offering memorandum addison street apartments
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KW COMMERCIAL2701 Ocean Park Blvd.,Suite 140Santa Monica, CA 90405
CHARLES COHENDirector818.299.1609ccohen8@kw.comBRE #01852781
Addison Street Apartments
OFFERING MEMORANDUM
PRESENTED BY:
SHERMAN OAKS, CA
OFFERING MEMORANDUM
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KW COMMERCIAL2701 Ocean Park Blvd.,Suite 140Santa Monica, CA 90405
CHARLES COHENDirector818.299.1609ccohen8@kw.comBRE #01852781
Confidentiality & Disclaimer
OFFERING MEMORANDUM
All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third partysources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance orlack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projectedfinancial performance of the property for any party’s intended use or any and all other matters.
Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as toaccuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whetherwritten or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine theseand other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for aparty unless otherwise agreed in writing.
EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspectionsand investigations including through appropriate third party independent professionals selected by such party. All financial data should beverified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financialdata or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data orperformance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can beestablished at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as marketconditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by theparty with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions shouldbe discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complieswith applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by KW Commerical - Santa Monica in compliance with allapplicable fair housing and equal opportunity laws.
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty orrepresentation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, orwithdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance ofthe property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
PRESENTED BY:
SHERMAN OAKS, CA
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PROPERTY INFORMATION
1 | PROPERTY INFORMATION
EXECUTIVE SUMMARY
PROPERTY DESCRIPTION
PROPERTY DETAILS
ADDITIONAL PHOTOS
1PROPERTY INFORMATION
ADDISON STREET APARTMENTS
ADDISON STREET APARTMENTS
PROPOSAL FOR COMMERCIAL SERVICES
OFFERING MEMORANDUM
Executive Summary
ADDISON STREET APARTMENTS 1 | PROPERTY INFORMATION
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PROPERTY OVERVIEWFor sale, a 9 unit multifamily apartment building in prime ShermanOaks. Located just north of Riverside Dr and west of Hazeltine Ave,tenants can walk to Trader Joe’s, Westfield Fashion Square, or heada little further south and visit the restaurants, and retail on VenturaBlvd. The property offers spacious, 2 bedroom, townhouse styleunits, equipped with individual washer – dryers, water heaters,central heating and air, private patio or balcony, granite counter tops,and laminate wood floors. Built in 1977, on approximately 15,000 SFof land, the building has all copper plumbing, new - side overhanging roof and shingles, fresh exterior paint, 18 parking spaces intandem, gated entry and parking, *no parking is tucked underneath.Don't miss out on the opportunity to purchase this amazinginvestment property.
SALE PRICE: $3,390,000
UNITS: 9
PRICE PER UNIT: $376,667
CAP RATE: 3.53%
GRM: 16.98
LOT SIZE: 0.34 Acres
BUILDING SIZE: 9,942 SF
YEAR BUILT: 1977
PROPERTY OVERVIEWFor sale, a 9 unit multifamily apartment building in primeSherman Oaks. Located just north of Riverside Dr and westof Hazeltine Ave, tenants can walk to Trader Joe’s, WestfieldFashion Square, or head a little further south and visit therestaurants, and retail on Ventura Blvd. The property offersspacious, 2 bedroom, townhouse style units, equipped withindividual washer – dryers, water heaters, central heatingand air, private patio or balcony, granite counter tops, andlaminate wood floors. Built in 1977, on approximately 15,000SF of land, the building has all copper plumbing, new - sideover hanging roof and shingles, fresh exterior paint, 18parking spaces in tandem, gated entry and parking, *noparking is tucked underneath. Don't miss out on theopportunity to purchase this amazing investment property.
PROPERTY HIGHLIGHTSWasher Dryer in UnitPrivate PatiosFront Units Feature BalconiesTownhouse Style UnitsDishwashers, Granite Countertops, Laminate Wood Flooring,Individual Water Heater, Select Units have RefrigeratorsRange and Built in MicrowaveCopper PlumbingNew Side Roofs & ShinglesRecently Painted Exteriors
LOCATION OVERVIEWSherman Oaks is a neighborhood in the San FernandoValley region of Los Angeles, California, founded in 1927.The neighborhood includes a portion of the Santa MonicaMountains, which gives Sherman Oaks a lower populationdensity than some other areas in Los Angeles.
Property Description
ADDISON STREET APARTMENTS 1 | PROPERTY INFORMATION
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Property Details
ADDISON STREET APARTMENTS 1 | PROPERTY INFORMATION
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PROPERTY NAME: Addison Street Apartments
STREET ADDRESS: 14328-14334 Addison Street
CITY, STATE, ZIP: Sherman Oaks, CA 91423
APN: 2248-007-016
LOT SIZE: 0.34 AC
BUILDING SIZE: 9,942 SF
ZONING: LAR3
PARKING SPACES:18 Tandem SpacesGated Uncovered Parking
YEAR BUILT: 1977
NUMBER OF STORIES: 2
CONSTRUCTION:Wood Shingle on SlabWood Frame
NUMBER OF UNITS: 9
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Additional Photos
ADDISON STREET APARTMENTS 1 | PROPERTY INFORMATION
LOCATION INFORMATION
2 | LOCATION INFORMATION
REGIONAL MAP
LOCATION MAPS
AERIAL MAP
2LOCATION INFORMATION
ADDISON STREET APARTMENTS
ADDISON STREET APARTMENTS
PROPOSAL FOR COMMERCIAL SERVICES
OFFERING MEMORANDUM
14328-14334 Addison Street
Regional Map
ADDISON STREET APARTMENTS 2 | LOCATION INFORMATION
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Location Maps
ADDISON STREET APARTMENTS 2 | LOCATION INFORMATION
Aerial Map
ADDISON STREET APARTMENTS 2 | LOCATION INFORMATION
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FINANCIAL ANALYSIS
3 | FINANCIAL ANALYSIS
FINANCIAL ANALYSIS
RENT ROLL
3FINANCIAL ANALYSIS
ADDISON STREET APARTMENTS
ADDISON STREET APARTMENTS
PROPOSAL FOR COMMERCIAL SERVICES
OFFERING MEMORANDUM
Summary
Price: 3,390,000$ Proposed Financing
Down Payment: 47% 1,600,000 New First Loan: 1,790,000$
Number of Units: 9 Interest Rate: 3.50%
Cost per Legal Unit: $376,667 Amortization: 30
Current GRM: 16.98 Monthly Payment: $8,038
Current GIM 16.98
Market GRM: 14.64 DCR 1.24
Market GIM 14.64
Current CAP: 3.53%
Market CAP: 4.44% Charles Cohen
Approx. Age: 1977 Office
Approx. Lot Size: 14,998 Cell (818) 299-1609
Approx. Gross SF: 9,942
Cost per Net GSF: $340.98
Annualized Operating Data
Current Rents Market Rents
Scheduled Gross Income: 199,663 231,600
Less Vacancy Rate Reserve: (5,990) 3.0% (6,948) 3.0%
Gross Operating Income: 193,673 224,652
Less Expenses: (74,012) 37.1% (74,012) 32.0%
Net Operating Income: 119,662 150,640
Less Loan Payments: (96,455) (96,455)
Pre-Tax Cash Flow: 23,207 1.5% * 54,186 3.4% *
Plus Principal Reduction: 34,675 34,675
Total Return Before Taxes: 57,882 3.6% * 88,860 5.6% *
** As a percent of Down Payment.
* As a percent of the down payment
Scheduled Income Estimated Annualized Expenses
Current Rents Market Rents Taxes: Rate 1.25% 42,375$
No. Bdrms/ Approx. Monthly Monthly Monthly Monthly Insurance 4,200$
of Units Baths Sq.Ft. Rent/Unit Income Rent/Unit Income Utilities 2.55% 5,100$
Maintenance/Repairs 3.51% 7,000$
Reserves 2.50% 5,000$
Gardner / Pest 1,150$
8 2+1.5 TH 1,000 1,833$ 14,664$ 2,100$ 16,800$ Management 4% 7,987$
1 2+2 Yard 1,100 1,975$ 1,975$ 2,500$ 2,500$ Trash 1,200$
Total Scheduled Rent: 16,639$ 19,300$ Total Expenses: $74,012
Laundry: Per Net Sq. Ft.: $7.44
Misc : $0 $0 Per Unit: $8,223.50
Annual Scheduled Rent $199,663 $231,600
Monthly Scheduled Gross Income: 16,639$ $19,300
Annual Scheduled Gross Income: 199,663$ $231,600
Utilities Paid by Tenant: Electric & Gas
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. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
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Financial Analysis
ADDISON STREET APARTMENTS 3 | FINANCIAL ANALYSIS
Current Proforma Move in Date
1 2x1.5 $1,739 TH $2,100 10/18/2011
2 2x1.5 $2,100 TH $2,100 May 1, 2017
3 2x1.5 $1,558 TH $2,100 Unknown
4 2x1.5 $1,857 TH $2,100 3/1/2017
5 2x1.5 $1,906 TH $2,100 5/1/2016
6 2x1.5 $1,900 TH $2,100 7/1/2014
7 2x1.5 $1,804 TH $2,100 6/15/2011
8 2x1.5 $1,801 TH $2,100 11/1/2012
9 2X2 $1,975 With Yard $2,500 10/1/2011
Monthly Rent $16,639 $19,300
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Rent Roll
ADDISON STREET APARTMENTS 3 | FINANCIAL ANALYSIS
SALE COMPARABLES
4 | SALE COMPARABLES
SALE COMPS
SALE COMPS SUMMARY
SALE COMPS MAP
4SALE COMPARABLES
ADDISON STREET APARTMENTS
ADDISON STREET APARTMENTS
PROPOSAL FOR COMMERCIAL SERVICES
OFFERING MEMORANDUM
Sale Comps
ADDISON STREET APARTMENTS 4 | SALE COMPARABLES
SUBJECT PROPERTY
Sherman Oaks, CA 91423
14328-14334 Addison Street
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
2/1.5 8 88.9 1,000 $1,833 $1.83
2/2 1 11.1 1,100 $1,975 $1.80Liquid error: no implicit conversion from nil to integer
TOTAL/AVG 9 100% 1011 $1,848 $1.83
$3,390,000Sale Price: 1977Year Built:
9,942 SFBuilding SF: $340.98Price PSF:
9No. Units: $376,667Price / Unit:
3.53%Cap: 16.98GRM:
Sherman Oaks, CA 91423
4445-4451 Murietta Ave
$7,500,000Sale Price: 1955Year Built:
19,480 SFBuilding SF: $385.01Price PSF:
24No. Units: $312,500Price / Unit:
3.53%Cap: 02/01/2017Closed:
16GRM:
UNIT TYPE # UNITS % OF
1/1 15 62.5
2/1 9 37.5
TOTAL/AVG 24 100%
1
1
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Sale Comps
ADDISON STREET APARTMENTS 4 | SALE COMPARABLES
Sherman Oaks, CA 91403
14926 Dickens St
$2,650,000Sale Price: 1953Year Built:
6,524 SFBuilding SF: $406.19Price PSF:
8No. Units: $331,250Price / Unit:
4.08%Cap: 04/24/2017Closed:
17.7GRM:
UNIT TYPE # UNITS % OF
1/1 6 75
2/1 2 25
TOTAL/AVG 8 100%
2
2
Sherman Oaks, CA 91423
14316 Riverside Dr
$2,410,000Sale Price: 1951Year Built:
7,400 SFBuilding SF: $325.68Price PSF:
8No. Units: $301,250Price / Unit:
3.54%Cap: 04/14/2017Closed:
17.68GRM:
UNIT TYPE # UNITS % OF
1/1 4 50
2/1 4 50
TOTAL/AVG 8 100%
3
3
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SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS
Addison Street Apartments14328-14334 Addison StreetSherman Oaks, CA 91423
$3,390,000 9,942 SF $340.98 $376,667 3.53% 16.98 9
SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE
1 4445-4451 Murietta AveSherman Oaks, CA 91423
$7,500,000 19,480 SF $385.01 $312,500 3.53% 16 24 02/01/2017
2 14926 Dickens StSherman Oaks, CA 91403
$2,650,000 6,524 SF $406.19 $331,250 4.08% 17.7 8 04/24/2017
3 14316 Riverside DrSherman Oaks, CA 91423
$2,410,000 7,400 SF $325.68 $301,250 3.54% 17.68 8 04/14/2017
SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS
TOTALS/AVERAGES $4,186,667 11,135 SF $375.99 $314,078 3.72% 17.13 13.33
Sale Comps Summary
ADDISON STREET APARTMENTS 4 | SALE COMPARABLES
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14328-14334 Addison Street | Sherman Oaks, CA 91423SUBJECT PROPERTY
Sale Comps Map
ADDISON STREET APARTMENTS 4 | SALE COMPARABLES
1
4445-4451 Murietta AveSherman Oaks, CA 91423
2
14926 Dickens StSherman Oaks, CA 91403
3
14316 Riverside DrSherman Oaks, CA 91423
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RENT COMPARABLES
5 | RENT COMPARABLES
RENT COMPS
RENT COMPS MAP
5RENT COMPARABLES
ADDISON STREET APARTMENTS
ADDISON STREET APARTMENTS
PROPOSAL FOR COMMERCIAL SERVICES
OFFERING MEMORANDUM
Rent Comps
ADDISON STREET APARTMENTS 5 | RENT COMPARABLES
SUBJECT PROPERTY
Sherman Oaks, CA 91423
14328-14334 Addison Street
1977Year Built: 0.34 ACLot Size:9No. Units: $1.83Avg. Rent/SF:$1,848Avg. Rent: 1,011 SFAvg. Size:
UNIT TYPE # UNITS % OF SIZE SF RENT RENT/SF
2/1.5 8 88.9 1,000 $1,833 $1.83
2/2 1 11.1 1,100 $1,975 $1.80Liquid error: no implicit conversion from nil to integer
TOTAL/AVG 9 100% 1011 $1,848 $1.83
Sherman Oaks, CA 91423
4433 Murietta Avenue
1955Year Built: 24No. Units:
UNIT TYPE RENT
2/1 $2,000Liquid error: no implicit conversion from nil to integer
1
1
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Rent Comps
ADDISON STREET APARTMENTS 5 | RENT COMPARABLES
Sherman Oaks, CA 91423
4421-27 Murietta Avenue
1955Year Built: 24No. Units:
UNIT TYPE RENT
2/1 $2,195Liquid error: no implicit conversion from nil to integer
2
2
Sherman Oaks, CA 91423
14045 Milbank Street
7No. Units:
UNIT TYPE RENT
2/1 $1,950Liquid error: no implicit conversion from nil to integer
3
3
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Rent Comps
ADDISON STREET APARTMENTS 5 | RENT COMPARABLES
Sherman Oaks, CA 91423
4540 Hazeltine Avenue
1951Year Built: 23No. Units:
UNIT TYPE RENT
2/2 $2,025Liquid error: no implicit conversion from nil to integer
4
4
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14328-14334 Addison Street | Sherman Oaks, CA 91423
SUBJECT PROPERTY
Rent Comps Map
ADDISON STREET APARTMENTS 5 | RENT COMPARABLES
1 4433 Murietta AvenueSherman Oaks, CA 91423
2 4421-27 Murietta AvenueSherman Oaks, CA 91423
3 14045 Milbank StreetSherman Oaks, CA 91423
4 4540 Hazeltine AvenueSherman Oaks, CA 91423
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LOCATION OVERVIEW
6 | LOCATION OVERVIEW
LOCATION OVERVIEW
DEMOGRAPHICS MAP
RETAILER MAP
6LOCATION OVERVIEW
ADDISON STREET APARTMENTS
ADDISON STREET APARTMENTS
PROPOSAL FOR COMMERCIAL SERVICES
OFFERING MEMORANDUM
Sherman Oaks
Sherman Oaks is a neighborhood in
the San Fernando Valley region of Los
Angeles, California, founded in 1927.
The neighborhood includes a portion of
the Santa Monica Mountains, which
gives Sherman Oaks a lower population
density than some other areas in Los
Angeles.
Upscale Neighborhood Over The Hill
from Beverly Hills
Even though the San Fernando Valley is
known as one of L.A.’s largest regions,
there are local neighborhoods that are
easily navigated and pedestrian friendly.
The historic and upscale neighborhood
of Sherman Oaks is one of those areas,
especially along Ventura Boulevard,
which one can explore on foot. Many of
L.A.’s favorite restaurants and stores
have Valley locations in Sherman Oaks,
which is just “over the hill” from Bel-Air
and Beverly Hills. Though it’s nice to
come across familiar brands, there are
numerous local gems that make
Sherman Oaks truly a delight to explore
on foot.
Rapid Business Growth in a Thriving
Community
The local business community has been
experiencing rapid growth as new
businesses continue to join our already
thriving community. Sherman Oaks is
increasingly known for its highly sought
after real estate, exclusive shopping,
dining destinations, fitness studios, and
more.
The Famous Van Nuys Boulevard
Van Nuys Boulevard is a major north-
south arterial road that runs through the
central San Fernando Valley of Los
Angeles County, California.
Center of Car Culture
Van Nuys Boulevard runs approximately
ten miles from the Santa Monica
Mountains in Sherman Oaks at its
southern terminus to the foothills of the
western end of the San Gabriel
Mountains in Lake View Terrace at its
northern terminus. It passes through the
affluent community of Sherman Oaks,
then continues through the community of
Van Nuys, passing the numerous
automobile dealerships in southern Van
Nuys, then passing through the Van
Nuys Municipal Center, the government
center of the San Fernando Valley, then
continuing north through Panorama City,
past the old General Motors plant now
converted into a shopping plaza called
“The Plant”.
With its wide expanse through the heart
of the San Fernando Valley, Van Nuys
Boulevard became known from the
1950s through the 1970s as a center of
cruising. Since then, the car culture still
lives on through the numerous
automobile dealerships that line both
sides of Van Nuys Boulevard in northern
Sherman Oaks and southern Van Nuys.
Population
61,166 population in 2000,
according to the U.S. Census
65,436 population in 2008, based
on L.A. Department of City
Planning estimates
9.15 square miles
6,687 people per square
mile, among the lowest
densities for the city of Los
Angeles but about average for the
county
Sherman Oaks Neighborhood
Sherman Oaks Galleria
Sherman Oaks Street Fair
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Location Overview
ADDISON STREET APARTMENTS 6 | LOCATION OVERVIEW
Income Profile
$69,651 median household income (2008
dollars), high for the city of Los Angeles but about
average for the county
In Los Angeles County, Studio City, Lake Hughes and East
Pasadena have the most similar household incomes
The percentage of households earning $125,000 and up is
high for the county
Education Profile
45.7% of residents 25 and older have a 4-year
degree, high for the city of Los Angeles and high for the
county
In LA County, Rowland Heights, Northridge and Silver
Lake have the nearest percentage of residents 25 and
older with a four-year degree.
The percentages of residents 25 and older with a
bachelor's degree, a master's degree or higher and some
college education are high for the county.
Age
The median age is 37, old for the city of Los
Angeles and old for the county
In Los Angeles County, Acton, Agoura
Hills and Altadena have similar median ages.
The percentages of residents ages 19 to 34, 35 to
49 and 65 and older are among the county's highest.
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Location Overview
ADDISON STREET APARTMENTS 6 | LOCATION OVERVIEW
San Fernando Valley
Almost 2.5 million people reside in the San Fernando
Valley, which includes the submarkets of Northridge-
Northwest San Fernando Valley; Van Nuys-Northeast
San Fernando Valley; Woodland Hills; Burbank-
Glendale-Pasadena; as well as Sherman Oaks-North
Hollywood-Encino. The area’s population is expected
to increase by 1.9 percent through 2019, or by nearly
45,000 new residents.
Entertainment Industry
Known for its entertainment industry, the Valley boasts
more than 100 soundstages. Entertainment giants
calling the Valley home include Walt Disney Co.,
Universal Studios, Warner Brothers, DreamWorks and
Paramount Ranch. The entertainment industry
continues to set the area’s economic pulse. Local
motion-picture and entertainment companies employ
roughly 25,000 people.
Limitless Opportunities and Trendsetters
While the Valley has grown into the world’s center for
entertainment, aerospace giants Boeing and Northrop
Grumman, and 21st Century Insurance also generate
numerous well-paying jobs. Healthcare is a also a
major source of employment with providers that
include Kaiser Permanente, and Providence Health &
Services. As a result of its large concentration of high-
salaries and successful companies, the area’s median
household income of $59,300 per year has risen
dramatically since 2000. Although the median home prices
dipped during the recession, affordability remains a
challenge for much of the local population. High home
prices keep the homeownership rate near 50% in the San
Fernando Valley and provide a large rental base.
Top Area Employers
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Location Overview
ADDISON STREET APARTMENTS 6 | LOCATION OVERVIEW
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* Demographic data derived from 2010 US Census
Demographics Map
ADDISON STREET APARTMENTS 6 | LOCATION OVERVIEW
ETHNICITY 1 MILE 2 MILES 3 MILES
% HISPANIC 14.4% 28.0% 34.4%
RACE 1 MILE 2 MILES 3 MILES
% WHITE 79.4% 70.4% 65.1%
% BLACK 4.5% 4.1% 4.2%
% ASIAN 7.9% 7.5% 7.2%
% HAWAIIAN 0.1% 0.1% 0.1%
% INDIAN 0.5% 0.5% 0.4%
% OTHER 3.8% 14.2% 19.9%
POPULATION 1 MILE 2 MILES 3 MILES
TOTAL POPULATION 32,246 111,425 222,736
MEDIAN AGE 38.3 37.0 36.7
MEDIAN AGE (MALE) 37.3 35.8 35.9
MEDIAN AGE (FEMALE) 39.5 38.1 37.5
HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES
TOTAL HOUSEHOLDS 15,749 49,169 89,349
# OF PERSONS PER HH 2.0 2.3 2.5
AVERAGE HH INCOME $86,404 $89,881 $91,258
AVERAGE HOUSE VALUE $611,046 $757,667 $765,178
Retailer Map
ADDISON STREET APARTMENTS 6 | LOCATION OVERVIEW
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