,188 $174,600
Less: Vacancy ($3,816) ($5,238)
+ Misc. Income $1,200 $1,200
Effective Gross Income $124,572 $170,562
Less: Expenses ($49,178) ($49,178)
Net Operating Income $75,394 $121,384
ANNUALIZED EXPENSES
Description Actual Market
Management expenses $7,319 $7,319
Cleaning Expenses $2,693 $2,693
Pest $636 $636
Security $700 $700
Trash $2,953 $2,953
Utilities $9,421 $9,421
Property Tax $19,376 $19,376
Insurance $2,580 $2,580
Repairs $3,500 $3,500
TOTAL EXPENSES $49,178 $49,178
EXPENSES PER RSF $7.62 $7.62
EXPENSES PER UNIT $5,464 $5,464
INVESTMENT SUMMARY
PRICE $1,775,000
Year Built 1962
Units 9
Price/Unit $197,222
RSF 6,450
Price/RSF $275.19
Lot Size 8,517 sf
Floors 2
APN 2224028042
Cap Rate 4.25%
Market Cap Rate 6.84%
GRM 13.83
Market GRM: 10.1
PROPERTY DESCRIPTION15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
9 Units in Van Nuys I Desirable Rental Pocket KW Commercial is proud to represent the clean nineunit apartment building in Van Nuys. The property was constructed in 1962. Its unit mix consists of (6) onebedroom, onebathroom units and (3) twobedroom, onebathroom units. They all feature dishwashers, builtin ovens, and cooktops; the kitchens, dining rooms, andbathrooms are tiled. The property has new windows and copper plumbing. With a lot size of 8,517 square feet, the propertyhas a total of 6,450 rentable square feet.
The property is situated in a highly desirable rental pocket within Van Nuys, called Lake Balboa. The surrounding areafeatures established residential treelined neighborhoods, and a variety of shopping centers and restaurants. The apartmentis situated near the heart of Van Nuys courthouse, post office, and police station, Costco & Target, with close access to the405, 101, and 170 freeways. Ventura Blvd. is just minutes away with all of its restaurants and shopping while the Metrolinktransportation services allows easy access to Sherman Oaks, Woodland Hills, Burbank, Hollywood, and downtown LosAngeles. The property is separately metered for electricity.
UNIT RENT ROLL15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Unit Description Current Rent Pro Forma Rent Comments
1 2+1 $1,220 $1,800 Section 8
2 1+1 $1,388 $1,525
3 1+1 $1,045 $1,525 Section 8
4 1+1 $965 $1,525
5 2+1 $1,740 $1,800 Section 8
6 1+1 $1,010 $1,525
7 1+1 $1,525 $1,525
8 1+1 $622 $1,525
9 2+1 $1,084 $1,800 Section 8
UNIT MIX REPORT15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal 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
6 1+1 0 $1,093 $6,555 $1,525 $9,150
3 2+1 0 $1,348 $4,044 $1,800 $5,400
9 0 $10,599 $14,550
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
PROPERTY PHOTOS15919 Vanowen StreetVan Nuys, CA 91406
PROPERTY PHOTOS15919 Vanowen StreetVan Nuys, CA 91406
City of Van Nuys
www.ValleyApartmentSales.com
Van Nuys’ features established, tree‐lined neighborhoods and a variety of
shopping centers and restaurants. The city itself is centrally located, with
easy access to public transporta on and freeways— including the 405,
101, and 170 freeways— linking its residents to Sherman Oaks, Woodland
Hills, Burbank, Hollywood, and downtown Los Angeles.
MAPS AND AERIALS15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Subject 2 3 4 5 6 7 8 9 A B
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Avg.
4.449
Cap Rate
Subject 2 3 4 5 6 7 8 9 A B
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
Avg.
13.87
Gross Rent Multiplier
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
Subject 1 2 3 4 5 6 7 8 9 A B
$23,000
$46,000
$69,000
$92,000
$115,000
$138,000
$161,000
$184,000
$207,000
$230,000
Avg.
$201,364
Price per Unit
Subject 1 2 3 4 5 6 7 8 9 A B
$29
$58
$87
$116
$145
$174
$203
$232
$261
$290
Avg.
$251.88
Price per Sq. Ft.
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
S
15919 Vanowen 9 units15919 Vanowen Street, Van Nuys, CA 91406
Sale Price $1,775,000
Units 9
Price / Unit $197,222
Price/SqFt $275.19
Lot Size 8,517
Cap Rate 4.25%
GRM 13.83
Year Built 1962
# Units Unit Type
6 1+1
3 2+1
1
14612 Friar St. 14612 Friar Street, Van Nuys, CA 91411
Sale Price $1,110,000
Units 6
Price / Unit $185,000
Price/SqFt $191.68
Lot Size 7,000
Year Built 1962
Sale Date 10/16/2019
# Units Unit Type
6 2 Bedroom / 2 Bath
2
14643 Friar St. 14643 Friar St. , Van Nuys, CA 91411
Sale Price $1,150,000
Units 6
Price / Unit $191,667
Price/SqFt $234.12
Lot Size 6,752
Cap Rate 4.35%
GRM 14.1
Year Built 1953
Sale Date 5/17/2019
# Units Unit Type
4 1 Bedroom / 1 Bath
2 2 Bedroom / 1 Bath
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
3
6225 Fulton Ave. 6225 Fulton Avenue, Van Nuys, CA 91401
Sale Price $2,400,000
Units 12
Price / Unit $200,000
Price/SqFt $282.05
Lot Size 10,890
Cap Rate 4.27%
GRM 13.4
Year Built 1964
Sale Date 7/23/2019
# Units Unit Type
1 Studio/Efficiency
8 1 Bedroom / 1 Bath
3 2 Bedroom / 1 Bath
4
6701 Haskell Ave. 6701 Haskell Avenue, Van Nuys, CA 91406
Sale Price $2,100,000
Units 10
Price / Unit $210,000
Price/SqFt $276.97
Lot Size 9,248
Cap Rate 4.99%
GRM 13.3
Year Built 1962
Sale Date 11/8/2019
# Units Unit Type
1 Studio/Efficiency
6 1 Bedroom / 1 Bath
3 2 Bedroom / 2 Bath
5
7105 7117 1/2 Hazeltine Ave7105 7117 1/2 Hazeltine Ave, Van Nuys, CA 91405
Sale Price $1,850,000
Units 10
Price / Unit $185,000
Price/SqFt $282.31
Lot Size 14,283
Cap Rate 4.62%
GRM 14.5
Year Built 1950
Sale Date 10/18/2019
# Units Unit Type
3 Studio/Efficiency
6 1 Bedroom / 1 Bath
1 2 Bedroom / 2 Bath
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
6
6444 Mammoth Ave. 6444 Mammoth Avenue, Van Nuys, CA 91401
Sale Price $1,325,000
Units 6
Price / Unit $220,833
Price/SqFt $278.95
Lot Size 9,692
Cap Rate 4.43%
GRM 13.6
Year Built 1958
Sale Date 12/6/2019
# Units Unit Type
6 Studio/Efficiency
7
13948 Vanowen St. 13948 Vanowen Street, Van Nuys, CA 91405
Sale Price $1,335,000
Units 6
Price / Unit $222,500
Price/SqFt $267.59
Lot Size 6,852
Cap Rate 5.22%
GRM 13.6
Year Built 1964
Sale Date 11/26/2019
# Units Unit Type
1 1 Bedroom / 1 Bath
1 1 Bedroom / 1 Bath
4 2 Bedroom / 2 Bath
8
14741 Vanowen St. 14741 Vanowen St. , Van Nuys, CA 91405
Sale Price $1,100,000
Units 6
Price / Unit $183,333
Price/SqFt $260.48
Lot Size 6,534
Cap Rate 3.69%
GRM 14.7
Year Built 1957
Sale Date 5/30/2019
# Units Unit Type
4 1 Bedroom / 1 Bath
2 2 Bedroom / 1 Bath
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
9
15456 Vanowen St. 15456 Vanowen Street, Los Angeles, CA 91406
Sale Price $2,250,000
Units 12
Price / Unit $187,500
Price/SqFt $248.73
Lot Size 13,917
Cap Rate 4.25%
GRM 13.8
Year Built 1958
Sale Date 10/9/2019
# Units Unit Type
8 1 Bedroom / 1 Bath
4 2 Bedroom / 1 Bath
A
7343 Woodley Avenue7343 Woodley Avenue, Van Nuys, CA 91406
Sale Price $1,375,000
Units 6
Price / Unit $229,167
Price/SqFt $265.65
Lot Size 5,999
Cap Rate 4.39%
GRM 13.9
Year Built 1964
Sale Date 2/21/2020
# Units Unit Type
5 2 Bedroom / 1 Bath
1 Studio/Efficiency
B
6911 Woodman Ave. 6911 Woodman Avenue, Los Angeles, CA 91405
Sale Price $2,000,000
Units 10
Price / Unit $200,000
Price/SqFt $182.10
Lot Size 10,006
Cap Rate 4.28%
GRM 13.8
Year Built 1978
Sale Date 5/16/2019
# Units Unit Type
7 1 Bedroom / 1 Bath
2 2 Bedroom / 2 Bath
1 3 Bedroom / 2 Bath
SALE COMPARABLES15919 Vanowen StreetVan Nuys, CA 91406
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty orrepresentation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
S 15919 Vanowen StreetVan Nuys, CA, 91406$1,775,000
1 14612 Friar StreetVan Nuys, CA, 91411$1,110,000
2 14643 Friar St. Van Nuys, CA, 91411$1,150,000
3 6225 Fulton AvenueVan Nuys, CA, 91401$2,400,000
4 6701 Haskell AvenueVan Nuys, CA, 91406$2,100,000
5 7105 7117 1/2 Hazeltine AveVan Nuys, CA, 91405$1,850,000
6 6444 Mammoth AvenueVan Nuys, CA, 91401$1,325,000
7 13948 Vanowen StreetVan Nuys, CA, 91405$1,335,000
8 14741 Vanowen St. Van Nuys, CA, 91405$1,100,000
9 15456 Vanowen StreetLos Angeles, CA, 91406$2,250,000
A 7343 Woodley AvenueVan Nuys, CA, 91406$1,375,000
B 6911 Woodman AvenueLos Angeles, CA, 91405$2,000,000
