WINDSOR HILLS ALL 3BED/2 BATH UNITS - LoopNet.com
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WINDSOR HILLS ▪ ALL 3 BED / 2 BATH UNITS
ADDRESS 5818 S. Mansfield Avenue
CITY Los Angeles, CA 90043
PARCEL # 4019-012-023
UNITS 4
UNIT MIX Four - 3 Bed / 2 Bath
GROSS SF 5,028
LOT SF 8.228
ZONING LCR3YY
STORIES 2
PARKING Three, 2-Car Garages
3
4
▪ All 3bed 2bath Units Averaging 1,257 square feet
▪ Irreplaceable Windsor Hills Location with Unobstructed Hilltop Views
▪ Three 2-car Garages onsite
▪ Amenities include Pool and On-site Laundry for Tenants Enjoyment
▪ Roof Repairs Completed in 2021
5
6
PRICING THE ASSET FINANCING
OFFERING PRICE $1,895,000 Units 4 Down 30.0% $568,500
PRICE/UNIT $473,750 Year Built 1964 Loan 70.0% $1,326,500
PRICE/SF $376.89 Gross SF 5,028 Ammort Years 30
GRM 14.90 11.96 Lot SF 8,228 Interest Rate 3.15%
CAP RATE 4.66% 5.82% APN 4019-012-023 Payments ($5,700)
Current Market
MONTHLY RENT SCHEDULE
# of Units Type Avg.Current Current Total Market Market Total
4 3 Bd/2 Ba $2,650 $10,600 $3,300 $13,200
4 $10,600 $13,200
Monthly Scheduled Gross Income $10,600 $13,200
ANNUALIZED INCOME Current Market
Scheduled Gross Income $127,200 $158,400
Vacancy Rate Reserve 3% ($3,816) 3% ($4,752)
Other Income $1,200 $1,200
FINANCIAL
Gross Operating Income $124,584 $154,848
ANNUALIZED EXPENSES Current Market
Taxes 1.18% $24,251 $24,251
Insurance $2,263 $2,263
Utilities $3,800 $3,800
Maint& Repairs $2,600 $2,600
Marketing $636 $792
General & Admin $1,272 $1,584
Management Fee - $7,920
Pest Control $200 $200
Landscaping $240 $240
Misc/Reserves $1,000 $1,000
Total Expenses $36,262 $44,650
Expenses/Unit $9,066 $11,163
Expenses/SF $7.21 $8.88
% of SGI 29.11% 28.83%
RETURN Current Market
NOI $88,322 $110,198
Less Debt ($68,406) ($68,406)
Cashflow $19,916 $41,792
Cash on Cash 3.50% 7.35%
Debt Coverage 1.29 1.61
9
RENT ROLL
Unit # Type Current Rent Market Rent Section 8
1 3 Bd/2 Ba $2,550 $3,300 No
2 3 Bd/2 Ba $2,550 $3,300 No
3 3 Bd/2 Ba $2,750 $3,300 No
4 3 Bd/2 Ba $2,750 $3,300 No
Totals: $10,600 $13,200
10
SALES
ADDRESS UNITS BUILT GROSS SF LOT SIZE UNIT MIX SALE DATE PRICE PRICE/UNIT PRICE/SF CAP GRM
1 5444 Alvern Circle 4 1922 3,138 8,069 2 - 2/1 12/17/*20 $1,185,000 $296,250 $378 4.01% 16.21
Los Angeles, CA 90045 2 - 1/1
2 5716 S Corning Ave 3 1962 3,932 8,702 1 - 3/2 11/10/2020 $1,725,000 $575,000 $439 4.07% 15.97
Los Angeles, CA 90056 2 - 2/2
3 320 Stepney St 4 1928 2,822 10,016 4 - 2/1 10/2/2020 $1,199,000 $299,750 $425 4.96% 13.10
Inglewood, CA 90302
4 3901 W 54th St 3 1963 3,983 7,801 2 - 2/1 1/5/2021 $1,305,000 $435,000 $328 5.17% 12.57
Los Angeles, CA 90043 1 - 3/2
5 722 W Beach Ave 5 1943 4,116 7,840 5 - Studio 5/21/2020 $2,080,000 $416,000 $505 N/A N/A
Los Angeles, CA 90302
6 7119 S La Cienega Blvd 4 1931 4,982 6,603 2 - 3/2.5 2/26/2021 $2,350,000 $587,500 $472 5.40% 12.04
Los Angeles, CA 90045 2 - 3/2
AVERAGES 3,829 8,172 $434,917 $424 4.72% 13.98
S Subject Property 4 1964 5,028 8,228 4 - 3 Bd/2 Ba $1,895,000 $473,750 $377 4.66% 14.90
5818 Mansfield Ave
Los Angeles, CA 90043
13SALES
PRICE/UNIT PRICE/SF
$700,000 $600
$575,000 $587,500 $505
$600,000 $500 $472
$439 $425
$500,000 $473,750
$435,000 $416,000 $400 $378 $377
$328
$400,000
$296,250 $299,750 $300
$300,000
$200
$200,000
$100,000 $100
$0 $0
1 2 3 4 5 6 S 1 2 3 4 5 6 S
CAP RATE GRM
6.00% 18.00
5.17% 5.40% 16.21 15.97%
4.96% 16.00 14.90
5.00% 4.66%
14.00 13.10%
4.01% 4.07% 12.57% 12.04
4.00% 12.00
10.00
3.00%
8.00
2.00% 6.00
4.00
1.00%
2.00
N/A N/A
0.00% 0.00
1 2 3 4 5 6 S 1 2 3 4 5 6 S
14SALES 1
2
3
5444 Alvern Circle
5716 S Corning Ave
320 Stephney St
4 3901 W 54th St
5 722 W Beach Ave
6 7119 S La Cienega Blvd
S 5818 Mansfield Ave
4
2 S
1
6 5 3
15RENT
3 Bed/2 Bath Noted Amenities
ADDRESS TYPE UNIT SF RENT RENT/SF
1 6109 Overhill Dr 3 bd/2 ba 1,300 $3,300 $2.54
Los Angeles CA 90043 Garage parking. Washer/dryer hookup
2 1745 W Vernon Ave 3 bd/2 ba 1,700 $3,400 $2.00
washer/dryer in each unit, Garage Parking
Los Angeles CA 90062
provided
3 904 W 41st Dr 3 bd/2 ba 1,600 $3,550 $2.22
washer/dryer hook ups. Laundry facilitity
Los Angeles CA 90037
onsite. Garage parking onsite
4 629 W 83rd St 3 bd/2 ba 2,000 $3,300 $1.65
Los Angeles CA 90044 Garage parking included
AVERAGES 1,650 $3,388 $2.10
S Subject Property 3 bd/2 ba Current $2,650
5818 Mansfield Ave Pro Forma $3,300
Los Angeles, CA 90043
16RENT
Three Bedrooms
$4,000
$3,550
$3,500 $3,400
$3,300 $3,300 $3,300
$3,000
$2,650
$2,500
$2,000
$1,500
$1,000
$500
$0
1 2 3 4 S Current S Pro Forma
17RENT 1 6109 Overhill Dr
2 1745 W Vernon Ave
3 904 W 41st Dr
4 629 W 83rd St
S 5818 Mansfield Ave
3
2
S
1
4
18AREA ACCESSBILITY
With its tree-lined sidewalks, wide streets, manicured lawns and
distinctive architectural homes, View Park is a hillside neighborhood
that overlooks parts of Los Angeles. A breeze comes from the ocean
and on a clear day residents say they can see parts of downtown Los
LOCAL ARCHITECTURE
Angeles. The unincorporated area sits in between Crenshaw and The neighborhood is a collection of about 1,800 mostly single-family
Inglewood and within 10 miles east of Silicon Beach (Santa Monica, Spanish Colonial, Mediterranean and midcentury homes and mansions
Venice and Playa Vista) and west of downtown Los Angeles. It's a 10- ranging in lot size from 5K SF to more than 10K SF. Some of the
to 15-minute drive from everything — the beach, the airport, architecture that dots the neighborhood came from a who’s who of
downtown LA, wherever you need to go. prominent Los Angeles architects such as Postle & Postle, the company
that designed the Brooklyn State Bank. Later notable architects were
commissioned to design homes, including Paul Williams, Robert Earl
and Charles Wong.
20EMPLOYMENT
PLAYA VISTA MARINA DEL REY CULVER CITY
21SOFI
$5 BILLION 70,240
TOTAL CONSTRUCTION COST STADIUM CAPACITY
The new home for the Los Angeles Chargers and Rams will be the
largest stadium in the NFL . Costing nearly $5 Billion ( $ 4.963
Billion), the 3 Million sq.ft. stadium is set to be the largest stadium
SoFi Stadium is a stadium and entertainment complex under
in the NFL and will be able to seat 70,240 . The price tickets are
construction in Inglewood, California, United States. It is located at the
also expected to rise with season tickets predicted to cost $350 -
former site of the Hollywood Park Racetrack, approximately 3 miles (4.8
400 per game . Construction is 60 % complete and is scheduled to
km) from LAX, immediately southeast of The Forum.
be ready for the 2020 season . The stadium will also host the 2022
Super Bowl .
The stadium will serve as the home for the Los Angeles Rams and Los
Angeles Chargers of the National Football League (NFL). It also serves as the
The NFL stadium is only one part of a larger plan . The area around
home of the LA Bowl. It is scheduled to host WrestleMania 37 on March 28,
the stadium, known as Hollywood Park, is also under construction
2021. It is also scheduled to host Super Bowl LVI in February 2022 and the
and will include about 3,000 new residential units, 620 ,000 square
College Football Playoff National Championship in January 2023. During the
feet of shops and restaurants, green space including a manmade
2028 Summer Olympics, the stadium is expected to host the opening and
lake, and lastly a revamped casino . The new Hollywood Park is
closing ceremonies, soccer, and archery.
expected to be completed in 2023. 22NEW HOLLYWOOD
OFFICES RESIDENTIAL RETAIL
Next to the $4.9 billion stadium, a massive new neighborhood and shopping complex with thousands of homes, plus new stores, restaurants, and a hotel, has been
in the works for more than a decade. The entire 238-acre property was acquired by developers Wilson Meany and Stockridge in 2005, but construction didn’t break
ground until 2014, due to the downturn in the housing market.
The site doesn’t look like much now; it’s mainly used as a staging area for the incredible amount of equipment needed to build the stadium. But as the stadium
rumbles toward completion, work on the vast residential community is scheduled to ramp up. When fully finished (representatives have not said when that will be),
the new Hollywood Park will be made up of 2,500 units of housing, 620,000 square feet of retail space, a “social hub” with a “culinary marketplace” and “giant
outdoor movie screen,” a 300-room luxury hotel, and a revamped Hollywood Park Casino.
At the same time, the developers want the project to stand out. Winding streets and paths will set the area apart when viewed from above, or what Hart Howerton
describes as the “Fifth Elevation.” The massive site is easily spotted through the windows of the 1,500 aircrafts that fly overhead and land nearby at LAX daily.
Those paths probably won’t be quite as eye-grabbing as the giant billboard that’s set to adorn the roof of the new stadium, but the aerial view is impressive.
23CLIPPERS THE NEW ARENA BRINGING BACK THE NBA CREATING LOCAL JOBS The Clippers are constructing a new basketball arena It’s been 20 years since Inglewood has had a Today, local businesses are thriving and along with a practice facility, team offices, a medical hometown NBA team. Now the City is bringing unemployment is down to 5.5% – a 30-year low! facility, retail stores, restaurants and parking in professional basketball back. With the Rams and Moving forward, the new Clippers Arena Inglewood will Inglewood. The arena will be privately financed with Chargers relocating locally, the city can have a year- have a 35% local hire rate and generate well-paying no taxpayer dollars and built on property owned by the round entertainment district rivaling downtown LA. jobs for city residents for years to come. City. PROTECTING THE ENVIRONMENT COMMITMENT TO THE COMMUNITY ENRICHING THE NEIGHBORHOOD The project is committed to doing a complete The Clippers arena project will generate millions of The arena site will be built along Prairie Avenue and Environmental Impact Report (EIR), as required by the dollars in new tax revenue that will be used to improve West Century Boulevard. The land does not include California Environmental Quality Act (CEQA), that will local parks, libraries, and police and fire services. any homes or churches, and much of it has been assess the impact and benefits of the Arena. The Moreover, with this new revenue, the City will be able vacant for more than 20 years. Any privately controlled process will be transparent and include extensive to invest in after school programs that keep parcels will be purchased at fair market value. community input. Inglewood’s children safe.
CRENSHAW
Crenshaw Crossing 3518 Crenshaw
401 Units, 81 affordable, 40,000 sf 81 units, 9 designated for
of retail with 502 parking spaces extremely low-income, 3,900
square feet of ground-floor
commercial space
Baldwin Hills Crenshaw Plaza 12
916 condos & apartments + 400- 9 District Square
room hotel, offices, restaurants. 10 Potential affordable housing
development
3600 Stocker Street 4242 Crenshaw
3
69 units, six for very low-income, 6 124 units, 11 very low income,
52 parking spaces 13 6,000 sf of retail, 60 parking
4
4300 Degnan Blvd Destination Crenshaw
1 Open-air museum, park and
Housing, retail, or office planned
gallery elements
Dorset Village redevelopment
6320 Crenshaw
782 units, 147 income restricted
2 24 apartments plus about 670 sf of
retail space
Hope on Hyde Park
98 affordable and supportive 14
housing units 5 6515 Crenshaw
8 16 15 5-story, 24 unit apartment building
7
6604 West Blvd
64-units for low and very low
6527 Crenshaw
income households
43 units, 5 affordable, 1,500
11 ground floor retail space
Inglewood Market Gateway
242 market rate units, 50,000 sf of
Fairview Heights Apartments
retail space, 438 parking spaces
101 income restricted housing
units, 50 supportive, 5,000 sf of
ground floor retail
25LOCATION SNAPSHOT
EMPLOYER # OF EMPLOYEES
KAISER PERMANENTE 6,184
SONY PICTURES STUDIOS, INC. 4,600
1,210,765 11.5% $74,011
Population within a 5-mile Home Value Rise within Avg HH Income within a
radius the past year one-mile radius
CBS BROADCASTING 3,500
CALIFORNIA HOSPITAL MEDICAL
3,000
CENTER
7.5% 97.9% 586,019
HBO 1,650
Projected submarket rent Submarket occupancy over Employee base within a 5-
growth past year mile radius
CENTINELA HOSPITAL MEDICAL
1,500
CENTER
South Los Angeles sits between the two major jobs centers of Downtown Los
TBWA/CHIAT/DAY 1,300
Angeles and Culver City. The former, with a daytime population of some 207,000
people, is home to a large concentration of firms from the legal, utilities,
RALPHS 1,206
accounting and financial services sectors, as well as many federal, state and
local government agencies. The latter, on the other hand, has an employer base
CEDARS-SINAI 1,201
that skews more creative, with a mix of firms in arts, design, entertainment,
sports and media.
JH DESIGN GROUP 1,000The information contained in the following BROKER OPINION OF VALUE is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the BROKER OPINION OF VALUE. If you have no interest in the subject property at this time, please return this BROKER OPINION OF VALUE to Marcus & Millichap. This BROKER OPINION OF VALUE has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this BROKER OPINION OF VALUE has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) Any rent or income information in this BROKER OPINION OF VALUE, with the exception of actual, historical rent collections, represent good faith projections of potential future rent only, and Marcus & Millichap makes no representations as to whether such rent may actually be attainable. Local, state, and federal laws regarding restrictions on rent increases may make these projections impossible, and Buyer and its advisors should conduct their own investigation to determine whether such rent increases are legally permitted and reasonably attainable.
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