BERZACK. exclusive multifamily offering. Complete Remodel in Prime Pasadena The Michigan Apartments. 147 N. Michigan Ave., Pasadena, CA 7 units

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1 exclusive multifamily offering Complete Remodel in Prime Pasadena The Michigan Apartments 147 N. Michigan Ave., Pasadena, CA 7 units Lee & Associates LA North/Ventura, Inc. Corporate ID # A Member of the Lee & Associates Group of Companies Ventura Blvd., Suite 100 Sherman Oaks, CA P: F: WARREN National Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors Lic. # wberzack@lee-re.com

2 PROPERTY DESCRIPTION The Michigan is a recently completed, completely remodeled 7-unit apartment building located in Pasadena, California. Set amid recent landscaped surroundings on a 7,924 square foot lot, the 6,050 square foot property offers one-, two- and three-bedroom apartment homes. Originally built in 1956 and remodeled in 2017, the property offers luxury amenities, an excellent rental location and easy freeway access. Highlights & Amenities Great Unit Mix Turnkey Investment Hardwood Flooring Prime Pasadena Location Units Exquisitely Remodeled Central A/C & Heat Cooper Repipe Laundry Facilities New Kitchens & Bathrooms No Rent Control LOCATION INFORMATION The Michigan is located along the western side of N. Michigan Avenue between E. Walnut Street to the north and E. Union Street to the south. N. Chester Avenue is east of the subject property and Mar Vista Avenue is west. Blocks from 210 & 134 Freeways Nearby to the Pasadena Convention Center and Pasdena City Hall Nearby to multiple parks, schools, churches and temples Minutes from Target; Macys, Shops On Lake Avenue, Starbucks and myriad other retail offerings

3 MULTIFAMILY INVESTMENT INFORMATION SHEET Lee Associates - LA North/Ventura, Inc. Warren Berzack wberzack@lee-re.com Lic. # Ventura Boulevard, Suite 100 Sherman Oaks, CA PROPERTY NAME The Michigan NUMBER OF UNITS 7 ADDRESS 147 N Michigan Ave. BUILDING SIZE (SQ. FT.) 6,050 CITY, STATE, ZIP Pasadena, CA LOT SIZE (SQ. FT.) 7,924 PRICE $3,195,000 COST PER UNIT $456,429 YEAR BUILT 1956 / 2017 (REMODEL) COST PER SQFT $ INVESTMENT HIGHLIGHTS Complete Remodel Turnkey Investment Hardwood Flooring Prime Pasadena Units are Exquisite New Kitchens & Bathrooms No Rent Control Central AC & Heat Copper Repipe RENTAL INFORMATION Current Income Market Income NO. UNITS BDRMS BATHS AVG. RENT Monthly Income RENT Monthly Income $2,200 $4,400 $2,200 $4, $2,700 $5,400 $2,700 $5, Large Unit + Laundry $2,850 $2,850 $2,850 $2, Large Back Yard + Laundry $3,000 $3,000 $3,000 $3, With Laundry $3,300 $3,300 $3,300 $3,300 Scheduled Monthly Income: $18,950 $18,950 ANNUAL PROPERTY OPERATING DATA CURRENT INCOME/YEAR AS % GOI AS % GOI AS % GOI Scheduled Gross Income $227, % $227, % Taxes (Est. 1.25%) $39, % Other Income $0 0.00% $0 0.00% Insurance ($300/un) $2, % Laundry $1, % $1, % Utilities ($50/un/mo) $4, % Gross Operating Income $228,400 CURRENT MARKET $228,400 Repairs/Maintanence $6, % Vacancy Reserve $6, % GRM $6, % Management $0 0.00% Effective Gross Income $221, $221,548 Cleaning/Landscaping $1, % Expenses $55, % CAP Rate $55, % Pest Control ($35/mo) $ % Net Operating Income $165, % 5.19% 5.19% $165, % License/Permits $ % Debt Service $109,825 Cash on Cash $109,825 Miscellaneous($100/un) $ % Pre-Tax Cash Flow $56, % 4.39% $56,064 Principal Reduction $33,658 Return On Equity $33,658 Return on Equity $89, % 7.02% $89,722 MORTGAGE FINANCING INFORMATION MARKET INCOME/YEAR ESTIMATED ANNUAL EXPENSES Loan Amount $1,917,000 Monthly Loan Payment $9,152 Down Payment $1,278,000 40% Annual Loan Payment $109,825 TOTAL EXPENSES $55, % 5-Year Fixed Rate 4.00% Year 1 Interest Amount (approx.) $76,166 Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $33,658 Expense / NRSF Expense / Unit $9.20 $7,951

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9 AREA INFORMATION Occupying a square-mile area south of the Verdugo Mountains, the city of Pasadena is home to some of the most iconic locales of the region and offers a multitude of educational, arts and culture, sports and outdoor activities for its residents along with abundant employment opportunities. The city s major employers including Allied Signal, Ameron International, NASA/Jet Propulsion Laboratory, Avery Dennison, Parsons Corporation and California Institute of Technology among others provide more than 110,000 professional, sales, managerial and clerical jobs. Educational center... California Institute of Technology and the prestigious Art College of Design make Pasadena a major educational center in Southern California, and likely account for the high percentage of younger residents. Extensive Revitalization...Old Town Pasadena has undergone extensive revitalization and is home to retailers ranging from Tiffany & Co. to European fast fashion retailer H&M. DEMOGRAPHIC SUMMARY 1-mile radius Total Population 36,675 Average Household Income $82,080 5-mile radius 491,903 $103,710

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