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Johnnie Stiegler | (310) 447-2213 [email protected] | Lic. 01981597 4 BUNGALOW-STYLE UNITS IN LAWNDALE 14524 Condon Ave Lawndale, CA 90260

4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

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Page 1: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

Johnnie Stiegler | (310) [email protected] | Lic. 01981597 4 BUNGALOW-STYLE UNITS IN LAWNDALE

14524 Condon AveLawndale, CA 90260

Page 2: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in LawndaleExclusively

Marketed By

LYON STAHL INVESTMENT REAL ESTATE

Tableof Contents

INVESTMENT SUMMARY Investment Overview Regional Map

AREA OVERVIEWLocal MapCity OverviewCounty OverviewAerial Map

PROPERTY DESCRIPTION Property Details3D Map

FINANCIALSOffering SummaryNet Income StatementRent Roll

(310) [email protected]

Lic. 02039995

(310) [email protected]

Lic. 01981597

Johnnie StieglerVice President

Charlie RasmussenDirector of Leads & Operations

COMPARABLESRental Comparable Map Rental Comparables

Page 3: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Investment Summary

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Investment SummaryPrice $1,350,000Cap Rate 2.64%NOI $35,583.35GRM 22.77Units 4Occupancy 100.00%Building Size 3,615 SFPrice per Square Foot $373.44Land Area 10,798 Sq. Feet

Investment Highlights

● Unit Mix: (4) 2-Bed/1-Bath Bungalow-Style Units● 3,615 SF of Total Living Area Situated on a large 10,798 SF Lot● (2) 2-Car Garages plus Additional Carport Parking● Brand New Roof Installed on 2 of the 4 Units● All Plumbing Converted to Copper● Washer/Dryer Hookups in Each Unit

Investment Description

Lyon | Stahl's Johnnie Stiegler is pleased to present this incredible investment property in Lawndale. Situated on a large 10,798 Sqft. lot are (4) 2-bed/1-bath bungalow-style units and (2) 2-car garages. Located just minutes from Manhattan Beach and Redondo Beach, this unique property offers tenants asingle-family home experience with no common walls, garage parking, individual metering, and Washer/Dryer hookups in each unit. Two of the four units feature brand new roofing, installed in September 2017 and all plumbing has been updated to copper piping.

The property is also located just 2 miles north of the approved $900M South Bay Galleria development, the biggest project in the history of Redondo Beach, slated for completion in 2023. The 29.85-acre site will center around a "family-friendly park, where residential, retail and office converge." The new development will feature 300 apartments units, a 150-room hotel, 50,000 square feet of office space, an 8,000 square-foot skate park, and a total of 249,723 square feet of public open space.

This is an excellent opportunity for an investor and/or owner-user to acquire a unique income property in an area with limited inventory and inevitably rapid appreciation potential, with significant rental upside and no rent control

Page 4: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Area Overview

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

South Bay Galleria Renderings

Page 5: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Investment Summary

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Regional Map

Page 6: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Area Overview

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Local Map

Page 7: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Area Overview

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Area OverviewCity Overview - LawndaleLawndale is a city in the South Bay region of Los Angeles County with a population of 32,769 in an area of 2 square miles. Lawndale is bordered by Redondo Beach, Hawthorne, and Torrance. Because of the Palos Verdes Peninsula and its proximity to the beach, Lawndale gets effects of the marine layer similar to nearby beach cities Manhattan Beach and El Segundo.

Lawndale real estate values have gone up 7.2% over the past year and the median price of homes currently listed in Lawndale is $487,000.

The Lawndale Elementary School District serves residents and middle schools include Will Rogers and Jane Addams Middle School. Within the Centinela Valley Union High School District are Lawndale High School, Leuzinger High School, Hawthorne High School, and Lloyde High School. Russell Westbrook, NBA Player and MVP Winner for the Oklahama City Thunder, attended Leuzinger High School in Lawndale.

County Overview - Los AngelesThe most heavily populated county in the country is Los Angeles County with approximately 9.9 million people, including about 1 million that live in unincorporated areas of the county. The metropolis - formed by the six neighboring counties of Los Angeles, Ventura, Kern, San Bernardino, Riverside, and Orange - is home to approximately 19 million residents. Los Angeles County is home to one of the most educated labor pools in the country and offers a labor force of more than 4.7 million, of which more than 1.5 million are college graduates. Los Angeles County has the largest population of any county in the nation, exceeded only by eight states. According to the United States Conference of Mayors, Los Angeles County boasts a GDP among the twenty largest in the world. Los Angeles County’s continued economic growth, in contrast to other areas of the state and nation, is due to its diversified economy and abundant, well-trained workforce.

Los Angeles County is well located on the Southern Coast of the California, and covers 4,061 square miles, including the San Clemente and Santa Catalina islands. The County is comprised of approximately 88 vibrant and diverse cities hosting more than 244,000 business establishments— the greatest concentration in the state. Los Angeles County has a Gross Domestic

Page 8: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Area Overview

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Product (GDP) of approximately $446 billion - placing it among the top 20economies in the world. The combined GDP of Los Angeles and its fivesurrounding neighboring counties places it in the top 10. California is generallyconsidered to be in the top five.

If Los Angeles County were its own nation, its economy would be the 18thlargest in the world. It is home to more than 244,000 businesses, with moreminority and women owned businesses than any other in the nation and is thenation’s top international trade center and manufacturing center. Los Angelesis recognized worldwide as a leader in entertainment, health sciences,business services, aerospace and international trade. Because the LosAngeles area is so large and diverse, it has something to offer to everyone.While Hollywood and the Los Angeles beach culture are part of our collectiveimage of Los Angeles, the city also has more museums than any other cityand some of the best hotels in the world are located in Los Angeles.

Over the years, Los Angeles County has developed a diverse economic base,supported by a number of Fortune 500 companies with headquarters in thearea, including Hilton Hotels, Walt Disney, Occidental Petroleum, DirecTVGroup, Northrop Grumman, Computer Sciences, KB Home, Health Net, Mattel,and Avery Dennison. Key factors positively impacting the region’s economicposition include increased local media production by the entertainmentindustry and a continuing expansion of import flows. Moreover, growth inaerospace, homeland security and in the private business sector havecontributed positively to the County's economy. Los Angeles' well educatedlabor pool, many universities, wonderful climate, and world class infrastructurewill enable Greater Los Angeles to continue to be a world leader in economicand cultural significance.

County HighlightsLos Angeles County is the world’s 18th largest economy.●

Los Angeles part of the "Tech Coast" and is regarded as the of the main●

entrepreneurial regions of the world. It has approximately 200,000 smallbusinesses, which is twice as many small businesses as can be found in anyother region of the United States.If Los Angeles' five county area were a state, it would be the fourth largest in●

the United States.Los Angeles has more than 80 stage theaters and 300 museums, more than●

any other U.S city.

Page 9: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Area Overview

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Aerial Map

Page 10: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Property Description

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Property DetailsAddress 14524 Condon Ave

Lawndale, CA90260

Square Footage 3,615 SFLand Area 10,798 Sq. FeetYear Built 1960Assessors Parcel Number 4078-005-015

SiteZoning LN-R2-YYNumber of Buildings 4Number of Stories 1Parking 6

Page 11: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Financials

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Financial

Offering Summary

Price $1,350,000Building Size 3,615 SFLand Area 10,798 Sq. FeetNumber of Units 4Number of Stories 1Year Built 1960Parking 6Occupancy 100.00%

Price per Unit $337,500.00Price per Square Foot $373.44Current CAP Rate 2.64%Pro Forma Cap Rate 5.41%Current GRM 22.77Pro Forma GRM 13.62NOI $35,583Pro Forma NOI $73,032

Financing

Loan Type New/Proposed

Loan Amount $810,000Down Payment $540,000Interest Rate 4.50%Amortization Period 30 YearsAnnual Payment $49,250

Page 12: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Property Description

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Interior Photos

Page 13: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Financials

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Net Income Statement

Current AnnualIncome

Proforma AnnualIncome

REVENUESGross Potential Rent $59,280 $99,120Less: Current Vacancy 1,778 2,974

Effective Gross Income $57,502 $96,146

OPERATING EXPENSESReal Estate Taxes 16,875 16,875Insurance 1,265 1,265Utilities 2,000 2,000Repairs 1,778 2,974

TOTAL EXPENSES $21,919 $23,114

NET OPERATING INCOME $35,583 $73,032

Debt Service $49,250 $49,250NET CASH FLOW AFTER DEBT SERVICE $-13,666 $23,782

Principal Reduction $13,067 $13,067TOTAL RETURN -0.11% 6.82%Expenses Per SF $6.06 $6.39% of EGI 38.12% 24.04%

Page 14: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Financials

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Rent Roll

Unit Information Lease Rental Rates

Unit No Unit TypeApp. SquareFootage

Status Move In DateCurrentMonthly Rent

PSFPro FormaMonthly Rent

PSF Loss to Lease

1 2 BR 1 BTH 810 -- -- ---- $ 700.00 $ 0.86 $ 1,975.00 $ 2.44 $ 1,275.00

2 2 BR 1 BTH 935 -- -- ---- $ 1,000.00 $ 1.07 $ 1,995.00 $ 2.13 $ 995.00

3 2 BR 1 BTH 935 -- -- ---- $ 1,245.00 $ 1.33 $ 1,995.00 $ 2.13 $ 750.00

4 2 BR 1 BTH 935

Occupied

Occupied

Occupied

-- -- ---- $ 1,995.00 $ 2.13 $ 1,995.00 $ 2.13 $ 0.00

6 Units TOTALS 3,615 Occ:6Vac:0 $4,940.00 $8,260.00 $3,320.00

Laundry -- -- ---- $ 0.00 - -

Garages - -- -- ---- $ 0.00 -

$ 100.00

-

$ 100.00-

Owner Occupied

$ 200.00 $ 200.00

Page 15: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Comparables

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Rental Comparable Map

Page 16: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

4 Bungalow-Style Units in Lawndale

Comparables

14524 Condon AveLawndale, CA 90260

The information above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its accuracy.

Rental Comparables

Photos AddressDate Surveyed

Total UnitsYear BuiltBldg SFOccupancy

Units Types Avg Unit SF Avg Unit Rent Avg Rent Per SF

14524 Condon AveLawndale, CA90260

419603,615 SF100.00%

2 BR / 1 BTH 904 SF $1,235 $1.37

4627 W 152nd StLawndale, CA90260-

11960-100%

2BR /1BTH 837 SF $2,100 $2.51

4153 W 164th StLawndale, CA9026003/19/2019

21949-100%

2BR /1BTH 675 SF $1,990 $2.95

4151 W 164th StLawndale, CA90260-

21949-100%

2BR /1BTH 846 SF $2,200 $2.60

Averages -100% 786 SF $ 2,097 $ 2.69

Page 17: 4 BUNGALOW-STYLE UNITS IN LAWNDALE€¦ · Manhattan Beach and Redondo Beach, this unique property offers tenants a single-family home experience with no common walls, garage parking,

CONFIDENTIALITY AND DISCLAIMER

The information contained in this Offering Memorandum (“Memorandum”) is proprietary and strictly confidential; it is intended to be reviewed only by the party receiving it from Broker and should notbe made available to anyone else without the written consent of Broker. By retention or use of this Memorandum, you agree that its contents are confidential, that you will hold it in the strictestconfidence, and that you will not disclose any of its contents contrary to these terms.

This Memorandum has been prepared to provide summary, unverified information to establish a preliminary level of interest in the subject property (“Property”). The information in this Memorandumhas been obtained from sources Broker believes to be reliable; however, Broker has not conducted sufficient investigation to make any warranty or representation whatsoever including but not limitedto the accuracy or completeness of the information, veracity or accuracy of the information, condition of the Property or its compliance or lack of compliance with applicable governmentalrequirements, developability, suitability or financial performance of the Property, income or expenses for the Property, the size and square footage of the Property and improvements, the presence orabsence of contaminating substances, PCB’s or asbestos, the compliance with State or Federal regulations, the physical condition of the improvements thereon, or the financial condition or businessprospects of any tenant or any tenant’s plans or intentions to continue occupancy of the Property. The Memorandum has selected information relating to the Property and does not purport to be an all- inclusive representation regarding the Property or to contain all or part of the information which prospective investors may require to evaluate the purchase of the Property. Additional information andan opportunity to investigate the Property will be made available to interested and qualified prospective purchasers. All information is based on assumptions relating to the general economy, marketconditions, competition and other factors beyond the control of Broker, therefore, all information is subject to material variation. The information contained herein is not a substitute for a thorough duediligence investigation. Interested parties are expected to review all information of whatever nature independently and not rely on the contents of this Memorandum in any manner.

The Property owner (“Owner”) expressly reserves the right, at its sole discretion, to reject any or all offers to purchase the Property, and/or to terminate discussions at any time with or without notice.The Owner shall have no legal commitment or obligation unless and until written agreement(s) have been fully executed, delivered and approved by the Owner and any conditions to the Owner’sobligations therein have been satisfied or waived.

Exclusively Marketed By:

Lyon Stahl Investment Real Estate

(310) [email protected]

Lic. 02039995

(310) [email protected]

Lic. 01981597

Johnnie StieglerVice President

Charlie RasmussenDirector of Leads & Operations