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Santa Monica Apartment Community ±1.47 Acres of Land Value-Add Opportunity: Over 100% Upside in Rent OR Potential Redevelopment Opportunity

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Santa Monica Apartment Community ±1.47 Acres of Land Value-Add Opportunity: Over 100% Upside in Rent OR Potential Redevelopment Opportunity 40-Unit Santa Monica Apartment Community ±1.47 Acres of Land Value-Add Opportunity: Over 100% Upside in Rent OR Potential Redevelopment Opportunity 2033-2101 Virginia Avenue Near 20th St. and Pico Blvd. LAURIE LUSTIG-BOWER KADIE PRESLEY WILSON Open House Date: Tuesday, September 10, 2019 +1 310.550.2556 +1 310.550.2575 11:00 AM-2:00 PM [email protected] [email protected] Lic. 00979360 Lic. 01476551 Offers Due: Friday, September 20, 2019 by 5:00 PM www.VirginiaAve.com DOWNTOWN MALIBU SANTA MONICA PACIFIC OCEAN COLORADO AVE. SANTA MONICA 10 2033- 2101 Virginia Ave. 20TH ST. PICO BLVD. CLOVERFIELD BLVD. UCLA GOLDEN MILE WESTWOOD BEL AIR BRENTWOOD Water Garden Office Campus Complex OLYMPIC BLVD. CLOVERFIELD BLVD. 10 2033- 2101 Virginia Ave. Virginia Avenue Park SANTA MONICA 20TH ST. TABLE OF CONTENTS CONTACTS PROPERTY OVERVIEW LAURIE LUSTIG-BOWER I Page 07 +1 310.550.2556 [email protected] FINANCIAL Lic. 00979360 ANALYSIS II Page 26 KADIE PRESLEY WILSON AREA +1 310.550.2575 III OVERVIEW Page 38 [email protected] Lic. 01476551 Open House Date: Tuesday, September 10, 2019 from 11:00 AM-2:00 PM Offers Due: Friday, September 20, 2019 by 5:00 PM www.VirginiaAve.com VIRGINIA AVENUE PARK FACILITIES • Park Center • Two playgrounds • The Splash Pad- for Kids • Two Basketball Courts • Smart Benches: Provides Free, Solar-Powered USB Phone and Device Charging. 2033- 2101 The Santa Monica Farmers Virginia Ave. Market is held at Virginia Ave Park every Saturday. PICO BRANCH LIBRARY FARMERS MARKET AREA Virginia Avenue Park 9.5 Acres PICO BLVD. AREA OVERVIEW Farmers Market Area VIRGINIA AVENUE PARK is a 9.5-acre park located at 2200 Virginia Avenue. It is home to a lively community center, a weekly Farmers Market (every Saturday), and the Pico Branch Library. In addition to a full schedule of free programs for community members of all ages, Virginia Avenue Park hosts many community events throughout the year. I PROPERTY OVERVIEW EXECUTIVE SUMMARY CBRE, Inc., as exclusive advisor, is pleased to present for sale 2033-2101 Virginia Avenue in Santa Monica, California. This value- add 40-unit apartment property sits on almost 1.5 acres of land and provides a buyer with an excellent opportunity to either rehab the existing units, which have significantly under market rents, or demolish the two buildings and redevelop the property for, as an example, approximately 11 small lot townhome style condominium units. Buyers should investigate the development potential. Built in 1948, the property features a desirable unit mix of 24 one-bedroom units and 16 two-bedroom units averaging almost 800 square feet per unit. Comprised of two buildings, each build- ing is a two-story walk-up with a large central courtyard between them. There is also a 6,722 square foot lot to the west of the build- ings, which is undeveloped and underutilized. Units are separately metered for gas and electricity, and each unit has its own water heater. Located near 20th Street and Pico Boulevard in Santa Monica, 2033-2101 Virginia Avenue is just a five minute walk to Santa Monica Community College, a commuter school with a 2018 enrollment of approximately 30,000 students. The property is situated across Offers Due: Friday, September 20, 2019 by 5:00 PM the street from beautiful Virginia Avenue Park, which is home to A draft purchase and sale agreement is now available in the Pico Branch Library as well as a weekly Farmers Market. The the data room. The Seller requests that buyers review the demographic profile in Santa Monica is very strong with a highly agreement prior to submitting an offer. It is requested, but not educated populace. Within a three mile radius, the population required, that any offer to purchase the property not include in 2018 was almost 280,000 people with an average income of a purchase and sale agreement different than the draft $100,000. purchase and sale agreement found in the data room, and, instead either reference the purchase and sale agreement or provide a revised draft of the agreement as part of your offer. With over 100% upside in rents, 2033-2101 Virginia Avenue is a unique opportunity for an investor or developer to own a substantial To view the Data Room, please visit www.VirginiaAve.com ±1 .5 acre property in the highly desirable Santa Monica submarket. 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 8 OPPORTUNITY HIGHLIGHTS • Great Value-Add Opportunity: over 100% upside in rents • Four units to be delivered vacant, and a fifth unit will or redevelopment opportunity pay market rent at the close of escrow (market to be determined by buyer) • Low Density Property Situated on ±1.5 Acres of Land • Across from Virginia Avenue Park 9.5 acres of green space Great Santa Monica Location: ° ° Weekly Saturday Farmers Market ° Five minute walk to Santa Monica Community College Home to Pico Branch Library - Enrollment of over 30,000 students in 2018 ° - Commuter Campus – students live off campus • Only 0.6 miles to the 26th Street and Bergamot Expo ° Highly Educated Populace with 67% holding a Metro Station, which connects Downtown Santa Monica Bachelors, Graduate or other Professional Degree to Culver City, USC and Downtown Los Angeles ° 57% of housing units valued at $1 million or higher ° Almost 19% of Households with income of $200,000 • Excellent proximity to Silicon Beach or higher ° Home to more than 500 tech startups along with incubators and accelerators 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 9 9 PROPERTY DETAILS 4274-021-015 22ND ST Address 4274-021-014 2033-2101 Virginia Ave. Santa Monica, CA 90404 Number of Units 40 4274-020-007 Year Built 1948 Parking Spaces 35 Assessor Parcel Numbers 4274-021-014 Unit Mix 4274-021-015 NO. OF UNITS UNIT TYPE AVERAGE SF 4274-020-007 16 2 Bed + 1 Bath ±950 Zoning SM R2 - Low Density Residential 24 1 Bed + 1 Bath ±700 Land Square Feet Parking Mix ±57,176 SF ±6,722 SF (Adjacent Vacant Lot) NO. OF PARKING TYPE ±63,898 SF or ±1.47 Acres SPACES Total Exisiting Building Square Feet 21 Carport ±31,874 SF 7 Closed Garage Current Storage Space Which Can Be Utilities 2 Landlord pays water Converted Into Two Car Closed Garage Separately metered gas and electricity 5 Open Parking Mechanical 35 Total Parking Spaces Separate wall heaters 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 10 UNIT FEATURES Separately Metered for Gas and Electricity Front and Back Doors Real Hardwood Floors Separate Water Heaters Upstair Units have Shared Balconies Some Have Double Kitchen Sinks Tile Bathroom Countertops and Showers PROPERTY FEATURES ±1.47 Acres of Land • includes the Adjacent Vacant Lot of ±6,722 SF Large Central Courtyard Eight Storage Closets - Potential Future Income Two On-site Laundry Facilities • total of 4 Washers and 4 Dryers leased through October 17, 2021 Common Area Bathroom Property Surveillance Camera System Across the Street from ±9.5 acre Virginia Park • weekly Farmers Market • home to Pico Branch Library 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 11 11 Front of 2033-2101 Virginia Avenue Buildings 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 12 Front of Building 2101 Virginia Avenue Four units to be delivered vacant at the close of escrow. A fifth unit will pay market rent upon closing. Market to be determined by buyer. Front of Building 2033 Virginia Avenue 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 13 Large Central Courtyard 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 14 Large Central Courtyard 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 15 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 16 Lawn Between the Buildings 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 17 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 18 Typical Kitchen 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 19 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 20 Parking 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 21 Driveway 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 22 Property may be able to accommodate more parking. 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 23 Adjacent Vacant Lot ±6,722 SF (Part of the ±1.47 Property) 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 24 Next Door Neighbor Kingdom Hall of Jehovah's Witnesses 2033-2101 Virginia Avenue | Santa Monica, CA www.VirginiaAve.com 25 II FINANCIAL ANALYSIS 2033-21012033-210 Virginia1 Virginia A Ave.ve EstimatedESTIMATE DRent RENT Roll ROLL asAS ofOF SeptemberSEPTEMBER 20 120199 *Current Rent Forecast Rent Unit Number Est. SF Type as of 09.01.19 After Rehab Move-In Note 2033 - A 950 2 Bed/1 Bath $773 $2,700 6/30/1997 2033 - B 950 2 Bed/1 Bath $977 $2,700 5/1/2004 2033 - C 950 2 Bed/1 Bath $773 $2,700 11/1/1978 2033 - D 950 2 Bed/1 Bath $773 $2,700 12/31/2016 2035 - A 700 1 Bed/1 Bath $706 $2,300 12/31/2016 2035 - B 700 1 Bed/1 Bath $706 $2,300 12/31/2016 2035 - C 700 1 Bed/1 Bath $706 $2,300 7/1/2017 2035 - D 700 1 Bed/1 Bath $706 $2,300 8/1/2017 2037 - A 950 2 Bed/1 Bath $800 $2,700 1/1/2008 2037 - B 700 1 Bed/1 Bath $706 $2,300 8/20/2001 2037 - C 950 2 Bed/1 Bath $773 $2,700 8/1/1982 2037 - D 700 1 Bed/1 Bath $706 $2,300 2/15/1998 2039 - A 700 1 Bed/1 Bath $706 $2,300 3/1/1979 2039 - B 700 1 Bed/1 Bath $926 $2,300 8/1/2013 2039 - C 700 1 Bed/1 Bath $706 $2,300 7/24/1998 2039 - D 700 1 Bed/1 Bath $706 $2,300 12/15/1984 2041 - A 950 2 Bed/1 Bath $773 $2,700 1/1/2008 2041 - B 700 1 Bed/1 Bath $2,300 $2,300 3/1/2018 Will Be Delivered Vacant - Manager's Unit 2041 - C 950 2 Bed/1 Bath $2,700 $2,700 - Vacant 2041 - D 700 1 Bed/1 Bath $706 $2,300 5/1/1992 2101 - A 950 2 Bed/1 Bath $850 $2,700 5/10/1977 Occupied By Seller's Family Member.
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