THE LOS FELIZ - The Neema Group...LOS FELIZ Marcus and Millichap is pleased to present the Los Feliz Collection, located at 4230-4310 Los Feliz Blvd, in Los Angeles, CA. Built in 1948,

4230-4310 LOS FELIZ BOULEVARD | LOS ANGELES, CA 90027

LOS FELIZCOLLECTION

THE

32-UNIT, FOUR PARCEL OPPORTUNITY IN LOS FELIZ

CONFIDENTIALITY AND DISCLAIMER

NEEMA AHADIANSenior Vice President of InvestmentsTel: (310) 909-5444Fax: (435) [email protected]: CA 01346750

EXCLUSIVELY LISTED BY:

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

NON-ENDORSEMENT NOTICE

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

SEAN ROSENZWEIGFirst Vice President of InvestmentsTel: (213) 943-1897Fax: (213) [email protected]: CA 01406343

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INVESTMENT OVER VIEW

AREA OVER VIEW

FINANCIALS

SALES & RENT COMPARABLES

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EXECUTIVE SUMMARY

LOS FELIZMarcus and Millichap is pleased to present the Los Feliz Collection, located at 4230-4310 Los Feliz Blvd, in Los Angeles, CA. Built in 1948, the four charming 8-unit apartment buildings in prime Los Feliz are a true value-add investment. The two-story buildings total approximately 20,244 square feet and rest on an approximately 27,997 square foot lot. The properties have an ideal unit mix of five singles, 18 1+1, and nine 2+1. The units feature air conditioning units, beautiful wood floors, ceiling fans in the bedrooms, stoves, and refrigerators. There are 25 parking spaces available for tenants at the rear of the property as well as available street parking, during specified hours.

The neighborhood of Los Feliz is highly desirable and a very densely populated rental market in Los Angeles. While the residents here cover a wide range of ages, ethnicities and backgrounds, the surroundings provide the ease of engaging in a more active and local lifestyle. With some of the top schools in Los Angeles located in Los Feliz, it definitely has a large draw for families with children in the LAUSD school system.

PROPERTY OVERVIEW

Offering Price: $9,350,000

Number of Units:4230 Los Feliz Blvd4250 Los Feliz Blvd4306 Los Feliz Blvd4310 Los Feliz Blvd

8888

Approximate Year Built: 1948/1941

Approximate Lot Size: 27,997 SF (0.64 Acres)

Approximate Gross SF: 20,244 SF

Parking Spaces25 spaces - 17 open, 8 garage

FINANCIAL OVERVIEW

Cost per Unit: $292,188

Current GRM: 18.14

Market GRM: 9.16

Current CAP Rate: 3.25%

Market CAP Rate: 8.28%

THE OPPORTUNITY: 4230-4310 Los Feliz Boulevard is a four-building, 32-unit true value-add investment opportunity located on a highly sought-after street, between the 5 Freeway and Hillhurst Avenue

LOCATION: The Los Feliz neighborhood is one of the most desirable and densely populated rental submarkets in all of Los Angeles, known for excellent rent growth and low vacancy rates

UNIT MIX: The Subject Property features an impressive unit mix of five singles, 18 one-bedrooms, and nine two-bedrooms, 2 two-bedrooms and 4 one-bedrooms will be delivered vacant

VALUE-ADD OPPORTUNITY: Current rents are significantly below market, a loss to lease of over 49% provides an investor with tremendous rental upside through renovations when units turn

STRONG DEMOGRAPHICS: With a population of over 330,000 within a three mile radius and average household income of $73,000 annually, this rental submarket continues significant rental growth year over year.

INVESTMENT HIGHLIGHTS

LOS FELIZ SILVER LAKE

BarnsdallArt Park

ATWATEROBSERVATORY

LITTLE ARMENIA

HOLLYWOOD

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PROPERTY OVERVIEW

Address4230 Los Feliz Boulevard, Los Angeles, CA 90027

Number of Units 8

Approximate Lot Size: 6,999 Sf


Approximate Year Built: 1948

APN 5591-002-006

PROPERTY OVERVIEW


Number of Units 8

Approximate Lot Size: 6,999 SF



APN 5591-002-007

PROPERTY OVERVIEW


Number of Units 8




APN 5591-002-008

PROPERTY OVERVIEW


Number of Units 8




APN 5591-002-009

PORTFOLIO BREAKDOWN

LOS FELIZ BOULEVARD

ATWATER VILLAGE

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4230-4310 LOS FELIZ BLVD

DEVELOPMENT OVERVIEW

DEVELOPMENT INFORMATION

Lot Size 27,997 SF

Zoning R3-1

Transit Oriented Communities (TOC) Tier 2

Average Condominium Price in Los Feliz $845,000

Average Price/SF of Condominiums in Los Feliz $658

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LOS FELIZ CONDO SALES

PROPERTY NAME YEAR BUILT CONDO SF SALES PRICE PRICE PER SF

1. 4301 Los Feliz Blvd, Los Angeles, CA 90027 2005 1,510 $925,000 $613

2. 2399 Silver Lake Blvd #20, Los Angeles, CA 90039 2005 980 $728,000 $743

3. 4111 W Sunset Blvd #312, Los Angeles, CA 90029 2007 1,320 $775,000 $587

4. 2714 Auburn St #2, Los Angeles, CA 90039 2007 1,070 $676,676 $632

5. 2753 Waverly Dr #303, Los Angeles, CA 90039 2015 1,243 $820,000 $660

6. 2508 Hyperion Ave #3, Los Angeles, CA 90027 2008 1,280 $950,000 $742

7. 2753 Waverly Dr #104, Los Angeles, CA 90039 2014 1,243 $825,000 $664

8. 2926 Rowena Ave #6, Los Angeles, CA 90039 2017 1,681 $1,048,000 $623

AVERAGE PRICE PER SF $658

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6 7 8

SOURCE: MLS

experience the

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LIFESTYLE...

WALK-ABILITYexcellent

Situated at the foothill of the notable Griffith Park, the Los Feliz neighborhood is a quaint and charming pocket of Los Angeles. Popular with movie stars and those of the entertainment industry since the early 1900s, the area is filled with beautiful art deco, modernist, and mid-century modern homes. Eminent architects like Frank Lloyd Wright and Richard Neutra have left their mark here. The community still draws celebrity, but you’ll be more prone to find creative types, professionals, and families as well. The neighborhood has several excellent public schools, which is a rarity in most of LA.

Bordered on the north by Griffith Park, on the east by Silver Lake, to the south by East Hollywood, and on the west by Hollywood Hills. One of L.A.’s most walkable commercial districts, this collection of historic storefronts along Vermont and Hillhurst avenues has it all, including dive bars, restaurants, a neighborhood movie house, an independent bookstore and hip clothing boutiques.

If you drive through Los Feliz without knowing its history, you’ll hardly be able to tell the significant role the neighborhood and its residents played in the early days of the motion picture industry. There are no shrines, statues or tacky symbols to memorialize the birthplace of Mickey Mouse. If you pay close attention, you might spot a few modest historic landmark signs denoting the small parcels of land where humble workshops once stood.

LOS FELIZ

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• One of the best aspects of Los Feliz is its proximity to Griffith Park where one can hike, golf, run, play tennis, stargaze, or catch a concert.

• For hikers looking to burn a few calories or take in panoramic views, Griffith Park offers a 53-mile network of trails. That’s pretty impressive given Los Angeles is the second largest city in the United States. Hikers who reach the highest peak, Mt. Hollywood, are rewarded with 360-view of Downtown, the Los Angeles Basin, Santa Monica, San Fernando Valley and San Gabriel Mountains.

• Visit Barnsdall Park with a picnic and an afternoon to spare with friends.

• Check out the famous Hollyhock House or the Autry Museum of the American West

NEIGHBORHOOD HIGHLIGHTS

LOS FELIZ BOULEVARD

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LOS FELIZ BOULEVARD

FRANKLIN AVENUE

PROSPEC T AVENUE

1. Messhall Kitchen2. Starbucks3. Little Dom’s4. Cafe Los Feliz5. Mexico City6. Blue Bottle Coffee7. Yuca’s8. Albertson’s9. Farfalla10. Vinoteca Farfalla11. Jeni’s Splendid Ice Cream12. Mustard Seed Cafe13. Alcove14. Qwench Juiec Bar15. Drawing Room16. Home17. Spitz18. Bru Coffeebar19. Palermo Italian20. Los Feliz Theatre21. United States Post Office22. Atrium23. Dresden24. IIl Capriccio25. Rockwell Table & Stage

NEARBY RETAIL AND AMENITIES

LOS FELIZ BOULEVARD

GRIFFITH OBSERVATORY

MESSHALL KITCHEN

STARBUCKS

LITTLE DOM’S

HOLLYWOOD

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378‘Limited Supply’Apartments Buildings Built between 1940-1960

22616-40 Unit multifamily properties

22010-15 unit multifamily properties

86SOLD in the past 5 Years

In a market that has a very limited supply of multifamily properties located in 90027, those built from 1940-1960 are some of the most sought-after in the neighborhood. While these properties have been home to Angelenos for decades, only 86 have traded over the past 5 years, therefore making the acquisition of this asset a very rare opportunity.

a limited

SUPPLYGREEK THEATRE

1,082Total Multifamily Properties in 90027

Source: CoStar

CURRENT INTERIOR PHOTOS42

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POTENTIALRENOVATIONS• New Flooring

• New Lighting

• New Painting

• Modern Fixtures

• Stone Countertips

• Stainless Steel Appliances

• Hardwood Flooring

• Recessed Lights

• Modern Tile and Cabinetry

• Common Area Patio Furniture

UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENT MOVE-IN DATE NOTES

4230 2+1 $796 $3,250 10/1/20134232 2+1 $3,250 $3,250 - Vacant4234 1+1 $1,508 $2,600 11/1/20164236 1+1 $876 $2,600 1/1/20004238 1+1 $621 $2,600 8/1/19904240 1+1 $2,600 $2,600 - Vacant4242 2+1 $3,250 $3,250 - Vacant4244 2+1 $1,324 $3,250 3/1/2004Total $14,225


4250 2+1 $1,435 $3,250 3/1/20094252 2+1 $1,393 $3,250 7/1/20104254 1+1 $1,560 $2,600 3/1/20174256 1+1 $2,600 $2,600 - Vacant4258 1+1 $432 $2,600 8/1/19634260 1+1 $1,508 $2,600 2/1/20174262 2+1 $1,472 $3,250 5/1/20134264 2+1 $742 $3,250 11/1/1994Total $11,142

FINANCIALS

4230 LOS FELIZ BLVD RENT ROLL


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4306 #1 1+1 $706 $2,600 8/1/19904306 #2 Single $883 $1,800 11/1/20084306 #3 1+1 $1,214 $2,600 11/1/20054306 #4 Single $857 $1,800 10/1/20084308 #1 1+1 $706 $2,600 11/1/19944308 #2 1+1 $2,600 $2,600 - Vacant4308 #3 1+1 $2,600 $2,600 - Vacant4308 #4 1+1 $728 $2,600 12/1/1997Total $10,294

UNIT # UNIT TYPE ACTUAL RENTS PROFORMA RENT MOVE-IN DATE

4310 #1 1+1 $702 $2,600 6/1/19934310 #2 1+1 $828 $2,600 11/1/20034310 #3 Single $1,221 $1,800 11/15/20144310 #4 2+1 $900 $3,250 9/1/19894312 #1 1+1 $1,102 $2,600 10/1/20114312 #2 Single $872 $1,800 4/1/20034312 #3 1+1 $1,157 $2,600 9/1/20114312 #4 Single $500 $1,800 12/1/1997Total $7,282

FINANCIALS



FINANCIALS

INCOME CURRENT PRO FORMA

Scheduled Gross Income: $515,316 $1,020,600

Less Vacancy Rate Reserve: 3.0% ($15,459) 3.0% ($30,618)

Gross Operating Income: $499,857 $989,982

Less Expenses: 38.0% ($195,736) 21.1% ($215,341)

Net Operating Income: $304,120 $774,641

ANNUALIZED OPERATING DATA

OPERATING EXPENSES CURRENT PRO FORMA

Taxes: Rate 1.19% $111,265 $111,265Insurance $9,110 $9,110 Utilities: $13,345 $13,345Management Fee $19,994 $39,599Repairs & Maintenance $16,000 $16,000 Waste Removal $7,317 $7,317Pest Control $840 $840 Landscaping $3,520 $3,520 License & Fee's $3,800 $3,800 Reserves & Replacements $8,000 $8,000Direct Assessments $2,546 $2,546 Total Expenses: $195,736 $215,341 Per Net Sq. Ft.: $9.67 $10.64 Per Unit: $6,117 $6,729

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OPERATING DATA

Price: $9,350,000 Down Payment: 55% $5,150,000 Number of Units: 32 Cost per Legal Unit: $292,188 Current GRM: 18.14 Market GRM: 9.16 Current CAP: 3.25% Market CAP: 8.28%

Approx. Age: 1941 Approx. Lot Size: 27,997 Approx. Gross SF: 20,244

PROPOSED NEW FINANCING

New First Loan: $4,200,000Interest Rate: 3.70%Amortization: 30Monthly Payment: $19,332DCR: 1.32

SALES COMPARABLES

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SUBJECT PROPERTY

ADDRESS 2807-2813 ST GEORGE STREET. LOS ANGELES

Close of Escrow 6/12/2019

Sales Price $5,450,000

Price/Unit $340,625

Price/Sf $400

CAP 3.42%

GRM 16.04

Units 16

Year Built 1941

Unit Mix Twelve 1+1

Four 2+1

ADDRESS 1800-1806 N KINGSLEY DRIVE, LOS ANGELES



Price/Unit $295,714

Price/Sf $535

CAP N/A

GRM N/A

Units 14

Year Built 1948

Unit Mix Fourteen 1+1

1 2

ADDRESS 4230-4310 LOS FELIZ BOU-LEVARD, LOS ANGELES

Close of Escrow n/a


Price/Unit $292,188

CAP 3.25%

GRM 18.14

Units 32

Year Built 1941

Unit Mix Five Singles

Eighteen 1+1

Nine 2+1

SALES COMPARABLES

3 4 5

SALES COMPARABLES

ADDRESS 1216 N. KENMORE AVENUE, LOS ANGELES



Price/Unit $365,625

Price/Sf $370

CAP 5.59%

GRM 13.32

Units 8

Year Built 1927

Unit Mix Eight 2+1

ADDRESS 1318 N. BERENDO STREET, LOS ANGELES



Price/Unit $625,000

Price/Sf $663

CAP N/A

GRM N/A

Units 10

Year Built 1924

Unit Mix Ten Singles

ADDRESS 1631 N HARVARD BOULEVARD, LOS ANGELES



Price/Unit $300,556

Price/Sf $425

CAP N/A

GRM N/A

Units 9

Year Built 1957

Unit Mix Seven 1+1

Two 2+1

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ADDRESS 1803 N. HARVARD BOU-LEVARD, LOS ANGELES



Price/Unit $287,500

Price/Sf $369

CAP 3.26%

GRM 18.18

Units 12

Year Built 1955

Unit Mix Ten 1+1

Two 2+1

ADDRESS 2033 N VERMONT AVENUE, LOS ANGELES



Price/Unit $341,750

Price/Sf $481

CAP N/A

GRM N/A

Units 8

Year Built 1940

Unit Mix Two Singles

Six 1+1

ADDRESS 3827 EVANS STREET, LOS ANGELES



Price/Unit $337,500

Price/Sf $223

CAP 4.00%

GRM 16.15

Units 8

Year Built 1966

Unit Mix Eight Single

6 7 8

9 10

SALES COMPARABLES

ADDRESS 1816 N. MARIPOSA AVENUE, LOS ANGELES



Price/Unit $397,500

Price/Sf $404

CAP 4.76%

GRM 14.09

Units 8

Year Built 1957

Unit Mix Two 1+1

One 1+1.5

Two 2+1

Three 2+1.5

ADDRESS 1701 COMMONWEALTH AVENUE, LOS ANGELES



Price/Unit $342,750

Price/Sf $331

CAP 3.73%

GRM 17

Units 8

Year Built 1969

Unit Mix Eight 2+2

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RENT COMPARABLES

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ADDRESS 3949 LOS FELIZ BLVD, LOS ANGELES, CA 90027

Unit Type 1+1

Number of Units 104

Year 1972

SqFt 750

Price $2,295

Notes Includes parking, has a balcony

ADDRESS 1317 N. KENMORE AVENUE, LOS ANGELES, CA 90027

Unit Type 1+1

Number of Units 6

Year 1956

SqFt 700

Price $2,400

Notes Newly Renovated, Includes Parking, In Unit Washer/Dryer

ADDRESS 4211 CUMBERLAND AVE, LOS ANGELES, CA 90027

Unit Type 1+1

Number of Units 5

Year 1922

SqFt N/A

Price $2,695

Notes Newly Renovated, Bungalow, In Unit Washer/Dryer

ADDRESS 3949 LOS FELIZ BLVD, LOS ANGELES, CA 90027

Unit Type Single

Number of Units 104

Year 1972

SqFt 500

Price $1,895

Notes Includes Parking

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ADDRESS 1800 N NEW HAMPSHIRE AVE, LOS ANGELES, CA 90027

Unit Type Single

Number of Units 134

Year 1987

SqFt 570

Price $1,795

Notes On-Site Laundry, Swimming Pool

ADDRESS 1611 TALMADGE ST, LOS ANGELES, CA 90027

Unit Type 1+1

Number of Units 4

Year N/A

SqFt 900

Price $2,395

Notes In Unit Washer/Dryer, Includes Parking

ADDRESS 2126 GRIFFITH PARK BLVD, LOS ANGELES, CA 90027

Unit Type 1+1

Number of Units 4

Year 1941

SqFt 500

Price $2,700

Notes Renovated

ADDRESS 4353 CLARISSA AVE, LOS ANGELES, CA 90027

Unit Type 2+1

Number of Units 6

Year 1924

SqFt 850

Price $3,200

Notes Additional $200/month for Parking

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ADDRESS 3311 ROWENA AVE, LOS ANGELES, CA 90027

Unit Type 2+2

Number of Units 24

Year 1961

SqFt 1,100

Price $2,795

Notes Newly Renovated

ADDRESS 4413 AVOCADO ST, LOS ANGELES, CA 90027

Unit Type 2+1

Number of Units 2

Year 1926

SqFt 875

Price $3,150

Notes Includes Parking

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NEEMA AHADIANSenior Vice President of InvestmentsTel: (310) 909-5444Fax: (435) [email protected]: CA 01346750

EXCLUSIVELY LISTED BY:

SEAN ROSENZWEIGFirst Vice President of InvestmentsTel: (213) 943-1897Fax: (213) [email protected]: CA 01406343

Documents

THE LOS FELIZ - The Neema Group...LOS FELIZ Marcus and Millichap is pleased to present the Los Feliz Collection, located at 4230-4310 Los Feliz Blvd, in Los Angeles, CA. Built in 1948,