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2615 Cullen Mkt Pkg
1. 2615 Cullen Street
Los Angeles, CA 90034
Apartment
Prepared for:
Holbrook Investments, LLC
Presented by:
Scott Rosenberg
Investment Associate
23740 Hawthorne Boulevard
Torrance, CA 90505
tel. (310) 802-2550
fax (310) 802-2560
May 21, 2008
2. 2615 Cullen Street, Los Angeles, CA 90034
Table of Contents
1. Subject
Property Profile
Aerial Photo
Parcel Map
2. Operating Information
Income & Expense Analysis
Pricing Analysis and Opinion of Value
3. Rent Roll
4. Sales Comparables
Individual Comparable Property Profiles
Summary of Comparable Sales
Sales Comparables Map
5. Area Information
Demographics
6. Marketing Strategy
Marketing Plan and Timeline
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
3. 2615 Cullen Street, Los Angeles, CA 90034
Property Profile
Property Address: 2615 Cullen Street
Los Angeles, CA 90034
Assessor Parcel #: 5065-006-019
Units: 10
Year Built: 1959
Building Size: 6,227
Lot Size: 7,231
Zoning: LAR3
Construction: Wood Frame
Roof Type: pitched
Parking: 8 (2 garage/6 carport)
Amenities
Unit Amenities
Refrigerator Disposal Central A/C Cable Ready/DSL
Dishwasher Washer/Dryer Wall A/C Furnished
Fireplace
Stove Balcony/Patio Utilities Paid
Common Area Amenities
Pool Secured Parking BBQ Area Elevator
Spa Secured Entry Playground Sundeck
Clubhouse
Fitness Center Laundry Room Sauna
Investment Highlights
● Desirable and unique location - quot;Culver Arts Districtquot;
● Alley acces with covered parking
● Excellent unit mix
● True upside potential
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
4. 2615 Cullen Street, Los Angeles, CA 90034
Aerial Map
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
5. 2615 Cullen Street, Los Angeles, CA 90034
Parcel Map
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
6. 2615 Cullen Street, Los Angeles, CA 90034
Investment Characteristics
Subject Photo Unit Mix & Rent Schedule
# of Monthly Market Monthly
Units Type Income Avg. Rents Rent Income
Current Rent
2 Single $ 630 - 928 $ 1,558 $ 779 $ 950 $ 1,900
4 1+1 $ 648 - 1,200 $ 3,816 $ 954 $1,250 $ 5,000
4 2+1 $ 1,106 - 1,419 $ 5,009 $ 1,252 $1,450 $ 5,800
Garage $ 250 $ 1,000
10 $ 10,633 $ 1,038 $ 13,700
Pricing Summary Income & Expenses
Price: $ 1,400,000 Current Proforma
Down: $ 330,919 Annualized Annualized
Loan Amount: $ 1,069,081 Scheduled Gross Income $ 127,596 $ 164,400
Laundry Income $ 1,800 $ 1,800
Price / Unit: $ 140,000
Price/ Sq Foot $ 224.83 Total Scheduled Gross Income $ 129,396 $ 166,200
Price/ Sq Ft Land $ 193.61 Vacancy Rate 3% $ 3,828 $ 4,932
GRM: 10.82
Cap Rate: 5.96% Effective Operating Income $ 125,568 $ 161,268
Cap Rate(Proforma): 8.51%
Property Profile Expenses % SGI
Property Taxes
No. of Units: 10 $ 16,800 13.0% $ 16,800
New Insurance Quote
Year Built: 1959 $ 3,500 2.7% $ 3,500
Utilities
Square Footage: 6,227 $ 5,750 4.4% $ 5,750
Rubbish
Lot Size: 7,231 $ 1,200 0.9% $ 1,200
Off Site Management Fees
Construction Type: Wood Frame $ 6,470 5.0% $ 6,470
On Site Management
Zoning: LAR3 $ - 0.0% $ -
Repairs & Maintenance
Roof Type: pitched $ 5,000 3.9% $ 5,000
Landscaping
Parking: 8 (2 garage/6 carport) $ 960 0.7% $ 960
Reserves for Replacement
Type: Apartment Complex $ 2,500 1.9% $ 2,500
Parcel No.: 5065-006-019
Total Expenses $ 42,180 32.6% $ 42,180
Per Unit $ 4,218 $ 4,218
Broker Contact Per Foot $ 6.77 $ 6.77
Scott Rosenberg Net Operating Income $ 83,388 $ 119,088
310-802-2550
Direct Line: Less: Debt Service $ 69,490 $ 69,490
310-802-2560
Direct Fax:
srosenberg@remaxcir.com
email: Pre-Tax Cash Flow $ 13,898 $ 49,598
NOTES: Figures are estimates only and based on industry standards. These numbers should be adequate considering the recent renovations and upgrades to the property. Property
taxes are based on a reassessment at the current tax rate.
23740 Hawthorne Boulevard, Torrance, CA 90505 tel. (310) 802-2550 fax (310) 802-2560
ReMax Commercial Realty and Agent makes no warranty or representation about the content of this brochure. It is your responsibility to indendependtly confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for
7. 2615 Cullen Street, Los Angeles, CA 90034
Rent Roll
Current Pro Forma
Unit # Unit Type Rent Increase Rent
1 1+1 $984 4% Oct $1,250
2 2+1 $1,248 3% April $1,450
3 2+1 $1,236 4% Oct $1,450
4 Single $928 3% May $950
5 1+1 $648 3% May $1,250
6 2+1 $1,106 3% March $1,450
7 2+1 $1,419 4% Nov $1,450
8 Single $630 3% April $950
9 1+1 $1,200 4% July $1,250
10 1+1 $984 3% April $1,250
Garage $250 $1,000
$10,633 $13,700
TOTALS:
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
8. 2615 Cullen Street, Los Angeles, CA 90034
Subject Sale Profile
Subject
$129,396
Income:
$3,828
3% Vacancy
$42,180
Expenses:
$4,218
Expenses/Unit:
$6.77
Expenses/Sq.Ft.:
$83,388
NOI:
$1,069,081
Financing:
2615 Cullen Street
90034
Vital Data
Units: 10 GRM: 10.82
Price: $1,400,000 Cap Rate: 5.96%
Unit Mix:
Down Payment: $330,919
Price Per Unit: $140,000 S 2
Price Per Sq. Ft: $224.83 1+1 4
Year Built: 1959 2+1 4
Construction: Wood Frame 2+1.5 0
Building Sq. Ft.: 6,227 2+2 0
Land Area Sq. Ft.: 7,231 3+1 0
Zoning: LAR3 3+2 0
3+3 0
Comments
In comparing the subject property’s indices to that of comparable properties that have
recently sold or are currently on the market, the subject property is priced in accordance
with current market valuation indices.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
9. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 1
$96,708
Income:
$2,901
3% Vacancy
$30,946
Expenses:
$3,868
Expenses/Unit:
$5.51
Expenses/Sq.Ft.:
$62,861
NOI:
$725,000
Financing:
3110 Livonia Avenue
90034
Vital Data
Units: 8 GRM: 12.41
Price: $1,200,000 Cap Rate: 5.24%
Down Payment: $475,000 39% Unit Mix:
Price Per Unit: $150,000 S 0
Price Per Sq. Ft: $213.75 1+1 6
Year Built: 1958 2+1 2
Construction: Woodframe/Stucco 2+1.5 0
Building Sq. Ft.: 5,614 2+2 0
Land Area Sq. Ft.: 7,492 3+1 0
Zoning: R3 3+2 0
Close of Escrow: 12-Mar-08 3+3 0
Comments
Income and expenses estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
10. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 2
$116,652
Income:
$3,482
3% Vacancy
$37,974
Expenses:
$5,425
Expenses/Unit:
$5.88
Expenses/Sq.Ft.:
$75,196
NOI:
$1,260,000
Financing:
3732 Westwood Boulevard
90034
Vital Data
Units: 7 GRM: 12.43
Price: $1,450,000 Cap Rate: 5.19%
Down Payment: $614,479 42% Unit Mix:
Price Per Unit: $207,143 S 1
Price Per Sq. Ft: $224.63 1+1 0
Year Built: 1965 2+1 0
Construction: Woodframe/Stucco 2+1.5 4
Building Sq. Ft.: 6,455 2+2 0
Land Area Sq. Ft.: 7,928 3+1 0
Zoning: R3 3+2 2
Close of Escrow: In Contract 3+3 0
Comments
Income and expenses estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
11. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 3
$151,380
Income:
$4,511
3% Vacancy
$56,834
Expenses:
$4,372
Expenses/Unit:
$7.25
Expenses/Sq.Ft.:
$90,035
NOI:
$1,051,506
Financing:
3910 Beethoven St
90066
Vital Data
Units: 13 GRM: 12.22
Price: $1,850,000 Cap Rate: 4.87%
Down Payment: $798,494 43% Unit Mix:
Price Per Unit: $142,308 S 0
Price Per Sq. Ft: $235.94 1+1 13
Year Built: 1969 2+1 0
Construction: Wood Frame 2+1.5 0
Building Sq. Ft.: 7,841 2+2 0
Land Area Sq. Ft.: 9,213 3+1 0
Zoning: LAR3 3+2 0
Close of Escrow: In Contract 3+3 0
Comments
Income and expenses are estimated based on data provided. This transaction is under
contract. Final sales price is confidential.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
12. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 4
$98,300
Income:
$2,949
3% Vacancy
$31,456
Expenses:
$3,146
Expenses/Unit:
$5.46
Expenses/Sq.Ft.:
$63,895
NOI:
$768,000
Financing:
4110 Inglewood Blvd
90066
Vital Data
Units: 10 GRM: 13.02
Price: $1,280,000 Cap Rate: 4.99%
Down Payment: $512,000 40% Unit Mix:
Price Per Unit: $128,000 S 0
Price Per Sq. Ft: $221.99 1+1 10
Year Built: 1961 2+1 0
Construction: Woodframe/Stucco 2+1.5 0
Building Sq. Ft.: 5,766 2+2 0
Land Area Sq. Ft.: 7,623 3+1 0
Zoning: R3-1 3+2 0
Close of Escrow: 19-Feb-08 3+3 0
Comments
Income and expenses are estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
13. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 5
$89,150
Income:
$2,764
3% Vacancy
$28,528
Expenses:
$4,075
Expenses/Unit:
$4.86
Expenses/Sq.Ft.:
$57,858
NOI:
$743,000
Financing:
3757 Westwood Blvd
90034
Vital Data
Units: 7 GRM: 12.90
Price: $1,150,000 Cap Rate: 5.04%
Down Payment: $407,000 35% Unit Mix:
Price Per Unit: $164,286 S 0
Price Per Sq. Ft: $196.01 1+1 7
Year Built: 1957 2+1 0
Construction: Woodframe/Stucco 2+1.5 0
Building Sq. Ft.: 5,867 2+2 0
Land Area Sq. Ft.: 7,971 3+1.5 0
Zoning: R4-1 3+2 0
Close of Escrow: 08-May-08 3+3 0
Comments
Income and expenses are estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
14. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 6
$134,496
Income:
$4,034
3% Vacancy
$43,038
Expenses:
$3,913
Expenses/Unit:
$5.72
Expenses/Sq.Ft.:
$87,424
NOI:
$0
Financing:
10475 National Blvd
90034
Vital Data
Units: 11 GRM: 12.93
Price: $1,739,500 Cap Rate: 5.03%
Down Payment: $1,739,500 100% Unit Mix:
Price Per Unit: $158,136 S 0
Price Per Sq. Ft: $231.07 1+1 10
Year Built: 1957 2+1 1
Construction: Woodframe/Stucco 2+1.5 0
Building Sq. Ft.: 7,528 2+2 0
Land Area Sq. Ft.: 7,362 3+1 0
Zoning: R4 3+2 0
Close of Escrow: 16-May-08 3+3 0
Comments
Income and expenses are estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
15. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 7
$198,000
Income:
$5,940
3% Vacancy
$69,300
Expenses:
$3,465
Expenses/Unit:
$4.69
Expenses/Sq.Ft.:
$122,760
NOI:
$1,592,500
Financing:
3565 S. Sepulveda blvd
90034
Vital Data
Units: 20 GRM: 14.39
Price: $2,850,000 Cap Rate: 4.31%
Down Payment: $1,257,500 44% Unit Mix:
Price Per Unit: $142,500 S 0
Price Per Sq. Ft: $193.01 1+1 16
Year Built: 1954 2+1 4
Construction: Woodframe/Stucco 2+1.5 0
Building Sq. Ft.: 14,766 2+2 0
Land Area Sq. Ft.: 16,553 3+1 0
Zoning: R3 3+2 0
Close of Escrow: 05-Aug-08 3+3 0
Comments
Income and expenses estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
16. 2615 Cullen Street, Los Angeles, CA 90034
Sales Comparable Property Profile
Comparable 8
$97,500
Income:
$2,925
3% Vacancy
$34,125
Expenses:
$4,266
Expenses/Unit:
$5.70
Expenses/Sq.Ft.:
$60,450
NOI:
$627,500
Financing:
12757 Mitchell Ave
90066
Vital Data
Units: 8 GRM: 12.77
Price: $1,245,000 Cap Rate: 4.86%
Down Payment: $617,500 50% Unit Mix:
Price Per Unit: $155,625 S 8
Price Per Sq. Ft: $208.05 1+1 0
Year Built: 1957 2+1 0
Construction: Woodframe/Stucco 2+1.5 0
Building Sq. Ft.: 5,984 2+2 0
Land Area Sq. Ft.: 7,100 3+1 0
Zoning: R3-1 3+2 0
Close of Escrow: 26-Aug-08 3+3 0
Comments
Income and expenses are estimated based on sales data provided.
Scott Rosenberg, Investment Associate
23740 Hawthorne Boulevard, Torrance, CA 90505 Ph (310) 802-2550 Fax (310) 802-2560
26. Lat:34.03390 Lon:-118.37708
Logos are for identification purposes only and may be trademarks of their respective companies.
Demographic Source: Applied Geographic Solutions / TIGER Geography 2006 Sites USA Inc., Chandler, AZ (480) 491-1112. All Rights Reserved.
2615 Cullen Street
Los Angeles, CA
Current Year Estimated
Median Age
January, 2009
This map was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty.
27. Lat:34.03390 Lon:-118.37708
Logos are for identification purposes only and may be trademarks of their respective companies.
Demographic Source: Applied Geographic Solutions / TIGER Geography 2006 Sites USA Inc., Chandler, AZ (480) 491-1112. All Rights Reserved.
2615 Cullen Street
Los Angeles, CA
Current Year Estimated
Median Household Income
January, 2009
This map was produced using data from private and government sources deemed to be reliable. The information herein is provided without representation or warranty.