Seller-financing opportunity in Redondo 2408 Grant Ave Redondo Beach, CA 90278

Transcription

1 Seller-financing opportunity in Redondo Large, all electric units in a highly visible location Grant is a main artery that runs the length of North Redondo Well-maintained by original owner! NEVER been on the market, ever Dual-pane window, washer/dryer hookups, HUGE front townhousestyle unit with yard CHANCE TO LOCK UP LONG-TERM, FIXED FINANCING FOR AS LONG AS 10 YEARS! Seller will carry a note and first trust of around 50% LTV BRICE W. HEAD, MBA Senior Vice President (310) bhead@remaxcir.com CA BRE # RE/MAX COMMERCIAL & INVESTMENT REALTY 1040 Manhattan Beach Blvd Manhattan Beach, CA Each office independently owned and operated

2 REAL ESTATE INVESTMENT DETAILS Analysis Analysis Date July 2017 Property Property Property Address Year Built Unit Apartment Asset 2408 Grant Ave Redondo Beach, CA Purchase Information Property Type MultiFamily Purchase Price $2,859,000 Units 6 Total Rentable Sq. Ft. 5,341 Financial Information Down Payment $1,429,500 Loans Type Debt Term Amortization Rate Payment LO Costs Interest Only $1,429, years 0 years 5.0% $5,956 Income & Expenses Gross Operating Income $131,299 Monthly GOI $10,942 Total Annual Expenses ($48,384) Monthly Expenses ($4,032) Contact Information Brice W. Head, MBA (310) bhead@remaxcir.com CA BRE #

3 FINANCIAL SUMMARY UNIT MIX & MONTHLY SCHEDULED INCOME Type Units Actual Total Market Total 3 Bed TH/Den/Fireplace 1 $3,000 $3,000 $3,000 $3,000 2 Bed 1 Bath 1 $1,400 $1,400 $2,250 $2,250 2 Bed 1 Bath 1 $1,380 $1,380 $2,250 $2,250 2 Bed 1 Bath 1 $1,850 $1,850 $2,250 $2,250 2 Bed 1 Bath 1 $1,850 $1,850 $2,250 $2,250 2 Bed 1 Bath 1 $1,800 $1,800 $2,250 $2,250 TOTALS 6 $11,280 $14,250 INVESTMENT SUMMARY Price: $2,859,000 Year Built: 1963 Units: 6 Price/Unit: $476,500 RSF: 5,341 Price/RSF: $ Lot Size: 7,507 sf Floors: 2 Parking Spaces: 6 ANNUALIZED INCOME Actual Market Gross Potential Rent $135,360 $171,000 Less: Vacancy ($4,061) ($5,130) Effective Gross Income $131,299 $165,870 Less: Expenses ($48,384) ($49,810) Net Operating Income $82,915 $116,060 Debt Service ($71,475) ($71,475) Net Cash Flow after Debt Service $11,440 $44,585 Principal Reduction $0 $0 Total Return $11,440 $44,585 APN: Cap Rate: 2.9% Market Cap Rate: 4.06% GRM: Market GRM: FINANCING SUMMARY Loan Amount: $1,429,500 Down Payment: $1,429,500 Loan Type: Interest Only Interest Rate: 5% Term: 30 years ANNUALIZED EXPENSES Actual Market Property Tax (New 1.117%) $33,450 $33,450 Building Insurance (est.) $1,600 $1,600 Utilities & Trash (est.) $6,120 $6,120 Maintenance & Repairs (ind. std.) $5,414 $6,840 Reserves (ind. std.) $1,800 $1,800 Total Expenses $48,384 $49,810 Expenses Per RSF $9.06 $9.33 Expenses Per Unit $8,064 $8,302 Monthly Payment: $5,956 DCR: 1.16

4 PROPERTY PHOTOS

5 AERIAL MAP

6 LOCATION MAP

7 REGIONAL MAP

8 DEMOGRAPHICS POPULATION 1 MILE 3 MILE 5 MILE Male 20,576 (50.51 %) 121,486 (50.37 %) 269,307 (49.83 %) Female 20,157 (49.49 %) 119,703 (49.63 %) 271,161 (50.17 %) Total Population 40, , ,468 AGE BREAKDOWN 1 MILE 3 MILE 5 MILE Ages 0-4 1,962 (4.82 %) 11,713 (4.86 %) 28,425 (5.26 %) Ages 5-9 2,648 (6.50 %) 15,387 (6.38 %) 36,197 (6.70 %) Ages ,570 (6.31 %) 14,988 (6.21 %) 34,800 (6.70 %) Ages ,464 (6.05 %) 14,797 (6.14 %) 34,303 (6.35 %) Ages ,354 (5.78 %) 14,512 (6.02 %) 34,383 (6.36 %) Ages ,249 (5.52 %) 13,946 (5.78 %) 33,625 (6.22 %) Ages ,308 (5.67 %) 14,228 (5.90 %) 33,936 (6.28 %) Ages ,717 (6.67 %) 16,038 (6.65 %) 36,715 (6.79 %) Ages ,289 (8.07 %) 18,499 (7.67 %) 40,669 (7.52 %) Ages ,709 (9.11 %) 20,286 (8.41 %) 43,327 (8.02 %) Ages ,671 (9.01 %) 20,070 (8.32 %) 41,874 (7.75 %) Ages ,229 (7.93 %) 18,176 (7.54 %) 37,593 (6.96 %) Ages ,589 (6.36 %) 14,998 (6.22 %) 31,226 (5.78 %) Ages ,873 (4.60 %) 11,507 (4.77 %) 24,056 (4.45 %) Ages ,256 (3.08 %) 8,148 (3.38 %) 17,485 (3.24 %) Ages (1.95 %) 5,512 (2.29 %) 12,099 (2.24 %) Ages (1.13 %) 3,419 (1.42 %) 7,769 (1.44 %) Ages (1.45 %) 4,965 (2.06 %) 11,986 (2.22 %)

9 DEMOGRAPHICS HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE Median Income $90,326 $83,354 $70,876 Less than $10, ,474 9,583 $10,000 -$14, ,859 8,494 $15,000 - $19, ,226 8,161 $20,000 -$24, ,713 9,632 $25,000 - $29, ,837 7,300 $30,000 - $34, ,821 8,488 $35,000 - $39, ,136 7,649 $40,000 - $44, ,122 7,719 $45,000 - $49, ,047 7,350 $50,000 - $59, ,650 14,641 $60,000 - $74,999 1,389 9,127 20,311 $75,000 - $99,999 2,265 12,186 26,108 $100,000 - $124,999 1,862 9,778 18,601 $125,000 - $149,999 1,400 6,504 12,259 $150,000 - $199,999 1,817 8,598 14,208 Greater than $200,000 1,866 10,875 16,302 HOUSING 1 MILE 3 MILE 5 MILE Housing Units 16,796 98, ,424 Occupied Units 16,141 94, ,512 Owner Occupied Units 8,918 48,795 96,575 Renter Occupied Units 7,223 45, ,937 Vacant Units 655 4,587 9,912 RACE DEMOGRAPHICS 1 MILE 3 MILE 5 MILE Population Non Hispanic White 28, , ,952 Population Black ,160 49,162 Population Am In/Ak Nat