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Offering Memorandum 11921 Goshen Avenue Brentwood
Offering Memorandum
11921 Goshen AvenueBrentwood
LOCATION OVERVIEW
Neighborhood DescriptionLocation HighlightsNearby DevelopmentsLocal Hotspots
PROPERTY SUMMARY
Property Description Property DetailsPhotography
FINANCIALS
Set UpRent RollRental CompsSales Comps
11921 Goshen AvenueLos Angeles, CA
Brentwood, one of L.A.’s most affluent neighborhoods, provides a tranquil refuge for residents, while maintaining a distinct presence in greater Los Angeles culture. Brentwood includes high-style boutiques and trendy restaurants balanced by large secluded houses in the foothills of the Santa Monica mountains. Sitting alongside the ever growing hustle and bustle of Santa Monica, Brentwood is still able to maintain the comforting neighborhood vibe it has held for years.
The main artery, San Vicente Boulevard, features classy Italian eateries and warm cafes, plus the historic Brentwood Country Mart, a family-friendly retail hub. While there are many restaurants, specialty food shops, and clothing boutiques, Brentwood enjoys a slightly slower pace. The town is well-maintained, from its manicured parks to its sweeping city streets. One of the neighborhood’s defining features is the Getty Center, which delivers world-class art from its mountainside perch. It is a cultural, architectural and botanical wonder designed by famed architect Richard Meier is a 24-acre hilltop campus that boasts an expansive art collection and gorgeous city views.
Brentwood has its share of high-profile residents but it’s also a mix of affluent families, UCLA students and faculty, as well as successful entertainment industry professionals who appreciate its quiet quaintness. Quaint shops are its calling card and long-time residents greet one another on the area’s many running paths and trails, lending a sense of stability and familiarity. Tree-lined streets with well-tended homes in a range of architectural styles stretch up into the hills.
The property on 11921 Goshen Ave is situated just north of Wilshire Blvd and south of San Vicente Blvd in the heart of Brentwood. The best shopping, restaurants, and entertainment that Brentwood has to offer are all within walking distance of the property.
Introducing:Brentwood
Location Highlights
Excellent Brentwood location north of Wilshire Blvd
Walking distance to local shops, restaurants and markets
Easy access to 405 and 10 freeways, as well as public transportation
Nearby Developments
229 Patton Avenue West L.A. Veterans Collective will build at least 900 of the 1,200 supportive housing units that the VA has agreed to put on the 400-acre campus along Wilshire Boulevard. Building 207 will also hold community space, a library, a gym, case management offices and landscaped outdoor space, Peck says. Construction is anticipated to begin in late 2019.
1 1200 Granville Avenue The shopping center next to Q’s Billiards, Bruhaus, and Cabo Cantina on Wilshire Boulevard, just east of Santa Monica, will undergo a dramatic, $10-million facelift over the next 10 months.
2 11770 Wilshire Boulevard 34-story tower planned will replace an existing commercial building with 376 units of apartment housing
3 12027-12035 Wilshire Boulevard
Picasso Brentwood is being developed by Metropolitan Pacific Real Estate Group. The six-story building will feature 81 residential units - including a handful set aside as affordable housing - with 10,000 square feet of ground-floor retail space and basement parking for 126 vehicles.
4 11811 San Vicente Boulevard
Construction is underway for the new Frank Gehry-Designed Office Building, which will be a low-rise structure designed by the architect Frank Gehry. Located on a triangular, the three-story, 10,000-square foot building will include parking for 36 vehicles.
5
Melrose Ave
1
2
4
5
3San Vicente Blvd
Bundy Drive
I 405
Sunset Blvd
11921 Goshen Avenue
Local Hotspots
The Brentwood Country Mart In today’s world of mega-stores and mega-malls the Brentwood Country Mart feels cozy, familiar and is a place where it is easy to shop and eat. The Brentwood Country Mart has been renovated and restored by James S. Rosenfield. JS Rosenfield & Co specializes in the preservations of unique Los Angeles environments.
1 Sawtelle Boulevard The neighborhood of Sawtelle Japantown (formerly known as Little Osaka) is a true gem of West Los Angeles. The historic area is known for the trendy shops and restaurants centered on Sawtelle Boulevard. Take a stroll through the neighborhood and shop kitschy boutiques, nosh on delicious multicultural fare and more.
2 Westwood Village An almost-coastal village with cosmopolitan sensibilities, Westwood’s premier restaurants, revered playhouses, and top-notch university campus uphold LA’s reputation for looking good. Catering to both students and starlets, Westwood’s sleek cafes and wily street performers walk a fine line between intimidatingly chic and invitingly approachable.
3 Stoner Park
Tucked away in a quiet and friendly neighborhood, Stoner Park & Rec Center has something for everyone. There is a skate park, tennis courts, playground, baseball field, basketball courts, soccer goals, field, free sports camps in the summer, huge pool and splash pad, and free movie nights in the summer.
4 Douglas Park
You could spend all day at Douglas Park. Bring the bikes and cruise around on the paved area with a water spout to soak riders in warm weather. Featuring a lawn bowling arena and duck pond, this is the perfect community to relax from the busy streets
5
Melrose Ave
1
24
5
3
San Vicente Blvd
Wils
hire
Blvd
Pico Blvd
Wilsh
ire Blvd
I-405
Monta
na A
ve
11921 Goshen Avenue
Property Summary
PROPERTY DESCRIPTION
Kenny Stevens Team is pleased to present 11921 Goshen Ave, an 8 unit multifamily building is located north of Wilshire Blvd in a highly desirable and rarely traded Brentwood submarket in West Los Angeles. This property has been totally remodeled and boasts an attractive unit mix consisting of (2) three-bedroom/two-bathroom units, (2) two-bedroom/two-bathroom units, (2) one-bedroom/one-bathroom units, and (2) single units. Units have been upgraded with hardwood floors, and modern, attractive finishes. Amenities includes on-site laundry, 9 parking spaces and a spacious community sun deck. Conveniently situated near trendy Brentwood shops, restaurants and markets this investment property is a great opportunity for any investor. With this investment comes true pride of ownership of property in a high demand rental area in one of the best areas in Los Angeles.
PROPERTY DETAILS
Units8
IntersectionBundy Drive & Westgate Avenue
MarketBrentwood
APN4265-012-045
ZoningLAR3
Bldg Sq Ft6,700
Lot size Sq Ft7,874
Property Highlights
Bright and tranquil community sundeck and garden
Bright, spacious units with plentiful natural light, large living rooms, and walk-in closets
Some units complete with balconies or patios
9 parking spaces Onsite Laundry
Financials
Investment Summary Annualized Operating Data
Income
Price: $5,590,000
Down Payment: 100% $5,590,000
Number of Units: 8
Price Per Unit: $698,750
Current GRM: 18.14
Market GRM: 17.56
Proposed Financing: $0
Total Scheduled Rent:
Laundry Income:
Other Income:
Monthly Scheduled Gross Income:
Annual Scheduled Gross Income
Current Rents
Scheduled Gross Income: $308,160
Vacancy Allowance: $9,245 3%
Gross Operating Income: $298,915
Less Expenses: $102,410 33%
Net Operating Income: $196,505
Less Loan Payment: -$0
Pre-Tax Cash Flow: $196,505 3.52%
Plus Principal Reduction: $0
Total Return Before Taxes: $196,505 3.52%
# of Units Bed/Baths
1 3 + 3
1 3 + 2
2 2 + 2
2 1 + 1
2 Studio
Market Rents
$323,160
$9,695 3%
$313,465
$102,410 32%
$211,055
-$0
$211,055 3.69%
$0
$211,055 3.69%
Monthly Rent/Unit
$4,500
$4,600
$3,450
$2,500
$2,300
Monthly Rent/Unit
$5,000
$4,850
$3,500
$2,500
$2,300
Current Rents Market Rents
Monthly Income
$4,500
$4,600
$6,900
$5,000
$4,600
$25,600
$80
$0
$25,680
$308,160
$26,450
$80
$0
$26,530
$318,360
Monthly Income
$5,000
$4,850
$7,000
$5,000
$4,600
Approximate Age: 1962
Approximate Lot Size: 7.874 sq. ft.
Approximate Builing Size: 6,700 sq. ft.
Zoning: LAR3
Price Per Sq Ft: $834
Current CAP: 3.52%
Market CAP: 3.69%
Expenses*
Taxes (new): 1.25% $69,875
Insurance: $2,680
Utilities: $6,700
Repairs/Maintenance: $7,704
Professional Mgmt: $13,451
Reserves/Misc: $2,000
Total Expenses: $102,410
Per Sq. Ft: $15.29
Per Unit: $12,801
*EXPENSES ARE ESTIMATED
Financials
Rent Roll
Unit # Unit Type Current Rent Market Rent
1 3 + 3 $4,500 $5,000
2 1 + 1 $2,500 $2,500
3 2 + 2 $3,450 $3,500
4 3 + 2 $4,600 $4,850
5 1 + 1 $2,500 $2,500
6 2 + 2 $3,450 $3,500
7 Studio $2,300 $2,300
8 Studio $2,300 $2,300
LAUNDRY INCOME: $80 $80
MONTHLY TOTAL: $25,680 $26,530
ANNUAL TOTAL: $308,160 $318,360
Rent Roll As Of 4/12/19
Property Photo
Address 8327 W 4th Street11921 Goshen Avenue 11847 Kiowa Ave #303 8600 Burton Way 8811 Burton Way #21211681 Darlington Ave 8888 W 3rd St #206
$5,500 $2,300-$4,500
per month $5,295 $4,195 $3,100$3,795 $2,750
3+2
(1) 3+3, (1) 3+2, (2) 2 + 2 (4) 1 + 1
3+3 2+2 2+2 1+1 1+1
Rent
Unit Type
Comparables – Rental Comps
1. 8327 W 4th Street
2. 11847 Kiowa Ave #303
3. 8600 Burton Way
4. 11681 Darlington Ave
5. 8811 Burton Way #212
6. 8888 W 3rd St #206
1
2
4
356
San Vicente Blvd
I-405
Wilshire Blvd
Burton Way
Wilshire Blvd
Pico Blvd
11921 Goshen Avenue
Property Photo
Address 11921 Goshen Ave
$5,590,000
—
8
$834 /sf
6,700
$698,750
1962
(1) 3+3, (1) 3+2, (2) 2 + 2, (4) 1 + 1
Sales Price
COE
Units
Price Per Foot
Building Sq Ft
Price/Unit
Year Built
Unit Mix
1721 Colby Ave
$8,325,000
1/9/2018
9
$841.25 /sf
9,896
$925,000
1960
(4) 1 + 1, (5) 2 + 2
11923 Gorham Ave
$8,650,000
3/8/2019
8
$453.16 /sf
19,088
$1,081,250
1993
(8) 3 + 2
Comparables – Sales Comps
1521-1527 Yale St
$6,475,000
11/29/2018
7
$737.30 /sf
8,782
$925,000
1963
(7) 2 + 2
Property Photo
Address
Sales Price
COE
Units
Price Per Foot
Building Sq Ft
Price/Unit
Year Built
Unit Mix
1543 Stanford St
$5,032,500
6/29/2018
7
$839.59 /sf
5,994
$718,929
1963
(4) 1 + 1, (3) 2 + 2
Comparables – Sales Comps
11908 Montana Ave
$17,600,000
10/22/2018
24
$445.46 /sf
39,510
$733,333
1973
(9) 1 + 1, (15) 2 + 1
1. 1721 Colby Ave
2. 11923 Gorham Ave
3. 11908 Montana Ave
4. 1543 Stanford St
5. 1521-1527 Yale St
1
3
45
2
11921 Goshen Avenue
For more information, please contact:
Kenny StevensPrincipalDRE [email protected]
—We sweat the details so you don’t have to.
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number DRE 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
