LoopNet · 2019. 9. 20. · 803 N KINGSLEY | OFFERING MEMORANDUM • 5.55% projected cap rate! • Brilliantly designed floorplans with all bedrooms containing their own bathrooms,

803 N KINGSLEY | OFFERING MEMORANDUM

The 2-4 Unit Specialists are pleased to present this beautifully designed 2019

fourplex located in the Hollywood Studio District moments from Paramount,

Netflix, Sunset Gower Studios and much more! 803 N Kingsley’s floorplans are

intelligently crafted to include a bathroom inside each and every bedroom,

plus a powder room for common area usage. This design choice will be

invaluable to renters, who appreciate having their own separate living

quarters. With an estimated completion timeline of November 2019, now is the

time to lock up this deal at an amazing price of $2,499,000 and cap rate of

5.55%!

803 N Kingsley is made up of two modern 2-story side-by-side townhome style

duplexes. Both duplexes consist of one 4 bed/4.5 bath unit and one 3 bed/3.5

bath unit. The units feature enormous windows on just about every wall,

stainless steel appliances, high quality finishes, spacious floor plans and

washer/dryer hookups in each unit. These units are extraordinarily light, bright,

and airy!

This fourplex is located between Melrose and Santa Monica Blvd, minutes from

trendy Larchmont Village, action packed Sunset and Vine, and an unlimited

supply of nearby studios, entertainment jobs, bars, restaurants, and

neighborhood conveniences!

OFFERING SUMMARY


PROPERTY OVERVIEW

THE PROPERTY: Address: 803 N Kingsley Dr, Los Angeles, CA 90029

APN: 5535-034-012

# Units: 4

# Buildings: 2

Year Built: 2019

Building Size (SF): 5,280

Lot Size (SF): 7,312

Zoning: LARD1.5

THE OFFERING: List Price: $2,499,000

Cap Rate: 5.55%

GRM: 13.89

Price Per Unit: $624,750

Price Per SF: $473.30

UTILITIES: Water: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays)

Electric: Separately Metered for Units (Tenant Pays)+ 1 House Meter for Common Area (Landlord Pays)

Gas: Separately Metered (Tenant Pays)

AMENITIES: Stories: Two Modern 2-Story Townhome Style Buildings

Appliances: Top-of-the-line Stainless Steel

Parking: 8 Spaces: 2 Garage Spaces and 6 Uncovered Spaces

Air/Heat: Central

Other Amenities: A Huge Amount of High Quality Windows Letting in Tons of Light!


• 5.55% projected cap rate!

• Brilliantly designed floorplans with all bedrooms containing their

own bathrooms, plus a common area powder room.

• Excellent unit mix of two 4 bedroom and two 3 bedroom units.

• Prime Hollywood Studio District near Paramount and Netflix!

• Luxurious units with an unlimited supply of windows, stainless steel

appliances, and upscale fixtures, tilework, flooring, and everything

in between!

• All units separately metered for gas, electric AND water! Very low

expenses.

• Tasteful drought tolerant landscaping.

• Great way to obtain easy, passive income!

INVESTMENT HIGHLIGHTS

LOCATION HIGHLIGHTS


• Has an amazing 80 walk score with tons of nearby restaurants, bars, and coffee shops within a 1 mile radius!

• Located in the Hollywood Studio District near Paramount Studios, Netflix, Raleigh Studios, Sunset Gower Studios and

more!

• Nearby entertainment attractions include: The Hollywood Pantages Theater, Hollywood Forever’s Cinespia outdoor

movies, The Hollywood Palladium, The Paramount Pictures Studio Tour, plus tons of restaurants, bars, shopping, and

more!

• A short drive to ultra-trendy Larchmont Village and the Melrose Shopping District!

• This location offers pure convenience, with errands, nightlife, parks and recreation, schools, shopping, and

entertainment blocks away!

LOCATION HIGHLIGHTS


LOCATION HIGHLIGHTS MAP

Subject Property

Nearby Attractions


FINANCIAL SUMMARY & RENT ROLL

SUMMARIZED PRICING METRICS: BUILDING DESCRIPTION: FINANCING:

Price: $2,499,000 No. of Units 4 Loan Amount $1,749,300

Down: 30% $749,700 Yr. Built 2019 Interest Rate 3.87%

Current GRM: 13.89 Lot Size (acres) 0.17 Monthly Payment ($8,220.86)

Pro Forma GRM: 13.89 Lot Size (sq. ft) 7,312 LTV 70%

Current Cap Rate: 5.55% Bldg SF 5,280 Amortization (Years) 30

Pro Forma Cap Rate: 5.55% Zoning LARD1.5 Proposed/Assumption Proposed

$/Unit: $624,750 Minimum DSCR 1.25

$/ SF: $473.30

RENT ROLL:

UNIT # STATUS UNIT TYPE UNIT SIZE

CURRENT

RENT

SCHEDULED GROSS

INCOME

CURRENT

RENT PER SF

PRO FORMA

RENT

PRO FORMA

RENT PER SF

LOSS-TO-

LEASE

1 Vacant 4b/4.5b 1,405 $0 $3,999 $2.85 $3,999 $2.85 $0

2 Vacant 4b/4.5b 1,405 $0 $3,999 $2.85 $3,999 $2.85 $0

3 Vacant 3b/3.5b 1,235 $0 $3,500 $2.83 $3,500 $2.83 $0

4 Vacant 3b/3.5b 1,235 $0 $3,500 $2.83 $3,500 $2.83 $0

4 5,280 $0 $14,998 $2.84 $14,998 $2.84 $0Totals/Averages:


FINANCIAL ANALYSIS

# UNITS UNIT MIX % OF TOTAL SIZEAVG

RENT

AVERAGE

RENT/SF

MONTHLY

INCOME

AVG PRO

FORMA

RENT

AVERAGE PRO

FORMA

RENT/SF

PRO FORMA

MONTHLY

INCOME

2 3b/3.5b 50% 1,405 $3,500 $2.49 $7,000 $3,500 $2.49 $7,000

2 4b/4.5b 50% 1,235 $3,999 $3.24 $7,998 $3,999 $3.24 $7,998

4 Totals/Averages: 1,320 $3,750 $2.84 $14,998 $3,750 $2.84 $14,998

Gross Scheduled/Gross Potential Income: $179,976 $179,976

ANNUALIZED OPERATING DATA: ANNUALIZED EXPENSES:CURRENT PRO FORMA CURRENT PRO FORMA

Gross Potential Rental Income $179,976 $179,976 Fixed Expenses

Gain (Loss)-to-Lease $0 $0 Real Estate Taxes 1.1740% $29,338 $29,338

Gross Scheduled Rental Income $179,976 $179,976 Insurance .35/s.f. $1,848 $1,848

Less: Vacancy 4.0% ($7,199) 4.0% ($7,199) Utilities $150/unit $600 $600

Effective Gross Income $172,777 $172,777

Less: Expenses ($33,986) ($33,986) Controllable Expenses

Miscellaneous Other Income $0 $0 Contract Services $150/unit $600 $600

Net Operating Income $138,791 $138,791 Repairs & Maintenance $400/unit $1,600 $1,600

Debt Service ($98,650) ($98,650)

Pre-Tax Cash Flow 5.35% $40,140 5.35% $40,140 TOTAL EXPENSES $33,986 $33,986

Principal Reduction $31,507 $31,507 EXPENSES/UNIT $8,497 $8,497

Total Return 9.56% $71,648 9.56% $71,648 EXPENSES/SF $6.44 $6.44

% of EGI 19.7% 19.7%


SALES COMPARABLES MAP

Subject Property: 803 N Kingsley Dr

412 N Ardmore

1118 N Heliotrope

6226 Lexington

756 N Ridgewood

620 N Serrano

6003 Barton


SALES COMPARABLES CHART

# ADDRESS UNITS SALES PRICE $/

SF

$/

UNIT

CAP

RATE GRM

BLDG

SF

LOT

SF

CLOSE

DATE

YEAR

BUILT

1 412 N Ardmore Ave 4 $2,500,000 $469.92 $625,000 5.34% 14.49 5,320 5,279 Pending 2019

2 1118 N Heliotrope Dr 4 $2,500,000 $450.69 $625,000 5.83% 13.89 5,547 6,750 Pending 2019

3 6226 Lexington Ave 4 $2,995,000 $482.44 $748,750 5.12% 15.40 6,208 6,877 4/9/19 2019

4 756 N Ridgewood Pl 4 $2,730,000 $518.52 $682,500 4.86% 15.85 5,265 6,089 4/30/18 2018

5 620 N Serrano Ave 4 $2,450,000 $442.88 $612,500 5.52% 14.42 5,532 5,524 8/29/18 2018

6 6003 Barton Ave 4 $2,250,000 $528.17 $562,500 5.00% 15.59 4,260 4,200 6/26/19 2018

AVERAGE: 4.00 $2,570,833 $480.05 $642,708 5.28% 14.94 5,355 5,787 19.67

803 N KINGSLEY: 4 $2,499,000 $473.30 $624,750 5.55% 13.89 5,280 7,312 2019


SALES COMPARABLES PHOTOS SALES COMPARABLES PHOTOS


RENTAL COMPARABLES

4927 Lexington, Hollywood

Unit Type Rented For Unit Size (SF) Avg. Rent/SF

4b/2.5b $4,300 1,400 $3.07

Subject Property: 803 N Kingsley, Los Angeles

Unit Type Market Rent Unit Size (SF) Avg. Rent/SF

4b/4.5b $3,999 1,405 $2.85

4b/4.5b $3,999 1,405 $2.85

3b/2-3.5b $3,500 1,235 $2.83

3b/3.5b $3,500 1,235 $2.83


RENTAL COMPARABLES

115 S St. Andrews, Los Angeles


3b/2.5b $3,900 1,220 $3.20

5218 Lexington, Los Angeles


4b/3.5b $4,900 1,800 $2.72


RENTAL COMPARABLES

718 N Kingsley, Los Angeles


3b/2.5b $4,195 1,511 $2.78

604 N Harvard, Los Angeles


3b/3.5b $3,800 1,329 $2.86


EXTERIOR


INTERIOR

Documents

LoopNet · 2019. 9. 20. · 803 N KINGSLEY | OFFERING MEMORANDUM • 5.55% projected cap rate! • Brilliantly designed floorplans with all bedrooms containing their own bathrooms,