THE KENWOOD THE KENWOOD N. Kenmore Avenue Los Angeles, CA N. Kenmore Avenue Los Angeles, CA 90029

Size: px

Start display at page:

Download "THE KENWOOD THE KENWOOD N. Kenmore Avenue Los Angeles, CA N. Kenmore Avenue Los Angeles, CA 90029"

Merry Gaines
5 years ago
Views:

1 1

2 A uthentic Hollywood apartment building completely reimagined and modernized. The property is fenced & gated and the approach is through a beautifully landscaped and sculptured court yard and onto the grand steps that lead to the glass panel entry door. Main entry hall is renovated with reclaimed wood and art accents. Each apartment has restored hardwood floors, new stacked washer and dryer appliances, stainless steel stove, fridge, and dishwasher. Each unit has new Carrerra style granite slab counter tops in the kitchen, all new light fixtures, ceiling fans in each bedroom, updated bathrooms with Carrerra tile, and single panel mahogany and walnut glass doors. Each unit has its own water heater and HVAC systems. There is a roof top deck with stunning views of the Hollywood sign, Griffith Observatory, and Downtown L.A. Some apartments have side patios with reclaimed wood fencing and some apartments have wonderful views. Onsite parking for every unit. Easy walk to Metro Station, restaurants & shops as well as 3 major hospitals. 2

3 PROPERTY SUMMARY PROPERTY NAME The Kenwood ADDRESS CITY STATE ZIP PARCEL NUMBER NUMBER OF UNITS 8 STORIES 2 BUILDING SF 7896 LOT SF 9,109 YEAR BUILT 1927 ZONING LARD1.5 3

4 ASSET GALLERY 4

5 ASSET GALLERY 5

6 ASSET GALLERY 6

7 GENERAL CAPITAL IMPROVEMENTS NEW WHITE ENERGY EFFICIENT ROOF NEW DECOMPOSED GRANITE DRIVEWAY AND PARKING LOT NEW POURED IN PLACE CONCRETE FRONT DRIVEWAY AND ENTRY WAY NEW REDWOOD FRONT FENCE NEW ENTRY TOUCH PAD ENTRY LOCKS NEW TRASH COLLECTION AREA LARGE MODERN SCULPTURE (LOCAL ARTIST) NEW PAINT THE ENTIRE EXTERIOR OF THE BUILDING NEW INTERIOR COMMON AREA LED LIGHTING NEW INTERIOR COMMON AREA ARTWORK ALL INTERIOR COMMON AREA WOOD FLOORS HAVE BEEN RENOVATED. UPDATED PLUMBING AND ELECTRICAL NEW TANK LESS WATER HEATERS FOR ALL UNITS. LED EXTERIOR PERIMETER LIGHTING RENOVATED ROOFTOP DECK / ACCESS WITH NEW RAILING AND FLOORING NEW PAINT THE ENTIRE INTERIOR OF BUILDING NEW SKYLIGHT IN STAIRWAY FOR NATURAL LIGHT 7

8 APT 1 (1ST FLOOR SW CORNER APT2 (2ST FLOOR NW CORNER) APT 3 (1ST FLOOR SE CORNER) CAPITAL IMPROVEMENTS BY UNIT New single glass panel solid Mahogany front door and hardware New single glass panel solid Mahogany front door and hardware New single glass panel solid Mahogany front door and hardware All new single panel glass Walnut interior doors and hardware New stainless steel stove hood, fridge, dishwasher and stove All new solid wood kitchen cabinetry New single panel glass mahogany glass door leading to private patio Large Carrara Style granite kitchen counter with stainless steel sink All new single panel glass Walnut interior doors and hardware New stainless steel stove hood, fridge, dishwasher and stove All new solid wood kitchen cabinetry Large Carrara Style granite kitchen counter with stainless steel sink All new kitchen plumbing hardware All new single panel glass Walnut interior doors and hardware New stainless steel stove hood, fridge, dishwasher and stove All new solid wood kitchen cabinetry New single panel glass mahogany glass door leading to private patio Large Carrara Style granite kitchen counter with stainless steel sink All new kitchen plumbing hardware Remodeled bathroom with Carrara Style tile and new pedestal sink, toiles and hardware All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding, New front loading stack washer and dryer (energy star rated efficiency) Private patio configured with reclaimed hardwood for authenticity. Remodeled bathroom with Carrara Style tile and new pedestal sink, toiles and hardware All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding New front loading stack washer and dryer (energy star rated efficiency) Renovated and new hardwood flooring All new kitchen plumbing hardware Remodeled bathroom with Carrara Style tile and new pedestal sink, toiles and hardware ½ bath with new Carrara Style tile and fixtures. All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding New front loading stack washer and dryer (energy star rated efficiency) Renovated and new hardwood flooring Private patio configured with reclaimed hardwood for authenticity. Renovated and new hardwood flooring 8

APT 4(1ST FLOOR NE CORNER) APT 5 (2ND FLOOR SW CORNER) APT 6 (2ND FLOOR NW CORNER) CAPITAL IMPROVEMENTS BY UNIT New single glass panel solid Mahogany front door and hardware New single glass panel

9 APT 4(1ST FLOOR NE CORNER) APT 5 (2ND FLOOR SW CORNER) APT 6 (2ND FLOOR NW CORNER) CAPITAL IMPROVEMENTS BY UNIT New single glass panel solid Mahogany front door and hardware New single glass panel solid Mahogany front door and hardware New single glass panel solid Mahogany front door and hardware All new single panel glass Walnut interior doors and hardware New stainless steel stove hood, fridge, dishwasher and stove All new solid wood kitchen cabinetry Large Carrara Style granite kitchen counter with stainless steel sink All new kitchen plumbing hardware Remodeled bathroom with Carrara Style tile and new pedestal sink, toiles and hardware ½ bath with new Carrara Style tile and fixtures. All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding New front loading stack washer and dryer (energy star rated efficiency) Mahogany single panel glass side door for easy driveway access. All new single panel glass Walnut interior doors and hardware New stainless steel stove hood, fridge, dishwasher and stove All new solid wood kitchen cabinetry Large Carrara Style granite kitchen counter with stainless steel sink All new kitchen plumbing hardware Remodeled bathroom with Carrara Style tile and new pedestal sink, toiles and hardware All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding New front loading stack washer and dryer (energy star rated efficiency) Renovated and new hardwood flooring All new single panel glass Walnut interior doors and hardware New stainless steel stove hood, fridge, dishwasher and stove All new solid wood kitchen cabinetry Large Carrara Style granite kitchen counter with stainless steel sink All new kitchen plumbing hardware Remodeled bathroom with Carrara Style tile and new pedestal sink, toiles and hardware All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding Renovated and new hardwood flooring New front loading stack washer and dryer (energy star rated efficiency) Views of the Hollywood sign and the Griffith park observatory Renovated and new hardwood flooring 9

APT 7 (2ND FLOOR SE CORNER) APT 8 (2ND FLOOR NE CORNER) CAPITAL IMPROVEMENTS BY UNIT New single glass panel solid Mahogany front door and hardware Exposed original hardwood ceiling beams All new

10 APT 7 (2ND FLOOR SE CORNER) APT 8 (2ND FLOOR NE CORNER) CAPITAL IMPROVEMENTS BY UNIT New single glass panel solid Mahogany front door and hardware Exposed original hardwood ceiling beams All new single panel glass Walnut interior doors and hardware All new solid wood kitchen cabinetry New stainless steel stove hood, fridge, dishwasher and stove All new kitchen plumbing hardware Large Carrara Style granite kitchen counter with stainless steel sink ½ bath with new Carrara Style tile and fixtures. All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding New front loading stack washer and dryer (energy star rated efficiency) Private back door leading to the parking area. Renovated and new hardwood flooring New single glass panel solid Mahogany front door and hardware Exposed original hardwood ceiling beams All new single panel glass Walnut interior doors and hardware All new solid wood kitchen cabinetry New stainless steel stove hood, fridge, dishwasher and stove All new kitchen plumbing hardware Large Carrara Style granite kitchen counter with stainless steel sink ½ bath with new Carrara Style tile and fixtures. All new low voltage and LED lighting throughout the apartment. All new door hardware, floor molding New front loading stack washer and dryer (energy star rated efficiency) Private back door leading to the parking area. Renovated and new hardwood flooring 10

11 RENT ROLL UNIT # TYPE RENT MARKET RENT COMMENTS 1 2/1 $2, $2,895 Private Patio 2 2/1 $2, $2, /1.5 $2, $2,995 Private Patio 4 2/1.5 $2, $2, /1 $2, $2, /1 $2, $2,995 Private Patio 7 2/1.5 $2, $2, /1.5 $2, $2,995 $20, $23,

12 FINANCIAL ANALYSIS PRICING FINANCING THE ASSET Price $3,199,000 Down 60% $1,919,400 Units 8 Price/Unit $399,875 Loan 40% $1,279,600 Year Built 1927 Price/SF $ Ammort Years 30 Gross SF 7,896 GRM Interest Rate 4.25% Lot SF 9,109 Cap 5.24% 6.48% Payments ($6,295) APN Current Market MONTHLY RENT SCHEDULE # of Units Type Estimated SF Avg.Current Rent/SF Current Total Market Rent/SF Market Total 4 2/1 $2,477 #DIV/0! $9, $2,895 #DIV/0! $11, /1.5 $2,528 #DIV/0! $10, $2,995 #DIV/0! $11,980 8 $20, $23,560 ANNUALIZED INCOME Current Market Gross Potential Rent $240, $282,720 Less Vacancy 2% ($4,805) 2% ($5,654) Scheduled Gross Income $235, $277,066 ANNUALIZED EXPENSES Current Market Real Estate Taxes % $38,132 $38,132 Gardener $248 $248 Insurance $4,055 $4,055 LADWP $10,000 $10,000 Maintenance & Repairs $3,500 $3,500 Management Fee 5% $11, $13,853 Total Expenses $67, $69,788 Expenses/Unit $8, $8,723 Expenses/SF $8.57 $8.84 % of SGI 28.76% 25.19% RETURN Current Market NOI $167,715 $207,278 Less Debt ($75,538) ($75,538) Cashflow $92,177 $131,739 Cash on Cash 4.80% 6.86% 12

13 LOCATION MAP 13

TRADE AREA OVERVIEW Located in a premier pedestrian location the asset benefits from easy access to employers, major studios, financial firms, entertainment and historic attractions.

14 TRADE AREA OVERVIEW Located in a premier pedestrian location the asset benefits from easy access to employers, major studios, financial firms, entertainment and historic attractions. Hollywood has seen a tremendous revitalization over the last decade. An influx of capital dedicated to the revitalization of Hollywood has attracted a new resident base of young urban dwellers. This new, hip client base has brought new restaurants, night clubs, and retail opportunities, making Hollywood one of the more desirable submarkets in the greater Los Angeles area. In the past decade, Hollywood has experienced significant gentrification and development, specifically along Hollywood Boulevard. Most notable is the Hollywood and Highland Center, which includes 75 retailers, several historic theatres along with night clubs, restaurants, movie theatre, and bowling lanes. Nearly 84.2 percent of all Hollywood residents are currently renters. A significant portion of the population still falls into key renter age groups. Younger age cohorts are expected to post solid growth over the next several years, which bodes well for apartment owners. Additionally, residents enjoy easy access to the 101 Freeway as well as a stop on the Metro Red Line. Beyond the city limits, residents can quickly travel South to Orange County and San Diego and North to Ventura and Santa Barbara. 14

TRADE AREA OVERVIEW T hings to do in Hollywood include must-see shows and attractions, celebrity frequented restaurants, and world class hotels.

$4.8 BILLION INVESTED SINCE 2000 Universal Studios Hollywood is a world famous theme park that includes the mind-blowing Transformers: The Ride 3-D.

Search for the best Hollywood hotels and start discovering the entertainment capital of the world. Hollywood & Highland is the entertainment center of Los Angeles for tourists and locals alike.

2 BILLION COMPLETED PROJECTS With world-class shopping and dining, red carpet movie premieres and celebrated live theatre it s the ultimate entertainment destination Steeped in Hollywood history,

15 TRADE AREA OVERVIEW T hings to do in Hollywood include must-see shows and attractions, celebrity frequented restaurants, and world class hotels. Experience Tinseltown glamour at TCL Chinese Theatre or the Hollywood Walk of Fame, which has honored celebrities for over 50 years. The state-of-the-art Dolby Theatre is home to the Academy Awards. $4.8 BILLION INVESTED SINCE 2000 Universal Studios Hollywood is a world famous theme park that includes the mind-blowing Transformers: The Ride 3-D. Other things to do in Hollywood include the shops and restaurants at Hollywood & Highland Center, or the delicious multicultural cuisines of nearby Thai Town and Little Armenia. Search for the best Hollywood hotels and start discovering the entertainment capital of the world. Hollywood & Highland is the entertainment center of Los Angeles for tourists and locals alike. Steps away from landmarks like the world famous Walk of Fame and TCL Chinese Theatre, formerly Grauman s, Hollywood & Highland is the perfect place for a Hollywood beginning. $2.2 BILLION COMPLETED PROJECTS With world-class shopping and dining, red carpet movie premieres and celebrated live theatre it s the ultimate entertainment destination Steeped in Hollywood history, this iconic destination also features the Dolby Theatre, home of the Academy Awards and over 70 brandname retailers from Louis Vuitton, L Occitane, Victoria s Secret and MAC to quintessential California stores like GAP, Hot Topic, Oakley, Skechers and Lucky Brand Jeans. Visitors can enjoy 25 full-service and fast-casual restaurants such as The Grill on Hollywood, Hard Rock Cafe, Dave & Busters, Trastevere Ristorante, California Pizza Kitchen, Cabo Wabo Cantina, and nightlife at Lucky Strike Lanes and OHM Nightclub. $1 BILLION UNDER CONSTRUCTION 15

TRADE AREA OVERVIEW T he Sunset & Vine Business Improvement District (BID) is a fiveyear, property-based BID that spans 15 blocks along the worldrenowned Sunset Boulevard, from roughly Schrader

Sunset Boulevard, the focal point of the SVBID, has been central to the entertainment industry for nearly a century.

16 TRADE AREA OVERVIEW T he Sunset & Vine Business Improvement District (BID) is a fiveyear, property-based BID that spans 15 blocks along the worldrenowned Sunset Boulevard, from roughly Schrader Boulevard on the west to the 101 Freeway on the east. Reestablished in 2006, the SVBID is composed of approximately 150 property owners and 276 parcels. Sunset Boulevard, the focal point of the SVBID, has been central to the entertainment industry for nearly a century. It has inspired numerous songs, television shows and movies; and at one time or another has played host to nearly every radio station in Los Angeles. Today, Sunset Boulevard, along with the entirety of the SVBID, is reclaiming its status as the epicenter of the entertainment industry. The SVBID is undergoing an exciting transformation into a vibrant district, complete with movie and television studios, post-production companies, production-related services, art-based schools, cinemas, cafes and sophisticated apartments. New developments, combined with the rehabilitation of old buildings, is helping to create a stylish, yet casual neighborhood, where the streets buzz round the clock with entertainment seekers, students, residents and business professionals. New developments, combined with the rehabilitation of old buildings, is helping to create a stylish, yet casual neighborhood, where the streets buzz round the clock with entertainment seekers, students, residents and business professionals. 16

17 DISCLAIMER All materials and information received or derived from Lee Ziff Real Estate 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 compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither Lee Ziff Real Estate its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, 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. Lee Ziff Real Estate 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 information 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. Lee Ziff Real Estate makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. Lee Ziff Real Estate does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased 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 requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Lee Ziff Real Estate in compliance with all applicable fair housing and equal opportunity laws. DAVID MARTINEZ Lee Ziff Real Estate Professionals Keller Williams Realty Beverly Hills Office (310) Mobile (310) Fax (310) General Contractor Lic # bre#

Lehigh University Student Housing

Lehigh University Student Housing Table of Contents Confidentiality & Disclaimer All materials and information received or derived from DLP, its directors, officers, agents, advisors, affiliates and/or