OFFERNIG MEMORANDUM · kitchens, stainless steel appliances, granite countertops, microwaves,...

OFFERNIG MEMORANDUM

THE SANCTUM ARTISTE

900 North Hoover St. Silver Lake, CA. 90029

a 6-unit multifamily investment property

INVESTMENT OVERVIEW

RAY RODRIGUEZ & MATHEW FREEDMAN

818.581.5829 Ray | 818.657.6522 Mathew

[email protected] | [email protected]

www.AptBldgTrader.com

PRICING INFORMATION:

PRICE $3,200,000

TERMS ALL CASH

BUILDING DESCRIPTION:

The Sanctum Artiste, located at 900 N. Hoover Street in Silver Lake, Los Angeles is a non-

rent controlled boutique apartment community comprised of six (6) two-bedroom /

two-bath townhouse + loft style units, with a total building square footage of roughly

7,662 square feet.

Originally constructed in 1926 as a place of worship, The Sanctum Artiste sits on an R3

lot totaling roughly 6,510 sq., ft. Parking includes (8) gated parking spaces. The property

has been completely reimagined into one of the most architecturally unique and de-

sired properties in Los Angeles.

In keeping with the properties architectural heritage, elements of the properties past

such as stained-glass windows, cathedral ceilings, arched walked ways and hardwood

floors have been preserved to provide a truly unique living experience that tenants ab-

solutely love.

While the exterior pays homage to the past, the interiors have been completely updat-

ed to include cable ready units, fiberoptic WiFi, central heat and A.C., redesigned

kitchens, stainless steel appliances, granite countertops, microwaves, dishwashers and

beautiful spiral staircases connecting each floor of the units.

Aesthetically, The Sanctum Artiste is second to none and provides the unbelievable op-

portunity to acquire a property that truly is one of a kind.

INVESTMENT OVERVIEW

LOCATION & COMMUNITY DESCRIPTION:

900 North Hoover Street known as The Sanctum Ar-

tiste is located in the heart of Sliver Lake and only 2

blocks from Los Angeles’s historic Sunset Junction,

which is the epicenter for dining, entertainment and

nightlife.

Silver Lake, known in Los Angeles’s as the city's hippest neighborhoods, and has drawn

comparisons to New York’s East Village because of the communities forward-thinking ap-

proach to living,.

The Sanctum Artiste is located just south of Santa Monica Blvd. and a few blocks West of

Sunset, at the corner of Burns Ave and Hoover St., on a quiet residential tree lined street,

consisting of well-maintained single-family homes and apartment communities.

Because of the buildings central location to the 101, 5 and 110 freeways, Silver Lake pro-

vides an easy commute throughout Los Angeles and convenient proximity to other prime

neighborhoods including Los Feliz, Echo Park, Downtown L.A., West Hollywood, Hollywood,

Atwater Village and Glendale.


818.581.5829 Ray | 818.657.6522 Mathew



INVESTMENT HIGHLIGHTS

INVESTMENT HIGHLIGHTS:

▪ Non Rent-Controlled Asset.

▪ Current rents are averaging ± $2.57 PSF versus

market rents in the immediate area which

average ± $2.85PSF providing significant rent-

al upside.

▪ Large units averaging ±971 SF.

▪ Fantastic unit mix of (6) 2-Bedroom / 2-Bath Townhouse + Loft Units.

▪ Assigned on-site parking and secured keyless entry throughout.

▪ Located in the desirable city of Silver Lake and within minutes from shopping, entertain-

ment, and public transportation.


818.581.5829 Ray | 818.657.6522 Mathew



PROPERTY FEATURES

INTERIOR FEATURES:

▪ Hardwood Floors

▪ Modern Finishes

▪ Walk-In Closets

▪ Stainless Steel Appliances

▪ Central Heat & Air

▪ Fiberoptic Wi-Fi Equipped Units.

▪ Cable Ready

▪ Upgraded Kitchens

▪ Upgraded Full Size Bathrooms

▪ Spiral Staircases.

▪ Stained-glass Windows

*In select units.

COMMUNITY AMENITIES:

▪ Secured Gated Entry

▪ On-Site Assigned Parking

▪ Outdoor Community Lounge

▪ Secured Keyless Entry

▪ Professionally Managed

▪ On-Site Washers/Dryers

▪ 2 Blocks From Sunset Junction,

Shopping and Entertainment

▪ New Water Heater


818.581.5829 Ray | 818.657.6522 Mathew



SITE INFORMATION

CONSTRUCTION:

Style Loft

Foundation Slab / Raised

Framing Wood

Exterior Brick & Stucco

Roof A-Frame Composite Shingles

Paving Asphalt

Wiring Copper

Plumbing Galvanized / Partial Copper

PARKING:

Spaces 8

Ratio 1.33 Spaces Per Unit

UTILITIES:

Electrical Individually Metered

HVAC Central Heat & Air

Water Master Metered

Gas Individually Metered

ADDRESS:

900 North Hoover Street

Silver Lake, CA. 90029

APN: 5427-004-007

PROPERTY:

Units 6

Year Built 1926 / 2013

Avg. Unit SF ± 971

Avg. Rent / Unit $2,500.00

Avg. Rent / SF $2.57

Total RSF ± 5,827

Total Building SF ± 7,662

# of Buildings 1

Stories 2

Lot Size (Acres) ± 0.14


818.581.5829 Ray | 818.657.6522 Mathew



SUMMARY PROPOSED FINANCING

Purchase Price:

Down Payment: 100% 4.00%

Number of Units: 3 Years Fixed

Cost per Legal Unit: 30

Current GRM: 30

Current CAP:

Year Built: Other Terms: N/A

Approx. Building SF:

Cost per Building SF:

Approx. Lot SF:

Zoning:

Parking:

ANNUAL OPERATING DATA HIGHLIGHTS

Scheduled Gross Income: $181,200 $200,700 * Non Rent Controlled

Less Vacancy Reserve: ($5,436) 3.00% * ($6,021) 3.00% * * Repurposed Historic Church

Gross Operating Income: $175,764 $194,679 * Townhome Style Loft Units

Less Expenses: ($65,037) 35.89% * ($65,037) 32.41% * * Stained Glass & Spiral Staircases

Net Operating Income: $110,727 $129,642 * Unique & Charming Building

Less Debt Service: Location

Pre-Tax Cash Flow: $110,727 3.46% ** $129,642 4.05% ** * Prime Silver Lake

Plus Principal Reduction: #NUM! #NUM! * Near Shopping & Entertainment

Total Return Before Taxes: #NUM! #NUM! ** #NUM! #NUM! ** * Quiet Tree Lined Street

* As a percentage of Scheduled Gross Income. **As a percentage of Down Payment.

SCHEDULED INCOME ESTIMATED ANNUAL EXPENSES

No. Beds / Approx. Monthly Avg. Monthly Tax Year 2017

of Units Baths Sq.Ft. Rent / Unit Rent / Unit Tax Rate 1.25% $40,000

1 2+2 T.H. Loft 923 $2,500 $2,595 Insurance (New) $3,831

1 2+2 T.H. Loft 946 $2,500 $2,695 Maint. / Repairs $3,600

1 2+2 T.H. Loft 765 $2,300 $2,395 Utilities $7,560

1 2+2 T.H. Loft 801 $2,400 $2,450 Trash $1,250

1 2+2 T.H. Loft 1,091 $2,500 $2,995 Misc. / Reserves $1,500

1 2+2 T.H. Loft 1,301 $2,800 $3,495

5,827

Monthly Scheduled Rent: Off-Site Mgmt. $7,296

Laundry Income:

Other Income:

Monthly SGI:

Annual SGI: Total Expenses: $65,037

Per Gross Sq. Ft.: $8.49

Utilities Paid by Tenant: Electricity & Gas Expenses Per Unit: $10,839.50

6 Units10124 Laurel Ave. Whittier, CA 90605

MARKET

CURRENT

CURRENT

4.05%

$533,333

17.66

$3,200,000

6

6,510

15.94

Monthly

Income

$15,100

Income

$2,500

$2,995$2,500

$2,595

$2,800 $3,495

$181,200

$15,000

$100

$16,725

$200,700

$16,625

$100

$3,200,000

MARKET

MARKET

3.46%

1926 / 2013

This information is secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to its accuracy. All references are

approximate. Buyer must verify all information and bears all risk for any inaccuracies.

LCR3

8

Monthly

ALL CASH

$2,500

$2,300

$2,400

$2,695

$2,395

$2,450

CURRENT

7,662

$417.65

Loan:

Interest:

Interest Type:

Term (Yrs.):

Amortization (Yrs.):

EXECUTIVE SUMMARY

SQ. FT. RENTS NOTES CONCESSIONS

2 2 923 $2,500.00 Townhouse + Loft

2 2 946 $2,500.00 Townhouse + Loft

2 2 765 $2,300.00 Townhouse + Loft

2 2 801 $2,400.00 Townhouse + Loft

2 2 1,091 $2,500.00 Townhouse + Loft

2 2 1,301 $2,800.00 Townhouse + Loft

MONTHLY RENTAL INCOME: $15,000.00

MONTHLY LAUNDRY INCOME: $100.00

MONTHLY STORAGE / PARKING INCOME: $0.00

MONTHLY OTHER INCOME: $0.00

TOTAL GROSS MONTHLY INCOME: $15,100.00

ALL COLUMNS & SECTIONS MUST BE COMPLETED

What utilities are included in rent? Is the property subject to rent control? YES NO X

Electricity Gas

X Garbage Heat If YES, what is the current allowable increase per annum?

Cable X Water

What has been your average monthly occupancy rate over

the preceding 12 Months?

This information is secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to its accuracy. References to square footage and age are

approximate. Buyer must verify all information and bears all risk for any inaccuracies.

98%

PROPERTY ADDRESS CITY STATE ZIP CODE

TOTAL # OF UNITS

N/A

DEPOSITS

# OF SECTION 8 UNITS

Silver Lake CA 90029900 N. Hoover Street

BEDS/BATHS SEC8 Y/N

# OF VACANT UNITS # OF FURNISHED UNITS

6 0 None

APT #

A

B

C

D

E

F

RENT ROLL

Rent Roll

Page 1 of 1

PROPERTY PHOTOS

INTERIOR PHOTOS:


818.581.5829 Ray | 818.657.6522 Mathew



PROPERTY PHOTOS

EXTERIOR PHOTOS:


818.581.5829 Ray | 818.657.6522 Mathew



AREA MAPS


818.581.5829 Ray | 818.657.6522 Mathew



INVESTMENT CONTACTS


818.581.5829 Ray | 818.657.6522 Mathew



Ray Rodriguez Mathew Freedman

Director, National Multi-Family Group SVP, National Multi-Family Group

818.589.5829 818.657.6522

[email protected] [email protected]

Siouxzie Hanes

Transaction Coordinator

818.657.6544

[email protected]

The information provided herein was obtained from sources believed to be reliable;

however, Keller Williams Realty Calabasas / KW Commercial makes no guarantees,

warranties or representations expressed or implied as to the completeness or accuracy thereof. The

representation of this property is submitted subject to errors, omissions, change in price or condition,

prior to sale or lease, or withdrawal without notice.

This offering is submitted and received with the understanding that all offers for the

acquisition of the herein described property will be conducted through Keller Williams

Realty Calabasas / KW Commercial. The Seller and Keller Williams Realty Calabasas / KW Commer-

cial expressly reserve the right, at their sole discretion, to reject any or all

expressions of interest or offers to purchase the property and/or terminate discussions with any entity

at any time with or without notice.

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