LOS ANGELES, CA 90006 UNITS: 21 OFFERING MEMORANDUM YEAR BUILT: 1923 a Berkshire Hathaway and Jefferies Financial Group company | 1 INVESTMENT ADVISORS Brent Sprenkle Senior Managing Director 310.621.8221
[email protected] PROPERTY HIGHLIGHTS CA BRE License #01290116 Steffan Braunlich Prime Koreatown Location Senior Director 1 310.209.3209
[email protected] CA DRE License #01859098 2 Great Unit Mix and Parking 3 Very Low Rents-Average Rent $1,006 4 Long Term Owner-Well Maintained 5 95 Walk Score-Walker’s Paradise SOUTH BAY OFFICE 2321 Rosecrans Avenue Suite #3235 El Segundo, CA 90245 TABLE OF CONTENTS PORTFOLIO SUMMARY ...............................4 THE PROPERTY ..............................................6 FINANCIAL ANALYSIS ................................ 16 MARKET POSITIONING ............................ 20 ECONOMIC AND DEMOGRAPHIC OVERVIEW .................................................. 34 DEMOGRAPHICS .........................................52 MULTIFAMILY REPORT ............................. 64 PORTFOLIO SUMMARY THE ELEVATE LA PORTFOLIO Year Built 1928 1923/1924 1923 1920’s Number of Units 30 28 21 473 Total Rentable Area 17,961 SF 17,124 SF 10,980 SF 46,065 SF Average Unit Size 470 SF 520 SF 414 SF 473 SF Current Rent $928 $972 $1,015 $967 Current Rent PSF $1.97 $1.87 $2.45 $2.04 PORTFOLIO ANALYSIS Listing Price $3,995,000 $3,995,000 $3,350,000 $11,340,000 Price / Unit $133,167 $142,679 $159,524 $143,544 Price / SF $222.43 $233.30 $305.10 $246.17 Current GRM 11.81 12.01 12.87 12.18 - Offers may be submitted for the entire portfolio, for individual assets, or for any combination of assets - Assets may be purchased free & clear, or with assumed debt | 5 THE PROPERTY PROPERTY DESCRIPTION The San Marino Apartments is a 21-unit apartment building located just east of Vermont in the Koreatown area of Los Angeles.