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Offering Memorandum
3317 Barham BoulevardLos Angeles, CA 90068
LOCATION OVERVIEW
Location OverviewLocation Map
PROPERTY SUMMARY
Property Details Property HighlightsPhotography
FINANCIALS
Financial Overview Rent Roll
COMPARABLES
Sales Comps Rent Comps
3317 Barham Boulevard Los Angeles, CA 90068
HOLLYWOOD, CALIFORNIA:
The recent revitalization of Hollywood, long in the making, is now in full swing. Major entertainment and tech companies like Netflix and Viacom are embracing the neighborhood. Just in the past 12 months, more than 7,500 new jobs were created in the city.
Hollywood is one of those neighborhoods that needs no introduction, synonymous as it is with the city of Los Angeles itself. Because of its history and famous sites like the Hollywood Walk of Fame, it has always attracted hordes of tourists, but now it has become the epicenter of new Class A office campuses in Los Angeles. Developers are creating millions of square feet of Class A office space and thousands of new luxury rental units. Old Hollywood is stepping in too, with Paramount Pictures recently winning approval for a 1.4 million-square-foot studio expansion. Companies specializing in streaming media and virtual reality are now flocking here.
Hollywood is also one of the most populated areas for schools, with a wide range of colleges and specialized programs like AMDA (American Musical & Dramatic Academy), Emerson College, the Musicians Institute, and AFI. In the past two years there has been a spike in the number of college students relocating to Hollywood. New restaurants and hotels are also setting up shop in Hollywood in response to the growing tech & entertainment boom such as TAO, The Dream Hotel, and Beauty and Essex. An astonishing number of additional apartments like The ICON building and The Lombardi will be built over the next decade. There is much more activity in Hollywood, reminding everyone that the evolving industry has returned to its roots. The future of what will be is brighter than ever.
THE HISTORY:
Also known as Tinseltown, Hollywood became the hub of the movie industry in the 1910s. The 1910s is when East Coast filmmakers began moving west to avoid patent lawsuits by Thomas Edison’s Motion Picture Patents Company. The excellent weather and varied geography of Los Angeles made it the perfect place for filming, and by the 1920s most major studios had set up shop here, where it still commands that influence today.
THE NEIGHBORS:
A mix of visitors and locals, drawn to the energy.
Hollywood’s teeming tourist population intermingles with its residents, resulting in one of Los Angeles’ most diverse neighborhoods. It claims a healthy population of entertainment industry insiders, from producers and directors to writers and actors.
THE LIFESTYLE:
Bustling and brimming with entertainment.
There is no shortage of entertainment in this neighborhood: theaters, museums, shopping, restaurants, and nightlife contribute to a dynamic, diverse culture. It’s a city that has earned its right to kitsch: souvenir stores stand next to some of the city’s most storied eating establishments and uncanny celebrity impersonators stroll its famed, eponymous boulevard.
THE MARKET:
Homes every bit as eclectic as their owners.
The neighborhood is a mix of vintage and contemporary apartment buildings, bungalows, and beautiful, hillside houses brimming with character and boasting stunning views of downtown and all of Los Angeles.
A Neighborhood That Needs No Introduction
Location Overview
Conveniently located between Hollywood and Studio City
Close to major Studios in Universal City, Burbank and Hollywood
Surrounded by multi-million dollar single family homes
Units were fully renovated in 2014
5 parking spaces
Separately metered for gas and electricity
Studio City
ValleyVillage
TolucaLake
Hollywood
Fairfax
Beverly Grove
West Hollywood
Little Armenia
Hollywood Hills
Sunset Strip
Beverly Hills
Lake Hollywood
Hollywood Sign
Los Angeles Zoo
Universal City
Griffith ObservatoryGreek Theatre
Hollywood Bowl
Runyon Canyon
Los Feliz
3317 Barham Boulevard
Warner BrothersStudio
Paramount Pictures Studio
101
2
101
170
101
101
1345
5
Santa Monica Boulevard N V
irgil A
venue
N W
estern Avenue
N W
ilton Pla
ce
La C
ienega B
oulevard
Hollywood Boulevard
Lankershim Boulevard
Laurel Canyon Boulevard
W O
live
Aven
ue
W Alameda AvenueW Alameda Avenue
Los Feliz Boulevard
Beverly Boulevard
Melrose Avenue
Fountain Avenue
Sunset
Boulevard
Property Summary
PROPERTY DESCRIPTION
3317 Barham Blvd, this 4-unit apartment building is conveniently located between Hollywood and Studio City – close to major Studios in Universal City, Burbank, and Hollywood which make it an ideal property for short-term rentals.
The property consist of 4 one-bedroom, one-bathroom units and is situated on a 3,826 square foot lot. The building has been well maintained and was fully renovated in 2014. Units have tankless water heaters, wood floors, new vinyl windows, and washer/dryers. Each unit is separately metered for gas and electricity. Approximately 5 parking spaces.
PROPERTY DETAILS
4Units
Cahuenga Boulevard & Barham Boulevard Major Intersection
Hollywood
Market
5579-015-004 APN
LACRZoning Type
2,450 Sq FtBuilding Sq Ft
3,826 Sq FtLot Size Sq Ft
Financials
Financial Overview $1,400,000
INVESTMENT SUMMARY SCHEDULED INCOME
Purchase Price: $1,400,000 UNIT MIX CURRENT PRO FORMADown Payment: $1,400,000 100% Units Beds Baths Average Monthly Rent MonthlyYear Built: 1948 4 1 1 $1,849 - $2,500 $8,250 $2,050 - $2,175 $8,325Units: 4Approx. Lot Size: 3,826 Sq FtApprox. Bldg. NRSF: 2,450 Sq FtCost per Unit: $362,500
$8,250 $8,325CURRENT PRO FORMA $0 $0
GRM: 14.14 14.01 Laundry Income $0 $0CAP: 4.97% 5.04% $8,250 $8,325
$99,000 $99,900
ANNUAL INCOME ANNUAL EXPENSESCURRENT PRO FORMA AMOUNT
Scheduled Gross Income: $99,000 $99,900 1.25% $18,125Less Vacancy Reserve Rate: ($2,970) 3.00% * ($2,997) 3.00% $1,235Gross Operating Income: $96,030 $96,903 $2,700Less Expenses: ($26,395) 27% * ($26,395) 27% Repairs & Maintenance: $3,960Net Operating Income: $69,635 $70,508 $1,000Less Debt Service: $0 $0Pre-Tax Cash Flow: $69,010 4.76% ** $69,883 4.82%Plus Principal Reduction: $0 $0Total Return Before Taxes: $69,010 4.76% ** $69,883 4.82%
$27,020$11.03$6,755
PROPOSED FINANCING INFORMATION4.60% per month30 Year
** Expenses are 2017 Actuals
Scheduled Rent:Garage Income
Monthly Gross Income:Annual Gross Income:
ITEMTaxes: (based on new purchase price)**Insurance:**Utilities:
Misc:
EXPENSES ARE ESTIMATED
Loan Duration
* As a percent of the scheduled gross income. ** As a percent of the down payment
Total Expenses:Expense / NRSF:Expense / Unit:
Loan Rate Fixed for 5 yrs INTEREST ONLY
Financials
Rent Roll
Unit # Unit Type Current Rent Market Rent Lease Date Notes3317 1 + 1 1,849$ 2,050$ 3/1/17 —3319 1 + 1 2,500$ 2,050$ 8/30/18 —3321 1 + 1 1,906$ 2,050$ 8/9/17 —3323 1 + 1 1,995$ 2,175$ 5/30/18 Private Yard
$0 $0$8,250 $8,325$99,000 $99,900
LAUNDRY INCOME:MONTHLY TOTAL:ANNUAL TOTAL:
ComparablesSales Comps
Property Photo Address
3317 Barham BoulevardLos Angeles, CA 90068
3339 Primera AvenueLos Angeles, CA 90068
2133 Holly DriveLos Angeles, CA 90068
3055 Hollycrest DriveLos Angeles, CA 90068
$1,450,000
$1,744,050
$1,740,000
$1,540,000
4
4
4
4
2,450
3,561
3,100
3,151
$362,500
$436,013
$435,000
$385,000
1948
1956
1919
1939
(4) 1+1
(1) 3+2(3) 1+1
(1) 2+2(2) 1+1
(1) Studio
(1) 2+1(2) 1+1
(1) Studio
—
10/25/16
12/21/17
12/1/17
Sale Price COE Date # of Units Building Sq Ft Price/Unit Year Built Unit Mix
3317 Barham Boulevard
Sales Comps1. 3339 Primera Avenue2. 2133 Holly Drive3. 3055 Hollycrest Drive
1
3
2
Mullholland Drive
Mullholland Drive
Cahuenga Boulevard West
Ca
huenga Boulevard W
est
Cahuenga Boulevard East
Ca
hueng
a B
ouleva
rd Ea
st
101
101
Hollywood Freeway
Hollywood Freew
ay
Comparables Rental Comps
Property Photo
Address 3317 Barham BoulevardLos Angeles, CA 90068
3387 Barham BoulevardLos Angeles, CA 90068
3600 Barham BoulevardLos Angeles, CA 90068
6736 Hillpark DriveLos Angeles, CA 90068
2700 Cahuenga BoulevardLos Angeles, CA 90068
3055 Hollycrest DriveLos Angeles, CA 90068
$2,050-$2,500 $2,500 $2,185 $2,500$2,900 $2,000
Subject property
Renovated unit with 1 parking space, deck, new appliances and
washer/dryer
Renovated apartment with stainless steel
appliances, and washer/dryer
Large renovated unit with den and 1 parking space
Renovated top floor unit with vaulted ceilings
and exposed wood beams. One covered
garage parking space
Updated unit with hardwood floors, arched doorways, unique built-ins.
1+1 1+1 1+1 1+1 1+1 1+1
Rent
Unit Type
Notes
3317 Barham Boulevard
Rental Comps1. 3387 Barham Boulevard2. 3600 Barham Boulevard3. 2700 Cahuenga Boulevard4. 6736 Hillpark Drive5. 3055 Hollycrest Drive
1
2
3
4
5
Mullholland Drive
Mullholland Drive
Cahuenga Boulevard West
Ca
huenga Boulevard W
est
Cahuenga Boulevard East
101
101
Hollywood Freeway
Hollywood Freew
ay
For more information, please contact:
Max [email protected] 02054048
Kenny [email protected] 01090251
Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number DRE 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.
