1307 17th St, Santa Monica - OM€¦ · FINANCIAL ANALYSIS Price / Unit - $428,571 Price / SF - $749.25 Current Cap Rate - 4.45% Market Cap Rate - 5.95% Current GRM - 16.07 Market

1307 17th Street, CA 90404

OFFERING MEMORANDUM

SANTA MONICA | 7 UNIT BUILDING

NICO ROSMARIN(424) 226-9449

[email protected] | BRE# 02023847COREY RASMUSSEN

(310) [email protected] | BRE# 02042837

RENT ROLL

LOCATION OVERVIEWCity Overview - County Overview - Aerial Map

1

2

3

5

6

4

TABLE OF CONTENTS

INVESTMENT OVERVIEWProperty Information - Property Photos

SALES COMPARABLES

FINANCIAL ANALYSISLoan Information - Scheduled Monthy Income Annualized Expenses - Annualized Operating Data

TEAM SNAPSHOTBio - Track Record

! Nico Rosmarin and Corey Rasmussen of Lyon Stahl Investment Real Estate are pleased to present 1307 17th Street, a value-add 7-unit multifamily investment property located in prime Santa Monica. The property has a unique composition of seven (7) one-bedroom/one-bathroom bungalows situated on a large 11,259 SF lot. One of the units will be delivered vacant at the close of escrow, offering immediate rental upside. The Bungalow style layout in Santa Monica is one in high demand and very difficult to find – this opportunity won’t last long.

1307 17th Street is ideally located within walking distance to many popular retail and dining establishments lining Santa Monica Boulevard. Additionally, the property is situated near both Saint John’s Hospital Center and UCLA Medical Center, two of the largest employers in Santa Monica. The central location gives tenants easy access to a large variety of workplace and entertainment options.

1307 17th Street offers an astute investor the opportunity to acquire a multifamily asset in one of the most desirable neighborhoods of Southern California. By implementing a value-add program to raise rents to market levels, 1307 17th Street is a truly unique and lucrative investment

THE OFFERING

SALE PRICE

UNITS

PRICE PER UNIT

YEAR BUILT

LOT SIZE

BUILDING SIZE

ZONING

PRICE PER SF

CAP RATE

GRM

$3,000,000

7

$428,571

1923

11,259 SF

4,004 SF

SMR2

$749.25

4.45%16.07

1307 17TH STREETSANTA MONICA,CA 90404

Investment Highlights:

• Unit Mix: (7) 1bd+1bth Individual Bungalows• In Unit Laundry Room• One unit will be delivered VACANT at the close of escrow• Bungalows are ~575 SF each with their own garden area• Garden Style Court Yard Layout & Two Community Picnic Areas• Proforma CAP 5.64%• Proforma GRM 14.15• 3 On-site Garages rented to outside parties providing additional

monthly income totaling $1,200/m• Single Surface Parking Space along Alley• Street and Alley Access

1307 17TH STREET SANTA MONICA,CA 90404


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LOCATION

AREA OVERVIEW

REGIONAL MAP

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LOCATION

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RENT ROLL

1

2

3

4

5

6

7

1+1

1+1

1+1

1+1

1+1

1+1

1+1

4 Single Car Garages

$2,112

$2,650

$2,250

$2,200

$2,269

$2,081

$1,994

$1,200

$2,650

$2,650

$2,650

$2,650

$2,650

$2,650

$2,650

$1,800

TYPE CURRENT RENT MARKET RENTUNIT UNIT #

1307

*1307A

1307B

1309

1313

1313A

1313B

*1307A is currently vacantAll Units Individually metered for gas and electric

FINANCIAL ANALYSIS

Price / Unit - $428,571 Price / SF - $749.25Current Cap Rate - 4.45%Market Cap Rate - 5.95%Current GRM - 16.07 Market GRM - 13.48

FINANCIALPrice - $3,000,000Number of Units - 7Building Size - 4,004 SFOwnership - FullYear Built - 1923 Lot Size - 11,259 SF

MONTHLY RENT SCHEDULE

Monthly Scheduled Gross IncomeAnnual Scheduled Gross IncomeMonthly Garage Income

$15,556$186,672$1,200

$18,550$222,600$1,800

Taxes (1.1311%)

Insurance

Utilities

Repairs & Maintenance

Management Fee

Pest Control

Landscaping

Total Expenses

Expenses/Unit

Expenses/SF

$35,034

$2,545

$6,061

$4,550

$9,774

$350

$3,600

$61,913

$8,845

$15.46

1

1

1

1

1

1

1

# of Units

1+1

1+1

1+1

1+1

1+1

1+1

1+1

Type

$2,112

$2,650

$2,250 $2,200 $2,269

$2,081

$1,994

Current Avg Rent.

$2,112

$2,650

$2,250

$2,200

$2,269

$2,081

$1,994

Current Income

$2,650

$2,650

$2,650

$2,650

$2,650

$2,650

$2,650

Market Avg Rent

$2,650

$2,650

$2,650

$2,650

$2,650

$2,650

$2,650

Market Icome

Scheduled Gross Income

Less: Loss to Lease

Less: Vacancy Reserve

Plus: Other Income

Gross Operating Income

Less: Expenses

Net Operating Income

Less: Loan Payments

Pre-Tax Cash Flow

Plus: Principal Reduction

Total Return Before Taxes

$222,600

$35,928

$5,600

$14,400

$195,472

$61,913

$133,559

$106,968

$26,591

$39,235

$65,826

$222,600

$ -

$6,678

$21,600

$237,522

$59,161

$178,361

$106,968

$71,393

$39,235

$110,628

3.00%

31.67%

2.69%

6.65%

3.00%

24.91%

7.21%

11.17%

Annualized Expenses

Current MarketAnnualized Operating Data

67% $2,010,0003.400%

Annual Payment Debt Coverage

30 Year Amortized Principal Interest Rate

$106,9681.25

LOAN INFORMATON

Current Pro-Forma

$35,034

$1,602

$4,550

$4,550

$11,876

$350

$1,200

$59,161

$8,452

$14.78

5 Year

$260,411

$ -

$7,812

$24,311

$276,909

$62,668

$214,241

$106,968

$107,273

$44,943

$152,216

3.00%

22.63%

10.48%

15.38%

1307

1307A

1307B

1309

1313

1313A

1313B

Unit #

Tyler Bradford Travis Bradford(310) 664-6705 x104 (Direct) (310) 664-6705 x106 (Direct)

(310) 850-7197 (Mobile) (310) 869-7490 (Mobile)

[email protected] [email protected]

BRE #01860008 BRE #02046147

Prepared for: 9/17/2019

Property Address: Quote #1

Option 1 Option 2 Option 3 Option 43‐Year Fixed 5‐Year Fixed 7‐Year Fixed 10‐Year Fixed

Purchase Price $3,000,000 $3,000,000 $3,000,000 $3,000,000

Loan Amount $2,000,000 $2,000,000 $1,985,000 $1,950,000

Down Payment $1,000,000 $1,000,000 $1,015,000 $1,050,000

Loan‐to‐Value 67% 67% 66% 65%

Debt Coverage Ratio (DCR) 1.15 1.15 1.15 1.15

Current Interest Rate 3.70% 3.70% 3.75% 3.90%

Index 6 Mo. LIBOR 6 Mo. LIBOR 6 Mo. LIBOR 6 Mo. LIBOR

Margin 2.50% 2.50% 2.50% 2.50%

Floor / Ceiling 3.70% / 9.50% 3.70% / 9.50% 3.75% / 9.50% 3.90% / 9.50%

Loan Term 10 10 10 30

Amortization in Years 30 30 30 30

Monthly Payment $9,206 $9,206 $9,193 $9,198

Recourse Yes Yes Yes Yes

Impounds No No No No

Years 1‐3 Years 1‐5 Years 1‐6 Years 1‐10

3‐2‐1% 3‐3‐2‐2‐1% 4‐3‐3‐2‐2‐1% 5‐5‐4‐4‐3‐3‐2‐2‐1‐1%

Loan Fee 1% 1% 1% 1%

Estimated Costs:

Appraisal/Due Diligence $4,500 $4,500 $4,500 $4,500

Closing/Processing/Underwriting Included Above Included Above Included Above Included Above

C/O Nico Rosmarin & Corey Rasmussen

1307 17th Street

Santa Monica, CA 90404

licensed Real Estate Broker ‐ CA Dept. of Real Estate ‐ License Number: BRE# 00925920

Loan Options

Pre‐Payment Penalty

Alternative fixed and adjustable rate options may be available upon request

Quote subject to satisfactory lender review of rent roll, I & E, property condition, and borrower's financials

Rates and programs are subject to change without notice© 2019 First Pacific Financial is headquartered at 3420 Ocean Park Blvd., Suite 3020, Santa Monica, CA 90405 and is a

SALES COMPARABLES

1443 Yale St

SALES COMPARABLES

1110 20th St 1451 Franklin St


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

Los Angeles County

$3,450,000

$357.88

$575,000

9,640 SF

6

3.00%

20.17

Los Angeles County

03/28/2019

$2,900,000

$383.80

$329,857

7,556 SF

7

20.90

Los Angeles County

08/13/2018

$3,000,000

$458.44

$532,500

6,544 SF

6

4.28%

21.06

SOLD


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

SOLD

PENDING

SALES COMPARABLES

1311 19th St 1508 Stanford St


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

Los Angeles County

01/04/2019

$3,030,000

$478.98

$498,167

6,326 SF

6

5.20%

13.69


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

Los Angeles County

07/31/2018

$3,045,000

$533.09

$516,667

5,712 SF

6

3.40%

18.99

SOLDSOLD

914 20th St


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

Los Angeles County

10/01/2018

$3,340,000

$860.38

$575,000

3,882 SF

6

3.60%

16.76

SOLD

SALES COMPARABLES

1307 18th St 1444 15th St


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

Los Angeles County

05/31/2018

$3,350,000

$405.77

$565,000

8,256 SF

6

3.13%

19.43


Sale Date:

Sale Price:

Price/SF:

Price/Unit:

GBA:

Number of Units:

Cap Rate

GRM

Los Angeles County

12/06/2018

$3,035,000

$369.81

$465,571

8,207 SF

7

4.24%

17.09

SOLDSOLD

SALES COMPARABLES

PRICE PER SF

$0

$100

$200

$300

$400

$500

$600

$700

$800

1 2 3 4 5 6 7 8

PRICE PER UNIT

$749.25

$150,000

$200,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

1 2 3 4 5 6 7 8

$428,571

CAP RATE

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

4.50%

5.00%

1 3 4 5 6 7 8

4.45%

GRM

6.00

8.00

10.00

12.00

14.00

16.00

18.00

20.00

22.00

1 2 3 4 5 6 7 8

16.07

2018 TRACK RECORD

% 38'#% !$"-6% (*% D,66Y:,/*,2% (#% /,G/,*,#$(#5% )6(,#$*% $-/'05-% *"6,*C% G0/)-"*,*% "#2%<=;<%,])-"#5,*%"#2%(*%,]G,/(,#),2%(#%O06$(."O(68C%#,$Y6,"*,2C%"#2%5/'0#2Y0G%2,:,6'GO,#$%G/'G,/$(,*>%L-,%$,"O[*%(#Y2,G$-%O"/W,$%W#'D6,25,%"#2%$(/,6,**%D'/W%,$-()%-"*%)'#*(*$,#$68%6,2%$'%$-,O%$'%")-(,:,%$-,%-(5-,*$%:"60,%"#2%*O''$-%,*)/'D*%.'/%$-,(/%)6(,#$*>%

410 California Ave, Santa Monica, CA 90403

For SaleNumber of Units

$2,949,0007

648 Hill St, Santa Monica, CA 90405


$2,150,0004

648 Hill St, Santa Monica, CA 90405


$2,500,0004

2018 TRACK RECORD

Sale Price

Number of Units

$3,475,000

6

Sale Price

Number of Units

$2,000,000

3

Sale Price

Number of Units

$1,595,000

5

Sale Price

Number of Units

$3,150,000

8

Sale Price

Number of Units

$1,625,000

4 Number of Units

$2,050,000

3

305 Strand St, Santa Monica, CA 90405 708 Bay St, Santa Monica, CA 90405 654 Ozone St, Santa Monica, CA 90405

1420 Maple St, Santa Monica, CA 90405 3226 Colorado Ave, Santa Monica, CA 90404 1402 Maple St, Santa Monica, CA 90405

For Sale

MEET THE TEAM

NICO ROSMARINSENIOR ASSOCIATE

| 303 819 5225| 424 226 9449| [email protected]

BRE# 02023847

COREY RASMUSSENASSOCIATE

| 310 948 8284| 310 990 0309| [email protected] BRE# 02042837

BENJI GRIBNAUASSOCIATE


DEREK PALMERINSIDE SALES AGENT

| 815 693 1144| 424 299 4474| [email protected]

CHRIS VAN VUURENASSOCIATE


MOLLY FIRSTASSOCIATE

| 424 210 9129| 310 913 2488| [email protected]

CONFIDENTIALITY& DISCLAIMER

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\?7F%_F!&4_?\RSMST%MMKYISSI

Nico Rosmarin424 226 9449

[email protected]# 02023847

Corey Rasmussen310 990 [email protected]# 02042837

Documents

1307 17th St, Santa Monica - OM€¦ · FINANCIAL ANALYSIS Price / Unit - $428,571 Price / SF - $749.25 Current Cap Rate - 4.45% Market Cap Rate - 5.95% Current GRM - 16.07 Market