GOLD LINE GOLD MINE 73-Unit Apartment Portfolio Within Blocks of the Metro Gold Line

High Profile Multifamily Opportunity in the Heart of azusa

33 UNITS | 1240-80 N San Gabriel Avenue 26 UNITS | 621 N Cerritos Avenue 14 UNITS | 625 N Cerritos Avenue

non rent-controlled properties with significant upside

PLEASE DO NOT DISTURB TENANTS-DRIVE BY ONLY

Capital Markets | Investment Properties

For more information, please contact: Ed Matevosian Joyce Goldstein Greg Nassir Natalie Aghaei Lic. 01358783 Lic. 01903737 Lic. 01775052 Lic. 01939416 +1 818 502 6744 +1 818 502 6700 +1 818 907 4697 +1 310 948 2948 [email protected] [email protected] [email protected] [email protected] Affiliated Business Disclosure square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property CBRE, Inc. operates within a global family of companies with will be made available to interested and qualified prospective many subsidiaries and/or related entities (each an “Affiliate”) purchasers. In this Memorandum, certain documents, including engaging in a broad range of commercial real estate businesses leases and other materials, are described in summary form. including, but not limited to, brokerage services, property and These summaries do not purport to be complete nor necessarily facilities management, valuation, investment fund management accurate descriptions of the full agreements referenced. and development. At times different Affiliates may represent Interested parties are expected to review all such summaries and various clients with competing interests in the same transaction. other documents of whatever nature independently and not rely For example, this Memorandum may be received by our Affiliates, on the contents of this Memorandum in any manner. including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property Neither the Owner or CBRE, Inc, nor any of their respective described in this Memorandum (the “Property”) may submit an directors, officers, Affiliates or representatives make any offer to purchase the Property and may be the successful bidder representation or warranty, expressed or implied, as to the for the Property. You hereby acknowledge that possibility and accuracy or completeness of this Memorandum or any of its agree that neither CBRE, Inc. nor any involved Affiliate will have contents, and no legal commitment or obligation shall arise any obligation to disclose to you the involvement of any Affiliate by reason of your receipt of this Memorandum or use of its in the sale or purchase of the Property. In all instances, however, contents; and you are to rely solely on your investigations and CBRE, Inc. will act in the best interest of the client(s) it represents inspections of the Property in evaluating a possible purchase of in the transaction described in this Memorandum and will not the real property. act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror The Owner expressly reserved the right, at its sole discretion, or prospective offeror, but rather will conduct its business in a to reject any or all expressions of interest or offers to purchase manner consistent with the law and any fiduciary duties owed the Property, and/or to terminate discussions with any entity to the client(s) it represents in the transaction described in this at any time with or without notice which may arise as a result Memorandum. of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Confidentiality Agreement Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the This is a confidential Memorandum intended solely for your Property have been fully executed, delivered and approved by limited use and benefit in determining whether you desire to the Owner and any conditions to the Owner’s obligations therein express further interest in the acquisition of the Property. have been satisfied or waived.

This Memorandum contains selected information pertaining By receipt of this Memorandum, you agree that this Memorandum to the Property and does not purport to be a representation of and its contents are of a confidential nature, that you will hold the state of affairs of the Property or the owner of the Property and treat it in the strictest confidence and that you will not (the “Owner”), to be all-inclusive or to contain all or part of disclose this Memorandum or any of its contents to any other the information which prospective investors may require to entity without the prior written authorization of the Owner or evaluate a purchase of real property. All financial projections and CBRE, Inc. You also agree that you will not use this Memorandum information are provided for general reference purposes only or any of its contents in any manner detrimental to the interest and are based on assumptions relating to the general economy, of the Owner or CBRE, Inc. market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, If after reviewing this Memorandum, you have no further interest assumptions and other information provided and made herein in purchasing the Property, kindly return this Memorandum to are subject to material variation. All references to acreages, CBRE, Inc.

1 TABLE OF CONTENTS

EXECUTIVE SUMMARY // 04

AREA OVERVIEW // 10

MARKET OVERVIEW // 28

PROPERTY OVERVIEW // 42

CBRE, INC. | 2 3 EXECUTIVE SUMMARY

CBRE, INC. | 4 Located in the heart of Azusa, nestled at the foot of the San Gabriel Mountains

5 1240-1280 N SAN GABRIEL 621 N CERRITOS AVE 625 N CERRITOS AVE AVE AZUSA, CA AZUSA, CA AZUSA, CA TOTAL/ AVERAGE

PRICE $6,200,000 $ 4,600,000 $2,800,000 $13,600,000

UNITS 33 26 14 73

APN 8608-001-021 8612-003-041 8612-003-001

YEAR BUILT 1962 1962 1988

9: 2 + 1 7: 1 + 1 1: 2 + 1 UNIT MIX 22: 2 + 1.5 TH 9: 2 + 1.5 11: 2 + 2 2: 2+1.5 + Den TH 10: 2 + 2 2: 3 + 2

PRICE $6,200,000 $ 4,600,000 $2,800,000 $13,600,000

BUILDING SF 33,102 23,270 12,372 68,744

$/UNIT $187,879 $176,923 $200,000 $188,267

$/SQ. FT. $189 $198 $226 $204 EXECUTIVE PORTFOLIO SUMMARY

CBRE, Inc., as the exclusive advisor, is pleased to present this portfolio of non-rent controlled multifamily buildings located in prime Azusa, California. This unique value-add portfolio provides the new owner with the opportunity to significantly increase revenues by completing minor renovations and increasing rental units to market rate. The portfolio consists of 3 properties and a total of 73 Units. The buildings can be purchased individually or as a package. Each of the buildings are situated within walking distance from the Metro Gold Line station, providing residents convenient access to Pasadena, South Pasadena, and all of Downtown Los Angeles..

CBRE, INC. | 6 TRANSIT-ORIENTED LOCATION All properties are situated within walking distance from the Azusa Downtown Metro Gold Line Station with immediate access to Downtown Los Angeles, the entire Pasadena area, and the San Gabriel Valley.

CLOSE PROXIMITY TO SUPERIOR EDUCATION Within minutes of Azusa Pacific University, one of U.S. News INVESTMENT & World Reports’ Best Colleges, and Citrus College, all three properties offer convenient alternatives to on-campus student HIGHLIGHTS housing.

7 ACCESS Situated within blocks of the 210 Freeway. With easy accessibility SIGNIFICANT UPSIDE POTENTIAL to the 210 and Gold Line. Azusa continues to gain significant Below market rents in a non-rent controlled ground as a residential destination of choice for young college low-vacancy market.* graduates, growing families, and professionals who work and study all along the 210 corridor and and Downtown LA.

CITY ON THE RISE DIVERSE UNIT MIX Between Rosedale (The San Gabriel Valley’s newest and finest Desirable mix of units from 1-bedroom to master-planned community), the recently approved downtown 3-bedroom apartment homes to satisfy Block 36 development including a Laemmle Theater plus every resident’s needs 40,000 SF of additional retail, and several other transit oriented developments in the works, Azusa is a city on the rise.

*Based on a reported 2016 4% vacancy in Azusa by CoStar.

CBRE, INC. | 8 9 AREA OVERVIEW

CBRE, INC. | 10 AZUSA overview The Business Friendly City

A new Azusa is emerging. The City is revitalizing the community by offering new choices for living, working and exploring. The City understands that providing the highest quality of life is a means of achieving positive economic development benefits. An ombudsman also provides one- on-one assistance to businesses. Nestled at the foot of the San Gabriel Mountains National Monument and with access to a reliable source of water, affordable electric rates and a sustainable infrastructure featuring two light rail Foothill Gold Line Stations, Azusa is prepared to be the ideal destination for residents, businesses and explorers.

MAJOR EMPLOYERS

azusa block 36: a new mixed-use development

azusa block 36 concept plan | design by wha

11 THE METRO GOLD LINE

The city of Azusa is home to two Gold Line stations as part of the Foothill The Azusa Downtown station is located east of Azusa Avenue, and consists Gold Line from Pasadena to Azusa, completed on time and on budget on of side platforms with the track in the middle. As part of the project, Alameda September 23, 2015 and turned over to Metro. Downtown Azusa is one of the Avenue was permanently closed to accommodate the new platforms. The two stations in Azusa, located in the heart of the city’s downtown. The second next Gold Line construction phase will continue the line for 12 miles east Gold Line station is located on the eastern border of the city near Azusa Pacific from Downtown Azusa is one of the two stations in Azusa, located in the University and Citrus College (APU/Citrus College Station). Passenger service heart of the city’s downtown. The second Gold Line station is located Azusa began on March 5, 2016. to Montclair and eventually the plan is to extend it to Ontario Airport (all construction subject to funding).

Approximately 12 million annual boardings. (www.metro.net.com)

CBRE, INC. | 12 13 EDUCATION

Azusa offers convenient access to a plethora of world class educational institutions. Azusa residents are able to enjoy convenient access to schools such as Azusa Pacific University, California Institute of Technology, the University of Southern California, Citrus College, Occidental College, Loyola Law School, Southwestern Law School and Pasadena City College within minutes. Each institution produces a rich source of skilled labor capable of pursuing highly specialized occupations and business ventures. The local talent nearby, the strong demographics, and the mass transit in Azusa, will continue elevating the trend of this community’s desirability.

CBRE, INC. | 14 1240 N SAN GABRIEL AVENUE

625 N CERRITOS AVENUE

621 N CERRITOS AVENUE

DEMOGRAPHICS Map

15 DEMOGRAPHICS

pOPULATION HOUSING

2016 ESTIMATED POPULATION 50,091 2016 ESTIMATED OWNER 7,558 OCCUPIED UNITS 2021 ESTIMATED POPULATION 52,595 2016 ESTIMATED RENTER 6,168 OCCUPIED UNITS HOUSEHOLDS

2016 HOUSEHOLDS 13,726 HOUSEHOLD INCOMES

2021 HOUSEHOLDS 14,380 2016 AVERAGE HOUSEHOLD INCOME $70,452

2021 AVERAGE HOUSEHOLD INCOME $77,511

RACE & ETHNICITY

2016 ESTIMATED POPULATION 50,091 Education BY RACE 2016 ESTIMATED POPULATION OVER 25 29,840 White 28,834 57.6% BY EDUCATIONAL ATTAINMENT

Black 1,363 2.7% Less than 9th Grade 4,338 14.5%

Asian 4,317 8.6% 9-12th Grade - No Diploma 2,437 8.2%

Pacific Islander 90 0.2% High School Diploma 8,397 28.1% American Indian & 580 1.2% GED or Alternative Credential 555 1.9% Alaska Native Some College - No Degree 6,005 20.1% Other Race 12,510 25% Associate`s Degree 2,180 7.3% Two or More Races 2.399 4.8% Bachelor`s Degree 4,166 14.0% 2016 ESTIMATED POPULATION 50,091 BY ORIGIN Graduate or Professional 1,768 5.9% Degree Hispanic 34,846 69.6%

White Non-Hispanic 8,983 17.9%

Other Origin 6,262 12.5%

© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Esri

CBRE, INC. | 16 DOWNTOWN azusa amenities map

1240 N SAN GABRIEL AVENUE

625 N CERRITOS AVENUE

621 N CERRITOS AVENUE

17 1240 N SAN GABRIEL AVENUE

625 N CERRITOS AVENUE

621 N CERRITOS AVENUE

LOCAL AZUSA Neighborhood AMENITIES Map

CBRE, INC. | 18 Downtown Los Angeles

Downtown Los Angeles, with direct Gold Line access from Azusa to Union MAJOR DTLA EMPLOYERS Station, was built up around the original settlements in the region, and is naturally its geographic center. It has become one of the most dynamic urban centers in the West and the regional hub of Southern California. It contains the largest concentration of office space and cultural amenities, is the center

of an extensive transportation network, and is the focal point for investment Fresh Freight Air DTLA City Hall capital by public and private sources. The city’s renaissance, which began in the mid-1990s, has accelerated. According to the Downtown Center BID metro.net (DowntownLA.com), investment in Downtown LA from 1999 to 2014 has been approximatelyMetro $19.3 billion.Rail Out of & this $19.3Busway billion investment over the

years, $7.3 billion of it has been in the residential sector. The residential and Down Town retail sectors have seen significant growth, which the hotel market continues Professional to expand to meet the demand from over 10 million visitors annually.

GOLD LINE ROUTE Chatsworth Amtrak & Metrolink

Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/Citrus College

Roscoe Memorial Park Sherman Way SAN GABRIEL VALLEY Del Mar Canoga De Soto Pierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North Hollywood Fillmore Universal City/Studio City Los Angeles River Warner Ctr Hollywood/Highland South Pasadena

Hollywood/Vine Highland Park

Hollywood/Western Southwest Museum CENTRAL LA Vermont/Sunset Heritage Sq

Vermont/Santa Monica Lincoln/Cypress

Vermont/Beverly Chinatown

Westwood/VAWestwood/UCLA Hospital Century City/ConstellationWilshire/RodeoWilshire/La CienegaWilshire/FairfaxWilshire/La BreaWilshire/WesternWilshire/Normandie Union Station Wilshire/Vermont Amtrak & Metrolink 2nd St/HopeCivicGrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark Metrolink PURPLE LINE EXTENSION LAX FlyAway LAC+USC MedicalCal State Ctr LA El Monte Westlake/MacArthur Park REGIONAL CONNECTOR WESTSIDE TRANSIT PROJECT 2nd St/ 7th St/Metro Ctr Broadway Little Tokyo/Arts Dist Pico Pershing 19 Square LATTC/Ortho Soto Institute Indiana Atlantic DOWNTOWN Pico/Aliso Maravilla 1st/Central LA Mariachi Plaza Grand/LATTC East LA Civic Ctr Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC EASTSIDE 37th St/ San Pedro St Rail Station USC Transfer Martin Luther King Jr Jefferson/USC Washington Station BuswayStation CRENSHAW/LAX Leimert Park TRANSIT PROJECT Slauson Vernon Busway Street Service Hyde Park UNDER SOUTH LA Slauson River Angeles Los CONSTRUCTION Fairview Heights Manchester Florence PACIFIC OCEAN Downtown Inglewood Metro Rail Westchester/Veterans Firestone

LAX Red Line Aviation/96th 103rd St/ North Hollywood to Union Station Watts Towers Purple Line Aviation/Century Willowbrook/ Wilshire/Western to Union Station LAX Shuttle G Rosa Parks Aviation/LAXHawthorne/LennoxCrenshawVermont/Athens Harbor FwyAvalon Long Beach LakewoodBl NorwalkBl Blue Line Downtown LA to Long Beach Rosecrans Compton Expo Line Mariposa Downtown LA to Santa Monica

Harbor Artesia Green Line El Segundo Gateway Redondo Beach to Norwalk Transit Ctr Del Amo GATEWAY CITIES Gold Line Douglas East Los Angeles to Azusa

Redondo Beach Carson Wardlow Metro Busway

Willow St Orange Line SOUTH BAY Chatsworth to North Hollywood Pacific Pacific Coast Hwy Silver Line Coast San Pedro to El Monte Hwy Street Service in Downtown LA Anaheim St and San Pedro

Pacific 5th St Av Regional Rail

San Pedro Downtown 1st St Amtrak Long Beach amtrak.com Metrolink metrolinktrains.com

Airport Shuttle

LAX FlyAway lawa.org/flyaway LAX Shuttle (free) lawa.org

DTLA AMENITIES Map

CBRE, INC. | 20 South Pasadena

The city of South Pasadena, approximately 30 minutes from Azusa via direct Gold Line access, is a fully built-out community that takes pride in maintaining its local identity and connection to the community. The city is well known for its landscape, unique small businesses, and top quality schools. Throughout its history, the City has taken considerable measures to preserve its distinctive small-town feel. However, the demands by residents and the city for additional services and revenue have allowed for retail growth. In addition to South Pasadena’s numerous “mom and pop” (local) retail dining and shopping establishments, the city is also home to multiple national vendors. Large super market retailers include Trader Joes, Pavilions, Bristol Farms and Ralphs. Local demographics continue to hold strong as South Pasadena boasts an average household income of $110,280 versus the LA County average of $78,309.

21 metro.net Metro Rail & Busway

GOLD LINE ROUTE

Chatsworth Amtrak & Metrolink

Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/Citrus College

Hollywood/Vine Highland Park

Hollywood/Western Southwest Museum CENTRAL LA Vermont/Sunset Heritage Sq Vermont/Santa Monica Lincoln/Cypress Pasadena

Vermont/Beverly Chinatown VIBRANT OLD TOWN PASADENA Westwood/VAWestwood/UCLA Hospital Century City/ConstellationWilshire/RodeoWilshire/La CienegaWilshire/FairfaxWilshire/La BreaWilshire/WesternWilshire/Normandie Union Station Old Town Pasadena is nationally recognized for its vibrant main street revitalization and preserved historic charm. The historic streets and alleyways, rustic brick Wilshire/Vermont Amtrak & Metrolink 2nd St/HopeCivicGrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark Metrolink PURPLE LINE EXTENSION façadesLAX FlyAwayand architecturalLAC+USC accents MedicalCal State ofCtr LAPasadena’sEl Monte original business district have come to create a unique and lively entertainment focal point for residents and Westlake/MacArthur Park REGIONAL CONNECTOR tourists alike. Physically bound by Walnut Street to the north, Pasadena Avenue to the west, Del Mar Boulevard to the south and Arroyo Parkway to the east, WESTSIDE TRANSIT PROJECT 2nd St/ 7th St/Metro Ctr Broadway OldLittle Town Tokyo/Arts Pasadena Distencompasses twenty-two blocks providing access to over 120 restaurants, shops, and entertainment venues, 35 specialty retail stores, a Pico Pershing Courtyard by Marriott Hotel and several other leading attractions. Pasadena boasts a world class roster of educational institutions, technology companies/think Square LATTC/Ortho tanks, and a wide varietySoto of sought after employment opportunities. With its 15 mile proximity to Azusa and direct Gold Line access, it is not uncommon to see Institute both established professionalsIndiana and hipstersAtlantic boarding the train to take in the view of the foothills and answer e-mails on their ride into work. DOWNTOWN Pico/Aliso Maravilla LA 1st/Central Mariachi Plaza CBRE, INC. | 22 Grand/LATTC East LA Civic Ctr Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC EASTSIDE 37th St/ San Pedro St Rail Station USC Transfer Martin Luther King Jr Jefferson/USC Washington Station BuswayStation CRENSHAW/LAX Leimert Park TRANSIT PROJECT Slauson Vernon Busway Street Service Hyde Park UNDER SOUTH LA Slauson River Angeles Los CONSTRUCTION Fairview Heights Manchester Florence PACIFIC OCEAN Downtown Inglewood Metro Rail Westchester/Veterans Firestone

Harbor Artesia Green Line El Segundo Gateway Redondo Beach to Norwalk Transit Ctr Del Amo GATEWAY CITIES Gold Line Douglas East Los Angeles to Azusa

Redondo Beach Carson Wardlow Metro Busway

Willow St Orange Line SOUTH BAY Chatsworth to North Hollywood Pacific Pacific Coast Hwy Silver Line Coast San Pedro to El Monte Hwy Street Service in Downtown LA Anaheim St and San Pedro

Pacific 5th St Av Regional Rail

San Pedro Downtown 1st St Amtrak Long Beach amtrak.com Metrolink metrolinktrains.com

Airport Shuttle

LAX FlyAway lawa.org/flyaway LAX Shuttle (free) lawa.org

23 AZUSA via Metro Gold Line

Pasadena AMENITIES Map

CBRE, INC. | 24 metro.net Metro Rail & Busway

Chatsworth Amtrak & Metrolink

Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/Citrus College

Hollywood/Vine Highland Park

Hollywood/Western Southwest Museum CENTRAL LA Vermont/Sunset Heritage Sq

Vermont/Santa Monica Lincoln/Cypress

Vermont/Beverly Chinatown

Westwood/VAWestwood/UCLA Hospital Century City/ConstellationWilshire/RodeoWilshire/La CienegaWilshire/FairfaxWilshire/La BreaWilshire/WesternWilshire/Normandie Union Station Wilshire/Vermont Amtrak & Metrolink 2nd St/HopeCivicGrandGrandGrandGrand Ctr/Civic Ctr/ParkParkParkPark Metrolink PURPLE LINE EXTENSION LAX FlyAway LAC+USC MedicalCal State Ctr LA El Monte Westlake/MacArthur Park REGIONAL CONNECTOR WESTSIDE TRANSIT PROJECT 2nd St/ 7th St/Metro Ctr Broadway Little Tokyo/Arts Dist Pico Pershing Square LATTC/Ortho Soto Institute Indiana Atlantic DOWNTOWN Pico/Aliso Maravilla 1st/Central LA Mariachi Plaza Grand/LATTC East LA Civic Ctr Downtown17th Santa St/SMC Monica26th St/BergamotExpo/BundyExpo/SepulvedaWestwood/RanchoPalms Culver Park CityLa Cienega/JeffersonExpo/La BreaFarmdaleExpo/CrenshawExpo/WesternExpo/VermontExpoPark/USC EASTSIDE 37th St/ San Pedro St Rail Station USC Transfer Martin Luther King Jr Jefferson/USC Washington Station BuswayStation CRENSHAW/LAX Leimert Park TRANSIT PROJECT Slauson Vernon Busway Street Service Hyde Park UNDER SOUTH LA Slauson River Angeles Los CONSTRUCTION Fairview Heights Manchester Florence PACIFIC OCEAN Downtown Inglewood Metro Rail Westchester/Veterans Firestone

Harbor Artesia Green Line El Segundo Gateway Redondo Beach to Norwalk Transit Ctr Del Amo GATEWAY CITIES Gold Line Douglas East Los Angeles to Azusa

Redondo Beach Carson Wardlow Metro Busway

Willow St Orange Line SOUTH BAY Chatsworth to North Hollywood Pacific Pacific Coast Hwy Silver Line Coast San Pedro to El Monte Hwy Street Service in Downtown LA Anaheim St and San Pedro

Pacific 5th St Av Regional Rail

San Pedro Downtown 1st St Amtrak Long Beach amtrak.com Metrolink metrolinktrains.com

Airport Shuttle

LAX FlyAway lawa.org/flyaway LAX Shuttle (free) lawa.org

25 1240 N SAN GABRIEL AVENUE

GOLD LINE

625 N CERRITOS AVENUE

621 N CERRITOS AVENUE

LA REGIONAL Map — azusa

CBRE, INC. | 26 27 MARKET OVERVIEW

CBRE, INC. | 28 VACANCY & ASKING RATE

Vacancy Rate Asking Rent Per SF

VACANCY RATE 10/28/2016 ASKING RENT PER SF 10/28/2016 Copyrighted report licensed to CBRE - 550935. Copyrighted report licensed to CBRE - 550935.

Leasing Units SURVEY 5-YEAR AVG Inventory in Units SURVEY 5-YEAR AVG Vacant Units 152 168 Existing Units 3,990 3,894 Vacancy Rate 4.1% 4.5% 12 Mo. Const. Starts 102 102 12 Mo. Absorption Units 9 11 Under Construction 102 102 12 Mo. Deliveries 0 0

Source: CoStar

29 CBRE, INC. | 30 RENT COMPARABLES MAP 1240 N SAN GABRIEL AVENUE 5 6 4

625 N CERRITOS AVENUE

621 N CERRITOS AVENUE 2

7 11

13 9 10

31 RENT COMPARABLES

1 2

739 W Crescent Drive Canyon Villa Apartments Azusa, CA 910702 630 N Cerritos Avenue Year Built: 1959 Azusa, CA 91702 Number of Units: 9 Year Built: 1960 Number of Units: 39

89% 56% UNIT TYPE: 2+1 UNIT TYPE: 2+1

11% 44% UNIT TYPE: 1+1 UNIT TYPE: 1+1

Unit Type # of units Price size price/sf Unit Type # of units Price size price/sf 1 BD + 1 BA 1 N/A 1 BD + 1 BA 17 $1,350 790 $1.71 2 BD + 1 BA 8 $1,495 750 $1.99 2 BD + 1 BA 22 $1,595 900 $1.77

BUILDING AMENITIES UNIT AMENITIES BUILDING AMENITIES UNIT AMENITIES Courtyard Hardwood Floors Carport Parking Living room Garbage disposal Granite Countertops Secured Entry Dining room Air conditioning Recessed Lighting Pool Walk-in closet Ceiling fans Central Air and Heat Storage Range / Oven Tile floor Microwave

CBRE, INC. | 32 RENT COMPARABLES

3 4

445 Rockvale Avenue Le Med Azusa, CA 91702 950 W. Sierra Madre Avenue Year Built: 1964 Azusa, CA 91702 Number of Units: 160 Year Built: 1988 Number of Units: 128

50% UNIT TYPE: 2 + 1 2+2

50% UNIT TYPE: 1+1

Unit Type # of units Price size price/sf Unit Type # of units Price size price/sf 2 BD + 1 BA $1,800 921 $1.95 1 BD + 1 BA 64 $1,535 694 $2.21 2 BD + 1 BA 24 $1,725 803 $2.15 2 BD + 2 BA 40 $1,835 967 $1.90

BUILDING AMENITIES UNIT AMENITIES BUILDING AMENITIES UNIT AMENITIES Carport Parking In-Unit Laundry On-Site Laundry Granite Countertops Condominium Complex Fitness Center In-Unit Laundry Hookups Pool Racquet Ball Court Private Balcony/Patio Pools Fireplaces Available Carport Parking Microwave Ovens Carports

33 RENT COMPARABLES

5 6

Azusa Vistamont Rainbow Lake 853 W 13th Street 1091 Lakeview Terrace Azusa, CA Azusa, CA Year Built: 1979 Year Built: 1981 Number of Units: 91 Number of Units: 54

Unit Type # of units Price size price/sf Unit Type # of units Price size price/sf 1 BD + 1 BA $1,475 794 $1.86 3 BD + 2 BA $2,500 1,708 $1.46

BUILDING AMENITIES UNIT AMENITIES BUILDING AMENITIES UNIT AMENITIES On-Site Laundry In-unit laundry Condominium Complex In-unit laundry Pool Fireplace Pool Fireplace Playground Pergo Hardwood Secured Entry Pergo Hardwood Condominium Complex Dishwasher Private Lake Dishwasher Patio BBQ Patio Lake View Waterfalls Lake View

CBRE, INC. | 34 RENT COMPARABLES

7 8

The Pinery Villa Monterey 371 North Powell Avenue 195 West Gladstone Street Azusa, CA 91702 Azusa, CA 91702 Year Built: 1979 Year Built: 1971 Number of Units: 60 Number of Units: 67

27% 100% UNIT TYPE: 2+2 13% UNIT TYPE: 2+2 UNIT TYPE: 2+1 24% UNIT TYPE: 1+1 36% UNIT TYPE: Studio

Unit Type # of units Price size price/sf Unit Type # of units Price size price/sf 2 BD + 2 BA 60 $1,433 1,000 $1.43 Studio 24 $1,009 408 $2.47 1 BD + 1 BA 16 $1,223 532 $2.30 2 BD + 1 BA 9 $1,639 865 $1.89 2 BD + 2 BA 18 $1,696 910 $1.86 BUILDING AMENITIES UNIT AMENITIES Controlled Access Balcony/Patio BUILDING AMENITIES UNIT AMENITIES Garage/Carport Parking Fireplaces Carport Parking Living room Garbage disposal Clubhouse High Ceilings Secured Entry Dining room Air conditioning Pool Microwave Ovens Pool Walk-in closet Ceiling fans On-Site Laundry Storage Range / Oven Tile floor Partial Covered Parking Microwave

35 RENT COMPARABLES

9 10

Sycamore Park Heritage Park 1151 West Arrow Highway 850 South Vincent Avenue Azusa, CA 91702 Azusa, CA 91702 Year Built: 1987 Year Built: 1989 Number of Units: 122 Number of Units: 88

50% UNIT TYPE: 2+2 100% UNIT TYPE: 2+2 50% UNIT TYPE: 1+1

Unit Type # of units Price size price/sf Unit Type # of units Price size price/sf 1 BD + 1 BA 61 $1,185 750 $1.58 2 BD + 2 BA 88 $1,598 750 $2.13 2 BD + 2 BA 61 $1,645 950 $1.73

BUILDING AMENITIES UNIT AMENITIES BUILDING AMENITIES UNIT AMENITIES Controlled Access Private Balcony/Patio Controlled Access Private Balcony/Patio On-site Laundry Microwave Ovens On-Site Laundry Facilities Play Ground Clubhouse Swimming Pool Swimming Pools Carport Parking Parking

CBRE, INC. | 36 RENT COMPARABLES

11 12

Canyon Garden Tribeca 1181 E Hollyvale Street 200 S Azusa Avenue Azusa, CA 91702 Azusa, CA 91702 Year Built: 1963 Year Built: 1959 Number of Units: 127 Number of Units: 96 2% UNIT TYPE: 2+1.5 TH 19% UNIT TYPE: 2+1 33% UNIT TYPE: 2 + 1

71% UNIT TYPE: 1+1 67% UNIT TYPE: 1+1 8% UNIT TYPE: Studio

Unit Type # of units Price size price/sf Unit Type # of units Price size price/sf Studio 10 $1,000 430 $2.33 1 BD + 1 BA 64 $1,288 740 $1.74 1 BD + 1 BA 90 $1,225 635 $1.93 2 BD + 1 BA 32 $1,495 990 $1.51 2 BD + 1 BA 24 $1,463 744 $1.97 2 BD + 1.5 BA TH 3 $1,625 1,080 $1.50 BUILDING AMENITIES UNIT AMENITIES BUILDING AMENITIES UNIT AMENITIES Controlled Access Pool On-Site Laundry Private Balcony/Patio On-Site Laundry Covered and Garage Parking Carport Parking Outside Storage Outside Storage

37 RENT COMPARABLES

Townhouse Village 800 South Azusa Avenue Azusa, CA 91702 Year Built: 1963 Number of Units: 56

100% UNIT TYPE: 2+1.5

Unit Type # of units Price size price/sf 2 BD + 1.5 BA 56 $1,339 1,000 $1.34

BUILDING AMENITIES UNIT AMENITIES Pool Private Balcony/Patio On-site Laundry Covered and Uncovered Parking

CBRE, INC. | 38 39 PORTFOLIO SUMMARY

CBRE, INC. | 40 Portfolio Price: $13,600,000

1240-80 N San Gabriel Avenue | Azusa, CA 91702

APN 8608-001-021

Units 33

Year Built 1962

Lot AC ±1.01 AC

Bldg Gross SF ±33,102

Buildings 3

Average Unit 1003 Size 9: 2 + 1 (Approx. 800 SF) Unit Mix 22: 2 + 1.5 TH (Approx. 1,100 SF) 2: 2 +1.5+Den TH (Approx. 1,100 SF)

Two Pools, Covered Parking, Courtyard, On-Site Laundry, Air Conditioning Units, Ceiling Fans in Amenities Select Units, Fireplaces in Select Units, Mostly Townhome Style Units, Storage Rooms

Rent Control No

Parking 33 Spaces

Individual Offering Price $6,200,000

41 PORTFOLIO summary

621 N Cerritos Avenue | Azusa, CA 91702 625 N Cerritos Avenue | Azusa, CA 91702

APN 8612-003-041 APN 8612-003-001

Units 26 Units 14

Year Built 1962 Year Built 1988

Lot AC ±26,686 Lot AC ±18,715

Bldg Gross SF ±23,270 Bldg Gross SF ±12,372

Buildings 1 Buildings 2

Average Unit 895 Average Unit 884 Size Size 7: 1 + 1 (Approx. 620 SF) 1: 2 + 1 (Approx. 750 SF) Unit Mix 9: 2 + 1.5 (Approx. 900 SF) Unit Mix 11: 2 + 2 (Approx. 1,000 SF) 10: 2 + 2 (Approx. 1000 SF) 2: 3 + 2 (Approx. 1,100 SF)

Covered Parking, On-Site Laundry, Air Conditioning Covered or Garage Parking for Most Units, Central Amenities Amenities Units, Storage Units Above Parking Spaces Air Conditioning, On-Site Laundry

Rent Control No Rent Control No

Parking 25 Spaces Parking 29 Spaces

Individual Offering Price $4,600,000 Individual Offering Price $2,800,000

CBRE, INC. | 42 43 Zoning GIS

GIS Highwood Ct Mtn. Laurel Wy

Moonridge Ct Map Turning Leaf Wy

Boulder Ridge Ct Whispering Willow

Ct Aspendale Ct Wildflower Wy NG3 Poppyglen Ct City Boundary

Silver Forest Ct Fox Tail Ct

River Rock Ct

Shady Cove Ct Springs Rock Ct Wy Sandstone

Mossdale Ct Mossdale de Wy Sagebrush Wy Sagebrush Brooksi Specific Plan

Mtn. Laurel Wy

San Gabriel Cyn. Rd

Northview

Ct District / Corridor / Forest Dr Forest

Ct Neighborhood Boundary

Morningside Daybreak Dr

Wildflower

Ct Clover GIS Ct Somerset Ct Zoning Sundance Ct ZONING INFORMATION

Windsong Ct

GIS View Canyon

Highwood Ct Mirador Dr Shady Oak Mtn. Laurel Wy Ct

Moonridge Ct Map Neighborhood Turning Leaf Wy Evergreen Ct Boulder Ridge Ct Whisp inger Willow Star Pine Classifications Ct Aspendale ct Ct Dr Wildflower Wy NG3 Cypress Rd Poppyglen Ct City Boundary Spruce Canyon Vista Ct Dr View Ridge Silver Forest Ct Fox Tail Monroe Ct Ct NG1 - Neighborhood General 1 River Rock Ct

Shady Cove Ct Springs Rock

Sandstone Wy Sandstone Susanna

Ct Ct

Mossdale Ct Mossdale Sagebrush Wy Sagebrush Brookside Wy Specific Plan Ct Cyn. Crystal NG2 - Neighborhood General 2 Walnut Mtn. Laurel Ct Wy Ellsworth St Clearhaven Alder Dr San Gabriel Cyn. Rd Ct Fern Durant St NG3 - Neig hborhood General 3 Northview Fish Canyon Ct Ct Circledell District / Corridor / Running Dr Dr ViewcrestDr Channing St Hilltop Dr NobhillDr SP6

Timberline Dr Rd Ranch

Forest Dr Forest Carmenita Wy

Ct Neighborhood Boundary NG3 HibiscusAve

Morningside Daybreak Dr Bancroft St St Vistadel Viewcrest Dr Wildflower Ct Clover Cir Ct Sunset Ave Sunset Somerset Stonebrook Hidden Valley Dr Ct Montecito Dr Blossom Sundance Ct Ashby St Orange Wy Subzones Windsong Juniper

Ct Ridge Ct Canyon View Canyon

Mirador Dr Shady Oak Ct Old Sierra Madre Heather Sierra Madre Ave McKeller Ct 1240 N San Gabriel Avenue Ave Cir Neighborhood Azusa Pioneer Mandevilla Wy Evergreen Pioneer Ct Virginia Ann Dr Pampas Greens Park Ct NC Calle De Las Estrellas Ruelas Wy Star Pine Classifications ct Sierra Madre Ave Dr Country Wilsford Wy Cypress Griffith St Neighborhood Center Rd Spruce Gardenia Dr Canyon Vista Annandale Ln Bougainvillea Wy

Ridge View Dr View Ridge Club Oak

Brian AveBrian Montello Ct Club Edith Ann Dr Calle De La Luna Ct Lemon Monroe Ct Ave Hollis Dr Lilac Wy NG1 - Neighborhood General 1 Lavender Wy Hawthorn DeborahAve Ursey Dr Vosburg Dr

Desert Willow Rd Wy Lori Ann Ave Laurel Valley Dr Susanna MacNeil Dr Ct 13th St Ave Calle De Swirl Low

Crystal Cyn. Ct Cyn. Crystal O Woods Dr NG2 - Neighborhood General 2 Cielo Point Magnolia CrapemyrtleWy Walnut Phelps Mtn. View Cir View Mtn. Ct Calle Del Sol Ave Azusa Linley Ellsworth St Clearhaven Boxwood Ln Dr Wy Low Density Residential Alder Rainbow Dr St Ct Dr

Avenida Conejo OrtunoDr Fern NG3 - Neig hborhood General 3 Fish Canyon Durant St Ct Avenida De Circledell Running La Suerte Dr Dr Encanto Pkwy Weeping Willow

ViewcrestDr Northside NobhillDr Northside Wy Veterans Azusa Channing St Hilltop Dr SP6 12th St Dr

Timberline Dr Rd Ranch Med Carmenita Wy

NG3 HibiscusAve Hodge Park NG3 Bancroft St 13th St St Vistadel Dr Viewcrest Dr Holly Manresa Cir ElElementaryementary Medium Density Residential Sunset Ave Sunset

Stonebrook St Hidden Valley Montecito Dr Blossom Lopez San Felipe Ashby St Orange Vista Bonita St Ave Soldano Chestnut Ln Hill Wy Subzones Ln Juniper Dr Holmar Ave Holmar

Ridge Ct 12th St Dr. Sierra Madre Ave Old Sierra Madre Heather Dhammakaya Ave McKeller Ct Dhammakaya Cir Lakeview TerTangerine St Azusa Pioneer Mandevilla Wy InternationalInternational Pampas 11th St Cyn. Heights Mod Virginia Ann Dr Greens Park Ct NC Meditation Calle De Las Estrellas Ruelas Wy Meditation Sierra Madre Ave Country Wilsford Wy Center Gardenia Dr Griffith St Neighborhood Center

Annandale Ln Moderate Density Residential Club Oak Bougainvillea Wy Club AveBrian Montello Edith Ann Dr Calle De La Luna Ct Lemon Old RdMill Old Hollis Ave Hollis Dr Lilac Wy Lavender Wy Hawthorn

DeborahAve Ursey Dr 10th St Vosburg Dr

Desert Willow Rd Wy Lori Ann Ave Laurel Valley Dr MacNeil Dr Monrovia Pl 621 N Cerritos Avenue Calle De 13th St Ave NG1 Swirl Low Longfellow Longfellow Wy

O Woods Dr Palm Dr Cielo Point Magnolia CrapemyrtleWy Phelps Mtn. View Cir View Mtn. Cornejo

Calle Del Sol Ave Azusa

Linley Ln Dr Wy Low Density Residential 10th St Park Dr

Boxwood Ln Sunrise Rainbow Dr St Mountain Wy Avenida Conejo Ortuno

Dr Sweetbriar Ln

Enid Ave Enid Barberry Wy Avenida De Ln

McKeever Ave McKeever Dalton La Suerte Ave Sunset Dalton RosedaleAve Chaparral Encanto Pkwy Northside Weeping Willow Ave Orange Northside 12th St Wy Veterans Azusa Dr Med Ave Angeleno Elementary The Promenade Hodge NG3 Ave Pasadena Elementary Hodge Park Ave Gabriel San

Ct Corridors 13th St Holly Manresa Ruby Lace Wy Roseway Ct Elementary Bouquet St Medium Density Residential

San Felipe Ln Lopez Acacia Cassia

Soldano Ave Soldano Chestnut Ln Vista Bonita St WoodbineWy

Hill Ln Ln Botanica Ct Ln Dr Dr Ave Vernon Holmar Ave Holmar Dr. 12th St Primrose Dhammakaya 9th St Dhammakaya PurpleSage Palm Dr

Lakeview TerTangerine St Ave Todd 11th St Cyn. Heights InternationalInternational Mod DWL Meditation Center Corridor Moderate Density Residential Sycamore Danlee St Dr 10th St RdMill Old 8th St DTV NG1 Monrovia Pl Laurel Oak Foothill Blvd Longfellow Longfellow Wy Palm Dr Dr Cornejo Ln 10th St Park Dr Sequoia Ln

Sunrise Azusa Avenue Mountain Wy e CAZ Sweetbriar Ln

Ave 8th St Silver Maple Enid Ave Enid Barberry Wy NG3 Ln Miller

McKeever Ave McKeever Dr

Sunset Ave Sunset Dalton Santa Fe Av RosedaleAve Chaparral Orange Ave Orange

Angeleno Ave Angeleno Elementary The Promenade APU APU

Pasadena Ave Pasadena Elementary San Gabriel Ave Gabriel San

Ct Corridors Roseway Ct St. Frances

Ruby Lace Wy Palm Dr Bouquet

Ln San Gabriel Avenue Acacia Cassia

Loren Ave Loren CSG WoodbineWy

Ln Industrial St Botanica Ct Ln of Rome Pepper Tree Dr Dr Vernon Ave Vernon Plum Tree Orchard 9th St Primrose Poplar View Dr Coney Ave Coney

PurpleSage DCC Lp Palm Dr School Todd Ave Todd Georgia Pl Georgia DWL Ave Georgia Dr Ave Miller McKeever Ave McKeever Corridor Oakview Dr Ln Stein Ponderosa Dr Sycamore 8th St Danlee St DTV Dr Foothill Blvd CSA South Azusa Avenue Foothill Blvd Foothill Blvd Laurel Oak CFB CFB Dr Sequoia Ln CAZ Azusa Avenue Lime

Ave 8th St Silver MapleNG3 Calle Eva Miller Santa Fe Ave Dr APU APU Ave DTC CAH Arrow Highway St. Frances Miranda Lime Palm Dr San Gabriel Avenue

Loren Ave Loren CSG Industrial St of Rome Pepper Tree Dr Plum Tree Orchard St 625 N Cerritos Avenue Poplar View Dr

Coney Ave Coney DCC Lp School Georgia Pl Georgia Georgia Ave Georgia Dr Citrus Ave DU Citrus Miller McKeever Ave McKeever

Oakview Dr Ln Stein Ponderosa Dr GlenfinnanAve CSA South Azusa Avenue Camino De 6th St Cedarglen 6th St College CFB Foothill Boulevard Foothill Blvd CFB CFB Foothill Blvd 6th St Lime La Cantera Calle Eva University Dr Ave DTC CAH Arrow Highway Light and Life Miranda Lime Lee Dalton Ave Dalton

Lemon Ave Lemon Lee Sunset Ave Sunset St Ave Orange Soldano Ave Soldano

Alameda Ave Alameda Christian Angeleno Ave Angeleno DU Citrus Ave Pasadena Slauson Elementary GlenfinnanAve School Camino De Cedarglen 6th St 6th St 6th St College CFB Foothill Boulevard La Cantera Ave Virginia Park Louise Ave Louise Azusa Pacific Univers ity Dr 210 Light and Life 5th St Districts Lee 5th St Dalton Ave Dalton Lemon Ave Lemon Lee Sunset Ave Sunset Orange Ave Orange University Soldano Ave Soldano § University Alameda Ave Alameda Christian ¨¦ Christian Angeleno Ave Angeleno Pasadena Ave Pasadena Slauson Elementary School Ave Vernon Citrus Ave Citrus

Virginia Ave Virginia Park Slauson 210 Ave Louise Azusa Pacific Lee Pl 5th St Districts Bayless St Ave Barbara § 5th St University Bayless St Middle ¨¦ University Vernon Ave Vernon Slauson Ave Citrus Montoya St Optical Dr North St Alosta Ave Slauson Lee Pl School Downtown Districts Bayless St Ave Barbara Bayless St Middle Alosta Ave Ave Durell Montoya St Optical Dr North St School Downtown Districts 4th St 4th St Dr Lee Matchwood Pl Ave Durell Ave Durell

4th St 4th St Dr Lee Matchwood Pl Bagnall Powell Ave DCC Downtown - Civic Center Bagnall Powell DCC Downtown - Civic Center St DW St DW Hollyvale St Hollyvale St Hollyvale Memorial Hollyvale Memorial Hollyvale St Hollyvale St Hollyvale St Hollyvale St Hollyvale

Hollyvale Ave East East Ave East Calera Ave Calera Cerritos Ave Cerritos Calera Ave Calera Adelante St St Park NG2 Ave Cerritos St Park NG2 Twintree Ave Twintree Adelante St St Park St Aerojet Ave Aerojet Twintree Ave Twintree CAZ Aerojet Ave Aerojet CSG

Hollyvale Downtown - Town Center CAZ OrangecrestAve DTC CSG Hollyvale Downtown - Town Center St OrangecrestAve DTC 3rd St NG2 3rd St Haltern St Powell 3rd St St Haltern 3rd St Powell Zachary Padilla Ave Padilla Zachary

Elementary HanlinAve Haltern St Oakbank Dr GalantoAve NG3 St TraymoreAve DTV Downtown - Transit Village NG2 Pl Haltern

Hanks St Ave Padilla Zachary

Elementary HanlinAve FactorAve Oakbank Dr Dominguez Hanks St GalantoAve NG3 St TraymoreAve San Gabriel Ave Gabriel San Mauna Loa Ave DTV Downtown - Transit Village Rodecker Dr Lenfield St Pl Hanks St Mountain Azusa FactorAve Azusa Dominguez Hanks St Orange Ave Orange View 2nd St 2nd St High School Ave Gabriel San Mauna Loa Ave Rodecker Dr Elementary Lenfield St Foothill JR DU University District Mountain Azusa

Duell St High School Ave Orange 2nd St 2nd St Viceroy Ave Viceroy View High School Edenfield Ave Edenfield Calvados Ave Calvados - Subzones - Duell St Ave Azusa Duell St Elementary DU University District Aspan Ave Aspan Foothill JR Fenimore Ave Fenimore Foothill JR Rockvale Ave Rockvale Glenlyn Dr Duell St High School Viceroy Ave Viceroy RodeckerDr MU Mixed Use Barbara Ave Barbara Edenfield Ave Edenfield Calvados Ave Calvados - Subzones - Azusa Ave Azusa 1st St 1st St Baseline Rd Duell St Duell St Zacatecas Park Ave Aspan Fenimore Ave Fenimore

San Gabriel Pl Ave Rockvale 1st St Parkside McKinley St 210 RM Residential Medium Glenlyn Dr Alford St § St ¨¦ CSA RodeckerDr MU Mixed Use Motor Ave Motor Manning St Ave Barbara McKinley St Jerez St Galatea St Peckham Rd Peckham Martin Rd Noble Pl Ayala Ave Ayala DWL 1st St 1st St Baseline Rd Momax St ParamountAve Sunset Lemon Ave Lemon Louise Ave Louise Vernon Ave Vernon Residential Moderate Orange Ave Orange RMO Virginia Ave Virginia Citrus Edge St Zacatecas Park Elementary Elementary Ave Barranca San Gabriel Pl

Solem St Ave Ranburn Ave Ranburn Azusa Ln Ave Elliott Noble Ave Noble 1st St Angeleno Ave Angeleno NG2 Armsead St Parkside McKinley St 210 RM Residential Medium Paramount St Paramount St Gabriel San Alford St Murray Ave Murray § DW St ¨¦

O'Malley Ave O'Malley Magnolia Mason St Ave Pasadena Magnolia Fondale St DE Edgewood CSA

Elementary Ave Motor Jerez St Manning St Dixon St McKinley St Galatea St Peckham Rd Peckham Martin Rd e Noble Pl Casita St Nearfield St Ave Ayala

Fairvale Ave Fairvale DWL NG3 Grandview Gladstone Momax St ParamountAve Sunset Lemon Ave Lemon Louise Ave Louise Vernon Ave Vernon Ranger Dr DWL West End Light Industrial Roosevelt Rd Roland St AveCalera Residential Moderate Orange Ave Orange RMO Mira Loma Park Gaillard St Ave Virginia Citrus Edge St Dr Elementary Scott Ave Scott

Dr Elementary Ave Barranca Enid Av Enid Aspan Ave Aspan Sunset Ave Sunset Virginia Ave Virginia Orange Ave Orange Louise Ave Louise

Solem St Ave Grandin Ave Grandin Ranburn Ave Ranburn Elliott Ave Elliott Jackkson Ave Jackkson Russell St Azusa Ln Noble Ave Noble RosalinaAve

Ghent St Ave Angeleno Dr NG2 Armsead St Celeste St DW West End Industrial Paramount St Gabriel San Grantland Paramount St Gladstone St DE DW Ave Murray

Gladstone St Ave O'Malley Magnolia NG3 Mason St Ave Pasadena Magnolia Fondale St DE Edgewood Elementary Gladstone Street Elementary Ave

Alameda Elementary Center JR Dixon St Payson St

Ayon Ave Ayon Nearfield St Payson St High School Special Purpose Zones Casita St Duggan Ave Duggan

Irwindale Ave Irwindale Valleydale Orkney St

Valleydale Murray Ave Fairvale Vincent Ave Vincent Murray Gladstone Park Kirkwall Rd Kirkwall Rd NG3 Grandview Park Elementary Ranger Dr DWL West End Light Industrial Roosevelt Rd Mira Loma Roland St AveCalera Kirkwall Rd Dr Park Gaillard St

Renwick Rd Dr Ave Scott Enid Ave Enid DW Renwick Rd Ave Aspan Sunset Ave Sunset Virginia Ave Virginia Orange Ave Orange Louise Ave Louise Grandin Ave Grandin Azusa Ave Azusa OS Open Space Newburgh St Ave Jackkson Russell St RosalinaAve Citrus Ave Citrus Ghent St Newburgh St Dr Celeste St Valleydale DW West End Industrial DE Grantland City of Azusa Laxford Rd Elementary Gladstone St Rec Recreation Gladstone St NG3 NG3 Lark Ellen Ave Ellen Lark

GIS Gladstone Street

CSA Ave

Planning Department CAH Ins Institutional / School Alameda Elementary CAH Center JR Payson St Arrow Hwy CAH Ave Ayon Payson St High School GIS Special Purpose Zones

Arrow Hwy Ave Duggan

Irwindale Ave Irwindale Valleydale Orkney St Murray Monrovia Nursery Specific Plan Ave Vincent Murray Effective: March 25, 2005 Park Kirkwall Rd Kirkwall Rd Elementary Kirkwall Rd DW Renwick Rd Renwick Rd

Azusa Ave Azusa OS Open Space Path: C:\Aerial Photo Files\City Files\Planning\Zoning 2012\AzusaZoning2012_v2_30x34.mxd Plot Date: Thursday, January 17, 2013 J.Prado Geographic Information Systems Newburgh St Citrus Ave Citrus Newburgh St

Valleydale City of Azusa Laxford Rd Elementary CBRE, INC. Rec| 44Recreation NG3 Lark Ellen Ave Ellen Lark

CSA G

Planning Department CAH CAH Ins Institutional / School IS Arrow Hwy CAH GIS Arrow Hwy Monrovia Nursery Specific Plan Effective: March 25, 2005

Path: C:\Aerial Photo Files\City Files\Planning\Zoning 2012\AzusaZoning2012_v2_30x34.mxd Plot Date: Thursday, January 17, 2013 J.Prado Geographic Information Systems 45 1240-80 N SAN GABRIEL

CBRE, INC. | 46 property summary | 1240-80 N san gabriel Avenue

Address 1240-80 North San Gabriel Ave

APN 8608-001-021

Lot Size ±1.01 AC*

Building Size ±33,102 SF*

UNITS 33

Parking 33 Tuck Under

ELECTRIC Individually Metered

GAS Individually Metered

Laundry 6 Washers & 6 Dryers

*Per the Assessor’s office

47 property summary | 1240-80 N san gabriel Avenue

Building Features

33 covered parking spaces

3 large storage rooms

3 laundry rooms with 2 washer and 2 dryers in each room

2 sparkling pools

Large courtyard

Resident manager

Well maintained common areas

UNIT Features

Patios or balconies in many units

Ceiling fans in most units

Microwave oven in select units

High speed internet access

Fireplaces in select units

Mostly townhome-style units

CBRE, INC. | 48 PARCEL MAP | 1240-80 N san gabriel Avenue Click here to get the map in TIF Click here to get the map in PDF in map the get to here Click

49 Interior View

CBRE, INC. | 50 FINANCIAL OVERVIEW | 1240-80 N san gabriel Avenue

PROPERTY ABSTRACT OVERVIEW

Units 33 Purchase Price $6,200,000 Year Built 1962 Price/Unit $187,879 Lot AC ±1.01 AC Price Per SF $187.30 Bldg Gross SF ±33,102 Current GRM 13.84 Average Unit Size 1003 Market GRM 10.53 Gas & Electric Individually Metered Market GRM - Renovated 8.65 Parking 33 Tuck Under Spaces CAP Rate - Current 3.72%

9: 2 + 1 (Approx. 800 SF) CAP Rate - Market 5.65% Unit Mix 22: 2 + 1.5 TH (Approx. 1,050 SF) CAP Rate - Renovated 7.48% 2: 2 + 1.5 + Den TH (Approx 1,100 SF) Expense Per Unit $5,919 Expense Per SF $5.90

UNIT MIX & RENTAL INCOME

TOTAL CURRENT RENT MONTHLY RENT MARKET RENT MONTHLY RENT MONTHLY RENT “MONTHLY RENT Unit Mix UNITS (AVG PER UNIT) (CURRENT) (CURRENT CON.) (MARKET) (RENOVATED) (MARKET)”

2 + 1 9 $998 $8,982 $1,400 $12,600 $1,700 $15,300 2 + 1.5 TH 22 $1,158 $25,483 $1,500 $33,000 $1,850 $40,700 2 + 1.5 + Den TH 2 $1,220 $2,439 $1,525 $3,050 $1,875 $3,750 Scheduled Monthly Rent $36,904 $48,650 $59,750 Scheduled Yearly Rent $442,848 $583,800 $717,000

51 FINANCIAL OVERVIEW | 1240-80 N san gabriel Avenue

ESTIMATED ANNUALIZED EXPENSES

PER UNIT CURRENT MARKET-CURRENT MARKET-RENOVATED

Taxes & Direct Assesment (@ 1.151364% + $2,354 $77,672 $77,672 $77,672 $6,287) Utilities (Actual) $840 $27,720 $27,720 $27,720 Waste Removal (Paid by Tenant) $0 $0 $0 $0 Insurance $300 $9,900 $9,900 $9,900 License Fees $250 $8,250 $8,250 $8,250 Landscaping & Pool $350 $11,550 $11,550 $11,550 Maintenance (@ 6% ) $805 $26,571 $35,028 $43,020 Off-Site Management (@ 4%) $537 $17,714 $23,352 $28,680 On-Site Management (Free Unit) $427 $14,100 $14,100 $14,100 Pest Control & Fire Protection (Actual) $56 $1,852 $1,852 $1,852 Total Estimated Expenses $195,328 $209,424 $222,744

ESTIMATED ANNUALIZED INCOME

CURRENT MARKET-CURRENT MARKET-RENOVATED

Rental Income $442,848 $583,800 $717,000 Laundry Income $13/mo per unit ($156/yr) $5,148 $5,148 $5,148 Scheduled Gross Income $447,996 $588,948 $722,148 Less Vacancy 5% -$22,142 -$29,190 -$35,850 Effective Gross Income $425,854 $559,758 $686,298 Less Expenses 44% -$195,328 36% -$209,424 31% -$222,744 Net Operating Income $230,525 $350,334 $463,554

CBRE, INC. | 52 UNIT MIX & RENT ROLL | 1240-80 N san gabriel

Market Rent Current Market Rent UNIT FLOORPLAN (Current Con or w/ Features Rent (Ren. Con.) Minor Upgrades) 1240-01 2 + 1.5 TH $1,250 $1,500 $1,850 Patio, fireplace

1240-02 2 + 1.5 TH $1,222 $1,500 $1,850 Patio

1240-03 2 + 1.5 TH $1,015 $1,500 $1,850 Patio

1240-04 2 + 1.5 TH $1,250 $1,500 $1,850 Private patio.

1240-05 2 + 1.5 TH $1,050 $1,500 $1,850 Private patio, new A/C unit, travertine tile on the first floor.

1240-06 2 + 1.5 TH $1,109 $1,500 $1,850

1240-07 2 + 1.5 TH $1,350 $1,500 $1,850 New stove, vinyl plank flooring, upgraded vanity, baseboards, and blinds.

1240-08 2 + 1.5 + Den TH $1,210 $1,525 $1,875 Fireplace.

1240-09 2 + 1 $1,100 $1,400 $1,700

1240-10 2 + 1 $1,050 $1,400 $1,700

1240-11 2 + 1 $1,025 $1,400 $1,700

1260-01 2 + 1.5 TH $1,229 $1,500 $1,850 New A/C unit.

1260-02 2 + 1.5 TH $1,475 $1,500 $1,850 New A/C unit, vinyl plank flooring, upgraded vanity, baseboards, and blinds.

1260-03 2 + 1.5 TH $1,229 $1,500 $1,850

1260-04 2 + 1.5 TH $1,300 $1,500 $1,850

1260-05 2 + 1.5 TH $1,125 $1,500 $1,850 Vinyl plank flooring, upgraded vanity, baseboards, and blinds. Currently vacant and is listed at 1260-06 2 + 1.5 TH $0 $1,500 $1,850 $1,525 New A/C unit, new stove, original tile flooring, granite countertop, upgraded vanity, 1260-07 2 + 1.5 TH $1,350 $1,500 $1,850 baseboards, and blinds. 1260-08 2 + 1.5 TH $1,250 $1,500 $1,850 Newly carpeted.

1260-09 2 + 1 $1,175 $1,400 $1,700

1260-10 2 + 1 $1,029 $1,400 $1,700 New A/C unit. Bathroom and kitchen have original tile, new stove, vinyl plank flooring in the living area, 1260-11 2 + 1 $1,400 $1,400 $1,700 upgraded vanity, baseboards, and blinds. 1280-01 2 + 1.5 TH $1,210 $1,500 $1,850 Unit has patio, new A/C unit, vinyl plank on first floor, fireplace.

53 UNIT MIX & RENT ROLL | 1240-80 N san gabriel

Market Rent Current Market Rent UNIT FLOORPLAN (Current Con or w/ Features Rent (Ren. Con.) Minor Upgrades) Private patio, new A/C unit, new kitchen cabinets, new stove, vinyl plank flooring, upgraded 1280-02 2 + 1.5 TH $1,475 $1,500 $1,850 vanity, baseboards, and blinds. 1280-03* 2 + 1.5 TH $1,175 $1,500 $1,850 Private patio, new A/C unit, vinyl plank flooring, upgraded vanity, baseboards, and blinds.

1280-04 2 + 1.5 TH $1,122 $1,500 $1,850

1280-05 2 + 1.5 TH $1,173 $1,500 $1,850 Private patio, vinyl plank flooring on the first floor, new bathroom vanity on the first floor.

1280-06 2 + 1.5 TH $1,004 $1,500 $1,850 Vinyl plank flooring, upgraded vanity, baseboards, and blinds.

1280-07 2 + 1.5 TH $1,120 $1,500 $1,850 Replaced gas lines from meter.

1280-08 2 + 1.5 + Den TH $1,229 $1,525 $1,875 Fireplace, replaced gas lines from meter.

1280-09 2 + 1 $1,063 $1,400 $1,700 New A/C unit, vinyl plank flooring, upgraded vanity, baseboards, and blinds. Currently vacant 1280-10 2 + 1 $0 $1,400 $1,700 - to be leased at $1400. 1280-11 2 + 1 $1,140 $1,400 $1,700

TOTAL $36,904 $48,650 $59,750

*Resident manager unit

ACTUAL RENT & MARKET RENT 6% UNIT TYPE: 2+1.5 + Den TH

$2,000

67% $1,500 UNIT TYPE: 2+1 TH $1,000

$500 $1,104 $1,400 $1,700 $1,178 $1,500 $1,850 $1,220 $1,525 $1,875 27% $0 UNIT TYPE: 2+1 2+1 2+1.5 TH 2+1.1 + Den TH

AVERAGE RENT AVERAGE MARKET RENT UPGRADED RENT

CBRE, INC. | 54 55 621 N CERRITOS AVENUE

CBRE, INC. | 56 property summary | 621 N Cerritos AVENUE

Address 621 N Cerritos Ave

APN 8612-003-041

Lot Size ±26,656 SF*

Building Size ±23,270 SF*

UNITS 26

Parking 25 Spaces

ELECTRIC Individually Metered

GAS Individually Metered

Laundry 2 Washers & 2 Dryers

*Per the Assessor’s office

57 property summary | 621 N Cerritos AVENUE

Building Features

24 Covered spaces and 1 one-car garage

24 Storage units

2 New washers and 2 new dryers

Well maintained common areas

On-site maintenance

Beautiful courtyard

UNIT Features

Granite counters in select units

Ceiling fans in most units

Tiles or vinyl plank flooring in select units

Air conditioning units

Upgraded vanities in select units

CBRE, INC. | 58 PARCEL MAP | 621 N Cerritos AVENUE Click here to get the map in TIF Click here to get the map in PDF in map the get to here Click

Interior View

CBRE, INC. | 60 FINANCIAL OVERVIEW | 621 N Cerritos AVENUE

PROPERTY ABSTRACT OVERVIEW

Units 26 Purchase Price $4,600,000 Year Built 1962 Price/Unit $176,923 Lot SF ±26,686 Price Per SF $197.68 Bldg Gross SF ±23,270 Current GRM 13.87 Average Unit Size 895 Market GRM 10.25 Gas & Electric Individually Metered Market GRM - Renovated 9.07 Parking 24 Covered Spaces CAP Rate - Current 3.87% 7: 1 + 1 (Approx. 620 SF) CAP Rate - Market 6.03% Unit Mix 10: 2 + 1.5 (Approx. 900 SF) CAP Rate - Renovated 7.18% 9: 2 + 2 (Approx. 1000 SF) Expense Per Unit $5,279 Expense Per SF $5.90

UNIT MIX & RENTAL INCOME

TOTAL CURRENT RENT MONTHLY RENT MARKET RENT MONTHLY RENT MONTHLY RENT “MONTHLY RENT Unit Mix UNITS (AVG PER UNIT) (CURRENT) (CURRENT CON.) (MARKET) (RENOVATED) (MARKET)”

1 + 1 7 $991 $6,935 $1,200 $8,400 $1,400 $9,800 2 + 1.5 10 $1,063 $10,634 $1,450 $14,500 $1,650 $16,500 2 + 2 9 $1,085 $9,764 $1,575 $14,175 $1,775 $15,975 Scheduled Monthly Rent $27,333 $37,075 $42,275 Scheduled Yearly Rent $327,996 $444,900 $507,300

*Internet issues, need to re-wire.

61 FINANCIAL OVERVIEW | 621 N Cerritos AVENUE

ESTIMATED ANNUALIZED EXPENSES

PER UNIT CURRENT MARKET-CURRENT MARKET-RENOVATED

Taxes & Direct Assesment (@ 1.151364% + $4,455) $2,279 $59,250 $59,250 $59,250 Utilities (Actual) $540 $14,040 $14,040 $14,040 Waste Removal (Paid by Tenant) $0 $0 $0 $0 Insurance $300 $7,800 $7,800 $7,800 License Fees $250 $6,500 $6,500 $6,500 Landscaping $185 $4,810 $4,810 $4,810 Maintenance (@ 6% ) * $757 $19,680 $26,694 $30,438 On- Site Maintenance (Free unit) $392 $10,200 $10,200 $10,200 Management (@ 4%) $505 $13,120 $17,796 $20,292 Pest Control & Fire Protection (Actual) $71 $1,852 $1,852 $1,852

Total Estimated Expenses $137,251 $148,942 $155,182

ESTIMATED ANNUALIZED INCOME

CURRENT MARKET-CURRENT MARKET-RENOVATED

Rental Income $327,996 $444,900 $507,300 Laundry Income $12/mo per unit ($144/yr) $3,744 $3,744 $3,744 Scheduled Gross Income $331,740 $448,644 $511,044 Less Vacancy 5% -$16,400 -$22,245 -$25,365 Effective Gross Income $315,340 $426,399 $485,679 Less Expenses 41% -$137,251 33% -$148,942 30% -$155,182 Net Operating Income $178,089 $277,457 $330,497

CBRE, INC. | 62 UNIT MIX & RENT ROLL | 621 N Cerritos AVENUE

Market Rent Market Rent UNIT FLOORPLAN Current Rent (Current Con or w/ Features (Ren. Con.) Minor Upgrades) 101 2 + 2 $1,111 $1,575 $1,775

102 2 + 2 $1,046 $1,575 $1,775

103 2 + 2 $1,025 $1,575 $1,775

104 2 + 1.5 $1,110 $1,450 $1,650

105 1 + 1 $1,000 $1,200 $1,400 New A/C unit and stove.

106 1 + 1 $1,050 $1,200 $1,400 New A/C unit.

107 1 + 1 $975 $1,200 $1,400 Travertine tile and new cabinet doors.

108 1 + 1 $1,000 $1,200 $1,400

109 2 + 1.5 $1,060 $1,450 $1,650

110 2 + 1.5 $1,450 $1,450 $1,650 New A/C unit, vinyl plank flooring, upgraded vanity, baseboards, and blinds.

111 2 + 1.5 $1,060 $1,450 $1,650

112 1 + 1 $850 $1,200 $1,400 * This resident parks on 625 N Cerritos site.

201 2 + 2 $1,050 $1,575 $1,775 Vinyl plank flooring, upgraded vanity, baseboards, and blinds. Unit is vacant and 202 2 + 1.5 $0 $1,450 $1,650 listed at $1,450 203 2 + 1.5 $1,450 $1,450 $1,650 Vinyl plank flooring, upgraded vanity, baseboards, and blinds.

204 2 + 1.5 $1,450 $1,450 $1,650 Vinyl plank flooring, upgraded vanity, baseboards, and blinds.

205 1 + 1 $1,035 $1,200 $1,400 Dishwasher

206 2 + 2 $1,077 $1,575 $1,775 New A/C unit.

207 2 + 2 $924 $1,575 $1,775 Travertine tile throughout living and dining area.

208 2 + 2 $1,210 $1,575 $1,775

209 2 + 2 $1,210 $1,575 $1,775

210 1 + 1 $1,025 $1,200 $1,400

211 2 + 1.5 $1,002 $1,450 $1,650

212 2 + 1.5 $905 $1,450 $1,650

63 UNIT MIX & RENT ROLL | 621 N Cerritos AVENUE

Market Rent Market Rent UNIT FLOORPLAN Current Rent (Current Con or w/ Features (Ren. Con.) Minor Upgrades) 213 2 + 1.5 $1,147 $1,450 $1,650

214 2 + 2 $1,111 $1,575 $1,775

TOTAL $27,333 $37,075 $42,275

ACTUAL RENT & MARKET RENT

38% UNIT TYPE: 2+2

$2,000

35% $1,500 UNIT TYPE: 2+1.5 $1,000

$500 $991 $1,200 $1,400 $1,182 $1,450 $1,650 $1,077 $1,575 $1,775 27% $0 UNIT TYPE: 1+1 2+1 2+1.5 2+2

AVERAGE RENT AVERAGE MARKET RENT UPGRADED RENT

CBRE, INC. | 64 65 625 N CERRITOS AVENUE

CBRE, INC. | 66 property summary | 625 N Cerritos AVENUE

Address 625 N Cerritos Avenue

APN 8612-003-001

Lot Size ±18,715 AC*

Building Size ±12,372 SF*

Units 14

Parking 29 Spaces

ELECTRIC Partially indivially metered, partially master metered

GAS Partially indivially metered, partially master metered

Laundry 2 Washers & 2 Dryers

*Per the Assessor’s office

67 property summary | 625 N Cerritos AVENUE

Building Features

29 Parking spaces

2 New washers and 2 new dryers

Spacious common area for resident use

Private garages in select units

UNIT Features

Ceiling fans in all units

Central air conditioning and heating

High speed internet access

CBRE, INC. | 68 PARCEL MAP | 625 N Cerritos AVENUE Click here to get the map in TIF Click here to get the map in PDF in map the get to here Click

Property Photos

CBRE, INC. | 70 FINANCIAL OVERVIEW | 625 N Cerritos AVENUE

PROPERTY ABSTRACT OVERVIEW

Units 14 Purchase Price $2,800,000 Year Built 1988 Price/Unit $200,000 Lot SF ±18,715 Price Per SF $226.32 Bldg Gross SF ±12,372 Current GRM 13.56 Average Unit Size 884 Market GRM 10.01 Gas & Electric Individually Metered* Market GRM - Renovated 8.96

29 Spaces CAP Rate - Current 4.08% Eight 2-Car Garages CAP Rate - Market 6.30% Parking Two 1-Car Garages 7.36% Three Tandem and One Single Uncovered Spaces CAP Rate - Renovated Four Tuck Under Spaces Expense Per Unit $5,856

1: 2 + 1 (Approx. 750 SF) Expense Per SF $6.63 Unit Mix 11: 2 + 2 (Approx. 1,000 SF) 2: 3 + 2 (Approx. 1,100 SF)

unit mix & schedule income

TOTAL CURRENT RENT MONTHLY RENT MARKET RENT MONTHLY RENT MONTHLY RENT “MONTHLY RENT Unit Mix UNITS (AVG PER UNIT) (CURRENT) (CURRENT CON.) (MARKET) (RENOVATED) (MARKET)”

2 + 1 1 $1,220 $1,220 $1,500 $1,500 $1,700 $1,700 2 + 2 11 $1,158 $12,734 $1,650 $18,150 $1,850 $20,350 3 + 2 2 $1,553 $3,105 $1,750 $3,500 $2,000 $4,000 Scheduled Monthly Rent $17,059 $23,150 $26,050 Scheduled Yearly Rent $204,708 $277,800 $312,600

71 AVENUE

FINANCIAL OVERVIEW | 625 N Cerritos AVENUE

ESTIMATED ANNUALIZED EXPENSES

PER UNIT CURRENT MARKET-CURRENT MARKET-RENOVATED

Taxes & Direct Assesment(@ 1.151364% + $2,578) $2,487 $34,816 $34,816 $34,816 Utilities (Actual) $1,020 $14,280 $14,280 $14,280 Waste Removal (Paid by Tenant) $0 $0 $0 $0 Insurance $300 $4,200 $4,200 $4,200 License Fees $250 $3,500 $3,500 $3,500 Landscaping $205 $2,870 $2,870 $2,870 Maintenance (@ 6% ) $877 $12,282 $16,668 $18,756 Management (@ 4%) $585 $8,188 $11,112 $12,504 Pest Control & Fire Protection (Actual) $132 $1,852 $1,852 $1,852

Total Expenses $81,989 $89,298 $92,778

ESTIMATED ANNUALIZED INCOME

CURRENT MARKET MARKET

Rental Income $204,708 $277,800 $312,600 Laundry Income $11/mo per unit ($132/yr) $1,848 $1,848 $1,848 Scheduled Gross Income $206,556 $279,648 $314,448 Less Vacancy 5% -$10,235 -$13,890 -$15,630 Effective Gross Income $196,321 $265,758 $298,818 Less Expenses 40% -$81,989 32% -$89,298 30% -$92,778 Net Operating Income $114,331 $176,460 $206,040

CBRE, INC. | 72 UNIT MIX & RENT ROLL | 625 N Cerritos AVENUE

Market Rent Market Rent UNIT FLOORPLAN Current Rent (Current Con or w/ Features (Ren. Con.) Minor Upgrades) A 2 + 2 $1,122 $1,650 $1,850 Private double car garage.

B 2 + 2 $1,122 $1,650 $1,850 HVAC Serviced in 2016, private double car garage.

C 2 + 2 $1,350 $1,650 $1,850 Private double car garage.

D 2 + 2 $1,500 $1,650 $1,850 Private double car garage.

E 3 + 2 $1,535 $1,750 $2,000 Private double car garage.

F 3 + 2 $1,570 $1,750 $2,000 Private patio, double car garage.

G 2 + 2 $1,450 $1,650 $1,850 Master metered for gas and electric.

H 2 + 2 $0 $1,650 $1,850 Private double car garage.

I 2 + 2 $1,350 $1,650 $1,850 Private single car garage.

J 2 + 2 $1,095 $1,650 $1,850 Master metered for gas, private double car garage.

K 2 + 2 $1,475 $1,650 $1,850 Dishwasher, new stove, vinyl plank flooring, upgraded vanity, baseboards, and blinds.

L 2 + 2 $1,010 $1,650 $1,850 Private patio.

M 2 + 2 $1,260 $1,650 $1,850

N 2 + 1 $1,220 $1,500 $1,700 Pub-style kitchen, upgraded granite counter tops, master metered for gas.

TOTAL $17,059 $23,150 $26,050

ACTUAL RENT & MARKET RENT

14% $2,000 UNIT TYPE: 3+2

$1,500 79% UNIT TYPE: 2+2 $1,000

$500 $1,220 $1,500 $1,700 $1,271 $1,650 $1,850 $1,618 $1,750 $2,000

$0 7% 2+1 2+2 3+2 UNIT TYPE: 2+1 AVERAGE RENT AVERAGE MARKET RENT UPGRADED RENT

73 CBRE, INC. | 74 GOLD LINE GOLD MINE 73-Unit Apartment Portfolio Within Blocks of the Metro Gold Line

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