OFFERING MEMORANDUM 5466 KINSTON AVE CULVER CITY, CA UNITS IN PRIME CULVER CITY BRE#

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1 OFFERING MEMORANDUM 4 UNITS IN PRIME CULVER CITY BRE#

2 MARKETING PACKAGE OVERVIEW LOCATION OVERVIEW Property Location PRESENTED BY Mike Matthias BRE# PROPERTY SUMMARY Property Highlights Property Details Photography FINANCIALS Financial Overview Rent Roll COMPARABLES Sales Comps Rent Comps 449 South Beverly Drive, First Floor, Beverly Hills, CA BRE#

LOCATION CULVER CITY, CA CULVER CITY, CALIFORNIA Over the course of just a couple of years, Culver City has been among the most significant emerging submarkets in Los Angeles.

The growth of Silicon Beach, which is home to over 500 tech startup companies has also impacted the growth of Culver City.

Culver City s recent developments include a new TOD district encompassing one-half mile around the new Expo station, and looking to connect it with adjacent districts through pedestrian amenities,

Additionally, Culver City's working on innovative ways to enhance highspeed Internet service and provide parking to help grow its creative office districts.

Culver City Arts District, with galleries along Washington and La Cienega Boulevards and shops and restaurants at Helms Bakery.

3 LOCATION CULVER CITY, CA CULVER CITY, CALIFORNIA Over the course of just a couple of years, Culver City has been among the most significant emerging submarkets in Los Angeles. Culver City s central location on the Westside along with the Expo Line extension has made this area irresistible to residents. The growth of Silicon Beach, which is home to over 500 tech startup companies has also impacted the growth of Culver City. With Santa Monica virtually out of space and Playa Vista filling up fast, developers and brokers are eyeing Culver City as the next big place to pop for tech and creative users. Culver City s recent developments include a new TOD district encompassing one-half mile around the new Expo station, and looking to connect it with adjacent districts through pedestrian amenities, car and bikesharing, and (hopefully) a shuttle. Additionally, Culver City's working on innovative ways to enhance highspeed Internet service and provide parking to help grow its creative office districts. Most of the city's attractions and activities are centered around its two most walkable areas: Downtown Culver City, an increasingly pedestrian-friendly destination along Culver Boulevard, and the Culver City Arts District, with galleries along Washington and La Cienega Boulevards and shops and restaurants at Helms Bakery. Whether you're hungry for one of LA's best burgers or in search of the most unique off-the-beatenpath museum, you'll find plenty to enjoy in Culver City. For the active types, Culver City offers some of the best parks, hiking trails, and playgrounds in Los Angeles. The year round farmer s market offers fresh fruits, vegetables and a selection of other fine foods every Tuesday on downtown Culver City s Main Street. Boasting a vibrant creative tenant roster, an incredible work-live-play atmosphere and one of the best public school systems in the county, there is nothing holding this city back! LAX Airport: 20 minutes by car or 55 minutes by public transit Santa Monica Pier: 15 minutes by car Hollywood Walk of Fame: 25 minutes by car Venice Boardwalk: 20 minutes by car The Grove: 20 minutes by car

LOCATION OVERVIEW Venice Blvd Bigfoot Lodge West Super Pho & Teriyaki Tara's Himalayan Cuisine A&S Market Bamboo Restaurant Bella Vista Brazilian Gourmet Pizza Shawarma Land Mediterranean Culver

4 LOCATION OVERVIEW Venice Blvd Bigfoot Lodge West Super Pho & Teriyaki Tara's Himalayan Cuisine A&S Market Bamboo Restaurant Bella Vista Brazilian Gourmet Pizza Shawarma Land Mediterranean Culver Center Ralphs LA Fitness Bank of America GNC Yogurtland Best Buy GameStop Robeks The Coffee Bean Tuesday Morning Cafe 70 Degrees Washington Blvd Samosa House East Red Wing Lucky Nails Lonzo's Bakery Rising Hearts Bakery Culver City Flower Shop Sushi Karen Japanese PURE Dog Food Shikibu Essential Chocolate Desserts TARGET Bed Bath & Beyond Downtown Seventy7 Lounge Carbon Drybar Culver City K-ZO Trader Joe s The Wallace Kayndaves Pieology Pizzeria Veda Yoga Center India Sweets & Spices Casa Oaxaca Ugo Café Tender Greens Rush Street ArcLight Cinemas Akasha Baldwin Hills Scenic Overlook Kenneth Hahn State Recreation

PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION 5466 Kinston Ave, located in the prime Culver City market, just a short distance to the downtown area with abundant restaurants, movie theaters,

5 PROPERTY SUMMARY PROPERTY DETAILS PROPERTY DESCRIPTION 5466 Kinston Ave, located in the prime Culver City market, just a short distance to the downtown area with abundant restaurants, movie theaters, shops, Sony Studios, Kirk Douglas Theater, bike paths, parks, and the Expo light rail. This charming 4 unit building is situated on a 5,730 SF lot. The unit mix consists of (4) 2 bedroom / 1 bathroom apartment units. Each unit has updated kitchens and bathrooms with tile floors. There are (4) single car garages and abundant street parking. Each unit is individually metered for electricity and gas. PROPERTY DETAILS Units 4 Major Intersection Jefferson and Overland Market Culver City APN Zoning Type RMD Lot Size SF 5,729

PROPERTY SUMMARY PROPERTY HIGHLIGHTS 4 UNITS IN PRIME CULVER

Centralized Culver City location Great owner-user opportunity

(4) detached garages can generate additional income Each unit

6 PROPERTY SUMMARY PROPERTY HIGHLIGHTS 4 UNITS IN PRIME CULVER CITY LOCATION Non-rent control with immediate upside Centralized Culver City location Great owner-user opportunity Fantastic unit mix with two (2) units delivered vacant Four (4) detached garages can generate additional income Each unit is individually metered for gas and electric All units have washer and dryers

7 PROPERTY SUMMARY PROPERTY PHOTOS

8 PROPERTY SUMMARY PROPERTY PHOTOS

9 FINANCIALS FINANCIAL OVERVIEW - $1,900,000 INVESTMENT SUMMARY SCHEDULED INCOME Purchase Price: $1,900,000 UNIT MIX CURRENT PRO FORMA Down Payment: $950,000 50% Units Beds Baths RENT RANGE Monthly Rent Monthly Year Built: $1,900-$2,400 $8,700 $2,400 $9,600 Units: 4 Approx. Lot Size: 5,729 Sq. Ft. Approx. Bldg. NRSF: 3,160 Sq. Ft. Price per NRSF: $601 Price per Unit: $475,000 Expense / NRSF: $12.07 Expense / Unit: $9,539 Scheduled Rent: $8,700 $9,600 CURRENT PRO FORMA Laundry Income: $0 $0 GRM: Garage Income: $0 $800 CAP: 3.32% 4.36% Monthly Gross Income: $8,700 $10,400 ANNUAL INCOME Annual Gross Income: ANNUAL EXPENSES $104,400 $124,800 CURRENT PRO FORMA ITEM AMOUNT Scheduled Gross Income: $104,400 $124,800 Taxes: (based on new purchase price) 1.16% $22,040 Less Vacancy Reserve Rate: ($3,132) 3.00% * ($3,744) 3.00% Insurance: $1,264 Gross Operating Income: $101,268 $121,056 Utilities: $2,528 Less Expenses: ($38,155) 37% * ($38,155) 31% Repairs & Maintenance: $6,372 Net Operating Income: $63,113 $82,901 Professional Mgmt: $5,151 Less Debt Service: ($50,172) ($50,172) Misc: $800 Pre-Tax Cash Flow: $12, % ** $32, % EXPENSES ARE ESTIMATES Plus Principal Reduction: $28,291 $28,291 Total Expenses: $38,155 Total Return Before Taxes: $41, % ** $61, % Expense / NRSF: $12.07 * As a percent of the scheduled gross income. ** As a percent of the down payment Expense / Unit: $9,539

10 FINANCIALS RENT ROLL Current Market Lease Square Unit # Unit Type Rent Rent Date Feet Notes $1,900 $2, $2,000 $2, $2,400 $2,400 Vacant $2,400 $2,400 Vacant LAUNDRY INCOME: $0 $0 GARAGE INCOME: $0 $800 MONTHLY TOTAL: $8,700 $10,400 ANNUAL TOTAL: $104,400 $124,800

COMPARABLES SALES COMPS Property Photo Address Sale Price COE # of Units

Culver City, CA 90230 $1,900,000-4 3,160 $475,000 1951 (4) 2+1 Subject

3,488 $500,000 1950 2 3822 Bentley Ave Culver City, CA 90232 $2,105,000

City, CA 90230 $1,808,600 2/16/18 4 3,160 $452,150 1951 (2) 2+1.

2 2,000 $870,000 1948 (1) 2+2 (1) 2+1 Building was completely remodeled

11 COMPARABLES SALES COMPS Property Photo Address Sale Price COE # of Units Building SF Price/ Unit Year Built Unit Mix Comments 5466 Kinston Ave Culver City, CA $1,900, ,160 $475, (4) 2+1 Subject Property Washington Pl Culver City, CA $2,000,000 5/7/18 4 3,488 $500, Bentley Ave Culver City, CA $2,105,000 2/13/18 4 3,598 $526, (1) 3+2 (3) Kinston Ave Culver City, CA $1,808,600 2/16/18 4 3,160 $452, (2) (2) Overland Ave Culver City, CA $1,750,000 7/6/18 2 2,000 $870, (1) 2+2 (1) 2+1 Building was completely remodeled Northgate St Culver City, CA $1,275,000 6/27/18 2 1,665 $637, (2) 2+1

COMPARABLES SALES COMPS 2 1 5466 Kinston Ave 3 4 5 Sales Comps 1 11402 Washington

12 COMPARABLES SALES COMPS Kinston Ave Sales Comps Washington Pl Bentley Ave Kinston Ave Overland Ave Northgate St

COMPARABLES RENTAL COMPS Property Photo Address Rent Unit Type Comments 5466 Kinston Ave Culver City, CA 90230

with laminated floors throughout, recessed lighting, center island, quartz counter top kitchen w/ stainless

2 3863 Girard Ave Culver City, CA 90232 $2,545 2+2 Upper unit with hardwood floors, balcony, fireplace.

13 COMPARABLES RENTAL COMPS Property Photo Address Rent Unit Type Comments 5466 Kinston Ave Culver City, CA $1,600-$2, Subject Property Northgate St Culver City, CA $3, Recently updated unit with laminated floors throughout, recessed lighting, center island, quartz counter top kitchen w/ stainless steel appliances. 2 car garage Girard Ave Culver City, CA $2, Upper unit with hardwood floors, balcony, fireplace. 2 parking spaces Overland Ave Culver City, CA $2, Rear unit in 2-unit building. 2-car gated parking. Back unit of the duplex has private yard, private laundry room with hookups Kinston Ave Culver City, CA $2, First floor unit with hardwood floors. Kitchen has gas stove, washer and dryer, newer tile floors, newer tile counter tops, with breakfast area. 1 off-street parking space.

COMPARABLES RENTAL COMPS 2 Rental Comps 1 10797 Northgate St 2 3863

14 COMPARABLES RENTAL COMPS 2 Rental Comps Northgate St Girard Ave Overland Ave Kinston Ave Kinston Ave 1 4

CULVER CITY, CA 90230 PRESENTED BY Mike Matthias 310.995.8658 mmatthias@concord-re.

15 CULVER CITY, CA PRESENTED BY Mike Matthias BRE# BRE# 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. Buyer must verify the information and bears all risk for any inaccuracies.

4371 OVERLAND AVE CULVER CITY CA 90230

4371 OVERLAND AVE CULVER CITY CA 90230 CULVER CITY CA 90230 NON-RENT CONTROLLED TRIPLEX IN PRIME CULVER CITY Mike Matthias BRE# 01489863 310.995.8658 cell mmatthias@concord-re.com www.concord-re.com hello@concord-re.com 310.551.0660 449 South