W V. ilshire. iew. Westwood, CA 10762,10766 MASSACHUSETTS AVE PRIME CONDO / SLO DEVELOPMENT OPPORTUNITY. Westwood Blvd. Massachusetts Ave.

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1 Getty Center The Gayley 144 Mixed Use Units Proposed Wilshire Blvd Westwood Blvd Glendon Ave 4 Condo Units Under Construction Selby Ave Emmerson Middle School OFFERING MEMORANDUM W V ilshire Massachusetts Ave iew Malcolm Ave Westwood, CA 10762,10766 MASSACHUSETTS AVE PRIME CONDO / SLO DEVELOPMENT OPPORTUNITY Santa Monica

2 NON-ENDORSEMENT AND DISCLAIMER NOTICE NON-ENDORSEMENTS Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers Massachusetts Ave Massachusetts Ave W V ilshire iew PRESENTED BY ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. DISCLAIMER THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap. All rights reserved. LONNIE MCDERMOTT First Vice President Investments Director, National Land Group Encino Office Cell Office Lonnie.Mcdermott@marcusmillichap.com License: CA EARLE HYMAN Senior Managing Director Investments Encino Office Direct: Fax: Earle.Hyman@marcusmillichap.com License: CA BENJAMIN LEWIN Associate Investments Encino Office Direct: Fax: Benjamin.Lewin@marcusmillichap.com License: CA

3 Malcolm Ave Massachusetts Ave 100 Feet Frontage TABLE OF CONTENTS 12,446 SF Selby Ave W V ilshire iew 1 PROPERTY ANALYSIS Executive Summary Investment Overview Market Overview Financial Summary Demographics 2 COMPARABLE PROPERTIES Land Comparables Multifamily Comparables Lease Comparables Office Comparables Retail Comparables 12,446 SF [Q]RD1.5-1 ZONING

4 LA MORMON TEMPLE 0.1 MILES AWAY PROPERTY ANALYSIS This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Z

5 Century City 300 Condo 93,000 SF Retail Under Construction Westwoood Marcus and Millichap is pleased to present & Massachusetts Ave, a high profile Condo / Small Lot Ordinance development opportunity located in Westwood, California. The property is excellently located near Beverly Hills, Century City, Westwood, and Brentwood offering dense immediate population, high barriers to entry, strong market fundamentals, and a plethora of local amenities yielding an investor / developer landlord favored market conditions with significant growth potential. 8 Selby Ave Emmerson Middle School LDS California Temple Massachusetts Ave Santa Monica Blvd Malcolm Ave EXECUTIVE SUMMARY The property consists of two parcels containing a total of 12,446 SF of land zoned [Q]RD1.5 which allows for the construction of 8 Small Lot Homes or up to 13 Condo Units utilizing LA City s new Transit Oriented Communities Affordable Housing Incentive Program. The Program offers several development incentives, including a 45% Density Bonus, an increased FAR to 4.35: 1, and an additional 22 feet in height. The Massachusetts Ave properties offer a multitude of convenient transit options including a 5 minute drive to the 405 freeway On-Ramp and 0.3 miles from the Santa Monica/Westwood Bus Station which services the bus line offering access to UCLA, Santa Monica and Venice Beach. The subject property is also 1.5 miles from the planed extension of the Wilshire/UCLA purple line which is slated to complete construction in The subject property has a Walk Score of 88 out of 100 indicating the location is Very Walkable as most errands can be accomplished on foot. Massachusetts Ave is right on the cusp of development with hundreds of new units in construction or proposed within 1.5 miles of the property including the Gayley at Wilshire which will be either a 29-story, 144-unit luxury condominium tower or a 250-room 5-star hotel serving the affluent traveler. The property is surrounded by a myriad of local amenities including Beverly Hills Rodeo Drive, Culver City Studios, Fox Studios, UCLA, the new Century City mall, Sawtelles JapanTown, and Westwood Village, all within 2 miles. 9

6 THE PROPERTY/OFFERING PROPERTY SUMMARY Address Land Size (SF) Land Size (Acres) APN 10762, W Massachusetts Ave, Los Angeles, CA ,446 SF Acres REQUEST FOR OFFERS Santa Monica Blvd Westwood Blvd Zoning [Q]RD1.5-1 Land Use Designation Specific Plan Area (3) Low Medium II Residential West Los Angeles Transportation Improvement and Mitigation/ Westwood Community Design Review Board/ Westwood Community Plan Multiple Family Residential Development Standards Glendon Ave Zoning Information ZI-2442, ZI-2452 Neighborhood Council Westwood Community Plan Area Westwood Transit Orientated Community Tier 3 Council District CD 5 - Paul Koretz Massachusetts Ave 10 11

7 PROPERTY OVERVIEW RENT ROLL SUMMARY & OPERATING STATEMENT The first parcel is a 5,636 SF, 7-unit 2-story wood framed stucco apartment building built in 1955 that is being operated as a 6 unit apartment building. Units number 1 and 2 were combined into a 3-bedroom + 2-bath apartment. The other units are comprised of three 1-bedroom + 1-bath units and two 2-bedroom + 2-bath units. Each of the units are separately metered for utilities. There are 10 combined off-street parking spaces in front of the property. It is very rare that an apartment building in this location comes up for sale. The second parcel is a one story, 2,077 SF, single family residence built in It has 3 bedrooms plus 3 baths. The house is currently vacant and the asking rent is $5,100 per month. The combined buildings total 7,445 SF

8 BASE DEVELOPMENT INFORMATION BASE ZONING [Q]RD Density 1 dwelling unit / 1,500 SF Max Height 45 Feet Max Stories No Limit Buildable Residential Units 8 units Max F.A.R (3:1) 25,380 SF TOC DEVELOPMENT INFORMATION TOC INCENTIVES [Q]RD Density 1 dwelling unit / 1,500 SF Max Height (+22 Feet) 67 Feet Max Stories No Limit Buildable Residential Units (+40% Density) 13 units Max FAR (4.35:1) 36,801 SF Zoning Map Assessor Map Conceptual Rendering 14 15

9 SPECIFIC PLAN INFORMATION Westwood Community Multi-Family Specific Plan Information Purpose A. To assure that the development of the area is in accordance with the provisions of the Westwood Community Plan; B. To enhance the future development of the area by establishing coordinated and comprehensible standards for parking, height, design, building massing, open space and landscaping for new projects in the area; C. To promote orderly, attractive and harmonious multiple-family residential development in the Westwood community which takes into consideration the architectural character and environmental setting of the community; D. To enhance the aesthetic qualities of multiple-family residential development so that it is more harmonious with adjacent single-family neighborhoods; and E. To adequately buffer single-family residential uses from adjacent multiple-family residential development to the greatest extent feasible Parking Standards: No building or structure shall be erected or enlarged unless the following parking spaces are provided and maintained: 1. At least 2 1/4 parking spaces for each dwelling unit containing four habitable rooms or less. One additional parking space shall be provided for dwelling units with more than four habitable rooms. 2. At least 1 1/4 parking spaces for each guest room or efficiency dwelling unit. 3. Of the parking spaces required, guest parking shall be provided at a ratio of 1/4 space for every dwelling unit, guest room, or efficiency dwelling unit. Guest parking shall be clearly identified. 16 Open Space 1. Projects in the zones specified below shall provide the minimum amount of open space per dwelling unit, as follows: ZONEOPEN SPACE PER DWELLING UNIT R5 50 square feet R4 100 square feet R3 200 square feet R2, RD 350 square feet 2. A minimum of 50 square feet of open space shall be provided for each guest room. 3. The required open space area shall be on the ground level, except that one fourth of the required space may be located above the ground level. A minimum of 50 percent of the open space must be landscaped. Garage Only one level of a parking garage shall be permitted above the natural existing grade, up to a maximum of seven feet in height, measured to the floor elevation of the level immediately above the parking garage. All other levels of parking must be in a subterranean garage. Westwood Community Design Review Board Specific Plan Purpose A. To assure that the development of the area is in accordance with the provisions of the Westwood Community Plan, any applicable specific plans and any design guidelines as may be adopted by the City Council; B. To promote orderly, attractive and harmonious development in the multi-residential areas of the Westwood Community which takes into consideration the unique architectural character and the environmental setting of this area; C. To provide guidelines and a process for review and approval of design of buildings proposed for construction within the subject area; and D. To prevent the development of structures or uses which are not of acceptable exterior design or appearance. Procedures and Criteria A. The design review process may, pursuant to Section E 3 of the L.A.M.C., be conducted in two steps consisting of an optional preliminary review and a mandatory final review. All applications for design review approval shall be submitted to the Department of City Planning on a form supplied by the Department. B. Recommendation of Design Review Board. The Design Review Board shall make its recommendation based upon the following criteria: 1. Whether all proposed structures conform to all of the provisions contained within the Westwood Community Plan and any applicable specific plans or design guidelines. 2. Whether all proposed structures are designed so as not to cast Westwood Community Design Review Board Specific Plan between the hours of 9 a.m. and 3 p.m. on December Whether all proposed buildings are designed in such a fashion so that all ventilation, heating or air conditioning ducts, tubs, equipment, or other related appurtenances are adequately screened from public view, unless such appurtenances have been used as an integral component in the design. 4. Whether the proposed buildings are compatible with the surrounding buildings in terms of design, massing, and architectural integrity. 5. Whether any portion of a parking garage visible above grade is architecturally integrated with the design of the building. 6. Whether the landscape design has a variety of plant materials throughout the project which are compatible. 7. Whether the landscape design representation of the plant materials accurately reflects their growth habit at maturity. 8. Whether the proposed development is in conformity with the Los Angeles Municipal Code and other applicable laws insofar as zoning and land use are involved. 17

10 WILSHIRE CORRIDOR 18 INVESTMENT HIGHLIGHTS EXCELLENT WESTWOOD DEVELOPMENT OPPORTUNITY Approximately 100 feet of frontage and visibility along Massachusetts Ave Subject property eligible for Tier 3 TOC incentives and bonuses Located one mile from the Wilshire Corridor and UCLA Proximate to Beverly Hills, Brentwood, Century City, and Santa Monica Excellent 88/100 Walkscore indicating its proximity to many restaurants, entertainment, shopping, and transit options 15-minute walk to the Future Wilshire/Westwood Metro Station Unique opportunity in the Westwood area to construct a Small Lot or condominium project HIGH DEMAND SUBSECTION OF LOS ANGELES Tremendous revitalization in Wilshire, Westwood area over the past decade, with a multitude of projects and millions of SF of new construction in the retail, multifamily, creative office, and hospitality sectors. Beverly Hills is a major destination for visitors and residents alike Creative businesses are taking root near the subject property due to its access to the Metro, city life, and live/work spaces Immediate points of interest include: Beverly Hills, UCLA, the new Century City mall, the Wilshire Corridor, Sawtelles Japantown, Santa Monica and the beaches of Santa Monica and Malibu STRONG IMMEDIATE DEMOGRAPHICS Average household Income of $132,413 within a quarter mile Population of 16,109 within a half mile radius Strong local economy with significant job growth over a multitude of diverse sectors Wilshire Corridor 19

11 WESTSIDE CITIES Westwood/Wilshire Corridor A high-profile live/work/play community of Los Angeles The Westside Cities area is located west of downtown Los Angeles and north of Los Angeles International Airport. The market contains the follow-ing submarkets: Brentwood-Westwood- Beverly Hills; Palms-Mar Vista; and Santa Monica-Marina del Rey. Cities from Venice to Playa Del Rey to Culver City are all located within these submarkets. The region is projected to add 11,600 residents through 2021, resulting in the formation of more than 6,500 households. Major employers in the region include entertainment giants 21st Century Fox and Sony Pictures. While roughly 20,000 jobs are in the motion-picture industry, ancillary businesses tied to entertainment are a major source of employment, as is marketing and advertising. The large healthcare industry is represented by UCLA Medical Group, Cedars-Sinai Medical Center, St. John s Medical Center and the local VA. Educational institutions including UCLA, Loyola Marymount and Pepperdine University employ more than 42,000 workers. Tourism and retail shopping are major players in the local economy. As part of their long-range plans, the Los Angeles County MTA has pro-posed the Metro Crenshaw/LAX Line, which would place a rail transit station in Mid-City. The proposed rail stop is at the intersection of Pico and San Vicente Boulevards site of the old Vineyard Junction. That same inter-section was a former rail stop of the Pacific Electric Red Car lines more than 50 years ago. The Pacific Electric Red Car lines heading west from downtown Los Angeles diverged at Vineyard Junction. One line continued on to Beverly Hills, while the other went out to Venice Beach. The old Vineyard Junction site is now occupied by the end terminal for the Santa Monica Big Blue Bus. The Crenshaw Light Rail Line would allow Mid- City residents to easy access to the city s east/west rail lines: the Purple Line along Wilshire Boulevard, the Expo Line from Downtown Los Angeles to Downtown Santa Monica, and the Green Line from Norwalk to Redondo Beach and soon near LAX. Located on the Westside of Los Angeles, Westwood is a commercial and residential neighborhood that s bordered by Beverly Hills to the east and Century City on the southeast. Westwood was initially developed in 1919 by Arthur Letts, the founder of the Broadway and Bullock s department stores. Developed in 1929 by Janss Investment Company, Westwood Village is a shopping and commercial district in the heart of Westwood, home to cultural attractions like the Hammer Museum and Geffen Playhouse. The campus of the University of California, Los Angeles (UCLA) is just north of Westwood Village. Westwood is also home to the Wilshire corridor, a strip of Wilshire Blvd which is home to multiple residential and commercial high rise buildings. The central location of the Wilshire corridor is within close proximity to UCLA, Beverly Hills, Century City, Bel Air, Brentwood, and Santa Monica beaches makes it an ideal location to live in Los Angeles. Buildings on Wilshire corridor are next to Westwood village which is home to restaurants, movie theaters, grocery stores, (Ralphs, Whole foods, Trader Joes) live theater(geffen, UCLA center for performing arts, Royce hall etc.) The area boasts many top tier schools, attracting many families to the Corridor 20 21

12 LOCATION OVERVIEW LOCAL MARKET DRIVERS W V ilshire iew MAJOR CAPITAL INFUSION 22 23

13 WALKSCORE TRANSIT ORIENTED COMMUNITIES Most errands can be accomplished on foot. Transit is convenient for most trips Flat as a pancake, good bike lanes Massachusetts Ave is classified as a Tier 3 in the Los Angeles Transit Oriented Community due to its proximity to a major bus station. Being in the tier 3 category entitles the property to many development incentives including density bonuses and an increased Floor Area Ratio. 0.3 Miles Away 6 Minute Walk The subject property is located 0.3 miles (6 minute walk) away from the Santa Monica / Westwood Bus Station offering pedestrians convenient access to the 1, 8, and R12 Lines. The Subject property is also a 15 minute walk to the site of the Westwood/Wilshire Purple Line Station which has an estimated completion date of Santa Monica Blvd Glendon Ave Westwood Blvd The property boasts an 88/100 on WalkScore.com stating that it is a walkers paradise as most errands can be accomplished on foot with many restaurants, entertainment, retail, and convenience stores nearby. Selby Ave Malcolm Ave 24 Massachusetts Ave 25

14 THE GAYLEY 0.8 MILES FROM SUBJECT PROPERTY 1950 AVENUE OF THE STARS 1 MILE FROM SUBJECT PROPERTY NEARBY DEVELOPMENT 1 Los Angeles-based developer Indivest has applied for the first in a series of building permits needed to construct the Gayley at Wilshire, a proposed 29-story condo tower near UCLA. The project, named for its location at the intersection of Wilshire Boulevard and Gayley Avenue, is entitled for 144 residences above a podium structure featuring commercial space and amenities and four levels of basement parking. Inspired by New York s iconic Flatiron Building, The Gayley at Wilshire is designed to reflect the shape of its site with a dramatic narrow façade along Wilshire, creating a focal point and entry for a premier retail establishment. 2 Nearly three years after putting entitlements for a 37-story office tower on ice, JMB Realty Corp. has revived its pre-recession plan to construct a high-rise condo complex on a long-vacant property in Century City. In February, JMB received sign-offs from the Department of City Planning to construct two towers at the northeast corner of Constellation Boulevard and Avenue of the Stars. The project, which was first submitted to the City of Los Angeles in 2004, would consist of 483 residential units in buildings that rise to maximum heights of 44 and 40 stories. Chinatown-based architecture firm Johnson Fain designed the developed, which would also include a two-story amenity center and a landscaped outdoor deck. A new pocket park would rise towards the southeast corner of the property, next-door to a portal to the Purple Line s future Century City Center. With towers of 523 feet and 481 feet, the proposed development adds to a growing stock of high-rise residential towers in Century City

15 8555 SANTA MONICA LIDEL LIDEL 5 The Liddel is a new condo development by Palisades currently under construction at Wilshire Boulevard, Los Angeles. The development is scheduled for completion in Sales for available units range in price from $1,228,000 to $4,288,000. The Liddel has a total of 56 units, sizes range from 1025 to 2707 square feet. 28 NEARBY DEVELOPMENT WESTWOOD BLVD The project, which comes from local real estate firm Zackary Brothers, would replace a parking lot and auto repair facility with a five-story building featuring 33 studio, one- and two-bedroom apartments above 3,000 square feet of ground-floor retail space. Construction to Begin: 9/2018 CENTURY PLAZA A pair of 46-tower towers - featuring a combined 300 condominiums are now rising at the back of the property at 2025 Avenue of the Stars in Century City. The twin buildings were designed in the shape of Reuleaux triangles by architecture firm Pei Cobb Freed & Partners, a nod to the iconic Century Plaza office towers across the street. The project s other component - the 50-year-old Century Plaza hotel - is being transformed into a 400-key Fairmont hotel with 63 condominiums and 93,000 square feet of commercial space. Estimated Completion: 3/ SANTA MONICA The project, slated for a property at W. Santa Monica Boulevard, would consist of a five-story building featuring 24 residential units above 625 square feet of ground-floor retail space. Plans call for three units of very low income housing, as well as parking for 44 vehicles in a partially underground garage. An existing 14-room motel would be demolished to make room for the new development. Construction to Begin: 9/

16 11272 NEBRASKA AVE SANTA MONICA BLVD 1974 SAWTELLE BLVD NEBRASKA AVE 9 30 NEARBY DEVELOPMENT SANTA MONICA BLVD The project site, located at Santa Monica Boulevard, is slated for the construction of a five-story building featuring 51 residential units and 1,500 square feet of ground-floor retail space. Plans call for a mix of one-, twoand three-bedroom units - including four which would be set aside as affordable housing - as well as a roof garden and basement parking for 88 vehicles. Estimated Completion: 3/ SANTA MONICA BLVD Markwood Enterprises, a Beverly Hills-based real estate firm, has proposed the construction of a new residential-retail complex at the northwest corner of Santa Monica Boulevard and Barrington Avenue. Plans filed with the city describe a five-story building that would feature 53 apartments, five of which would be set aside for very low income households. The project would also offer six live-work units and 1,500 square feet of ground-floor commercial space. Delivering: / According to information posted by the West L.A. Sawtelle Neighborhood Council, property owner Darius Khakshouri hopes to replace a single-family residence at W. Nebraska Avenue with a six-story building that would feature 24 apartments above two levels of basement parking. The project, which is seeking entitlements through the Transit Oriented Communities program, would provide three units of extremely-low-income housing. Construction to Begin: 8/ SAWTELLE BLVD The mixed-use development, located at 1947 Sawtelle Boulevard, has been planned as a four-story building featuring 73 rental apartments and 7,700 square feet of ground-floor commercial space. Using incentives provided by the TOC program - which allows for increased density in exchange for providing affordable housing - the project is now imagined with 88 total units, setting aside eight apartments for extremely low-income households. Construction has Begun 10 31

17 CENTURY PLAZA

18 THE GROVE COMPARABLE PROPERTIES This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc Marcus & Millichap ACT ID Z

19 RECENT LAND SALES COMPARABLES W V ilshire iew 36 37

20 SALES COMPARABLES (LAND) # ADDRESS CITY ZIP CODE SALE PRICE LOT SIZE $/SF ZONING CLOSE OF ESCROW Pandora Ave Los Angeles $1,885,000 6,970 SF $ LARD1.5 1/04/ ,1431 Greenfield Ave Los Angeles $4,075,000 5,081 SF $ [Q]R3-1 7/27/ Chenault St Los Angeles $5,000,000 12,306 SF $ LAR3 8/1/ California Ave Venice $1,500,000 4,725 SF $ LARD1.5 6/16/ Ohio Ave Los Angeles $5,750,000 12,009 SF $ (Q)LAR3 On Market S Westgate Ave Los Angeles $2,445,000 6,903 SF $ LAR3 5/04/2018 Average $

21 COMPARABLES SALES COMPARABLES - LAND 1 Address 1839 Pandora Ave Lot Size 6,970 SF Sale Price $1,885,000 $/SF $ Zoning LARD1.5 Sale Date 1/04/ Address 1427,1431 Greenfield Ave Lot Size 5,081 SF Sale Price $4,075,000 $/SF $ Zoning LAR3 Sale Date 6/27/ Address Ohio Ave Lot Size 12,009 SF Sale Price $5,750,000 $/SF $ Zoning (Q)LAR3 Sale Date On Market 5 Address 1115 S Westgate Ave Lot Size 6,903 SF Sale Price $2,445,000 $/SF $ Zoning LAR3 Sale Date 5/04/2018 NOTES Sold Prior to TOC NOTES Sold Prior to TOC 3 Address Chenault St Lot Size 12,306 SF Sale Price $5,000,000 $/SF $ Zoning LAR3 Sale Date 8/1/ Address 840 California Ave Lot Size 4,725 SF Sale Price $1,500,000 $/SF $ Zoning LARD1.5 Sale Date 6/16/2016 NOTES Sold Prior to TOC NOTES Sold Prior to TOC 40 41

22 RECENT SINGLE FAMILY SALES COMPARABLES W V ilshire iew 42 43

23 SALES COMPARABLES (SINGLE FAMILY) # ADDRESS CITY ZIP CODE SALE PRICE HOUSE SIZE $/SF YEAR BUILT CLOSE OF ESCROW Wilkins Ave Los Angeles $4,000,000 5,690 SF $ /16/ Camden Ave Los Angeles $2,875,000 3,580 SF $ /01/ Midvale Ave Los Angeles $2,835,000 3,376 SF $ /04/ Parnell Ave Los Angeles $2,575,000 3,307 SF $ /27/ Malcolm AVe Los Angeles $3,133,000 3,708 SF $ /30/ Malcolm AVe Los Angeles $3,133,000 3,708 SF $ /30/ Average $

24 SINGLE FAMIY COMPARABLES SALES COMPARABLES - SINGLE FAMILY SALES COMPARABLES - SINGLE FAMILY 1 2 Address Wilkins Ave House Size 5,690 SF Sale Price $4,000,000 $/SF $ Zoning LAR1 Sale Date 2/16/2018 Address House Size Size 2317 Camden Ave 3,580 SF Sale Price $2,875,000 $/SF $ Zoning LAR1 Sale Date 8/01/ Address 2320 Malcolm Ave House Size 3,708 SF Sale Price $3,133,000 $/SF $ Zoning LAR1 Sale Date 8/30/ Address La Grange Ave House Size 2,700 SF Sale Price $1,773,000 $/SF $ Zoning LAR2 Sale Date 3/24/ Address 2006 Midvale Ave House Size 3,376 SF Sale Price $2,835,000 $/SF $ Zoning LAR1 Sale Date 8/1/ Address 1907 Parnell Ave House Size 3,307 SF Sale Price $2,575,000 $/SF $ Zoning LAR1 Sale Date 6/27/

25 RECENT CONDO SALES COMPARABLES W V ilshire iew 48 49

26 SALE COMPARABLES SALE COMPARABLES - CONDOS # ADDRESS CITY SALE PRICE YEAR BUILT SALE DATE UNIT TYPE SF PRICE/SF Prosser Ave #304 Los Angeles $917, /9/2017 2Bd/2Ba 1,161 $ Camden Ave #103 Los Angeles $1,400, /26/2018 3Bd/3Ba 2,185 $ Camden Ave #101 Los Angeles $1,360, /23/2018 3Bd/4Ba 2,575 $ Camden Ave #101 Los Angeles $1,297, /12/2018 2Bd/2Ba 2,165 $ Malcolm Ave #1 Los Angeles $1,216, /1/2017 4Bd/4Ba 2,600 $ Malcolm Ave #401 Los Angeles $1,050, /18/2017 3Bd/4Ba 1,714 $ Average $

27 CONDO COMPARABLES SALES COMPARABLES - CONDO SALES COMPARABLES - CONDO 1 2 Address 1817 Prosser Ave #304 Sale Price $917,000 $/SF $ SF 1,161 Unit Type 2Bd/2Ba Year Built 2011 Sale Date 11/9/2017 Address 1530 Camden Ave #103 Sale Price $1,400,000 $/SF $ SF 2,185 Unit Type 3Bd/3Ba Year Built 2006 Sale Date 6/26/ Address 1634 Malcolm Ave #1 Sale Price $1,216,340 $/SF $ SF 2,600 Unit Type 4Bd/4Ba Year Built 2009 Sale Date 3/1/2017 Address 1920 Malcolm Ave #401 Sale Price $1,050,000 $/SF $ SF 1,714 Unit Type 3Bd/4Ba Year Built 2006 Sale Date 7/18/ Address 1610 Camden Ave #101 Sale Price $1,360,000 $/SF $ SF 2,575 Unit Type 3Bd/4Ba Year Built 2005 Sale Date 3/23/ Address 1530 Camden Ave #101 Sale Price $1,297,000 $/SF $ SF 2,165 Unit Type 2Bd/2Ba Year Built 2006 Sale Date 2/12/

28 W V ilshire iew PRESENTED BY LONNIE MCDERMOTT First Vice President Investments Director, National Land Group Encino Office Cell Office Lonnie.McDermott@marcusmillichap.com License: CA EARLE HYMAN Senior Managing Director Investments Encino Office Direct: Fax: Earle.Hyman@marcusmillichap.com License: CA Benjamin Lewin Associate Investments Encino Office Direct: Fax: Benjamin.Lewin@marcusmillichap.com License: CA