Offering Memorandum

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> OFFERING MEMORANDUM 3153 BARBARA COURT LOS ANGELES, CALIFORNIA 90068 Team Ghobadi Real Estate Investment Services P: +1 (818) 325 4142 [email protected] 3153 BARBARA COURT LOS ANGELES, CA 90068

PROPERTY OVERVIEW ��3

PROPERTY VALUATION �� 13

MARKET COMPARABLES �� 19

DEMOGRPAHIC ANALYSIS ��24 3153 BARBARA COURT > Offering Memorandum

PROPERTY OVERVIEW PROPERTY OVERVIEW PROPERTY VALUATION MARKET COMPARABLES DEMOGRAPHIC ANALYSIS

PROPERTY INFORMATION Colliers International’s Ghobadi Multifamily Team is proud to present A well-appointed 18-unit apartment community at 3153 Barbara Court in Los Angeles/Hollywood Hills, California. The property is comprised of One 2-bed and 2 ¹/² bath unit, Five 2-bed/2-bath units, and Twelve 1-bed/1-bath PROPERTY HIGHLIGHTS units. Many of the units, including the larger 2-bedroom unit offer with great hillside views, private washer and dryer, two private entrances, a private 3153 Barbara Ct. garage and hardwood floors. All 2-bedroom units are two stories. Together these apartments come to about 18,689 square feet of rentable space on Address 33,203 square feet of land. The property also includes ample amenities for residents, including a beautifully landscaped courtyard, a sparkling pool Los Angeles, CA 90068 with a great view, a gated and secured parking area with 18 private garages, a large maintenance storage facility and onsite laundry facilities for those without private machines. The rent-controlled complex, which was built in 1950, has been well maintained throughout the years. Year Built 1950

Located on a nice, quiet street in the Hollywood Hills, the property sits mere minutes away from the world famous Universal Studios Hollywood film studio and theme park and within easy access of the 101 Hollywood Freeway. The property’s prime location, coupled with clear upside potential, make Number of Units 18 it a fantastic investment opportunity.

Subject to Soft Story Retrofit No

Building Area 18,689 SF

Land Area 33,203 SF

Zoning LARD1.5

APN 2429-012-003

Roof Pitched

Number of Stories 2

Number of Parking Spaces 18 Private Garages

Laundry Facility Yes (Owned)

4 3153 BARBARA CT. | LOS ANGELES, CA PROPERTY OVERVIEW PROPERTY VALUATION MARKET COMPARABLES DEMOGRAPHIC ANALYSIS

PROPERTY INFORMATION

KEY HIGHLIGHTS

> Excellent Hollywood Hills location with great view

> Minutes away from the world famous Universal Studios Hollywood and theme park

> Rent control – Built 1950

> Excellent Mix of spacious 1 & 2-bedroom units

> One large 2-bedroom & 2 ¹/² bathrooms: Two stories, first floor 2-bedrooms & 2-bathrooms, second floor is huge living space with great view and a bathroom, central AC/ Heat, private washer & dryer, private garage and beautifully landscaped yard, two private entrances. Owner used to live in this unit and currently vacant

> Five other spacious two bedrooms and two bathrooms (2-stories): all with private washer and dryer, hardwood floors, two private entrances

> Twelve spacious one bedroom & one bathroom: hardwood floors, two private entrances > Onsite laundry facilities: dryers and washers owned by the landlord

> Huge storage facility

> Sparkling pool with great view

> Beautifully landscaped courtyard

> Gated and secured parking area with 18 private garages > All units with two main entrances. One opens to the street and one opens to the courtyard > Security cameras

> Great upside potential

> Easy access to 101 freeway

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY PHOTOS

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PROPERTY AERIAL

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PROPERTY VALUATION PROPERTY OVERVIEW PROPERTY VALUATION MARKET COMPARABLES DEMOGRAPHIC ANALYSIS

INVESTMENT SUMMARY

Investment Summary Annualized Income Actual % Actual Proforma % Pro Forma Gross Potential Rent $402,300 $465,600 Price $6,695,000 Misc. Income $3,000 $3,000 Down Payment 100% $6,695,000 Gross Potential Income $405,300 $468,600 Less Economic Vacancy -2.00% -$8,046 -2.00% -$9,312 Year Built 1950 Effective Gross Income $397,254 $459,288 Less Expenses 43.38% $172,321 37.92% $174,182 Units 18 Net Operating Income: $224,933 $285,106

Price/Unit $371,944 Annualized Expenses RSF 18,689 Actual % Actual Proforma % Pro Forma Real Estate Taxes 21.07% $83,688 18.22% $83,688 Price/RSF $358.23 Insurance 1.88% $7,476 1.63% $7,476 Gas 0.30% $1,200 0.26% $1,200 Lot Size 33,203 Electric & Water (DWP) 4.53% $18,000 3.92% $18,000 On-Site Manager 3.02% $12,000 2.61% $12,000 APN 2429-012-003 Professional Management 3.00% $11,918 3.00% $13,779 Zoning LARD1.5 Repairs & Maintenance 3.40% $13,500 2.94% $13,500 Pest Control 0.18% $720 0.16% $720 CAP Rate 3.36% Pool 0.45% $1,800 0.39% $1,800 Trash 0.79% $3,120 0.68% $3,120 GRM 16.64 Landscaping 2.27% $9,000 1.96% $9,000 Proforma CAP Rate 4.26% License Fees & Taxes 0.38% $1,500 0.33% $1,500 Cable & Phone 2.11% $8,400 1.83% $8,400 Proforma GRM 14.38 Total Expenses 43.38% $172,321 37.92% $174,182 Expenses Per RSF $9.22 $9.32 Expenses Per Unit $9,573 $9,677

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RENT ROLL

Unit # Unit Type Notes Unit SF Actual Pro Forma 3200 Dos Palos Dr. 2+2 1/2 Vacant - Private Garage & Backyard $3,200 $3,200 3202 Dos Palos Dr. 2+2 $1,857 $2,800 3204 Dos Palos Dr. 2+2 $2,380 $2,800 3206 Dos Palos Dr. 2+2 $2,469 $2,800 3208 Dos Palos Dr. 2+2 $2,545 $2,800 3210 Dos Palos Dr. 2+2 $2,697 $2,800 3153 Barbara Ct. #A 1+1 $1,485 $1,800 3153 Barbara Ct. #B 1+1 $1,565 $1,800 3153 Barbara Ct. #C 1+1 $1,367 $1,800 3153 Babara Ct. #D 1+1 $1,423 $1,800 3159 Barbara Ct. #A 1+1 $1,581 $1,800 3159 Barbara Ct. #B 1+1 $1,573 $1,800 3159 Barbara Ct. #C 1+1 $1,384 $1,800 3159 Barbara Ct. #D 1+1 Manager - Pays $800 / Month $1,800 $1,800 3163 Barbara Ct. #A 1+1 Vacant $1,800 $1,800 3163 Barbara Ct. #B 1+1 $1,689 $1,800 3163 Babara Ct. #C 1+1 $1,273 $1,800 3163 Barbara Ct. #D 1+1 $1,437 $1,800 18 TOTAL 18,689 33,525 38,800

Gross Scheduled Monthly Rental Income $33,525 $38,800 Gross Scheduled Annual Rental Income $402,300 $465,600

Monthly Laundry Income $250 $250 Annual Laundry Income $3,000 $3,000

TOTAL YEARLY SCHEDULED INCOME $405,300 $468,600

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EXPENSES Current Per SF Per Unit Pro Forma Per SF Per Unit Current Real Estate Taxes $83,688 $4.48 $4,649 $83,688 $4.48 $4,649 Tax Rate based on new value/price Insurance $7,476 $0.40 $415 $7,476 $0.40 $415 Estimated at $0.40 / SF Gas $1,200 $0.06 $67 $1,200 $0.06 $67 Estimated at $100 / Month Electric & Water (DWP) $18,000 $0.96 $1,000 $18,000 $0.96 $1,000 Estimated at $1,500 / Month On-Site Manager $12,000 $0.64 $667 $12,000 $0.64 $667 Estimated at $1,000 / Month Professional Management $11,918 $0.64 $662 $13,779 $0.74 $765 Estimated at 3% of gross income Repairs & Maintenance $13,500 $0.72 $750 $13,500 $0.72 $750 Estimated at $750 / Unit Pest Control $720 $0.04 $40 $720 $0.04 $40 Estimated at $60 / Month Pool $1,800 $0.10 $100 $1,800 $0.10 $100 Estimated at $150 / Month Trash $3,120 $0.17 $173 $3,120 $0.17 $173 Estimated at $260 / Month Landscaping $9,000 $0.48 $500 $9,000 $0.48 $500 Estimated at $750 / Month License Fees & Taxes $1,500 $0.08 $83 $1,500 $0.08 $83 Estimated at $125 / Month Cable & Phone $8,400 $0.45 $467 $8,400 $0.45 $467 Estimated at $700 /Month Total Expenses $194,116 $10.39 $10,784 $198,046 $10.60 $11,003

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INCOME & EXPENSES

Actual Pro Forma Income Annual Per Unit Per SF % Annual Per Unit Per SF %

Gross Potential Rent $402,300 $22,350 $21.53 $465,600 $25,867 $24.91 Other Income Laundry Income $3,000 $167 $0.16 0.76% $3,000 $167 $0.16 0.65% Gross Potential Income $405,300 $22,517 $21.69 102.03% $468,600 $26,033 $25.07 102.03% Vacancy/Collection Allowance ($8,046) ($447) ($0.43) 2.0% ($9,312) ($517) ($0.50) 2.0% .....(% of GPR) Effective Gross Income $397,254 $22,070 $21.26 100% $459,288 $25,516 $24.58 100%

Expenses Total Expenses $172,321 $9573 $9.22 43.4% $174,182 $9677 $9.32 37.9% Net Operating Income: $224,933 $12,496 $12.04 56.6% $285,106 $15,839 $15.26 62.1%

FINANCIAL MODEL

Unit Mix Summary Rentable SF (Ap- Total Rentable Actual Rent Per Actual Rent per Total Actual Rent Market Rent Per Market Rent Per Total Market Rent Unit Type Number of Units prox.) SF (Approx.) Unit SF Potential Unit SF Potential 1 Bredroom 1 Bath 12 0 0 $1,531 N/A $18,377 $1,800 N/A $21,600

2 Bedroom 2 1/2 Bath 1 0 0 $3,200 N/A $3,200 $3,200 N/A $3,200

2 Bedroom 1 1/2 Bath 5 0 0 $2,390 N/A $11,948 $2,800 N/A $14,000

Totals / Wtd. Averages 18 1,038 18,689.00 $1,862.50 $1.79 $33,525 $2,155.56 $2.08 $38,800

Annual Rent Potential $402,300 $465,600

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MARKET COMPARABLES PROPERTY OVERVIEW PROPERTY VALUATION MARKET COMPARABLES DEMOGRAPHIC ANALYSIS

RENT COMPARABLES

# Property Address City State Zip Unit Type Detail Unit Size SF Rent Actual Rent Per SF

1. 3270 Oakshire Dr. Los Angeles CA 90068 1-Bed/1-Bath 800 $1,695 $2.12

2. 3293 Cahuenga Blvd Los Angeles CA 90068 1-Bed/1-Bath 730 $1,725 $2.36

3. 3260 Barham Blvd Los Angeles CA 90068 1-Bed/1-Bath 900 $2,000 $2.22

4. 3256 Barham Blvd Los Angeles CA 90068 1-Bed/1-Bath N/A $2,400 N/A

5. 3338 Oak Glen Dr. Los Angeles CA 90068 2-Bed/2-Bath N/A $2,950 N/A

6. 3400 Cahuenga Blvd Universal City CA 91608 2-Bed/2-Bath 1,141 $2,750 $2.41

7. 3043 Hollycrest Dr. Los Angeles CA 90068 2-Bed/2-Bath N/A $2,800 N/A

8. 3258 Barham Blvd Los Angeles CA 90068 2-Bed/2-Bath 1,300 $3,400 $2.62

Total Rent Comparables Average SF Rent Per Sq.Ft. 1 Bed, 1 Bath 810 $1,955 $2.23 2 Bed, 2 Bath 1,220 $2,975 $2.51

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RENT COMPARABLES MAP

3153 Barbara Ct. Los Angeles CA 90068 1 3270 Oakshire Dr. Los Angeles CA 90068 2 3293 Cahuenga Blvd Los Angeles CA 90068 3 3260 Barham Blvd Los Angeles CA 90068 4 3256 Barham Blvd Los Angeles CA 90068 5 3338 Oak Glen Dr. Los Angeles CA 90068 6 3400 Cahuenga Blvd Los Angeles CA 90068 7 3043 Hollycrest Dr. Universal City CA 90068 6 8 3258 Barham Blvd Los Angeles CA 90068

5 3 2 4 8 1

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SALE COMPARABLES

Property Property Number Of Price Per Price Per Actual Cap Year # Property Address Property City Sale Price GRM Bldg SF Sale Date County Zip Code Units Unit SF Rate Built

1 1246 Hayworth Ave West Hollywood Los Angeles 90046 18 $6,726,000 $373,667 $417.30 3.3% 17.82 16,118 1962 4/24/2018

2 1400 Fairfax Ave Los Angeles Los Angeles 90046 19 $6,700,000 $352,632 $386.70 3.38% 16.91 17,326 1963 5/30/2018

3 7530Hampton Ave Los Angeles Los Angeles 90046 17 $5,900,000 $347,059 $447.58 4.52% 14.69 13,182 1963 6/7/2018

4 1310 Gardner St Los Angeles Los Angeles 90046 16 $5,450,000 $340,625 $371.84 N/A N/A 14,657 1957 7/2/2018

5 1908 Hillcrest Rd Los Angeles Los Angeles 90068 6 $5,200,000 $866,667 $744.45 N/A N/A 6,985 1912 5/11/2018

6 1132 Formosa Ave Los Angeles Los Angeles 90046 9 $4,300,000 $477,778 $679.84 4.5% 16.25 6,325 1957 4/11/2018

7 1009 Edinburgh Ave West Hollywood Los Angeles 90046 9 $3,525,000 $391,667 $430.51 4.46% 15.67 8,188 1971 7/12/2018

8 1042 Crescent Heights Blvd West Hollywood Los Angeles 90046 8 $3,288,000 $411,000 $527.77 N/A N/A 6,230 1922 4/3/2018

AVERAGE $445,137 $500.75 4.03% 16.27

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SALE COMPARABLES MAP

3153 Barbara Ct. Los Angeles CA 90068 1 1246 Hayworth Ave West Hollywood CA 90046 2 1400 Fairfax Ave Los Angeles CA 90046 3 7530 Hampton Ave Los Angeles CA 90046 4 1310 Gardner St Los Angeles CA 90046 5 1908 Hillcrest Rd Los Angeles CA 90068 3153 BARBARA CT. 5 6 1132 Formosa Ave Los Angeles CA 90046 7 1009 Edinburgh Ave West Hollywood CA 90046 8 1042 Crescent Heights Blvd West Hollywood CA 90046

1 3

6 8 7

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DEMOGRAPHIC ANALYSIS PROPERTY OVERVIEW PROPERTY VALUATION MARKET COMPARABLES DEMOGRAPHIC ANALYSIS

AREA OVERVIEW

LOS ANGELES / HOLLYWOOD HILLS SUBMARKET HOUSING TRENDS: Nestled at the base of the Hollywood Hills, this property is located in the Studio City/Sherman Oaks submarket, which is also home to ›› After peaking near 5% in mid-2016, annual growth now stand at 2.0%. most major film and television studios in Los Angeles. This is one of LA’s hot spots for multifamily development, and the arrival of ›› The submarket bests average rents in East Hollywood by around $500/month, but thousands of new units over a relatively short period will likely continue to weigh on fundamentals. rents in neighboring West Hollywood and Mid-Wilshire are significantly higher.

Amenities nearby the property include a Starbucks coffee shop and several eateries within walking distance, as well as an L.A. Fitness ›› Hollywood has significant name value that could continue to generate demand by gym and the popular Universal City Walk shopping district a bit further afield. Also within easy driving distance are the world-renown residents moving to the area. studio and theme park Universal Studios Hollywood, as well as the many restaurants and hotels that serve that attraction. ›› Hollywood’s multifamily inventory consists of about 36,000 apartments.

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AREA DEMOGRAPHICS

CATEGORY 90068 ZIP CODE

Total Population 6,044

Total Households 3,143

Median Household Income 120,007

Average Household Income 187,789

Median Age 44.57

Vacancy 3.5%

Median Home Price $1,221,283

Employment 3,791

RACE & ETHNICITY 1 Mile White 4,782

Black 314

American Indian/Alaska Native 14

Asian 506

Hawaiian/ Pacific Islander 7

Other 151

Two or More Races 270

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AMENITIES MAP

El Paseo De Cahuenga Park

Valley View Elemntary School

3153 BARBARA CT.

27 3153 BARBARA CT. | LOS ANGELES, CA TEAM GHOBADI | NORTH LOS ANGELES

REZA GHOBADI JARED PAPAZIAN ALEX FORSTER ARTHUR DEDEYAN SHANE HARITZ JOCELYN GARIA SENIOR VICE PRESIDENT ASSOCIATE ASSOCIATE ASSOCIATE ASSOCIATE MARKETING Lic. 01780045 Lic. 02018676 Lic. 02046445 Lic. 02036890 Lic. 02025736 +1 818 325 4120 +1 818 325 4142 +1 818 325 4145 +1 818 325 4143 +1 818 325 4131 +1 818 325 4106 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

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