228 S. Mariposa Ave. Los Angeles, CA 90004

(1)

228 S. Mariposa Ave. Los Angeles, CA 90004

EXCLUSIVE MULTI-FAMILY OFFERING

Off

d t $2 525 000

Derrick Vartanian

Vice President Investments

310.774.3783

Derrick@mvpcre com

Offered at $2,525,000

(2)

228 S. Mariposa Ave. Los Angeles, CA 90004

Property Description:

MVPartners of KW Commercial is proud to present 228 S. Mariposa Ave.– an 18 unit

apartment building located in Los Angeles, CA. The building was constructed in 1956 and

consists of 14,257 square feet of living area and is situated on a 15,000 square foot double lot

with 100 feet of frontage.

The unit mix at the property consists of thirteen (13) 1+1, three (3) 2+1, one (1) single and one

(1) bachelor. All units are individually metered for both gas and electric. 14 of the 18 units

have been fully renovated. The property has undergone some recent major improvements

including: a new roof, 100% copper plumbing, a new water heater, hardwood floors, updated

kitchens and bathrooms, and new magnesite stairs and walkways. The property features an

electric gate, drought resistant landscaping, and energy efficient lighting. The property has

also recently passed LA City Code Enforcement inspections as well as all insurance

requirements. 228 S. Mariposa Avenue is an ideal opportunity for an investor that is looking for

a very well-maintained, turn-key asset in a very strong rental pocket of Los Angeles.

Location:

The property is located in the Mid-Wilshire district if Los Angeles, which is one of the most

densely populated regions of the city. The property is specifically located north of 3

rd

_{St., south}

of Beverly Blvd., east of S. Normandie Ave. and just west of S. Alexandria Ave. The building

is located very close to Dowtown and just a few miles from many of the major Los Angeles

freeways and public transportation.

Highlights:

• 5.34% CAP / 11.6 GRM

• Full Copper Plumbing

• New Roof / New Water Heater / Hard Wood Floors

e

oo / e

ate

eate / a d

ood oo s

• Excellent Unit Mix / Fully Renovated

• Turn‐Key Building

• Large Double Lot!

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to the accuracy of the information. References to square footage and age are approximate. Buyer must rely on their own investigation and verify the information and bears all risk for any inaccuracies.

(3)

228 S. Mariposa Ave. Los Angeles, CA 90004

228 S. Mariposa Ave.

(4)

228 S. Mariposa Ave. Los Angeles, CA 90004

(5)

(6)

228 S. Mariposa Ave. Los Angeles, CA 90004

(7)

Multi-Residential - Operating Information

228 S. Mariposa Ave.

Los Angeles, CA 90004

Summary

Proposed Financing

New First Loan: 1,018,680

Price:

$2,525,000

Interest Rate: 5.110%

Down Payment:

59.6%

1,506,320

Amortization: 30

Number of Units:

18 Monthly Payment: $5,537.18

Cost per Legal Unit:

$140,278

DCR

2.03 Current GRM:

11.60 Market GRM:

10.75 Current CAP:

5.34%

Market CAP:

6.01%

Approx. Age:

1956

Derrick Vartanian

Approx. Lot Size:

15,000

Office (310)774-3783

Approx. Bldg SF:

14,257

Cell (310)739-3148

Cost per Net GSF:

$177.11

Fax (310)356-3646

Annualized Operating Data

Current Rents

Market Rents

Scheduled Gross Income:

217,668

234,984

Less Vacancy Rate Reserve:

(6,411)

3.0%

(6,930)

3.0%

Gross Operating Income:

211,257

228,054

Less Expenses:

(76,352)

35.1%

(76,352)

32.5%

Net Operating Income:

134,906

151,702

Less Loan Payments:

(66,446)

Pre-Tax Cash Flow:

68,460

4.5% *

85,256

5.7% *

Plus Principal Reduction:

15,045

Total Return Before Taxes:

83,505

5.5% *

100,301

6.7% *

** As a percent of Down Payment.

* As a percent of the down payment

Scheduled Income

Estimated Annualized Expenses

Taxes: Rate

1.25%

$

31,563

No.

Bdrms/

Approx.

Monthly

Insurance

6,416

$

of Units

Baths

Sq.Ft.

Rent/Unit

Income

Rent/Unit

Income

Utilities

11,880

$

Maintenance/Repair

$

8,707

13 1+1

$1,011

$14,153

$1,050

$13,650

Trash

$

1,200

3 2+1

$1,152

$2,304

$1,400

$4,200

Gardening

$

1,350

1 Single

$800

800 On-Site Mgmt

4.0%

$

8,707

1 Bach

$550

$600

550 Off-Site Mgmt

3.0%

6,530

Avg. Rent/Gr. Sq. Ft.

$1.27

$1.37

Total Scheduled Rent:

$17,807

$19,250

Laundry:

$332

Misc :

Monthly Scheduled Gross Income:

$18,139

$19,582

Total Expenses:

$76,352

Annual Scheduled Gross Income:

$217,668

$234,984

Per Net Sq. Ft.:

$5.36

Utilities Paid by Tenant: Gas & Electric

Per Unit:

$4,241.76

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied as to

the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Assumable Loan: Balance $1,018,680

5.110% fixed until July 2015

Current Rents

Market Rents

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Unit No.

1 1+1

$

2 1+1

$

3 1+1

$

4 1+1

$

5 2+1

$

6 1+1

$

7 1+1

$

8 1+1

$

9 1+1

$

10 1+1

$

11 1+1

$

12 2+1

$

12 1/2

2+1

$

14 1+1

$

15 1+1

$

16 1+1

$

17 Single

$

18 Bach

$

Monthly Rent

$
Laundry

$
Mix

Current

Notes

Proforma

1,050.00

$
1,050

731.00

$
1,050

1,000.00

$
1,050

1,035.00

$
1,050

1,400.00

*Mngr

$
1,400

1,050.00

$
1,050

1,050.00

$
1,050

1,000.00

$
1,050

731.00

$
1,050

1,030.00

$
1,050

1,050.00

$
1,050

904.00

$
1,400

1,400.00

$
1,400

1,100.00

$
1,050

876.00

$
1,050

1,050.00

$
1,050

800.00

$
800

550.00

$
600

17,807

$

19,250

332 $

332 Yearly Gross Income

$

217,668

$

234,984

228 S. Mariposa Ave.

Rent Roll