ENTITLED WEST HOLLYWOOD, CA SIXTEEN UNIT CONDOMINIUM DEVELOPMENT OPPORTUNITY Asking Price: $3,900,000 1
Navigation Location Map 3 Property Summary 4 Unit Mix 5 Renderings 6 Proforma 9 Comparable Sales 10 Comparable Sales Map 11 Contact Information 12 2
Location Map 3
Property Summary Location: 1345 Havenhurst, West Hollywood, CA 90046 Number of Units: 16 Market Rate Condominiums Parking: 36 Spaces: 32 residential 4 guest Plan Check: Expires November, 2011 Entitlements: Expire November, 2013 Tentative Tract Map: Expires November, 2013 Project Description: The property at 1345 Havenhurst Drive features an existing 10-unit building on a 15,000-square-foot lot in a block bound by Sunset Boulevard (north), Crescent Heights Boulevard (east), Fountain Avenue (south) and Harper Avenue (west). The project site is conveniently located for access to the Sunset Strip, the retail and restaurants of La Cienega Boulevard and Santa Monica Boulevard, as well as a quick route to the San Fernando Valley on Laurel Canyon Boulevard. Havenhurst is a quiet, tree-lined street with many multifamily buildings of various ages, sizes and architectural design. The block is home to two architecturally historic buildings and Harper Avenue features several more. As proposed, the new four-story condominium urban courtyard building is comprised of 16 two story townhouse units and a fully subterranean parking garage. The units will be between 1,300 and 1,800 square feet, some with double-height spaces and mezzanines. Each unit will have private outdoor space (patio or balcony), two parking spaces and storage located in the parking garage. The project was the last condominium development project approved by the city of West Hollywood before a moratorium was placed in 2007. The property is being sold fully entitled with the approved plans and permits. The existing building will be vacated upon close of escrow. Although all information furnished regarding property for sale, rental, or financing is from sources deemed reliable, such information has not been verified and no express representation is made nor is any to be implied as to the accuracy thereof and it is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice and to any special conditions imposed by our principal. 4
Unit Mix Unit # Type Unit SF Balcony / Patio SF Total SF 1 2-Bed / 2.5 Bath 1,460 120 1,580 2 2-Bed / 2.5 Bath 1,451 136 1,587 3 2-Bed / 2.5 Bath 1,469 120 1,589 4 2-Bed / 2.5 Bath 1,640 120 1,760 5 3-Bed / 2.75 Bath / Mezz 1,593 120 1,713 6 3-Bed / 2.75 Bath / Mezz 1,647 120 1,767 7 3-Bed / 2.75 Bath / Mezz 1,677 120 1,797 8 2-Bed / 2.25 Bath 1,626 120 1,746 9 3-Bed / 2 Bath 1,542 154 1,696 10 3-Bed / 2.25 Bath 1,796 122 1,918 11 2-Bed / 2 Bath 1,590 120 1,710 12 2-Bed / 2 Bath 1,369 120 1,489 13 3-Bed / 2.25 Bath 1,725 120 1,845 14 3-Bed / 2.25 Bath 1,550 120 1,670 15 2-Bed / 2.25 Bath 1,412 120 1,532 16 2-Bed / 2.25 Bath 1,342 120 1,462 Total 24,889 1,972 26,861 5
Renderings 6
Renderings 7
Renderings COURT VIEW KITCHEN 8
Proforma 1345 N. Havenhurst Proforma Project Revenues Gross Sales Revenue $ 13,932,800 Less: Commissions/Closing Costs (626,976) Net Revenue $ 13,305,824 Project Costs % of Total Costs Total Cost Land Costs Land 36.3% $ 3,900,000 Taxes (% of Land Costs) 1.0% 102,667 Total Land 37.2% $ 4,002,667 Hard Costs Hard Costs 50.2% $ 5,400,000 Total Hard Costs 50.2% $ 5,400,000 Insurance Insurance 1.4% $ 150,000 Total Insurance Costs 1.4% $ 150,000 Soft Costs Architect 0.3% $ 30,000 In Lieu Fees 6.1% 660,844 Permits & Fees 1.1% 120,000 Total Design Fees / Soft Costs 7.5% $ 810,844 Total Project Costs Before Financing 96.4% $ 10,363,511 Financing Loan Origination Fee 0.6% $ 64,526 Loan Interest 3.0% 326,279 Total Financing Costs 3.6% $ 390,805 Total Project Costs 100.0% $ 10,754,316 Net Profit $ 2,551,508 Return On Costs 23.7% Unleveraged IRR 21.0% Leveraged IRR 28.8% 9
Comparable Sales Property Address Sale Date Square Feet Sale Price Sale Price PSF 1 718 N. Croft Ave. #PH1 West Hollywood, CA 90069 January 2011 1,718 $1,050,000 $541 2 8265 Fountain Ave. #401 West Hollywood, CA 90046 February 2011 3,175 $1,600,000 $504 3 1351 Havenhurst Dr. #301 West Hollywood, CA 90046 March 2011 1,450 $800,000 $552 4 817 N. Alfred St. # 404 West Hollywood, CA 90069 April, 2011 1,453 $729,900 $502 5 855 N. Croft Ave. PH3 West Hollywood, CA 90069 April, 2011 1,837 $1,240,000 $675 10
Comparable Sales Map 2 3 6 4 5 1 1. 718 N. Croft Ave. #PH1 2. 8265 Fountain Ave. #401 3. 1351 Havenhurst Dr. #301 4. 817 N. Alfred St. # 404 5. 855 N. Croft Ave. PH3 6. 1345 Havenhurst Dr. 11
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