exclusive multifamily offering 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 #01191898 A Member of the Lee & Associates Group of Companies WARREN BERZACK National Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors Lic. #01329015 818.933.0350 [email protected]Idaho & 3rd Apartments 222-228 Idaho Ave., Santa Monica, CA | 20 units investment property advisors BERZACK
10
Embed
exclusive multifamily offering · 2 Blocks from Ocean Avenue and the 3rd Street Promenade The Pacific Ocean . Highlights Amenities. The Idaho & 3rd Apartments are . desirably located
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
e x c l u s i v e m u lt i fa m i l y 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
Idaho & 3rd Apartments222-228 Idaho Ave., Santa Monica, CA | 20 units
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.
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
PROPERTY DESCRIPTION
�Prime 3rd Street Location
�Two Blocks to the Santa Monica Cliffs & Palisades Park
�25% Upside in Rents
�Reposition Opportunity (5 units currently vacant)
The Idaho & 3rd Apartments are a well maintained 20-unit apartment community located in the primest of the
prime locations in Santa Monica, California. Set amid lush surroundings on a 15,006 square foot lot, the 15,640 square foot property offers studios, one- and two-bedroom apartment homes. Built in 1954, the property offers, a phenomenal rental location and superb freeway access.
LOCATION INFORMATION
�Walk to Numerous Shops and Restaurants
�Minutes to the Pacific Ocean and Outdoor Activities
�Close to Santa Monica (10) Freeway
�Employment Center for Entertainment, Media and Technology Companies
�Walk to Elementary, Middle and High Schools
�16 Garage Parking Spaces
�8 Uncovered Parking Spaces
�2 Blocks from Ocean Avenue and the 3rd Street Promenade
�The Pacific Ocean
Highlights Amenities
The Idaho & 3rd Apartments are desirably located along Idaho Ave. between Montana Ave. and Washington Ave., and on the corner of 3rd Street.
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.
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
MULTIFAMILY INVESTMENT INFORMATION SHEET
PROPERTY NAME NUMBER OF UNITS 20 ADDRESS BUILDING SIZE (SQ. FT.) 15,640 CITY, STATE, ZIP LOT SIZE (SQ. FT.) 15,006 PRICE COST PER UNIT $489,750YEAR BUILT COST PER SQFT $626.28
□ Phenomenal Loca�on □ Tremendous Rental Upside □ 5 Units Delivered Vacant □ 2019 New Copper Plumbing □ Irreplacable Real Estate
RENTAL INFORMATIONNO. UNITS BDRMS BATHS AVG. RENT RENT Monthly Income
15250 Ventura Boulevard, Suite 100 | Sherman Oaks, CA 91403
Idaho Apartments
INVESTMENT HIGHLIGHTS
Cash on Cash
CAP Rate
MARKET INCOME/YEAR
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.
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.
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
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.
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
PROPERTY PICTURES
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.
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
# Address City # of Units Year Built Single 1+1 2+2
1 808 2nd St. Santa Monica, CA 90403 11 1960 $3,050
2 834 2nd St. Santa Monica, CA 90403 15 1968 $2,895
3 922 2nd St. Santa Monica, CA 90403 4 1948 $2,900
4 918 3rd St. Santa Monica, CA 90403 9 1964 $3,250
5 1008 2nd St. Santa Monica, CA 90403 14 1969 $3,595
6 1028 2nd St. Santa Monica, CA 90403 22 1959 $2,650
7 1029 2nd St. Santa Monica, CA 90403 19 1940 $1,750
8 1025 2nd St. Santa Monica, CA 90403 24 1949 $1,800
9 807 3rd St. Santa Monica, CA 90403 10 1958 $3,100
AVERAGES 14 1957 $1,775 $2,874 $3,315
SUBJECT 20 1954 $1,351 $2,277 $2,563
RENT COMPARABLES
SALES COMPARABLES
Address # of
Un
its
Year
Built
Sales
Price
Rent
able
Sq. F
t.
Avg
SqFt
/Unit
Price
/Unit
Price
/
Sq
. Ft.
CAP R
ate
GRM
Close
of
Escro
w
1 858-860 3rd St 28 1954 $12,419,020 22,700 811 $443,536 $547 3.20% N/A 12/19/19Santa Monica, CA 90403
2 901 3rd St. 32 1973 $21,700,000 38,918 1,216 $678,125 $558 3.00% N/A 06/06/19Santa Monica, CA 90403
3 915 3rd St. 27 1973 $11,750,000 32,276 1,195 $435,185 $364 3.31% 17.79 07/26/19Santa Monica, CA 90403
4 855 6th St. 21 1957 $8,875,000 25,236 1,202 $422,619 $352 3.20% N/A 11/30/18Santa Monica, CA 90403
5 1038 7th St. 10 1973 $4,720,000 9,310 931 $472,000 $507 N/A N/A 09/23/19Santa Monica, CA 90403
6 210 California Ave. 10 1962 $4,750,000 12,516 1,252 $475,000 $380 2.50% N/A 11/30/18Santa Monica, CA 90403
7 410 California Ave. 7 1951 $2,535,000 4,151 593 $362,143 $611 3.00% 19.00 08/01/19Santa Monica, CA 90403
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.
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
i n v e s t m e n t p r op e rt y a d v i s or sBERZACK
AREA INFORMATIONSanta Monica is one of the most sought-after locations for residents and businesses in Los Angeles. The city of Santa Monica in Los Angeles County sits along a 3-mile stretch of the Pacific Ocean with 245 acres of sandy beach. The city’s 92,478 residents are well educated and affluent professionals with a median household income of $90,088. The Santa Monica (10) Freeway transects the city from east to west and provides access to the San Diego (405) Freeway taking commuters north and south. With the recent completion of the Metro Expo Line residents now can ride public transportation to downtown Los Angeles.
• Beach Activities… Santa Monica’s beaches offer a host of activity including a bike path that takes riders to Venice and the South Bay beach cities. In addition to the city’s parks, the beaches offer volleyball courts and a public recreation center.
• Entertainment and Shopping… The city is awash with options ranging from the ferris wheel and carousel at the Santa Monica pier to the restaurants, shops and movie houses on the Third Street Promenade and the Montana Avenue shopping district with its famous sidewalk sale.
• Employment Center… Santa Monica is a tech and media center with employers ranging from Activision to Universal Music, Hulu, Snap, Red Bull, Amazon, and Lionsgate Entertainment.
DEMOGRAPHIC SUMMARY
Total Population
Average Household Income
31,647
$141,063
366,547
$144,199
1-mile radius 5-mile radius
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. i n v e s t m e n t p r op e rt y a d v i s or s
BERZACK
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
AERIAL MAP
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. i n v e s t m e n t p r op e rt y a d v i s or s
BERZACK
222-228 Idaho Avenue | Santa Monica, CA
Ida h o & 3r d apa r t m e n t s
AMENITIES MAP
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. i n v e s t m e n t p r op e rt y a d v i s or s