RTI • Permit Ready • Mixed-Use Development Opportunity • 28 Residential Units • 1 Retail Space

3617 Venice Boulevard Los Angeles, CA 90019

Yohann Bensimon • 323.923.1550 • [email protected] • CalDRE #01966630 www.ikonadvisors.com CONFIDENTIALITY & DISCLAIMER All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness , veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE.

Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction.

All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by KW Commercial in compliance with all applicable fair housing and equal opportunity laws. TABLE OF CONTENTS For any inquiries, please reach out to… 4 Property Highlights 5 Renderings YOHANN BENSIMON 6 Property Description President

7 Land & Zoning CalDRE #01966630 8 Financial Analysis 310.923.1550 10 Floor Plan Preview [email protected] 11 Land Comparables 13 Rent Comparables www.ikonadvisors.com 15 Latest Major Developments 18 Trade Area Overview 3617 Venice Boulevard Los Angeles, CA Property Highlights 90019

Asking Price $3,600,000 Number of Units 29 Average Unit Size 850 SF Building SF 26,948 Rentable SF 24,662

‣ RTI Permit Ready

‣ Build to Above a 7%+ YOC (Yield On Cost)

‣ Cost Efective Construction

82 Walk Score ‣ 32 Parking Spaces

‣ One Level of On-Grade Parking

‣ No Excavation

‣ Type V Construction Above On Grade Type 1 Podium 64 Transit Score ‣ 28 Large Residential Units + 1 Retail Unit

‣ All 2 Bedroom + 2 Bathroom Units

‣ Only Three Low Income Units

‣ Large 16,000 + SF LAC2 Lot 71 Bike Score ‣ Only $225/SF of Land

‣ All existing units to be delivered fully vacant. Page 4 3617 Venice Boulevard Los Angeles, CA Renderings 90019

Page 5 3617 Venice Boulevard Los Angeles, CA Property Description 90019

Ikon Capital Advisors proudly presents the opportunity to purchase this mixed-use development at 3617 Venice Boulevard in Los Angeles, 90019. Cost-effective and tastefully designed, the elegant structure comes RTI permit ready and delivered fully vacant. The development consists of 28 two- bedroom and two-bathroom units averaging 850 square feet per unit (with only three designated as low-income), one 500 square foot ground-floor retail unit, and 32 on-grade parking spaces. The structure sits on a large 16,130 square foot LAC2 zoned lot and has a total of 26,948 square feet with 24,662 square feet of which is rentable. Located in Mid-City/Arlington Heights, this property is near many restaurants, shops, Metro Local/Rapid Lines, the 10 Freeway, and several major ground-up developments.

Page 6 3617 Venice Boulevard Los Angeles, CA Land & Zoning 90019

EXISTING PROPERTY PROPOSED PROPERTY Unit Type 4 Residential & 1 Non-Conforming Building Size 5,232 SF Building Size 26,948 SF Land Size 16,130 SF Rentable SF 24,662 Year Built 1937

APN 5072-017-012 & 5072-017-013

Zoning LAC2-1VL-CPIO

Page 7 FINANCING 3617 Venice Boulevard Los Angeles, CA Financing Source Total Per Unit Per SF % of Total 90019 Construction Financial Analysis Construction Loan $6,894,330 $237,735.51 $280 70.0% Equity $2,954,713 $101,886.65 $120 30.0% Financial analysis numbers are estimated. Buyer to do their own analysis. Total Sources $9,849,043 $339,622.16 $399 100.0%

FINANCIAL OVERVIEW

Total Per SF Per Unit

Land Value $3,600,000 $146 $124,138

Soft Construction Costs $369,930 $15 $12,756

Hard Construction Costs $5,548,950 $225 $191,343

CASH FLOW - STABILIZED AS BUILT Construction Loan Interest $274,673 $11 $9,471 CAP Rate 7.34% Monthly Gross Rent $83,650 Construction Loan Fee $55,490 $2 $1,913 GRM 9.81 Annual Gross Rent $1,003,800 Total Direct Project Costs Price Per Unit $339,622 $9,849,043 $399 $339,622 Other Income - with Financing Price Per SF $399 Less: Vacancy $40,152 RENT ROLL Effective Gross Income $963,648 Unit Description # of Units SF Rent Per Unit Rent Per SF Monthly Income Less Operating Expenses $240,912 2 Bedroom + 2 Bathroom 25 850 $3,200 $3.76 $80,000 Less Cash Reserves on Per Unit Basis - 2 Bedroom + 2 Bathroom (Low Income) 3 850 $550 $0.69 $1,650

Net Operating Income $722,736 Retail 1 500 $2,000 $4 $2,000 Totals 29 $83,650 Page 8 3617 Venice Boulevard ANNUALIZED OPERATING DATA Los Angeles, CA 90019 Re-Sell Financial Analysis Gross Potential Rent $1,003,800 Gross Potential Income $1,003,800 Financial analysis numbers are estimated. Buyer to do their own analysis. Less: Vacancy/Deductions (GPR) 4.0% $40,152

Effective Gross Income $963,648

Less: Expenses $254,432

Net Operating Income $709,216

Debt Service $546,939

FINANCIAL OVERVIEW Net Cash Flow After Debt Service 3.7% $162,276

Purchase Price $14,500,000 EXPENSES EXPECTED Down Payment 30% $4,350,000 Real Estate Taxes (1.25%) $181,250 FINANCING Number of Units 29 Insurance $5,000 FIRST TRUST DEED Price/Unit $500,000 Management (5% of EGI) $48,182 Loan Amount $10,150,000 Gross SF 26,948 Repairs and Maintenance $15,000 Loan Type Proposed New Price/SF $538.07 Landscaping $5,000 Interest Rate 3.5% 10-Year Fixed CAP Rate - Estimated 4.89%

Amortization 30 Years GRM - Estimated 14.45 Total Expenses $254,432

DCR 1.30 Year Built 2021 Expenses/Unit $8,773.53

Loan information is time sensitive and is subject to change. Lot Size 16,130 Expenses/SF $9.44

Price/Lot SF $898.95 % of EGI 26.40% Page 9 3617 Venice Boulevard Los Angeles, CA Floor Plan Preview 90019

Full plans available upon request.

Page 10 3617 Venice Boulevard Los Angeles, CA 1009-1047 Crenshaw Blvd Land Comparables 90019 1141-1145 Crenshaw Blvd 1141-1145 Crenshaw Blvd 1009-1047 Crenshaw Blvd

4200 W Pico Blvd

3617 Venice Blvd 4200 W Pico Blvd 3617 Venice Blvd 4220 Mont Clair St

3617 Venice Blvd 1009-1047 Crenshaw Blvd 4200 W Pico Blvd 1141-1145 Crenshaw Blvd 4220 Mont Clair St

Unit Mix 2 BR + 2 BA / Retail Apartment/Retail Mixed-Use Mixed-Use Apartment 4220 Mont Clair St Lot Size 16,130 SF 61,109 SF 12,602 SF 15,246 SF 13,499 SF

Price/SF $223.18 $320.74 $277.73 $228.91 $281.50

Zoning LAC2 - 1VL - CPIO C2-1 C4-2D-O-CPIO C2-1-O & CR-1-O C2-1-SP

Status On Market Sold May 2019 Sold January 2019 Sold September 2018 Sold

Sale Price $3,600,000 $19,600,000 $3,500,000 $3,490,000 $3,800,000

Page 11 3617 Venice Boulevard Subject Property • 3617 Venice Blvd Los Angeles, CA Land Comparables 90019

4200 W Pico Blvd

Santa Monica Freeway

1009-1047 Crenshaw Blvd

4220 Mont Clair St

Pico Blvd

Crenshaw Blvd

1141-1145 Crenshaw Blvd

Page 12 3617 Venice Boulevard Los Angeles, CA Rent Comparables 90019

850 Crenshaw Blvd 918 S Oxford Ave 3060 W Olympic Blvd 1150 S Oxford Ave

1625 Crenshaw Blvd 3617 Venice Blvd

3617 Venice Blvd 1625 Crenshaw Blvd 850 Crenshaw Blvd 1150 S Oxford Ave 918 S Oxford Ave 3060 W Olympic Blvd

3617 Venice Blvd 1625 Crenshaw Blvd 850 Crenshaw Blvd 1150 S Oxford Ave 918 S Oxford Ave 3060 W Olympic Blvd # of Units 29 43 32 16 225 9 Unit Mix 2 BR + 2 BA - 2 BR + 2 BA / 3 BR + 2 BA 2 BR + 2 BA 1 BR + 1 BA / 2 BR + 2 BA 2 BR + 1 BA Rent $3,200 $2,850 $3,880 / $3,925 $3,400 $2,182 / $3,100 $3,240 Lot Size 16,130 SF 28,604 SF 15,632 SF 9,548 SF 62,513 SF 5,906 SF Zoning LAC2 - 1VL-CPIO LAR3 LAR3 LAR4 LAR4 LAR4 Year Built 2021 1984 1968 2009 2007 2018

Page 13 3617 Venice Boulevard Los Angeles, CA Rent Comparables 90019

Crenshaw Blvd

1625 Crenshaw Blvd 850 Crenshaw Blvd

3060 W Olympic Blvd

918 S Oxford Ave

Subject Property • 3617 Venice Blvd

Western Ave

Venice Blvd 1150 S Oxford Ave Page 14 3617 Venice Boulevard Los Angeles, CA Latest Major Developments 90019

2340 W Venice Blvd 1310 S St Andrews Pl 200,000 SF GBA 55,000 SF GBA 180 units 55 units 35,415 SF of LAC2 13,140 SF of LAC2

Pico Blvd Western Ave

2375 W Washington Blvd 80,000 GBA Venice Blvd 64 units 20,460 of LAC1.5 Subject Property 3617 Venice Blvd 26,948 SF GBA 29 Units 16,130 SF of LAC2 2231 S Western Ave 63,738 SF GBA 60 units 137,500 SF of LAC2 Washington Blvd

Page 15 3617 Venice Boulevard Los Angeles, CA Trade Area Overview • Mid-City 90019 Mid-City is a neighborhood in Central Los Angeles, California. Attractions include restaurants and a post office Pico Blvd named for singer Ray Charles, who had his recording studio in Mid-City. The neighborhood hosts eleven SUBJECT PROPERTY public and private schools. The

Crenshaw/LAX Line from north- Ave Western south is proposed to serve this area. Source: Google Quick Facts

ROAD TO SEOUL

STARBUCKS PASTA SISTERS

GUS’S WORLD FAMOUS FRIED CHICKEN

Page 16 3617 Venice Boulevard • Los Angeles, CA 90019

We thank you for your interest.

Yohann Bensimon • 323.923.1550 • [email protected] • CalDRE #01966630 www.ikonadvisors.com