4230 & 4250 Los Feliz BlLos Angeles, CA

Rob RenshawTaksa Investment GroupVice President, RE/MAX Commercial & Investment Realty(424) 293-4770rob@taksainvestment.comCalDRE# 01332831

16 True Value Add Units in Prime Los Feliz

Disclaimer: RE/MAX Commercial & Investment Realty and Agent make no warranty or representation about the content of this brochure. This information has been secured from sources we believe to be reliable, however all references to square footage, age, rents, projected rents, zoning, number of legal units and similar property-specific details should be considered approximations. Buyer must verify the information and bears all risk for any inaccuracies. This advertisement is not intended as a solicitation if your property is currently listed with another brokerage.

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InformationFinancial

DetailsIncomeAnalysis

Comprised of 16 post war units in one of the best locations Los Feliz has to offer, 4230 & 4250 Los Feliz Blvd is a true value-add gem with enormous upside potential. An even mix of 2-bed/1-bath and 1-Bed/1-Bath units makes the property perfectly positioned for the affluent millennial renters that are drawn to this enclave by its hip restaurants and trendy boutique shops.

The property is made up of two side-by-side lots, each containing an 8-unit, 2-story apartment building. Separate APNs mean there is no need for an on-site manager despite there being a total of 16 units. Most units remain in original condition, although ownership has undertaken 2 recent renovations. There is laundry on site and all units are separately metered for gas and electric. Surface parking is at the rear and accessible via a central driveway.

Although the property is ideally suited as a reposition opportunity in its current configuration, the R3 (Tier 2 TOC designation) offers the astute buyer an opportunity to potentially build up to 29 units on 14,000 square feet of land.

4230 & 4250 Los Feliz BlLos Angeles, CA

4230 & 4250 Los Feliz Bl

523 GLENROCK

Address 4230 & 4250 Los Feliz BlvdLos Angeles, CA 90027

Price $4,595,000

Units 16

Year Built 1948

Land Area/Lot Size SF 14000

Building SF 10380

Zoning R3 (Tier 2 TOC)

Construction Wood Frame / Stucco

Roof Type Pitched

Parking (descriptive) Surface in rear

Ownership Fee Simple

Price/Unit $287,188

Price/SF $442.68

523 GLENROCK

523 GLENROCK

523 GLENROCK

523 GLENROCK

523 GLENROCK

523 GLENROCK

523 GLENROCK

RENT ROLL

Market rents are merely estimates by seller and/or broker and may take into account substantial renovations. Seller and broker do not warrant or guarantee the stated estimated market rent. Buyer should use their own estimate of market rents.

The information contained herein has been obtained from sources we deem reliable but is not guaranteed. Prospective buyers are advised to independently verify accuracy and to review any disclosure information on file with this office.

Buyer to confirm unit and building measurements. Seller and broker do not warrant the accuracy of any representations of size of units, size of building or lot size.

CURRENT MARKET (RENOVATED)

UNIT OCCUPANCY UNIT TYPE APPROX SF MONTHLY RENT RENT/SF MONTHLY RENT RENT/

SF MOVE-IN

4230 Occupied 2+1 700 $796 $1.14 $3,000 $4.29 10/1/93

4232 Occupied 2+1 700 $2,594 $3.71 $3,000 $4.29 1/1/20

4234 Occupied 1+1 597 $1,508 $2.53 $2,150 $3.60 11/1/16

4236 Occupied 1+1 597 $876 $1.47 $2,150 $3.60 1/1/00

4238 Occupied 1+1 597 $621 $1.04 $2,150 $3.60 8/1/90

4240 Vacant 1+1 597 $2,150 $3.60 $2,150 $3.60 N/A

4242 Vacant 2+1 700 $3,000 $4.29 $3,000 $4.29 N/A

4244 Occupied 2+1 700 $1,324 $1.89 $3,000 $4.29 3/1/04

4250 Occupied 2+1 700 $1,435 $2.05 $3,000 $4.29 3/1/09

4252 Occupied 2+1 700 $1,393 $1.99 $3,000 $4.29 7/1/10

4254 Occupied 1+1 597 $1,560 $2.61 $2,150 $3.60 3/1/17

4256 Vacant 1+1 597 $2,150 $3.60 $2,150 $3.60 N/A

4258 Occupied 1+1 597 $432 $0.72 $2,150 $3.60 8/1/63

4260 Occupied 1+1 597 $1,508 $2.53 $2,150 $3.60 2/1/17

4262 Occupied 2+1 702 $1,472 $2.10 $3,000 $4.27 5/1/13

4264 Occupied 2+1 702 $742 $1.06 $3,000 $4.27 11/1/94

UNITS OCCUPIED OCC% APPROX SF MONTHLY RENT RENT/SF MONTHLY RENT RENT/

SF

16 13 81% 10,380 $23,561 $2.27 $41,200 $3.97

RENT ROLL SUMMARY

50%50%

UNIT DISTRIBUTION

2+1 1+1

SCHEDULED POTENTIAL

UNIT TYPE # OF UNITS AVG SQ FEET RENTAL RANGE AVG RENT MONTHLY INCOME AVG RENT MONTHLY INCOME

2+1 8 700 $742-$3000 $1,595 $12,760 $3,000 $24,000

1+1 8 597 $432-$2150 $1,351 $10,808 $2,150 $17,200

Totals/Weighted Averages 16 649 $1,473 $23,561 $2,575 $41,200

Gross Annualized Rents $282,732 $494,400

$1,595

$1,351

$1,200

$1,250

$1,300

$1,350

$1,400

$1,450

$1,500

$1,550

$1,600

$1,650

2+1 1+1

UNIT RENT

OPERATING DATA

Note: The above expenses and vacancy factor are estimates only, based in part on seller’s past experience and in part on industry standards. All prospective buyers should determine their own figures for all expenses and the vacancy factor.

Income Current Per Unit Pro Forma Per Unit

Scheduled Rent Income $282,732 $17,671 $494,400 $30,900

Laundry Income $0 $0 $0 $0

GROSS POTENTIAL INCOME $282,732 $17,671 $494,400 $30,900

Less Vacancy (3%) ($8,482) ($530) ($14,832) ($927)

EFFECTIVE GROSS INCOME $274,250 $17,141 $479,568 $29,973

Estimated Expenses Current Per Unit Pro Forma Per Unit

Taxes (1.18%)$54,221 $3,389 $54,221 $3,389

Insurance$11,500 $719 $11,500 $719

Utilities$16,000 $1,000 $16,000 $1,000

Gardener$2,100 $131 $2,100 $131

Management Fee$11,309 $707 $11,309 $707

Repairs & Maintenance$11,520 $720 $11,520 $720

Trash$3,969 $248 $3,969 $248

TOTAL ESTIMATED EXPENSES $110,619 $6,914 $110,619 $6,914

Expenses per SF $10.66 $10.66

Expenses per Unit $6,914 $6,914

% of Gross Income 39.1% 22.4%

NET OPERATING INCOME $163,631 $10,227 $368,949 $23,059

FINANCIAL INDICATORS

Price $4,595,000 INVESTMENT HIGHLIGHTSDown 100% $4,595,000

Current CAP 3.56% $287,188 per door in prime Los FelizMarket CAP 8.03% Ideal location steps to Hillhurst AvePrice/Unit $287,188 Huge rental upside potentialPrice/Gross SF $443 Current rent per square foot of only $2.27Current GIM 16.25 Build up to 29 units using TOC incentiveMarket GIM 9.29Current GRM 16.25Market GRM 9.29Ownership Fee Simple UNIT MIX CURRENT MARKET

# of Units

Unit Size Avg. Rent Avg.

Rent/SFMonthly Income

Rental Range

Avg. Rent

Avg. Rent/SF

Monthly Income

Loss-to-LeaseUnit Type Rental Range

2+1 8 700 $742-$3000 $1,595 $2.28 $12,760 $3,000 $3,000 $4.29 $24,000 $11,240BUILDING DATA 1+1 8 597 $432-$2150 $1,351 $2.26 $10,808 $2,150 $2,150 $3.60 $17,200 $6,392No. of Units 16 Totals/Weighted Avg 649 $1,473 $2.27 $23,561 $2,575 $3.97 $41,200 $1,102.00Year Built 1948 ANNUAL CURRENT: $282,732 ANNUAL MARKET: $494,400Year Renovated N/ALot Size (SF) 14000 INCOME ANALYSIS CURRENT MARKET EXPENSE SUMMARY CURRENT MARKETGross SF 10380 Gross Potential Income $282,732 $494,400 Taxes (1.18%) $54,221 $54,221APN 5591-002-006 & 007 Less: Vacancy -$8,482 -$14,832 Insurance $11,500 $11,500

Less: Non-Revenue Units $0 $0 Utilities $16,000 $16,000Less: Bad Debt $0 $0 Gardener $2,100 $2,100Less: Concession Loss $0 $0 Management Fee $11,309 $11,309

FINANCING Gross Oper Income $274,250 $479,568 Repairs & Maintenance $11,520 $11,520Loan Amount $0 Laundry Income $0 $0 Trash $3,969 $3,969Interest Rate 0% Parking Income $0 $0 Total Expenses $110,619 $110,619Monthly Payment $0 Storage Income $0 $0Loan-to-Value N/A Effective Gross Income $274,250 $479,568Amortization (Years) N/A Less: Expenses $110,619 $110,619Proposed/Assumption N/A Net Operating Income $163,631 $368,949Minimum DSCR N/A Less: Debt Service $0 $0Debt Service Coverage Ratio N/A Pre-Tax Cash Flow $163,631 $368,949I/O Period (Years) N/A

FINANCIAL SUMMARY

40 Westminster AveVenice, CA

Rob RenshawTaksa Investment GroupVice President, RE/MAX Commercial & Investment Realty(424) 293-4770rob@taksainvestment.comCalDRE# 01332831

A generational offering.18 units steps to Venice Beach.

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