HAZELTINE AVE. 4 UNIT VALUE ADD APARTMENT W/FUTURE DEVELOPMENT FOR 17 UNITS! FOURPLEX ADJACENT TO BLOOMINGDALES AND ICONIC VENTURA BLVD SHERMAN OAKS, CA 91423 32% UPSIDE IN RENTS! AFFILIATED BUSINESS DISCLOSURE DISCLAIMER CBRE, Inc. operates within a global family of companies The Owner expressly reserves the right, at its with many subsidiaries and related entities (each an This Memorandum contains select information sole discretion, to reject any or all expressions “Affiliate”) engaging in a broad range of commercial real pertaining to the Property and the Owner, and does of interest or offers to purchase the Property, estate businesses including, but not limited to, brokerage not purport to be all-inclusive or contain all or part and/or to terminate discussions at any time services, property and facilities management, valuation, of the information which prospective investors may with or without notice to you. All offers, investment fund management and development. At times require to evaluate a purchase of the Property. The counteroffers, and negotiations shall be non- different Affiliates, including CBRE Global Investors, Inc. or information contained in this Memorandum has been binding and neither CBRE, Inc. nor the Owner Trammell Crow Company, may have or represent clients obtained from sources believed to be reliable, but shall have any legal commitment or obligation who have competing interests in the same transaction. has not been verified for accuracy, completeness, except as set forth in a fully executed, definitive For example, Affiliates or their clients may have or express or fitness for any particular purpose. All information purchase and sale agreement delivered by the an interest in the property described in this Memorandum is presented “as is” without representation or Owner. (the “Property”), and may be the successful bidder for the warranty of any kind. Such information includes The Square footage has been measured from Property. Your receipt of this Memorandum constitutes estimates based on forward-looking assumptions the AS BUILT set of plans that was created to your acknowledgement of that possibility and your relating to the general economy, market conditions, obtain the permit to build the seismic garage agreement that neither CBRE, Inc. nor any Affiliate has competition and other factors which are subject to upgrade. The buyer should not rely on the unit an obligation to disclose to you such Affiliates’ interest uncertainty and may not represent the current or or building square footage and shalll verify for or involvement in the sale or purchase of the Property. In future performance of the Property. All references to himself. all instances, however, CBRE, Inc. and its Affiliates will act acreages, square footages, and other measurements in the best interest of their respective client(s), at arms’ are approximations. This Memorandum describes length, not in concert, or in a manner detrimental to any certain documents, including leases and other third party. CBRE, Inc. and its Affiliates will conduct their materials, in summary form. These summaries may © 2020 CBRE, Inc. All Rights Reserved. respective businesses in a manner consistent with the law not be complete nor accurate descriptions of the and all fiduciary duties owed to their respective client(s). full agreements referenced. Additional information and an opportunity to inspect the Property may be CONFIDENTIALITY AGREEMENT made available to qualified prospective purchasers. Your receipt of this Memorandum constitutes You are advised to independently verify the accuracy your acknowledgement that (i) it is a confidential and completeness of all summaries and information Memorandum solely for your limited use and benefit contained herein, to consult with independent legal in determining whether you desire to express further and financial advisors, and carefully investigate the interest in the acquisition of the Property, (ii) you will hold economics of this transaction and Property’s suitability it in the strictest confidence, (iii) you will not disclose it or for your needs. its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) ANY RELIANCE ON THE CONTENT OF THIS MELINDA RUSSELL or CBRE, Inc., and (iv) you will not use any part of this MEMORANDUM IS SOLELY AT YOUR OWN RISK. First Vice President Memorandum in any manner detrimental to the Owner CBRE Capital Markets, Multifamily or CBRE, Inc. Lic. 00860306 If after reviewing this Memorandum, you have no further +1 818 907 4704 interest in purchasing the Property, kindly return it to [email protected] CBRE, Inc.

2 CONTENTS 1 PROPERTY OVERVIEW 2 MARKET OVERVIEW 3 FINANCIAL ANALYSIS & PRICING 4 MARKET COMPARABLES 5 DEMOS & RELATED ARTICLES THE OFFERING

CBRE is pleased to present a rare 4 unit charmer in one of the most coveted and livable LA neighborhoods, Sherman Oaks, CA. With a high Walk score, it is walking distance to Ralph's Market, a new Whole Foods and Westfield Sherman Oaks Mall, Sweet Butter Kitchen, the new Sunkist (Icon) development and Westfield Sherman Oaks Mall, Bloomingdale's and Sherman Oaks Galleria ArcLight Cinemas. This rare jewel with huge upside in rents is located one block from the best of retail in the San Fernando Valley on Ventura Boulevard with its coffee houses, local eateries, conveniences, upscale shopping, banking, groceries (Gelson’s, Whole Foods and Trader Joe's) and entertainment venues. With freeway access less than a mile away this outstanding location in central to employment, shopping, and amenities with many entertainment employers including Universal Studios and CBS Studios blocks away. The Property is 10 minutes to the Beverly Glen Center and Beverly Glen Canyon leading to Beverly Hills and West L.A.

Improvements include separate garages new water heater, lush landscaping and original, well maintained hardwood floors, tile kitchens and baths. Individual parking garages for 4 cars is detached and no required soft story retrofit is a huge bonus! Laundry is on site, and a grassy front and back yard makes for great curb appeal. Homes ranging from $1 Mil to $10 Mil in Sherman Oaks, and a submarket with consistently high occupancy of over 97%, a population of residents with strong median income that consists of a highly educated population, and Fortune 500 employers make Sherman Oaks a most desirable loaction.

This rare value-add investment opportunity is listed at $1,550,000 and has over 32% upside in rents.

4 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 EXECUTIVE SUMMARY HIGHLIGHTS Address: 4517 Hazeltine Ave, Sherman Oaks, CA 91423 • One Block From Ventura Boulevard & Ralph's Market Walk Score of 92 - Walk to Bloomindale's & Westfield Mall Price: $1,550,000 • One of LA's Most Coveted and Livable Neighborhoods Number of Units: 4 • • Individual Garages Rentable Square Feet: 3,339 • Future Redevelopment For Up to 17 Units Unit Mix: 50% 1+1 50% 2+1 • No Seismic Retrofitting Required Year Built: 1954 • Hardwood Floors Price/Unit: $387,500 • Near 2 Regional Malls Zoning: R3 • Mature Landscaping & Trees Lot Size: 6,036 SF (0.14 acre) • Great Owner-Occupied Property

Amenities: Laundry Room, Garages, Grassy Yard

AN IRREPLACEABLE OPPORTUNITY AND LOCATION!

4517 Hazeltine is an irreplaceable asset due to location, walk score and tremendous charm, curb appeal, garages, upside in rents and development potential for 17 units, offering multiple exit strategies.

• Walk to Bloomingdales & Mall

• Walk to Whole Foods and Ralph's Market

5 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 DEVELOPMENT POTENTIAL AREA MAJOR NEW RETAIL DEVELOPMENT

The property has development potential of 8 units by-right. 2 major mixed-use developments are underway including the old Sunkist However, one could add (2) ADU’s after C of O, to achieve 10 Headquarter building, at Riverside and Hazeltine, off the 101 Freeway to units at market rate. be branded “Icon Sherman Oaks”, it calls for 249 units and 27,500 s.f. of retail, restaurants and a grocery store, while maintaining the iconic Sunkist Since it is in a TOC Tier 1, a buyer could apply the density Headquarters design of 127,000 s.f. office. (See attached Article 1 for full bonus to achieve 14 units and add (3) ADU’s after C of O, for a story). The second nearby major redevelopment of another iconic site, is maximum of 25% more density or 17 units. the Sportsmen’s Lodge redevelopment which broke ground this summer. The 10 units could be by-right without the affordability This project includes 2 new major tenants, Erewhon Market and Equinox component, but would have to build 8-units and 2 ADU’s. Gym and the creation of the "Shops at Sportsmen’s Lodge", as a gathering The TOC allows 50% density bonus for Tier 1 but requires an place for the community, maintaining the old feel of the hotel garden affordability component. Opting for 17 units, takes advantage landscaping. Both of these projects will raise the cache and property value of all density bonus increases available. of the Sherman Oaks/Studio City markets, drawing more residents to an already 97% occupancy market.

101

HAZELTINE AVE

MILBANK ST

6 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 MAJOR AREA AMENITIES - SHERMAN OAKS VAN NUYS BLVD

101 VAN NUYS/SHERMAN OAKS

RECREATION CENTER SEPULVEDABLVD SEPULVEDABLVD SHERMAN OAKS GALLERIA

SHERMAN OAKS MEDICAL CENTER

RIVERSIDE BLVD KESTER AVE SUNKIST ICON BUILDING 101

HAZELTINE AVE

MOORPARK ST

VENTURA BLVD

7 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 2 MARKET OVERVIEW

8 SHERMAN OAKS AREA PROFILE

Sherman Oaks is an affluent, primarily residential community in the San Fernando Valley, with upscale amenities and conveniences, and mature old world charm. Bordered by the 101 and 405 freeways, it features a pair of high-end shopping malls, including Westfield Sherman Oaks Fashion Square and Sherman Oaks Galleria. Ventura Boulevard, the area’s main commercial street, is located one block north with all conveniences, entertainment, grocery, and charming cafes. Sherman oaks fashion Square is a 900,000-square-foot regional mall located at Riverside and Hazeltine Avenue and anchored by Macy's and Bloomingdale's. The Sherman Oaks Galleria, an open-air lifestyle center includes 700,000 square feet of Class “A” office space surrounding 300,000 s.f. of retail, namely the ArcLight Cinemas.

With an average age of 35, Sherman Oaks is one of the most affluent apartment and residential markets in the Valley, PROPERTY IS ADJACENT TO SHERMAN OAKS and boasts an occupancy rate for apartments of 97% with REC. CENTER, WITH 8 TENNIS COURTS, very little new multifamily product and high barriers to 2 BASKETBALL COURTS, 2 CHILDREN’S PLAY entry. Demographics reflect highly educated and well AREAS, INDOOR GYM, 3 SOCCER FIELDS , employed residents with an average household income of FOOTBALL FIELDS, VOLLEYBALL COURTS AND approximately $112,000/year. JOGGING PATHS, AND COMMUNITY CENTER.

9 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 SAN FERNANDO VALLEY OVERVIEW ECONOMIC HIGHLIGHTS

The property is located in the northwestern portion of the County of One of the earliest industries to arrive in the Valley was film making known as the San Fernando Valley. The San Fernando Valley is a major economic area and today this “Valley of the Stars” is the center of motion picture comprising an area of approximately 250 square miles. From its easterly boundary and television production in America. Disney, Warner Bros., Universal Studios, and DreamWorks Animation are all headquartered here. at the Verdugo Mountains, the Valley extends west a distance of approximately 20 ABC, CBS, and NBC, as well as several cable networks, also have major miles to the Ventura County line. facilities in the Valley. Along its southerly side, with Encino, Sherman Oaks, Woodland Hills, the San • Aerospace is also a key industry within the Valley. From Northrop Fernando Valley is bounded by the Santa Monica Mountains and extends north a Grumman in Woodland Hills to Pratt & Whitney Rocketdyne in distance of approximately 10 miles to the Santa Susana, Verdugo and San Gabriel Canoga Park, aviation and defense interests employ thousands of Mountains, which bound the north and east sides of the Valley. More than 1.8 million skilled research & development engineers and designers. people live in the giant bowl known as the “Valley”. • Professional service firms are also major employers from Calabasas The Valley is home to numerous companies, most well-known of which work in and Warner Cable in the west portion of the San Fernando Valley motion pictures, music recording, and television production. The former movie to Burbank and Glendale in the east. ranches were branches of original studios now consisting of CBS Studio Center, Outstanding group of educational institutions including Cal State NBC Universal, The Walt Disney Company (and its ABC television network), and • University Northridge, Woodbury University, and four community Warner Bros. colleges as well as suburban campuses of many private colleges and universities. The Valley was previously known for advances in aerospace technology and nuclear research by companies such as Lockheed, Rocketdyne and its Santa Susana • A large number of major employers, as well as Fortune 500 Field Laboratory, Atomics International, Litton Industries, Marquardt and TRW’s and 1000 companies, have their headquarters or multi-tenant predecessor Thompson Ramo Woolridge. facilities in the San Fernando Valley.

The top financial communities, based on total business employment, include Burbank, Van Nuys, North Hollywood, Chatsworth and Canoga Park. The top retail trade communities include the cities of North Hollywood, Sherman Oaks, Northridge and Canoga Park.

The San Fernando Valley boasts a highly affluent, well-educated residential base. Many successful professionals choose this area to both live and work where homes range in price from $500,000 to $25,000,000. It is now a remarkably diverse region, with people from all over the world making their homes livelihoods there. Many “pocket parks” dot the hillside areas as well as the “flats”. Hip restaurants serve various cuisines, making it possible to eat at a different place each night for months. Boutique shopping is available on almost every block in the area.

10 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 HI-TECH ECONOMY

The Valley is a community caught between a quick growing, high-tech oriented mainstream with a suburban infrastructure. These industries span a broad range of activities from media and entertainment to telecommunications and computers, doubling its share of the US economy during the last 20 years.

The Valley has become a major center for technology and information-related industries. Not only has Hollywood moved “over the hill”, but newer industries such as e-commerce and telecommunication companies have established their primary corporate offices there. Small and highly specialized creative-oriented firms service the region.

The area rivals major US cities and stands fifth in population total. The Valley has only limited amounts of undeveloped property, and therefore experiences substantial in-fill construction and the redevelopment of existing facilities.

If the Valley were a state, it would exceed the population of 12 states.

The major commodity the San Fernando Valley offers is an enviable quality of life. On the Valley’s southeastern corner lies Los Angeles’ Griffith Park (the nation’s largest municipal park and home of the Greek Theater), Travel Town Train Museum, the Los Angeles Zoo, Griffith Observatory, and dozens of hiking and horse trails.

Valley dwellers have access to world-class institutions such as The Getty and Norton Simon Museums. To the South, Universal Studios Hollywood, the Universal Amphitheater and City Walk provide all entertainment venues. Further south is the world-famous Hollywood Bowl. Lastly, shopping destinations abound in the Valley, with many malls (indoor and outdoor) and Ventura Boulevard, the Valley’s “Main Street”, with miles of electric shopping and dining opportunities. The northeast side of the Valley is covered by the Angeles National Forest, to the southwest by the Santa Monica Mountains National Recreation Area, and the northwest by the Santa Susana Mountains, and minutes to the southwest renowned beaches such as Malibu, Zuma, and Santa Monica.

11 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 EMPLOYMENT

TOP EMPLOYERS SAN FERNANDO VALLEY The San Fernando Valley features a strong and well-diversified economy, home to numerous large employers, including some 50,000 businesses employing over 700,000 workers, the most well known of which are involved in motion pictures, recording, and television production, medical, and biotech industries. Among the top entertainment companies in the San Fernando Valley are Disney, Warner Brothers, NBC, and DreamWorks, which are approximately 5 minutes from the property in Universal City or Burbank. Other important segments of the local economy include financial and health services, as well as aerospace, biotech, medical and high-tech manufacturing.

EMPLOYER LOCATION EMPLOYEES

Universal Studios, Inc. Universal City 15,000

Boeing Inc. Los Angeles 11,520

Warner Brothers Entertainment Burbank 7,300

Amgen, Inc. Thousand Oaks 6,700

The Walt Disney Company Burbank 6,000

Anthem Blue Cross Woodland Hills 6,438

Kaiser Permanente Panorama City 6,275

California State University, Northridge Northridge 3,821

Providence St. Joseph Medical Center Burbank 2,490

Health Net, Inc. Woodland Hills 2,200

Pratt & Whitney Rocketdyne Canoga Park 2,200

Wells Fargo & Co. Encino 2,199

Northridge Hospital Medical Center Northridge 2,182

12 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 EMPLOYMENT

LARGEST EMPLOYERS - LOS ANGELES COUNTY Some of the largest employers in Los Angeles County are located near or have industry, including Walt Disney Co. Sony Pictures, Time Warner, supporting the offices within a 10 minute drive of Sherman Oaks in particular the entertainment strong demand for rental housing in one of LA's most coveted and livable areas.

EMPLOYER EMPLOYEES EMPLOYER EMPLOYEES EMPLOYER EMPLOYEES

County of Los Angeles 95,700 Wells Fargo 9,500 Costco Wholesale 5,600

Los Angeles Unified School District 73,300 Metropolitan Transportation Adventist Health 5,300 9,200 Authority (L.A. County) Federal Government** 48,100 Long Beach Memorial 5,100 AT&T Inc. 8,900 Medical Center City of Los Angeles (including DWP) 47,700 California Institute of Technology 8,900 Toyota Motor Sales USA Inc. 4,900 University of California, Los Angeles 41,000 Edison International 8,900 American Apparel 4,800 Kaiser Permanente 36,500 ABM Industries Inc. 8,300 United Parcel Service (UPS) 4,700 State of California (non-education) 30,400 Raytheon Co. 8,200 99 Cents Only Store 4,500 Northrop Grumman Corp. 18,000 Warner Bros. Entertainment Inc. 8,000 Children’s Hospital of Los Angeles 4,200 University of Southern California 16,600 Long Beach Unified School District 7,800 Universal Services of America 4,200 Target Corp. 14,200 Vons 7,700 Time Warner Cable 3,800 Kroger Co. (Ralphs, Food 4 Less) 13,200 Fedex Corp. 7,500 3,800 Bank of America 12,000 Dignity Health Lockheed Martin Corp. 3,700 7,300 Cedars-Sinai Medical Center 12,000 (formerly Catholic Healthcare West) Wal-Mart Stores Inc. 3,500 Providence Health & Services 11,400 J.P. Morgan Chase 6,600 CSU Long Beach 3,400 Boeing Co. 11,200 Amgen Inc. 6,000 CSU Northridge 3,300 Walt Disney Co. 10,500 City of Long Beach 6,000 Albertsons Southern 3,000 Home Depot 10,200 Sony Pictures Entertainment 6,000 California Region

13 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 TRANSPORTATION LINKAGES

Subject Property is located within the primary trade corridor of the San Fernando Valley. The AIRPORTS: property is close to the 405, 101 and 118 freeways, providing access to the entire Los Angeles Van Nuys Airport is located 5 miles from the Metro Area. property. The airport is dedicated to non- commercial air travel, and had 220,000 takeoffs The property has immediate access to several major bus lines, just a few steps from the property. in 2016. The Metro Orange Line provides access to Reseda and Warner Center, north to Chatsworth, Laurel Canyon and North Hollywood. The Metro Red Line subway provides service from Universal City, Bob Hope Airport, in Burbank, is located Hollywood and Downtown Los Angeles. approximately 7.5 miles from the Property. The airport is served by six commercial airlines, and has serviced approximately 2 million passengers METRO ROUTE MAP: in 2017 (as of June 30, 2017).

SUBJECT PROPERTY

14 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 3 FINANCIAL ANALYSIS & PRICING

15 FINANCIAL SUMMARY PRO FORMA INCOME & EXPENSES UNITS TYPE PLAN EST. SF TOTAL S.F. AVG. RENTS RENT/SQ. FT. MKT RENT MKT/S.F. 2 1 Bed, 1 Ba A 610 1,220 $1,253 $2.05 $1,895 $3.11 2 2 Bed, 1 Bath B 850 1,700 $2,114 $2.49 $2,550 $3.00 4 730 2,920 $1,684 $2.31 $2,223 $3.04

INCOME NOTES CURRENT RENT MARKET PROFORMA TOTAL RENTAL REVENUE $80,808 $106,680 Less: Vacancy/collection 2.00% ($1,616) 2.00% ($2,134)

NET RENTAL INCOME $79,192 $104,546 OTHER INCOME Plus: Laundry Income $960 $960

EFFECTIVE GROSS INCOME (EGI) $80,152 $105,506

EXPENSES PER UNIT Fire Service $19 $75 $75 Lic/Permits/Fees $68 $271 $271 Maint, Repair Supplies $400 $1,600 $1,600 DWP/Sewer/Trash $1,105 $4,418 $4,418 Gas $119 $476 $476 Pest Control $90 $360 $360 Gardener $450 $1,800 $1,800 Insurance $400 $1,600 $1,600 Real Estate Taxes 1.120000% $4,340 $17,360 $17,360 Replacement Reserve $200 $800 $800 TOTAL EXPENSES $28,760 $28,760

Per Unit: $7,190 $7,190.00 Per Foot: $9.85 $9.85

NET OPERATING INCOME $51,392 $76,746

Less: Debt Service ($40,986) ($40,986) Projected Net Cash Flow $10,405 $35,760 Total Economic Loss 2.0% 2.0% Cash-on-Cash Return 1.36% 4.69% Cash-on-Cash Return (Based on High Price) 0.93% 3.97% Cash-on-Cash Return (Based on Low Price) 1.01% 4.09% Debt Coverage Ratio 1.25 1.87

RETURNS (INCL. PRINCIPLE REDUCTION) Avg. Interest Payment ($23,277) ($23,277) Cash Flow (Incl. Principal Reduction) $28,115 $53,470 Avg. Principal Reduction $17,710 $17,710 CASH-ON-CASH RETURN (INCL. PRINCIPAL REDUCTION) 3.69% 7.01% Cash Available after Debt Service $10,405 $35,760 Debt Coverage Ratio 1.25 1.87

CAP RATE ANALYSIS PRICE $/UNIT $/FOOT CURRENT CAP CURRENT GRM MARKET CAP MARKET GRM List Price $1,550,000 $387,500 $530.82 3.32% 18.96 4.95% 14.40 ALL FINANCING TOTAL LOAN AMOUNT LTV DOWN PAYMENT MO. PAYMENT DEBT CONSTANT $787,500 51% $762,500 ($3,416) 5.2% FIRST MORTGAGE (NEW PROPOSED) LTV FOR THIS LOAN AMOUNT INTEREST RATE AMORTIZATION PAYMENT FEES AVG. MO INT PMT AVG. MO PRIN PMT TERM (YRS) 50% $775,000 3.35% 30 ($3,416) 1.00% ($1,940) ($1,476) 10

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 16 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 EXECUTIVE SUMMARY

PROPERTY INFORMATION

Number of Units 4

Rentable Square Feet 2,920

Average Square Feet per Unit 730

Vacancy 2.00%

Year Built 1966

Average Current Rent $1,684 50% 50%

Average Market Rent $2,223

PURCHASE SUMMARY

Offering Price $1,550,000

Price Per Unit $387,500

Price Per Square Foot $530.82

Current GRM 18.96 1Bed/1Bath

Current Capitalization Rate 3.32% 2Bed/1Bath Market GRM 14.40

Market Capitalization Rate 4.95%

All Cash 10-Year IRR 6.31% RENT ROLL (32% UPSIDE IN RENT) - 8/1/2020 Leveraged 10-Year IRR 8.14%

YEAR ONE FORECASTED OPERATIONS SUMMARY # Type SF Rent $/SF MktRnt $/SF

Effective Gross Income $80,152 1 1 + 1 660 $1,305 $1.98 $1,895 $2.87 Operating Expenses $10,600

Real Estate Taxes $17,360 2 2 + 1 800 $2,350 $2.94 $2,550 $3.19 Capital Reserves $800

Net Operating Income (NOI) $51,392 3 1 + 1 660 $1,200 $1.81 $1,895 $2.87

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK. 4 2 + 1 800 $1,879 $2.35 $2,550 $3.19

Total 2,910 SF $6,734 $2.31 $8.890 $3.05 17 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 4 MARKET COMPARABLES

18 SALES COMPARABLES

ADDRESS YR BLT/UNITS PRICE PRICE / UNIT PRICE / SF CAP GRM MIX SALE DATE

1 1953 15011 Burbank Blvd. $1,470,000 $490,000 $612 N/A N/A (3) 2+1 6/11/19 3

2 1956 (2) 1+1 14147 Moorpark St. $1,750,000 $437,500 $553 3.67% 17.97 (1) 2+1 2/18/20 4 (1) 2+2

3 1952 (2) 1+1 4510 Coldwater Cyn. $2,000,000 $500,000 $467 3.55% 18.6 (1) 2+2 7/25/19 4 (1) 3+2

4 1948 4224 Gentry Ave. $1,725,000 $431,250 $620 3.81% 17.33 (4) 1+1 10/4/19 4

5 1933 (2) 1+1 4329 Van Nuys Blvd. $2,940,000 $588,000 $363 4.08% N/A (2) 2+2 7/9/19 5 (1) 3+2

AVERAGES $489,000 $523 3.78%

1

3 2 5 4 19 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 RENTAL COMPARABLES - SHERMAN OAKS - 8/2020

YEAR BUILT ADDRESS UNITS UNIT TYPE SF RENT RENT/SF

1 CASA VIEJA 1959 1+1 864 $1,995 $2.31 4540 HAZELTINE AVE SHERMAN OAKS, CA 23 2+1 1,100 $2,795 $2.54

2 SHERMAN APARTMENTS 1958 1+1 680 $1,975 $2.90 13429 MOORPARK SHERMAN OAKS, CA 14 2 + 2 945 $2,550 $2.70 3 CHASE KNOLLS 1949 1+1 680 $1,975 $2.90 13401 RIVERSIDE DR. SANTA BARBARA, CA 93103 310 2 + 2 945 $2,550 $2.70

4 ETHEL AVENUE APARTMENTS 1962 1 + 1 800 $2,195 $2.74 4225 ETHEL AVENUE SHERMAN OAKS, CA 32 2 + 2 1,200 $2,650 $2.21

5 1962 1 + 1 700 $1,975 $2.82 4412 VENTURA CANYON AVE SHERMAN OAKS, CA 32 2 + 1 800 $2,500 $3.13

3

1

5 2

4

20 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 5 DEMOS & RELATED ARTICLES

21 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 DEMOGRAPHIC REPORT (3-MILES RADIUS)

POPULATION HOUSING EDUCATION 2020 Population - Estimate 200,385 2020 Households - Estimate 83,609 2020 Population 25 and Over 144,670 2025 Population - Projection 202,905 2025 Households - Projection 84,263 High School Diploma 20,133 13.9% 2010 Population - Census 193,275 2010 Households - Census 81,358 Some College - No Degree 26,491 18.3% 2000 Population - Census 188,271 2000 Households - Census 80,282 Associate`s Degree 10,077 7.0% 2010-2020 Population Growth Rate 0.35% 2010-2020 Household Growth Rate 0.27% Bachelor`s Degree 45,536 31.5% 2020-2025 Population Growth Rate 0.25% 2020-2025 Household Growth Rate 0.16% Graduate or Professional Degree 25,839 17.9% 2020 Average Household Size 2.38

TOP INDUSTRIES IN 3-MILES RADIUS EMPLOYMENT - 16 & OVER OCCUPATION Retail Trade 7.7% Labor Force 120,305 Labor Force 99,402 Information 10.0% Employed 82.6% Class of Workers Professional, Scientific, & Tech Unemployed 17.4% White Collar 71,520 72.0% 13.7% Services Services 14,478 14.6% Health Care and Social Assistance 12.5% Blue Collar 13,403 13.5% Arts, Entertainment and Recreation 4.6%

INCOME AGE 2020 Average Household Income $125,373 2019 Median Age 39.5 2025 Average Household Income $142,592

22 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 ARTICLE |

Big housing proposal for old Sunkist headquarters enters final stretch in Sherman Oaks

A plan to put residential units, shops, and restaurants around a Brutalist office building constructed in the 1970s in Sherman Oaks is moving ahead after a few years of tweaks and negotiations between the developer and the neighborhood.

The project, approved Tuesday by the Los Angeles City Council’s planning and land use management committee, is “an outstanding example of a developer and community working together for a very special and exceptional project,” says Jeffrey Kalban, chair of the Sherman Oaks neighborhood council’s planning and land use committee.

The site at the intersection of Hazeltine and Riverside Drive backs up to the Los Angeles River and the 101 Freeway. The plan to incorporate a 28,000-square-foot park that would connect to the LA River was especially attractive to the neighborhood council, and Kalban called it “a true community amenity.”

The two groups worked over the “last several years” to turn a “quite controversial” development into one that enjoys broad community support, says Dave Rand, a representative for developer IMT Residential.

IMT bought the site in 2013, after Sunkist relocated, and announced plans for the project, also known as Icon Sherman Oaks, in 2014. Some residents pushed back against what they saw as A 2018 rendering of the project, looking southwest from Riverside Drive. Renderings by a too-large development that would change the neighborhood’s feel for the worse. Johnson Fain, via the department of city planning

The new project, designed by Johnson Fain, calls for 249 housing units (a slight drop from the 298 originally planned), about 27,500 square feet of retail, restaurants, and a grocery store. The development will also have about 1,100 parking spaces in a structure with three above-grade and two below grade levels.

It would preserve and rehabilitate the 1970s Sunkist Headquarters designed by AC Martin and Associates. Its 127,000 square feet would be used as office space.

The developer will include 25 units priced for households with moderate incomes, or $56,760 and $85,140, according to a spokesperson for City Councilmember David Ryu, whose district includes the Sunkist site.

Ryu has previously voiced concern that the city does not have enough housing for moderate- income Angelenos, who make too much to qualify for low-income housing but who nevertheless still struggle to afford LA’s rising rents.

The plans still needs the approval of the full City Council, but these are the last entitlements the developer is requesting from city planners. The Brutalist Sunkist building, designed by AC Martin and Associates in 1971, will remain on the site and two new buildings will rise alongside it as part of the development. https://la.curbed.com/2020/2/5/21124256/sherman-oaks-sunkist-imt-residential

23 4517 HAZELTINE AVE SHERMAN OAKS, CA 91423 ARTICLE |

Work on Sportsmen’s Lodge redevelopment to get underway in August

The owners of the Sportsmen’s Lodge event center in Studio City have announced a timeline for their project and shared new details on two high-end retailers that will set up shop in the ground-up development. “The redevelopment of The Shops at Sportsmen’s Lodge marks an important milestone for our firm and Studio City,” says Midwood CEO John Usdan. “We are looking forward to making it a central gathering place for the community.” Midwood Investment & Development released new renderings showing an Erewhon market and an Equinox gym and fitness center—two tenants that have already signed on to the project. Midwood plans a groundbreaking in August, with the shops opening in the fall of 2020. The adjacent Sportsmen’s Lodge hotel is not part of the project and will stay open throughout the construction and after. The project’s landscape design plans were endorsed by the city’s Cultural Heritage Commission in November. The committee was required to vet the development’s landscaping to ensure the new green spaces “commemorate the look and feel of the former Sportsmen’s Lodge garden.” Drawing on inspiration from Disneyland’s Tom Sawyer’s Island, the development’s landscape design will feature existing redwoods along with added ferns and native plants along a meandering water feature that will travel through the project. The redeveloped Sportsmen’s Lodge. Courtesy of Midwood https://la.curbed.com/2019/5/17/18629774/sportsmens-lodge-redevelopment-starting-august

Two of the tenants will be Erewhon and Equinox. Courtesy of Midwood

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