OFFERING MEMORANDUM 312 N. BELMONT ST | GLENDALE | CA … · The Belmont is a charming Non-Rent Controlled 6 unit apartment commu-nity in L.A’s most compelling rental market, Glendale

OFFERING MEMORANDUM 312 N. BELMONT ST | GLENDALE | CA 91206

Exclusively Listed By

DAVID WEINBERGERMultifamily Investment [email protected] Lic#01349349

ADAM ZUNDERMultifamily Investment [email protected] Lic#01821053

CONFIDENTIALITY & DISCLAIMERAll materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of com-pliance with applicable governmental requirements, developability or suitability, financial perfor-mance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.

Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or informa-tion pro-vided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all in-formation and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representa-tions regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transactionAll data and assumptions regarding financial performance, including that used for financial model-ing purposes, may differ from actual data or performance. Any estimates of market rents and/or pro-jected rents that may be provided to a party do not necessarily mean that rents can be established at or in-creased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental require-ments should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws.

THE OFFERING

INVESTMENT OVERVIEW

LOCATION INFORMATION

DEMOGRAPHICS

PAGE

04101420

THE OFFERING

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312 N. BELMONT ST | GLENDALE | CA 91206

THE OFFERINGThe Belmont is a charming Non-Rent Controlled 6 unit apartment commu-

nity in L.A’s most compelling rental market, Glendale (91206). The asset,

built in 1970 resides on a quaint residential street. The property is in close

proximity to The Americana, Glendale Fashion Center and various dining

options along E. Wilson Avenue.

The asset is reflective of the local community with a unit mix that will at-

tract the areas discerning resident and is perfectly positioned for an own-

er/user or investor. The property features an excellent unit mix of Six (2)

Bedrooms (2) Bathrooms . All Interiors have wood flooring, AC wall units

and new windows. The exterior is aesthetically pleasing with a welcoming

vibe . All apartment homes feature copper plumbing and pride of own-

ership charm.

The current owner has created a proven concept that has captured ex-

ceptional rents with well qualified residents. This residential income asset

offers a gated entry with parking for 6 vehicles, plus all systems including

plumbing, electrical and roof are in great condition.

The asset offers additional potential profit opportunities which could entail

providing a washer/dryer in each unit.

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PROPERTY HIGHLIGHTS

• Highly Desirable Location in one of L.A.’s most stable neighborhoods

• Non Rent Control – Can raise rents with a 30 day notice

• Glendale was named LA’s Neighborhood of the Year by the readers

and editors of Curbed.com

• Rare opportunity to acquire a property in this area

• Ability to Maintain High occupancy levels through all Real Estate Cycles

• Surrounded by Single Family Homes

• In-Place Proven Concept Capturing Exceptional Current

and Future Income Potential

• Glendale is well poised for Economic Growth

• 6 Parking Spaces

• Close Proximity to The Americana

• Copper Plumbing

• Below Market Rents

• Significant Upside Potential

• Stabilizes at a 5.53% CAP Rate

• Pride of Ownership

• Safe & Secure Private Entrance

• Excellent Unit Mix of (6) 2+2

• Strong Economic Base

• Close to Major Employment Centers

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M U L T I F A M I L Y R E A L E S T A T E A D V I S O RD A V I D W E I N B E R G E R

PROPERTY DETAILS

9

Property Address:

Price:

Number of Units:

Price/Unit:

Current CAP

Current GRM:

Building Size:

Lot Size:

Zoning:

APN:

Year Built:

Stories:

Construction:

Parking:

312 N. Belmont| Glendale | CA 91206

$2,995,000

6

$500,000

2.45%

24.46

7,167 SF

8,001 SF

LAR3

5645-012-021

1970

2

Stucco / Wood Frame

6 Spaces

These materials are based on information and content provided by others which we believe are ac-curate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.

M U L T I F A M I L Y R E A L E S T A T E A D V I S O R SAPARTMENT EXPERT GROUP

INVESTMENT OVERVIEW

10


FINANCIAL SUMMARY

11 These materials are based on information and content provided by others which we believe are accurate. No guarantee, warranty or representation is made by Keller Williams Realty/KW Commercialor its personnel, and all interested parties must independently verify its accuracy and completeness.


FINANCIAL INDICATORS

Price:Down Payment:

Current CAP:Market CAP:

Current GRM:Market GRM:Cost Per SF:

Cost Per Unit:

Cash on Cash Return:Expenses Per Unit:

Expenses Per SF:

$2,995,000$2,995,000

2.45%3.97%24.4217.70$417$499,167

2.45%-$7,792($6.51)

BUILDING DATA

Units:Year Built:

Lot SF:Building Gross SF:Parking Spaces:

619708,0017,1766

ESTIMATED ANNUALIZED EXPENSES

New Property Taxes:

Utilities:

Waste Removal:

Property Insurance:

Registration Fees:

Landscaping:

Repairs & Maintenance:

Pest Control:

Total Estimated Expenses:

$37,438

$2,700

$360

$3,229

$324

$300

$2,100

$300

-$46,750.70


FINANCIAL SUMMARY



SOURCE OF INCOME

# of Units

6

Unit Type

2 + 2

INCOME SUMMARY

CURRENT MARKET

Avg SF

1,000

Avg Rent

$1,653

Total

$9,919

Avg Rent

$2,300

Income

$13,800

Total Rental Income

Laundry Income Estimate

$9,919

$300

$13,800

$300

Total Monthly Income

Total Annual Income

$10,219

$122,629

$14,100

$169,200

ESTIMATED ANNUALIZATION OPERATING DATA

Scheduled Gross Income:

Less Vacancy:

Gross Operating Income:

Less Expenses:

Net Operating Income:

Less Loan Payment:

Pre-Tax Cash Flow:

Return on Investment

2.0%

-38.1%

CURRENT MARKET$122,629

($2,453)

$120,176

($46,751)

$73,425

$0

$73,425

2.45%

$169,200

($3,384)

$165,816

($46,813)

$119,003

$0

$119,003

3.97%

2.0%


RENT ROLL



UNIT #

1

2

3

4

5

6

Occupied

Occupied

Occupied

Occupied

Occupied

Occupied

STATUS UNIT TYPE

2 + 2

2 + 2

2 + 2

2 + 2

2 + 2

2 + 2

CURRENT

$1,688.00

$1,850.00

$1,632.00

$1,450.00

$1,650.00

$1,650.00

MARKET

RENT RENT / SF

$1.69

$1.85

$1.63

$1.45

$1.65

$2.87

RENT RENT / SF

$2,300

$2,300

$2,300

$2,300

$2,300

$2,300

$2.30

$2.30

$2.30

$2.30

$2.30

$4.00

UNITS

6

OCCUPIED

6

OCCUPANCY

100%

RENT

$9,919

RENT / SF

$1.65

RENT

$13,800

RENT / SF

$2.30

UNITS

6

OCCUPIED

6

OCCUPANCY

100%

RENT

$9,919

RENT / SF

$0.62

RENT

$13,800

RENT / SF

$0.86

TOTAL / AVERAGES

LOCATION INFORMATION312 N. BELMONT ST | GLENDALE | CA 91206

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Glendale is the third largest city in Los Angeles County. This diverse commu-nity has been home to working class families and blossoming artists, musi-cians and writers since It’s inception in 1906.Glendale is home to the annual Street Food Cinema Festivals as well as world-class dining, beautiful homes, modern architecture, great schools, parks and libraries.

Glendale’s Motto is “Your life, animated” due to the many beloved animat-ed films which have been created by Disney and DreamWorks in Glendale. Many American animators who worked on feature films in the 1990s and 2000s have spent large portions of their careers in Glendale working for Dis-ney or DreamWorks.

AREA HIGHLIGHTS

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Several large companies have offices in Glendale including the U.S. headquarters of International House of Pancakes. The Los Angeles regional office of California’s State Compensa-tion Insurance Fund is in Glendale. Americas United Bank was founded in Glendale in 2006 and is still headquartered there. In August 2013, Avery Dennison Corp., a label maker for major brands, announced plans to move its headquarters from Pasa-dena to Glendale.[28] Avery employs about 26,000 people. The U.S. headquarters of the Swiss foods multinational Nestlé plans to move out by 2018.[29]

Glendale, along with Burbank, has served as a major produc-tion center for the U.S. entertainment industry and the U.S. ani-mation industry in particular for several decades, because the Walt Disney Company outgrew its Burbank studio lot in the ear-ly 1960s, and started expanding into the closest business park available, which happened to be Glendale’s Grand Central Business Centre about two miles east.

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AREA HIGHLIGHTS

LOCATION MAPS



312 N. BELMONT ST

AERIAL MAP



DEMOGRAPHICS312 N. BELMONT ST | GLENDALE | CA 91206

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DEMOGRAPHICS SNAPSHOT



POPULATION

Total PopulationMedian Age

Median Age (Male)Median Age (Female)

5,64441.837.743.2

0.25 MILES 0.5 MILE

17,98541.538.043.0

1 MILES

56,33540.738.341.9

HOUSEHOLDS & INCOME

Total Households# of Persons Per HH

Average HH Income Average House Value

2,2562.5$64,310$498,906

0.25 MILES 0.5 MILE

7,2772.5$62,855$488,583

1 MILES

22,0802.6$61,240$511,524

RACE

% White% Black% Asian

% Hawaiian% Indin

% Other

74.5%1.9%17.0%0.3%0.3%4.7%

0.25 MILES 0.5 MILE

74.3%2.3%16.5%0.2%0.2%4.8%

1 MILES

73.2%2.0%16.4%0.1%0.2%5.9%

ETHNICITY

% Hispanic 11.8%

0.25 MILES 0.5 MILE

13.3%

1 MILES

15.9%

M U L T I F A M I L Y R E A L E S T A T E A D V I S O RD A V I D W E I N B E R G E R

Exclusively Listed By

DAVID WEINBERGERMultifamily Investment [email protected] Lic#01349349

ADAM ZUNDERMultifamily Investment [email protected] Lic#01821053

Documents

OFFERING MEMORANDUM 312 N. BELMONT ST | GLENDALE | CA … · The Belmont is a charming Non-Rent Controlled 6 unit apartment commu-nity in L.A’s most compelling rental market, Glendale