INFORMATION · 2019. 2. 20. · Minutes from Vons, Trader Joes, Target, Chick-fil-A and a myriad of...

e x c l u s i v e d e v e l o p m e n t o f f e r i n g

15250 Ventura Blvd., Suite 100 Sherman Oaks, CA 91403

P: 818-986-9800 F: 818-933-0450

www.lee-associates.com

Lee & Associates® LA North/Ventura, Inc.

Corporate ID #01191898A Member of the Lee & Associates

Group of Companies

WARREN BERZACKNational Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors

Lic. #01329015

[email protected]

21-unit Fully Entitled Development Site527 W Hyde Park, Inglewood, CA | 21 units

$2,100,000

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

527 W. Hyde Park | Inglewood, CAHy d e Pa r k de v e lo P m e n t


PROPERTY DESCRIPTION

�Planning Approval

�RTI Permits in approx. 6 Months

� Incredible Unit Mix

�Near the New Rams Stadium

�Close Proximity to LAX & MDR

�Residential Neighborhood

�Near the New Metro Station

Fully entitled development site for a new four-story Type V building located in Inglewood, CA. The 0.36 acre site is

zoned R3. The total square footage of the new property will be 25,436. The unit mix shall consist of 11 three-bedroom three- bathroom units and 10 two-bedroom two-bathroom units over at grade parking with 44 parking spaces.

LOCATION INFORMATION

�Blocks from 405, 105, & 110 Freeways

�Nearby to multiple parks, schools, churches and temples

�Minutes from Vons, Trader Joes, Target, Chick-fil-A and a myriad of other retail offerings.

�Secure Entry

�Gated at Grade Parking

�3,338 Foot Common Patio

�Laundry in All Units

�Central Air Conditioning

�Childen’s Play Area

�No Underground Parking

Highlights Amenities

The Hyde Park Development is located along West Hyde Park Boulevard between Centinela Avenue and West Florence Avenue, just east of La Cienega Blvd.




AREA INFORMATIONThe city of Inglewood is located in southwest Los Angeles between the San Diego (405) and Harbor (110) freeways. It is bordered by Fox Hills and Westchester to the west; South Los Angeles to the east; Hawthorne to the south and Leimert Park to the north. With a population of 110,611 residents, the city’s population is among the highest densities in Los Angeles County. Residents have a median household income of $51,456.

• Location, location, location… Inglewood is very centrally located, just 20 minutes from the beach, 30 minutes from downtown Los Angeles and 10 minutes from LAX.

• Redlevopment… With the new Hollywood Park and NFL Stadium under development, a proposed new Clippers training center and arena; and the rebranding of the Forum by the owners of Madison Square Garden, Inglewood has become a hotbed of development activity.

• Flourishing Arts Community… As prices in Culver City and other surrounding areas have skyrocketed, artists have moved into Inglewood. Beacon Arts Building, a 32,400-square-foot converted warehouse on La Brea Avenue, serves as a workplace and incubator with studio space at affordable lease rates.

DEMOGRAPHIC SUMMARY

Total Population

Average Household Income

42,330

$70,040

853,555

$79,921

1-mile radius 5-mile radius




527 W

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ark

| Ingle

wood, CA

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INVESTMENT ANALYSISLand Cost - $2,100,000 ($100K per unit)Soft Costs - $200,000 (Approx. $10K per unit) (Architectural Plans, Permits, Etc.)Construction Costs - $4,500,000 ($215K per unit or $177+/- per foot)

All in Total Project Cost = $6,800,000NOTE: Completed Project Projected Cash Flow Analysis located on Page 5.

SALES COMPARABLES417-433 Centinela Ave., Inglewood37,250 Square Feet$6,000,000 Sold 8/23/2017$161.07 Per Foot

4001 W Century Blvd., Inglewood8,276 Square Feet$1,300,500 Sold 8/17/2017$157.14 Per Foot

RENT COMPARABLESKnowlton Luxury Residences6944 Knowlton Place, Los Angeles$2950-$3,248 2-Bedroom 2-Bathroom Units1,031-1,176 Square Feet$3,638-$3,903 3-Bedroom 2-Bathroom Units1,373-1,484 Square Feet

Altitude6040 Center Dr., Los Angeles$3761-$3,995 2-Bedroom 2-Bathroom Units1,080-1,223 Square Feet

Modera West LA5901-5921 Center Dr., Los Angeles$3,232-$3,825 2-Bedroom 2-Bathroom Units954-1,198 Square Feet




POTENTIAL INCOME ANALYSIS

DEVELOPMENT INVESTMENT INFORMATION SHEET

PROPERTY NAME NUMBER OF UNITS 21 ADDRESS BUILDING SIZE (SQ. FT.) 19,500 CITY, STATE, ZIP LOT SIZE (SQ. FT.) 15,682 ALL IN COST COST PER UNIT $323,810YEAR BUILT COST PER SQFT $348.72

□ Fully En�tled Site □ High-End Construc�on □ Strong Rental Market □ 44 Parking Spaces

RENTAL INFORMATIONNO. UNITS BDRMS BATHS SQ. FT. AVG. RENT

2 2 2 850 Affordable $8508 2 2 850 $2,6001 3 3 1,000 Affordable $1,00010 3 3 1,000 $3,100

Scheduled Monthly Income:

ANNUAL PROPERTY OPERATING DATAPROJECTED INCOME

AS % GOI AS % GOIScheduled Gross Income $654,000 98.56%

$0 0.00% Taxes: (Est. 1.20%) $81,600 12.30%RUBS $9,576 1.44% Insurance: $7,350 1.11%Pet, Parking, Storage, etc. $0 0.00% Utilities: $25,200 3.80%Gross Operating Income $663,576 R&M / Turnover: $20,000 3.01%Vacancy Reserve $19,907 3.00% Off‐Site Management $26,543 4.00%Effective Gross Income $643,669 On‐Site Management: $8,400 1.27%Expenses $203,293 30.64% Services: $24,000 3.62%Net Operating Income $440,376 66.36% License/Permits: $1,000 0.15%Debt Service $240,854 Administrative: $2,400 0.36%Pre-Tax Cash Flow $199,522 Advertising/Marketing: $1,800 0.27%Principal Reduction $68,616 Reserves: $5,000 0.75%Return on Equity $268,137

MORTGAGE FINANCING INFORMATIONLoan Amount $4,080,000 Monthly Loan Payment $20,071Down Payment $2,720,000 40% Annual Loan Payment $240,854 TOTAL EXPENSES $203,293 30.64%5‐Year Fixed Rate 4.25% Year 1 Interest Amount (approx.) $172,238

Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $68,616 Expense / NRSFExpense / Unit

9.86%

LEE & ASSOCIATES MULTIFAMILY ADVISORY GROUP

Lee Associates - LA North/Ventura, Inc.

The Hyde

[email protected]

GRM

CAP Rate

527 W Hyde Park Blvd.Inglewood, CA 90302

$6,800,0002020

INVESTMENT HIGHLIGHTS

10.25

Cash on Cash

Return On Equity

Monthly Income$1,700

□ Fantas�c Unit Mix□ Long-Term Appreciable Asset

Projected Income

6.48%

7.34%

$10.43

$54,500

ESTIMATED ANNUAL EXPENSES

$9,681

Warren Berzack 818.933.0350

Lic. #01329015

$20,800$1,000$31,000

15250 Ventura Boulevard, Suite 100 | Sherman Oaks, CA 91403

The information provided herein is from sources we believe are reliable While we do not doubt its accuracy we have not verified it and make no representations guarantees or warranties about it




10-Y

EAR

CASH

FLO

W A

ND R

ETUR

N AN

ALYS

IS

INCO

MEYR

1YR

2YR

3YR

4YR

5YR

6YR

7YR

8YR

9YR

10Re

ntal In

come

(2%

ann.

Grow

th)65

4,000

$

667,0

80$

680,4

22$

694,0

30$

707,9

11$

722,0

69$

736,5

10$

751,2

40$

766,2

65$

781,5

91$

RUBS

(2% an

n. Gr

owth)

9,576

$

9,768

$

9,963

$

10,16

2$

10,36

5$

10,57

3$

10,78

4$

11,00

0$

11,22

0$

11,44

4$

Othe

r Income

(2% an

n. Gr

owth)

‐$

‐$

‐$

‐$

‐$

‐$

‐$

‐$

‐$

‐$

SCHE

DULED G

ROSS IN

COME

663,5

76$

676,8

48$

690,3

84$

704,1

92$

718,2

76$

732,6

42$

747,2

94$

762,2

40$

777,4

85$

793,0

35$

Vacancy: (3%

)19

,907

$

20,30

5$

20,71

2$

21,12

6$

21,54

8$

21,97

9$

22,41

9$

22,86

7$

23,32

5$

23,79

1$

Effectiv

e Gross

Incom

e64

3,669

$

656,5

42$

669,6

73$

683,0

66$

696,7

28$

710,6

62$

724,8

76$

739,3

73$

754,1

60$

769,2

44$

EXPE

NSES

Assump

tions

Taxes: (Es

t. 1.20

%)(1%

ann.

Grow

th)86

,400

$

87,26

4$

88,13

7$

89,01

8$

89,90

8$

90,80

7$

91,71

5$

92,63

2$

93,55

9$

94,49

4$

Insuran

ce:

(1% an

n. Gr

owth)

7,350

$

7,424

$

7,498

$

7,573

$

7,648

$

7,725

$

7,802

$

7,880

$

7,959

$

8,039

$

Utilit

ies:

(2% an

n. Gr

owth)

25,20

0$

25,70

4$

26,21

8$

26,74

2$

27,27

7$

27,82

3$

28,37

9$

28,94

7$

29,52

6$

30,11

6$

R&M

/ Turno

ver:

(2% an

n. Gr

owth)

20,00

0$

20,40

0$

20,80

8$

21,22

4$

21,64

9$

22,08

2$

22,52

3$

22,97

4$

23,43

3$

23,90

2$

Off‐S

ite M

anagem

ent

3% of

Effec

tive G

.I.26

,543

$

19,69

6$

20,09

0$

20,49

2$

20,90

2$

21,32

0$

21,74

6$

22,18

1$

22,62

5$

23,07

7$

On‐Si

te Ma

nageme

nt:(1%

ann.

Grow

th)8,4

00$

8,484

$

8,569

$

8,655

$

8,741

$

8,828

$

8,917

$

9,006

$

9,096

$

9,187

$

Servi

ces:

(2% an

n. Gr

owth)

24,00

0$

24,48

0$

24,97

0$

25,46

9$

25,97

8$

26,49

8$

27,02

8$

27,56

8$

28,12

0$

28,68

2$

Licen

se/Perm

its:

Not A

pplicab

le1,0

00$

1,000

$

1,000

$

1,000

$

1,000

$

1,000

$

1,000

$

1,000

$

1,000

$

1,000

$

Admi

nistra

tive:

(2% an

n. Gr

owth)

2,400

$

2,448

$

2,497

$

2,547

$

2,598

$

2,650

$

2,703

$

2,757

$

2,812

$

2,868

$

Advertisin

g/Mark

eting

:(1%

ann.

Grow

th)1,8

00$

1,818

$

1,836

$

1,855

$

1,873

$

1,892

$

1,911

$

1,930

$

1,949

$

1,969

$

Reserve

s:(2%

ann.

Grow

th)5,0

00$

5,100

$

5,202

$

5,306

$

5,412

$

5,520

$

5,631

$

5,743

$

5,858

$

5,975

$

TOTA

L EXP

ENSES

31.36

%20

8,093

$

203,8

18$

206,8

24$

209,8

80$

212,9

87$

216,1

45$

219,3

55$

222,6

19$

225,9

37$

229,3

10$

Net O

perat

ing In

come

435,5

76$

452,7

24$

462,8

49$

473,1

86$

483,7

41$

494,5

17$

505,5

20$

516,7

54$

528,2

24$

539,9

34$

Loan

Paym

ent

255,0

22$

255,0

22$

255,0

22$

255,0

22$

255,0

22$

255,0

22$

255,0

22$

255,0

22$

255,0

22$

255,0

22$

Cashflo

w18

0,554

$

197,7

03$

207,8

27$

218,1

64$

228,7

19$

239,4

96$

250,4

99$

261,7

32$

273,2

02$

284,9

12$

Perce

ntage Ca

shflo

w Re

turn o

n Inv

estm

ent

2,880

,000

$

6.27%

6.86%

7.22%

7.58%

7.94%

8.32%

8.70%

9.09%

9.49%

9.89%

Cashflo

w18

0,554

$

197,7

03$

207,8

27$

218,1

64$

228,7

19$

239,4

96$

250,4

99$

261,7

32$

273,2

02$

284,9

12$

Principa

l Paydo

wn72

,829

$

75,98

6$

79,27

9$

82,71

4$

86,29

9$

90,03

9$

93,94

1$

98,01

2$

102,2

60$

106,6

92$

253,3

83$

273,6

89$

287,1

06$

300,8

79$

315,0

18$

329,5

35$

344,4

40$

359,7

45$

375,4

62$

391,6

04$

Perce

ntage Re

turn o

n Inv

estm

ent in

c. Pri

ncipa

l Paydo

wn2,8

80,00

0$

8.80%

9.50%

9.97%

10.45

%10

.94%

11.44

%11

.96%

12.49

%13

.04%

13.60

%

10-YEAR CASH FLOW ANALYSIS




Unit No. Unit Type Unit SF Gross Rent Rent PSF1 2BR 850 850 $1.002 2BR 850 850 $1.003 2BR 850 2,600 $3.064 2BR 850 2,600 $3.065 2BR 850 2,600 $3.066 2BR 850 2,600 $3.067 2BR 850 2,600 $3.068 2BR 850 2,600 $3.069 2BR 850 2,600 $3.0610 2BR 850 2,600 $3.0611 3BR 1,000 1,000 $1.0012 3BR 1,000 3,100 $3.1013 3BR 1,000 3,100 $3.1014 3BR 1,000 3,100 $3.1015 3BR 1,000 3,100 $3.1016 3BR 1,000 3,100 $3.1017 3BR 1,000 3,100 $3.1018 3BR 1,000 3,100 $3.1019 3BR 1,000 3,100 $3.1020 3BR 1,000 3,100 $3.1021 3BR 1,000 3,100 $3.10

19,500 $54,500 $2.78

RENT ROLL ANALYSIS




EXISTING PLAN

SITE PLAN




PARKING PLAN

SECOND FLOOR PLAN




THIRD FLOOR PLAN

FOURTH FLOOR PLAN




ROOF PLAN

ELEVATIONS PLAN




ELEVATIONS PLAN

SECTIONS PLAN




LANDSCAPE PLAN

MATERIAL BOARD




PLAT MAP

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INFORMATION · 2019. 2. 20. · Minutes from Vons, Trader Joes, Target, Chick-fil-A and a myriad of...

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