20-Unit Apartment Building Value-Add Opportunity No Rent ...

L A U R I E LU S T I G - B O W E RExecutive Vice PresidentLic 00979360+1 310 550 [email protected]

K A D I E P R E S L E Y W I L S O NVice PresidentLic 01476551+1 310 550 [email protected]

2 0 - U n i t A p a r t m e n t B u i l d i n gVa l u e - A d d O p p o r t u n i t y

N o R e n t C o n t ro l

8151 R e s e d a B l v d . , R e s e d a , C a l i f o r n i aC a m e l o t A p a r t m e n t s

w w w.8151Reseda.com

Price: $5,200,000

TABLE OF CONTENTS

Executive Summary P. 6

Financial Analysis P.12

Area Overview P.21

LAURIE LUSTIG-BOWERExecutive Vice PresidentLic 00979360+1 310 550 [email protected]

KADIE PRESLEY WILSONVice PresidentLic 01476551+1 310 550 [email protected]

www.8151Reseda.com

CONTAC TS:

RESEDA BLVD

S O U T H W E S T E R N E X P O S U R E

WARNERCENTER

DIGNITYHEALTH

8151RESEDA BLVD

ROSCOE BLVD

CAN

TAR

A ST

5 w w w . 8151 R e s e d a . c o m

EXECUTIVESUMMARY

www.8141Reseda.com

EXECUTIVE SUMMARYCBRE, Inc. as exclusive agent, is pleased to present for sale Camelot Apartments, a value-add 20-unit garden-style building located in the San Fernando Valley neighborhood of Reseda. The property is priced well below replacement cost at $272 per square foot and offers immediate upside as the rents are below market and the building is not rent controlled.

At the asking price of $5,200,000, the current cap rate is 4.65% with a GRM of 12.6. We estimate that if a buyer were to spend roughly $20,000 per unit in upgrades, the buyer would achieve a 5.21% cap rate “all in”, including the renovation costs.

Built in 1987, the property features a desirable unit mix of 18 two-bedroom units and two one-bedroom units averaging almost 900 square feet per unit. The building has gated garage parking with at least one space per bedroom. Units are separately metered for gas and electricity and feature central heat and air conditioning.

Camelot Apartments is located one block to Dignity Health Center, with an employment base of over 1,600 people, and is a five minute drive to California State University Northridge, which had a 2017/2018 enrollment of approximately 38,000 students and employs approximately 4,000 people.

Price: $5,200,000

Current Cap Rate: 4.65% | Market Cap Rate “All In”: 5.21%

Current GRM: 12.6 | Market GRM: 12.0

Price Per Unit : $260,000

Price Per SF: $272

OPPORTUNITY HIGHLIGHTS• Great Value-Add Opportunity

• No Rent Control

• Current Cap Rate: 4.65% | Market Cap Rate “All In”: 5.21%

• Priced Below Replacement Costs

• Great Central San Fernando Valley Location:

- One block to Dignity Health Center

±1,600 employees

- Five minute drive to Cal State University Northridge

±38,000 student enrolled 2017/2018

±4,000 employees

- Five minute drive to the Metrolink Northridge Commuter Rail Station

Connects Downtown Los Angeles with Ventura County

Station has free on-site parking

- Seven minute drive to the MTA Orange Line

Connects Downtown Los Angeles to the western San Fernando Valley

Station has free on-site parking and bike lockers

ADDRESS 8151 Reseda Blvd.Reseda, CA 91335

NUMBER OF UNITS 20

YEAR BUILT 1987

PARKING

Gated Parking Garage16 Single Spaces26 Tandem Spaces42 Spaces Total

BUILDING SIZE ±19,098 SF

UTILITIES Water, Sewer, Trash - Landlord PaysGas, Electric - Tenant Pays

MECHANICAL Central Heating & AC

PROPERTY DESCRIPTION

PARCEL MAPAPN: 2103-007-013Lot Size: ±16,993 SF

UNIT T YPE UNITS AVERAGE SF

1 Bed/1 Bath 2 ±650

2 Bed/2 Bath 18 ±925

Total 20 ±898

UNIT MIX

9 w w w . 8151 R e s e d a . c o m

COMMUNITY AMENITIES

• Gated Parking Garage - One Space per Bedroom

• Large Common Area Patio with Picnic Furniture

• Secured Community with Lobby Entry

• Dedicated Storage - a total of 22 storage units

UNIT FEATURES

• Central Heating and Air Conditioning• Separately Metered for Gas & Electricity• In-Suite Bathroom in Master Bedroom (most units)• Hot Water Heater• Dishwasher• Garbage Disposal • Gas Stoves• Balconies (10 units)

ON-SITE LAUNDRY FACILITY

Washer 2 Units $1.50/load

Dryer 2 Units $1.25/load

Leased to WASH Multifamily Laundry Systems on a month-to-month basis.

10 w w w . 8151 R e s e d a . c o m

LOBBY11 w w w . 8151 R e s e d a . c o m

FINANCIALANALYSIS

www.8151Reseda.com

Camelot Apartments8151 Reseda Blvd.

Rent Roll as of February 26, 2019

Unit Number Approx SF Type Curent Rent Current Rent/SF Market Rehab Rent MKT-RHB Rent/SF Move-In Lease End Note101 925 2 Bed/2 Bath $1,670 $1.81 $2,000 $2.16 08/13/13 m-t-m large balcony102 925 2 Bed/2 Bath $1,730 $1.87 $1,950 $2.11 11/01/02 m-t-m103 925 2 Bed/2 Bath $1,730 $1.87 $1,950 $2.11 06/05/04 m-t-m104 925 2 Bed/2 Bath $1,630 $1.76 $1,950 $2.11 06/09/17 m-t-m balcony105 925 2 Bed/2 Bath $1,675 $1.81 $1,950 $2.11 04/26/17 m-t-m106 650 1 Bed/1 Bath $1,350 $2.08 $1,580 $2.43 08/29/16 m-t-m107 925 2 Bed/2 Bath $1,700 $1.84 $1,950 $2.11 01/01/13 m-t-m balcony108 925 2 Bed/2 Bath $1,695 $1.83 $1,950 $2.11 07/28/16 m-t-m109 925 2 Bed/2 Bath $1,655 $1.79 $1,950 $2.11 03/01/14 m-t-m balcony110 925 2 Bed/2 Bath $1,750 $1.89 $1,950 $2.11 02/01/11 m-t-m balcony201 925 2 Bed/2 Bath $1,730 $1.87 $2,000 $2.16 10/31/09 m-t-m large balcony202 925 2 Bed/2 Bath $1,690 $1.83 $1,950 $2.11 11/01/13 m-t-m203 925 2 Bed/2 Bath $1,695 $1.83 $1,950 $2.11 08/16/14 m-t-m204 925 2 Bed/2 Bath $1,655 $1.79 $1,950 $2.11 09/27/13 m-t-m balcony205 925 2 Bed/2 Bath $1,950 $2.11 $1,950 $2.11 02/22/16 - On-site Manager206 650 1 Bed/1 Bath $1,300 $2.00 $1,580 $2.43 01/01/96 m-t-m207 925 2 Bed/2 Bath $1,950 $2.11 $1,950 $2.11 - - Vacant; balcony208 925 2 Bed/2 Bath $1,795 $1.94 $1,950 $2.11 09/18/18 09/17/19209 925 2 Bed/2 Bath $1,795 $1.94 $1,950 $2.11 02/01/18 01/31/19 Granite counters; balcony210 925 2 Bed/2 Bath $1,765 $1.91 $1,950 $2.11 07/01/11 m-t-m balcony

$33,910 $38,360$1,696 $1.89 $1,918 $2.14

8151 RESEDA BLVD, RESEDA, CA 91335RENT ROLL AS OF 02.26.2019

TotalAverage

13 w w w . 8151 R e s e d a . c o m

ESTIMATED INCOME Annual % of EGI Per UnitRent Income $33,910 per mon. $406,920 101.3% $20,346 Based on Current Rent Roll

Total Scheduled Gross Income $406,920 101.3% $20,346Vacancy 3.0% of SGI ($12,208) -3.0% ($610) Estimated

Total Net Rental Income $394,712 98.3% $19,736

Parking Income $150 per mon. $1,800 0.4% $90 $50 per month for three extra spacesRepair Reimbursement $15 per mon. $175 0.0% $9 Based on 2018 ActualLaundry Income $255 per mon. $3,058 0.8% $153 Based on 2018 ActualOther Income $165 per mon. $1,980 0.5% $99 Based on 2018 Actual

TOTAL ESTIMATED INCOME $401,725 100.0% $20,086

ESTIMATED EXPENSES Annual % of Exp. % of EGI Per UnitProperty Taxes 1.193270% of est. price $62,050 38.8% 15.4% $3,103 Based on PriceDirect Assessments $2,225 1.4% 0.6% $111 Assessor's OfficeBusiness Taxes $1,221 0.8% 0.3% $61Insurance $0.35 per GSF $6,684 4.2% 1.7% $334 EstimatedOn-Site Manager $1,900 per mon. $22,800 14.3% 5.7% $1,140 Manager's Free Rent for 2-bedroom unitBuilding Office Expense $187 per mon. $2,245 1.4% 0.6% $112 Based on 2018 ActualLegal Fees $50 per mon. $600 0.4% 0.1% $30 EstimatedRepairs and Maintenance $400 per unit $8,000 5.0% 2.0% $400 EstimatedUtilities $3,089 per mon. $37,067 23.2% 9.2% $1,853 Based on 2018 ActualTurnover $200 per unit $4,000 2.5% 1.0% $200 EstimatedReserves $250 per unit $5,000 3.1% 1.2% $250 Industry Standard

TOTAL ESTIMATED EXPENSES $159,892 100.0% 39.8% $7,995

ESTIMATED NET OPERATING INCOME $241,834 60.2% $12,092

Price $5,200,000Capitalization Rate 4.65%Gross Rent Multiplier 12.6 Unit Type Units Mix Avg SF Avg Rent Rent/SFEst. Sales Price Per Unit $260,000 1 Bed/1 Bath 2 10.0% 650 $1,325 $2.04Price Per Sq. Ft. $272 2 Bed/2 Bath 18 90.0% 925 $1,737 $1.88Number of Units 20Est. Expenses Per Unit $7,995Est. Expenses Minus Taxes Per Unit $4,781Est. Expenses Per Sq. Ft. $8.37Bldg. Sq. Ft. 19,098 Total 20 100.0% 898 $1,696 $1.89Year Built 1987APN 2103007013Zip Code 91335Date 2/27/2019

INVESTMENT PRO FORMAComments

8151 RESEDA BLVD, RESEDA, CA 91335CURRENT OPERATIONS

14 w w w . 8151 R e s e d a . c o m

ESTIMATED INCOME Annual % of EGI Per UnitRent Income $38,360 per mon. $460,320 103.6% $23,016 Based on MKT-RHB Rent Roll

Total Scheduled Gross Income $460,320 103.6% $23,016Vacancy 5.0% of SGI ($23,016) -5.2% ($1,151) Estimated

Total Net Rental Income $437,304 98.4% $21,865

Parking Income $150 per mon. $1,800 0.4% $90 $50 per month for three extra spacesRepair Reimbursement $15 per mon. $175 0.0% $9 Based on 2018 ActualLaundry Income $255 per mon. $3,058 0.7% $153 Based on 2018 ActualOther Income $165 per mon. $1,980 0.4% $99 Based on 2018 Actual

TOTAL ESTIMATED INCOME $444,317 100.0% $22,216

ESTIMATED EXPENSES Annual % of Exp. % of EGI Per UnitProperty Taxes 1.193270% of est. price $62,050 40.7% 14.0% $3,103 Based on PriceDirect Assessments $2,225 1.5% 0.5% $111 Assessor's OfficeBusiness Taxes $1,275 0.8% 0.3% $64Insurance $0.35 per GSF $6,684 4.4% 1.5% $334 EstimatedOn-Site Manager $1,950 per mon. $23,400 15.3% 5.3% $1,170 Manager's Free Rent for 2-bedroom unitBuilding Office Expense $187 per mon. $2,245 1.5% 0.5% $112 Based on 2018 ActualLegal Fees $50 per mon. $600 0.4% 0.1% $30 EstimatedRepairs and Maintenance $400 per unit $8,000 5.2% 1.8% $400 EstimatedUtilities $3,089 per mon. $37,067 24.3% 8.3% $1,853 Based on 2018 ActualTurnover $200 per unit. $4,000 2.6% 0.9% $200 EstimatedReserves $250 per unit $5,000 3.3% 1.1% $250 Industry Standard

TOTAL ESTIMATED EXPENSES $152,546 100.0% 34.3% $7,627

ESTIMATED NET OPERATING INCOME $291,771 65.7% $14,589

Price $5,200,000Renovation Costs (assumes $20k/unit) $400,000Price Including Renovation Costs $5,600,000Capitalization Rate (Including Renovation Costs) 5.21%Gross Rent Multiplier (Including Renovation Costs) 12.0 Unit Type Units Mix Avg SF Avg Rent Rent/SFEst. Sales Price Per Unit (Including Renovation Costs) $280,000 1 Bed/1 Bath 2 10.0% 650 $1,580 $2.43Price Per Sq. Ft. (Including Renovation Costs) $293 2 Bed/2 Bath 18 90.0% 925 $1,956 $2.11Number of Units 20Est. Expenses Per Unit $7,627Est. Expenses Minus Taxes Per Unit $4,414Est. Expenses Per Sq. Ft. $7.99Bldg. Sq. Ft. 19,098 Total 20 100.0% 898 $1,918 $2.14Year Built 1987APN 2103007013Zip Code 91335Date 3/5/2019

INVESTMENT PRO FORMAComments

8151 RESEDA BLVD, RESEDA, CA 91335FORECASTED OPERATIONS

15 w w w . 8151 R e s e d a . c o m

© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:6116259

RENT SURVEY

1

2

3

4

5

6

8151RESEDA BLVD

8151 Reseda Blvd.

Northview - Southview Apartments

8001 Reseda Blvd.

Blue North Apartments

Royal Villas

8155 Reseda Blvd.

Villa Sorrento

1

2

3

4

5

6

16 w w w . 8151 R e s e d a . c o m

RENT COMPARABLES

NORTHVIEW-SOUTHVIEW APARTMENTS8111 Reseda BlvdReseda, CA 91335Year Built: 1976Units: 160Occupancy: 95%Phone: 818-616-6977Owner: Davlyn InvestmentsManager: Davlyn - Northview Southview

Type Number of Units0 + 1 231 + 1 802 + 1 262 + 2 31

Amenities: Swimming Pool Controlled Access Spa Parking - some carportCommunity BBQ Fitness Center Elevator Laundry Facility

Walk-in Closets A/C Patio/Balcony

ROYAL VILLAS8040 Reseda BlvdReseda, CA 91335Year Built: 1969Units: 88Occupancy: 97%Phone: 818-701-9160Owner: Miracle Mile PropertiesManager: Miracle Mile - Royal Villas

Type Number of Units0 + 1 41 + 1 722 + 2 12

Amenities: Swimming Pool Controlled Access Walk-in Closets Gated surface parkingRenovated units Laundry Facility Wall unit A/C Laminate style floors

$1,460 690 $2.12 $1,838 900 $2.04

COMPARABLE 4

PHOTO

Effective Rent Unit Square Feet Rent per SF$1,207 576 $2.10

$1,890 - $2,975 850 $2.22 - $3.50$2,185 - $2,610 1,025 $2.13 - $2.55

COMPARABLE 1

PHOTO

Effective Rent Unit Square Feet Rent per SF$1,515 - $2,040 450 $3.37 - $4.53$1,700 - $2,240 687 $2.47 - $3.26

0 + 115%

1 + 150%

2 + 116%

2 + 219%

0 + 14%

1 + 182%

2 + 214%

8001 RESEDA8001 Reseda BlvdResada, CA 91335Year Built: 1962Units: 56Occupancy: 100%Phone: 818-345-8233Owner: Yair KemplerManager: Yair Kempler


Amenities: Swimming Pool Controlled Access Laundry Facilities Full Covered Parking

BLUE NORTH APTS7850 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 40Occupancy: 95%Phone: 818-481-4672Owner: 7850 Reseda Blvd LLCManager: Moss & Company

Type Number of Units0 + 1 101 +1 262 + 2 4

Amenities: Swimming Pool Controlled Access Laundry Facility Gated Parking - some carportCentral A/C - select units Stainless Steel Appliances - select units Granite or Quartz Counter Tops - select units

Patio/Balcony - select units Wood-Style Flooring

$1,918 850 $2.26 $2,053 1,000 $2.05

COMPARABLE 2

PHOTO


$1,450 - $1,495 525 $2.76 - $2.85

$2,025 - $2,095 995 $2.04 - $2.11

COMPARABLE 3

Effective Rent Unit Square Feet Rent per SF

$1,695 825 $2.05

0 + 125%

1 +165%

2 + 210%

1 + 186%

2 + 211% 3 + 2…

1

2

17 w w w . 8151 R e s e d a . c o m

RENT COMPARABLESNORTHVIEW-SOUTHVIEW APARTMENTS8111 Reseda BlvdReseda, CA 91335Year Built: 1976Units: 160Occupancy: 95%Phone: 818-616-6977Owner: Davlyn InvestmentsManager: Davlyn - Northview Southview

Type Number of Units0 + 1 231 + 1 802 + 1 262 + 2 31

Amenities: Swimming Pool Controlled Access Spa Parking - some carportCommunity BBQ Fitness Center Elevator Laundry Facility

Walk-in Closets A/C Patio/Balcony

ROYAL VILLAS8040 Reseda BlvdReseda, CA 91335Year Built: 1969Units: 88Occupancy: 97%Phone: 818-701-9160Owner: Miracle Mile PropertiesManager: Miracle Mile - Royal Villas


Amenities: Swimming Pool Controlled Access Walk-in Closets Gated surface parkingRenovated units Laundry Facility Wall unit A/C Laminate style floors

$1,460 690 $2.12 $1,838 900 $2.04

COMPARABLE 4

PHOTO


$1,890 - $2,975 850 $2.22 - $3.50$2,185 - $2,610 1,025 $2.13 - $2.55

COMPARABLE 1

PHOTO

Effective Rent Unit Square Feet Rent per SF$1,515 - $2,040 450 $3.37 - $4.53$1,700 - $2,240 687 $2.47 - $3.26

0 + 115%

1 + 150%

2 + 116%

2 + 219%

0 + 14%

1 + 182%

2 + 214%

8001 RESEDA8001 Reseda BlvdResada, CA 91335Year Built: 1962Units: 56Occupancy: 100%Phone: 818-345-8233Owner: Yair KemplerManager: Yair Kempler


Amenities: Swimming Pool Controlled Access Laundry Facilities Full Covered Parking

BLUE NORTH APTS7850 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 40Occupancy: 95%Phone: 818-481-4672Owner: 7850 Reseda Blvd LLCManager: Moss & Company

Type Number of Units0 + 1 101 +1 262 + 2 4

Amenities: Swimming Pool Controlled Access Laundry Facility Gated Parking - some carportCentral A/C - select units Stainless Steel Appliances - select units Granite or Quartz Counter Tops - select units

Patio/Balcony - select units Wood-Style Flooring

$1,918 850 $2.26 $2,053 1,000 $2.05

COMPARABLE 2

PHOTO


$1,450 - $1,495 525 $2.76 - $2.85

$2,025 - $2,095 995 $2.04 - $2.11

COMPARABLE 3

Effective Rent Unit Square Feet Rent per SF

$1,695 825 $2.05

0 + 125%

1 +165%

2 + 210%

1 + 186%

2 + 211% 3 + 2…

3

4

18 w w w . 8151 R e s e d a . c o m

RENT COMPARABLES

VILLA SORRENTO7947 Reseda BlvdReseda, CA 91335Year Built: 1970Units: 93Occupancy: 98%Phone: 818-342-6505Owner: Miracle Mile PropertiesManager: Miracle Mile Properties


Amenities: Controlled Access Swimming Pool Spa Laundry FacilitiesElevator Gated Surface Parking Private Balcony/Patio in Select Units

8155 RESEDA BLVD8155 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 37Occupancy: 100%Phone: 818-715-0575Owner: Sylvan Property LLCManager: North Oak Real Estate Inc.

Type Number of Units1 + 1 352 + 2 2

Amenities: Stainless Steel Appliances Granite Countertops Gated Carport

COMPARABLE 6

PHOTO


$1,462 - $1,560 589 $2.48 - $2.49$1,509 - $1,750 900 $1.68 - $1.94

COMPARABLE 5

PHOTO


$1,845 - $2,012 966 $1.91 - $2.08

0 + 113%

1 + 184%

2 + 23%

1 + 195%

2 + 25%

VILLA SORRENTO7947 Reseda BlvdReseda, CA 91335Year Built: 1970Units: 93Occupancy: 98%Phone: 818-342-6505Owner: Miracle Mile PropertiesManager: Miracle Mile Properties


Amenities: Controlled Access Swimming Pool Spa Laundry FacilitiesElevator Gated Surface Parking Private Balcony/Patio in Select Units

8155 RESEDA BLVD8155 Reseda BlvdReseda, CA 91335Year Built: 1978Units: 37Occupancy: 100%Phone: 818-715-0575Owner: Sylvan Property LLCManager: North Oak Real Estate Inc.

Type Number of Units1 + 1 352 + 2 2

Amenities: Stainless Steel Appliances Granite Countertops Gated Carport

COMPARABLE 6

PHOTO


$1,462 - $1,560 589 $2.48 - $2.49$1,509 - $1,750 900 $1.68 - $1.94

COMPARABLE 5

PHOTO


$1,845 - $2,012 966 $1.91 - $2.08

0 + 113%

1 + 184%

2 + 23%

1 + 195%

2 + 25%

5

6

19 w w w . 8151 R e s e d a . c o m

Address City Zip Code Units Sale Price Cap Rate GRM $/Unit $/SF Bldg SF Yr Blt Sale Date7123 Tampa Ave Reseda 91335 22 $12,598,318 - 13.34 $572,651 $330 38,170 2018 01/08/1918528 Chase St Northridge 91324 28 $10,498,000 4.55 14.27 $374,929 $327 32,058 2017 03/06/185505 Zelzah Ave Encino 91316 27 $9,500,000 - 26.50 $351,852 $322 29,536 1978 04/11/185204 Yarmouth Ave Encino 91316 29 $9,325,000 - - $321,552 $312 29,936 1971 02/17/176930 Balboa Blvd Lake Balboa 91406 10 $5,550,000 5.90 12.57 $555,000 $301 18,438 2016 08/24/1718543-18545 Clark St Tarzana 91356 29 $8,300,000 3.57 14.88 $286,207 $278 29,884 1962 01/10/187122 Amigo Ave Reseda 91335 14 $4,430,000 4.29 15.09 $316,429 $277 16,000 2013 03/24/1718600 Burbank Blvd Tarzana 91356 19 $5,200,000 6.58 - $273,684 $274 18,958 1964 04/30/1817931 Devonshire St Northridge 91325 28 $6,125,000 - 13.00 $218,750 $273 22,466 1963 06/30/1718634 Clark St Tarzana 91356 30 $7,285,000 4.69 13.55 $242,833 $271 26,840 1962 12/19/1718540 Wyandotte St Reseda 91335 12 $2,960,106 4.38 - $246,676 $271 10,906 1989 03/16/18

Select Apartment Sales Comparables Over $270 PSF10-50 Units in Reseda, Northridge, Lake Balboa, Tarzana and Encino

Sold February 1, 2017 to February 24, 2019Source: CoStar; Sorted by Price Per SF

SELECT APARTMENT SALES COMPARABLES OVER $270 PSF10-50 Units in Reseda, Northridge, Lake Balboa, Tarzana and EncinoSold February 1, 2017 to February 24, 2019Source: CoStar; Sorted by Price Per SF

20 w w w . 8151 R e s e d a . c o m

AREAOVERVIEW

www.8151Reseda.com

© 2019 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.

Layout ID:L04 MapId:6100581

Parthenia St

Roscoe BlvdRoscoe Blvd

Strathern St

Saticoy St

Sherman Way

Nordhoff St

Plummer St

Res

eda

Blvd

Res

eda

Blvd

Lind

ley

Ave

Whi

te O

ak A

ve

Loui

se A

ve

Balb

oa B

lvd

Balb

oa B

lvd

Parthenia St

Lind

ley

Ave

Saticoy St

Strathern St

Sherman Way

Wilb

ur A

ve

Tam

pa A

veTa

mpa

Ave

Whi

te O

ak A

ve

Loui

se A

ve

METRO LINK VENTURA COUNTY LINE

CAL STATE UNIVERSITY

NORTHRIDGE

VAN NUYSAIRPORT

H

DIGNITY HEALTH

NORTHRIDGESTATION

NORTHRIDGEFASHION CENTER

Wilb

ur A

ve

3M Co

AREA RETAIL MAP

8151RESEDA BLVD

Employee Count 4,000

Employee Count 400

Employee Count 1,646

22 w w w . 8151 R e s e d a . c o m

TRANSPORTATION LINKAGES8151 Reseda Blvd. is located within the primary trade corridor of the West San Fernando Valley. The property is proximate to the 101, 405, 27, and 118 freeways, providing access to the entire Los Angeles Metro Area. The Property is served by nearby transit routes, and shuttles. The Metro Orange Line provides access to the west to Warner Center, north to Chatsworth and east to Van Nuys, Laurel Canyon and North Hollywood. The Metro Red Line subway provides service from North Hollywood to Universal City, Hollywood and Downtown Los Angeles.

RIVERSIDECOUNTY

SAN BERNARDINOCOUNTY

LOS ANGELES COUNTY

VENTURACOUNTY

COUNTYSAN LUIS OBISPO

COUNTYSANTA BARBARA

ORANGECOUNTY

SAN DIEGOCOUNTY

Los

Ange

les

Rive

r

Los Angeles River

PACIFIC OCEAN

CRENSHAW/

PURPLE LINE EXTENSION

REGIONAL CONNECTOR

LAX LINE

LAX

GOLD LINE FOOTHILL EXTENSION

Little To

kyo/

Little To

kyo/

Arts Dist

Burbank/B

ob Hope

Airport

Van Nuys

Northrid

ge

Simi V

alley

Moorpark

Camarillo

Oxnard

Ventura - East

Sun Valley

Sylmar/San Fernando

Newhall

Santa Clarita

Via Princessa

Vincent Grade/Acton

Palmdale

Lancaster

Antelope Valley Line

Amtrak Pacific Surfliner

San Bernardino Line

Riverside Line

91/Perris Valley Line

Inland Empire -Orange County Line

Ventura County Line


Orange County Line


Ventura

Carpinteria

Santa Barbara

Goleta

Surf

Guadalupe

Grover Beach

San Luis Obispo

Burbank - Downtown

Glendale

El Monte

Baldwin Park

CovinaPomona - N

orth

Claremont

Montclair

Upland

Rancho Cuca

monga

Fontana

RialtoSan Bern

ardino

Industry

Pomona - Downtown

Ontario - E

ast

Jurupa Valle

y/Pedley

Commerce

Norwalk/Santa Fe Springs

Buena Park

Corona - North Main

Riverside - Downtown

Riverside - Hunter Park/UCR

Moreno Valley/March Field

Perris - Downtown

Perris - South

Anaheim Canyon

Riverside - La Sierra

Corona - West

Fullerton

Anaheim

Orange

Santa Ana

Irvine

San Juan Capistrano

San Clemente

San Clemente Pier

Oceanside

Tustin

Laguna Niguel/Mission Viejo

BUR

Montebello/Commerce

Carlsbad

Solana Beach

Sorrento Valle

y

Old Town

San Diego

Universal C

ity/Studio City

Hollywood/V

ine

Hollywood/H

ighland

Universal C

ity/Studio City

Civic Ctr/

Civic Ctr/

Civic Ctr/

Civic Ctr/

GrandGrandGrandGrand

ParkParkParkPark

Westlake/M

acArthur P

ark

Roscoe

Pico/Alis

o

Mariach

i Plaza

Long Beach Bl

Artesia

Del Amo

Civic Ctr/

GrandPark

Allen

LakeSierra

Madre Villa

Arcadia

Monrovia

Duarte/City

of Hope

Irwindale

Azusa Downtown

APU/Citrus Colle

ge

Lincoln/Cypress

Heritage Sq

Southwest Museum

Highland Park

Fillmore

Del Mar

Memorial Park

South Pasadena

Westlake/M

acArthur P

ark

Wilshire

/Vermont

Pershing

Chinatown

Union Station

Chinatown

Square

7th St/Metro CtrPico

LATTC/OrthoInstitute

Jefferson/U

SC

LAX FlyAwayAmtrak & MetrolinkLAX FlyAway

LAX FlyAwayLAX FlyAway

LAX FlyAway

LAX FlyAway

LAX FlyAway

LAX FlyAway

LAX Shuttle G

Amtrak & MetrolinkMetro

link

Sherman Way

Roscoe

Nordhoff

Chatsworth

Hollywood/W

estern

Vermont/S

anta MonicaHolly

wood/Western

Hollywood/V

ine

Hollywood/H

ighlandNorth

Hollywood

Balboa

Balboa

Woodley

Sepulveda

Sepulveda

Van Nuys

Van Nuys

Woodman

Valley Colle

ge

Laurel Canyo

n

Canoga

Canoga

De Soto

De Soto

Pierce Colle

ge

Pierce Colle

ge

TampaTampa

Reseda

Reseda

Vermont/B

everly

Vermont/S

anta Monica

Vermont/S

unset

Vermont/S

unset

Amtrak & Metrolink

Soto

Indiana

Maravilla

East LA Civic C

tr

Atlantic

El Monte

Cal State LA

LAC+USC Medica

l Ctr

Pico/Alis

o

Mariach

i Plaza

Wilshire

/

Normandie

Wilshire

/Western

ExpoPark

/USC

Expo/Vermont

Expo/Western

Expo/Crenshaw

Farmdale

Expo/La Brea

La Cienega/Jefferson

Culver C

ity

Palms

Westwood/R

ancho Park

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

Expo/Sepulveda

Expo/Bundy

26th St/Bergamot

17th St/S

MC

Downtown Santa Monica

Mariposa

El Segundo

Douglas

Redondo Beach

37th St/USC

Rosecrans

Harbor

Carson

Pacific CoastHwy

GatewayTransit Ctr

Long Beach Bl

AvalonVerm

ont/

AthensCrenshaw

Hawthorne/Lennox

Aviation/L

AX

Lakewood Bl

Norwalk

Norwalk

Slauson

Manchester

Harbor F

wy

5th St

1st St

PacificAv

DowntownLong Beach

PacificAv

Washington

Vernon

Slauson

Florence

Firestone

Compton

Artesia

Del Amo

Wardlow

Willow St

Pacific Coast Hwy

Anaheim St

103rd St/

Willowbrook/Rosa Parks

Watts Towers 103rd St/

Willowbrook/Rosa Parks

DowntownLong Beach

Grand/LATTC

San Pedro St

Watts Towers

Union Station

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SOUTH LA

CENTRAL LA

SAN FERNANDO VALLEY

SAN GABRIEL VALLEY

EASTSIDE

SOUTH BAY

San Pedro

GATEWAY CITIES

DOWNTOWNLA

SANTAMONICA

SOUTH LA

CENTRAL LA

WESTSIDE

Metro & Regional Railmetro.net

amtrak.commetrolinktrains.com

18-2

878M

M ©

2018

LAC

MTA

Antelope Valley Line

San Bernardino Line

Riverside Line

91/Perris Valley Line

Ventura County Line


Orange County Line


Regional Rail

amtrak.com

metrolinktrains.com

Airport Shuttle

Rail Station

StationTransfer

RegionalRailStation

Busway

Station

UNDERCONSTRUCTION

Busway StreetService

Amtrak

Metrolink

LAX FlyAwaylawa.org/flyaway

LAX Shuttle (free)lawa.org

North Hollywood to Union StationRed Line

Metro Rail

Wilshire/Western to Union StationPurple Line

Blue Line

Expo Line

Orange Line

Metro Busway

Green Line

Gold Line

Downtown LA to Long Beach

Downtown LA to Santa Monica

Redondo Beach to Norwalk

East Los Angeles to Azusa

Silver Line Chatsworth to North Hollywood

San Pedro to El MonteStreet Service in Downtown LAand San Pedro

MAY 2016 Subject to ChangeJUN 2018 Subject to Change

8151Reseda Blvd

MetrolinkVentura County Line

LA MetroOrange Line

23 w w w . 8151 R e s e d a . c o m

TRANSIT/SUBWAY

COMMUTER RAIL/TRANSIT

AIRPORT

L O S A N G E L E SI N T E R N AT I O N A L A I R P O R T

3 6 M I N U T E S

B O B H O P E A I R P O R T ( B U R B A N K )

2 4 M I N U T E S

N O R T H R I D G E C O M M U T E R R A I L ( M E T R O L I N K V E N T U R A C O U N T Y L I N E )

5 M I N U T E S

R E S E D A S TAT I O N ( M TA O R A N G E L I N E )

7 M I N

VA N N U Y S A I R P O R T

8 M I N U T E S

24 w w w . 8151 R e s e d a . c o m

California State University – Northridge18111 Nordhoff St, Northridge, CA 91330

Distance from Site: 1.6 miles or 5 minute drive time

Types of Programs Offered: Bachelors Degrees (BA /BS), Masters Degrees (MA/MS)

Annual Student Headcount: • 2014-2015: 38,436• 2015-2016: 39,654• 2016-2017: 38,018• 2017-2018: 37,708

Los Angeles Pierce College 6201 Winnetka Ave, Woodland Hills, CA 91371 Distance from Site: 4.6 miles or 10 minute drive time

Types of Programs Offered: Associate Degrees (AA /AS), Occupational Certification Programs (C)

Annual Student Headcount: • 2014-2015: 31,331• 2015-2016: 31,160• 2016-2017: 31,020• 2017-2018: 29,087

Los Angeles Pierce College

California State University – Northridge

NEARBY PUBLIC COLLEGES/UNIVERSITIES

25 w w w . 8151 R e s e d a . c o m

NEARBY EMPLOYMENT CENTERS

405

32

1

8151RESEDA BLVD

EMPLOYERS IN SURROUNDING AREAS SUCH AS WARNER CENTER, ENCINO AND SHERMAN OAKS, ARE WITHIN A 14 MINUTE DRIVE TIME.

COMPANY EMP. TOTAL

21ST CENTURY HOLDING COMPANY 1200

HEALTH-NET, INC. 1000

PIERCE COLLEGE 1000

PRATT & WHITNEY 1000

INNOVATIVE MERCHANT SOLUTIONS 1000

COMPANY EMP. TOTAL

FARMERS GROUP 500

BLUE CROSS BLUE SHIELD 400

LOS ANGELES DAILY NEWS 300

PANAVISION INV. 300

1. WOODLAND HILLS/WARNER CENTER

COMPANY EMP. TOTAL

ENCINO-TARZANA REGIONAL HOSPITAL 800

ANSWER FINANCIAL INC. 325

2. ENCINO COMPANY EMP. TOTAL

AVIDA CAREGIVERS 500

MORAVEE AGENCY 500

PROSPECT MORTGAGE, LLC 400

PREMIERE NETWORKS 300

3. SHERMAN OAKS

Warner Center is considered the “Downtown” of the San Fernando and Conejo Valley office markets with over 6.9 million square feet of office space.

26 w w w . 8151 R e s e d a . c o m

SAN FERNANDO VALLEYThe San Fernando Valley, or “the Valley” as it is generally known, encompasses most of the northern portion of the City of Los Angeles. It is bounded on the west by the Santa Susana Mountains, on the north by the San Gabriel Mountains, on the east by the Verdugo Hills, and on the south by the Santa Monica Mountains.

Home to 1.77 million people, the Valley has become one of the most densely populated areas in Los Angeles County. The Valley’s bustling economy employs over 700,000 people and boasts a significant percentage of Los Angeles County’s media and entertainment firms, aerospace, technology, manufacture, finance, health, insurance and real estate companies.

With its highly diversified development, the San Fernando Valley boasts some of Southern California’s premier employer concentrations, destination retail, tourist attractions, and residential living.

RESEDAReseda ranks among the San Fernando Valley’s most densely populated urban infill communities: A population of nearly 578,000 within a five-mile radius is forecasted by 2021. Proximity to key employment centers, nearby entertainment venues, ready freeway access, and outdoor recreation amenities combine to make Reseda an attractive submarket to live, work and play.

Reseda boasts an excellent, central location within the western San Fernando Valley that is minutes away from employers, institutions of higher learning, shopping and dining in Warner Center, Northridge, Encino, and Sherman Oaks. Also within convenient driving distance are Agoura Hills, North Hollywood Arts District, Universal City, Burbank, Glendale, Pasadena, and Downtown Los Angeles.

27 w w w . 8151 R e s e d a . c o m

Located approximately 6.3 miles from 8151 Reseda Blvd is The Village at Westfield Topanga, the Warner Center’s just-completed 550,000 square foot premier destination retail center. Retailers at The Village include Fleurish Flower Bar, REI, Costco, YogaWorks, Tender Greens, Sushi Katsu-ya, and Il Fornaio Cucina Italiana.

Year-r ound ar ts & cultur e events, enter t ainment , & dining options within 6-mile radius to pr oper t y site

WARNER CENTER

WESTFIELD TOPANGA REGIONAL SHOPPING CENTERLocated approximately 5.5 miles from 8151 Reseda Blvd, at Victory Boulevard, is Westfield Topanga, one of Southern California’s top regional retail destinations. Home to more than 260 top brands, including Cartier, Jimmy Choo, Salvatore Ferragamo, Louis Vuitton, Burberry, Gucci and Tiffany & Co. Other tenants include Abercrombie & Fitch, Anthropologie, H&M, Hugo Boss, Kevin’s Jewelers, Lacoste, Lego, Lenscrafters, L’Occitane En Provence, Lucky Brand Jeans, Macy’s, Nordstorm, Swarovki, Target, Tesla, Urban Outfitters, Victoria’s Secret, Williams Sonoma and Zara.

Dining options at Westfield Topanga include California Pizza Kitchen, The Cheesecake Factory, Gyu-Kaku, La Vaca Brazilian Grill, Sorabol Korean BBQ, Starbucks Coffee, and Yogurtland.

WESTFIELD PROMENADELocated approximately 6.7 miles from 8151 Reseda Blvd at W. Oxnard St. is the Westfield Promenade shopping mall. Anchored by AMC Theater, dining options at the Promenade include Ruth’s Chris Steak House, P.F. Chang’s China Bistro, Maggiano’s Little Italy and Corner Bakery Cafe.

SHERMAN OAKS GALLERIALocated eight miles from the Property on Ventura and Sepulveda Boulevards is the open-air Sherman Oaks Galleria shopping mall. With its 300,000 square feet of retail floor space.

Tenants and Lifestyle include Urban Home, 24 Hour Fitness, Arclight Cinemas, Burke Williams Spa and Paul Mitchell.

Dining options include Hana Grill, P.F. Chang’s China Bistro, Robeks Juice, Salad Farm, Ben & Jerry’s and The Cheesecake Factory.

28 w w w . 8151 R e s e d a . c o m

Zenith InsuranceUnited Online Inc.Unico American CorpRach Local Inc. Pierce CollegeGirl Scouts of Greater

Los AngelesAvnet Inc.

Intuit Inc.RedboxMerrill LynchActivision PublishingATK Defense Electronics

SystemsViking River CruisesMedesthetica Medical

Group

The California Wellness Foundation

Oplink CommunicationsMusic Reports Inc.Medtek Net Inc.Anthem Blue CrossReachLocal LLC

Warner Center employers engage in a diverse range of sectors including real estate, transportation, insurance, accounting, banking, manufacturing and government. Local employers include:

WARNER CENTER

29 w w w . 8151 R e s e d a . c o m

DEMOGRAPHIC BRIEF

8151 RESEDA BLVD

NAME LATITUDE LONGITUDE

8151 RESEDA BLVD 34.218639 -118.5365205

©2019 CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are forexample only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the propertyfor your needs. Source: Esri ProjectID:422377

AREA DEMOGRAPHICS

Within a one mile radius there were 8,437 employees and 1,050 businesses in 2018.

1 MILE

1 MILE

8151RESEDA BLVD

In 2018, 34,988 people lived within a one mile radius of the Property and the population is projected to grow

to 35,862 by 2023.

The average 2018 household income within a one mile radius was $74,419, which is projected to grow to $90,497 by 2023.

30 w w w . 8151 R e s e d a . c o m

PACIFIC OCEAN

Woodland Hills

Studio City

Downtown

8151RESEDA BLVD

AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the Property, and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgment of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgment that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the Owner or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc

DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective Owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

32 w w w . 8151 R e s e d a . c o m

L A U R I E LU S T I G - B O W E RExecutive Vice PresidentLic 00979360+1 310 550 [email protected]

K A D I E P R E S L E Y W I L S O NVice PresidentLic 01476551+1 310 550 [email protected]

2 0 - U n i t A p a r t m e n t B u i l d i n gVa l u e - A d d O p p o r t u n i t y

N o R e n t C o n t ro l

8151 R e s e d a B l v d . , R e s e d a , C a l i f o r n i aC a m e l o t A p a r t m e n t s

w w w.8151Reseda.com

Price: $5,200,000

Date post:	03-Dec-2021
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

20-Unit Apartment Building Value-Add Opportunity No Rent ...

Documents