Prime Pico-Robertson Area Apartment Horner Apartments 8517 Horner Street, Los Angeles, CA 90035 | 9 Units

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Prime Pico-Robertson Area Apartment Horner Apartments 8517 Horner Street, Los Angeles, CA 90035 | 9 units

Lee & Associates® LA North/Ventura, Inc. WARREN BERZACK Corporate ID #01191898 A Member of the Lee & Associates National Director, Lee Multifamily Advisory Group Group of Companies President, Berzack Investment Property Advisors Lic. #01329015 15250 Ventura Blvd., Suite 100 Sherman Oaks, CA 91403 818.933.0350 P: 818-986-9800 F: 818-933-0450 [email protected] www.lee-associates.com

BERZACK investment property advisors H o r n e r A pa r t m e n t s 8517 Horner Street | Los Angeles, CA

PROPERTY DESCRIPTION

orner Apartments is a well maintained 9-unit apartment Hcomplex located in the Pico-Robertson neighborhood of West Los Angeles, California. Set on a 9,888 square foot lot, the 6,707 square foot property consists of 2 Studios, 6 one-bedroom and 1 two-bedroom units. Built in 1930, the property offers upside in rents, strong unit mix, an excellent rental location, superb freeway access, and stainless steel appliances, wood flooring, and ceiling fans in the units.

Highlights & Amenities Upside in Rents Hardwood & Tile Flooring Pico-Robertson Area Reinforced Foundation Heart of Los Angeles Strong Unit Mix Location Laundry Facility 7 Parking Spaces Balconies & Patios Controlled Access

LOCATION INFORMATION

Horner Apartments is located on the north side of Horner Street, just west of La Cienega Blvd, east of South Robertson Blvd, west of South Crescent Heights Boulevard, south of Pico Boulevard and north of the 10 Freeway.

Blocks from 10 Freeway, Miracle Mile and Culver City Close to Public Transportation Nearby to multiple parks, schools, churches and temples Minutes from Smart Final; Versailles Restaurant, Starbucks and myriad other retail offerings

The information provided herein is from sources we believe are reliable. While we do not doubt BERZACK its accuracy, we have not verified it and make no representations, guarantees or warranties about it. investment property advisors H o r n e r A pa r t m e n t s 8517 Horner Street | Los Angeles, CA

MULTIFAMILY INVESTMENT INFORMATION SHEET

Lee Associates ‐ LA North/Ventura, Inc. Warren Berzack 818.933.0350 wberzack@lee‐re.com Lic. #01329015

15250 Ventura Boulevard, Suite 100 | Sherman Oaks, CA 91403

PROPERTY NAME Horner Apartments NUMBER OF UNITS 9 ADDRESS 8517 Horner St. BUILDING SIZE (SQ. FT.) 6,707 CITY, STATE, ZIP Los Angeles, CA 90035 LOT SIZE (SQ. FT.) 9,888 PRICE $3,375,000 COST PER UNIT $375,000

YEAR BUILT 1930 COST PER SQFT $503.21

INVESTMENT HIGHLIGHTS □ Pico‐Robertson Area □ 7 Total Parking Spaces □ Rein�orced Founda�on □ Heart‐o�‐Los Angeles Loca�on □ Secure Entry & Parking (4) □ Strong Unit Mix

RENTAL INFORMATION Current Income Market Income NO. UNITS BDRMS BATHS SQ. FT. AVG. RENT Monthly Income RENT Monthly Income 1 Studio 1 400 $1,499 $1,499 $1,695 $1,695 1 Single 1 450 $1,028 $1,028 $1,750 $1,750 2 1 1 550 $1,342 $2,684 $1,895 $3,790 4 1 1 700 $1,788 $7,153 $1,995 $7,980 1 2 2 1,100 $1,594 $1,594 $2,695 $2,695 Two‐Bedroom unit electricity paid by owner. Building Gas is master metered. Scheduled Monthly Income: $13,958 $17,910

ANNUAL PROPERTY OPERATING DATA CURRENT INCOME/YEAR MARKET INCOME/YEAR ESTIMATED ANNUAL EXPENSES AS % GOI AS % GOI AS % GOI Scheduled Gross Income $167,501 98.87% $214,920 99.11% Taxes (Est. 1.20%) $40,500 23.90% Trash Fee $720 0.42% $720 0.33% Insurance $1,489 0.88% Laundry Income $1,200 0.71% $1,200 0.55% Utilities $14,000 8.26% Gross Operating Income $169,421 CURRENT MARKET $216,840 Repairs/Maintanence $8,000 4.72% Vacancy Reserve $5,083 3.00% GRM $6,505 3.00% Management $0 0.00% Effective Gross Income $164,338 19.92 15.56 $210,335 Landscaping $1,560 0.92% Expenses $73,832 43.58% CAP Rate $73,832 34.05% Pest Control $300 0.18% Net Operating Income $90,506 53.42% 2.68% 4.04% $136,502 62.95% License/Permits $610 0.36% Debt Service $75,025 Cash on Cash $75,025 Telephone $2,016 1.19% Pre‐Tax Cash Flow $15,481 0.76% 3.04% $61,478 Trash $5,357 3.16% Principal Reduction $24,739 Return On Equity $24,739 Return on Equity $40,220 1.99% 4.26% $86,217

MORTGAGE FINANCING INFORMATION Loan Amount $1,350,000 Monthly Loan Payment $6,252 Down Payment $2,025,000 60% Annual Loan Payment $75,025 TOTAL EXPENSES $73,832 43.58% 3‐Year Fixed Rate 3.75% Year 1 Interest Amount (approx.) $50,286 Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $24,739 Expense / NRSF $11.01 Expense / Unit $8,204

The information provided herein is from sources we believe are reliable. While we do not doubt its accuracy, we have not verified it and make no representations, guarantees or warranties about it.

RENT ROLL

Unit Type SQ.FT. Rent Market

1 2+1 1100 $1,594.37 $2,395.00 2 0+1 400 $1,498.61 $1,595.00 3 1+1 550 $1,618.61 $1,795.00 4 1+1 550 $1,065.00 $1,795.00 5 1+1 700 $1,703.61 $1,795.00 6 1+1+Balcony 700 $1,833.61 $1,895.00 7 1+1 700 $1,697.61 $1,795.00 8 1+1 700 $1,918.61 $1,895.00 9 0+1 450 $1,028.39 $1,495.00

Total: $13,958.42 $16,455.00

Annual Rent: $167,501.04 $197,460.00

PROPERTY PHOTOS

AREA INFORMATION

Pico-Robertson is a tiny Westside Los Angeles neighborhood just south of Beverly Hills between Century City on the west and Mid-Wilshire to the east. With a population of 19,253 residents in just slightly over 1 square mile, Pico-Robertson is among the highest densities in the city and county of Los Angeles. Residents are largely college-educated with a median household income of $74,050, and many earn between $60,000 and $125,000. The neighborhood long ago established itself as the center of Jewish culture, and its ethnic roots are still prominent today. Pico-Robertson has the largest concentration of synagogues in Los Angeles and an array of restaurants and groceries that cater to its heavily Jewish population. Despite its relative affluence, Pico-Robertson has a very high percentage of renters - over 70 percent, perhaps due to the rapidly escalating home prices which are now north of $1 million. • Worship…Pico-Robertson houses the largest concentration of synagogues in Los Angeles, offering the Jewish community places of worship in walking distance. • Places of Interest…The Simon Wiesenthal Center for global human rights and Museum of Tolerance, a human rights laboratory and education center • Employment centers…20th Century Fox studios is located 1.5 miles from the subject property

DEMOGRAPHIC SUMMARY

1-mile radius 5-mile radius Total Population 10,000 30,000 Average Household Income $30,000 $50,000

AMENITIES AERIAL

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