319 Bonito Ave, Long Beach, CA 8 Units $925,000. ROBERT STEPP

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1 E XC LU S I V E M U LT I - FA M I LY O F F E R I N G 319 Bonito Ave, Long Beach, CA 8 Units $925,000 MICHAEL TOVEG mtoveg@steppcommercial.com SteppCommercial.com

2 INVESTMENT DESCRIPTION PROPERT Y DESCRIPTION 319 Bonito Avenue Units: Built: Bldg Size: Lot Size: Utilities: ,046 SF 5,018 SF Gas is separately metered. Electricity is master metered. HIG H L IG H T S Turn-key Condition with Value-Add Opportunity Desirable Unit Mix of Studios, 1 Bedrooms and 2 Bedrooms Excellent Opportunity to Live Near the Beach Walking Distance to Long Beach s Most Popular Restaurants and Attractions 11.5 GRM - $115,625/Unit Attractive Hybrid 3.75% Fixed Seller Financing UN I T A M E N I T I ES Gas Range Stoves Ceiling Fans Blinds Ceramic and Carpet Flooring Select Units Offer Balconies C OM MON A R E A AMEN IT IES Private Entrances Garden Area Controlled-Access Gate

3 RENT ROLL 319 Bonito Ave, Long Beach, CA Unit # Unit Type Unit SF Current Rent Market Rent Current Rent/SF 1 1 Bed / 1 Bath 605 $ 805 $ 916 $ Bed / 1 Bath 605 $ 700 $ 916 $ Studio / 1 Bath 475 $ 690 $ 765 $ Bed / 1 Bath 941 $ 1,105 $ 1,196 $ Bed / 1 Bath 605 $ 860 $ 916 $ Bed / 1 Bath 605 $ 895 $ 916 $ Bed / 1 Bath 605 $ 845 $ 916 $ Bed / 1 Bath 605 $ 795 $ 916 $ 1.31 Total Monthly Income: $ 6,695 $ 7,459 Scheduled Gross Income: $ 80,340 $ 89,505

4 FINANCIAL OVERVIEW INVESTMENT SUMMARY # Units Unit Type Average Rent 1 2 bed/1 bath $1, bed/1 bath $817 1 Studio/1 bath $690 Income Summary Current Market Scheduled Gross Income: $80,340 $89,505 Less Vacancy Reserve (5%) ($4,017) ($4,475) Gross Operating Income: $76,323 $85,030 Price: $925,000 Expense Summary Down Payment (25%): $231,250 Current Market Repairs & Maintenance $4,000 $4,000 Units: 8 Electricity $852 $852 Year Built: 1947 Water $1,631 $1,631 Bldg Size: 5,046 Management Fee $3,672 $3,672 Lot Size: 5,018 Landscaping $425 $425 Adveritising $514 $514 Current GRM: 11.5 Insurance $2,591 $2,591 Market GRM: 10.3 Taxes $11,328 $11,328 Current CAP: 5.2% Supplies $402 $402 Market CAP: 6.1% License $562 $562 Price/Unit: $115,625 Other Services $2,189 $2,189 Price/Sqft: $183 Total Expenses: $28,166 $28,166 Financing Summary Seller Financing Total Loan Balance: $693,750 1st Trust Deed: $406,000 Interest Rate for 1st T.D. 3.5% 2nd Trust Deed: $287,750 Interest Rate for 2nd T.D. 4.0% Loan Type: 15 year fixed; Adjustable thereafter Ammortization for 1st & 2nd T.D. 25 years Monthly Payment: $3,550 Net Operating Income: $48,157 $56,864

5 PROJECTED CASH FLOW Current Market Scheduled Annual Income: $80,340 $89,505 Less Vacancy Reserve (5%) ($4,017) ($4,475) Less Expenses: ($28,166) ($28,166) Net Operating Income: $48,157 $56,864 Less Loan Payments ($3,550/mo):. ($42,600) ($42,600) Projected Cash Flow: $5,557 $14,264 The actual cash fl ow during Buyer s ownership of the Property may differ considerably from stated herein. Buyer shall employ legal, accounting, property management and other experts to evaluate the future income, expenses, cash fl ow and economic feasibility of the Property. Buyer shall purchase the Property relying on Buyer s own evaluation and investigation.

6 SALES COMPARABLES Address Price Units Bldg. Size Price / SF Price / Unit Built CAP/GRM A Linden Ave $1,340, ,682 $174 $167, %/11.6 Long Beach, CA B Orange $ 1,025, ,948 $172 $102, %/11.2 Long Beach, CA C 1615 E Appleton St $1,110, ,355 $255 $138, %/12.1 Long Beach, CA D 2053 E Appleton St $1,275, ,203 $245 $255, %/12.2 Long Beach, CA E 2429 Broadway Ave $1,500, ,125 $245 $187, %/12.5 Long Beach Averages $1,250, $218 $170, %/11.9 SUBJECT 319 Bonito Ave $925, $183 $115, %/11.5 Long Beach, CA

7 SALES COMPARABLES 319 BONITO AVE A B C D E Subject Property: 319 Bonito Ave, Long Beach, CA A B C D E Linden Ave, Long Beach, CA Orange, Long Beach, CA 1615 E Appleton St, Long Beach, CA 2053 E Appleton St, Long Beach, CA 2429 Broadway Ave, Long Beach

8 RENT COMPARABLES Address Studio One Bedroom Two Bedroom E. 4th St $ E. 3rd St $ E. 4th St $ E. 2nd St $ E. 6th St $ Orange Ave $ Gaviota Ave $ E. 2nd St $1, Chestnut Ave $1, E. 1st St $1,245 Averages $765 $916 $1,204 SUBJECT 319 Bonito Ave $690 $817 $1,105

9 SALES COMPARABLES SUBJECT 319 BONITO AVE Subject Property: 319 Bonito Ave, Long Beach, CA E. 4th St, Long Beach, CA E. 3rd St, Long Beach, CA E. 4th St, Long Beach, CA E. 2nd St, Long Beach, CA E. 6th St, Long Beach, CA Orange Ave, Long Beach, CA Gaviota Ave, Long Beach, CA E. 2nd St, Long Beach, CA Chestnut Ave, Long Beach, CA E. 1st St, Long Beach, CA

10 LOCATION 319 BONITO AVE LOCATION DESCRIPTION The Shoreline District, south of Ocean Boulevard, offers many attractions including the Long Beach Convention and Entertainment Center, Long Beach Sports Arena, the Marina, the Pike, and Shoreline Village. Alamitos Beach is the closest beach to Downtown Long Beach. It s within walking distance of many Downtown Long Beach hotels and restaurants. You can also walk, bike, pedal kart, or surrey along the bike path from Shoreline Village and Rainbow Harbor. Alamitos Beach is named for Alamitos Avenue. 319 BONITO AVE

11 CONTACT INFORMATION MICHAEL TOVEG CA CA BRE License # I N STR AT E G IC PART N E R SH I P W I T H K W C OM M E RC IA L