14715 blythe package - Jesse Lee Blythe St Panorama City CA... · 14715 Blythe is a multi-family...

PANORAMA CITY, CA

14715 Blythe Street

OFFERING MEMORANDUM

CONFIDENTIALITY AND DISCLAIMER

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.

PANORAMA CITY, CA

14715 Blythe Street

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.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR

MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

NON-ENDORSEMENT NOTICE

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 RENT COMPARABLES

Section 5 DEMOGRAPHIC ANALYSIS

Section 6 MARCUS & MILLICHAP ADVANTAGE

TABLE OF CONTENTS

14715 Blythe Street

14715 Blythe StreetPANORAMA CITY, CA

PRICING AND FINANCIAL ANALYSIS

Price $575,000

Down Payment 100% / $575,000

Price/Unit $143,750

Price/SF $193.60

Number of Units 4

Rentable Square Feet 2,970

Number of Buildings 1

Number of Stories 2

Year Built 1953

Lot Size 7500

Vital Data

CAP Rate - Current 5.01%

GRM - Current 12.09

Net Operating Income - Current $28,831

Total Return - Current 5.0% / $28,831

CAP Rate - Pro Forma 7.91%

GRM - Pro Forma 8.87

Net Operating Income - Pro Forma $45,486

Total Return - Pro Forma 7.9% / $45,486

Unit Mix

No. of

Units

Unit

Type

Approx.

Square Feet

4 2 Bdr 1 Bath 725

4 Total 2,970

Major Employers

Company Local

Employees

Kaiser Permanente 3,875

Sizzler 3,186

Fire Dept-Station 98 3,000

Los Angeles Unified School Dst 1,942

V P H 1,600

Providence Holy Cross Med Ctr 1,360

Providence Health System 1,200

Penny Lane Centers 1,123

Water & Power Dept 999

City of Los Angeles 986

Target 917

Verizon 906

Demographics

1



1-Mile 3-Miles 5-Miles

2014 Total

Population

48,940 336,356 762,663

2019 Total

Population

50,017 341,355 775,235

2014 Total

Households

13,395 97,849 241,499

2019 Total

Households

13,692 99,629 246,394

Median HH Income $36,157 $41,868 $48,048

Per Capita Income

(based on Total

Population)

$14,039 $17,892 $22,872

Average (Mean) HH

Income

$50,865 $60,976 $71,800

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2015 W0120811 Marcus &Millichap. All rights reserved.

OFFERING SUMMARY

2B1B: 100%

No. of

Units

Unit

Type

Approx.

Square Feet

Current

Rents

Rent/

SF

Monthly

Income

Pro Forma

Rents

Rent/

SF

Monthly

Income

4 2 Bdr 1 Bath 725 $782 - $1,200 $1.37 $3,964 $1,350 $1.81 $5,400

4 TOTAL 2,970 $3,964 $5,400

Unit Mix Unit Rent & Rent/SF

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

$1.40

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

2B1B

2




UNIT MIX

Unit

Number

Unit

Type

Unit

SF

Current

Rent

Rent/

SF

Asking

Rent

Rent/

SF

Parking

1 2 Bdr 1 Bath 725 $1,200 $1.66 $1,350 $1.86 carport

2 2 Bdr 1 Bath 725 $1,200 $1.66 $1,350 $1.86 carport

3 2 Bdr 1 Bath 725 $782 $1.08 $1,350 $1.86 carport

4 2 Bdr 1 Bath 725 $782 $1.08 $1,350 $1.86 carport

TOTAL VACANT $0 $0

4 TOTAL OCCUPIED 2,900 $3,964 $5,400

4 TOTAL 2,900 $3,964 $5,400

3




RENT ROLL

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Income Current Per Unit Pro Forma Per Unit

GROSS POTENTIAL INCOME $47,568 $11,892 $64,800 $16,200

Vacancy/Collection Allowance (GPR) 3.0% / $1,427 $357 3.0% / $1,944 $486

EFFECTIVE GROSS INCOME $46,141 $11,535 $62,856 $15,714

Expenses

Real Estate Taxes (1.2180%) $7,004 $1,751 $7,004 $1,751

Insurance $1,056 $264 $1,056 $264

Utilities $3,600 $900 $3,600 $900

Repairs & Maintenance $2,300 $575 $2,300 $575

Reserves & Replacements $1,250 $313 $1,250 $313

Trash $1,200 $300 $1,200 $300

Pest $300 $75 $360 $90

Gardener $600 $150 $600 $150

TOTAL EXPENSES $17,310 $4,328 $17,370 $4,343

Expenses per SF $5.83 $5.85

% of EGI 37.5% 27.6%

NET OPERATING INCOME $28,831 $7,208 $45,486 $11,372

Total Number of Units: 4

Total Rentable Area: 2,970 SF

4




INCOME & EXPENSES

No. of

Units

Unit

Type

Approx.

Square

Feet

Current

Rents

Rent/

SF

Monthly

Income

Pro

Forma

Rents

Rent/

SF

Monthly

Income

4 2 Bdr 1 Bath 725 $782 - $1,200 $1.37 $3,964 $1,350 $1.81 $5,400

4 Total/Wtd. Avg. 2,970 $3,964 $5,400

Annualized Operating Data

Income Current Pro Forma

Gross Potential Rent $47,568 $64,800

Gross Potential Income $47,568 $64,800

Less: Vacancy/Deductions (GPR) 3.0% / $1,427 3.0% / $1,944

Effective Gross Income $46,141 $62,856

Less: Expenses $17,310 $17,370

Net Operating Income $28,831 $45,486

Net Cash Flow Before Debt Service $28,831 $45,486

14715 Blythe Street

Panorama City, CA 91402

Price $575,000

Down Payment 100% / $575,000

Number of Units 4

Price/Unit $143,750


Price/SF $193.60

CAP Rate - Current 5.01%

CAP Rate- Pro Forma 7.91%

GRM - Current 12.09

GRM- Pro Forma 8.87

Year Built 1953

Lot Size 7500

Type of Ownership Fee Simple

Location

Expenses

Real Estate Taxes $7,004 $7,004

Insurance $1,056 $1,056

Utilities $3,600 $3,600

Repairs & Maintenance $2,300 $2,300

Reserves & Replacements $1,250 $1,250

Trash $1,200 $1,200

Pest $300 $360

Gardener $600 $600

Total Expenses $17,310 $17,370

Expenses/unit $4,328 $4,343

Expenses/SF $5.83 $5.85

% of EGI 37.52% 27.63%

Scheduled Income

5




FINANCIAL OVERVIEW

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PROPERTY DESCRIPTION

14715 Blythe is a multi-family investment opportunity. Great opportunity for a first time buyer and is approved for residential financing.

This property consists of four-units that sit adjacent to another four-unit property and share a driveway but each possess their own APN. This property is zoned R3 and combined 18 units can be built on this land.

Both properties were built in 1953 and each are two-bedroom/one-bath units.

They can be purchased together or seperately.

These buildings are located in Panorama City, California.

Walking distance to Blythe Street Park and Turningpoint Christian Church. Near by schools are Panorama High, Cal Burke High School, and Valley Region Elementary School.

Near by resturants include La Sirenita Mexican Resturant, Western Bagel, Fatburger, Carnitas Michoacan, and El Taco Llama.

Investment Highlights

■ Over 10 Percent Upside in Rents

■ Value Added

■ Gated Entry

■ Newer Roof

■ Copper Plumbing

■ Carports

7




INVESTMENT OVERVIEW

The Offering

Property Address 14715 Blythe Street


Assessor's Parcel Number 2210-020-018

Zoning LAR3

Site Description

Number of Units 4

Number of Buildings 1

Number of Stories 2

Year Built 1953


Lot Size 7500

Type of Ownership Fee Simple

Parking Yes

Landscaping Minimal

Topography Flat

Utilities

Water Owner

Phone Tenant

Electric Tenant

Gas Tenant

Construction

Foundation Raised

Framing Wood

Exterior Stucco

Parking Surface Pavement

Roof Pitched

Mechanical

HVAC Air Conditioners/Wall Heating

Wiring Copper

Fire Protection Smoke Detectors

8




PROPERTY SUMMARY

Local Map Regional Map

9




AREA MAPS

10




AERIAL PHOTO

11




SITE PLAN


RECENT SALES

Average Price per Square Foot

Average Price per Unit

0.00

30.00

60.00

90.00

120.00

150.00

180.00

210.00

240.00

Subject 7911

Willis

Avenue

14257

Roscoe

Boulevard

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Subject 7911

Willis

Avenue

14257

Roscoe

Boulevard

13

RECENT SALES



PRICE PER SF AND PRICE PER UNIT

1)

2)

14715 Blythe Street

7911 Willis Avenue

14257 Roscoe Boulevard

14

RECENT SALES



RECENT SALES MAP

No. of Units: 4 Units Unit Type

Year Built: 1951 4 2 Bdr 1 Bath

Sale Price: $829,000

Price/Unit: $207,250

Price/SF: $258.09

7911 Willis Avenue




Sale Price: $727,500 1 2 Bdr 1 Bath


Price/SF: $215.87Close of Escrow: 6/9/15

Close of Escrow: 1/27/15

14715 Blythe Street




Sale Price: $575,000


Price/SF: $193.60

CAP Rate: 5.01%

GRM: 12.09

Subject Property

1



15

RECENT SALES



RECENT SALES

Close of Escrow:

No. of Units: Units Unit Type

Year Built:

Sale Price:

Price/Unit:

Price/SF:

CAP Rate:

GRM:

Comments


Year Built:

Sale Price:

Price/Unit:

Price/SF:

CAP Rate:

Comments


Year Built:

Sale Price:

Price/Unit:

Price/SF:

CAP Rate:

GRM:

Comments

Close of Escrow:

Close of Escrow:

3

4

5

16

RECENT SALES



RECENT SALES


RENT COMPARABLES

0

200

400

600

800

1,000

1,200

1,400

Subject 7911Willis

Avenue

14102Roscoe

Boulevard

8605-8609CedrosAvenue

8734TobiasAvenue

Average Rents - 2 Bedrooms

18

RENT COMPARABLES



AVERAGE RENTS

1)

2)

3)

4)

14715 Blythe Street

7911 Willis Avenue


8605-8609 Cedros Avenue

8734 Tobias Avenue

19

RENT COMPARABLES



RENT COMPARABLES MAP

Subject Property

1

No. of Units 4

Year Built: 1953

14715 Blythe Street


Year Built: 1960

Year Built: 1951

7911 Willis Avenue




Unit Type SF Rent Rent/SF

2 Bdr 1 Bath 674 $1,250 $1.85

Total/Wtd. Avg. $1,250


2 Bdr 1 Bath 850 $1,152 $1.36


2

20

RENT COMPARABLES


Unit Type Units SF Rent Rent/SF

2 Bdr 1 Bath 4 725 $782 - $1,200 $1.37

Total/Avg. 4 2,970 $991 $1.33


RENT COMPARABLES

Year Built/Renovated: 1976

8605-8609 Cedros Avenue


Year Built/Renovated: 1963

8734 Tobias Avenue



2 Bdr 1 Bath 712 $1,350 $1.90

Total/Wtd. Avg. $1,350 $1.90


2 Bdr 1 Bath 904 $1,250 $1.38


5

4

21

RENT COMPARABLES

3



RENT COMPARABLES


DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 50,912 318,147 715,439

2010 Population 47,726 328,492 743,082

2014 Population 48,940 336,356 762,663

2019 Population 50,017 341,355 775,235

2000 Households 14,073 93,063 228,201

2010 Households 12,946 94,555 232,595

2014 Households 13,395 97,849 241,499

2019 Households 13,692 99,629 246,394

2014 Average Household Size 3.62 3.39 3.10

2014 Daytime Population 14,012 95,957 238,825

2000 Owner Occupied Housing Units 27.70% 38.63% 43.11%

2000 Renter Occupied Housing Units 69.56% 58.29% 53.61%

2000 Vacant 2.74% 3.08% 3.28%



2014 Vacant 3.14% 2.42% 2.11%



2019 Vacant 3.22% 2.40% 2.06%

$ 0 - $14,999 16.7% 14.8% 12.9%

$ 15,000 - $24,999 16.6% 14.4% 12.4%

$ 25,000 - $34,999 15.2% 13.0% 11.6%

$ 35,000 - $49,999 16.2% 15.4% 14.8%

$ 50,000 - $74,999 16.2% 16.9% 17.6%

$ 75,000 - $99,999 9.3% 10.5% 11.2%

$100,000 - $124,999 5.0% 6.2% 7.5%

$125,000 - $149,999 1.6% 3.3% 4.0%

$150,000 - $199,999 1.6% 2.9% 4.0%

$200,000 - $249,999 0.5% 1.0% 1.5%

$250,000 + 1.1% 1.6% 2.6%

2014 Median Household Income $36,157 $41,868 $48,048

2014 Per Capita Income $14,039 $17,892 $22,872

2014 Average Household Income $50,865 $60,976 $71,800

Demographic data © 2012 by Experian.

23




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 762,662. The population has changed by 6.60% since 2000. It is estimated

that the population in your area will be 775,234 five years from now, which represents a change of 1.64% from the current year. The

current population is 49.89% male and 50.10% female. The median age of the population in your area is 33.8, compare this to the

Entire US average which is 37.3. The population density in your area is 9,708.72 people per square mile.

Households

There are currently 241,499 households in your selected geography. The number of households has changed by 5.82% since 2000.

It is estimated that the number of households in your area will be 246,393 five years from now, which represents a change of 2.02%

from the current year. The average household size in your area is 3.10 persons.

Income

In 2014, the median household income for your selected geography is $48,047, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 22.38% since 2000. It is estimated that the median

household income in your area will be $57,193 five years from now, which represents a change of 19.03% from the current year.

The current year per capita income in your area is $22,872, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $71,800, compare this to the Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 53.76% White, 4.14% Black, 0.13% Native American and 9.27%

Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and

5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 57.66% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 101,720 owner occupied housing units in your area and there were 126,480 renter occupied housing units in

your area. The median rent at the time was $627.

Employment

In 2014, there are 238,825 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 57.48% of employees are employed in white-collar occupations in this geography, and 42.40% are employed in blue-collar

occupations. In 2014, unemployment in this area is 10.20%. In 2000, the average time traveled to work was 32.2 minutes.


24




SUMMARY REPORT

Number of people living in a given area per square mile.


25




POPULATION DENSITY

The number of people employed in a given area per square mile.


26




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


27




AVERAGE HOUSEHOLD INCOME

Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.

28




* Traffic Count Estimate

TRAFFIC COUNTS


MARCUS & MILLICHAP ADVANTAGE

Capital Markets Experts

Our national team of experienced professionals provides financing for a full suite of investment property types inevery market. Whether sourcing national, regional or local capital, our specialists are highly skilled at structuring afull range of customized solutions to meet owner and investor needs.

MMCC has financing options available for the property being marketed. Loan terms are subject to the qualifications of the sponsor and are time sensitive.

Dedicated to Providing the Best Debt and Equity Solutions

Marcus & Millichap Capital Corporation’s (MMCC) focus is to provide debt and equity solutions for commercialreal estate property investors. In 2013, MMCC arranged $2.7 billion in financing for a wide range of investmentproperties nationwide.

Additional Closings of Interest

A Selection of National Multifamily Financing Engagements

Garden Apartment

Passaic, NJ

$5,000,000

Bank

Garden Apartment

Bothell, WA

$10,500,000

Life Insurance Co.

Garden Apartment

Riverside, CA

$26,000,000

Commercial Bank

For more information, contact:

Beaverton, OR $3,733,000 Agency Refinance

Everett, WA $8,680,000 Commercial Bank Refinance

Mesa, AZ $2,567,500 Commercial Bank Refinance

San Diego, CA $1,320,000 Credit Union Acquisition

30

Mid-Rise Apartment

Hendersonville, TN

$7,000,000

Agency

MARCUS & MILLICHAP ADVANTAGE


Eric AbergelAssociateEncino(818) [email protected]: CA 01908134

Sharone SabarVice President Capital MarketsEncino(818) [email protected]: CA 01707625


Danny AbergelVice President Capital MarketsEncino(818) [email protected]: CA 01797904

OUR ADVANTAGE

PANORAMA CITY, CA

OFFERING MEMORANDUM

14715 Blythe Street

Offices Throughout the U.S. and Canada

www.MarcusMillichap.com

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