Offering Memorandum 11921 Goshen Avenue Brentwood Presented By:

Kenny Stevens Principal DRE 01090251 [email protected] 310.963.7851 11921 Goshen Avenue , CA

LOCATION OVERVIEW

Neighborhood Description Location Highlights Nearby Developments Local Hotspots

PROPERTY SUMMARY

Property Description Property Details Photography

FINANCIALS

Set Up Rent Roll Rental Comps Sales Comps Introducing: Brentwood

Brentwood, one of L.A.’s most affluent neighborhoods, provides a tranquil refuge for residents, while maintaining a distinct presence in culture. Brentwood includes high-style boutiques and trendy restaurants balanced by large secluded houses in the foothills of the Santa Monica mountains. Sitting alongside the ever growing hustle and bustle of Santa Monica, Brentwood is still able to maintain the comforting neighborhood vibe it has held for years.

The main artery, , features classy Italian eateries and warm cafes, plus the historic Brentwood Country Mart, a family- friendly retail hub. While there are many restaurants, specialty food shops, and clothing boutiques, Brentwood enjoys a slightly slower pace. The town is well-maintained, from its manicured parks to its sweeping city streets. One of the neighborhood’s defining features is the Getty Center, which delivers world-class art from its mountainside perch. It is a cultural, architectural and botanical wonder designed by famed architect Richard Meier is a 24-acre hilltop campus that boasts an expansive art collection and gorgeous city views.

Brentwood has its share of high-profile residents but it’s also a mix of affluent families, UCLA students and faculty, as well as successful entertainment industry professionals who appreciate its quiet quaintness. Quaint shops are its calling card and long-time residents greet one another on the area’s many running paths and trails, lending a sense of stability and familiarity. Tree-lined streets with well-tended homes in a range of architectural styles stretch up into the hills.

The property on 11921 Goshen Ave is situated just north of Wilshire Blvd and south of San Vicente Blvd in the heart of Brentwood. The best shopping, restaurants, and entertainment that Brentwood has to offer are all within walking distance of the property. Location Highlights

Excellent Brentwood Walking distance to local Easy access to 405 and 10 freeways, location north of Wilshire Blvd shops, restaurants and markets as well as public transportation 1

Bundy Drive

Sunset Blvd I 405

5

San Vicente Blvd 2 11921 Goshen Avenue 3 Melrose Ave 4

Nearby Developments

1 229 Patton Avenue 2 1200 Granville Avenue 3 11770 4 12027-12035 Wilshire Boulevard 5 11811 San Vicente Boulevard

West L.A. Veterans The shopping center next 34-story tower planned Picasso Brentwood is being Construction is underway for Collective will build at least to Q’s Billiards, Bruhaus, will replace an existing developed by Metropolitan the new Frank Gehry-Designed 900 of the 1,200 supportive and Cabo Cantina on commercial building with 376 Pacific Real Estate Group. The Office Building, which will be housing units that the Wilshire Boulevard, just units of apartment housing six-story building will feature 81 a low-rise structure designed VA has agreed to put on east of Santa Monica, residential units - including a by the architect Frank Gehry. the 400-acre campus will undergo a dramatic, handful set aside as affordable Located on a triangular, the along Wilshire Boulevard. $10-million facelift over the housing - with 10,000 square three-story, 10,000-square foot Building 207 will also hold next 10 months. feet of ground-floor retail space building will include parking community space, a library, and basement parking for 126 for 36 vehicles. a gym, case management vehicles. offices and landscaped outdoor space, Peck says. Construction is anticipated to begin in late 2019. 3

Wilshire Blvd I-405

San Vicente Blvd 1 11921 Goshen Avenue

Pico Blvd 2 Montana Ave 4 Wilshire Blvd

5 Melrose Ave

Local Hotspots

1 The Brentwood 2 Sawtelle Boulevard 3 Westwood Village 4 Stoner Park 5 Douglas Park Country Mart The neighborhood of An almost-coastal village Tucked away in a quiet and You could spend all day In today’s world of mega- Sawtelle Japantown with cosmopolitan friendly neighborhood, Stoner at Douglas Park. Bring the stores and mega-malls (formerly known as Little sensibilities, Westwood’s Park & Rec Center has something bikes and cruise around on the Brentwood Country Osaka) is a true gem of premier restaurants, revered for everyone. There is a skate the paved area with a water Mart feels cozy, familiar . The playhouses, and top-notch park, tennis courts, playground, spout to soak riders in warm and is a place where it historic area is known university campus uphold LA’s baseball field, basketball courts, weather. Featuring a lawn is easy to shop and eat. for the trendy shops and reputation for looking good. soccer goals, field, free sports bowling arena and duck pond, The Brentwood Country restaurants centered Catering to both students camps in the summer, huge pool this is the perfect community Mart has been renovated on Sawtelle Boulevard. and starlets, Westwood’s and splash pad, and free movie to relax from the busy streets and restored by James S. Take a stroll through the sleek cafes and wily street nights in the summer. Rosenfield. JS Rosenfield neighborhood and shop performers walk a fine line & Co specializes in the kitschy boutiques, nosh on between intimidatingly chic preservations of unique Los delicious multicultural fare and invitingly approachable. Angeles environments. and more. Property Summary

PROPERTY DETAILS

PROPERTY DESCRIPTION Units

Kenny Stevens Team is pleased to present 11921 Goshen Ave, 8 an 8 unit multifamily building is located north of Wilshire Blvd in a highly desirable and rarely traded Brentwood submarket in West Los Angeles. This property has been totally Intersection remodeled and boasts an attractive unit mix consisting of (2) Bundy Drive & Westgate three-bedroom/two-bathroom units, (2) two-bedroom/two- bathroom units, (2) one-bedroom/one-bathroom units, and Avenue (2) single units. Units have been upgraded with hardwood floors, and modern, attractive finishes. Amenities includes on-site laundry, 9 parking spaces and a spacious community Market sun deck. Conveniently situated near trendy Brentwood shops, Brentwood restaurants and markets this investment property is a great opportunity for any investor. With this investment comes true pride of ownership of property in a high demand rental area APN in one of the best areas in Los Angeles. 4265-012-045

Zoning LAR3

Bldg Sq Ft 6,700

Lot size Sq Ft 7,874 Property Highlights

Bright and tranquil community Bright, spacious units with Some units complete 9 parking spaces Onsite Laundry sundeck and garden plentiful natural light, large with balconies or living rooms, and walk-in patios closets

Approximate Age: 1962 Price Per Sq Ft: $834 Financials Approximate Lot Size: 7.874 sq. ft. Current CAP: 3.52% Approximate Builing Size: 6,700 sq. ft. Market CAP: 3.78% Zoning: LAR3

Investment Summary Annualized Operating Data

Price: $5,590,000 Current Rents Market Rents Down Payment: 100% $5,590,000 Scheduled Gross Income: $308,160 $323,160 Number of Units: 8 Vacancy Allowance: $9,245 3% $9,695 3% Price Per Unit: $698,750 Gross Operating Income: $298,915 $313,465 Current GRM: 18.14 Less Expenses: $102,410 36% $102,410 32% Market GRM: 17.30 Net Operating Income: $196,505 $211,055 Proposed Financing: $0 Less Loan Payment: -$0 -$0 Pre-Tax Cash Flow: $196,505 3.52% $211,055 3.78% Plus Principal Reduction: $0 $0 Total Return Before Taxes: $196,505 3.52% $211,055 3.78%

Income Expenses*

Current Rents Market Rents Taxes (new): 1.25% $69,875 # of Units Bed/Baths Monthly Rent/Unit Monthly Income Monthly Rent/Unit Monthly Income Insurance: $2,680 1 3 + 3 $4,500 $4,500 $5,000 $5,000 Utilities: $6,700 1 3 + 2 $4,600 $4,600 $4,850 $4,850 Repairs/Maintenance: $7,704 2 2 + 2 $3,450 $6,900 $3,500 $7,000 Professional Mgmt: $13,451 4 1 + 1 $2300 - $2500 $9,600 $2,500 $10,000 Reserves/Misc: $2,000 Total Expenses: $102,410 Total Scheduled Rent: $25,600 $26,850 Per Sq. Ft: $15.29 Laundry Income: $80 $80 Per Unit: $12,801 Other Income: $0 $0 Monthly Scheduled Gross Income: $25,680 $26,930 *EXPENSES ARE ESTIMATED Annual Scheduled Gross Income $308,160 $323,160 Financials Rent Roll As Of 4/12/19

Rent Roll

Unit # Unit Type Current Rent Market Rent GOS 1 3 + 3 $4,500 $5,000 GOS 2 1 + 1 $2,500 $2,500 GOS 3 2 + 2 $3,450 $3,500 GOS 4 3 + 2 $4,600 $4,850 GOS 5 1 + 1 $2,500 $2,500 GOS 6 2 + 2 $3,450 $3,500 GOS 7 1 + 1 $2,300 $2,500 GOS 8 1 + 1 $2,300 $2,500

LAUNDRY INCOME: $80 $80 MONTHLY TOTAL: $25,680 $26,930 ANNUAL TOTAL: $308,160 $323,160 Comparables – Rental Comps

Property Photo

Address 11921 Goshen Avenue 8327 W 4th Street 11847 Kiowa Ave #303 8600 Burton Way 11681 Darlington Ave 8811 Burton Way #212 8888 W 3rd St #206

$2,300-$4,500 Rent per month $5,500 $5,295 $4,195 $3,795 $3,100 $2,750

(1) 3+3, (1) 3+2, Unit Type (2) 2 + 2 3+2 3+3 2+2 2+2 1+1 1+1 (4) 1 + 1 6 Burton Way 5 3 1

Wilshire Blvd

I-405

Wilshire Blvd

Pico Blvd San Vicente Blvd 4

2 11921 Goshen Avenue

1. 8327 W 4th Street 2. 11847 Kiowa Ave #303 3. 8600 Burton Way 4. 11681 Darlington Ave 5. 8811 Burton Way #212 6. 8888 W 3rd St #206 Comparables – Sales Comps

Property Photo

Address 11921 Goshen Ave 11923 Gorham Ave 1721 Colby Ave 1521-1527 Yale St

Sales Price $5,590,000 $8,650,000 $8,325,000 $6,475,000

COE — 3/8/2019 1/9/2018 11/29/2018

Units 8 8 9 7

Price Per Foot $834 /sf $453.16 /sf $841.25 /sf $737.30 /sf

Building Sq Ft 6,700 19,088 9,896 8,782

Price/Unit $698,750 $1,081,250 $925,000 $925,000

Year Built 1962 1993 1960 1963

Unit Mix (1) 3+3, (1) 3+2, (2) (8) 3 + 2 (4) 1 + 1, (5) 2 + 2 (7) 2 + 2 2 + 2, (4) 1 + 1 Comparables – Sales Comps

Property Photo

Address 11908 Montana Ave 1543 Stanford St

Sales Price $17,600,000 $5,032,500

COE 10/22/2018 6/29/2018

Units 24 7

Price Per Foot $445.46 /sf $839.59 /sf

Building Sq Ft 39,510 5,994

Price/Unit $733,333 $718,929

Year Built 1973 1963

Unit Mix (9) 1 + 1, (15) 2 + 1 (4) 1 + 1, (3) 2 + 2 3 2

11921 Goshen Avenue

1

4 1. 1721 Colby Ave 5 2. 11923 Gorham Ave 3. 11908 Montana Ave 4. 1543 Stanford St 5. 1521-1527 Yale St For more information, please contact:

Kenny Stevens Principal DRE 01090251 [email protected] 310.963.7851

— We sweat the details so you don’t have to.

Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number DRE 01991628. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale or withdrawal without notice. No statement is made as to accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage.