exclusive offering memorandum mariposa apartments
EXCLUSIVE OFFERING MEMOR ANDUM MARIPOSA APARTMENTS PORTFOLIO 321 S. MARIPOSA AVENUE, LOS ANGELES, CA 90020 341 S. MARIPOSA AVENUE, LOS ANGELES, CA 90020 351 S. MARIPOSA AVENUE, LOS ANGELES, CA 90020
321 S. Mariposa
341 S. Mariposa
351 S. Mariposa
1100 Glendon Ave. • Suite 900 • Los Angeles • CA 90024 • CA License: 00812184 The information contained herein was obtained from third parties, and it has not been independently verified by the real estate brokers. Buyer/tenants should have the experts of their choice inspect the property and verify all information. Real estate brokers are not qualified to act as or select experts with respect to legal, tax, environment, building construction, soils-drainage or other such matters.
M A R I P O S A A PA R T M E N T P O R T F O L I O
M ARIPOSA APARTMENTMPORTFOLIO O F F E R I N G E M O R A N
E X C L U S I V E
D U M
E XC L U S I V E O F F E R I N G M E M O R A N D U M
2
TAB LE O F CO NTE NT S SEC 1
PROPERTY OVERVIEW - MARIPOSA PORTFOLIO A. Portfolio Overview B. Location Overview C. Property Photographs D. Aerial & Street Maps E. Mariposa Plat Map
SEC 2
321 S. MARIPOSA A. 321 S. Mariposa - Property Description B. Property Photos C. Financial Summary D. Investment Overview E. Rent Roll
SEC 3
341 S. MARIPOSA A. 341 Mariposa - Property Description B. Property Photos C. Financial Summary D. Investment Overview E. Rent Roll
SEC 4
351 S. MARIPOSA A. 351 Mariposa - Property Description B. Property Photos C. Financial Summary D. Investment Overview E. Rent Roll
SEC 5
MARIPOSA SALES COMPARABLES A. Sales Comp Chart B. Detailed Sales C omps C. Map of Comparables
EXCLUSIVE ADVISOR DANA BRODY-THAW Associate Vice President Grubb & Ellis Company 310.235.2968 [email protected] CA License #01429001
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
1
MARIPOSA PORTFOLIO OVERVIEW
3
E XC L U S I V E O F F E R I N G M E M O R A N D U M
PORTFOLIO OVERVIEW Grubb & Ellis is pleased to have exclusively listed the Mariposa Aparments Portfolio, a collection of 34 units located in the heart of Koreatown. The buildings, located at 321, 341 & 351 S. Mariposa Avenue, were all constructed in the 1950’s and each are comprised of a mix of 1 & 2 bedroom units. Each building features on-site gated or garage parking, onsite laundry facilities and significant income upside potential. Offered at $1,600,000, 321 S. Mariposa is a 14 unit building built in 1956. Comprised of 12 one bedroom units and two two-bedroom units, the building totals 10,282 square feet and is situated on a 9,801 square foot lot zoned R4. The property is separately metered for gas and electric. Listed at $1,475,000, 341 S. Mariposa is a 12 unit building built in 1956. Comprised of 12 one bedroom units and two two-bedroom units, the building totals 8,944 square feet and is situated on a 10,498 square foot lot zoned R4. Price at $1,150,000, 351 S. Mariposa is an 8 unit apartment building built in 1953. Comprised of six one bedroom units and two two-bedroom units, the building totals 7,938 square feet and is situated on a 8,799 square foot lot zoned R4. Sold individually or as a portfolio at $4,225,000, this is an excellent opportunity to purchase 34 units in prime Koreatown offering excellent rental income, as well as the potential to re-develop land that has zoning favorable for a high density apartment or condominium project.
4
E XC L U S I V E O F F E R I N G M E M O R A N D U M
5
LOCATION OVERVIEW Koreatown is a neighborhood in the Mid-Wilshire district of the city of Los Angeles, California. Home to a population of over 120,000 and covering just under 3-square-mile it has one of the highest population density of all neighborhoods in Los Angeles. The neighborhood is in the midst of a construction boom that has helped fuel an influx of new residents priced out from nearby Los Feliz and West Hollywood. The neighborhood is known for its many commercial and residential mid and high rise towers, its rich collection of pre-1940 brick colonial revival buildings, Asian high fashion boutiques, and holding the largest concentration of nightclubs and 24-hour businesses and restaurants in Southern California. In 2000, the city of Los Angeles began to promote smart-growth and removed many of the parking, lowhousing, bed, pollution, tourist and new construction taxes that placed restrictions on any development and growth. With very little open land le ft in the city, the city eyed pre-1980’s Koreatown as the ideal and model for the future of L.A. Most importantly however, Koreatown is in the center of the city of Los Angeles. With the collapse of the Japanese economy and stagnant Korean economy, many in those countries eyed Los Angeles as a bargain, with a pre-fab Koreatown particularly for being the nearest to a densely populated and skyscraper friendly Tokyo and Seoul. As Korean and Japanese investment began to mount, so did construction in the area. As former Koreatown business owners and residents took notice in new Asian development, many began to use the new interest of Koreatown as a catalyst to return. During the same time, Los Angeles completed the purple leg of its new subway system with three stops in Koreatown along skyscraper laden Wilshire Boulevard. This inspired even more interest back in the community with increased construction and population growth. With signs of revitalization seen in other parts of the city, notably Hollywood and downtown, Los Angeles and the areas transportation agency MTA broke down the barriers and walls to introduce the city to gentrification. And it did so by removing all restriction above the MTA Metro subway system and encouraged developers to build high. As the end point for the Purple Line and its three stations, Koreatown has greatly benefited from the line and the city’s smart-growth promotion. Since the smart-growth adoption of the city council, Koreatown has bloomed with new construction permits, adaptive re-use requests, and will serve as the terminus to Beverly Hills, West Hollywood, West LA and Santa Monica along the extension of the subway system.
PROPERTY PHOTOGRAPHS
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6
321 S. Mariposa
341 S. Mariposa
351 S. Mariposa
E XC L U S I V E O F F E R I N G M E M O R A N D U M
AERIAL & STREET MAPS
7
E XC L U S I V E O F F E R I N G M E M O R A N D U M
PLAT MAP
8
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
2
321 S. MARIPOSA
9
E XC L U S I V E O F F E R I N G M E M O R A N D U M
10
PROPERTY DESCRIPTION 321 S. Mariposa Avenue, located in the Koreatown submarket of Los Angeles, is a 14-unit apartment community completed in 1956. Situated on nearly 10,000 square feet of land, the 10,282 square foot property consists of 12 one-bedroom, one bath units and 2 two-bedroom, one bath units . The property features included controlled access, minimal landscaping, on-site laundry facilities, swimming pool and gated tuck-under parking. The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed. The property boasts good curb appeal and appears to have been kept up nicely over the years. This property is extremely well located in Koreatown, with convenient access to Downtown, Hollywood and the Westside. In addition, the asset is situated within minutes to the following destinations:
The Wiltern Pinkberry Jian Koreatown Plaza R-Bar Brass Monkey The Orchid Cafe Bleu Crazy Hook Frank N Tank Manzinga DGM The Prince Soot Bull Jeep The Grand Spa Honey Pig Shik do Rak
PROPERTY PHOTOS
E XC L U S I V E O F F E R I N G M E M O R A N D U M
11
100%
$ $
150 $12,954 $155,448
12,804
11,266 1,538
$ $
1,100 1,400
Market Rents Monthly Rent/Unit
$
$
$ $
6.0% *
35.0%
3.0%
150 $16,150 $193,800
16,000
13,200 2,800
Monthly Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
$
$663-$1,100 $736-$802
Monthly Income
Current Rents 155,448 (4,663) 150,785 (54,361) 96,424 96,424
Laundry Income: Monthly Scheduled Gross Income: Annual Scheduled Gross Income:
N/A N/A
Current Rents Avg. Monthly Rent/Unit
6.03% 8.11% 1956 9,801 10,282 $155.61
1,600,000 1,600,000 14 $114,286 10.29 8.26
$
1+1 2+1
12 2
Approx. Sq.Ft.
$ $
Total Scheduled Rent:
Bdrms/ Baths
No. of Units
Scheduled Income
Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow:
Annualized Operating Data
Current CAP: Market CAP: Approx. Age: Approx. Lot Size: Approx. Gross SF: Cost per Net GSF:
Price: Down Payment: Number of Units: Cost per Legal Unit: Current GRM: Market GRM:
Summary
8.1% *
28.0%
5.0%
Taxes: Rate 1.25% Insurance Utilities Maintenance Waste Landscaping Reserves Pest Control Advertising & Leasing General & Admin Management 2% Total Expenses: Per Net Sq. Ft.: Per Unit:
$ $ $ $ $ $ $ $ $ $ $ $
20,000 2,915 18,000 2,400 1,560 1,200 2,750 720 600 1,200 3,016 54,361 $5.29 $3,882.91
* As a percent of the down payment
Swimming Pool in Courtyard 15 Total Parking Spaces
Excellent Koreatown Location On-Site Laundry Facilities Good Unit Mix Off-Street Parking Significant Income Upside On Site Laundry Facilities
Estimated Annualized Expenses
Market Rents 193,800 (9,690) 184,110 (54,361) 129,749 129,749
FINANCIAL SUMMARY 321 S. Mariposa Avenue, Los Angeles, CA 90020
E XC L U S I V E O F F E R I N G M E M O R A N D U M
12
13
E XC L U S I V E O F F E R I N G M E M O R A N D U M
321 S. MARIPOSA INVESTMENT OVERVIEW
PRICE:
$1,600,000
Down Payment:
$1,600,000
Price Per Unit: Price Per Square Foot: Number of Units: Approx Gross Square Feet: Number of Stories: Year Built: Lot Size:
$114,286 $155 14 Units 10,282 SF 2 1956 9,801 SF
Current Cap Rate:
6.03%
Current GRM:
10.29
Current Net Operating Income: Pro Forma Cap Rate: Pro Forma GRM: Pro Forma Net Operating Income:
$96,424 8.11% 8.26 $129,749
E XC L U S I V E O F F E R I N G M E M O R A N D U M
321 MARIPOSA RENT ROLL
Unit #
Unit Type
Current Rent
1
1+1
$1,000.00
2
1+1
$1,000.00
3
1+1
$1,100.00
4
1+1
$1,050.00
5
1+1
$975.00
6
2+1
$736.40
7
1+1
$1,000.00
8
1+1
$687.00
9
1+1
$1,100.00
10
1+1
$663.00
11
1+1
$1,050.00
12
1+1
$691.00
13
2+1
$802.12
14
1+1
$1,050.00
Laundry
TOTALS:
$150.00
14 Units
$13,054.52
14
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
3
341 S. MARIPOSA
15
E XC L U S I V E O F F E R I N G M E M O R A N D U M
16
PROPERTY DESCRIPTION 341 S. Mariposa Avenue, is a 12-unit apartment community completed in 1956. Situated on over 10,000 square feet of land, the 8,944 square foot property consists of 12 one bedroom, one bath units and 2 two bedroom, one bath units . The property features included controlled access, on-site laundry facilities and ample parking. The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed. The property boasts well maintained mature landscaping and appears to have been kept up nicely over the years. This property is extremely well located in Koreatown and is within minutes to the following destinations:
The Wiltern Pinkberry Jian Koreatown Plaza R-Bar Brass Monkey The Orchid Cafe Bleu Crazy Hook Frank N Tank Manzinga DGM The Prince Soot Bull Jeep The Grand Spa Honey Pig Shik do Rak
PROPERTY PHOTOS
E XC L U S I V E O F F E R I N G M E M O R A N D U M
17
100%
$ $
200 $11,212 $134,544
11,012
9,023 1,989
$ $
1,100 1,400
Market Rents Monthly Rent/Unit
$
$
$ $
5.7% *
35.0%
3.0%
100 $13,900 $166,800
13,800
11,000 2,800
Monthly Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
$
$720-$1,000 $789-$1,200
Monthly Income
Current Rents 134,544 (4,036) 130,508 (47,058) 83,450 83,450
Laundry Income: Monthly Scheduled Gross Income: Annual Scheduled Gross Income:
N/A N/A
Current Rents Avg. Monthly Rent/Unit
5.66% 7.55% 1956 10,498 8,944 $164.92
1,475,000 1,475,000 12 $122,917 10.96 8.84
$
1+1 2+1
10 2
Approx. Sq.Ft.
$ $
Total Scheduled Rent:
Bdrms/ Baths
No. of Units
Scheduled Income
Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow:
Annualized Operating Data
Current CAP: Market CAP: Approx. Age: Approx. Lot Size: Approx. Gross SF: Cost per Net GSF:
Price: Down Payment: Number of Units: Cost per Legal Unit: Current GRM: Market GRM:
Summary
7.6% *
28.2%
5.0%
Taxes: Rate 1.25% Insurance Utilities Maintenance Waste Landscaping Reserves Pest Control Advertising & Leasing General & Admin Management 2% Total Expenses: Per Net Sq. Ft.: Per Unit:
$ $ $ $ $ $ $ $ $ $ $ $
18,438 4,800 11,750 2,400 1,560 600 2,500 600 600 1,200 2,610 47,058 $5.26 $3,921.47
* As a percent of the down payment
10,498 SF Lot Zoned R4 Significant Income Upside Swimming Pool 12 Gated Parking Spaces
Excellent Koreatown Location On-Site Laundry Facilities Good Unit Mix Off-Street Parking Controlled Access Well-Maintained Asset
Estimated Annualized Expenses
Market Rents 166,800 (8,340) 158,460 (47,058) 111,402 111,402
FINANCIAL SUMMARY 341 S. Mariposa Avenue, Los Angeles, CA 90020
E XC L U S I V E O F F E R I N G M E M O R A N D U M
18
E XC L U S I V E O F F E R I N G M E M O R A N D U M
341 S. MARIPOSA INVESTMENT OVERVIEW
PRICE:
$1,475,000
Down Payment:
$1,475,000
Price Per Unit: Price Per Square Foot:
$122,917 $165
Number of Units:
12 Units
Approx Gross Square Feet:
8,944 SF
Number of Stories: Year Built: Lot Size: Current Cap Rate: Current GRM: Current Net Operating Income: Pro Forma Cap Rate: Pro Forma GRM: Pro Forma Net Operating Income:
2 1956 10,498 SF 5.7% 10.96 $83,450 7.6% 8.8 $112,542
19
E XC L U S I V E O F F E R I N G M E M O R A N D U M
341 MARIPOSA RENT ROLL
Unit #
Current Rent
1
$727.00
2
$720.00
3
$1,000.00
4
$850.00
5
$850.00
6
$876.50
7
$788.00
8
$1,000.00
9
$1,000.00
10
$1,000.00
11
$1,200.00
12
$1,000.00
Laundry
$200.00
TOTALS:
$11,211.50
20
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
4
351 S. MARIPOSA
21
E XC L U S I V E O F F E R I N G M E M O R A N D U M
22
PROPERTY DESCRIPTION 351 S. Mariposa Avenue, located in the Koreatown submarket of Los Angeles, is an 8-unit apartment community completed in 1953. Situated on nearly 9,000 square feet of land, the 7,938 square foot property consists of 6 one bedroom, one bath units and 2 two bedroom, one bath units . Property features include controlled access, air-conditioning, on-site laundry facilities, mature landscaping and garage parking. The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed. The property boasts well maintained mature landscaping and appears to have been kept up nicely over the years. This property is extremely well located in Koreatown, with convenient access to Downtown, Hollywood and the Westside. In addition, the asset is situated within minutes to the following destinations:
The Wiltern Pinkberry Jian Koreatown Plaza R-Bar Brass Monkey The Orchid Cafe Bleu Crazy Hook Frank N Tank Manzinga DGM The Prince Soot Bull Jeep The Grand Spa Honey Pig Shik do Rak
E XC L U S I V E O F F E R I N G M E M O R A N D U M
PROPERTY PHOTOS
23
100%
$ $
200 $8,322 $99,864
8,122
6,083 2,039
$ $
1,200 1,400
Market Rents Monthly Rent/Unit
$
$
$ $
5.4% *
34.6%
3.0%
200 $10,200 $122,400
10,000
7,200 2,800
Monthly Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
$
$952-$1,081 $1,006-$1,033
Monthly Income
Current Rents 99,864 (2,996) 96,868 (34,602) 62,266 62,266
Laundry Income: Monthly Scheduled Gross Income: Annual Scheduled Gross Income:
N/A N/A
Current Rents Avg. Monthly Rent/Unit
5.41% 7.10% 1953 8,799 7,938 $144.87
1,150,000 1,150,000 8 $143,750 11.52 9.40
$
1+1 2+1
6 2
Approx. Sq.Ft.
$ $
Total Scheduled Rent:
Bdrms/ Baths
No. of Units
Scheduled Income
Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow:
Annualized Operating Data
Current CAP: Market CAP: Approx. Age: Approx. Lot Size: Approx. Gross SF: Cost per Net GSF:
Price: Down Payment: Number of Units: Cost per Legal Unit: Current GRM: Market GRM:
Summary
7.1% *
28.3%
5.0%
Taxes: Rate 1.25% Insurance Utilities Maintenance Waste Landscaping Reserves Pest Control Advertising & Leasing General & Admin Management 2% Total Expenses: Per Net Sq. Ft.: Per Unit:
$ $ $ $ $ $ $ $ $ $ $ $
14,375 3,300 6,570 2,100 1,440 600 2,000 480 600 1,200 1,937 34,602 $4.36 $4,325.30
* As a percent of the down payment
On Site Laundry Facilities Significant Income Upside 10 Parking Spaces
Excellent Koreatown Location 7,938 SF Lot Zoned R4 Good Unit Mix Off-Street Parking Small Courtyard Area Well-Maintained Asset
Estimated Annualized Expenses
Market Rents 122,400 (6,120) 116,280 (34,602) 81,678 81,678
FINANCIAL SUMMARY 351 S. Mariposa Avenue, Los Angeles, CA 90020
E XC L U S I V E O F F E R I N G M E M O R A N D U M
24
25
E XC L U S I V E O F F E R I N G M E M O R A N D U M
351 S. MARIPOSA INVESTMENT OVERVIEW
PRICE:
$1,150,000
Down Payment:
$1,150,000
Price Per Unit: Price Per Square Foot: Number of Units: Approx Gross Square Feet: Number of Stories: Year Built: Lot Size:
$143,750 $145 8 Units 7,938 SF 2 1953 8,799 SF
Current Cap Rate:
5.4%
Current GRM:
11.5
Current Net Operating Income: Pro Forma Cap Rate: Pro Forma GRM: Pro Forma Net Operating Income:
$62,266 7.10% 9.4 $81,678
E XC L U S I V E O F F E R I N G M E M O R A N D U M
351 MARIPOSA RENT ROLL
Unit #
Unit Type
Current Rent
1
2+1
$1,006.28
2
1+1
$1,081.00
3
1+1
$1,000.00
4
1+1
$1,000.00
5
1+1
$952.00
6
1+1
$1,000.00
7
1+1
$1,050.00
8
2+1
$1,032.72
Laundry
TOTALS:
$100.00
8 Units
$8,222.00
26
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
5
MARIPOSA SALES COMPARABLES
27
E XC L U S I V E O F F E R I N G M E M O R A N D U M
28
SALES COMPARABLES SUMMARY Mariposa Portfolio Recent Sales Comparables
Address
City
Zip Code
Price
Units
Bldg. SF
Price/SF
Price/Unit
321, 341 & 351 S. Mariposa
Los Angeles
90006
$4,225,000
34
27,164
$155
$124,265
1018 S. Norton Avenue
Los Angeles
90019
$1,220,000
8
6,343
$192
$152,500
1941
7/16/2009
846 S. Catalina Street
Los Angeles
90005
$890,000
6
9,228
$123
$148,333
1925
1/27/2010
4555 1st Street
Los Angeles
90004
$1,470,000
10
6,856
$214
$147,000
1957
7/28/2009
538 S. Gramercy Place
Los Angeles
90020
$1,050,000
8
7,221
$145
$131,250
1955
2/12/2010
201 S. Alexandria Avenue
Los Angeles
90004
$1,535,000
12
13,303
$115
$127,917
1927
7/9/2010
676 Shatto Place
Los Angeles
90005
$5,100,000
40
26,716
$191
$127,500
1927
1/19/2010
708 S. Oxford Avenue
Los Angeles
90005
$2,500,000
20
16,394
$152
$125,000
1964
3/9/2010
232 S. Serrano Avenue
Los Angeles
90004
$1,376,000
12
9,584
$144
$114,667
1960
8/7/2009
520 S. Kenmore Avenue
Los Angeles
90020
$2,500,000
24
18,783
$133
$104,167
1961
7/1/2009
Averages:
$157
$130,926
Year Built
Sale Date
1953-56 On Market
E XC L U S I V E O F F E R I N G M E M O R A N D U M
68%-(&73523(57,(6
60DULSRVD$YHQXH /RV$QJHOHV&$ Price: ......................................... $4,225,000 Year Built:...................................1953-1956 Number of Units: ..................................... 34 Building SF:...................................... 27,164 Price Per Unit: ............................. $124,264 Price Per SF: ....................................... $155 Sale Date: ...................................On Market 61RUWRQ$YHQXH /RV$QJHOHV&$ Price: ......................................... $1,220,000 Year Built:............................................ 1941 Number of Units: ....................................... 8 Building SF:........................................ 6,343 Price Per Unit: ............................. $152,500 Price Per SF: ....................................... $192 Sale Date: ....................................7/19/2009 6&DWDOLQD6WUHHW /RV$QJHOHV&$ Price: ............................................ $890,000 Year Built:............................................ 1925 Number of Units: ....................................... 6 Building SF:........................................ 9,228 Price Per Unit: ............................. $148,333 Price Per SF: ....................................... $123 Sale Date: ....................................1/27/2010
29
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6WUHHW /RV$QJHOHV&$ Price: ......................................... $1,470,000 Year Built:............................................ 1957 Number of Units: ..................................... 10 Building SF:........................................ 6,856 Price Per Unit: ............................. $147,000 Price Per SF: ....................................... $214 Sale Date: ....................................7/28/2009 VW
6*UDPHUF\3ODFH /RV$QJHOHV&$ Price: ........................................ $1,050,000 Year Built: ........................................... 1955 Number of Units: ...................................... 8 Building SF: ....................................... 7,221 Price Per Unit: ............................ $131,250 Price Per SF: ...................................... $145 Sale Date: ...................................2/12/2010 6$OH[DQGULD$YHQXH /RV$QJHOHV&$ Price: ........................................ $1,535,000 Year Built: ........................................... 1927 Number of Units: .................................... 12 Building SF: ..................................... 13,303 Price Per Unit: ............................ $127,917 Price Per SF: ...................................... $115 Sale Date: .....................................7/9/2010
30
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6KDWWR3ODFH /RV$QJHOHV&$ Price: ........................................ $5,100,000 Year Built: ........................................... 1927 Number of Units: .................................... 40 Building SF: ..................................... 26,716 Price Per Unit: ............................ $127,500 Price Per SF: ...................................... $191 Sale Date: ...................................1/19/2010 62[IRUG$YHQXH /RV$QJHOHV&$ Price: ........................................ $2,500,000 Year Built: ........................................... 1964 Number of Units: .................................... 20 Building SF: ..................................... 16,394 Price Per Unit: ............................ $125,000 Price Per SF: ...................................... $152 Sale Date: .....................................3/9/2010 66HUUDQR$YHQXH /RV$QJHOHV&$ Price: ........................................ $1,376,000 Year Built: ........................................... 1960 Number of Units: .................................... 12 Building SF: ....................................... 9,584 Price Per Unit: ............................ $114,667 Price Per SF: ...................................... $144 Sale Date: .....................................8/7/2009
31
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6.HQPRUH$YHQXH /RV$QJHOHV&$ Price: ........................................ $2,500,000 Year Built: ........................................... 1961 Number of Units: .................................... 24 Building SF: ..................................... 18,783 Price Per Unit: ............................ $104,167 Price Per SF: ...................................... $133 Sale Date: .....................................7/1/2009
32
0
miles
0.15
11
0.3
Crrre C C eennn s s s hhhaaaw ww B Blllv B SS B vvddd B r r o o nnssoo nn A Avv ee SN S S N N o o o rrrtttooonn nA Avvv A eee
S Windsor Blvd S Windsor Windsor Blvd Blvd S
S Irving S Irving Blvd Irving Blvd Blvd S S
44
W 8th W 8th St St
W 9th 9th St W St
W 2nd 2nd St St W
W 1st 1st St St W
Mariposa Sales Comps
S Plymouth S Plymouth Blvd Blvd
44ttthhh A A Avvve e
S S Wilton Wilton Pl Pl
Gramercy Pl S Gramercy Pl Gramercy S Pl S
S Gram ercy S Gram Gramercy S Dr ercy Dr Dr SSaint SaintAndrews S AndrewsPl Saint Andrews Pl S Saint Pl Andrews Pl S
33
Manhattan Pl S Manhattan S Manhattan S Pl Pl
S Manhattan S Manhattan Pl Manhattan Pl Pl S S Manhattan Pl S S Wester Westernn Ave Ave
77
Oxford S Ave Oxford Ave S Oxford Ave S
W Olympic Olympic Blvd W Blvd
San Marino Marino St San St
W W 8th 8th St St
W W 7th 7th St St
Wilshire Wilshire Blvd Blvd
6th St W 6th St W
5th St W 5th W St
W 4th 4th St W St
S Hobart S Hobart Blvd Blvd S Hobart Blvd Blvd
1st St W 1st St W
James M James M Wood Wood Blvd Blvd
88
S Ave Serrano Ave S Serrano
Harvard Blvd S Harvard Blvd Harvard S Blvd S
S Kingsley S Kingsley Dr Kingsley S Dr Dr
W W 3rd 3rd St St
Normandie Ave Normandie Ave Normandie Ave
St 2nd St W 2nd W
Irolo St St Irolo St Irolo
Mariposa Ave S Mariposa Mariposa S Ave Ave S
S Mariposa Mariposa Ave S Mariposa S Ave Ave
55
S Alexandria Alexandria Ave S Alexandria Ave S Ave
99
W W 1st 1st St St
KenmoreAve Ave Kenmore Ave S Kenmore S Kenmore Ave S
22
S Catalina Catalina St S Catalina S St St S Berendo S Berendo St Berendo St St S S Berendo St
Label
W St 7th St W 7th
New Hampshire S Hampshire Ave New S New Hampshire Ave S Ave
321, 341 & 351 S. Mariposa
9 520 S. Kenmore Avenue
8 232 S. Serrano Avenue
7 708 S. Oxford Avenue
6 676 Shatto Place
5 201 S. Alexandria Avenue
St St Place Marino San 4San 538Marino S. Gramercy
3 4555 1st Street
2 846 S. Catalina Street
66
Address
1 1018 S. Norton Avenue
Ave S Vermont S Vermont S Ave Vermont Ave
Shatto Shatto Pl Pl S Westmor S Westmor eland Ave Westmoreland eland S Ave Ave
Westmoreland S Ave Westmoreland Ave S Westmoreland Ave S Virgil Ave S Virgil S Virgil Ave Ave S Virgil Ave S
E XC L U S I V E O F F E R I N G M E M O R A N D U M
33
321 S. Mariposa
341 S. Mariposa
351 S. Mariposa
1100 Glendon Ave. • Suite 900 • Los Angeles • CA 90024 • CA License: 00812184 The information contained herein was obtained from third parties, and it has not been independently verified by the real estate brokers. Buyer/tenants should have the experts of their choice inspect the property and verify all information. Real estate brokers are not qualified to act as or select experts with respect to legal, tax, environment, building construction, soils-drainage or other such matters.
M A R I P O S A A PA R T M E N T P O R T F O L I O
M ARIPOSA APARTMENTMPORTFOLIO O F F E R I N G E M O R A N
E X C L U S I V E
D U M
E XC L U S I V E O F F E R I N G M E M O R A N D U M
2
TAB LE O F CO NTE NT S SEC 1
PROPERTY OVERVIEW - MARIPOSA PORTFOLIO A. Portfolio Overview B. Location Overview C. Property Photographs D. Aerial & Street Maps E. Mariposa Plat Map
SEC 2
321 S. MARIPOSA A. 321 S. Mariposa - Property Description B. Property Photos C. Financial Summary D. Investment Overview E. Rent Roll
SEC 3
341 S. MARIPOSA A. 341 Mariposa - Property Description B. Property Photos C. Financial Summary D. Investment Overview E. Rent Roll
SEC 4
351 S. MARIPOSA A. 351 Mariposa - Property Description B. Property Photos C. Financial Summary D. Investment Overview E. Rent Roll
SEC 5
MARIPOSA SALES COMPARABLES A. Sales Comp Chart B. Detailed Sales C omps C. Map of Comparables
EXCLUSIVE ADVISOR DANA BRODY-THAW Associate Vice President Grubb & Ellis Company 310.235.2968 [email protected] CA License #01429001
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
1
MARIPOSA PORTFOLIO OVERVIEW
3
E XC L U S I V E O F F E R I N G M E M O R A N D U M
PORTFOLIO OVERVIEW Grubb & Ellis is pleased to have exclusively listed the Mariposa Aparments Portfolio, a collection of 34 units located in the heart of Koreatown. The buildings, located at 321, 341 & 351 S. Mariposa Avenue, were all constructed in the 1950’s and each are comprised of a mix of 1 & 2 bedroom units. Each building features on-site gated or garage parking, onsite laundry facilities and significant income upside potential. Offered at $1,600,000, 321 S. Mariposa is a 14 unit building built in 1956. Comprised of 12 one bedroom units and two two-bedroom units, the building totals 10,282 square feet and is situated on a 9,801 square foot lot zoned R4. The property is separately metered for gas and electric. Listed at $1,475,000, 341 S. Mariposa is a 12 unit building built in 1956. Comprised of 12 one bedroom units and two two-bedroom units, the building totals 8,944 square feet and is situated on a 10,498 square foot lot zoned R4. Price at $1,150,000, 351 S. Mariposa is an 8 unit apartment building built in 1953. Comprised of six one bedroom units and two two-bedroom units, the building totals 7,938 square feet and is situated on a 8,799 square foot lot zoned R4. Sold individually or as a portfolio at $4,225,000, this is an excellent opportunity to purchase 34 units in prime Koreatown offering excellent rental income, as well as the potential to re-develop land that has zoning favorable for a high density apartment or condominium project.
4
E XC L U S I V E O F F E R I N G M E M O R A N D U M
5
LOCATION OVERVIEW Koreatown is a neighborhood in the Mid-Wilshire district of the city of Los Angeles, California. Home to a population of over 120,000 and covering just under 3-square-mile it has one of the highest population density of all neighborhoods in Los Angeles. The neighborhood is in the midst of a construction boom that has helped fuel an influx of new residents priced out from nearby Los Feliz and West Hollywood. The neighborhood is known for its many commercial and residential mid and high rise towers, its rich collection of pre-1940 brick colonial revival buildings, Asian high fashion boutiques, and holding the largest concentration of nightclubs and 24-hour businesses and restaurants in Southern California. In 2000, the city of Los Angeles began to promote smart-growth and removed many of the parking, lowhousing, bed, pollution, tourist and new construction taxes that placed restrictions on any development and growth. With very little open land le ft in the city, the city eyed pre-1980’s Koreatown as the ideal and model for the future of L.A. Most importantly however, Koreatown is in the center of the city of Los Angeles. With the collapse of the Japanese economy and stagnant Korean economy, many in those countries eyed Los Angeles as a bargain, with a pre-fab Koreatown particularly for being the nearest to a densely populated and skyscraper friendly Tokyo and Seoul. As Korean and Japanese investment began to mount, so did construction in the area. As former Koreatown business owners and residents took notice in new Asian development, many began to use the new interest of Koreatown as a catalyst to return. During the same time, Los Angeles completed the purple leg of its new subway system with three stops in Koreatown along skyscraper laden Wilshire Boulevard. This inspired even more interest back in the community with increased construction and population growth. With signs of revitalization seen in other parts of the city, notably Hollywood and downtown, Los Angeles and the areas transportation agency MTA broke down the barriers and walls to introduce the city to gentrification. And it did so by removing all restriction above the MTA Metro subway system and encouraged developers to build high. As the end point for the Purple Line and its three stations, Koreatown has greatly benefited from the line and the city’s smart-growth promotion. Since the smart-growth adoption of the city council, Koreatown has bloomed with new construction permits, adaptive re-use requests, and will serve as the terminus to Beverly Hills, West Hollywood, West LA and Santa Monica along the extension of the subway system.
PROPERTY PHOTOGRAPHS
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6
321 S. Mariposa
341 S. Mariposa
351 S. Mariposa
E XC L U S I V E O F F E R I N G M E M O R A N D U M
AERIAL & STREET MAPS
7
E XC L U S I V E O F F E R I N G M E M O R A N D U M
PLAT MAP
8
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
2
321 S. MARIPOSA
9
E XC L U S I V E O F F E R I N G M E M O R A N D U M
10
PROPERTY DESCRIPTION 321 S. Mariposa Avenue, located in the Koreatown submarket of Los Angeles, is a 14-unit apartment community completed in 1956. Situated on nearly 10,000 square feet of land, the 10,282 square foot property consists of 12 one-bedroom, one bath units and 2 two-bedroom, one bath units . The property features included controlled access, minimal landscaping, on-site laundry facilities, swimming pool and gated tuck-under parking. The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed. The property boasts good curb appeal and appears to have been kept up nicely over the years. This property is extremely well located in Koreatown, with convenient access to Downtown, Hollywood and the Westside. In addition, the asset is situated within minutes to the following destinations:
The Wiltern Pinkberry Jian Koreatown Plaza R-Bar Brass Monkey The Orchid Cafe Bleu Crazy Hook Frank N Tank Manzinga DGM The Prince Soot Bull Jeep The Grand Spa Honey Pig Shik do Rak
PROPERTY PHOTOS
E XC L U S I V E O F F E R I N G M E M O R A N D U M
11
100%
$ $
150 $12,954 $155,448
12,804
11,266 1,538
$ $
1,100 1,400
Market Rents Monthly Rent/Unit
$
$
$ $
6.0% *
35.0%
3.0%
150 $16,150 $193,800
16,000
13,200 2,800
Monthly Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
$
$663-$1,100 $736-$802
Monthly Income
Current Rents 155,448 (4,663) 150,785 (54,361) 96,424 96,424
Laundry Income: Monthly Scheduled Gross Income: Annual Scheduled Gross Income:
N/A N/A
Current Rents Avg. Monthly Rent/Unit
6.03% 8.11% 1956 9,801 10,282 $155.61
1,600,000 1,600,000 14 $114,286 10.29 8.26
$
1+1 2+1
12 2
Approx. Sq.Ft.
$ $
Total Scheduled Rent:
Bdrms/ Baths
No. of Units
Scheduled Income
Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow:
Annualized Operating Data
Current CAP: Market CAP: Approx. Age: Approx. Lot Size: Approx. Gross SF: Cost per Net GSF:
Price: Down Payment: Number of Units: Cost per Legal Unit: Current GRM: Market GRM:
Summary
8.1% *
28.0%
5.0%
Taxes: Rate 1.25% Insurance Utilities Maintenance Waste Landscaping Reserves Pest Control Advertising & Leasing General & Admin Management 2% Total Expenses: Per Net Sq. Ft.: Per Unit:
$ $ $ $ $ $ $ $ $ $ $ $
20,000 2,915 18,000 2,400 1,560 1,200 2,750 720 600 1,200 3,016 54,361 $5.29 $3,882.91
* As a percent of the down payment
Swimming Pool in Courtyard 15 Total Parking Spaces
Excellent Koreatown Location On-Site Laundry Facilities Good Unit Mix Off-Street Parking Significant Income Upside On Site Laundry Facilities
Estimated Annualized Expenses
Market Rents 193,800 (9,690) 184,110 (54,361) 129,749 129,749
FINANCIAL SUMMARY 321 S. Mariposa Avenue, Los Angeles, CA 90020
E XC L U S I V E O F F E R I N G M E M O R A N D U M
12
13
E XC L U S I V E O F F E R I N G M E M O R A N D U M
321 S. MARIPOSA INVESTMENT OVERVIEW
PRICE:
$1,600,000
Down Payment:
$1,600,000
Price Per Unit: Price Per Square Foot: Number of Units: Approx Gross Square Feet: Number of Stories: Year Built: Lot Size:
$114,286 $155 14 Units 10,282 SF 2 1956 9,801 SF
Current Cap Rate:
6.03%
Current GRM:
10.29
Current Net Operating Income: Pro Forma Cap Rate: Pro Forma GRM: Pro Forma Net Operating Income:
$96,424 8.11% 8.26 $129,749
E XC L U S I V E O F F E R I N G M E M O R A N D U M
321 MARIPOSA RENT ROLL
Unit #
Unit Type
Current Rent
1
1+1
$1,000.00
2
1+1
$1,000.00
3
1+1
$1,100.00
4
1+1
$1,050.00
5
1+1
$975.00
6
2+1
$736.40
7
1+1
$1,000.00
8
1+1
$687.00
9
1+1
$1,100.00
10
1+1
$663.00
11
1+1
$1,050.00
12
1+1
$691.00
13
2+1
$802.12
14
1+1
$1,050.00
Laundry
TOTALS:
$150.00
14 Units
$13,054.52
14
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
3
341 S. MARIPOSA
15
E XC L U S I V E O F F E R I N G M E M O R A N D U M
16
PROPERTY DESCRIPTION 341 S. Mariposa Avenue, is a 12-unit apartment community completed in 1956. Situated on over 10,000 square feet of land, the 8,944 square foot property consists of 12 one bedroom, one bath units and 2 two bedroom, one bath units . The property features included controlled access, on-site laundry facilities and ample parking. The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed. The property boasts well maintained mature landscaping and appears to have been kept up nicely over the years. This property is extremely well located in Koreatown and is within minutes to the following destinations:
The Wiltern Pinkberry Jian Koreatown Plaza R-Bar Brass Monkey The Orchid Cafe Bleu Crazy Hook Frank N Tank Manzinga DGM The Prince Soot Bull Jeep The Grand Spa Honey Pig Shik do Rak
PROPERTY PHOTOS
E XC L U S I V E O F F E R I N G M E M O R A N D U M
17
100%
$ $
200 $11,212 $134,544
11,012
9,023 1,989
$ $
1,100 1,400
Market Rents Monthly Rent/Unit
$
$
$ $
5.7% *
35.0%
3.0%
100 $13,900 $166,800
13,800
11,000 2,800
Monthly Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
$
$720-$1,000 $789-$1,200
Monthly Income
Current Rents 134,544 (4,036) 130,508 (47,058) 83,450 83,450
Laundry Income: Monthly Scheduled Gross Income: Annual Scheduled Gross Income:
N/A N/A
Current Rents Avg. Monthly Rent/Unit
5.66% 7.55% 1956 10,498 8,944 $164.92
1,475,000 1,475,000 12 $122,917 10.96 8.84
$
1+1 2+1
10 2
Approx. Sq.Ft.
$ $
Total Scheduled Rent:
Bdrms/ Baths
No. of Units
Scheduled Income
Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow:
Annualized Operating Data
Current CAP: Market CAP: Approx. Age: Approx. Lot Size: Approx. Gross SF: Cost per Net GSF:
Price: Down Payment: Number of Units: Cost per Legal Unit: Current GRM: Market GRM:
Summary
7.6% *
28.2%
5.0%
Taxes: Rate 1.25% Insurance Utilities Maintenance Waste Landscaping Reserves Pest Control Advertising & Leasing General & Admin Management 2% Total Expenses: Per Net Sq. Ft.: Per Unit:
$ $ $ $ $ $ $ $ $ $ $ $
18,438 4,800 11,750 2,400 1,560 600 2,500 600 600 1,200 2,610 47,058 $5.26 $3,921.47
* As a percent of the down payment
10,498 SF Lot Zoned R4 Significant Income Upside Swimming Pool 12 Gated Parking Spaces
Excellent Koreatown Location On-Site Laundry Facilities Good Unit Mix Off-Street Parking Controlled Access Well-Maintained Asset
Estimated Annualized Expenses
Market Rents 166,800 (8,340) 158,460 (47,058) 111,402 111,402
FINANCIAL SUMMARY 341 S. Mariposa Avenue, Los Angeles, CA 90020
E XC L U S I V E O F F E R I N G M E M O R A N D U M
18
E XC L U S I V E O F F E R I N G M E M O R A N D U M
341 S. MARIPOSA INVESTMENT OVERVIEW
PRICE:
$1,475,000
Down Payment:
$1,475,000
Price Per Unit: Price Per Square Foot:
$122,917 $165
Number of Units:
12 Units
Approx Gross Square Feet:
8,944 SF
Number of Stories: Year Built: Lot Size: Current Cap Rate: Current GRM: Current Net Operating Income: Pro Forma Cap Rate: Pro Forma GRM: Pro Forma Net Operating Income:
2 1956 10,498 SF 5.7% 10.96 $83,450 7.6% 8.8 $112,542
19
E XC L U S I V E O F F E R I N G M E M O R A N D U M
341 MARIPOSA RENT ROLL
Unit #
Current Rent
1
$727.00
2
$720.00
3
$1,000.00
4
$850.00
5
$850.00
6
$876.50
7
$788.00
8
$1,000.00
9
$1,000.00
10
$1,000.00
11
$1,200.00
12
$1,000.00
Laundry
$200.00
TOTALS:
$11,211.50
20
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
4
351 S. MARIPOSA
21
E XC L U S I V E O F F E R I N G M E M O R A N D U M
22
PROPERTY DESCRIPTION 351 S. Mariposa Avenue, located in the Koreatown submarket of Los Angeles, is an 8-unit apartment community completed in 1953. Situated on nearly 9,000 square feet of land, the 7,938 square foot property consists of 6 one bedroom, one bath units and 2 two bedroom, one bath units . Property features include controlled access, air-conditioning, on-site laundry facilities, mature landscaping and garage parking. The owner has been renovating units once they become vacant and available for rent. Upgrades to the units include new paint, new carpet and stoves as needed. The property boasts well maintained mature landscaping and appears to have been kept up nicely over the years. This property is extremely well located in Koreatown, with convenient access to Downtown, Hollywood and the Westside. In addition, the asset is situated within minutes to the following destinations:
The Wiltern Pinkberry Jian Koreatown Plaza R-Bar Brass Monkey The Orchid Cafe Bleu Crazy Hook Frank N Tank Manzinga DGM The Prince Soot Bull Jeep The Grand Spa Honey Pig Shik do Rak
E XC L U S I V E O F F E R I N G M E M O R A N D U M
PROPERTY PHOTOS
23
100%
$ $
200 $8,322 $99,864
8,122
6,083 2,039
$ $
1,200 1,400
Market Rents Monthly Rent/Unit
$
$
$ $
5.4% *
34.6%
3.0%
200 $10,200 $122,400
10,000
7,200 2,800
Monthly Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.
$
$952-$1,081 $1,006-$1,033
Monthly Income
Current Rents 99,864 (2,996) 96,868 (34,602) 62,266 62,266
Laundry Income: Monthly Scheduled Gross Income: Annual Scheduled Gross Income:
N/A N/A
Current Rents Avg. Monthly Rent/Unit
5.41% 7.10% 1953 8,799 7,938 $144.87
1,150,000 1,150,000 8 $143,750 11.52 9.40
$
1+1 2+1
6 2
Approx. Sq.Ft.
$ $
Total Scheduled Rent:
Bdrms/ Baths
No. of Units
Scheduled Income
Scheduled Gross Income: Less Vacancy Rate Reserve: Gross Operating Income: Less Expenses: Net Operating Income: Less Loan Payments: Pre-Tax Cash Flow:
Annualized Operating Data
Current CAP: Market CAP: Approx. Age: Approx. Lot Size: Approx. Gross SF: Cost per Net GSF:
Price: Down Payment: Number of Units: Cost per Legal Unit: Current GRM: Market GRM:
Summary
7.1% *
28.3%
5.0%
Taxes: Rate 1.25% Insurance Utilities Maintenance Waste Landscaping Reserves Pest Control Advertising & Leasing General & Admin Management 2% Total Expenses: Per Net Sq. Ft.: Per Unit:
$ $ $ $ $ $ $ $ $ $ $ $
14,375 3,300 6,570 2,100 1,440 600 2,000 480 600 1,200 1,937 34,602 $4.36 $4,325.30
* As a percent of the down payment
On Site Laundry Facilities Significant Income Upside 10 Parking Spaces
Excellent Koreatown Location 7,938 SF Lot Zoned R4 Good Unit Mix Off-Street Parking Small Courtyard Area Well-Maintained Asset
Estimated Annualized Expenses
Market Rents 122,400 (6,120) 116,280 (34,602) 81,678 81,678
FINANCIAL SUMMARY 351 S. Mariposa Avenue, Los Angeles, CA 90020
E XC L U S I V E O F F E R I N G M E M O R A N D U M
24
25
E XC L U S I V E O F F E R I N G M E M O R A N D U M
351 S. MARIPOSA INVESTMENT OVERVIEW
PRICE:
$1,150,000
Down Payment:
$1,150,000
Price Per Unit: Price Per Square Foot: Number of Units: Approx Gross Square Feet: Number of Stories: Year Built: Lot Size:
$143,750 $145 8 Units 7,938 SF 2 1953 8,799 SF
Current Cap Rate:
5.4%
Current GRM:
11.5
Current Net Operating Income: Pro Forma Cap Rate: Pro Forma GRM: Pro Forma Net Operating Income:
$62,266 7.10% 9.4 $81,678
E XC L U S I V E O F F E R I N G M E M O R A N D U M
351 MARIPOSA RENT ROLL
Unit #
Unit Type
Current Rent
1
2+1
$1,006.28
2
1+1
$1,081.00
3
1+1
$1,000.00
4
1+1
$1,000.00
5
1+1
$952.00
6
1+1
$1,000.00
7
1+1
$1,050.00
8
2+1
$1,032.72
Laundry
TOTALS:
$100.00
8 Units
$8,222.00
26
E XC L U S I V E O F F E R I N G M E M O R A N D U M
S E C T I O N
5
MARIPOSA SALES COMPARABLES
27
E XC L U S I V E O F F E R I N G M E M O R A N D U M
28
SALES COMPARABLES SUMMARY Mariposa Portfolio Recent Sales Comparables
Address
City
Zip Code
Price
Units
Bldg. SF
Price/SF
Price/Unit
321, 341 & 351 S. Mariposa
Los Angeles
90006
$4,225,000
34
27,164
$155
$124,265
1018 S. Norton Avenue
Los Angeles
90019
$1,220,000
8
6,343
$192
$152,500
1941
7/16/2009
846 S. Catalina Street
Los Angeles
90005
$890,000
6
9,228
$123
$148,333
1925
1/27/2010
4555 1st Street
Los Angeles
90004
$1,470,000
10
6,856
$214
$147,000
1957
7/28/2009
538 S. Gramercy Place
Los Angeles
90020
$1,050,000
8
7,221
$145
$131,250
1955
2/12/2010
201 S. Alexandria Avenue
Los Angeles
90004
$1,535,000
12
13,303
$115
$127,917
1927
7/9/2010
676 Shatto Place
Los Angeles
90005
$5,100,000
40
26,716
$191
$127,500
1927
1/19/2010
708 S. Oxford Avenue
Los Angeles
90005
$2,500,000
20
16,394
$152
$125,000
1964
3/9/2010
232 S. Serrano Avenue
Los Angeles
90004
$1,376,000
12
9,584
$144
$114,667
1960
8/7/2009
520 S. Kenmore Avenue
Los Angeles
90020
$2,500,000
24
18,783
$133
$104,167
1961
7/1/2009
Averages:
$157
$130,926
Year Built
Sale Date
1953-56 On Market
E XC L U S I V E O F F E R I N G M E M O R A N D U M
68%-(&73523(57,(6
60DULSRVD$YHQXH /RV$QJHOHV&$ Price: ......................................... $4,225,000 Year Built:...................................1953-1956 Number of Units: ..................................... 34 Building SF:...................................... 27,164 Price Per Unit: ............................. $124,264 Price Per SF: ....................................... $155 Sale Date: ...................................On Market 61RUWRQ$YHQXH /RV$QJHOHV&$ Price: ......................................... $1,220,000 Year Built:............................................ 1941 Number of Units: ....................................... 8 Building SF:........................................ 6,343 Price Per Unit: ............................. $152,500 Price Per SF: ....................................... $192 Sale Date: ....................................7/19/2009 6&DWDOLQD6WUHHW /RV$QJHOHV&$ Price: ............................................ $890,000 Year Built:............................................ 1925 Number of Units: ....................................... 6 Building SF:........................................ 9,228 Price Per Unit: ............................. $148,333 Price Per SF: ....................................... $123 Sale Date: ....................................1/27/2010
29
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6WUHHW /RV$QJHOHV&$ Price: ......................................... $1,470,000 Year Built:............................................ 1957 Number of Units: ..................................... 10 Building SF:........................................ 6,856 Price Per Unit: ............................. $147,000 Price Per SF: ....................................... $214 Sale Date: ....................................7/28/2009 VW
6*UDPHUF\3ODFH /RV$QJHOHV&$ Price: ........................................ $1,050,000 Year Built: ........................................... 1955 Number of Units: ...................................... 8 Building SF: ....................................... 7,221 Price Per Unit: ............................ $131,250 Price Per SF: ...................................... $145 Sale Date: ...................................2/12/2010 6$OH[DQGULD$YHQXH /RV$QJHOHV&$ Price: ........................................ $1,535,000 Year Built: ........................................... 1927 Number of Units: .................................... 12 Building SF: ..................................... 13,303 Price Per Unit: ............................ $127,917 Price Per SF: ...................................... $115 Sale Date: .....................................7/9/2010
30
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6KDWWR3ODFH /RV$QJHOHV&$ Price: ........................................ $5,100,000 Year Built: ........................................... 1927 Number of Units: .................................... 40 Building SF: ..................................... 26,716 Price Per Unit: ............................ $127,500 Price Per SF: ...................................... $191 Sale Date: ...................................1/19/2010 62[IRUG$YHQXH /RV$QJHOHV&$ Price: ........................................ $2,500,000 Year Built: ........................................... 1964 Number of Units: .................................... 20 Building SF: ..................................... 16,394 Price Per Unit: ............................ $125,000 Price Per SF: ...................................... $152 Sale Date: .....................................3/9/2010 66HUUDQR$YHQXH /RV$QJHOHV&$ Price: ........................................ $1,376,000 Year Built: ........................................... 1960 Number of Units: .................................... 12 Building SF: ....................................... 9,584 Price Per Unit: ............................ $114,667 Price Per SF: ...................................... $144 Sale Date: .....................................8/7/2009
31
E XC L U S I V E O F F E R I N G M E M O R A N D U M
6.HQPRUH$YHQXH /RV$QJHOHV&$ Price: ........................................ $2,500,000 Year Built: ........................................... 1961 Number of Units: .................................... 24 Building SF: ..................................... 18,783 Price Per Unit: ............................ $104,167 Price Per SF: ...................................... $133 Sale Date: .....................................7/1/2009
32
0
miles
0.15
11
0.3
Crrre C C eennn s s s hhhaaaw ww B Blllv B SS B vvddd B r r o o nnssoo nn A Avv ee SN S S N N o o o rrrtttooonn nA Avvv A eee
S Windsor Blvd S Windsor Windsor Blvd Blvd S
S Irving S Irving Blvd Irving Blvd Blvd S S
44
W 8th W 8th St St
W 9th 9th St W St
W 2nd 2nd St St W
W 1st 1st St St W
Mariposa Sales Comps
S Plymouth S Plymouth Blvd Blvd
44ttthhh A A Avvve e
S S Wilton Wilton Pl Pl
Gramercy Pl S Gramercy Pl Gramercy S Pl S
S Gram ercy S Gram Gramercy S Dr ercy Dr Dr SSaint SaintAndrews S AndrewsPl Saint Andrews Pl S Saint Pl Andrews Pl S
33
Manhattan Pl S Manhattan S Manhattan S Pl Pl
S Manhattan S Manhattan Pl Manhattan Pl Pl S S Manhattan Pl S S Wester Westernn Ave Ave
77
Oxford S Ave Oxford Ave S Oxford Ave S
W Olympic Olympic Blvd W Blvd
San Marino Marino St San St
W W 8th 8th St St
W W 7th 7th St St
Wilshire Wilshire Blvd Blvd
6th St W 6th St W
5th St W 5th W St
W 4th 4th St W St
S Hobart S Hobart Blvd Blvd S Hobart Blvd Blvd
1st St W 1st St W
James M James M Wood Wood Blvd Blvd
88
S Ave Serrano Ave S Serrano
Harvard Blvd S Harvard Blvd Harvard S Blvd S
S Kingsley S Kingsley Dr Kingsley S Dr Dr
W W 3rd 3rd St St
Normandie Ave Normandie Ave Normandie Ave
St 2nd St W 2nd W
Irolo St St Irolo St Irolo
Mariposa Ave S Mariposa Mariposa S Ave Ave S
S Mariposa Mariposa Ave S Mariposa S Ave Ave
55
S Alexandria Alexandria Ave S Alexandria Ave S Ave
99
W W 1st 1st St St
KenmoreAve Ave Kenmore Ave S Kenmore S Kenmore Ave S
22
S Catalina Catalina St S Catalina S St St S Berendo S Berendo St Berendo St St S S Berendo St
Label
W St 7th St W 7th
New Hampshire S Hampshire Ave New S New Hampshire Ave S Ave
321, 341 & 351 S. Mariposa
9 520 S. Kenmore Avenue
8 232 S. Serrano Avenue
7 708 S. Oxford Avenue
6 676 Shatto Place
5 201 S. Alexandria Avenue
St St Place Marino San 4San 538Marino S. Gramercy
3 4555 1st Street
2 846 S. Catalina Street
66
Address
1 1018 S. Norton Avenue
Ave S Vermont S Vermont S Ave Vermont Ave
Shatto Shatto Pl Pl S Westmor S Westmor eland Ave Westmoreland eland S Ave Ave
Westmoreland S Ave Westmoreland Ave S Westmoreland Ave S Virgil Ave S Virgil S Virgil Ave Ave S Virgil Ave S
E XC L U S I V E O F F E R I N G M E M O R A N D U M
33
