447 S Rampart Ave / 450 S Benton Way Los Angeles, CA 90057

Transcription

1 447 S Rampart Ave / 450 S Benton Way THE KANNER GROUP 250 Hillhurst Avenue Los Angeles, CA MATTHEW KANNER P: F : E : MKanner@TheKannerGroup.com

2 0 PROPERTY OVERVIEW 02 property FINANCIALS 03 PROPERTY COMPARABLES Executive Summary Property Description Plat Map / Aerial View The Neighborhood Local Attractions In The News Rent Roll Investment Summary Sales Comparables Rent Comparables We have compiled the information in this package, and it has been secured by sources we believe reliable. We attempted to compile the information to the best of our abilities, but we make no representations or warranties, express or implied as to the accuracy of the information. The viewer of this package must verify the information and bears all risk for any inaccuracies.

3 0 property OVerview 0 property OVerview Executive Summary Rampart Executive Summary Benton The Offering Property Address: 447 S Rampart Blvd Assessor's Parcel Number: Site Description Number of Units 48 Number of Buildings Number of Stories 5 Year Built 925 Rentable Square Feet 23,072 Lot Size 8,4 Zoning: LAR-4 Parking 5 Landscaping Garden Topography Flat Utilities Paid By Water Owner Electric Owner Gas Owner Construction Foundation Concrete Framing Brick Exterior Brick Parking Surface Concrete Roof Flat The Offering Property Address: 450 S Benton Way Assessor's Parcel Number: ; 007 Site Description Number of Units 8 Number of Buildings Number of Stories 3 Year Built 924 Rentable Square Feet 8,772 Lot Size 405 (parking)+405 (building) 8,030 Zoning: LAR4 Parking 5 Landscaping Garden Topography Flat Utilities Paid By Water Owner Electric Tenant Gas Owner Construction Foundation Concrete Framing Wood Exterior Stucco Parking Surface Concrete Roof Flat S Rampart Blvd & 450 S Benton Way 5

4 0 property OVerview 0 property OVerview PROPERTY Summary SUBJECT PROPERTIES 447 S Rampart Boulevard is a 5-story, 48-unit New York style, 920s brick apartment building located in the heart the Westlake neighborhood, one of the hottest submarkets in Los Angeles. This extremely well-maintained asset is made up of 37 singles (0+), 4 singles + office (0++Office), 6 one-bedroom, one-bathroom (+) units, and a unique 2-story single + large downstairs space apartment. The building features on-site laundry, a security camera monitoring system, and is master metered for gas (separately studded) & electric. There is also an adjacent on-site parking lot with 5 surface parking spaces. Neighboring the Rampart asset, 450 S Benton Way is a 3-story, 8-unit 920s apartment building located on a quiet street. The unit mix consists of 8 single (0+) units. The charming entryway features wood-paneled walls and original period mail slots. The asset is extremely well maintained inside and out and features a security camera monitoring system. The building is master metered for gas (separately studded) and separately metered for electric. The tenants share the 5 surface level parking spaces in the adjacent parking lot. With a new tenant demographic moving in to revamp storefronts and forge new hotspots, the area is attracting a more high-end, cutting-edge clientele looking to live/work in/next to the thriving Downtown LA market. Residents have access to these trendy bars & eateries, entertainment venues, and the quintessential Los Angeles lifestyle. The local influx of new tenants has created a tenant pool willing to pay top dollar for an urban lifestyle and trendy interior finishes. The ever-growing appeal of the Westlake neighborhood and the strong rental upside potential make these assets an ideal value-add investment opportunity for an investor looking to capitalize on huge rental upside potential through capital improvements and unit/common area renovations S Rampart Blvd & 450 S Benton Way 7

5 OCCIDENTAL FORMER CITY BDRY LINE M D & D 25-32/ U ALLEY S Rampart Blvd & 450 S Benton Way 20' & VAR LACFCD ST DR EA 50 WARD ST ORD property OVerview HANCOCKS SURVEY (A, B & C) M B 0-74 PT M B Key ' P U E M R 2-08/ REC & PKS LA FAYETTE PARK 00 C E 5-3/ LT M B TR C M B 962-0/ S Benton Way S Benton Way S Rampart Blvd U LA FAYETTE PARK PLAT MAP / AERIAL VIEW ANDREWS BLVD ORD U00536 C E -59 7/ U M R 66-5 PL A FAYETTE PARK U U U0062 BENTON BLVD ORD U U ' S S E C E U U0052 BENTON WILSHIRE BOULEVARD TRACT 57 C E -59 C E 4-53 U M R 66-5 U U U00420 /2 60 U RAMPART HEIGHTS DIVISION "B" M B U0050 U U0052 P U E C E U ART ST ORD U U U00456 M M B TR U WARD ST ORD RAMPART M B M B M R 2-08/ ST BLVD / / /4 /2 3/ /4 /2 3/ /4 /2 3/4 90 M B N. 4,36,000 N.,846,096 35A203 N. 4,35,500 N.,845,596 RAMPART HEIGHTS DIVISION "A" CORONADO COPYRIGHT (C) 992 CITY OF LOS ANGELES NO PART OF THIS MAP MAY BE REPRODUCED OR TRANSMITTED IN ANY FORM OR BY ANY MEANS, ELECTRONIC OR MECHANICAL, INCLUDING PHOTOCOPYING AND RECORDING OR BY ANY INFORMATION STORAGE OR RETRIEVAL SYSTEM, EXCEPT AS EXPRESSLY PERMITTED IN WRITING BY THE CITY ENGINEER REVISED: SCALE IN FEET DIMENSION SHOWN IN ( ) IS UNRECORDED

6 0 property OVerview THE NEIGHBORHOOD The Westlake/MacArthur Park adjacent district of Los Angeles is a vibrant international community bounded by Silver Lake/Echo Park to the north, Downtown to the east, Pico-Union/ University Park to the south, and Koreatown to the west. 447 S Rampart Boulevard & 450 S Benton Way are in the Westlake submarket of Los Angeles, a rapidly transforming neighborhood adjacent to Downtown Los Angeles. Westlake s MacArthur Park, a designated City of Los Angeles Cultural Monument is located only 0.3 miles from the property. Divided in two by Wilshire Boulevard, the famous lake is nestled in the southern portion of the park, while the northern half includes the Levitt Pavilion a newly renovated outdoor amphitheater, soccer fields, basketball courts, a children s playground, and a recreation center. The park holds numerous, large community festivals attracting thousands of patrons to the area. The Westlake neighborhood was first developed in the 920s, attracting the wealthy and elite who built elegant mansions throughout the neighborhood. Many of the original structures have been divided into apartment rental units while still retaining their elegant architectural facades. There is a rich Latino influence, and first-generation families, that add to this unique neighborhood culture. Today, this neighborhood is experiencing a revitalization. The crime rate continues to drop, as gentrification expands. Invigorated with a new economic energy, as rental and property values increase in surrounding neighborhoods. Touted as the next hot neighborhood, artists and creatives are moving in and now consider Westlake home. Trendy eateries, cool coffee shops, and specialty shops have followed this upwardly mobile tenant pool, spurring Westlake to be the next break-out neighborhood in Los Angeles, mirroring the evolution of the ever-popular Silverlake and Echo Park sub-markets. OPENING 2024 OPENING 2023 North Hollywood Universal City/Studios Hollywood/Highland Hollywood/Vine Hollywood/Western Vermont/Sunset Vermont/Santa Monica Vermont/Beverly Wilshire/Vermont Westlake/MacArthur Park 7th St/Metro Center Pershing Sqaure Civic Center/Grand Park Union Station Westlake / Macarthur park Community revitalization efforts and new developments have been the main catalyst for the area s transformation. The Lake on Wilshire is a proposed development project that would turn a hotel into a multi-cultural center and a 4-story apartment building with 478-units. 668 Coronado is a mixed-use project reaching 7-stories to include 22-apartment buildings. DCGG Park Plaza (the owners of the Hollywood Roosevelt hotel), acquired the art deco historic Park Plaza Hotel overlooking MacArthur Park, with plans for a major redevelopment underway. In addition to local attractions, this prime location provides quick access to major Los Angeles thoroughfares the 0, the 0 and the 0 freeways. The Westlake / MacArthur Park Metro Red/Purple Line station is located on Alvarado Street, the eastern border of MacArthur Park connecting Westlake to some of the best neighborhoods in Los Angeles, Adjacent to Westlake, Silver Lake was recently rated the hippest neighborhood in the country by Forbes Magazine. Silver Lake is a trendy and vibrant community which has enjoyed tremendous appreciation and gentrification throughout the past decade visible in the street side cafés, independent boutiques, and local nightlife. Silver Lake s eclectic appeal is in high demand and it is home to the effervescent Sunset Junction and some of the most famous buildings of modernist architecture in Los Angeles. It is proximate to major attractions, including Dodger Stadium, East Hollywood, and Atwater Village. Just southeast of Silver Lake, Echo Park has become an increasingly desirable neighborhood due to its cultural diversity, historical charm, and classic Los Angeles living. Temple Street and Beverly Boulevard are lined with new local businesses and popular nightlife spots that have transformed Echo Park into one of the trendiest areas in Los Angeles. Adding to the neighborhood s vibrant culture, Echo Park is home to numerous art festivals which take place year-round, as well as popular music venues like The Echo, Bootleg Theater, and the Echoplex. Recreational neighborhood landmarks include the historic Baxter Steps, Laveta Terrace Stairway, and Elysian Park, all within close proximity to the property. The newly renovated Echo Park Lake, located just under 2 miles away, which features a walking path, picnic area, paddle boats, and beautiful lotus flower gardens, celebrated in a lotus festival each year S Rampart Blvd & 450 S Benton Way

7 0 property OVerview Metro map Westlake attractions Wilshire/Vermont 450 S Benton Way Colorado/4th St Westwood/VA Hospital Expo/Bundy Olympic/26th St Colorado/7th St 447 S Rampart Ave LAX Westlake/ MacArthur Park TO REDONDO BEACH TO NORTH HOLLYWOOD Vermont/Sunset Vermont/Santa Monica Vermont/Beverly Civic Center Westwood/UCLA Century City Hollywood/Highland Wilshire/Rodeo Hollywood/Vine Expo/Sepulveda Wilshire/La Cienga Hollywood/Western Expo/Westwood Wilshire/Fairfax Wilshire/LaBrea National/Palms Culver City Wilshire/Western La Cienega/Jefferson Wilshire/Normandie Expo/La Brea Wilshire/Vermont Farmdale Westlake/MacArthur Park Expo/Crenshaw Crenshaw/MLK 7th St/Metro Ctr Leimert Park Expo/Vermont Expo Park/USC Hindry Aviation/Century Aviation/LAX Expo/Western Florence/West Florence/La Brea Hawthorne/Lennox Crenshaw/Slauson Crenshaw 23rd St Vermont/Athens Pico Jefferson/USC Harbor Freeway Pershing Sq Grand San Pedro St Avalon TO LONG BEACH TO PASADENA Chinatown Union Station Little Tokyo/ Arts Dist Washington Vernon Slauson Florence Firestone 03rd St/ Watts Towers TO EAST LOS ANGELES Willowbrook DINING AND ENTERTAINMENT SHATTO 39 LANES 2 WI SPA 3 ORIGINAL TOMMY S BURGERS 4 LANGER S DELLICATESSEN-RESTURANT 5 BOOTLEG THEATER 6 THE LINE HOTEL 7 HOTEL NORMANDIE LA 8 LOCK & KEY 9 THE MACARTHUR BAR CALIFORNIA DONUTS 2 STARBUCKS PARKS & RECREATION LAFAYETTE RECREATION CENTER 2 MACARTHUR PARK 3 VISTA HERMOSA NATURAL PARK 4 ECHO PARK LAKE SCHOOLS BELMONT HIGH SCHOOL 2 LARCHMONT CHARTER SCHOOL AT LA FAYETTE PARK 3 COMMONWEALTH AVENUE ELEMENTARY SCHOOL 4 UNION AVENUE ELEMENTARY SCHOOL 5 JOHN LIECHTY MIDDLE SCHOOL 6 LOYOLA LAW SCHOOL 7 SOUTHWESTERN LAW SCHOOL 8 ROBERT F. KENNEDY COMMUNITY SCHOOLS ESSENTIALS VONS 2 RALPHS 3 FELIPE DE NEVE BRANCH LIBRARY 4 TARGET 5 LOS ANGELES POLICE DEPARTMENT 6 GOOD SAMARITAN HOSPITAL 7 THE HOME DEPOT S Rampart Blvd & 450 S Benton Way 3

8 0 property OVerview IN THE NEWS developements Mapping the changes on Westlake s horizon November S Bixel St 35 W 7th St 256 W 7th St S Alvarado St 25 Wilshire Blvd 237 W 7th St W 6th St 224 S Occidental Blvd Ingraham St 2005 James M Wood Blvd 200 W Olympic Blvd 230 Ingraham St Westlake has famously resisted gentrification, but the neighborhood has also been subject to long-term overcrowding, underinvestment, and a lack of access to basic resources Now, a slew of new developments is coming to the neighborhood. In the pipeline are fancy new apartments in glassy towers, a huge mixed-user near the Westlake/MacArthur Park rail station, and even some new hotels. The changes in the pipeline for LA s second most walkable neighborhood aren t just in the form of new buildings. Some local fixtures are poised for major shake-ups: The Westlake Theater could have a new owner any day now; the neighborhood s namesake park is in line for renovations; and an old theater is reopening as a new comedy venue. FULL ARTICLE Wilshire Blvd 800 Beverly Blvd 2300 Beverly Blvd Olympic Blvd 739 S Park View St 252 S Rampart Blvd S Rampart Blvd & 450 S Benton Way 5

9 02 PROPERTY FINANCIALS 02 PROPERTY FINANCIALS 447 S rampart: RENT ROLL Unit Move-In Date of Last Rent Parking Per Upside Unit Type Sq. Ft. Current Rent $ / Sq. Ft. March 209 Rent $ / Sq. Ft. Market Rent Market $ / Sq. Ft. Date Increase Month Potential *0 6//202 $60 Single + Lrg Room 400 $2,200 $.57 $2,200 $.57 $2,200 $ % 02 6//202 6//208 $60 Single 425 $796 $.87 $796 $.87 $,300 $ % 03 8/2/20 6//208 Single 425 $836 $.97 $836 $.97 $,300 $ % 04 7/5/200 6//208 Single 425 $836 $.97 $836 $.97 $,300 $ % 05 0/8/205 3//209 Single 425 $756 $.78 $793 $.87 $,300 $ % 06 3/7/206 3//209 Single 425 $870 $2.05 $93 $2.5 $,300 $ % 07 //2009 3//209 Single 425 $759 $.79 $797 $.87 $,300 $ % 08 6/22/200 6//208 Single 425 $836 $.97 $836 $.97 $,300 $ % 09 /5/999 6//208 Single 425 $757 $.78 $757 $.78 $,300 $ % 0 7/6/206 3//209 Single + Office 500 $922 $.84 $968 $.94 $,400 $ % /3/2007 3//209 Single 425 $845 $.99 $887 $2.09 $,300 $ % 2 0/9/202 6//208 Single 425 $857 $2.02 $857 $2.02 $,300 $ % 20 2/2/204 3// $,29 $2.5 $,86 $2.26 $,500 $ % 202 /6/993 6//208 Single 425 $78 $.69 $78 $.69 $,325 $ % 203 2/6/200 3//209 Single 425 $756 $.78 $793 $.87 $,325 $ % 204 2/25/207 2//208 Single 425 $875 $2.06 $99 $2.6 $,325 $ % 205 4/6/2009 3//209 Single 425 $672 $.58 $705 $.66 $,325 $ % 206 2/25/207 2//208 Single 425 $875 $2.06 $99 $2.6 $,325 $ % 207 /3/202 6//208 Single 425 $767 $.80 $767 $.80 $,325 $ % 208 9//204 3//209 Single 425 $83 $.9 $854 $2.0 $,325 $ % 209 9/4/998 6//208 $60 Single 425 $762 $.79 $762 $.79 $,325 $ % 20 2//208 //209 Single + Office 500 $950 $.90 $998 $2.00 $,425 $ % 2 6//203 3//209 Single 425 $789 $.86 $828 $.95 $,325 $ % 22 /5/999 6// $897 $.7 $897 $.7 $,500 $ % 30 //203 3// $94 $.74 $960 $.83 $,550 $ % 302 3/20/207 6//208 Single 425 $882 $2.08 $882 $2.08 $,350 $ % 303 6/6/200 6//208 $60 Single 425 $735 $.73 $735 $.73 $,350 $ % 304 9//200 6//208 Single 425 $770 $.8 $770 $.8 $,350 $ % 305 2/7/208 2//209 Single 425 $900 $2.2 $945 $2.22 $,350 $ % 306 2//2003 6//209 $60 Single 425 $78 $.84 $78 $.84 $,350 $ % 307 /7/203 6//209 Single 425 $787 $.85 $787 $.85 $,350 $ % 308 /0/200 6//208 Single 425 $840 $.98 $840 $.98 $,350 $ % 309 6/8/994 6//208 Single 425 $83 $.9 $83 $.9 $,350 $ % 30 0/3/206 0//208 Single + Office 500 $875 $.75 $99 $.84 $,450 $ % 3 6/20/206 3//209 Single 425 $870 $2.05 $93 $2.5 $,350 $ % 32 7//204 6// $975 $.86 $975 $.86 $,550 $ % 40 9/9/997 6//208 $ $840 $.60 $840 $.60 $,600 $ % 402 2/24/2000 6//208 Single 425 $763 $.80 $763 $.80 $,375 $ % 403 5//205 3//209 Single 425 $844 $.98 $886 $2.08 $,375 $ % 404 /29/200 6//208 $60 Single 425 $698 $.64 $698 $.64 $,375 $ % 405 7//203 3//209 Single 425 $889 $2.09 $933 $2.20 $,375 $ % 406 2/20/207 6//208 Single 425 $882 $2.08 $882 $2.08 $,375 $ % 407 /20/206 3//209 Single 425 $886 $2.08 $930 $2.9 $,375 $ % 408 0//200 6//208 $60 Single 425 $770 $.8 $770 $.8 $,375 $ % 409 5//20 6//208 Single 425 $826 $.94 $826 $.94 $,375 $ % 40 5/2/2002 6//208 Single + Office 500 $844 $.69 $844 $.69 $,475 $ % 4 3//209 Single 425 $87 $.92 $858 $2.02 $,375 $ % 42 2/7/993 6//208 $ $729 $.39 $729 $.39 $,600 $ % Total $540 $22,275 $4,200 $42,00 $66,700 *Manager Unit Current Rent March 209 Rent Market Rent Unit # of Square Monthly Monthly Monthly Monthly Unit Monthly Monthly Type Units Footage Rent/Unit Income Rent/Unit Income Type Rent/Unit Income Single $809 $29,925 $827 $30,585 Single $,336 $49,450 Single + Office $898 $3,59 $932 $3,729 Single + Office $,438 $5,750 Single + Lrg Room 400 $2,200 $2,200 $2,200 $2,200 Single + Lrg Room $2,200 $2, $94 $5,484 $93 $5,586 + $,550 $9,300 Total 48 $4,200 $42,00 $66,700 Monthly Total Scheduled Rent: $4,200 $42,00 $66,700 Annual Scheduled Gross Income: $494,400 $505,202 $800, S Rampart Blvd & 450 S Benton Way 7

10 02 PROPERTY FINANCIALS Investment Summary: Rampart Pricing Summary Property Description Proposed Financing Listed Price: $7,050,000 Address: 447 S Rampart Blvd New First Loan: $4,423,875 Down Payment: 37.3% $2,626,25 Interest Rate: 4.25% Current GRM: 3.60 Number of Units: 48 Amortization: 30 March 209 GRM: 3.7 Year Built: 925 Monthly Payment: $2,763 Market GRM: 8.49 Approx. Lot Size: 8,4 Debt Coverage Ratio:.5 Current CAP: 4.27% Approx. Gross SF: 23,072 March 209 CAP: 4.3% Approx. Average Unit Sq. Ft.: 48 Market CAP: 7.89% Parking Spaces: 5 Property Highlights Cost per Legal Unit: $46,875 APN#: Extremely well maintained/managed charming Cost per Gross Sq. Ft.: $306 Zoning: LAR-4 brick building located in the high demand rapidly % Income Upside: 60.9% Stories: 5 gentrifying Westlake Region. Onsite laundry room, Loss to Lease %: 37.57% Utilities Paid By Tenant: None 5 surface parking spaces, seprately studded for gas, Walk Score 9 secure gated building w/security camera system Scheduled Income Estimated Annualized Expenses Current Mar-9 Current Rents March 209 Rents Market Rents Taxes: Rate.25% $88,25 $88,25 No. Bdrms/ Approx. Monthly Monthly Monthly Monthly Monthly Monthly Insurance 207 Actual $0,733 $0,733 of Units Baths Sq.Ft. Rent/Unit Income Rent/Unit Income Rent/Unit Income DWP 207 Actual/75% of 7 $27,422 $36, Single 425 $809 $29,925 $827 $30,585 $,336 $49,450 Gas 207 Actual/75% of 7 $8,995 $,993 4 Single + Office 500 $898 $3,59 $932 $3,729 $,438 $5,750 Maintenance 3.0% $5,552 $6,056 Single + Lrg Room,400 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 Gardening 207 Actual $335 $ $94 $5,484 $93 $5,586 $,550 $9,300 On-Site Manager* 3.00% $5,552 $6,056 Off-site Manager* 3.00% $5,552 $6,056 Avg. Rent/Gr. Sq. Ft. $.79 $.82 $2.89 Reserves*.00% $5,84 $5,352 Total Scheduled Rent: $4,200 $42,00 $66,700 Trash 207 Actual $9,668 $9,668 Laundry: $,000 $,000 $,000 SCEP & RSO Est. $36/Unit $,728 $,728 Parking: $,000 $,500 $,500 Pest Control Estimate $2,000 $2,000 SCEP: $0 $0 $0 Elevator 207 Actual $,875 $,875 Market $88,25 $0,733 $27,422 $8,995 $24,92 $335 $24,92 $24,92 $8,304 $9,668 $,728 $2,000 $,875 Total Expense: $202,720 $26,539 Monthly Scheduled Gross Income: $43,200 $44,600 $69,200 Per Net Sq. Ft.: $8.79 $9.39 Annual Scheduled Gross Income: $58,400 $535,202 $830,400 Per Unit: $4,223 $4,5 $233,920 $0.4 $4,873 Current Mar-9 Market Scheduled Gross Income: $58,400 $535,202 $830,400 Less Vacancy Rate Reserve: ($4,832) 3.0% ($5,56) 3.0% ($40,020) 5.0% Gross Operating Income: $503,568 $520,046 $790,380 Less Expenses: ($202,720) 39.0% * ($26,539) 40.46% * ($233,920) 28.7% * Net Operating Income: $300,848 $303,507 $556,460 Less Loan Payments: ($26,54) ($26,54) ($26,54) Pre-Tax Cash Flow: $39,694.5% ** $42,353.6% ** $295,306.24% ** Plus Principal Reduction: $75,64 $75,64 $75,64 Total Return Before Taxes: $5, % ** $7, % ** $370, % ** ** As a percentage of Down Payment. * As a percentage of the Scheduled Gross Income Annualized Operating Data S Rampart Blvd & 450 S Benton Way

11 02 PROPERTY FINANCIALS 450 s Benton: RENT ROLL 02 PROPERTY FINANCIALS Investment Summary: benton Unit Parking Move-In Date of Next Upside Per Unit Type Sq. Ft. Current Rent $ / Sq. Ft. March 209 Rent $ / Sq. Ft. Market Rent Market $ / Sq. Ft. Date Rent Increase Potential Month 0 0/8/2009 4/8/209 Single 450 $798 $.77 $798 $.77 $,300 $ % 02 2//205 4//209 Single 450 $835 $.86 $835 $.86 $,300 $ % 03 /0/205 6//208 Single 450 $884 $.96 $884 $.96 $,300 $ % 04 2/23/994 6//208 Single 450 $700 $.56 $700 $.56 $,300 $ % 05 4/23/202 4/23/209 Single 450 $794 $.76 $794 $.76 $,300 $ % 06 2/20/208 5//209 Single 450 $900 $2.00 $900 $2.00 $,300 $ % 20 0//2005 4//209 Single 450 $83 $.85 $83 $.85 $,350 $ % 202 2//2006 4//209 Single 450 $797 $.77 $797 $.77 $,350 $ % *203 Vacant Vacant $60 Single 450 $,350 $3.00 $,350 $3.00 $,350 $ % 204 8//204 6//208 Single 450 $787 $.75 $787 $.75 $,350 $ % 205 4//208 5//209 $60 Single 450 $800 $.78 $800 $.78 $,350 $ % 206 /22/207 3//209 Single 450 $940 $2.09 $978 $2.7 $,350 $ % 30 3/4/2002 4/4/209 $60 Single 450 $726 $.6 $726 $.6 $,400 $ % 302 2/4/2005 4/2/209 $60 Single 450 $763 $.70 $763 $.70 $,400 $ % 303 2//200 6//208 Single 450 $60 $.36 $60 $.36 $,400 $ % 304 0/2/203 6//208 Single 450 $787 $.75 $787 $.75 $,400 $ % 305 5//204 6//208 Single 450 $787 $.75 $787 $.75 $,400 $ % 306 7/26/200 4/26/209 $60 Single 450 $749 $.66 $749 $.66 $,400 $ % Total $ $4,839 $4,876 $24,300 *Vacant Current Rent March 209 Rent Market Rent Unit # of Square Monthly Monthly Monthly Monthly Unit Monthly Monthly Type Units Footage Rent/Unit Income Rent/Unit Income Type Rent/Unit Income Single $824 $4,839 $826 $4,876 Single $,350 $24,300 Total 8 $4,839 $4,876 $24,300 Monthly Total Scheduled Rent: $4,839 $4,876 $24,300 Annual Scheduled Gross Income: $78,067 $78,58 $29,600 Pricing Summary Listed Price: $2,450,000 Address: 450 S Benton Way New First Loan: $,378,25 Down Payment: 43.8% $,07,875 Interest Rate: 4.25% Current GRM: 3.76 Number of Units: 8 Amortization: 30 March 209 GRM: 3.72 Year Built: 924 Monthly Payment: $6,780 Market GRM: 8.40 Approx. Lot Size: 8,030 Debt Coverage Ratio:.5 Current CAP: 3.83% Approx. Gross SF: 8,772 March 209 CAP: 3.85% Approx. Average Unit Sq. Ft.: 487 Market CAP: 7.82% Parking Spaces: 5 Property Highlights Cost per Legal Unit: $36, APN#: ; 007 Extremely well maintained/managed building Cost per Gross Sq. Ft.: $279 Zoning: LAR4 located in the high demand rapidly gentrifying % Income Upside: 63.76% Stories: 3 Westlake region. Separately studded for gas Loss to Lease %: 38.93% Utilities Paid By Tenant: Electric & separately metered for electric Walk Score 9 Huge rental/neighborhood upside potential Scheduled Income Property Description Proposed Financing Estimated Annualized Expenses Current Mar-9 Current Rents March 209 Rents Market Rents Taxes: Rate.25% $30,625 $30,625 No. Bdrms/ Approx. Monthly Monthly Monthly Monthly Monthly Monthly Insurance 207 Actual $3,975 $3,975 of Units Baths Sq.Ft. Rent/Unit Income Rent/Unit Income Rent/Unit Income DWP 207 Actual/75% of 7 $4,758 $4,758 8 Single 450 $824 $4,839 $826 $4,876 $,350 $24,300 Gas 207 Actual/75% of 7 $4,28 $4,28 Maintenance 3.0% $5,342 $5,356 Gardening Estimate $0 $0 On-Site Manager* 3.00% $5,342 $5,356 Off-site Manager* 3.00% $5,342 $5,356 Avg. Rent/Gr. Sq. Ft. $.69 $.70 $2.77 Reserves*.00% $,78 $,785 Total Scheduled Rent: $4,839 $4,876 $24,300 Trash 207 actual $5,478 $5,478 Laundry: $0 $0 $0 SCEP & RSO Est. $36/Unit $648 $648 SCEP: $0 $0 $0 Pest Control 207 Actual $,427 $,427 Parking: $0 $0 $0 Storage: RUBS or Pet Rent: Total Expense: $78,846 $78,89 Monthly Scheduled Gross Income: $4,839 $4,876 $24,300 Per Net Sq. Ft.: $8.99 $8.99 Annual Scheduled Gross Income: $78,067 $78,58 $29,600 Per Unit: $4,380 $4,383 Annualized Operating Data Current Mar-9 Market Scheduled Gross Income: $78,067 $78,58 $29,600 Less Vacancy Rate Reserve: ($5,342) 3.0% ($5,356) 3.0% ($4,580) 5.0% Gross Operating Income: $72,725 $73,62 $277,020 Less Expenses: ($78,846) 44.28% * ($78,89) 44.9% * ($85,478) 29.3% * Net Operating Income: $93,879 $94,27 $9,543 Less Loan Payments: ($8,355) ($8,355) ($8,355) Pre-Tax Cash Flow: $2,524.7% ** $2,97.2% ** $0, % ** Plus Principal Reduction: $23,564 $23,564 $23,564 Total Return Before Taxes: $36, % ** $36, % ** $33, % ** Market $30,625 $3,975 $,069 $3,096 $8,748 $0 $8,748 $8,748 $2,96 $5,478 $648 $,427 $85,478 $9.74 $4,749 ** As a percentage of Down Payment. * As a percentage of the Scheduled Gross Income S Rampart Blvd & 450 S Benton Way 2

12 02 PROPERTY FINANCIALS Investment Summary: rampart & benton Pricing Summary Property Description Proposed Financing Listed Price: $9,500,000 Address: 447 S Rampart Blvd S Benton Way New First Loan: $5,700,000 Down Payment: 40.0% $3,800,000 Interest Rate: 4.25% Current GRM: 3.62 Number of Units: 66 Amortization: 30 March 209 GRM: 3.40 Year Built: 925 &924 Monthly Payment: $28,04 Market GRM: 8.47 Approx. Lot Size: 6,44 Debt Coverage Ratio:.5 Current CAP: 4.08% Approx. Gross SF: 3,844 March 209 CAP: 4.8% Approx. Average Unit Sq. Ft.: 482 Market CAP: 7.93% Parking Spaces: 5 Property Highlights Cost per Legal Unit: $43,939 APN#: ,007,009 Extremely well maintained/managed 2-building Cost per Gross Sq. Ft.: $298 Zoning: LAR-4 portfolio location in the high demand rapidly % Income Upside: 60.82% Stories: 5/3 gentrifying Westlake region. Onsite laundry, Loss to Lease %: 37.82% Utilities Paid By Tenant: None/Electric 5 surface parking spaces, separately studded for gas Walk Score 9 secure gated buildings w/ security camera system Scheduled Income Estimated Annualized Expenses Current Mar-9 Current Rents March 209 Rents Market Rents Taxes: Rate.25% $8,750 $8,750 No. Bdrms/ Approx. Monthly Monthly Monthly Monthly Monthly Monthly Insurance 207 Actual $4,708 $4,708 of Units Baths Sq.Ft. Rent/Unit Income Rent/Unit Income Rent/Unit Income DWP 207 Actual/75% of 7 $5,320 $5, Single 425 $84 $44,764 $827 $45,462 $,34 $73,750 Gas 207 Actual/75% of 7 $6,2 $6,2 4 Single + Office 500 $898 $3,59 $932 $3,729 $,438 $5,750 Maintenance 3.0% $20,930 $2,268 Single + Lrg Room,400 $2,200 $2,200 $2,200 $2,200 $2,200 $2,200 Gardening Estimate $335 $ $94 $5,484 $93 $5,586 $,550 $9,300 On-Site Manager* 2.50% $7,442 $7,723 Off-site Manager* 3.00% $20,930 $2,268 Avg. Rent/Gr. Sq. Ft. $.76 $.79 $2.86 Reserves*.00% $6,977 $7,089 Total Scheduled Rent: $56,039 $56,977 $9,000 Trash 207 Actual $5,47 $5,47 Laundry: $,000 $,000 $,000 SCEP & RSO Est. $36/Unit $2,376 $2,376 Parking: $,00 $,00 $,500 Pest Control 207 Actual $3,427 $3,427 SCEP: $0 $0 $0 Elevator 207 Actual $,875 $,875 Storage: RUBS or Pet Rent: Total Expense: $290,338 $29,407 Monthly Scheduled Gross Income: $58,39 $59,077 $93,500 Per Net Sq. Ft.: $9.2 $9.5 Annual Scheduled Gross Income: $697,672 $708,926 $,22,000 Per Unit: $4,399 $4,45 Market $8,750 $4,708 $38,490 $2,09 $33,660 $335 $28,050 $33,660 $,220 $5,47 $2,376 $3,427 $,875 $33,789 $9.85 $4,754 Current Mar-9 Market Scheduled Gross Income: $697,672 $708,926 $,22,000 Less Vacancy Rate Reserve: ($20,74) 3.0% ($20,52) 3.0% ($54,600) 5.0% Gross Operating Income: $677,498 $688,44 $,067,400 Less Expenses: ($290,338) 4.62% * ($29,407) 4.% * ($33,789) 27.97% * Net Operating Income: $387,60 $397,007 $753,6 Less Loan Payments: ($336,487) ($336,487) ($336,487) Pre-Tax Cash Flow: $50,673.33% ** $60,520.59% ** $47, % ** Plus Principal Reduction: $97,460 $97,460 $97,460 Total Return Before Taxes: $48, % ** $57, % ** $54, % ** ** As a percentage of Down Payment. * As a percentage of the Scheduled Gross Income Annualized Operating Data S Rampart Blvd & 450 S Benton Way

13 PROPERTY COMPARABLES SALES COMPARABLES 447 S RAMPART BLVD Subject Property Price # of Units Year Built Unit Mix GRM CAP Rate Price/Unit Price/Sq. Ft. Sq. Ft. 37 Singles 447 S Rampart Blvd, 4 Singles+Office $7,050, Single+LrgRm % $46,875 $306 23,072 6 (+) Sales Comparables Sale Date Days on Distance Price # of Units Year Built Market from Subject Unit Mix GRM CAP Rate Price/Unit Price/Sq. Ft. Sq. Ft. # 95 S Carondelet St 2/27/207 N/A $7,700, (+) mi 27 (+) N/A N/A $60,46 $244 3,500 Los Angeles, CA, (2+2) 2 (2+2) #2 608 S Westlake Ave 3//208 5 days $7,700, Singles mi 43 Singles % $63,830 $250 30,824 Los Angeles, CA, (+) #3 237 S Alvarado St 3/30/208 N/A $5,273, Singles 92.2 mi 43 Singles % $22,639 $225 23,430 Los Angeles, CA #4 7 S Rampart Blvd 6/28/ days $5,300, Singles mi 36 Singles N/A N/A $32,500 $205 25,86 4(+) 4(+) #5 52 S Bonnie Brae St /27/207 N/A $4,050, Singles mi 24 Singles N/A N/A $35,000 $230 7,60 6 (+) 6 (+) #6 667 S Carondelet St 2/22/207 N/A $7,940,000 4 Singles mi 4 Singles N/A N/A $34,576 $282 28,56 8 (+) 8 (+) Sale Comparable Averages 9/6/207 $6,327,250 N/A mi N/A % $4,494 $239 26, S Rampart Blvd & 450 S Benton Way 25

14 PROPERTY COMPARABLES SALES COMPARABLES 447 S RAMPART BLVD SUBJECT PROPERTY COMP # COMP #2 COMP #3 COMP #4 COMP #5 447 S Rampart Blvd, 95 S Carondelet St, Los Angeles, CA S Westlake Ave, Year Built: 925 Year Built: 94 Year Built: 924 # of Units: 48 # of Units: 48 # of Units: 47 Distance from Subject: 0.7 mi Distance from Subject: 0.4 mi Unit Mix: 37 Singles; 4 Single+Office; Single+LrgRm; 6 (+) Unit Mix: 27 (+); 2 (2+2) Unit Mix: 43 Singles; 4 (+) Price/Unit: $46,875 Price/Unit: $60,46 Price/Unit: $63,830 Price/Sq.Ft.: $306 Price/Sq.Ft.: $244 Price/Sq.Ft.: $250 Cap Rate: 4.27% Cap Rate: N/A Cap Rate: 4.68% GRM: 3.60 GRM: N/A GRM: 2.57 Sale Price: $7,050,000 Sale Price: $7,700,000 Sale Price: $7,700,000 Sale Date: 2/27/207 Sale Date: 3// S Alvarado St, Los Angeles, CA S Rampart Blvd, 52 S Bonnie Brae St, Year Built: 92 Year Built: 924 Year Built: 923 # of Units: 43 # of Units: 40 # of Units: 30 Distance from Subject:.2 mi Distance from Subject: 0.6 mi Distance from Subject: 0.5 mi Unit Mix: 43 Singles Unit Mix: 36 Singles; 4(+) Unit Mix: 24 Singles; 6 (+) Price/Unit: $22,639 Price/Unit: $32,500 Price/Unit: $35,000 Price/Sq.Ft.: $225 Price/Sq.Ft.: $205 Price/Sq.Ft.: $230 Cap Rate: 3.6% Cap Rate: N/A Cap Rate: N/A GRM: 4.73 GRM: N/A GRM: N/A Sale Price: $5,273,500 Sale Price: $5,300,000 Sale Price: $4,050,000 Sale Date: 3/30/208 Sale Date: 6/28/207 Sale Date: /27/207 Carondelet Tower Apartments Westlake Apartments Greenwich West Apartments S Rampart Blvd & 450 S Benton Way 27

15 PROPERTY COMPARABLES SALES COMPARABLES 447 S RAMPART BLVD COMP #6 4) 667 S Carondelet St, Year Built: 97 # of Units: 59 Distance from Subject: 0.6 mi Unit Mix: 4 Singles; 8 (+) Price/Unit: $34,576 Price/Sq.Ft.: $282 Cap Rate: N/A GRM: N/A Sale Price: $7,940,000 Sale Date: 2/22/207 Alan Wayne Apartment S Rampart Blvd & 450 S Benton Way

16 PROPERTY COMPARABLES SALES COMPARABLES 450 S Benton way Subject Property Price # of Units Year Built Unit Mix GRM CAP Rate Price/Unit Price/Sq. Ft. Sq. Ft. 450 S Benton Way, $2,450, Singles % $36, $279 8,772 Sales Comparables Sale Date Price # of Units Distance from Year Built Subject Unit Mix GRM CAP Rate Price/Unit Price/Sq. Ft. Sq. Ft. # 2320 Ocean View Ave 2/20/207 $2,935, mi 2 Singles N/A 4.63% $39,762 $278 0,552 #2 733 S Coronado St 5/9/207 $4,000, mi 6 Singles % $66,667 $236 6,942 6 (+) 2 (2+2) #3 46 S Grand View St 3/24/207 $2,950, mi 8 Singles % $47,500 $286 0,36 #4 448 W 3rd St 0/3/207 $2,75, mi 2 (+) 20 Singles N/A 3.7% $08,750 $283 7,680 Los Angeles, CA 9007 #5 24 W 0th St 2/2/208 $,750, mi 0 Singles.90 N/A $25,000 $206 8,500 Los Angeles, CA (+) (2+) Sale Comparable Averages 9/4/207 $2,762, mi N/A % $37,536 $258 0, S Rampart Blvd & 450 S Benton Way 3

17 PROPERTY COMPARABLES SALES COMPARABLES 450 S Benton way SUBJECT PROPERTY COMP # COMP #2 COMP #3 COMP #4 COMP #5 450 S Benton Way, 2320 Ocean View Ave, 733 S Coronado St, Year Built: 924 Year Built: 92 Year Built: 92 # of Units: 8 # of Units: 2 # of Units: 24 Distance from Subject: 0.4 mi Distance from Subject: 0.5 mi Unit Mix: 8 Singles Unit Mix: 2 Singles Unit Mix: 6 Singles; 6 (+); 2(2+2) Price/Unit: $36, Price/Unit: $39,762 Price/Unit: $66,667 Price/Sq.Ft.: $279 Price/Sq.Ft.: $278 Price/Sq.Ft.: $236 Cap Rate: 3.83% Cap Rate: 4.63% Cap Rate: 4.34% GRM: 3.76 GRM: N/A GRM: 2.88 Sale Price: $2,450,000 Sale Price: $2,935,000 Sale Price: $4,000,000 Sale Date: 2/20/207 Sale Date: 5/9/ S Grand View St, 448 W 3rd St, Los Angeles, CA W 0th St, Los Angeles, CA Year Built: 925 Year Built: 922 Year Built: 92 # of Units: 20 # of Units: 20 # of Units: 4 Distance from Subject: 0.6 mi Distance from Subject:.2 mi Distance from Subject: 0.9 mi Unit Mix: 8 Singles; 2(+) Unit Mix: 20 Singles Unit Mix: 0 Singles; 3(+); (2+) Price/Unit: $47,500 Price/Unit: $08,750 Price/Unit: $25,000 Price/Sq.Ft.: $286 Price/Sq.Ft.: $283 Price/Sq.Ft.: $206 Cap Rate: 5.6% Cap Rate: 3.7% Cap Rate: N/A GRM: 2.4 GRM: N/A GRM:.90 Sale Price: $2,950,000 Sale Price: $2,75,000 Sale Price: $,750,000 Sale Date: 3/24/207 Sale Date: 0/3/207 Sale Date: 2/2/208 Grand View Apartments S Rampart Blvd & 450 S Benton Way 33

18 PROPERTY COMPARABLES RENT COMPARABLEs Subject Property 447 S Rampart Blvd, # of Units Year Built Unit Mix 37 Singles Single + Office Single + LrgRm 6 (+) Unit Size (Avg. Sq. Ft.) 425 Sq Ft 500 Sq Ft 400 Sq Ft 525 Sq Ft Rent Range $672-$900 $844-$950 N/A $729-$,29 Rent/Sq. Ft. Range $.58-$2.2 $.69-$.90 N/A $.39-$ S Benton Way Singles 450 Sq Ft $66-$940 $.36-$2.08 # Rental Property # of Units Year Built Distance from Subject Unit Type Approx. Sq. Ft. Rent Rent/Sq. Ft. 50 S Rampart Blvd mi Single 550 $,250 $2.27 #2 727 S Coronado St mi Single 350 $,00 $3.4 #3 42 S Lake St mi Single 370 $,600 $4.32 #4 420 S Westlake Ave mi Single 304 $,575 $5.8 #5 7 S Rampart Blvd mi Single 450 $,300 $2.89 Rent Comparable Averages mi N/A 405 $,365 $ S Rampart Blvd & 450 S Benton Way 35

19 PROPERTY COMPARABLES RENT COMPARABLEs SUBJECT PROPERTY # SUBJECT PROPERTY #2 COMP # COMP #2 COMP #3 COMP #4 447 S Rampart Blvd, 450 S Benton Way, 50 S Rampart Blvd, Year Built: 928 Year Built: 928 Year Built: 922 # of Units: 8 # of Units: 48 # of Units: 48 Distance from Subject: 0. mi 727 S Coronado St, 42 S Lake St, 420 S Westlake Ave, Year Built: 924 Year Built: 927 Year Built: 924 # of Units: 30 # of Units: 4 # of Units: 85 Distance from Subject: 0.5 mi Distance from Subject: 0.6 mi Distance from Subject: 0.7 mi Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Single 425 $672-$900 $.58-$2.2 Single 450 $66-$940 $.36-$2.08 Single 550 $,250 $2.27 Single+Office 500 $922 $.84 Single+ Lrg Rm 400 $2,200 $.57 Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Single 350 $,00 $3.4 Single 370 $,600 $4.32 Single 304 $,575 $ $729-$,29 $.39-$ S Rampart Blvd & 450 S Benton Way 37

20 PROPERTY COMPARABLES RENT COMPARABLEs COMP #5 7 S Rampart Blvd, Year Built: 924 # of Units: 40 Distance from Subject:. mi Unit Type Approx. Sq. Ft. Rent Rent/Sq Ft. Single 450 $,300 $ S Rampart Blvd & 450 S Benton Way

21 MATTHEW KANNER SENIOR COMMMERCIAL DIRECTOR CONTACT The Kanner Group of KW Commercial 250 Hilllhurst Avenue Los Angeles, CA Office (323)

22