THE NORMAINE 4969 Romaine Street, Los Angeles 90029

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1 OFFERING MEMORANDUM THE NORMAINE 4969 Romaine Street, Los Angeles A 20-Unit Value-Add Opportunity in the Diverse and Multicultural Emerging Neighborhood of East Hollywood Exclusively Listed by The Neema Group at Marcus & Millichap //

2 Non-Endorsement 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. 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. NEEMA AHADIAN First Vice President Investments Direct neema.ahadian@marcusmillichap.com License CA MARCUS & MILLICHAP West Los Angeles Main West Olympic Boulevard, #350 Los Angeles, CA 90064

3 THE NORMAINE 4969 Romaine Street, Los Angeles Investment Overview 4 Property Description 7 Pricing & Financials 13 Market Comparables 19

4 INVESTMENT Opportunity Marcus & Millichap, the exclusive listing agent, is pleased to present for sale 4959 Romaine St, a twenty unit apartment building, located in the heart of Los Angeles' East Hollywood neighborhood. With a surge of gentrification, this area s popularity has grown significantly over the recent years, catering to families and hipsters alike, as an overflow effect and a more affordable option to Silver Lake, with its skyrocketing real estate values. This eclectic enclave boasts some of the nation s most lauded food trucks and restaurants, like Sqirl, farmers' markets, a booming arts scene and one of the largest creative class communities in the country that maintains its Old World charm of vintage Art Deco-style buildings throughout and culturally diverse intersection of many immigrant cultures - Russian, Armenian, Japanese, Mexican and Thai. Built in 1951, the building consists of nineteen (19) one-bedroom/onebbathroom units and one to-bedroom/one and three-quarters bath unit. Separately metered for gas and electric, the property conveniently offers eighteen (18) on-site parking spaces - three (3) tandem spaces in the front and eleven (11) covered spaces and one (1) uncovered space in the rear. Centrally located, this property is close proximity to major freeways, as well as, walking distance, only six blocks from Metro's Vermont/Santa Monica Station. This is a true value-add opportunity for an investor to acquire a mid-sized asset that can potentially yield over thirty-five percent (35%) rental upside with unit and property upgrades, meeting the strong market rents in an emerging and densely populated rental market. 372 LOMA DRIVE LOS ANGELES

5 INVESTMENT Highlights True Value-Add Opportunity Potential Rental Upside of Over Thirty-Five Percent (35%) Centrally Located in Los Angeles' East Hollywood Neighborhood, An Emerging Market Experiencing Rapid Gentrification Walking Distance to Metro's Vermont/Santa Monica Station Eighteen (18) On-Site Parking Spaces: One (1) Uncovered, Three (3) Tandem, and Eleven (11) Covered Separately Metered Gas and Electric Mostly All One Bedroom Units Diverse Community Boasting Distinct Cultural Diversity and Old Word Charm

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7 PROPERTY Description

8 PROPERTY Summary 4959 Romaine Street Los Angeles, CA Assessor s Parcel Numbers Zoning LAR3 Site Description Number of Units 20 Number of Buildings 1 Number of Stories 2 Year Built 1956 Gross Square Feet 15,520 SF Lot Size 15,599 SF Type of Ownership Fee Simple Parking 18 Spaces ( 3 Tandem) Utilities Water Electric Gas Master Metered Separately Metered Separately Metered Construction Foundation Framing Exterior Roof Concrete Wood Frame Stucco Flat

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15 EAST HOLLYWOOD Unpretentious & Diverse East Hollywood Hasn't Achieved Celebrity or Cult Status. Its Unpretentious Attitude Is What Wins This Neighborhood Awards Just east of Hollywood and just west of supremely hip Silver Lake, East Hollywood hails from somewhere between LA's bastion of embedded stars and its outpost for artistic savants. Unpretentious and fastidiously unkempt, East Hollywood boasts neighborhood dive bars, street side churro stands, and community fairs where sidewalk musicians make all the noise they want. East Hollywood is defined by its diversity -- Thai town, Little Armenia, and a strong Hispanic community compose this neighborhood's distinctive culture. East Hollywood continues to grow. Its institutions such as Kaiser Hospital, Children's Hospital, Los Angeles City College and Barnsdall Park are either expanding or being renovated, and new elementary schools have been built along Santa Monica Boulevard, while more businesses are finding East Hollywood to be a great area to locate to. In the mid-2000s, the hip "Hei-Mel" corner at Heliotrope Drive and Melrose Avenue emerged, which includes bicycle shops, cafes, restaurants and an ice cream parlor. Now with over 78,000 residents, the challenge for the future is not only to improve the quality of life for its residents, but to accommodate for an even larger population expected in the decades to come.

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17 PRICING and Financials

18 THE NORMAINE 4969 ROMAINE STREET LOS ANGELES rent roll UNIT NUMBER UNIT TYPE NOTES UNIT SIZE CURRENT RENT RENT/SF MARKET RENT RENT/SF 1 1 Bed, 1 Bath 625 SF $992 $1.59 $1,650 $ Bed, 1 Bath 625 SF $964 $1.54 $1,650 $ Bed, 1 Bath 625 SF $983 $1.57 $1,650 $ Bed, 1 Bath 625 SF $981 $1.57 $1,650 $ Bed, 1 Bath 625 SF $993 $1.59 $1,650 $ Bed, 1 Bath 625 SF $928 $1.48 $1,650 $ Bed, 1 Bath 625 SF $1,051 $1.68 $1,650 $ Bed, 1 Bath 625 SF $1,060 $1.70 $1,650 $ Bed, 1 Bath 625 SF $910 $1.46 $1,650 $ Bed, 1 Bath 625 SF $1,051 $1.68 $1,650 $ Bed, 1 Bath 625 SF $985 $1.58 $1,650 $ Bed, 1 Bath 625 SF $1,005 $1.61 $1,650 $ Bed, 1 Bath 625 SF $992 $1.59 $1,650 $ Bed, 1 Bath 625 SF $1,084 $1.73 $1,650 $ Bed, 1 Bath 625 SF $900 $1.44 $1,650 $ Bed, 1 Bath 625 SF $983 $1.57 $1,650 $ Bed, 1 Bath 625 SF $993 $1.59 $1,650 $ Bed, 1 Bath 625 SF $964 $1.54 $1,650 $ Bed, 1 Bath 625 SF $961 $1.54 $1,650 $ Bed, 1.75 Bath Manager** 800 SF $1,321 $1.65 $2,350 $ TOTAL VACANT $0 $0 20 TOTAL OCCUPIED 12,675 $20,102 $33, TOTAL TOTAL 12,675 $20,102 $33,700 ** Manager receives free rent in lieu of managerial duties. However, manager has no established management agreement with the current owner and originally moved in as a tenant on 9/1/1993 at $650 monthly rent. According to RAC Regulations, Section : "If the resident manager was a tenant in the unit before being appointed resident manager, the rent charged to the resident manager shall not exceed the rent the tenant had already been paying plus annual adjustments authorized under the RSO, which equates to the current rent of $ Buyer to verify all information independently and discover their rights during the Due Diligence period.

19 income & expenses TOTAL NUMBER OF UNITS TOTAL AREA (GROSS) 20 15,520 SF INCOME CURRENT PER UNIT PRO FORMA PER UNIT GROSS POTENTIAL RENT $241,224 $12,061 $404,400 $20,220 Other Income Laundry Income $3,600 $180 $3,600 $180 Total Other Income $3,600 $180 $3,600 $180 GROSS POTENTIAL INCOME $244,824 $12,241 $408,000 $20,400 Vacancy/Collection Allowance (GPR) 3.0%/$7,237 $ % / $20,220 $1,011 EFFECTIVE GROSS INCOME $237,587 $11,879 $387,780 $19,389 EXPENSES* Real Estate Taxes (1.1900%) $50,575 $2,529 $50,575 $2,529 Insurance $8,141 $407 $8,141 $407 Utilities $20,261 $1,013 $20,261 $1,013 License & Permits $1,357 $68 $1,357 $68 Repairs & Maintenance $10,000 $500 $10,000 $500 Landscaping $1,200 $60 $1,200 $60 Pest Control $540 $27 $540 $27 Management Fee 4.0%/$9,503 $ %/$15,511 $776 On-Site Manager $9,600 $480 $9,600 $480 Waste $1,725 $86 $1,725 $86 Telephone $562 $28 $562 $28 Pool $1,440 $72 $1,440 $72 Direct Assessments $1,756 $88 $1,756 $88 TOTAL EXPENSES $116,660 $5,833 $122,668 $6,133 Expenses per SF $7.52 $7.90 % of EGI 49.1% $31.6% NET OPERATING INCOME $120,927 $6,046 $265,112 $13,256 Reserves $7,661 $383 $7,661 $383 NET CASH FLOW BEFORE DEBT SERVICE $113,266 $5,663 $257,451 $12,873 *The following expenses are estimates: Taxes based on a confirmed tax rate of 1.19% of Purchase Price, Maintenance at $500/unit annually, On-Site Manager at Price of Pro Forma rent of their unit annually, Management at 4% of SGI, Reserves at $200/unit annually. All other expenses have been provided by the current owner that we believe to be reliable. However, buyer must verify the accuracy of all figures independently. THE NEEMA GROUP AT MARCUS & MILLICHAP

20 THE NORMAINE 4969 ROMAINE STREET LOS ANGELES financial overview 4959 Romaine Street, Los Angeles CA Price $4,250,000 Down Payment 55%/$2,337,500 Number of Units 20 Price/Unit $212,500 Gross Square Feet 15,520 SF Price/SF $ CAP Rate - Current 2.85% CAP Rate - Pro Forma 6.24% GRM - Current GRM - Pro Forma Year Built 1956 Lot Size 15,599 SF Type of Ownership Fee Simple FINANCING First Trust Deed Loan Amount $1,912,500 Interest Rate 3.85% Amortization 30 Years Loan information is time sensitive and subject to change. Contact your local Marcus & Millichap Capital Corporation representative. ANNUALIZED OPERATING DATA INCOME CURRENT PRO FORMA Gross Potential Rent $241,224 $404,400 Other Income $3,600 $3,600 Gross Potential Income $244,824 $408,000 Less: Vacancy/Deductions (GPR) 3.0%/$7, % / $20,220 Effective Gross Income $237,587 $387,780 Less: Expenses $116,660 $122,668 Net Operating Income $120,927 $265,112 Reserves $7,661 $7,661 Net Cash Flow Before Debt Service $113,266 $257,451 Debt Service $107,591 $107,591 Debt Coverage Ratio Net Cash Flow After Debt Service 0.2%/-$5, %/$149,859 Principal Reduction $34,566 $34,566 Total Return 1.7%/$40, %/$184,425 EXPENSES Real Estate Taxes $50,575 $50,575 Insurance $8,141 $8,141 Utilities $20,261 $20,261 License & Permits $1,357 $1,357 Repairs & Maintenance $10,000 $10,000 Landscaping $1,200 $1,200 Pest Control $540 $540 Management Fee $9,503 $15,511 On-Site Manager $9,600 $9,600 Waste $1,725 $1,725 Telephone $562 $562 Pool $1,440 $1,400 Direct Assessments $1,756 $1,756 Total Expenses $116,660 $122,668 Expenses/Unit $5,833 $6,133 Expenses/SF $7.52 $7.90 % of EGI 49.10% 31.63% SCHEDULED INCOME NO. OF UNITS UNIT TYPE APPROX. SF CURRENT RENTS RENT/SF MONTHLY INCOME PRO FORMA RENTS RENT/SF MONTHLY INCOME 19 1BD/1BA 625 $988 $1.58 $18,772 $1,650 $2.56 $31, BD/1.75BA 800 $1,321 $1.65 $1,321 $2,350 $2.75 $2, Total/Wtd.Avg. 15,520 $20,102 $33,700

21 THE NEEMA GROUP AT MARCUS & MILLICHAP

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23 MARKET Comparables

24 THE NORMAINE 4969 ROMAINE STREET LOS ANGELES 8 sales Comparables 4 [ 1 ] 4855 ELMWOOD AVENUE [ 2] MANZANITA STREET [ 3 ] 5841 VIRGINIA AVENUE [ 4 ] 5632 HAROLD AVENUE [ 5 ] 3951 MARATHON STREET 5 [ 6 ] 1149 NORTH WESTMORELAND AVENUE [ 7 ] 213 SOUTH ALEXANDRIA AVENUE [ 8 ] NORTH KINGSLEY DRIVE 1 7

25 sales Comparables subject property 1 2 THE NORMANDIE // 4959 ROMAINE STREET LOS ANGELES, CA Offering Price: $4,250,000 Close of Escrow On Market No. of Units: 20 Year Built: 1956 Price/Unit: $212,500 Price/SF: $ CAP Rate: 2.85% GRM: ELMWOOD AVENUE LOS ANGELES, CA Sale Price: $8,300,000 Close of Escrow: 5/15/2017 No. of Units: 18 Year Built: 1961 Price/Unit: $250,000 Price/SF: $ CAP Rate: N/A GRM: N/A MANZANITA STREET LOS ANGELES CA Sale Price: $3,000,000 Close of Escrow: 6/1/2017 No. of Units: 12 Year Built: 1962 Price/Unit: $250,000 Price/SF: $ CAP Rate: N/A GRM: N/A UNITS UNIT TYPE 19 1 BD/1 BA 1 2 BD/1.75 BA UNITS UNIT TYPE 10 1 BD/1 BA 8 2 BD/2 BA UNITS UNIT TYPE 5 1 BD/1 BA 7 2 BD/1 BA THE NEEMA GROUP AT MARCUS & MILLICHAP

26 THE NORMAINE 4969 ROMAINE STREET LOS ANGELES sales Comparables VIRGINIA AVENUE LOS ANGELES, CA Sale Price: $1,981,000 Close of Escrow: 2/2/2017 No. of Units: 10 Year Built: 1956 Price/Unit: $198,100 Price/SF: $ CAP Rate: 3.52% GRM: N/A 5632 HAROLD WAY LOS ANGELES CA Sale Price: $2,150,000 Close of Escrow: 12/2/2016 No. of Units: 11 Year Built: 1961 Price/Unit: $195,455 Price/SF: $ CAP Rate: 3.35% GRM: MARATHON STREET LOS ANGELES, CA Sale Price: $2,620,000 Close of Escrow 12/2/2016 No. of Units: 11 Year Built: 1961 Price/Unit: $238,182 Price/SF: $ CAP Rate: 3.70% GRM: UNITS UNIT TYPE 1 SINGLE /1 BA 9 1 BD/1 BA UNITS UNIT TYPE 2 SINGLE /1 BA 1 1 BD/1 BA 7 2 BD/1 BA 1 3 BD/2 BA UNITS UNIT TYPE 6 1 BD /1 BA 5 2 BD/1 BA

27 sales Comparables NORTH WESTMORELAND AVENUE LOS ANGELES, CA Sale Price: $2,600,000 Close of Escrow: 11/18/2016 No. of Units: 15 Year Built: 1958 Price/Unit: $173,333 Price/SF: $ CAP Rate: 2.64% GRM: SOUTH ALEXANDRIA AVENUE LOS ANGELES CA Sale Price: $1,875,000 Close of Escrow: 9/1/2016 No. of Units: 10 Year Built: 1958 Price/Unit: $187,500 Price/SF: $ CAP Rate: N/A GRM: N/A NORTH KINGSLEY DRIVE LOS ANGELES, CA Sale Price: $3,250,000 Close of Escrow 7/28/2016 No. of Units: 14 Year Built: 1948 Price/Unit: $232,143 Price/SF: $ CAP Rate: 4.61% GRM: N/A UNITS UNIT TYPE 12 1 BD /1 BA 3 2 BD/1 BA UNITS UNIT TYPE 1 SINGLE /1 BA 8 1 BD/1 BA 1 2 BD/ 1 BA UNITS UNIT TYPE 14 1 BD /1 BA THE NEEMA GROUP AT MARCUS & MILLICHAP

28 THE NORMAINE 4969 ROMAINE STREET LOS ANGELES rentcomparables 3 RENTComparables 4 [ 1 ] 966 NORTH MARIPOSA AVENUE [ 2 ] 4451 LOCKWOOD AVENUE [ 3 ] 1154 NORTH VIRGIL AVENUE [ 4 ] 975 MANZANITA STREET [ 5 ] 3946 MARATHON STREET 1 2 5

29 rentcomparables subject property THE NORMAINE // 4959 ROMAINE AVENUE // LOS ANGELES, CA NUMBER OF UNITS: 20 YEAR BUILT: 1956 UNIT TYPE UNITS SF RENT RENT/SF 1 BD/ 1 BA $988 $ BD/1.75 BA $2,200 $2.75 COMMENTS: NORTH MARIPOSA AVENUE // LOS ANGELES, CA NUMBER OF UNITS: 20 YEAR BUILT: 1963 UNIT TYPE UNITS SF RENT RENT/SF 1 BD/ 1 BA $1,600 $2.29 COMMENTS: New hardwood and tile floors throughout, new kitchen cabinets, granite counters, remodeled bathroom, on-site laundry, includes parking LOCKWOOD AVENUE // LOS ANGELES, CA NUMBER OF UNITS: 41 YEAR BUILT: 1962 UNIT TYPE UNITS SF RENT RENT/SF 1 BD/ 1 BA $1,695 $3.57 COMMENTS: New espresso laminate wood floors, ceramic tile in kitchen and bathroom, modern glass tile backsplash, ample closet space, stainless steel appliances THE NEEMA GROUP AT MARCUS & MILLICHAP

30 THE NORMAINE 4969 ROMAINE STREET LOS ANGELES rentcomparables NORTH VIRGIL AVENUE // LOS ANGELES, CA NUMBER OF UNITS: 4 YEAR BUILT: 1962 UNIT TYPE UNITS SF RENT RENT/SF 1 BD/ 1 BA $1,800 $2.40 COMMENTS: Remodeled unit, laminate wood and tile floors, granite counters, new cabinets, picture windows, stackable washer/dryer in unit, ceiling fan MANZANITA STREET // LOS ANGELES, CA NUMBER OF UNITS: 7 YEAR BUILT: 1990 UNIT TYPE UNITS SF RENT RENT/SF 2 BD/ 2 BA $2,350 $2.61 COMMENTS: Laminate wood floors, on-site laundry, includes parking MARATHON STREET // LOS ANGELES, CA NUMBER OF UNITS: 7 YEAR BUILT: 1926 UNIT TYPE UNITS SF RENT RENT/SF 2 BD/ 1 BA $2,595 $3.71 COMMENTS: Remodeled unit, new hardwood floors throughout, ceiling fans, ample closet space, built-in storage, new cabinets and counters in kitchen, stainless steel appliances, breakfast nook, includes parking THE NEEMA GROUP AT MARCUS & MILLICHAP

31 OFFERING MEMORANDUM THE NORMAINE 4969 Romaine Street, Los Angeles NEEMA AHADIAN First Vice President Investments Direct License CA MARCUS & MILLICHAP West Los Angeles Main West Olympic Boulevard, #350 Los Angeles, CA 90064

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