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Los Angeles, Ca 90006 Units: 21 Offering Memorandum Year Built: 1923

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Los Angeles, Ca 90006 Units: 21 Offering Memorandum Year Built: 1923 LOS ANGELES, CA 90006 UNITS: 21 OFFERING MEMORANDUM YEAR BUILT: 1923 a Berkshire Hathaway and Jefferies Financial Group company | 1 INVESTMENT ADVISORS Brent Sprenkle Senior Managing Director 310.621.8221 [email protected] PROPERTY HIGHLIGHTS CA BRE License #01290116 Steffan Braunlich Prime Koreatown Location Senior Director 1 310.209.3209 [email protected] CA DRE License #01859098 2 Great Unit Mix and Parking 3 Very Low Rents-Average Rent $1,006 4 Long Term Owner-Well Maintained 5 95 Walk Score-Walker’s Paradise SOUTH BAY OFFICE 2321 Rosecrans Avenue Suite #3235 El Segundo, CA 90245 TABLE OF CONTENTS PORTFOLIO SUMMARY ...............................4 THE PROPERTY ..............................................6 FINANCIAL ANALYSIS ................................ 16 MARKET POSITIONING ............................ 20 ECONOMIC AND DEMOGRAPHIC OVERVIEW .................................................. 34 DEMOGRAPHICS .........................................52 MULTIFAMILY REPORT ............................. 64 PORTFOLIO SUMMARY THE ELEVATE LA PORTFOLIO Year Built 1928 1923/1924 1923 1920’s Number of Units 30 28 21 473 Total Rentable Area 17,961 SF 17,124 SF 10,980 SF 46,065 SF Average Unit Size 470 SF 520 SF 414 SF 473 SF Current Rent $928 $972 $1,015 $967 Current Rent PSF $1.97 $1.87 $2.45 $2.04 PORTFOLIO ANALYSIS Listing Price $3,995,000 $3,995,000 $3,350,000 $11,340,000 Price / Unit $133,167 $142,679 $159,524 $143,544 Price / SF $222.43 $233.30 $305.10 $246.17 Current GRM 11.81 12.01 12.87 12.18 - Offers may be submitted for the entire portfolio, for individual assets, or for any combination of assets - Assets may be purchased free & clear, or with assumed debt | 5 THE PROPERTY PROPERTY DESCRIPTION The San Marino Apartments is a 21-unit apartment building located just east of Vermont in the Koreatown area of Los Angeles. The two-story wood-frame and stucco structure has a unit mix of 9 one-bedrooms with one-bathroom and 12 studios with a kitchen. There are approximately 10 open parking spaces. All entrances are secured and the 1920’s-built property is serviced by two center hallways and two staircases. PROPERTY SUMMARY Units 21 Year Built 1923 Parcel Number(s) 5077-029-008 Type of Buildings 1, Two-Stories with Parking Construction Type Wood-Frame and Stucco The Property | 7 LOCATION DESCRIPTION - KOREATOWN Koreatown is an ethnically diverse neighborhood in the city of Los Angeles situated south of the Hollywood Freeway (U.S. Route 101), north of the Santa Monica Freeway (Interstate 10), west of Downtown Los Angeles, and east of the Mid-Wilshire Neighborhood. Koreatown has over 40,100 persons per square mile, making it the densest neighborhood in Los Angeles. Koreatown is uniquely suited for renters. Average effective rent in Koreatown is typically about 5% less than in Downtown Los Angeles, and 82% of occupied housing is renter occupied. Approximately 39% of the households in Koreatown have an annual income of $35,000 or less. The neighborhood is rich with cultural cuisine and shopping and is close to world-famous attractions in Downtown Los Angeles and the Mid-Wilshire Neighborhood. Epicenter of Apartment Development Apartment construction in the city of Los Angeles is currently greatest in Koreatown. Multifamily developers have 23 apartment communities representing a total of 2,473 units under construction. Also under construction is a 468,000-square-foot, Class A office building in the nearby Mid-Wilshire Neighborhood. Commercial developments in the area in the planning stage include a 146,500-square-foot medical building and four hotels totaling nearly 400,000 square feet. New development in the area will provide rental upside in older rental buildings by creating a “drafting effect” on these luxury rental units. Solid Market Fundamentals Approximately 117,100 apartments are in the Mid-Wilshire submarket, which includes the Koreatown, Mid-Wilshire, and Silver Lake areas. The Mid-Wilshire submarket has healthy apartment fundamentals. Year-end apartment occupancy has exceeded 94% every year since 2012. From 2010 to 2019, annual apartment net absorption averaged over 500 units, and effective rents increased an average of 3.2% annually. 8 | The Property The Property | 9 LOCATION DESCRIPTION NEIGHBORHOOD SHOPPING DEMAND DRIVER LOS ANGELES, CA FROM THE FROM THE 2.0mi PROPERTY 1.9mi PROPERTY 2849 SAN MARINO STREET NEIGHBORHOOD QUICK FACTS SF SHOPPING JOBS 330k DESTINATION 1.7k SUPPORTED k TOTAL HOSPITAL 650.4 30 STORES 408 BEDS Population Zara | H&M | Target PIH Health Good Samaritan Hospital (Within Three Miles) NEIGHBORHOOD CONVENIENCES DEMAND DRIVER 76% FROM THE 2.4mi PROPERTY Renter Occupied Housing Units (Within Three Miles) JOBS 26.1k SUPPORTED $ 866.6k STUDENTS 46.0k ENROLLED Median Housing Unit Value (Within Three Miles) Within a two-mile radius of the property University of Southern California $ PRIMARY EDUCATION DEMAND DRIVER 48.7k STUDENTS FROM THE Median Household Income 653k SERVED 3.0mi PROPERTY (Within Three Miles) JOBS WITHIN SCHOOLS A 10-MILE . k AND CENTERS k RADIUS * 14 500 10.6% SF OF JOBS OCCUPIED City Unemployment Rate 75.7k SUPPORTED 55.6m OFFICE SPACE Hoover Street ES | Berendo MS (*Preliminary for March 2021) Downtown Los Angeles Los Angeles HS of the Arts 10 | The Property The Property | 11 LOCATION MAP 12 | The Property LOCATION MAP The Property | 13 BOUNDARY AERIAL 14 | The Property The Property | 15 FINANCIAL ANALYSIS Financial Analysis | 17 RENT ROLL Rent Roll Rent Roll Estimated Current Current Projected Projected Unit # Unit Description Unit SF Rate Rent Per SF Market Rate Rent Per SF Status 101 One Bedroom, One Bath 500 $1,135.47 $2.27 $1,595.00 $3.19 102 Studio, One Bath 350 $1,295.00 $3.70 $1,295.00 $3.70 Vacant 103 Studio, One Bath 350 $812.05 $2.32 $1,295.00 $3.70 104 Studio, One Bath 350 $937.83 $2.68 $1,295.00 $3.70 105 One Bedroom, One Bath 500 $823.08 $1.65 $1,595.00 $3.19 106 One Bedroom, One Bath 500 $1,137.21 $2.27 $1,595.00 $3.19 107 Studio, One Bath 350 $794.13 $2.27 $1,295.00 $3.70 108 Studio, One Bath 350 $735.91 $2.10 $1,295.00 $3.70 109 Studio, One Bath 350 $679.49 $1.94 $1,295.00 $3.70 110 One Bedroom, One Bath 500 $1,595.00 $3.19 $1,595.00 $3.19 Manager 111 One Bedroom, One Bath 500 $1,197.89 $2.40 $1,595.00 $3.19 201 One Bedroom, One Bath 500 $1,370.00 $2.74 $1,595.00 $3.19 202 Studio, One Bath 350 $764.86 $2.19 $1,295.00 $3.70 203 Studio, One Bath 350 $879.45 $2.51 $1,295.00 $3.70 204 Studio, One Bath 350 $805.42 $2.30 $1,295.00 $3.70 205 One Bedroom, One Bath 500 $1,285.00 $2.57 $1,595.00 $3.19 206 One Bedroom, One Bath 500 $1,022.99 $2.05 $1,595.00 $3.19 207 Studio, One Bath 350 $805.97 $2.30 $1,295.00 $3.70 208 Studio, One Bath 350 $978.50 $2.80 $1,295.00 $3.70 209 Studio, One Bath 350 $901.00 $2.57 $1,295.00 $3.70 210 One Bedroom, One Bath 500 $1,359.42 $2.72 $1,595.00 $3.19 Rent Range Projected Percentage Unit Description Estimated SF Current Rate Per SF Market Rate Percent Vacant Number Vacant Number of Units of Total Totals: Studio, One Bath 4,200.00 $10,389.61 $1.94 - $3.70 $15,540.00 8.33% 1 12 57.14% One Bedroom, One Bath 4,500.00 $10,926.06 $1.65 - $3.19 $14,355.00 9 42.86% 8,700 $21,315.67 $29,895.00 4.76% 1 21 Current Projected Projected % Estimated Rental Unit Description Estimated SF Current Rate Rent Per SF Market Rate Rent Per SF Upside Range Averages: Studio, One Bath 350.00 $865.80 $2.47 $1,295.00 $3.70 49.57% $679 - $1,295 One Bedroom, One Bath 500.00 $1,214.01 $2.43 $1,595.00 $3.19 31.38% $823 - $1,595 IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. © 2021 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only. 18 | Financial Analysis UNIT MIX & RENT SCHEDULE UNIT MIX & RENT SCHEDULE INVESTMENT SUMMARY Estimated Current Current Avg. Market Current Market Est. Total Units Unit Type Unit SF Rental Range Rent Rent Rent/SF Rent/SF Net SF Price $3,350,000 12 Studio / 1 Bath 350 $679 - $1,295 $866 $1,295 $2.47 $3.70 4,200 Price/Unit $159,524 9 1 Bed / 1 Bath 500 $823 - $1,595 $1,214 $1,595 $2.43 $3.19 4,500 Price/SF $305.10 21 414 $1,015 $1,424 $2.45 $3.44 8,700 Gross SF 10,980 Pro Forma Cap Rate 3.84% Current Market INCOME Pro Forma Pro Forma ALL FINANCING Scheduled Market Rent $255,788 $358,740 Total Loan Amount $2,010,000 Less: Vacancy 3.00% ($7,674) ($10,762) Net Rental Income $248,114 $347,978 Down Payment $1,360,100 LTV 60% Plus: Misc.
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