3305 PRIMERA AVENUE L O S A N G E L E S , C A 9 0 0 6 8
TABLE OF CONTENTS
4121418JEFFREY BENSON
First Vice President InvestmentsDirector, National Multi Housing GroupDirect | [email protected]: CA 01327285
EXCLUSIVELY LISTED BY :
RICHARD RINGERSenior Managing Director InvestmentsSenior Director, National Housing GroupDirect | [email protected]: CA 01494512
Executive Summary
Market Overview
Market Comparables
Financial Summary
3305 PRIMERAAVENUE
L O S A N G E L E S , C A 9 0 0 6 8
THE OFFERING
Marcus & Millichap is pleased to present 3305 Primera Avenue. This is a rare opportunity to acquire a completely vacant multi-family property located in the highly desirable area
near Universal City and nestled away in a quiet neighborhood in the Hollywood Hills.
Surrounded by multi-million-dollar single-family homes, this 1959 property offers a lot of charm on its 5,982-square-foot lot. The building is 5,441 square-feet and has a great unit mix of two one-bedroom/one-bathroom units, three two- bedroom/one-bathroom units and one three-bedroom/two-bathroom unit. The property also offers ample tuck-under parking.
From this location, tenants will enjoy convenient access to Hollywood, Universal City, Ventura Boulevard and the Metro Red Line. The 101, 134 and 405 freeways offer easy connections to Downtown Los Angeles, Pasadena, Santa Monica and the beach. Some major employers nearby include Universal Studios and Warner Brothers Studios.
3305 Primera Avenue will appeal to any savvy investor looking to acquire a vacant building in the highly sought-after area of Universal City and the Hollywood Hills.
4EXECUTIVESUMMARY
RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068
Address 3305 Primera AvenueLos Angeles, California 90068
APN 5579-019-018
Zoning LAR2
Number of Units 6
Number of Stories 2
Number of Buildings 1
Year Built 1959
Building SF 5,441
Lot Size 5,982
Type of Ownership Fee Simple
property summary
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3305 Primera Ave3305 PRIMERAAVENUE
L O S A N G E L E S , C A 9 0 0 6 8
INVESTMENT HIGHLIGHTS
SPACIOUS UNITS
PRIME LOCATION
VA C A N TP R O P E R T Y
A M P L EPA R K I N G
RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068
RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068
STRATEGIC VALUE ADD: INTERIORSThere is a clear opportunity in the submarket to renovate all units to higher-end specifications inlcuding new cabinet faces, stainless steel appliances, quartz countertops, modern lighting and fixtures. By renovating to the standards depicted below, 3305 Primera Avenue will be able to further augment the income stream.
INTERIOR IDEAS
1 NEW CABINET FACES 2 MODERN APPLIANCES 3 TILE BACKSPLASH
4 UPDATED LIGHTING 5 QUARTZ COUNTERTOPS 6 STAINLESS STEEL FIXTURES1
6
4
2
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RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068
12MARKET
OVERVIEW
PRIME UNIVERSAL CIT Y LOCATIONThis central location makes it easy to get anywhere around town. 3305 Primera Avenue offers easy access to Hollywood, Universal City, Ventura Boulevard and the Metro Red Line with easy connections to Pasadena, Long Beach, Warner Center and Downtown LA. 101, I-5 and 134 are also easily accessible; this location is meant to make your life as fun and convenient as possible. Located within the area of Universal City is the Universal Studios Hollywood film studio and theme park, as well as the Universal CityWalk shopping and entertainment center. Within the Los Angeles city limits lies 10 Universal City Plaza, a 36-floor office building for Universal and NBC; the Sheraton Universal; and the Universal Hilton. Discover the hottest hub for shops, movies, clubs, concerts, restaurants and much more!
RINGER | BENSON AT MARCUS & MILLICHAP
14MARKET
COMPARABLES
SALES COMPARABLES
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3305 Primera Ave
3055 Hollycrest Dr
3926 Kentucky Dr
AVERAGE PRICE PER UNIT
$312,750
AVERAGE PRICE PER SF
$459.91
PROPERTYYEAR BUILT UNITS PRICE
CAP RATE GRM $/UNIT $/GROSS SF
SALEDATE STUDIO 1 BED 2 BED 3 BED
3305 Primera AvenueLos Angeles, CA 90068
1959 6 $2,625,000 6.03% 11.70 $437,500 $482.45 - 2(1+1) 3(2+1) 1(3+2)
1 3055-3057 Hollycrest DriveLos Angeles, CA 90068
1939 5 $1,540,000 4.40% - $308,000 $488.73 2(0+1) 2(1+1) 1(2+1) -
2 3926-3930 Kentucky DriveLos Angeles, CA 90068
1954 8 $2,540,000 4.36% 15.23 $317,500 $431.09 - 4(1+1) 4(2+1) - -
1
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RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068
RENT COMPARABLES
PROPERTYAVERAGE RENT
1 BedroomAVERAGE RENT
2 Bedroom
1 11846-1896 El CentroLos Angeles, CA 90068
$2,850 $3,700
2 8755 Shoreham DriveWest Hollywood, CA 90069
$3,500 $5,995
3 8957 Cynthia StreetWest Hollywood, CA 90069
$2,750 $2,400
4 1430 N Harper AvernueWest Hollywood, CA 90048
$2,925 -
5 866 Hilldale AvernueWest Hollywood, CA 90069
- $3,695
RINGER | BENSON AT MARCUS & MILLICHAP
18FINANCIAL SUMMARY
# UNIT TYPE CURRENT PRO FORMA
1 1 bed/ 1 bath $2,500 $2,500
2 1 bed/ 1 bath $2,500 $2,500
3 2 bed/ 1 bath $2,900 $2,900
4 2 bed/ 1 bath $2,900 $2,900
5 2 bed/ 1 bath $2,900 $2,900
6 3 bed/ 2 bath $5,000 $5,000
TOTAL - VACANT $0 $0
TOTAL - OCCUPIED $18,700 $18,700
6 TOTAL $18,700 $18,700
RENT ROLL
RINGER | BENSON AT MARCUS & MILLICHAP3305 PRIMERA AVENUE // LOS ANGELES, CA 90068
INCOME CURRENT PRO FORMA
Gross Scheduled Rent $224,400 $224,400
Loss/Gain to Lease
Vacancy $4,488 $4,488
Effective Rental Income $219,912 $219,912
Effective Gross Income $219,912 $219,912
EXPENSES CURRENT PRO FORMA
Real Estate Taxes $31,395 $31,395
Insurance $1,500 $1,500
Utilities (includes sewer) $8,620 $8,620
Repairs & Maintenance $7,200 $7,200
Landscaping $1,800 $1,800
Pest Control $900 $900
Reserves $1,500 $1,500
Management Fee $8,796 $8,796
TOTAL EXPENSES $61,711 $61,711
Per Unit $10,285 $10,285
Per SF $11 $11
Percent of EGI 28% 28%
NET OPERATING INCOME $158,201 $158,201
# OF UNITS UNIT TYPE CURRENT RENT MONTHLY INCOME PRO FORMA RENT MONTHLY INCOME2 1 bed/1 bath $2,500 $5,000 $2,500 $5,000
3 2 bed/1 bath $2,900 $8,700 $2,900 $8,700
1 3 bed/1 bath $5,000 $5,000 $5,000 $5,000
6 TOTAL $18,700 $18,700
INCOME CURRENT PRO FORMA
Gross Scheduled Rent $224,400 $224,400
Loss/Gain to Lease Vacancy $4,488 $4,488
Effective Rental Income $219,912 $219,912
Effective Gross Income $219,912 $219,912
EXPENSES CURRENT PRO FORMA
Real Estate Taxes $31,395 $31,395
Insurance $1,500 $1,500
Utilities (includes sewer) $8,620 $8,620
Repairs & Maintenance $7,200 $7,200
Landscaping $1,800 $1,800
Pest Control $900 $900
Reserves $1,500 $1,500
Management Fee $8,796 $8,796
TOTAL EXPENSES $61,711 $61,711
Per Unit $10,285 $10,285
Per SF $11 $11
Percent of EGI 28% 28%
NET OPERATING INCOME $158,201 $158,201
PRICE $2,625,000
Number of Units 6
Price/Unit $437,500
Gross SF 5,441
Price/SF $482.45
CAP Rate - Current 6.03%
CAP Rate - Pro Forma 6.03%
GRM - Current 11.70
GRM - Pro Forma 11.70
Year Built 1959
Lot Size 5,982
Type of Ownership Fee Simple
OFFERING SUMMARY
3305 Primera AvenueLos Angeles, CA 90068
SCHEDULED INCOME
INCOME & EXPENSES FINANCIAL ANALYSIS
JEFFREY BENSONFirst Vice President Investments
Director, National Multi Housing GroupDirect | 310.909.5420
[email protected]: CA 01327285
RICHARD RINGERSenior Managing Director Investments
Senior Director, National Housing GroupDirect | 310-909-5428
[email protected]: CA 01494512
EXCLUSIVELY LISTED BY: