VISTA OAKWOOD HOMES OFFERING MEMORANDUM - PROPERTY WEBSITE - Lucrum Real Estate Group
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VISTA OAKWOOD HOMES
401 N VISTA STREET | LOS ANGELES, CA 90036
PROPERTY WEBSITE
OFFERING MEMORANDUM
VISTA OAKWOOD HOMES
INVESTMENT CONTACTS
RAY RODRIGUEZ JEAN-PAUL VINES
FOUNDING PARTNER PARTNER
D: +1 866-582-7865 D: +1 818-657-6621
M: +1 818-581-5829 M: +1 310-245-1309
ray@lucrumre.com jpvines@lucrumre.com
Lic. #01402283 Lic. #01272272
LUCRUM GROUP | KW COMMERCIAL
Disclaimer:
All materials and information received or derived from KW COMMERCIAL its
directors, officers, agents, advisors, affiliates and/or any third party sources are
provided without representation or warranty as to completeness, veracity, or
accuracy, condition of the property, compliance or lack of compliance with
applicable governmental requirements, developability or suitability, financial
performance of the property, projected financial performance of the property for
any party’s intended use or any and all other matters.
Neither KW COMMERCIAL its directors, officers, agents, advisors, or affiliates makes
any representation or warranty, express or implied, as to accuracy or completeness
of the materials or information provided, derived, or received. Materials and
information from any source, whether written or verbal, that may be furnished for
review are not a substitute for a party’s active conduct of its own due diligence to
determine these and other matters of significance to such party. KW COMMERCIAL
will not investigate or verify any such matters or conduct due diligence for a party
unless otherwise agreed in writing.
Any party contemplating or under contract or in escrow for a transaction is urged
to verify all information and to conduct their own inspections and investigations
including through appropriate third party independent professionals selected by
such party. All financial data should be verified by the party including by obtaining
and reading applicable documents and reports and consulting appropriate
independent professionals. KW COMMERCIAL makes no warranties and/or
representations regarding the veracity, completeness, or relevance of any financial
data or assumptions. KW COMMERCIAL does not serve as a financial advisor to any
party regarding any proposed transaction.
All data and assumptions regarding financial performance, including that used
for financial modeling purposes, may differ from actual data or performance. Any
estimates of market rents and/or projected rents that may be provided to a party
do not necessarily mean that rents can be established at or increased to that level.
Parties must evaluate any applicable contractual and governmental limitations as
well as market conditions, vacancy factors and other issues in order to determine
rents from or for the property. Legal questions should be discussed by the party
with an attorney. Tax questions should be discussed by the party with a certified
public accountant or tax attorney. Title questions should be discussed by the party
with a title officer or attorney. Questions regarding the condition of the property
and whether the property complies with applicable governmental requirements
should be discussed by the party with appropriate engineers, architects, contractors,
other consultants and governmental agencies. All properties and services are
marketed by KW COMMERCIAL in compliance with all applicable fair housing and
equal opportunity laws. Each Office Independently Owned & Operated.
7453 Oakwood Avenue
VISTA OAKWOOD HOMES
401 N VISTA STREET | LOS ANGELES, CA 90036
TABLE OF CONTENTS
01 INVESTMENT
SUMMARY
02 PROPERTY
DESCRIPTION
03 PROPERTY
LEASE DATA
04 SALES COMPARABLES
& LOCAL ATTRACTIONS
05 HIGHLIGHTS
& LOCATION
06 AREA
OVERVIEW
401 Vista St. Entrance
01 I NVE ST M E NT S U M M A RY
VISTA OAKWOOD HOMES
Located in the heart of the Fairfax District, this stunning triplex combines old world charm with contemporary luxury. This 1929
property was painstakingly renovated and amenitized in 2017 resulting in a true turn-key triplex that gushes with curb appeal and
exudes class.
Each garden-style townhouse features high ceilings, large picture windows, open-concept kitchen, large dining room, seated bar-
area, brand new cabinets and quartz countertops throughout. All units have their own private outdoor area and shared access to a
huge common area rooftop-deck for relaxation and entertaining.
The property is landscaped beautifully and located on a spacious corner lot in one of the most desirable locations in Los Angeles,
only a short walking distance to The Grove, Farmers Market and Pan Pacific Park. Significant value-added potential and additional
rental income is possible through the addition of up to two new units (ADUs).
With outstanding rental-income, Vista-Oakwood Homes represents the opportunity for an investor or owner-user to acquire a fully
revitalized iconic triplex dating back f rom a classic era and located in one of the most premier areas in Los Angeles.
8 LUCRUM GROUP | KW COMMERCIAL
Common Area & Shared Amenities
• Individual gated access to each unit
• Meticulous drought tolerant landscaping throughout the gardens and parkway including 6 mature Olive Trees
• Automated state-of-the-art drip-irrigation system
• Private patio gardens for two units and a large balcony for the third unit
• +/- 600 square foot second floor rooftop tiled deck for all units
• Six parking spots including three single car garages equipped with new motorized garage doors
• CCTV system including 7 cameras covering the perimeter of the property
Unit Amenities
• New individual tankless water heaters
• Screwless switches and electric outlets (select outlets featuring USB connectivity)
•K
itchens feature new natural-wood soft-close cabinets, double-sinks, quartz countertops, tile floors, Whirlpool stainless steel
appliances including wine-cooler (all under extended warranty), water filter faucet system, and open floor plan kitchen / dining
room with a large bar area
•B
athrooms feature new natural-wood soft-close cabinets, sinks (double sinks in master baths), quartz countertop, tile flooring,
motion sensor and auto shutoff lights, humidity sensor and auto shutoff fans and shower / bath privacy-glass doors
• Ceiling fans in bedrooms with remote switch
• Separate utility room with washer / dryer and extra storage
• Shelved storage room
Major Capital Expenditures
• Complete copper re-pipe of entire building
• Complete electrical rewiring, new central electrical board and new panel boards (per unit)
• New tankless water heaters (per unit)
• New central a/c and heater systems (per unit)
• All new double-pane windows and sliding doors
• All new interior doors
• Complete unit renovations
• Complete building and common area renovations
401 N VISTA STREET | LOS ANGELES, CA 9
401 Vista St. Livingroom
02 PR OPERTY D E S C R IPT IO N
Proper ty Descri p t ion
VISTA OAKWOOD HOMES Annual Operating Data Current Market
Scheduled Gross Income $199,968 $205,620
Gross Operating Income $199,968 $205,620
APN: 5526-032-013
Less Expenses ($52,772) 26.39%* ($52,772) 25.66%*
Net Operating Income $147,196 $152,848
Less Debt Service ($140,275) ($140,275)
ZONING: LARD1.5
Pre‐Tax Cash Flow $6,921 | 0.76%** $12,573 | 1.38%**
Plus Principal Reduction $56,207 $56,207
Total Return Before Taxes $63,128 | 6.92%** $68,780 | 7.54%**
BUILDING: ± 5,257 SF
* As a percentage of Scheduled Gross Income.
** As a percentage of Down Payment.
SITE: Lot Size: ± 7,115 SF Estimated Annual Expenses
Tax Year 2021
Tax Rate 1.25% | $45,625
UNITS: 3 | 0 Vacant
Insurance $2,077
Maint. / Repairs $2,760
ADDRESS: 401 N Vista St,
Los Angeles, CA 90036 Utilities $2,310
Total Expenses $52,772
Per Gross Sq. Ft. $10.04
USE: Triplex
Expenses Per Unit $17,590.67
12 LUCRUM GROUP | KW COMMERCIAL401 Vista St. Kitchen
401 N VISTA STREET | LOS ANGELES, CA 13Accesso r y Dwel l in g Un it Poten t ial
Lucrum Real Estate Group had a Po te n t ial F lo o r Plan
value-added Accessory Dwelling
Unit (ADU) Study completed at the
property in April 2021. The study
found that there is the POTENTIAL
for either ONE of the following
options without sacrificing the total
number of 6 parking spaces already
currently available at the property!
Option #1: Demolish the attached
garages & storage to build an
additional two units in a two-story Po te n t ial Exte rio r Plan
detached structure comprised of 2
two-bedroom/two-bathroom units
to generate an additional annual
gross income of approximately
$60,000!
Option #2: Demolish the attached
garages & storage to build an
additional unit in a detached one-
story structure comprised of 1 two-
bedroom/two-bathroom unit to
generate an additional annual gross *Seller, broker, and listing agents make no guarantees as to the potential for ADUs at the subject
property. Buyer to verify ADU potential with their own engineer, architect, contractor and any other
income of approximately $30,000! professionals they deem necessary.
14 LUCRUM GROUP | KW COMMERCIAL401 N VISTA STREET | LOS ANGELES, CA 15
Proposed ADU Rendering: 2 (2+2) Units 16 LUCRUM GROUP | KW COMMERCIAL
Proposed ADU Rendering: 2 (2+2) Units
Proposed ADU Rendering: 2 (2+2) Units
401 N VISTA STREET | LOS ANGELES, CA 177453 Oakwood St. - Livingroom
03 PROPE RTY L E A S E DATA
Summary Current Market
Purchase Price $3,650,000
Down Payment 25% – $912,500
Number Of Units 3
Cost Per Legal Unit $1,216,667
Current Grm 18.25 17.75
Current Cap 4.03% 4.19%
Year Built 1929 / 1930
Approx. Building SF ±5,257
Cost Per Building SF $694.31
Approx. Lot SF ±7,115
Zoning LARD1.5
6 parking spots 7453 Oakwood St. - Kitchen
Parking
including 3 garages
R en t Roll
Tenant’s Address Beds / Baths Approx. SF Rents Notes SEC8 Y/N
Townhouse
401 N. Vista St 2 + 2.5 1,800 SF $5,790 N
Projected Rent
Townhouse
7453 Oakwood Ave 2+2 1,400 SF $4,774 N
Private Balcony
7455 Oakwood Ave 3+3 1,950 SF $6,100 Townhouse N
20 LUCRUM GROUP | KW COMMERCIALProper ty Lease D at a
Monthly Rental Income: $16,664.00 Proposed Financing
Monthly Laundry Income: $0.00 Loan $2,737,500
Monthly Garage Income: $0.00 Interest 3.10%
Monthly Other Income: $0.00 Interest Type 7 Years Fixed
Total Gross Monthly Income: $16,664.00 Term (Yrs.) 30
Utilities Paid By Tenant: Electricity & Gas Amortization (Yrs.) 30
Scheduled Income Current Market
Monthly Avg. Monthly Monthly Monthly
No. Of Units Beds / Baths Approx. SF
Rent / Unit Income Rent / Unit Income
1 2 + 2 TH 1,400 SF $4,774 $4,774 $4,895 $4,895
1 2 + 2.5 TH 1,800 SF $5,790 $5,790 $5,790 $5,790
1 3 + 3 TH 1,950 SF $6,100 $6,100 $6,450 $6,450
Monthly Scheduled Rent $16,664 $17,135
Laundry Income - -
Other Income
Monthly SGI $16,664 $17,135
Annual SGI $199,968 $205,620
401 N VISTA STREET | LOS ANGELES, CA 217453 Oakwood St. Balcony 22 LUCRUM GROUP | KW COMMERCIAL
04
S ALE S CO M PA R A B L E S
& LOCA L AT T R ACT IO NS
401 N VISTA STREET | LOS ANGELES, CA 23Compara bl e Pro p er t ies - Ac t ive
SUBJECT PROPERTY ACTIVE ACTIVE
432 N Gardner Street 328 Sierra Bonita Avenue
Listing Date 03/19/21 Listing Date 09/25/20
401 N VISTA STREET Distance Away 0.1 Miles Distance Away 0.2 Miles
Price $3,650,000 Price $3,895,000 Price $2,199,000
Number Of Units 3 Number Of Units 3 Number Of Units 2
Total S.F. 5,257 SF Total S.F. 5,596 SF Total S.F. 2,804 SF
Price Per S.F. $694/PSF Price Per S.F. $696/PSF Price Per S.F. $784/PSF
Gross Income $199,698 Gross Income $216,000 Gross Income $120,000
Cap Rate 4.03 CAP Cap Rate 3.9 CAP Cap Rate 3.9 CAP
Lot Size 7,115 SF Lot Size 6,107 SF Lot Size 6,498 SF
ACTIVE ACTIVE ACTIVE ACTIVE
429 N Spaulding Avenue 612 N Genesse Avenue 123 S Orange Drive 248 S Sycamore Avenue
Listing Date 10/14/20 Listing Date 09/3/20 Listing Date 04/28/21 Listing Date 05/22/21
Distance Away 0.3 Miles Distance Away 0.6 Miles Distance Away 0.9 Miles Distance Away 1.1 Miles
Price $2,249,000 Price $3,100,000 Price $2,499,000 Price $3,250,000
Number Of Units 4 Number Of Units 4 Number Of Units 2 Number Of Units 4
Total S.F. 3,786 SF Total S.F. 4,740 SF Total S.F. 3,475 SF Total S.F. 6,912 SF
Price Per S.F. $594/PSF Price Per S.F. $654/PSF Price Per S.F. $719/PSF Price Per S.F. $470/PSF
Gross Income $86,352 Gross Income $175,000 Gross Income $109,800 Gross Income $156,769
Cap Rate 2.15 CAP Cap Rate 3.9 CAP Cap Rate 2.8 CAP Cap Rate 3.3 CAP
Lot Size 6,422 SF Lot Size 6,339 SF Lot Size 7,155 SF Lot Size 7,681 SF
24Compara bl e Prop er t ies - S old
SOLD SOLD
449 N Sycamore Avenue 337 N Curson Avenue
Sold Date 12/30/20 Sold Date 12/07/20
Distance Away 0.3 Miles Distance Away 0.4 Miles
Price $2,586,000 Price $2,400,000
Number Of Units 4 Number Of Units 4
Total S.F. 5,455 SF Total S.F. 5,529 SF
Price Per S.F. $474/PSF Price Per S.F. $434/PSF
Gross Income 141,816 Gross Income $147,660
Cap Rate 3.4 CAP Cap Rate 4.1 CAP
Lot Size 7,506 SF Lot Size 6,501 SF
SOLD SOLD
536 N Orange Drive 323 N Orange Drive
Sold Date 12/31/20 Sold Date 04/06/21
Distance Away 0.7 Miles Distance Away 0.7 Miles
Price $1,918,724 Price $2,655,000
Number Of Units 4 Number Of Units 2
Total S.F. 4,082 SF Total S.F. 4,361 SF
Price Per S.F. $470/PSF Price Per S.F. $609/PSF
Gross Income $95,220 Gross Income 144,000
Cap Rate 3.0 CAP Cap Rate 3.7 CAP
Lot Size 6,000 SF Lot Size 6,884 SF
2526 LUCRUM GROUP | KW COMMERCIAL
27
Loc al Devel o pm en t s
Grove Ad ja cen t Th i rd & Fa i r fa x D eve l o p m e n t
Across the street from the Grove and the Original Farmer’s Market, this eight story mixed-use structure will
consist of 331 apartments and 84,000 square feet of commercial space. The residential units will include one,
two, and three-bedroom apartments as well as studios. The development will also offer a new grocery store, as
well as a general purpose retail shop.
Wils h ire Cu rs on
Located at 620 South Curson Avenue, this modern 21-story high-rise offers 285 luxury rental units in the heart of
Miracle Mile. The resort style amenities include a sauna, steam room, rooftop pool, spa, sundeck, and cabanas as
well as a fitness center and dog run.
Seven1Hun d red M e l ros e Ave n u e
This beautiful four-story building consists of 66-units with amenities including a barbeque area, bike storage
room, gym, rooftop tanning deck and fire pit. Visit inewhomes.com for more information.
7673 M elro s e Ave n u e
Located in the prime Fairfax district this 24-unit complex includes studios as well as one and two-bedroom
apartment homes. Below the residential units will be 5,325 square feet of ground-floor retail space together with
two levels of subterranean parking.
Televis io n C ity - TVC 20 5 0 P l a n
This $1+ billion project in the iconic Television City will modernize production facilities, ensuring that the studio
will continue to be a world-class production source generating significant economic and community benefits.
This will result in creating almost 19,000 jobs for the local community, and once complete the total annual
economic output will be $2.4 billion.
28 LUCRUM GROUP | KW COMMERCIALDOWNTOWN LA
620 CURSON AVE
GROVE ADJACENT
THIRD & FAIRFAX
DEVELOPMENT
7100 MELROSE AVENUE
7673 MELROSE AVENUE
WEST HOLLYWOOD MIRACLE MILE
TELEVISION CITY
401 N VISTA STREET | LOS ANGELES, CA 297455 Oakwood St Dining Room
05 H I G H L IG HTS & LO CAT IO N
VISTA OAKWOOD HOMES
H I G H LI GH TS
N EW E L ECT R I CA L & PRI M E
COPPE R PI PES FA I R FAX D ISTR ICT
FUL LY RENOVAT ED L A R GE CORNE R LOT
LUXU RY U N I TS WI TH CU R B APPEAL
C ENT RA L A /C N EW TANK L E SS
A N D H E AT WATER HEATER S
WALK SCORE Q U I ET
OF 89 - VERY WALKABLE R ES ID ENTIAL STR EET
32 LUCRUM GROUP | KW COMMERCIALVISTA OAKWOOD HOMES
RO
401 N VISTA ST.
SE
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OD
GAR DNE R ST.
AV
E.
VI STA ST.
.
O A KWO O D AV E
M ARTEL AVE .
401 N VISTA STREET | LOS ANGELES, CA 337455 Oakwood St. Backyard
06 AR E A OVE R VIEW
Fairfax District, Los Angeles, CA Overview
The Fairfax District is a neighborhood in the Central region of Los Angeles, California. Historically the Fairfax District
has been a center of the Jewish community in Los Angeles. It is known for the Farmer’s Market, The Grove, CBS
Television City broadcasting center, the Los Angeles Museum of the Holocaust in Pan Pacific Park, and Fairfax
Avenue restaurants and shops.
The Mapping L.A. project of the Los Angeles Times, in a departure from its first draft, reduces the Fairfax District to
the 1.23 square miles of the neighborhood that lie east of Fairfax Avenue. Using the Mapping L.A. boundaries, the
Fairfax District is flanked on the north and northeast by the city of West Hollywood, on the northeast by Hollywood,
on the east by Hancock Park, on the south by Mid-Wilshire, and on the west by Beverly Grove. Street boundaries
are Willoughby Avenue or Romaine Street on the north, La Brea Avenue on the east, West Third Street on the
south, and Fairfax Avenue on the west. The Beverly–Fairfax (or Fairfax) neighborhood, as it has historically been
called, includes both Fairfax and Beverly Grove. In the first draft of Mapping L.A., “Beverly Grove” was not included
as a distinct neighborhood; rather, the area was shown as part of Fairfax. An even earlier L.A. Times profile of the
Fairfax District described the boundaries as “Santa Monica Boulevard on the north and Sixth Street on the south;
La Brea Avenue forms its eastern edge with Sweetzer Avenue as its western border.
Average Household Income 2020 Estimated Population Bachelors Degree Or Higher
$124,831 13,360 60%
Median Age Total Households
33 8,344
36 LUCRUM GROUP | KW COMMERCIALLos Angeles, California Overview
The City of Los Angeles holds many distinctions. L.A. is
the entertainment capital of the world, a cultural mecca
boasting more than 100 museums, and a paradise of idyllic
weather. From tourist attractions like the Walk of Fame’s
collection of stars (numbering more than 2,614 and growing
by one or two a month) to career opportunities like those
presented in the expanding tech industry, Los Angeles is
the place to be. It is the only city in North America to have
hosted the Summer Olympics twice. Downtown L.A. is the
largest government center outside of Washington, D. C. Los
Angeles has the only remaining wooden lighthouse in the
state (located in San Pedro’s Point Fermin Park) and the
largest historical theater district on the National Register of
Historic Places (located Downtown on Broadway).
The Los Angeles Metro Rail is an urban rail
transportation system serving Los Angeles County, Los Angeles is on the leading edge of several growth
California. It consists of six lines, including two industries. LA County, with more than 87,000 jobs in the
subway lines and four light rail lines serving 93 fashion industry, has surpassed New York’s fashion district
stations. It connects with the Metro Busway bus workforce. The LA Five-County area also has more than
rapid transit system and also with the Metrolink 700,000 people at work in health services / biomedical
commuter rail system. activities and 190,000 people in aerospace and technology.
401 N VISTA STREET | LOS ANGELES, CA 3738 LUCRUM GROUP | KW COMMERCIAL
401 N VISTA STREET | LOS ANGELES, CA 39
Vista Oakwood Homes, Night Time 40 LUCRUM GROUP | KW COMMERCIAL
INVESTMENT CONTACTS
RAY RODRIGUEZ
FOUNDING PARTNER
D: +1 866-582-7865
M: +1 818-581-5829
ray@lucrumre.com
Lic. #01402283
JEAN-PAUL VINES
PARTNER
D: +1 818-657-6621
M: +1 310-245-1309
jpvines@lucrumre.com
Lic. #01272272
PROPERTY WEBSITE
401 N VISTA STREET | LOS ANGELES, CA 41You can also read
