1001 NORTH OGDEN DRIVE - LoopNet€¦ · properties in the heart of West Hollywood. 1001 North Ogden Drive and 939 North Ogden Drive are both located in prime West Hollywood between

1001 NORTH OGDEN DRIVE

&939 NORTH OGDEN DRIVE

WEST HOLLYWOOD, CA 90046

WEST HOLLYWOOD, CA 90046

CONFIDENTIALITY AGREEMENTThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified ed information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the fi nancial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however,

Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.NON-ENDORSEMENT NOTICEMarcus & Millichap is not affi liated with, sponsored by, or endorsed by any commercial tenant or lessee identifi ed in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affi liation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affi liates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTING AGENTS TO SCHEDULE A TOUR.

RICHARD RINGERSenior Managing Director InvestmentsSenior Director, National Housing GroupDirect | [email protected]: CA 01494512

JEFFREY BENSONFirst Vice President InvestmentsDirector, National Multi Housing GroupDirect | [email protected]: CA 01327285

MARCUS & MILLICHAPWest Los Angeles12100 West Olympic BoulevardSuite 350Los Angeles, CA 90064Main | 310.909.5500

TA B L E O F C O N T E N T S

0 5 . EXECUTIVE SUMMARY

PROPERTYSUMMARY

MARKETOVERVIEW

MARKET COMPARABLES

FINANCIAL SUMMARY

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05. E X E C U T I V ES U M M A RY

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T H E O F F E R I N G

Marcus & Millichap is pleased to present the opportunity to acquire one or two properties in the heart of West Hollywood. 1001 North Ogden Drive and 939 North Ogden Drive are both located in prime West Hollywood between Santa Monica Boulevard and Melrose Avenue and between Fairfax Avenue and La Brea Avenue. This location is one of the most desirable areas of West Hollywood, known for its great walkability with a walk score of 95 and a 58 transit score. From this location tenants can walk to the world famous Sunset Strip and the hip and trendy Santa Monica Boulevard with many places for shopping, dining, entertainment and nightlife. Despite being very accessible to everything West Hollywood has to offer, both properties are located in a very quiet neighborhood. This location is also serviced by several highly-rated public schools, such as Laurel Elementary School, about two blocks away and Fairfax High School, about a half mile away.

1001 North Ogden Drive, a 14,728 square feet two-story apartment building constructed in 1959, sits on a 12,615 square foot corner lot. The 19 unit build-ing offers a very favorable unit mix of one studio/one-bathroom unit, fourteen (14) one-bedroom/one-bathroom units, three two-bedroom/two-bathroom units and one three-bedroom/three-bathroom unit. 939 North Ogden Drive, a 13,472 square feet two-story apartment building constructed in 1957, sits on a 13,472 square foot lot. The 16 unit building offers a very favorable unit mix of eight one-bedroom/one-bathroom units, five two-bedroom/one-bathroom units, two two-bedroom/two-bathroom unit and one three-bedroom/two-bathroom unit. Both properties provide ample parking which is extremely valuable in this notoriously under-parked area of West Hollywood.

1001 North Ogden Drive and 939 North Ogden Drive will appeal to any savvy investor looking to acquire a value add building in a highly sought-after West Hol-lywood location with significant rental upside.

ADDITIONAL REVENUE OPPORTUNITY

EASY ACCESS TO HIGH PROFILE EMPLOYERS

WALKABLE TO AMENITIES

• Presents an opportunity to further upgrade units including, stainless steel appliances, quartz countertops and cabinets faces.

• At the convenience of the 101 and 405 freeways granting easy access to Downtown Los Angeles, West Los Angeles and the San Fernando Valley.• Centrally located to major employers and employment hubs in the technology, innovation and entertainment sectors.

• Abundance of restaurants, grocery stores, & entertainment venues surround both properties within walking distance.

investment highlights

09. P R O P E RT YOV E RV I E W

1001 NORTH OGDEN DR IVE WEST HOLLYWOOD, C

A 90046

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939 N Ogden Dr

property summary

Address 1001 North Ogden DriveWest Hollywood, California 90046

APN 5530-013-019

Zoning WDR3C*

Number of Units 19

Number of Stories 2

Number of Buildings 1

Year Built 1959

Building SF 14,728 SF

Lot Size 12,615 SF

Type of Ownership Fee Simple

939 NORTH OGDEN DR IVE WEST HOLLYWOOD, C

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939 N Ogden Dr

property summary

Address 939 North Ogden DriveWest Hollywood, California 90046

APN 5530-026-015

Zoning WDR3C*

Number of Units 16

Number of Stories 2

Number of Buildings 1

Year Built 1957

Building SF 13,472 SF

Lot Size 12,883 SF


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There is a clear opportunity in the submarket to renovate all units to higher-end specifications inlcuding new cabinet faces, stainless steel appliances, quartz countertops, modern lighting and fixtures. By renovating to the standards depicted below, 1001 North Ogden Drive and 939 N Ogden Drive will be able to further augment the income stream.

INTERIOR IDEAS

1 NEW CABINET FACES 2 MODERN APPLIANCES 3 TILE BACKSPLASH

4 UPDATED LIGHTING 5 STAINLESS STEEL FIXTURES 6 QUARTZ COUNTERTOPS

STRATEGIC VALUE ADD: INTERIORS

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21. M A R K E T OV E RV I E W

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PACIFIC DESIGN CENTER

WEST HOLLYWOODWest Hollywood is a dense, lively and walkable neighborhood with a bustling nightlife and high concentration of well-known restaurants, bars, music and entertainment venues as well as celebrity hang-outs, such as The Troubadour, Soho House, The Abbey, Whisky Bar, Chateau Marmont, among many others. Just minutes from the Sunset Strip, tourist-centric Hollywood, Beverly Hills and a newly resurgent Downtown Los Angeles, West Hollywood is a prime area for an active population.

T H E Q U I N T E S S E N T I A L U R B A N L I F E S T Y L E

THE MAK CENTER FOR AR T & ARCHITEC TURE

THE LONDON HOTEL

THE GROVE

VIE W FROM CHATEAU MARMONT

SOHO HOUSE

SUNSE T BOULE VARD

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PRIME WEST HOLLYWO OD LO CATION

1001 North Odgen Drive and 939 North Ogden Drive are located in prime West Hollywood between Santa Monica Boulevard and Merose Avenue. This location is one of the most desirable areas of West Hollywood, known for its great walkability with a walk score of 95 and a 58 transit score. From this location tenants can walk to the world famous Sunset Strip and the hip and trendy Santa Monica Boulevard with many places for shopping, dining, entertainment and nightlife. This location is also serviced by several highly-rated public schools, such as Laurel Elementary School, just two blocks away and Fairfax High School, about a half mile away.

The Grove Shopping Mall 1.4 milesThe Farmers Market 1.3 milesCedar Sinai Medical Center 2.1 milesBeverly Center Shopping Mall 2.0 milesPacific Design Center 1.7 milesRobertson Shopping Area 2.5 miles

POPULAR DESTINATIONS WITHIN 2 MILES

LACMA 1.9 milesSunset Strip 1.8 milesRunyon Canyon 1.6 milesTarget 1.0 milesHollywood & Highland 2.0 milesBeverly Hills 3.0 miles

WALK SCORE

95 "Walker’s Paradise"Daily errands do not

require a carTRANSIT SCORE

58 "Good Transit"Many nearby public

transportation options

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939 N Ogden Dr

1001 N OGDEN DRIVE

TargetCityGrid MediaSunset Marquis1 OAKMondrian Los AngelesPavilionsAndaz West HollywoodWhole Foods MarketN Compass IncDailey & Associates Inc

The London West HollywoodBest BuyThe Standard, HollywoodKashtanBeriozka OneOpen Cafe Productions IncKung Pao BistroEl Chile TaqueriaSubway RestaurantsAstro Burger

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Bike Score“BIKEABLE”Mostly flat, minimal bike lanes.

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FatburgerGalanga Thai FusionOki DogEmployees OnlyScrumptious CafeLos TacosDelilahLaurel HardwareGessoIrv’s Burgers

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Whole FoodsTrader Joe’sBristol FarmsBank of America

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MAJOR EMPLOYERS, DINING & LO CAL AMENITIES

Cape Seafood & ProvisionsSurly GoatFubarHarlowe Bar

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ROBERTSON LANERobertson Lane plans to create a new pedestrian pathway connecting the West Hollywood Design District, Boystown and West Hollywood Park. In addition to a 30 foot wide pedestrian lane, the development plans to feature restaurants, bars, retail and nightlife, 241 hotel rooms, over 1,000 parking spaces as well as public open spaces.

8159 SUNSETFrank Gehry-designed mixed use project with retail, residential and 27,000 SF central plaza.

SUNSET TIMEIn the former House of Blues location, 35,000 SF of retail space, a nightclub hotel rooms, condos and apartments.

8500 SUNSET RESIDENCESTwo eight-story towers at La Cienega and Sunset.8950 SUNSET169-room Boutique hotel with residences, a rooftop pool and restaurants.

WEST HOLLYWOOD EDITION150-room Ian Schrager hotel, including high-end condos and lush landscaping.

SUNSET BOULEVARDDEVELOPMENTS

WEST HOLLYWOOD PARK DEVELOPMENT

LA BREA/WILLOUGHBYFour-story mixed-use project with 33,500 SF of ground floor retail and 179 residential units.

LA BREA/FOUNTAINSix-story mixed-use project with 18,000 SF of retail and 187 apartments in the old Jon's market space.

LA BREA/LEXINGTONFive-story, 32-unit building of affordable housing.

LA BREA/SANTA MONICASix-story, mixed-use project with 12,800 SF of retail space and 184 apartments.

LA BREA/ROMAINEFormer industrial building will be refurbished into 11,500 SF of retail space and 33,000 SF of office space

LA BREA BOULEVARDDEVELOPMENTS

1001 N OGDEN DRIVE

939 N OGDEN DRIVE

29. M A R K E TC O M PA R A B L E S

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PROPERTYYEAR BUILT UNITS PRICE

CAP RATE GRM $/UNIT

$/GROSS SF

SALEDATE

STUDIO/BACHELOR 1 BED 2 BED 3 BED

1001 North Ogden DriveWest Hollywood, CA 90046

1959 19 $6,895,000 3.53% 16.93 $362,895 $468.16 1(0+1) 14(1+1) 3(2+2) 1(3+3)


1957 16 $5,750,000 3.47% 16.90 $359,375 $426.81 - 8(1+1) 5(2+1)2(2+2)

1(3+2)

7530 Hampton AvenueWest Hollywood, CA 90046

1963 17 $5,900,000 3.65% 16.17 $347,059 $447.58 6/7/2018 1(0+1) 5(1+1) 12(2+2) -

8961 Keith AvenueWest Hollywood, CA 90069

1963 10 $3,750,000 3.26% 18.70 $375,000 $496.82 5/23/2018 - 8(1+1) 2(2+2) -


1958 10 $3,270,000 - - $327,000 $402.51 4/27/2018 - 4(1+1) 6(2+1) -

1246 NorthHayworth AvenueWest Hollywood, CA 90046

1962 18 $6,726,000 3.30% 17.82 $373,667 $417.30 4/24/2018 - 10(1+1) 32(2+2) -

1114 North Kings RoadWest Hollywood, CA 90069

1972 12 $4,101,000 3.25% 18.22 $341,750 $453.45 12/27/2017 - 12(1+1) - -

7969 Norton AvenueWest Hollywood, CA 90046

1956 15 $5,600,000 4.03% - $373,333 $397.08 7/24/2017 1(0+1) 4(1+1) 9(2+1) 1(3+2)

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AVERAGE PRICE PER UNIT

$356,302

AVERAGE PRICE PER SF

$435.79

33. F I N A N C I A L OV E RV I E W

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# UNIT TYPE CURRENT PRO FORMA1 1 bedroom/1 bathroom $1,611 $2,375

2 1 bedroom/1 bathroom $790 $2,375

3 2 bedroom/2 bathroom $2,231 $2,800














17-A Studio/1 bathroom $1,650 $1,695



TOTAL - VACANT $0 $0

TOTAL - OCCUPIED $33,935 $46,595

TOTAL $33,935 $46,595

RENT ROLL - 1001 NORTH O GDEN DRIVE

INCOME CURRENT PRO FORMA Gross Scheduled Rent $407,220 $559,140

Loss/Gain to Lease $148,920

Vacancy $8,144 $11,183

EFFECTIVE RENTAL INCOME $399,075 $547,957

Laundry Income $1,380 $1,380

Other Income $5,748 $5,748

EFFECTIVE GROSS INCOME $406,203 $555,085

EXPENSES CURRENT PRO FORMA Real Estate Taxes $82,257 $82,257

Insurance $4,750 $4,750

Utilities (Includes Trash) $12,960 $12,960

Repairs & Maintenance $22,800 $22,800

On Site Manager $15,000 $15,000

Landscaping $2,400 $2,400

Pest Control $1,200 $1,200

Reserves $5,700 $5,700

Management Fee $15,963 $21,918

TOTAL EXPENSES $163,030 $168,986

Per Unit $8,581 $8,894

Per SF $11.07 $11.47

Percent of EGI 40.1% 30.4%

NET OPERATING INCOME $243,173 $386,100

OPERATING STATEMENT- 1001 NORTH O GDEN DRIVE

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# OF UNITS UNIT TYPE CURRENT RENT MONTHLY INCOME PRO FORMA RENT MONTHLY INCOME

1 Studio/1 batth $1,650 $1,650 $1,695 $1,695

14 1 bed/1 bath $790 - $1,974 $22,649 $2,375 $33,250

3 2 bed/2 bath $2,138 - $2,323 $6,692 $2,800 $8,400

1 3 bed/3 bath $2,944 $2,944 $3,250 $3,250

19 TOTAL $33,935 $46,595

PRICE $6,895,000

Number of Units 19

Price/Unit $362,895

Gross SF 14,728

Price/SF $468.16

CAP Rate - Current 3.53%

CAP Rate - Pro Forma 5.60%

GRM - Current 16.93

GRM - Pro Forma 12.33

Year Built 1959

Lot Size 12,615


OFFERING SUMMARY


INCOME CURRENT PRO FORMA

Gross Scheduled Rent $407,220 $559,140


Vacancy $8,144 $11,183 EFFECTIVE RENTAL INCOME $399,075 $547,957


Other Income $5,748 $5,748


EXPENSES CURRENT PRO FORMA

Real Estate Taxes $82,257 $82,257

Insurance $4,750 $4,750





Pest Control $1,200 $1,200

Reserves $5,700 $5,700



Per Unit $8,581 $8,894

Per SF $11.07 $11.47



FINANCIAL ANALYSIS - 1001 NORTH O GDEN DRIVE

SCHEDULED INCOME

# UNIT TYPE CURRENT PRO FORMA

















TOTAL - VACANT $0 $0

TOTAL - OCCUPIED $28,356 $41,100

TOTAL $28,356 $41,100

RENT ROLL - 939 NORTH O GDEN DRIVE

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# OF UNITS UNIT TYPE CURRENT RENT MONTHLY INCOME PRO FORMA RENT MONTHLY INCOME

8 1 bed/1 bath $975 - $2,375 $12,270 $2,375 $19,000

5 2 bed/1 bath $1,469 - $2,650 $10,003 $2,650 $13,250

2 2 bed/2 bath $1,620 - $2,800 $4,420 $2,800 $5,600

1 3 bed/2 bath $1,663 $1,663 $3,250 $3,250

16 TOTAL $28,356 $41,100

PRICE $5,750,000

Number of Units 16

Price/Unit $359,375

Gross SF 13,472

Price/SF $426.81

CAP Rate - Current 3.47%

CAP Rate - Pro Forma 5.97%

GRM - Current 16.90

GRM - Pro Forma 11.66

Year Built 1957

Lot Size 12,883


OFFERING SUMMARY


INCOME CURRENT PRO FORMA

Gross Scheduled Rent $340,273 $493,200


Vacancy $6,805 $9,864 EFFECTIVE RENTAL INCOME $333,468 $483,336



EXPENSES CURRENT PRO FORMA

Real Estate Taxes $68,425 $68,425

Insurance $4,000 $4,000





Pest Control $960 $960

Reserves $3,200 $3,200



Per Unit $8,528 $8,902

Per SF $10.13 $10.57



FINANCIAL ANALYSIS - 939 NORTH O GDEN DRIVE

SCHEDULED INCOME

INCOME CURRENT PRO FORMA Gross Scheduled Rent $340,273 $493,200


Vacancy $6,805 $9,864

EFFECTIVE RENTAL INCOME $333,468 $483,336



EXPENSES CURRENT PRO FORMA Real Estate Taxes $68,425 $68,425

Insurance $4,000 $4,000





Pest Control $960 $960

Reserves $3,200 $3,200



Per Unit $8,528 $8,902

Per SF $10.13 $10.57



OPERATING STATEMENT- 939 NORTH O GDEN DRIVE

JEFFREY BENSONFirst Vice President Investments

Director, National Multi Housing GroupDirect | 310.909.5420

[email protected]: CA 01327285

RICHARD RINGERSenior Managing Director Investments

Senior Director, National Housing GroupDirect | 310-909-5428

[email protected]: CA 01494512

MARCUS & MILLICHAPWest Los Angeles

12100 West Olympic BoulevardSuite 350

Los Angeles, CA 90064Main | 310.909.5500

Documents

1001 NORTH OGDEN DRIVE - LoopNet€¦ · properties in the heart of West Hollywood. 1001 North Ogden Drive and 939 North Ogden Drive are both located in prime West Hollywood between