PRESENTED BY: Prosser Stevens Real Estate Investments 2701 Ocean Park Blvd. Suite 140, Santa Monica, CA 90405 310.482.2209 [email protected]OFFERING HIGHLIGHTS Approximately 45% upside in rents! Long-term owners; first time on market in 30 years Several tenants are USC graduate students Well-maintained apartments built in 1920 Separately metered for gas & electricity Mostly copper plumbing Price reduced to $1,673,750 MARKETING PRESENTATION 17 Units -- 2622 Brighton Avenue, Los Angeles, CA 90018
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PRESENTED BY: Prosser Stevens Real Estate Investments
2701 Ocean Park Blvd. Suite 140, Santa Monica, CA 90405 310.482.2209 [email protected]
OFFERING HIGHLIGHTS Approximately 45% upside in rents!
Long-term owners; first time on market in 30 years
Several tenants are USC graduate students
Well-maintained apartments built in 1920
Separately metered for gas & electricity
Mostly copper plumbing
Price reduced to $1,673,750
MARKETING PRESENTATION
17 Units -- 2622 Brighton Avenue, Los Angeles, CA 90018
Property Prosser Stevens Real Estate Investments proudly announces the exclusive listing of 2622 Brighton Avenue in Los Angeles. The property features an 17-unit apartment building with nearly 45% upside in rents! Built in 1920, the charming apartments provide tenants easy access to USC, downtown Los Angeles, the Fashion District and Nokia complex. There are (4) 1+1 units and (13) studios.
Area The subject property is located one mile from University of Southern California, south of W. Adams Blvd and east of N. Normandie Ave.
Units 17 Square Footage 8,238
Cross Street W. Adams Blvd Lot Size 7,100
Market Adams-Normandie Parcel 5053-035-006
Year Built 1920 Building (1) 2-story
Parking Street parking Utilities Separately metered
Zoning Type LARD1.5
PROPERTY SUMMARY
HIGHLIGHTS
DESCRIPTION
FINANCIAL SUMMARY
Price: $1,673,750 Year Built: 1920
Down Payment: 100% $1,673,750 Approx. Lot Size: 7,100
Number of Units: 17 Approx. Building Sq. Ft. 8,238
Price Per Unit: $98,456 Price per Sq. Ft. $203
Current GRM: 11.81 Current CAP: 4.10%
Market GRM: 8.04 Market CAP: 7.95%
Proposed Financing: $0 Zoning: RD1.5
4.00% fixed for 5 yrs. Pmt = $0 per month
$0.00 $0 per year
ANNUALIZED FINANCIALSCurrent Rents Market Rents
Scheduled Gross Income: $141,732 $208,200
Vacancy Allowance: $4,252 3% $6,246 3%
Gross Operating Income: $137,480 $201,954
Less Expenses: $68,912 49% $68,912 33%
Net Operating Income: $68,568 $133,042
Less Loan Payment: $0 $0
Pre-Tax Cash Flow: $68,568 4.10% $133,042 7.95%
Plus Principal Reduction: $0 $0
Total Return Before Taxes: $68,568 4.10% $133,042 7.95%
13 studio $659 $8,567 $950 $12,350 Professional Mgmt: $6,187
$0 $0 On-site Manager*: $4,200
$0 $0 EXPENSES ARE ESTIMATED
Total Scheduled Rent: $11,611 $17,150 *On-site manager = $350/month
Laundry Income: $200 $200 1Based on 3-yr. avg. actual expenses, '12-'14
Other Income:
Monthly Scheduled Gross Income: $11,811 $17,350 Total Expenses: $68,912
Annual Scheduled Gross Income: $141,732 $208,200 Per Sq. Ft: $8.37
Per Unit: $4,054
Market RentsCurrent Rents
RENT ROLL
Unit # Unit Type Rent Rent Move-in Date Notes
1 1+1 1,200$ 1,200$ 8/15/20142 1+1 658$ 1,200$ 9/7/20003 studio 731$ 950$ 7/1/20054 studio 725$ 950$ 9/15/20145 studio 800$ 950$ 11/1/20146 studio 522$ 950$ 4/1/20037 studio 875$ 950$ 12/1/2014 Manager8 studio 505$ 950$ 11/1/20029 1+1 658$ 1,200$ 1/15/2000
10 studio 731$ 950$ 5/1/201011 1+1 527$ 1,200$ 1/1/198012 studio 787$ 950$ 11/1/200913 studio 459$ 950$ 5/1/200014 studio 491$ 950$ 12/1/200115 studio 950$ 950$ 6/1/201516 studio 459$ 950$ 1/1/200017 studio 537$ 950$ 8/1/2003
GARAGE PARKING:
LAUNDRY INCOME: $200 $200
MONTHLY TOTAL: $11,815 $17,350
ANNUAL TOTAL: $141,780 $208,200
As of 7/1/2015
PROPERTY LOCATION
PARCEL MAP
1930 S La Salle Ave (0.7 miles)
SALE PRICE UNITS BLDG S.F. PRICE / S.F. PRICE / UNIT GRM CAP
$1,617,000 11 7,420 $218 $147,000 12.01 5.03
Sold: 4/30/2015 Year Built: 1922 Unit Mix: (1) 3+1, (6) 1+1, (4) single
SALES COMPARABLES
1825 S New Hampshire Ave (1.1 miles)
SALE PRICE UNITS BLDG S.F. PRICE / S.F. PRICE / UNIT GRM CAP
$1,150,000 10 6,410 $179 $115,000 12.78 3.98%
Sold: 7/23/2014 Year Built: 1958 Unit Mix: (10) 1+1
1008 W 24th St (1.2 miles)
SALE PRICE UNITS BLDG S.F. PRICE / S.F. PRICE / UNIT GRM CAP
$1,975,000 14 8,563 $231 $141,000 11.81 5.17%
Sold: 10/23/2014 Year Built: 1963 U nit Mix: (2) 2+1, (5) 1+1, (7) studio
1962 W 22nd St (0.5 miles)
SALE PRICE UNITS BLDG S.F. PRICE / S.F. PRICE / UNIT GRM CAP
$895,000 8 5,866 $153 $111,000 12.20 4.92%
Sold: 2/6/2014 Year Built: 1962 Unit Mix: (6) 2+1, (2) 1+1
1366 W. 24th Street 0.8 miles from subject property
RENT BED BATH DESCRIPTION
$1,150 studio 1 Remodeled, hardwood floors, AC, includes utilities
RENT COMPARABLES
2157 W. 31st Street 1.2 miles from subject property
RENT BED BATH DESCRIPTION
$1,200 1 1 Remodeled, central AC, patio
3791 S. Normandie Avenue 1.1 miles from subject property
RENT BED BATH DESCRIPTION
$1,200 1 1 Furnished, includes utilities and parking
1475 W. Adams Blvd. 0.5 miles from subject property
