$2,700,000

Eight-unit apartment building in the heart of Koreatown High-end, turnkey renovation completed in 2020 13.0 current gross rent multiplier | 5.31% current capitalization rate

3148 James M. Wood Blvd , 90006 Copyright © 2021 Transwestern. California Table of Contents Brokerage License #01263636. The information in this offering memorandum was gathered 3 Investment Summary 15 Financial Summary by Transwestern from sources believed reliable. Transwestern has not verified the ▪ The Opportunity ▪ Pricing, Property and Operating information and makes no guarantee, warranty ▪ Property Description Statement Summary or representation about it. It is the potential ▪ Exterior and Interior Photos ▪ Rent Roll buyer’s responsibility to independently confirm ▪ Aerial Photos ▪ Sales Comparables its accuracy and completeness. Any projections, ▪ Sales Comparables Map opinions, assumptions or estimates used are 11 Market Overview ▪ Rent Comparables for example only and do not represent the ▪ Apartment Market Overview ▪ Rent Comparables Map current or future performance of the property. ▪ Major Employers and Places of Interest Potential buyers and their advisors should ▪ Nearby Developments conduct a careful, independent investigation of ▪ Demographics the property to determine to their satisfaction the suitability of the property for their needs.

Josh Kaplan John Swartz Troy Lucero Transwestern Real Estate Services Managing Director Managing Director Senior Associate 601 S. Figueroa St, Suite 3650 213.430.2538 213.430.2526 213.457.1656 Los Angeles, CA 90017 [email protected] [email protected] [email protected] 213.624.5700 CA Lic 01934177 CA Lic 01873487 CA Lic 02015701 transwestern.com Investment Summary

Transwestern as the exclusive listing agent is pleased to present the opportunity to acquire 3148 James M Wood Blvd., Los Angeles, California 90006, an eight-unit turn-key apartment building completely renovated with high-end modern finishes in 2020. The property is located in the heart of Koreatown, at the prime corner of James M Wood Boulevard and Normandie Avenue, and within a short walking distance from retail and entertainment on both Wilshire and Olympic Blvd.

The Opportunity

▪ Turn-key high-end modern renovation completed in 2020

▪ Excellent unit mix – two 1 bed+1bath units and six large 1bed+1bath+den units

▪ Expand current landlord utility reimbursement program (RUBS) to include all future new tenants

▪ Great long-term investment in supply-constrained Offering Price: $2,700,000 area 13.0 Current Gross Rent Multiplier 5.31% Current Capitalization Rate

Current capitalization rate and GRM assume that vacant Units 3150, 3154 and 3158 will be leased at market rent.

3 Property Description

3148 James M Wood Blvd. is an eight -unit apartment building originally constructed Renovation highlights for the property include: in 1952 and thoroughly renovated, both exterior and interior, to modern high-end Exterior spec in 2020. The unit mix consists of two large 1 bed+1bath units and six large ▪ New exterior paint 1bed+1bath+den units. The property is a two-story, 6,800-square-foot walk-up ▪ New exterior stucco building with wood frame and stucco construction situated on a 6,643-square- foot lot. ▪ New modern windows ▪ New secure access entry gate All the tenants at the property are new since the renovation was completed in ▪ New electrical re-wire and subpanel upgrade 2020. Each unit features a large floor plan and includes an in-unit washer/dryer and individual hot water heaters. The units also feature large open kitchens, living ▪ Electronic keypad unit door access areas and bedrooms. Each unit features an above average amount of window Interior coverage, creating ample natural light. Another unique feature of the property is ▪ In-Unit washer/dryer in all units that all units can be accessed from both the front and rear of the building. ▪ New bathrooms with tile flooring and walk-in showers

▪ New stainless appliances

▪ Full recessed lighting and smooth ceilings

▪ New kitchen cabinets and floating shelves

▪ New vinyl plank flooring

▪ Wall mount mini-split HVAC systems in all units

▪ New baseboards and floor casing

▪ New plumbing finish and electrical

▪ New interior paint

▪ New electrical re-wire and subpanel upgrade

NUMBER OF UNITS LAND SIZE In addition to the standard separately metered gas and electricity, there are no Eight units +6,643 SF1 common-area trash or gas costs to the landlord, so the utility costs at this property Two 1bed+1bath are significantly lower than most comparable properties. The current owner is also ZONING Six 1bed+1bath+den charging a reimbursement for water and sewer to 4 of the tenants in their leases. R4-22 YEAR BUILT A new owner will be able to increase this to all tenants in new future leases. Parking ASSESSOR PARCEL NUMBER 1952 is provided on-site with five single open spaces. 5094-022-009 BUILDING SIZE 1Per Title Pro - Buyer to verify +6,800 SF1 2Per Zimas - Buyer to verify 4 Property Description

Property Location 3148 James M Wood Boulevard is located on the prime southeast corner of James M Wood Boulevard and Normandie Avenue, in the heart of Koreatown. The property is situated between Wilshire and Olympic Blvd, within walking distance of many prominent retail and entertainment destinations. The property is also less than 20 minutes away from Beverly Hills, Larchmont, Park La Brea, , West Hollywood and . A short drive to either the 10 or 110 Fwy gives tenant’s access to all of the major employment centers including Downtown Los Angeles, West Los Angeles, The South Bay and the .

5 Exterior Photos

6 Interior Photos

7 Interior Photos

8 Aerial View Facing Downtown Los Angeles

9 Aerial View Facing Hollywood

10 Market Overview

Los Angeles Apartment Market Overview Although vacancy levels are up significantly for brand-new construction UV2 apartment units in Los Angeles during fourth quarter 2020, according to Fryman Canyonj Park ATWATER Costar, the vacancy rate for the majority of the apartment stock remains UV2 j below 6%. Despite the current economic issues with the COVID-19 pandemic, Runyon Canyon Park j Santa Monica Mtns National Rec Area Costar also reported that overall market rent growth for the county is only j ¦¨§5 down 1.7% over the last twelve months. Los Angeles currently has 24,000 Franklin Canyon Park HOLLYWOOD ¦¨§5 j Silver Lake Reservoir units under construction, with approximately 4,000 units breaking ground j over the past two quarters. WEST HOLLYWOOD EDENDALE

Elysianj Park Koreatown Submarket Overview

ECHO PARK Located in central Los Angeles, Koreatown is one of the most vibrant and BEVERLY HILLS University of California-LA UV110 ¦¨§5 densely populated districts in Southern California. Currently in the middle of KOREATOWN a two decade-long urban renaissance, Koreatown is one of the centers of Los PARK LA BREA WESTWOOD WESTLAKE Angeles nightlife with new hotels and restaurants opening on a weekly basis. 3148 James M Wood Blvd The district is served by the Metro Red Line and Purple Line with several MID-WILSHIRE

£¤101 new transit-oriented development projects in the pipeline. In addition, the WEST LOS ANGELES neighborhood’s is in close proximity to the major employment clusters of LOS ANGELES Downtown LA, Hollywood, and the Miracle Mile. UV110 ¦¨§5 ¦¨§10 ¦¨§110 ¦¨§5 ¦¨§10 Apartment Submarket Data ¦¨§10 CULVER CITY University of Southern California According to Costar, the Koreatown apartment market is showing an overall¦¨§405 PALMS Santa Monica Airport vacancy rate of 6.5% with the majority of the apartment stock averaging Expositionj Park Kenneth Hahn State Recreation Area ¦¨§110 around 6%. The average monthly asking apartment rental rate slightly j decreased to $1,638 (down 1.4% year-over-year). The limited supplyMAR VISTAof ¦¨§110 affordable housing units in Koreatown will continue to drive rental demand even as the market works through the impact of the pandemic.

11

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northwest corner of 8th Street and SerranoP Avenue.

t W 11th St

n

A

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2900 Wilshire

s g 3rd Ave y 3600 Wilshire

N W 8th Pl

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Arlington Ave r

S Plymouth Blvd

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S Under construction development by Hankey W 12th St Valencia St d

Nexen (2972 W 7th St.) m Proposed demolition of existing parking garage

n 22A W 7th St

a W Pico Blvd

r A

W 12th Pl t G Investments and Jamison Services of a 31-story 644- Venice Blvd West Blvd S Hill St

Under construction 7-story 228-unit mixed-useS adjacent to Wilshire Financial Tower by Jamison

6th Ave S

S S Hope St W 15th St unit apartment tower with 13,200 square feet of retail Blaine St development over 7,800 square feet of ground floor Services to redevelop into two 23-storyS Albany St apartment S Flower St retail space by a joint venture between Jamison on the southwest corner of and towers totaling 760 units and 6,400 square feet of Services and City Century near the southeast corner Hoover Street. ground floor retail. of 7th Street and Westmoreland Avenue. Soul (550 Shatto Pl) Wilshire Galleria Redevelopment 631 Vermont Proposed 40-story 367-unit mixed use development Proposed renovation of the existing 6-story Wilshire Proposed demolition of commercial buildings over 36,000 square feet of ground floor retail and Galleria by Harridge Development into 160-room including a Denny’s by Jia Long USA to redevelop into office by a joint venture between Townline and Forme hotel, new 7-story building with 190 condo units over 33-story 250-unit condo tower with 200 hotel rooms Development between 5th St and 6th St on Shatto Pl. 2,300 square feet of retail & a new 35-story tower with with nearly 50,000 square feet of commercial space. 355 condo units over 2,800 SF retail.

13 2020 POPULATION Demographics

116,379 (+0.67% since 2010) 1 MILE 3 MILE 5 MILE POPULATION # % CHANGE # % CHANGE # % CHANGE 2010 Census 116,379 614,267 1,220,520 2020 Estimate 124,593 0.67% 655,072 0.63% 1,295,769 0.59% 2025 Projection 133,201 1.35% 682,544 0.83% 1,347,057 0.78% 2025 POPULATION HOUSEHOLD # % CHANGE # % CHANGE # % CHANGE 2010 Census 44,427 222,498 453,108 133,201 (+1.35% est. over 2020) 2020 Estimate 47,706 0.70% 240,931 0.78% 484,259 0.65% 2025 Projection 51,032 1.36% 253,693 1.04% 506,629 0.91% ETHNICITY/RACE # % # % # % White 32,768 26.3% 223,380 34.1% 501,463 38.7% Black 5,482 4.4% 58,301 8.9% 167,154 12.9% MEDIAN AGE Asian 44,231 35.5% 140,185 21.4% 200,844 15.5% Hispanic Origin (Any Race) 68,152 54.7% 365,530 55.8% 663,434 51.2% 35.5 years old Other 421 33.8% 232,551 35.5% 4,250 32.8% EDUCATION # % # % # % Less Than 9th Grade 14,810 17.2% 75,941 17.1% 137,359 15.3% Some High School 9,299 10.8% 43,966 9.9% 83,493 9.3% High School Graduate 18,254 21.2% 83,490 18.8% 158,008 17.6% GED/Alternative Credential 861 1.0% 6,217 1.4% 12,569 1.4% EDUCATION Some College, No Degree 11,366 13.2% 65,727 14.8% 141,848 15.8% Associate Degree 4,305 5.0% 23,537 5.3% 49,377 5.5% 31.6% have bachelor’s or higher Bachelor's Degree 21,095 24.5% 102,587 23.1% 215,465 24.0% Graduate/Professional Degree 6,113 7.1% 43,078 9.7% 99,652 11.1% WORKPLACE & INCOME # % # % # % Median Household Income $38,396 $42,997 $49,102 Average Household Income $52,655 $68,470 $77,675 AVERAGE INCOME All Employees 57,586 299,303 585,415 White Collar 27,872 48.4% 161,624 54.0% 341,297 58.3% $52,655 Blue Collar 17,506 30.4% 73,030 24.4% 126,450 21.6% Services 12,151 21.1% 64,649 21.6% 117,668 20.1% Daytime Population 112,945 651,909 1,319,179 Financial Summary

PRICING SUMMARY OPERATING STATEMENT SUMMARY Price $2,700,000 REVENUE IN-PLACE1 PRO FORMA Price Per Unit $337,500 Gross Potential Rent $202,680 $207,600 Price Per SF $397 Vacancy (3%) (6,080) (6,228) Current NOI $143,274 Net Rental Income $196,600 $201,372 Pro Forma NOI $149,278 Other Revenue (RUBS Income)2 4,465 5,946 Cap Rate - Current1 5.31% Effective Gross Income $201,064 $207,318 Cap Rate - Pro Forma 5.53% GRM - Current1 13.0x ESTIMATED EXPENSES Per Unit Per Unit GRM - Pro Forma 12.6x Repairs & Maintenance 2,800 350 2,800 350 Turnover Expense 800 100 800 100 Management Fee (4%) 8,043 1,005 8,293 1,037 PROPERTY SUMMARY Utilities 6,000 750 6,000 750 Year Built 1952 Contract Services 1,600 200 1,600 200 Total Units 8 Property Taxes (1.20%) 32,403 4,050 32,403 4,050 Building Area 6,800 SF Direct Tax Assessment 1,185 148 1,185 148 APN# 5094-022-009 Insurance 4,960 620 4,960 620 Land Area 6,643 SF Total Expenses $57,790 $7,224 $58,040 $7,255 Zoning R4-2 Net Operating Income $143,274 $149,278 Parking 5 single spaces Expense Ratio (% of EGI) 29% 28%

RENT ROLL SUMMARY CURRENT1 PRO FORMA IN-PLACE TOTAL SCHEDULED TOTAL SCHEDULED AVERAGE MONTHLY GROSS AVG PRO MONTHLY GROSS LOSS TO LOSS TO NO. UNITS FLOOR PLAN RENT INCOME INCOME FORMA RENT INCOME INCOME LEASE LEASE % 2 1B+1BA $1,970 $3,940 $47,280 $2,050 $4,100 $49,200 $1,920 4% 6 1B+1BA + Den $2,158 $12,950 $155,400 $2,200 $13,200 $158,400 $3,000 2% Totals/WTD Avg. 8 $2,111 $16,890 $202,680 $2,163 $17,300 $207,600 $4,920 2% 1Assumes that vacant Units 3150, 3154 and 3158 will be leased at market rent. 2Other Revenue is estimated water and sewer reimbursement from Units 3148, 3154, 3156, 3158, 3160 and 3162.

15 Rent Roll

SCHEDULED GROSS UNIT OCCUPIED/VACANT UNIT TYPE UNIT SIZE CURRENT RENT1 INCOME MARKET RENT LOSS TO LEASE 3148 Occupied 1B+1BA + Den $2,150 $25,800 $2,200 $26,400 $50 3150 Vacant 1B+1BA + Den $2,150 $25,800 $2,200 $26,400 $50 3152 Occupied 1B+1BA $1,970 $23,640 $2,050 $24,600 $80 3154 Vacant 1B+1BA $1,970 $23,640 $2,050 $24,600 $80 3156 Occupied 1B+1BA + Den $2,150 $25,800 $2,200 $26,400 $50 3158 Vacant 1B+1BA + Den $2,150 $25,800 $2,200 $26,400 $50 3160 Occupied 1B+1BA + Den $2,200 $26,400 $2,200 $26,400 $0 3162 Occupied 1B+1BA + Den $2,150 $25,800 $2,200 $26,400 $50 TOTALS 8 6,800 SF $16,890 $202,680 $17,300 $207,600 $410 1Assumes that vacant Units 3150, 3154 and 3158 will be leased at market rent. Loss To Lease % 2%

Rent Roll Summary

CURRENT PRO FORMA AVG. IN-PLACE TOTAL MONTHLY AVG. PRO FORMA TOTAL MONTHLY NO.UNITS OCCUPANCY % FLOOR PLAN RENT INCOME RENT INCOME LOSS TO LEASE 2 25% 1B+1BA $1,970 $3,940 $2,050 $4,100 $160 6 75% 1B+1BA + Den $2,158 $12,950 $2,200 $13,200 $250 Total/WTD Avg. 25% 8 $2,111 $16,890 $2,163 $17,300 $410 Gross Potential Income $202,680 $207,600 $4,920

16 Sales Comparables

YEAR SALE CAP $ PER AVG # OF PROPERTY ADDRESS BUILT DATE SALE PRICE RATE GRM $PSF UNIT BLDG SF UNIT SF UNITS

1020 N Oxford Ave 1924 Jul-2020 $2,050,000 5.22% 13.8 $402 $410,000 5,100 1,020 5 Los Angeles, CA 90029

1505 S Cochran Ave 1954 May-2020 $2,950,000 4.98% 15.0 $683 $491,667 4,320 720 6 Los Angeles, CA 90019

453 S Gramercy Pl 1966 May-2020 $4,050,000 4.86% 14.2 $471 $289,286 8,594 614 14 Los Angeles, CA 90020

4575 Maplewood Ave 1961 Mar-2020 $3,712,000 5.20% N/A $431 $371,200 8,616 862 10 Los Angeles, CA 90004

127-129 N Catalina St 1937 Feb-2020 $1,970,000 5.12% 13.7 $374 $394,000 5,268 1,054 5 Los Angeles, CA 90004

TOTAL / AVERAGE $14,732,000 5.05% 14.2 $462 $368,300 31,898 797 40

3148 JAMES M WOOD BLVD 1952 $2,700,000 5.31% 13.0 $397 $337,500 6,800 850 8

17 Silver Lake Reservoir HOLLYWOOD STUDIO DISTRICT

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S Sales Comparables San Vicente Blvd PARK LA BREA S S Rampart Blvd

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W W 6th St

S WESTLAKE 110

S W 8th St W Pico Blvd Edgewood Pl UV OLYMPIC PARK W 4th St

W 5th St

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l

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w r

e S Canfield Ave v

HillsboroAve

e DOWNTOWN LOS ANGELES B S Alvarado St 110 SOUTH ROBERTSON 1505 S Cochran Ave UV W 7th St Venice Blvd W 18th St W 9th St

HARVARD HEIGHTS e v

Rosedale Cemetery A S Union Ave

t n

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m La Live Way E Olympic Blvd MID CITY ARLINGTON HEIGHTS r PICO UNION

Cadillac Ave Crenshaw Blvd W Washington Blvd e E 9th St

V

S W 20th St S Robertson Blvd

Cattaraugus Ave ¨10 W 17th St ¦¨§10 ¦§ S Figueroa St JEFFERSON PARK S Main St MCMANUS W Adams Blvd National Blvd Castle Heights Ave S Hoover St ¦¨§110

e E 16th St e CULVER JUNCTION v Maple Ave

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A N LUCERNE-HIGUERA S ¦¨§110 S San Pedro St CULVER CITY Rent Comparables

PROPERTY ADDRESS UNIT TYPE RENT COMMENTS

Unit comes with laminate floors, private balcony or patio, and all stainless-steel kitchen 737 S Kingsley Dr 1B+1BA $2,149 appliances including dishwasher. Building amenities include fitness center, outdoor barbecue are, sauna, spa, and pool.

Spacious units comes with all new stainless-steel appliances, remodelled kitchen and 974 S Catalina St 1B+1BA $2,100 bathroom, quartz countertops and hardwood floor throughout. Laundry on site.

Unit features concrete floors, vaulted ceilings and crown mouldings. Landlord pays for gas 900 S Serrano Ave 1B+1BA $2,150 and electric.

Unit comes features all new stainless-steel appliances including dishwasher, laminate flooring 858 S Westmoreland Ave 2B+1BA $2,250 throughout, recessed lighting, and in-unit washer/dryer.

Newly remodeled unit features quartz countertops, custom cabinetry, all new stainless-steel 730 S Serrano Ave 2B+1BA $2,295 appliances and vinyl flooring throughout.

Open layout unit come with large closets, air conditioning, hardwood-style vinyl flooring and 900 Irolo St 2B+1BA $2,248 balcony. Laundry on site, manager and maintenance on site.

SUMMARY SUBJECT UNIT TYPE # OF UNITS AVG RENT PROPERTY 1B+1BA 3 $2,133 $2,050

2B+1BA* 3 $2,264 $2,200

*2B+1BA rent comparables were used to estimate subject’s 1B+1BA+Den market rent 19 Silver Lake Reservoir HOLLYWOOD STUDIO DISTRICT

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B 730 S Serrano Ave

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S 858 S Westmoreland AveWESTLAKE 110

S W 8th St W Pico Blvd Edgewood Pl 900 Irolo St UV OLYMPIC PARK W 4th St

W 5th St r

D 974 S Catalina St

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Cadillac Ave Crenshaw Blvd W Washington Blvd e E 9th St

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e E 16th St e CULVER JUNCTION v Maple Ave

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A N LUCERNE-HIGUERA S ¦¨§110 S San Pedro St CULVER CITY Los Angeles Multifamily Investment Group

The information provided herein was obtained from sources Josh Kaplan John Swartz Troy Lucero Transwestern believed reliable; however, Transwestern makes no guarantees, Managing Director Managing Director Senior Associate 601 S. Figueroa St, Suite 3650 warranties or representations as to the completeness 213.430.2538 213.430.2526 213.457.1656 Los Angeles, CA 90017 of accuracy thereof. The presentation of this property is [email protected] [email protected] [email protected] 213.624.5700 submitted subject to errors, omissions, change of price or conditions, prior to sale or lease, or withdrawl without notice. CA Lic 01934177 CA Lic 01873487 CA Lic 02015701 transwestern.com Copyright © 2021 Transwestern. CA Lic 01263636.