36-Unit Apartment Entitlement RTI • 500 W Alondra Los Angeles 90248 (New Address) • 16101 S Figueroa St Los Angeles 90248 (Former Address) • Units: 36 (33 Market, 3 Restricted) • Unit Mix: 3 bed, 2 bath (All) • Parking: 54 Stalls, 2 Levels • Size in SF: Building 36K, Parking 24K, Roof Top 6.3K • Expenditures: Over $800,000 • Market Rent $2641 (33x) – Matches L.A. Section 8 Amount (2019) • Restricted Rent $914 (3x) – Allowable Rent by HUD (2019) • Gross Monthly Rent: $89,895 (100% Occupancy) • Gross Annual Rent: $1,078,740 (100% Occupancy) • Expenses: $210,681 o Property Tax: $137,500 (Assessor Valuation of combined Land and Build Cost of 11M) o Resident Manager: $15,000 o Utilities for Common Areas: $12,000 o Water for 36 Units: $0 (Each unit should be sub-metered) o Landscape Maintenance: $6,000 o Cleaning: $6,000 o Miscellaneous: $6,000 o Vacancy: $16,181 (1.5% Vacancy Rate; high bedroom count = low turnover) • Net Operating Income $868,059 (98.5% Occupancy) • Market Value when Built: $18.2M Estimated (4.75% Cap Rate) • Cost of Construction: $8M • Cost of Land: $3M • Cost of Land and Construction Total: $11M • Equity: $7.2M • Effective Cap Rate: 7.8% ($868,059/$11,000,000) • Delivered RTI w/ MEP Additional Features: • Each Unit with Washer/Dryer • Each Parking Level has its own Ingress/Egress • Ample Bike Parking • Abundance of Outdoor Roof Decks • Fully Secured Building • ADA Accessible • Elevator Access • Efficient Unit Layouts
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Listing information last updated on April 7th, 2020 at 1:30pm PDT.
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