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) 344-8218 bhead@remaxcir.com CA BRE #01330706 RE/MAX COMMERCIAL & INVESTMENT REALTY 1040 Manhattan Beach Blvd Manhattan Beach, CA 90266 310-376-2225 www.bricehead.com Each office independently owned and operated
REAL ESTATE INVESTMENT DETAILS Analysis Analysis Date July 2017 Property Property Property Address Year Built 1963 6 Unit Apartment Asset 2408 Grant Ave Redondo Beach, CA 90278 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 $1,429,500 30 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) 344-8218 bhead@remaxcir.com CA BRE #01330706
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: $535.29 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: 4157-018-008 Cap Rate: 2.9% Market Cap Rate: 4.06% GRM: 21.12 Market GRM: 16.72 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
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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 40,733 241,189 540,468 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 10-14 2,570 (6.31 %) 14,988 (6.21 %) 34,800 (6.70 %) Ages 15-19 2,464 (6.05 %) 14,797 (6.14 %) 34,303 (6.35 %) Ages 20-24 2,354 (5.78 %) 14,512 (6.02 %) 34,383 (6.36 %) Ages 25-29 2,249 (5.52 %) 13,946 (5.78 %) 33,625 (6.22 %) Ages 30-34 2,308 (5.67 %) 14,228 (5.90 %) 33,936 (6.28 %) Ages 35-39 2,717 (6.67 %) 16,038 (6.65 %) 36,715 (6.79 %) Ages 40-44 3,289 (8.07 %) 18,499 (7.67 %) 40,669 (7.52 %) Ages 45-49 3,709 (9.11 %) 20,286 (8.41 %) 43,327 (8.02 %) Ages 50-54 3,671 (9.01 %) 20,070 (8.32 %) 41,874 (7.75 %) Ages 55-59 3,229 (7.93 %) 18,176 (7.54 %) 37,593 (6.96 %) Ages 60-64 2,589 (6.36 %) 14,998 (6.22 %) 31,226 (5.78 %) Ages 65-69 1,873 (4.60 %) 11,507 (4.77 %) 24,056 (4.45 %) Ages 70-74 1,256 (3.08 %) 8,148 (3.38 %) 17,485 (3.24 %) Ages 75-79 794 (1.95 %) 5,512 (2.29 %) 12,099 (2.24 %) Ages 80-84 460 (1.13 %) 3,419 (1.42 %) 7,769 (1.44 %) Ages 85+ 591 (1.45 %) 4,965 (2.06 %) 11,986 (2.22 %)
DEMOGRAPHICS HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE Median Income $90,326 $83,354 $70,876 Less than $10,000 265 3,474 9,583 $10,000 -$14,999 477 2,859 8,494 $15,000 - $19,999 357 3,226 8,161 $20,000 -$24,999 612 3,713 9,632 $25,000 - $29,999 527 2,837 7,300 $30,000 - $34,999 446 2,821 8,488 $35,000 - $39,999 475 3,136 7,649 $40,000 - $44,999 455 3,122 7,719 $45,000 - $49,999 451 3,047 7,350 $50,000 - $59,999 925 6,650 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 98,837 211,424 Occupied Units 16,141 94,250 201,512 Owner Occupied Units 8,918 48,795 96,575 Renter Occupied Units 7,223 45,455 104,937 Vacant Units 655 4,587 9,912 RACE DEMOGRAPHICS 1 MILE 3 MILE 5 MILE Population Non Hispanic White 28,888 150,176 274,952 Population Black 823 10,160 49,162 Population Am In/Ak Nat 28 132 456