107 - 117 Channel Road - Muselli Commercial Realtors

Transcription

107 & 117 W. CHANNEL RD SANTA MONICA, CA 90402
11 UNITS IN SANTA MONICA
• Prime Santa Monica, steps from the beach!
• 4% Cash on Cash Return
• Most units with Ocean views
• 100% occupied Double Net Lease
• Includes three buildings with (10) residential units, (1) retail
• All units nicely remodeled, updated kitchens/baths, hardwood floors
• Minutes to Santa Monica, Pacific Palisades and Malibu
• Two contiguous parcels, Los Angeles C2 zoning
• No Santa Monica Rent Control
• Walking distance to: SHOREbar, Hungry Cat, Giorgio Baldi, Sam’s
INVEST WELL. LIVE WELL.
Prosser Stevens Real Estate Investments [email protected] 310.482.2209 ProsserStevens.com
CONTENTS
PROPERTY ANALYSIS
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Location
Summary
Photos
Neighborhood Information
Unit Descriptions
Financial Analysis Setup
Financial Analysis Rent Roll
Sold Comparables
Rent Comparables
CONTACT
Eric M. von Bluecher
BRE# 01926201
310-774-3726 direct
310-861-1175 fax
[email protected]
LOCATION
LISTING SUMMARY
PROPERTY DESCRIPTION
Units
10 Residential, 1 Retail
Major Intersection
Chauntauqua Blvd & PCH
Market
Santa Monica
APN
4410-012-001 / 4410-012-002
HIGHLIGHTS
Property Square Footage Zoning Type
Year Built
Lot Size Space
3,927’
LAC2
1915
7,056’
Prosser Stevens Real Estate Investments proudly presents the exclusive
listing of two contiguous lots in prime northern Santa Monica. The listing
includes (10) residential units and (1) retail space on more than 7,000’ of
land zoned LAC2. All units are nicely remodeled, some with ocean views.
The retail unit benefits from high visibility and the residential tenants enjoy
easy access to the beach, bike path and numerous restaurants in walking
distance. Not subject to Santa Monica rent control. Landlord Responsible
for Property Taxes. Lessee responsible for Roof, Structure and Operating
Expenses.
The offering is currently operated as a sober living facility with a Double
Net lease. The current 5 year lease ends in 2019 with option to extend an
additional 5 years with 3% annual rent increases. Tenant pays all utilities
including water, gas, electricity, and trash. In addition, tenant is responsible
to maintain and repair the building.
The three buildings are comprised of:
3+2 large unit, ocean views, updated kitchen and baths, hardwoods
1+1 unit, ocean views, updated kitchen/bath, private patio
7-unit apartment building, nicely remodeled, ocean-view deck
Jr. 1+1, hardwood floors, updated kitchen/bath, detached
Retail with half bath, approximately 200 sq. ft.
Area
Located in northern Santa Monica at the intersection of PCH and
Chautauqua Blvd. Walking distance to the beach and bike path across
pedestrian-friendly intersection of PCH. Also walking distance to several popular restaurants including Hungry Cat, Giorgio Baldi, Patrick’s
Roadhouse and Marix Tex Mex. Centrally located to Malibu, Santa
Monica, the Palisades, and Venice.
Photos
Photos
Photos
Photos
Photos
Photos
NEIGHBORHOOD INFORMATION
SANTA MONICA LOS ANGELES
One of the most desirable addresses for both living and working, Santa Monica offers a walkable
downtown, a blossoming public transportation system and several notable tourist destinations.
Known for its sunshine and beaches, Santa Monica prides itself as a national model for progressive
issues, including social services, quality of life for local residents, and environmental leadership.
Median family income is $110,000 and average home prices are $1.1 million resulting in beautiful
neighborhoods and incredible ROI for real estate investors.
This urban village has spectacular views of its vast white sand beaches from Palisades Park,
exceptional shopping on Third Street Promenade, Main Street and Montana Avenue, and the
region’s most renowned restaurant scene. Santa Monica stretches for about two miles along the
coast before joining up with Venice Beach.
A population of nearly 90,000 and a daytime workforce of about 80,000 makes Santa Monica’s
labor force participation rate among the highest in the world and a substantial daily in-migration of
employees. Major employers include UCLA Hospital, St. John’s Health Center, RAND Corporation,
Universal Music Group, Activision, and Santa Monica College.
EDUCATED WORKFORCE
65% of Santa Monica residents have a bachelor’s degree and 29% have attained a graduate
degree or higher – nearly three times the national average.
MAIN STREET SANTA MONICA
Set just two blocks from the Pacific Ocean, Main Street stretches nearly a mile, with a unique
laid-back collection of restaurants, boutiques, coffee shops, and salons. Independent retailers and
small, local chains-many with health-focused options; anchor the tree-lined blocks between Pico
Boulevard to the north and the city of Venice to the south. On Sundays, families and residents
flock to Heritage Square for the bustling farmers market, which features live music, and free valet
parking for cyclists. Just two blocks to the west is Ocean Park Beach, a five-acre park just south of
the iconic Santa Monica Pier.
The many art galleries and attractions such as the Edgemar Center for the Arts and Mindfulnest,
which is one-part art gallery, one-part shop. Main Street also recently has seen an influx of
international restaurants, such as the recently opened Jinya Ramen Bar and Aussie Pie Kitchen,
and is home to one of the highest concentrations of coffee shops in Santa Monica.
The main neighborhoods in Santa Monica include: Pico District, Wilshire Neighborhood, Ocean
Park, (is a major thoroughfare in Santa Monica that runs along Palisades Park, with a view of
the Pacific Ocean) Downtown Santa Monica, (located south of Wilshire Blvd) and Sunset Park
Neighborhood
COLORADO CENTER & WATER GARDEN
Colorado Center is a 15-acre, Class A project containing six buildings home of companies
such as Hulu, HBO, and Colony Capital. On-site amenities include: 3.5-acre park with tennis &
basketball courts, reflecting pool and playground, full-service gym, bank, deli, coffee shops, formal
restaurants, lounge area, professional child care, car wash and detail service, 24-hour security,
and subterranean parking garage with valet service for visitors. Businesses attracted to business
parks with these amenities, proximity to the beach and freeways also appeal to a high quality
tenant base.
The Water Garden is a 17- acre, Class A office complex containing six buildings home to
companies such as Getty Images, AMC Network and Microsoft, totaling 1.27 million square feet
with three levels of subterranean parking. The Water Garden has a state-of-the-art automated
fire life safety system and on-site security 24 hours/7 days a week, elevator card key access and
surveillance equipment placed strategically throughout the property. Many of the amenities found
in the Water Garden are also key components to a high paying tenant base.
A NEIGHBORHOOD CITY
Residential neighborhoods in Santa Monica include:
• Mid-City Santa Monica
• Ocean Park
• Wilshire - Montana
• North of Montana
• Downtown Santa Monica
• Sunset Park
5
MAJOR ATTRACTIONS
1
2
3
4
5
UNIT DESCRIPTIONS
107 W. Channel Rd.
Unit 107 – Retail with half bath, approx 200 sq. ft. - Ground Level
Unit 107 ½ - Junior 1+1 apartment, hardwood floors, updated kitchen and bath, high
ceilings, detached building
Unit 109 – 3+2, Detached home with updated full kitchen, large living area, ocean views,
hardwood floors, updated bathrooms
Unit 109 ½ - 1+1, hardwood floors, ocean views, updated kitchen and bath, small patio,
private patio in rear
117 W. Channel Rd.
Unit 3 – 1+1, hardwood floors, updated kitchen and bath, patio in rear
Unit 4 – Studio, updated full kitchen and bath, hardwood floors
Unit 5 – Studio, updated full kitchen and bath, top front unit on the east side, vaulted ceilings, ocean views
Unit 6 – Studio – ocean views, Juliet balcony, updated full kitchen and bath
Unit 7 – 1+1, top floor, westside of building, hardwood floors, vaulted ceilings, large and
spacious unit with ocean views, updated kitchen and bath
Building Highlights
- Ocean-view community deck
- On-demand water heaters
- Private patios and bbq area
- Approx 5-6 parking
- Newer double-paned windows throughout most of building
- Separately metered for gas & electricity
CURRENT OPERATION - DOUBLE NET LEASE @ $6.1M
107 & 117 W CHANNEL RD SANTA MONICA, CA 90402
CURRENT RENT ROLL
Gross Payment
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.
APARTMENT FINANCIAL ANALYSIS @ $6.1M
Operated as Standard Apartment Building with Marked Rents
APARTMENT RENT ROLL
SOLD COMPARABLES
SALE PRICE
UNITS
BLDG S.F.
Subject Property: 107 & 117 W Channel Rd
$6,700,000
11
3,927
1
$14,500,000
8
7,924
22816 Pacific Coast Hwy, Built 1955
$7,200,000
5
3,960
PRICE/UNIT
UNIT MIX: (3) 1+1, (5) Studio, (1) Commercial, (1) Office
$1,706
2
PRICE S.F.
$609,091
UNIT MIX: (8) 1+1 CLOSED: 6/25/15
$1,830
$1,812,500
UNIT MIX: (4) 1+1, (1) 3+2 CLOSED: 9/24/14
$1,818
$1,440,000
3
UNIT MIX: (6) 1+1 CLOSED 7/27/15
2016 Ocean Drive Manhattan Beach, Built 1931
$5,700,000
6
3,401
$1,676 $950,000
4
$6,800,000
20
5,100
5
UNIT MIX: (1) 1+1, (19) Studio CLOSED: 7/2/14
$1,333
$340,000
1401 Palisades Beach Road, Built 1912 UNIT MIX (2) 1+1, (1) 4+2, (8) Studio CLOSED 6/5/20/14
$5,300,000
11
4,780
$1,109 $481,818
SOLD COMPARABLES
6
615-617 Ocean Avenue, Built 1953
7
8
9
$15,560,000
25
22,426
$6,050,000
12
9,620
$7,000,000
12
8,320
$4,250,000
8
5,100
UNIT MIX: (25) 2+1 CLOSED: 1/29/15
$694
$622,400
UNIT MIX: (8) 1+1, (4) 2+1
$629
CLOSED 10/9/14
$504,167
UNIT MIX: (12) 1+1 CLOSED: 6/25/14
$841
$583,333
UNIT MIX (8) 1+1 CLOSED 5/30/14
$833
$531,250
SOLD COMPARABLES MAP
3 2 1
8
7 6
11 9
5
4 10
SOLD
1
2
3
4
5
6
7
8
9
10
11
22638 Pacific Coast Hwy
1401 Palisades Beach Road
615-617 Ocean Avenue
25316 Malibu Rd
2411-2417 2nd St
25328 Malibu Rd
RENT COMPARABLES MAP
2
8
4
9
3
6
7
5
1
1
RentBed BathDescription
723 Palisades Beach Rd #107 Santa Monica, CA 90402
$5,480
3
2
2 bedrooms 2 bathrooms Santa Monica
beach condominium. The home is on the
sandy Pacific Ocean beach, and the best
location of Santa Monica.
2
465 Mesa Rd Santa Monica, CA 90402
$4,000
1
1
Centrally located between Rustic Canyon
Park, the beach and Canyon elementary
this mid century Quincy Jones style house
offers a wonderful respite from the
hustle of the city. Tucked into the hillside
the open floor plan offers a private bedroom plus office/den or second bedroom.
Cork floors and a cinder block fire place
plus the open beamed ceilings set the
vibe.
3
521 San Vicente #521A Santa Monica, CA 90402
$3,925
3
2
Absolutely charming condo situated within
a lovely garden complex just blocks form
the Pacific Ocean. Beautiful unit filled with
natural light featuring hardwood
floors, plantation shutters, plantation
shutters, and crown molding throughout.
Spacious living room, formal dining, room,
private laundry room just steps outside
the unit, and a parking space within a
shared private garage. Designer feel and
meticulous attention to detail in every
room. Close to the sand, the Third Street
Promenade, the Pier, shops and restaurants on Montana Ave and all that Santa
Monica has to offer!
4
272 Entrada Dr #1 Santa Monica, CA 90402 $3,700
1
1
Charming lower unit in Santa Monica
Canyon triplex with its own private patio.
New kitchen and bathroom. French doors
open to the outdoors. Hardwood floors
throughout. Washer and dryer in unit. Very
quiet, peaceful building in a wonderful
lush setting.Steps to the beach and the
Canyon’s award winning restaurants. No
smoking on premises.
5
101 Marguerita Ave #A Santa Monica, CA 90402 $3,600
2
2
California Beach living at its very best.
Incredible 2 bedroom/1.75 bath unit with
ocean and Bluff views from almost every
window. Light and bright with a large
living room and a large formal dining
area. Wood floors. Ceiling fans in both
bedrooms. Very well maintained complex with a manager living on site. One of
Santa Monica’s most desirable locations
across the street from Palisades Bluff and
near the Santa Monica Pier and 3rd Street
Promenade. A very unique and charming
property. Sorry no pets and no smoking on
the property. Shown only by appointment.
6
368 Entrada Dr Santa Monica, CA 90402
$3,200
1
1
Cottage by the beach. Very private large
backyard with two car garage. Hardwood
floors, 1 bedroom & 1 bathroom, den and
loft.
7
404 San Vicente Blvd #205 Santa Monica, CA 90402 $2,800
1
1
Live in the best location in Santa Monica
in a completely remodeled condo. The
upgrades include oak hardwood floors and
cedar-lined closets. The kitchen has
Caesar stone counters, maple cabinets
and newer stainless steel appliances.
The bathroom has Italian tiled counter
tops, a double vanity, spa tub with jets
and a separate shower. Located just one
long block from the beach and across
the street from the famous Santa Monica
stairs. UNIT IS FURNISHED, BUT CAN BE
DELIVERED UNFURNISHED.
8
222 7th St #203 Santa Monica, CA 90402
1
1
This spacious one bedroom apartment
is located in a well maintained, secure
condo building, blocks from the ocean in
Santa Monica. The open floor plan, extra
den/office area off the kitchen, beautiful fireplace in the living room and large
balcony definitely add to the unit’s charm.
Located on the second floor of the building and facing out on 7th st, the apartment gets light throughout the day. This
one bedroom also boasts luxurious hardwood floors throughout, and an updated
kitchen with new appliances including a
large stainless steel fridge with freezer
drawer, double oven, built in microwave,
stove top, and dishwasher. There is an
abundance of storage in the unit as well,
with a spacious hall closet, linen closet,
and large bedroom closet. The bright,
clean bathroom has a large vanity with
plenty of drawers and counter space and
a tub/shower with glass sliding doors. The
unit comes with one gated garage parking
spot, and the laundry room is conveniently
located right down the hall.
$2,800
9
403 9th St #B Santa Monica, CA 90402
$2,350
0
1
LOCATION! Highly desirable North of
Montana Santa Monica Neighborhood
- guest house/apartment large studio
apartment for rent. Modern, very spacious, 9 blocks from beach. Full Kitchen,
full bath, full laundry room, washer/dryer,
A/C, fold out custom built - in Queen Size
Murphy Bed with built-in bookshelves,
cabinets, wardrobe (plus closet) and
kitchen counter bar and bar stools. All
Appliances - Including separate individual room/shed with full size washer and
dryer, Refrigerator/Freezer, Microwave,
dishwasher, oven/range, stove. All utilities
paid, Direct TV and DVR with all movie channels. Private carport parking on
premises with fenced yard. Second Floor
Private Unit (see photo) - Stairs to Upper
Unit. Prefer one person - no couples
please do to square footage limitations.
Cat or small dog welcome. TRULY A MUST
SEE!!! OUTSTANDING quiet, safe and
prestigious neighborhood. Alley access
and private entrance. Non-Smoker
Please. AVAILABLE NOW!!!
11 UNITS IN SANTA MONICA
Please contact:
Eric M. von Bluecher
BRE# 01926201
310-774-3726 direct
310-861-1175 fax
[email protected]
Prosser Stevens Real Estate Investments
ProsserStevens.com

107 - 117 Channel Road - Muselli Commercial Realtors

Transcription

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