5703 LA MIRADA AVE HOLLYWOOD CA 90038files.constantcontact.com/796e91ba001/5038df9c-9594-49f1-89fa-f3… · experience every step of the way. 5703 LA MIRADA AVE HOLLYWOOD, CA 90038

www.CONCORD-RE.com | [email protected] | 310.551.0660

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212

26 UNITS IN PRIME HOLLYWOOD LOCATION

5703 LA MIRADA AVEHOLLYWOODCA 90038

OFFERING MEMORANDUM

PRESENTEDBY

Kenny Stevens

Managing Partner / Senior Vice President

BRE#01090251

310.551.0661fax

[email protected]

Our mission

PROPERTY SUMMARYProperty Highlights

Property Details

Property Location

Aerial Photo

Parcel Orientation

Photography

FINANCIALSFinancial Overview

Rent Roll

LOCATION OVERVIEWMarket overview

COMPARABLESSales Comps

Rent Comps

MARKETING PACKAGEOVERVIEW

5703 LA MIRADA AVEHOLLYWOOD, CA 90038



310.551.0660 Ext. 141 direct

ABOUT US

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Our world has changed and so has the business of real estate. It’s not enough to work with a typical real estate

company. At Concord, we think of ourselves as your partner - one who can bring every aspect of your portfolio

together under one roof, combining corporatecapabilities with a family feel.

Concord is the evolution of real estate. We’re changing the game and moving above and beyond what

you’ve come to expect. This is real estate unified; next-level services that seamlessly connect the dots so you

don’t have to. From acquisition to management to construction to the disposition, Concord is elevating your

experience every step of the way.


OUR CLIENTS ENTRUST US WITH SO MANY ASPECTS OF THEIR REAL ESTATE LIFE. OUR MISSION IS TO DUTIFULLY GUIDE THEM, CREATE VALUE AND ACT

IN HARMONY WITH THEIR BEST INTEREST.

WE PARTNER WITH YOU EVERY STEP OF THE WAY TO ELEVATE YOUR REAL ESTATE EXPERIENCE

a different kind of real estate partner.

OUR MISSION 5703 LA MIRADA AVEHOLLYWOOD, CA 90038

PROPERTY SUMMARY

5703 LA MIRADA AVE HOLLYWOODCA 90038


PROPERTY SUMMARYPROPERTY HIGHLIGHTS


26 UNITS IN PRIME HOLLYWOOD LOCATION

• Good current income with approximately 41% upside in rents

• Excellent Hollywood location, 2 blocks south of Sunset

• Large corner lot

• 26 Gated covered parking spaces

• Bright, spacious units averaging 700 square feet

• Three units currently vacant

PROPERTY SUMMARYPROPERTY DETAILS


Units 26Major Intersection Wilton & La MiradaMarket HollywoodAPN 5536-001-023Zoning Type LAR3Building SF 18,201 square feet

PROPERTY DETAILS

PROPERTY DESCRIPTION5703 La Mirada Avenue is located in the heart of EastHollywood just south of Sunset Blvd. Convenientlylocated one mile from the Hollywood & Vineentertainment center, Metro stations and the 101freeway, this property is a short walk to all that EastHollywood has to offer.

PROPERTY SUMMARYPROPERTY LOCATION


5703 La Mirada Ave

PROPERTY SUMMARYPROPERTY AERIAL


PROPERTY SUMMARYPARCEL ORIENTATION


https://www.titleprofile.com/genmap.asp?mapformat=1

PROPERTY SUMMARYPROPERTY PHOTOS








FINANCIALS



FINANCIALSVALUATION - $5,800,000


FINANCIALSLOAN QUOTE

5703 LA MIRADA AVEHOLLYWOOD, CA 90038May 8, 2017

3-Year Fixed 5-Year Fixed 7-Year Fixed

$2,900,000 $2,900,000 $2,900,000

55% 55% 55%

3.75% 4.05% 4.25%

$13,430 $13,929 $14,266

2.25 > 6-month LIBOR 2.25 > 6-month LIBOR 2.25 > 6-month LIBOR

30 years 30 years 30 years

30 years 30 years 30 years

Floor: 2.50% 2.50% 2.50%

Ceiling: 9.50% 9.50% 9.50%

None; except

standard carve-outs

None; except

standard carve-outs

None; except

standard carve-outs

3,2,1 5,4,3,2,1 5,5,4,4,3,2,1

$3,625 $3,625 $3,625

$500 $500 $500

1.0% refundable

deposit at application

1.0% refundable


1.0% refundable


1.0% + $500 processing fee 1.0% + $500 processing fee 1.0% + $500 processing feeLoan Origination Fee:

Current Rate:

Rate Lock:

3rd Party Deposit (Est):

Prepayment:

Recourse:

Closing Costs (Est):

Amortization

FINANCING OPTIONS FOR 5703 LA MIRADA

Loan Amount:

Loan Term:

Maximum LTV:

Monthly Payment:

Adjustable Portion:

Commercial Realty Consultants

23586 Calabasas Road

Suite 100

Calabasas, California 91302

Brian Weisberg

Telephone: (818) 222-2800 x203

Facsimile: (818) 222-8516

Email: [email protected]

FINANCIALSRENT ROLL



LOCATION


LOCATIONLOCATION OVERVIEW

EAST HOLLYWOOD, CALIFORNIA

5703 La Mirada is located in the booming, culturally rich neighborhood of Hollywood — adjacent to Thai Town and

Little Armenia. Hollywood is a flourishing submarket, centrally situated, east of Fairfax/Beverly Grove, west of Silver

Lake/Echo Park, and north of Hancock Park/Koreatown.

The heart of Hollywood is 1.1 miles to the northwest, vibrant Silver Lake lies 2.5 miles east. Some of the best hiking and

biking trails, public golf, and picnic areas in Los Angeles are 2 miles north of the property in Griffith Park. The property is

3.5 miles away from The Greek Theatre, one of the most prominent concert venues in the city, 4 miles from the famous

Griffith Observatory, and the historic Vista Theatre is 2.3 miles to the east. Trendy Franklin Village, just 1.3 miles to the

northwest, is lined with street-side cafes, coffee shops, bars, and retail stores. Hillhurst Avenue in Los Feliz, also home to

many desirable storefronts, is just 2.8 miles to the northeast. A new, state of the art Kaiser Permanente Medical Center

is 1.9 miles northeast of the property on Sunset Boulevard, and Barnsdall Park is one block further north. The famous

Hollywood Forever Cemetery, home to outdoor film screenings, is just 3 blocks south. Dodger Stadium is 5.1 miles to

the southeast and Downtown Los Angeles is 6 miles in the same direction. The 101 Hollywood Freeway is 2 blocks north

and the 5 Freeway is 6 miles to the east. The property’s location near these major thoroughfares allows for quick and

easy access to numerous parts of Greater Los Angeles. Additionally, 5703 La Mirada is located just 1.3 mi from

Hollywood/Western and 1.6 mi from Santa Monica/Vermont Metro Red line stations, connecting East Hollywood with

Downtown/Chinatown to the southeast and Hollywood, Universal City and North Hollywood to the northwest.



5703 La Mirada Ave

LOCATION NEW DEVELOPMENTS

2 143

1

2

3

4

Metropolitan Hollywood - 5837 Sunset BlvdThis six-story, 79-unit project contains a mix of studio, one and two bedroom apartments above a two-and-a-half level parking garage plus a fitn es s center, private internet cafe, rooftop terrace, landscaped courtyard and a swimming pool.

Columbia Square - 6121 Sunset BlvdHalf of the units at the posh, 20-story Residences at Columbia Square will be super-fancy, fully-furnished, extended-stay hotel rooms designed by maximalist Kelly Wearstler; the architecture is by Rios Clementi Hale.

Palladium Residences - 6215 W Sunset BlvdOne of the most exciting developments coming to Hollywood, two residential towers will flan k the historic Hollywood Palladium concert venue. The development will also include a restoration for the 1940s venue.

The Camden at Vine & Selma - 1540 Vine StreetHollywood’s seven-story, 287-unit mixed-user The Camden at Selma and Vine was reignited in 2013 after a years-long hiatus. The new renderings do away with the ridiculous swooping crowns that looked dated even back when it was revealed in 2006.

LOCATIONUPCOMING DEVELOPMENTS


COMPARABLES


COMPARABLESSALES COMPS

5703 La Mirada Ave

Sales Comps

6021-6029 Carlton Way

228 S Harvard Blvd

1420 N Mansfield Ave

3951 Marathon St

333 S Oxford Ave

1422 Talmadge St

5747 La Mirada Ave


7

7


2

5703 La Mirada Avenue, Los Angeles, CA 90038

1420 N Mansfield Ave Los Angeles, CA 900286021-6029 Carlton Way Hollywood CA 90028

228 S Harvard Blvd os Angeles, CA 90004

SALE PRICE $8,100,000

COE 5/27/16

# OF UNITS 31

BUILDING SF 28,782

PRICE/SF $281.43

PRICE/UNIT $261,290

YEAR BUILT 1963

LIST PRICE $5,800,000

# OF UNITS 26

BUILDING SF 18,201

PRICE/SF $318.66

PRICE/UNIT $223,077

YEAR BUILT 1962


UNITS UNIT TYPE

4 2 Bed/2 Bath

20 1 Bed/1 Bath

2 Studio

UNITS UNIT TYPE

2 2 Bed/1 Bath

6 1 Bed/1 Bath

UNITS UNIT TYPE

6 3 Bed/2 Bath

7 2 Bed/2 Bath

18 1 Bed/1 Bath

UNITS UNIT TYPE

3 2 Bed/1 Bath

2 1 Bed/1 Bath


COE 5/26/16# OF UNITS 8

BUILDING SF 5,978

PRICE/SF $331.21

PRICE/UNIT $247,500

YEAR BUILT 1957


COE 9/30/16

# OF UNITS 30

BUILDING SF 28,188

PRICE/SF $255.43

PRICE/UNIT $240,000

YEAR BUILT 1973


5 333 S Oxford Ave Los Angeles, CA 900203951 Marathon St Los Angeles, CA 90029


UNITS UNIT TYPE

5 2 Bed/1 Bath

6 1 Bed/1 Bath

UNITS UNIT TYPE

2 2 Bed/1 Bath

9 1 Bed/1 Bath


COE 12/2/16

# OF UNITS 11

BUILDING SF 7,700

PRICE/SF $340.26

PRICE/UNIT $238,182

YEAR BUILT 1961


COE 1/23/17

# OF UNITS 11

BUILDING SF 9,312

PRICE/SF $289.95

PRICE/UNIT $245,455

YEAR BUILT 1961

5853 Lexington Ave Los Angeles, CA 90038

UNITS UNIT TYPE

8 1 Bed/1 Bath


COE 12/23/16

# OF UNITS 8

BUILDING SF 6,089

PRICE/SF $297.26

PRICE/UNIT $226,250

YEAR BUILT 1957

5747 La Mirada Ave Los Angeles, CA 90038

UNITS UNIT TYPE

8 1 Bed/1 Bath


COE 6/9/17

# OF UNITS 8

BUILDING SF 65,348

PRICE/SF $344.05

PRICE/UNIT $230,000

YEAR BUILT 1953

7

5703 La Mirada Ave

Rent Comps

5656 La Mirada Ave

5616 Lexington Ave

5743 Lexington Ave

5743 Lexington Ave

5743 Lexington Ave

750 N St Andrews Pl


COMPARABLESRENT COMPS

COMPARABLESRENT COMPS

RENT $2,000UNIT TYPE 2 Bed / 1 Bath

RENT $1,400

UNIT TYPE. Studio

RENT $1,275UNIT TYPE

. Studio

1

3

2


5656 La Mirada Ave Los Angeles, CA 90038 5616 Lexington Ave Los Angeles, CA 90038

RENT $1,850

UNIT TYPE 1+1



5743 Lexington Ave Los Angeles, CA 90038 65

RENT $2,300

UNIT TYPE 2+2

750 N St Andrews Pl Los Angeles CA 90038

RENT $1,950

UNIT TYPE 1+1



KENNY STEVENS

OFFERING MEMORANDUM

BRE# 01090251

D: 310-551-0660 Ext. 141

[email protected]

Documents

5703 LA MIRADA AVE HOLLYWOOD CA 90038files.constantcontact.com/796e91ba001/5038df9c-9594-49f1-89fa-f3… · experience every step of the way. 5703 LA MIRADA AVE HOLLYWOOD, CA 90038