Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
LEOLA Commercial, Inc. | 26575 Ruether Ave 2nd Floor | Santa Clarita, California 91350 | www.leolacommercial.com
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
LEOLA Commercial, Inc. | 26575 Ruether Ave 2nd Floor | Santa Clarita, California 91350 | www.leolacommercial.com
Future RocketdyneDevelopment Site
Vanowen Street
Variel Avenue18 Unit Condo Development
Under Construction
Canoga Avenue
Subject PropertyWC Development6819 Variel AveWoodland Hills, CA 91303
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Tabl
e of
Con
tent
s
1. Executive Summary Property Details Income Schedule Financial Indicators Expense Summary CAP Rate Analysis Land Development Analysis
2. Property Information Subject Property Map Parcel Map Property Photos
3. Market Indicators
Lease Market Sales Market
Contact Information
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
The information contained herein is strictly confidential. It is intended for the sole party receiving it directly from LEOLA Commercial, Inc., and should not be made available to any other person without the direct consent of LEOLA Commercial, Inc. This marketing proposal has been prepared to provide information to the prospective sellers. It does not, however, purport to present all material information regarding the subject property and it is not a substitute for a thorough investigation by the sellers. LEOLA Commercial, Inc. has not made any investigation, and makes no warranty or representation with respect to the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue or renew its occupancy of the subject property. All market analysis projections are provided for reference purposes only and are based on assumptions relating to general market conditions, competition, and other various market indicators. The information contained in this proposal has been obtained from sources we believe to be reliable; however LEOLA Commercial, Inc. has not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided herein.
Con
fiden
tialit
y an
d C
ond
ition
s
1Property DetailsFinancial IndicatorsExpense ReportCAP Rate Analysis
Section 1 Executive Summary
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Address Warner Center Development6819 Variel AveWoodland Hills, CA 91303
Ownership Elder Forest Property
APN 2138-022-016
Year Built 1959Building SF 4,380
Lot SF 9,003
No. of Buildings 1
Property Type Multi-Family, LAR3
Parking Open / Tuck Under Secured1x1 4 - approx 625 SF2x1 1 - approx 825 SF3x2 1 - approx 975 SF
Roof Flat RoofConstruction Wood Frame Stucco
Laundry Rooms 1 Entrance Open
Rent Control Yes
Prop
erty
Det
ails
Disclosure
• Property is being sold “As, Is” No credits or concessions shall be given.
• Property has "Soft Story", Sellers plans for the retrofit have been approved by the City with work nearing completion.
• The Property is the TOC area and is a TOC 2 which gives a developer 60% more units.
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
ProF
orm
a In
com
e Sc
hed
ule
Count Unit Type No. Units / Type Average Rent Total Rental
Income Market Rent Total Market Rent Sqft Rent / SF Market Rent/SF
1 1x1 4 $1,163 $4,650 $1,275 $5,100 675 $1.72 $1.892 2x1 1 $1,248 $1,248 $1,650 $1,650 825 $1.51 $2.003 3x2 1 $1,965 $1,965 $2,200 $2,200 975 $2.02 $2.26
Total Monthly Rent: 6 $7,863 $8,950 Annual Rental Income: $94,356 $107,400 12.15% Potential Rental Upside
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Fina
ncia
l Ind
icat
ors
Current
Price $2,500,000 Down Payment $875,000 35.00%
Units 6 Year Built: 1959Price/Unit $416,667
Current GRM 26.53Current CAP 1.60%
Proforma GRM -Proforma CAP -
Bldg SF 4,380 Cost/Bldg/SF 9,003
Lot SF $570.78 Cost/Lot/SF $277.69
Annual Rental Income $94,356 Vacancy: $2,831 3%
Laundry Income: $2,708
Effective Gross Income $94,233 Less Estimated Expenses $54,209 57.53%
Net Operating Income $40,025
Financing Buyer shall obtain a new loan at market rate and terms.
Fina
ncing
Indicators Financing: N/A
Rate: -Amortization: -DSCR: -
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Expe
nse
Repo
rt
Estimated Expenses % of GOI Per Unit Price / SF
Property Tax (based on a new sales price): $31,250 33.16% $5,208 $7.13Off-Site Manager: $1,700 1.80% $283 $0.39Maintenance: $1,440 1.53% $240 $0.33Advertising: $600 0.64% $100 $0.14Water & Power: $2,000 2.12% $333 $0.46Gas: $5,000 5.31% $833 $1.14Landscapping: $1,728 1.83% $288 $0.39Rubbish: $1,536 1.63% $256 $0.35Insurance: $2,831 3.00% $472 $0.65Total: 57.53% $54,209 6.50% $1,021 $1.40Per Net Square Feet: $12.38 Per Unit: $9,035
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Development Analysis
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Land Cost: $2,500,000 Land SF 9,003 60% TOC Total Proposed # of Units: 23 14 37Relocation Fees: 120,000 Assumption: $20K / tenants, acutal number may differ.Land Cost /SF $277.69
Proposed Units Unit Type No of Units Estimated SF Total SF Estimated Rent / Unit Rent / SF2/2 22 1,150 25,392 $2,750.00 $2.39 1/1 15 900 13,248 $2,100.00 $2.33
37 38,640
Common Area 2,000Estimated Buildable SF: 40,640
Estimated Land SF: 9,003
Estim
ated
Dev
elop
men
t Ana
lysis
- Pr
opos
ed U
nits
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Rental StructureUnit Type No of Units Estimated Rent Monthly Rent
2/2 22 $2,750.00 $60,720 1/1 15 $2,100.00 $30,912
Total Monthly Rent: $91,632
Annual Schedule Gross Rental Income: $1,099,584 Vacancy Factor: 3.00% $32,988 Laundry Income: $18,000 Gross Operating Income: $1,084,596 Proforma Expenses: 35.00% $379,609 NOI: $704,988
Development Indicators:Development Cost: $6,228,798 Land Cost: $2,500,000 Relocation Fees: $120,000
Total Cost to Build: $8,848,798
Cost/Unit: $240,456 Price/SF $217.74 Price/Land SF $982.87 GRM: 8.05 CAP Rate Development Cost: 7.97%
Estim
ated
Dev
elop
men
t Cos
t & A
naly
sis
2Subject PropertyParcel MapProperty Photos
Section 2 Property Information
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Subj
ect P
rope
rty M
ap
Subject PropertyWC Development6819 Variel AveWoodland Hills, CA 91303
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Parc
el M
ap
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Prop
erty
Pho
tos
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
3The Rental MarketThe Sales Comparable
Section 3 Market Indicators
Rent Comparables Summary6819 Variel Ave
17 $2,257 $2.55 4.0%No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate
RENT COMP LOCATIONS
RENT COMPS SUMMARY STATISTICS
Unit Breakdown Low Average Median High
Total Units
Studio Units
One Bedroom Units
Two Bedroom Units
Three Bedroom Units
147
0
58
58
0
407
28
185
168
26
362
0
171
159
20
883
442
343
438
84
Property Attributes Low Average Median High
1968Year Built
Number of Floors
Average Unit Size
Vacancy Rate
Star Rating
2
613 SF
1.2%
1995
3
885 SF
4.0%
2003
3
891 SF
4.1%
2015
5
1,144 SF
9.6%
3.6
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Page 7
Rent Comparables Summary6819 Variel Ave
Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF
Property Size Asking Rent Per Month Per Unit
-eaves Woodland Hills
883 612 $1,586 $1,897 $2,266 - $2.9622122 Victory Blvd
1 1971
-Triana at Warner Center
362 976 - $2,471 $3,020 $4,079 $2.896250 Canoga Ave
2 2008
-Malibu Canyon Apartments
698 810 - $2,004 $2,331 $3,078 $2.835758 Las Virgenes Rd
3 1986
-Avalon Warner Place
210 843 - $2,115 $2,569 $3,225 $2.7121050 Vanowen St
4 2008
-City Vue at Warner Park
147 839 - $1,913 $2,423 $2,800 $2.7021530 Califa St
5 1979
-Avalon Woodland Hills
663 846 - $2,043 $2,494 - $2.6720544 Ventura Blvd
6 1989
-eaves Warner Center
227 872 - $2,172 $2,357 $2,815 $2.675727 Canoga Ave
7 1979
-The Enclave at Warner C…
195 856 $1,885 $2,033 $2,475 - $2.576710 Variel Ave
2009
-Alta Warner
298 916 - $2,075 $2,606 - $2.556701-6733 Eton Ave
8 2013
-AMLI Warner Center
522 882 - $2,030 $2,436 $3,220 $2.5121200 Kittridge St
9 2006
-Carillon Apartment Homes
264 890 - $2,023 $2,634 - $2.496301 De Soto Ave
10 2008
-Oceano at Warner Center
244 913 - $2,026 $2,629 - $2.486355 De Soto Ave
11 2012
-Reveal
438 945 - $2,042 $2,517 $3,190 $2.4721201 Kittridge St
12 2010
-Warner Pines
266 829 $1,610 $1,774 $2,214 $2,650 $2.4321601 Erwin St
13 1977
-Bella Vista At Warner Rid…
579 1,066 - $2,011 $2,743 $3,128 $2.306150 De Soto Ave
14 2003
-The Reserve at Warner C…
477 926 $1,823 $1,956 $2,293 $2,745 $2.2922100 Erwin St
15 1968
-Versailles Apartments
253 1,062 - $1,888 $2,351 $2,766 $2.2323100 Avenue San Luis
16 1991
-The Motif
395 1,144 - $2,152 $2,557 $3,051 $2.1721021 W Erwin St
17 2015
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Rent Comparables by Bedroom6819 Variel Ave
$1,591 $2,037 $2,493 $3,013Studio Comps One Bed Comps Two Bed Comps Three Bed Comps
Subject
$1,885
Subject
$2,033
Subject
$2,475
Subject
-
1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio
Total Number of Units 479 3,143 2,855 449
Vacancy Rate 3.7% 4.2% 3.7% 5.1%
Asking Rent Per Unit $1,591 $2,037 $2,493 $3,013
Asking Rent Per SF $3.60 $2.77 $2.35 $2.34
Effective Rents Per Unit $1,591 $2,029 $2,484 $3,000
Effective Rents Per SF $3.59 $2.76 $2.34 $2.33
Concessions 0.1% 0.4% 0.4% 0.4%
Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom
Year-Over-Year Effective Rent Growth 4.3% 4.7% 1.7% 3.7%
Year-Over-Year Vacancy Rate Change
12 Month Net Absorption in Units
0.5%
-8
0.3%
-24 -16
0.2% 0.6%
-5
EXISTING UNITS VACANT UNITS
ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS
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Studio Rent Comparables6819 Variel Ave
Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF
Change in Rent
6710 Variel Ave
The Enclave at Warner Center…6.5%-2.1%$3.10
$1,885
22100 Erwin St
The Reserve at Warner Center-0.4%-4.0%$2.92
$1,823
21601 Erwin St
Warner Pines3.3%0.5%$2.95
$1,610
$1,557 $1,612
22122 Victory Blvd
eaves Woodland Hills4.5%-6.8%$3.67
$1,586
$1,555 $1,617
$800 $1,200 $1,600 $2,000 $2,400
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One Bedroom Rent Comparables6819 Variel Ave
Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF
Change in Rent
6250 Canoga Ave
Triana at Warner Center20.5%0.0%$3.23
$2,471
$1,905 $2,769
5727 Canoga Ave
eaves Warner Center9.1%-3.7%$3.15
$2,172
$1,960 $2,806
21021 W Erwin St
The Motif-2.2%0.3%$2.54
$2,152
$2,070 $2,226
21050 Vanowen St
Avalon Warner Place6.9%2.0%$2.95
$2,115
$1,970 $2,336
6701-6733 Eton Ave
Alta Warner1.2%-0.4%$2.86
$2,075
$1,880 $2,515
20544 Ventura Blvd
Avalon Woodland Hills9.2%2.2%$3.00
$2,043
$1,981 $2,098
21201 Kittridge St
Reveal4.2%-5.7%$2.69
$2,042
$1,961 $2,109
6710 Variel Ave
The Enclave at Warner Center…6.1%1.8%$2.86
$2,033
$1,910 $2,074
21200 Kittridge St
AMLI Warner Center3.5%2.0%$2.80
$2,030
$2,003 $2,542
6355 De Soto Ave
Oceano at Warner Center-6.8%-5.0%$2.56
$2,026
$1,833 $2,319
6301 De Soto Ave
Carillon Apartment Homes0.3%-1.1%$2.62
$2,023
$1,814 $2,146
6150 De Soto Ave
Bella Vista At Warner Ridge A…0.8%-2.4%$2.62
$2,011
$1,880 $2,308
5758 Las Virgenes Rd
Malibu Canyon Apartments-1.0%1.1%$3.36
$2,004
$1,900 $2,047
22100 Erwin St
The Reserve at Warner Center7.0%3.0%$2.33
$1,956
21530 Califa St
City Vue at Warner Park0.7%2.5%$3.06
$1,913
$1,799 $2,000
22122 Victory Blvd
eaves Woodland Hills10.7%-2.5%$2.85
$1,897
$1,849 $1,945
23100 Avenue San Luis
Versailles Apartments0.5%-7.1%$2.39
$1,888
$1,849 $2,068
21601 Erwin St
Warner Pines-0.3%0.5%$2.37
$1,774
$1,773 $1,825
$1,000 $1,750 $2,500 $3,250 $4,000
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Two Bedroom Rent Comparables6819 Variel Ave
Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF
Change in Rent
6250 Canoga Ave
Triana at Warner Center9.3%-0.3%$2.66
$3,020
$2,752 $3,065
6150 De Soto Ave
Bella Vista At Warner Ridge A…1.2%-0.1%$2.12
$2,743
$2,536 $2,984
6301 De Soto Ave
Carillon Apartment Homes1.0%1.1%$2.30
$2,634
$2,521 $2,724
6355 De Soto Ave
Oceano at Warner Center-1.7%9.0%$2.38
$2,629
$2,338 $2,849
6701-6733 Eton Ave
Alta Warner0.9%-2.3%$2.34
$2,606
$2,415 $3,530
21050 Vanowen St
Avalon Warner Place0.6%2.7%$2.38
$2,569
$2,445 $2,657
21021 W Erwin St
The Motif-6.7%0.7%$2.03
$2,557
$2,210 $2,781
21201 Kittridge St
Reveal0.7%-1.6%$2.37
$2,517
$2,446 $2,636
20544 Ventura Blvd
Avalon Woodland Hills5.0%-0.2%$2.43
$2,494
$2,456 $2,583
6710 Variel Ave
The Enclave at Warner Center…3.2%0.2%$2.27
$2,475
$2,452 $2,510
21200 Kittridge St
AMLI Warner Center0.7%-4.9%$2.21
$2,436
$2,428 $2,438
21530 Califa St
City Vue at Warner Park1.9%0.5%$2.59
$2,423
$2,280 $2,999
5727 Canoga Ave
eaves Warner Center5.6%-2.2%$2.45
$2,357
$2,240 $2,545
23100 Avenue San Luis
Versailles Apartments5.7%1.1%$2.18
$2,351
$2,327 $2,470
5758 Las Virgenes Rd
Malibu Canyon Apartments-5.5%3.5%$2.66
$2,331
$2,185 $2,638
22100 Erwin St
The Reserve at Warner Center6.2%1.4%$2.18
$2,293
22122 Victory Blvd
eaves Woodland Hills1.2%-9.8%$2.29
$2,266
$2,207 $2,324
21601 Erwin St
Warner Pines11.2%0.5%$2.42
$2,214
$1,950 $2,232
$1,000 $1,875 $2,750 $3,625 $4,500
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Changes in Rent Comparables6819 Variel Ave
VACANCY CHANGES PAST QUARTER & YEAR
Past QtrLast YearLast QtrNow
Vacancy Levels Change
Property Name - Address Rating Units Past Year
3.4% 0.1%-0.1%3.4%579 3.5%Bella Vista At Warner Ridge Apartments - 6150…
4.1% 0.1%-0.1%4.0%522 4.1%AMLI Warner Center - 21200 Kittridge St
5.3% 1.1%0%4.3%477 5.4%The Reserve at Warner Center - 22100 Erwin St
3.0% -5.0%0%8.0%298 3.0%Alta Warner - 6701-6733 Eton Ave
9.6% 6.2%0%3.4%210 9.6%Avalon Warner Place - 21050 Vanowen St
2.4% -0.9%0%3.3%663 2.4%Avalon Woodland Hills - 20544 Ventura Blvd
4.6% 0%0%4.6%264 4.6%Carillon Apartment Homes - 6301 De Soto Ave
7.9% 3.0%0%4.9%227 7.9%eaves Warner Center - 5727 Canoga Ave
3.5% 0.4%0%3.1%883 3.5%eaves Woodland Hills - 22122 Victory Blvd
3.8% 1.8%0%2.0%438 3.8%Reveal - 21201 Kittridge St
3.2% -0.9%0%4.2%195 3.2%The Enclave at Warner Center Apartment Homes
4.1% -1.1%0%5.2%395 4.1%The Motif - 21021 W Erwin St
6.5% 0.7%0%5.8%373 6.5%Triana at Warner Center - 6250 Canoga Ave
3.4% 0.4%0%3.0%253 3.4%Versailles Apartments - 23100 Avenue San Luis
4.8% 1.8%0%3.0%266 4.8%Warner Pines - 21601 Erwin St
1.2% 0.2%0.1%1.0%698 1.1%Malibu Canyon Apartments - 5758 Las Virgenes…
2.7% 0.1%0.1%2.6%147 2.6%City Vue at Warner Park - 21530 Califa St
6.7% -1.0%0.2%7.7%244 6.4%Oceano at Warner Center - 6355 De Soto Ave
ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$1,586 4.5%-6.8%$1,518442 $1,703eaves Woodland Hills - 22122 Victory Blvd
$1,823 -0.4%-4.0%$1,8308 $1,899The Reserve at Warner Center - 22100 Erwin St
$1,885 6.5%-2.1%$1,7708 $1,925The Enclave at Warner Center Apartment Homes
$1,610 3.3%0.5%$1,55929 $1,602Warner Pines - 21601 Erwin St
9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.
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Changes in Rent Comparables6819 Variel Ave
ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM
Past QtrLast YearLast QtrNow
Rents Levels Change
Property Name - Address Rating Units Past Year
$1,888 0.5%-7.1%$1,87865 $2,032Versailles Apartments - 23100 Avenue San Luis
$2,042 4.2%-5.7%$1,960220 $2,164Reveal - 21201 Kittridge St
$2,026 -6.8%-5.0%$2,173148 $2,132Oceano at Warner Center - 6355 De Soto Ave
$2,172 9.1%-3.7%$1,99088 $2,255eaves Warner Center - 5727 Canoga Ave
$1,897 10.7%-2.5%$1,713265 $1,945eaves Woodland Hills - 22122 Victory Blvd
$2,011 0.8%-2.4%$1,994256 $2,061Bella Vista At Warner Ridge Apartments - 6150…
$2,023 0.3%-1.1%$2,018180 $2,045Carillon Apartment Homes - 6301 De Soto Ave
$2,075 1.2%-0.4%$2,049150 $2,083Alta Warner - 6701-6733 Eton Ave
$2,459 20.1%-0.2%$2,048178 $2,464Triana at Warner Center - 6250 Canoga Ave
$2,152 -2.2%0.3%$2,200150 $2,144The Motif - 21021 W Erwin St
$1,774 -0.3%0.5%$1,779107 $1,765Warner Pines - 21601 Erwin St
$2,004 -1.0%1.1%$2,025204 $1,982Malibu Canyon Apartments - 5758 Las Virgenes…
$2,033 6.1%1.8%$1,916110 $1,997The Enclave at Warner Center Apartment Homes
$2,030 3.5%2.0%$1,962318 $1,991AMLI Warner Center - 21200 Kittridge St
$2,115 6.9%2.0%$1,978143 $2,073Avalon Warner Place - 21050 Vanowen St
$2,043 9.2%2.2%$1,871343 $1,999Avalon Woodland Hills - 20544 Ventura Blvd
$1,913 0.7%2.5%$1,90058 $1,866City Vue at Warner Park - 21530 Califa St
$1,956 7.0%3.0%$1,828277 $1,899The Reserve at Warner Center - 22100 Erwin St
9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.
Page 47
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
The
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Comparable Address Price Price/Unit Land Size Price Land /SqFt. Zoning
1. Erwin Development $3,194,802 - 14,304 $223.35 WC21050 Erwin Street Built: 1957Woodland Hills, CA 91367 Days on Market: 110 Days
Close of Escrow: Dec.12, 2017
2. Variel Development $8,582,345 - 52,721 $162.79 WC6130-6140 Variel Ave Built: 1954Woodland Hills, CA 91367 Days on Market: 106 Days
Close of Escrow: July 24, 2018
3. Variel Development $4,162,000 - 24,394 $170.62 WC6233 Variel Ave Built: 1978Woodland Hills, CA 91367 Days on Market: 30 Days
Close of Escrow: October 12, 2018
4. El Dorado Business Park $15,250,000 - 94,817 $160.84 WC6253-6279 Variel Ave Built: 1976Woodland Hills, CA 91367 Days on Market: 480
Close of Escrow: October 1, 2018
5. Variel Development $31,000,000 - 124,560 $248.88 WC6636 Variel Ave Built: SeveralCanoga Park, CA 91303 Days on Market: 365
Close of Escrow: March 8, 2019
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
The
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Price Price/Unit Land Size Price Land /SqFt. Zoning
SP Warner Center Development Proposed Units: 36 $2,500,000 $69,444 4,380 $277.69 WC6819 Variel Ave Built: TBDCanoga Park, CA 91303 Days on Market: TBD
Close of Escrow: TBD
Comps Summary No Units Year Built Price Price/Unit Build SF Price/SF GRM
Averages: - 1973 $12,437,829 - 62,159 $193.29 WC
2019 Indicators: 36 1959 $2,500,000 $67,935 4,380 $277.69 WC
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
The
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1 2 3 4 5 Avg SubjPrice $3,194,802 $8,582,345 $4,162,000 $15,250,000 $31,000,000 $12,437,829 $2,500,000
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
Sales Price Comparison
1 2 3 4 5 Avg SubjPrice/SF $223.35 $162.79 $170.62 $160.84 $248.88 $193.29 $277.69
$0.00
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00
Price Per Land Sqft. Comparison
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
The
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Map
3
2
1
Sales Comparable Legend1. Erwin Development 21050 Erwin Street Woodland Hills, CA 913672. Variel Development 6130-6140 Variel Ave Woodland Hills CA 913673. Variel Development 6233 Variel Ave Woodland Hills, CA 913674. El Dorado Business Park 6253-6279 Variel Ave Woodland Hills, CA 913675. Variel Development 6636 Variel Ave Woodland Hills, CA 91367
4
5
Subject PropertyWC Development6819 Variel AveWoodland Hills, CA 91303
5The Marketing ScheduleMarketing Platform
Section 5 Marketing Approach
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
The
Mar
ketin
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hed
ule
Month: 1 2 3 4 5 6Week: 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
MARKETING START-UP XPrepare Marketing Brochure XPhoto/Slides X
FORUMSFaceBook Post XInstagram Post XTwitter Post XLinkedin Post X
ELECTRONIC MARKETINGAcitive Owner Email Campaign 12,500 Buyers X X X X XLoopnet Email Campagin XProperty Line Email Campaign X X X XRCM1 National Email Campagin 6,000 X XPostcards Mailed to Brokers and Principals X
CONTACTSContact Active Buyers and Sellers X X X X XContact Exchange Buyers X X X X XContact Owners of Similar Properties X X X X XFollow Up on All X X X X X
NEWSPAPER/INTERNET ADVERTISINGLocal/Regional Advertising X X X XLEOLA Commercial Website XLoopnet.com XMLS XPropertyline.com X
FEEDBACKWritten Communication XVerbal Update X X X X X XMeetings (as needed) X X X X X X
CLOSE ESCROW X
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303
Extensive Email & Texting Campaigns
The
Mar
ketin
g Pl
atfo
rm
LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.
Con
tact
Info
rmat
ion
Jesus H. HenaoManaging Principal
26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 570 3301f 818 900 0703m 818 445 [email protected]
CA DRE: 01254076
Gabriel J. ChipeInvestment Associate
26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 482 3666f 818 900 0703m 818 482 [email protected]
CA DRE: 02056431
Andrew Powell IIIInvestment Anaylsis
26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 646 4943f 818 900 0703m 770 895 [email protected]
CA DRE: 02081556
Andre J. HenaoInvestment Analyst
26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 235 9250f 818 900 0703m 818 235 [email protected]