9635 Woodman Ave #1, Arleta

54 Beds • 45 Baths • $7,800,000 SOLD

1031 Case Study

The subject Property consists of 18-single family three-bedroom, two-and-one-half bathroom homes in a gated community built under the City of Los Angeles’s small lot ordinance (i.e. zero lot line). Originally constructed in 2008 with the C.O.O. issued in July 2012, each well appointed home has a separate APN and is individually metered for electric, water and gas. This gated small lot subdivision includes common area security cameras with remote monitoring.

HISTORY

A private investor purchased the unfinished subdivision from the lender
The investor spends approx. $500,000 to finish construction, obtain certificates of occupancy and upon completion operates this asset as an 18-unit apartment complex
In the fall of 2016 the investor decides to capitalize on strong demand for rental properties in the SFV
Marty Clouser of Kennedy Wilson Real Estate Sales & Marketing represented the seller of this exceptional portfolio of 18-single family homes
At the time of the sale the Property featured a stabilized income stream with below market rents and low turnover presenting a strong opportunity for income growth
The offering is underwritten at $320,484 net operating income
The sale closed at a sales price of $7.8 million (4.10 Cap)
This was the upleg of a 1031 exchange and the investor used the proceeds to acquire a newly renovated single-tenant NNN leased Class A office building in Sorrento Valley, CA

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Marty Clouser

Cal Broker DRE# 00912230

(818) 391-7491

[email protected]

Properties (the "Property") are offered together with improvements thereon "as is, where is" with no warranty expressed or implied. The Seller and Brokers make no representations regarding the Property offered for sale such as size and condition of improvements, lot size, boundaries, zoning, code violations, compliance with applicable ordinances, property features, rights, obligations, etc. All information and documents provided by the Seller and Brokers are from sources deemed to be reliable but are not guaranteed. A prospective purchaser must rely on its own investigation and inspections prior to purchasing. Property is offered subject to withdrawal or prior sale at any time prior to a legally binding purchase and sale agreement. The legally binding purchase and sale agreement contains the entire agreement between parties and supersedes all prior communications, whether oral or written, express or implied, between the parties. EQUAL HOUSING OPPORTUNITY

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