JUST LISTED - Charles Dunn Company

JUST LISTED
Multi-Residential Investment
844 & 846 W. Martin Luther King Jr. Blvd, South LA
Price.………………………………………………. $1,800,000
Property Description
Ramin Gheitanchi
Director
Lic. # 01501715
[email protected]
Direct 310.492.8412
Office 310.312.1800
Fax 310.312.1801
1925 Century Park East, Ste. 2350
Los Angeles, CA 90067
Direct 310.312.1800
Fax 310.312.1801
Lic. # 01201641
www.charlesdunn.com
PRICED FOR A FAST SALE. The subject property is a 2-story, 24-unit apartment
building of wood/frame stucco consisting of two 12-unit sister buildings built in 1924
& 1925. The buildings are situated on a double lot of over 11,000 S.F. of land zoned
LAR-3 suitable for future potential development. Located just across from the Los
Angeles Memorial Coliseum and just south of University of Southern California in a
gentrifying part of South Los Angeles. The units consist of 21 singles and 3 one
bedroom units. Almost all units have been renovated with Pergo flooring. Both
buildings are separately metered for electricity and master metered for gas & water.
Each building has its own laundry room that are currently not in use and can provide
additional income for the new owner. PRICED AT 8.3 X GROSS & $75,000/UNIT
Features
•
Double lot of over 11,000 S.F. zoned LAR-3
•
Located close to USC
•
Units with Pergo flooring
•
Priced at only 8.3 x current rents
•
Lowest price/unit in the area at $75,000/unit
•
Upside in rents
•
Property exterior freshly painted
T. Guide Map/Grid .……….. 674 – B2
No. of Units………………………….24
Total Building SF………...14,390 SF
Unit Mix ……21-Singles & 3-One Bd.
Lot Size……………..........11,094 SF
Zoning…………………………..LAR-3
Yr. Built..............................1924/1925
Parking……………………………none
Price/Unit..…………….……...$75,000
Price/S.F.…………………………$125
GRM ...…....………………………..8.3
CAP Rate………………………...5.9%
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Multi-Residential Investment
Projected Annual Expenses
# of
Units
Type
Rent Range
Average
Rent
Market
Rent
21
Single/1
$622-$750
$732
$800
Property Taxes (1.22% + $1,090 direct
assessments):
$23,050
3
1/1
$850-$900
$833
$950
Property Management (5%):
$10,274
Proforma Year 1
Current
Property Insurance:
$5,285
LAHD-Code Enforcement Bill ($67.83/unit):
$1,628
Utilities (DWP):
$20,934
Market
Trash Service:
$2,379
Schedule Gross Income
$216,298
$237,000
Gas:
$6,633
Less Vacancy Reserve (5%)
($10,815)
($11,850)
Maintenance/Repairs (est):
Gross Operating Income
$205,483
$225,150
Replacements (est):
$5,000
Landscape & Cleaning:
$1,200
Less Expenses (46%)
($100,000)
($100,000)
Net Operating Income
$105,483
$125,150
Pest Control:
Reserves:
Total Operating Expenses:
Expenses (% of Income)
Expense/Unit/Bldg. SF
$20,000
$600
$3,017
$100,000
46%
$4,167/$6.95
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:SetUp/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Tenant Summary
Unit #
Type
Current Rent
Market Rent
Building 844:
1
S/1
$730
$800
2
S/1
$750
$800
3
S/1
$750
$800
4
S/1
$750
$800
5
S/1
$750
$800
6
S/1
$700
$800
7
S/1
$750
$800
8
S/1
$750
$800
9
S/1
$746.50
$800
10
S/1
$750
$800
11
S/1
$750
$800
12
1/1
$850
$950
1
1/1
$900
$950
2
S/1
$750
$800
3
S/1
$750
$800
4
S/1
$612.84
$800
5
S/1
$750
$800
6
S/1
$750
$800
7
1/1
$900
$950
8
S/1
$750
$800
9
S/1
$750
$800
10
S/1
$658.58
$800
11
S/1
$667.91
$800
12
S/1
$750
$800
Monthly Income:
$18,024.83
$19,500
Laundry Income:
$0
$250
$18,024.83
$19,750
$216,298
$237,000
Building 846:
Total Monthly Income:
Scheduled Annual Income:
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:Set up/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Property Photos
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:Set up/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Property Photos
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:Set up/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Plat Map
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:SetUp/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Aerial Map
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:SetUp/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}
844 & 846 W. Martin Luther King Jr. Blvd, South Los Angeles 90037
Contacts
Ramin Gheitanchi
Director
Lic. #01501715
[email protected]
Direct 310.492.8412
Office 310.312.1800
Fax 310.312.1801
These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by the Charles Dunn Company or its
personnel, and all interested parties must independently verify its accuracy and completeness. As well, any projections, assumptions, opinion, or estimates are used for example only and do not
represent the current or future performance of the identified property. Your tax, financial, legal and toxic substance advisors should conduct a careful investigation of the property and its suitability for
your needs, including land use limitations. The property is subject to prior lease, sale, change in price, or withdrawal from the market without notice.
Charles Dunn Company, 1925 Century Park East, Suite 2350, Los Angeles, CA 90067 Lic. # 01201641
:Marketing Package/844-46 W. Martin Luther King Jr Blvd- {1.7.14-ab}