18 units / Prime Traffic Circle / 1761 Park Avenue, Long Beach 90815
Stepp
04 08 18 22 26 Investment Property Pricing & Market Location Offering Overview Financials Comparables Overview
Robert Stepp Michael Toveg 310.774.3740 310.774.3742 [email protected] [email protected] Stepp CA DRE #01456379 CA DRE #01867136 Investment Offering
Park Villa is a meticulously renovated 18-unit investment property located at 1761 Park Avenue in the Traffic Circle submarket of Long Beach. The asset is fully stabilized, achieving robust rents for all units.
The sizable building offers an attractive unit mix of four 3BD / 2BA units, two 2BD / 2BA units, ten 2BD/1BA units and two 1BD/1BA units surroundng a landscaped courtyard. The property also offers onsite laundry, ample parking with eight garages and twelve tandem surface spaces.
Capital expenditures totaling over $900K include new electrical and plumbing systems, new double-pane windows throughout, hardwood laminate flooring, custom shaker-style cabinets, quartz countertops, stainless steel appliances, new bathroom tile and modern lighting, ceiling fans and fixtures throughout.
The Traffic Circle location is a popular rental market due to its convenient access to over 360,000 square feet of prime retail amenities as well as its proximity to employment hubs and commuter thoroughfares.
The seller's renovations and management provide a new buyer with a nearly brand new condition property that is 100% occupied at robust rents with projected 5.5% year one cash-on- cash return.
4 Park Villa, 1761 Park Avenue, Long Beach 90815 Investment Highlights
6.0% Year One Cash-on-Cash Return 100% Occupied Asset Achieving Robust Rents Extensive Renovations Totaling over $50,000 per Unit New Double Pane Windows, Electrical and Plumbing Systems Turnkey Property with Mix of Large One, Two and Three Bedroom Units Desirable Traffic Circle Location in Close Proximity to Retail Amenities
Stepp Commercial 5 PARK VILLA apartment homes
Stepp PROPERTY OVERVIEW PROPERTY DATA FINANCIAL INDICATORS BUILDING DETAILS
APN 7220-002-040 Price $7,800,000 Unit Mix 4 (3 BD / 2 BA) Address 1761 Park Avenue Price per Unit $433,333 2 (2 BD / 2 BA) Long Beach, CA 90815 Current Cap Rate 4.45% 10 (2 BD / 1 BA) Year Built 1963 Market Cap Rate 4.56% 2 (1 BD / 1 BA) No. of Units 18 Current GRM 14.48 Parking 8 Garages Building Size 15,918 SF Market GRM 14.22 12 Tandem Spaces Lot Size 16,233 SF Utilities Individually Metered
8 Park Villa, 1761 Park Avenue, Long Beach 90815 Unit Mix 4 (3 BD / 2 BA) 2 (2 BD / 2 BA) 10 (2 BD / 1 BA) 2 (1 BD / 1 BA) Parking 8 Garages 12 Tandem Spaces Utilities Individually Metered
Stepp Commercial 9 10 Park Villa, 1761 Park Avenue, Long Beach 90815 PROPERTY FEATURES & IMPROVEMENTS
Exterior and Building Systems New double-pane windows throughout Drought-resistent courtyard landscaping New garage doors New electrical and plumbing
Designer Unit Amenities Hardwood laminate flooring Custom cabinetry Quartz countertops in kitchens Stainless steel appliance package Custom tile in kitchens and baths New bathroom vanities Modern faucets in kitchen and baths New lighting and ceiling fixtures throughout
Stepp Commercial 11 12 Park Villa, 1761 Park Avenue, Long Beach 90815 Stepp Commercial 13 Traffic Circle Location Park Villa Apartment Homes is strategically located in one of the four miles to Downtown Long Beach with over 40,000 job. Additionally, most popular rental markets in Long Beach. Traffic Circle is in close located just a mile from the 405-Freeway, residents can access over a proximity to strong rental market drivers such as California State million jobs within a 30-minute commute in the the Southbay, Orange University Long Beach, with a student population of nearly 37,500 and County, Silicon Beach and Downtown Los Angeles. employed faculty of over 2,000. This submarket's central location offers excellent access to a sea of Traffic Circle is just two miles to the Douglas Park employment hub and employment opportunities and a wide potential renter base. 2.3 miles to Douglas Park 3.3 miles to Douglas Park
Douglas Park Redevelopment El Dorado 405 Freeway
1.4 miles to Regional Park
4 miles to 710 Freeway
4 miles to DTLB
1.3 miles to CSULB 2.7 miles to Beach Cal State University Long Beach Downtown Long Beach
14 Delano Village E. CARSON STREET 1 7 2 9 10 8 4 Douglas Park Redevelopment 3 6 E. CONANT STREET
Douglas Park, a 261-acre master-planned 5 development. The $350 million mixed-use project on the site of the former Boeing campus is well underway and will ultimately contain 4.1 million SF of office, 300,000 SF of retail, 400 hotel rooms and 10 acres of parks.
1 67 SHIMADZU PRECI- LBX SION INSTRUMENTS
2 UNITED PACIFIC 87 BOEING
3 98 MERCEDES-BENZ VIRGIN ORBIT WESTCOAST HQ
4 BOEING 109 LB CITY COLLEGE
5 LB AIRPORT 1011 THE TERMINAL
E. LOS COYOTES DIAGONAL
TRAFFIC CIRCLE E. ATHERTON STREET
PCH
Stepp Commercial 15 Belmont Shore 2nd Street 250+ Restaurants, Bars and Shops
1 ALAMITOS HEIGHTS Avg. SFH Sale Price: $1,082,000
CAL STATE UNIVERSITY 22 LONG BEACH PARK ESTATES Los Altos Market Center Avg. SFH Sale Price: PCH RECREATION PARK 156,860 SF of Retail $1,364,000 GOLF COURSE 18
2.7 MILES TO THE BEACH
E. ATHERTON STREET 8 7 6 XIMENO AVENUE Retail located within 10 min. walk 10 9 5 COMMUNITY MEDICAL 11 3 CENTER LONG BEACH 1 7 12 2 4 KAISER PERMANENTE 2 8 E. LOS COYOTES DIAGONAL TRAFFIC MEDICAL OFFICES CIRCLE 3 9 1 PCH
4 10 HATHAWAY AVENUE
5 1111
6 12 N. LAKEWOOD BOULEVARD 16 Delano Village Traffic Circle / Central + Accessible
Belmont Shore 2nd Street 250+ Restaurants, Bars and Shops Park Villa Apartment Homes is within walking distance to over 360,000 SF of retail.
The Traffic Circle location in Long Beach is a highly desirable rental market, located a mile from the 405-Freeway and just over two miles from the coast, and one of the most central and amenity-rich residential communities anywhere in Southern California. BELMONT HEIGHTS Avg. SFH Sale Price: With award-winning public schools, a wealth of retail $939,000 and recreational attractions, and easy access to major transportation corridors, the community encompassing 1761 Park Avenue is ideal for residents on the hunt for a coastal suburban neighborhood with convenient access to the region’s most bustling job centers. The property is surrounded by a diverse array of amenities, including 1.2 Miles / Cal State University Long Beach more than 360,000 square feet of quality retail that is 37,500 Enrolled Student Population / 155 Degree Programs within walking distance. The surrounding neighborhoods also boast some of the most exclusive and affluent COMMUNITY MEDICAL residential enclaves, with a homes selling in the $1 to $3 CENTER LONG BEACH million range. KAISER PERMANENTE As the Traffic Circle is so centrally located, residents MEDICAL OFFICES can easily take advantage of other Long Beach hotspots in as little as 5 to 10 minutes, including the upscale shopping and trendy dining options of Belmont Shore’s Second Street as well as the nightlife venues and cultural attractions of Downtown.
4.3 Miles Away / Downtown Long Beach 40,000+ Jobs Stepp Commercial 17 PARK VILLA apartment homes
Stepp PRICING & FINANCIALS Pricing & Financials
List Price $7,800,000
Building Data /Financial Indicators Income Current Actual Market Pro Forma 1761 Park Avenue Scheduled Rental Income $525,540 $535,140 Address Long Beach 90815 Parking Income $10,800 $10,800 APN 7220-002-040 Laundry Income $1,800 $1,800 Number of Units 18 RUBS $630 $630 Year Built 1963 Scheduled Gross Income $538,770 $548,370 Building Size 15,918 SF Vacancy (5.0%) ($26,939) ($27,419) Lot Size 16,233 SF Gross Operating Income (GOI) $511,832 $520,952 Current Cap Rate 4.45% Market Cap Rate 4.56% Expenses Per Unit Current Actual Market Pro Forma Current GRM 14.48 Property + Special Assessment Tax (1.21%) $5,382 $96,874 $96,874 Market GRM 14.22 Insurance $442 $7,959 $7,959 Price per Unit $433,333 Utilities $750 $13,500 $13,500 Off-Site Management (4.00%) $1,137 $20,473 $20,838 Financial Summary On Site Management $500 $9,000 $9,000 Down Payment $2,886,000 Landscape $67 $1,200 $1,200 Loan Amount $4,914,000 Pest Control $56 $1,000 $1,000 Interest Rate 3.50% License and Fees $78 $1,400 $1,400 Monthly Payment (interest only) $14,333 Repairs and Maintenance $550 $9,900 $9,900 Annual Payment (interest only) $171,990 Replacement Reserves $200 $3,600 $3,600 Loan-to-Value 63% Total Expenses $164,906 $165,271 Amortization (annual) 30 Per Unit: $9,161 $9,182 Proposed/Existing Proposed Per Sq. Ft.: $10.36 $10.38 Loan Term 360 % of GOI: 32.22% 31.72% Net Operating Income $346,925 $355,680
Units Type SF Total SF Current Rent1 Market Rent Current Rent/SF Market Rent/SF 4 3 Bed / 2 Bath 1000 4,000 $2,920 $3,095 $2.92 $3.10 2 2 Bed / 2 Bath 925 1,850 $2,395 $2,395 $2.59 $2.59 10 2 Bed / 1 Bath 850 8,500 $2,295 $2,305 $2.70 $2.71 2 1 Bed / 1 Bath 725 1,450 $2,188 $2,188 $3.02 $3.02 18 878 15,800 $2,433 $2,478 $2.77 $2.82 1Parking fees may be included in some unit current rents. 20 Park Villa, 1761 Park Avenue, Long Beach 90815 Rent Roll
Unit # Type SF Current Rent1 Current Rent/SF Market Rent Market Rent/SF 1761- A 2 Bed / 1 Bath 850 $2,395 $2.82 $2,395 $2.82 1761- B 2 Bed / 1 Bath 850 $2,245 $2.64 $2,295 $2.70 1761- C 2 Bed / 1 Bath 850 $2,245 $2.64 $2,295 $2.70 1761- D 3 Bed / 2 Bath 1,000 $3,095 $3.10 $3,095 $3.10 1761- E 2 Bed / 2 Bath 925 $2,395 $2.59 $2,395 $2.59 1761- F 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761-G 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761- H 3 Bed / 2 Bath 1,000 $2,795 $2.80 $3,095 $3.10 1761- I 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761- J 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761- K 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761- L 3 Bed / 2 Bath 1,000 $2,995 $3.00 $3,095 $3.10 1761- M 2 Bed / 2 Bath 925 $2,395 $2.59 $2,395 $2.59 1761- N 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761- O 2 Bed / 1 Bath 850 $2,295 $2.70 $2,295 $2.70 1761- P 1 Bed / 1 Bath 725 $2,095 $2.89 $2,095 $2.89 1761- R 3 Bed / 2 Bath 1,000 $2,795 $2.80 $3,095 $3.10 1761- Q 1 Bed / 1 Bath 725 $2,280 $3.14 $2,280 $3.14 18 Units 15,800 $43,795 $44,595
1Parking fees may be included in some unit current rents.
Stepp Commercial 21 PARK VILLA apartment homes
Stepp MARKET COMPARABLES Rent Comparables Summary
3 BD / 2 BA PROPERTY ADDRESS RENT EST. SF RENT/SF 1 2 3 1 5050 E Garford Street $3,062 1,300 $2.36 2 2000 Park Avenue $3,209 1,620 $1.98 3 1025 Palo Verde Avenue $3,875 1,880 $2.06 Average $3,382 1,600 $2.13 1761 Park Avenue $2,920 1,000 $2.85
2 BD / 2 BA PROPERTY ADDRESS RENT EST. SF RENT/SF A B 4 5 A 1741 Park Avenue $2,395 1,080 $2.22 B 1613 Ximeno Avneue $2,838 878 $3.23 4 5401 E Anaheim Road $2,385 875 $2.73 5 5286 E El Parque Avenue $2,200 1,049 $2.10 Average $2,455 971 $2.57 1761 Park Avenue $2,395 925 $2.59
2 BD / 1 BA PROPERTY ADDRESS RENT EST. SF RENT/SF 6 7 8 6 2236 San Anseline $2,195 n/a n/a 7 2240 Granada Avenue $2,350 850 $2.76 8 3500 Hathaway Avenue $2,310 854 $2.70 Average $2,285 852 $2.73 1761 Park Avenue $2,295 850 $2.61
1 BD / 1 BA A B PROPERTY ADDRESS RENT EST. SF RENT/SF A 1741 Park Avenue $2,035 707 $2.88 B 1613 Ximeno Avenue $2,100 500 $4.20 Average $2,068 604 $3.54 1761 Park Avenue $2,188 725 $3.02
24 Park Villa, 1761 Park Avenue, Long Beach 90815 Rent Comparables Map
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Stepp Commercial 25 Stepp With billions of dollars in privately and publicly-funded development taking place, Long Beach is in the midst of a full-scale transformation Long Beach. into a premier metropolitan city, attracting an influx of new businesses, high-quality jobs and an educated, professional demographic of residents.
27 Long Beach at a Glance
A PRIME COASTAL COMMUNITY PROJECTED POPULATION Strategically located between Los Angeles and Orange County, Long Beach is the sixth largest city in the % state of California and one of the fastest growing metropolitan economies in Southern California, contributing 15.2 GROWTH BY approximately $92 billion in economic activity. As a prime coastal community, Long Beach has always been 2040 appealing to residents seeking a casual,beachaccessible lifestyle near a plethora of employment opportunities within a 30-minutecommute.
INVESTMENT & BUSINESS-FRIENDLY ENVIRONMENT In recent years, a pro economic development has helped to attract billions in private and public capital as % JOB GROWTH investors recognize the city's unique position as the only urban center located on a waterfront between San SINCE 2011 Diego and San Francisco and the opportunities that provides. The city’s business-friendly efforts have been 12.6 successful in attracting and retaining world-class corporations, and we have seen an influx of a professional, highly-skilled workforce that is now drawn to high-quality employment opportunities in Long Beach itself.
STRONG EMPLOYMENT GROWTH AND PROSPECTS Since August 2016, Long Beach has seen 4,600 jobs added to the market, bringing its employment base to nearly PROJECTED 231,225. In May 2018, Long Beach reported an unemployment rate of 4.1%, down from 4.4% in 2017 and a 10.5% % JOB GROWTH drop over the last eight years. Job growth is projected to increase 37.1% over the next ten years. Long Beach 37.1 continues to experience economic expansion, fueled by the ecosystem of businesses, investors and residents who BY 2030 are all attracted to the singular opportunities that only an urban, waterfront economic metropolis can provide.
28 Park Villa, 1761 Park Avenue, Long Beach 90815 Vacancy Rate Forcast 5.0% Long Beach Rental 4.8% 4.6% Market at a Glance 4.4% 4.2%
4.0%
3.8% 22% 96.7% 54% 3.6% Average Effective Average Housing Units 3.4% Rent Growth Occupancy that are Renter 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Since 2011 Rate Occupied Long Beach Los Angeles
RENT GROWTH OUTPERFORMING OTHER COASTAL SUBMARKETS Long Beach Absorption & Net Deliveries Forcast 5.0% With an average annual effection rent growth rate of 6% since 2013, Long Beach has outperformed other highly-regarded Southern California coastal 4.8%
submarkets such as Santa Monica, El Segundo and Downtown San Diego, 4.6% where effective rent growth has averaged sub-3-4% annually. 4.4%
4.2% STRONG OCCUPANCY & RENT GROWTH 4.0% Since 2013, lease-up absorbtion rates have averaged 221 units per year, 3.8% maintaining occupancy levels at or above 95%, with rents averaging 4.8% 3.6% year-over-year growth. As brand-new supply enters the submarket over 3.4% the next few years, pent up demand is projected to push average lease-up 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
absorbtion rates from 221 units per year to 371 units annually, with 4.5% Absorption Net Deliveries annual rent growth through 2020.
Stepp Commercial 29 DOWNTOWN LONG BEACH EMPLOYMENT SNAPSHOT
A diversity of business sectors drive the Long Beach Downtown Industry Cluster Breakdown economy, some with roots dating back to the city’s origins, and others that have blossomed more recently. The city’s Hospitality & Tourism economic strength and stability has been bolstered by this variety; when one sector slows, another is there to pick up the slack. Retail
Downtown Long Beach is home to over 40,000 jobs across all industries, with stalwart firms such as Molina Healthcare, Professional, Scientific & which employs over 1,500 and International City Bank, Technical Services which holds $7.3 billion in assets and employes 750 in Long Beach and other parts of Southern California. Real Estate Rental & Leasing In recent years, a burgeoning creative and technology hub has been building in DTLB, capitalizing on a highly- educated professional workforce with a higher earning Other Services capacity. Workers in DTLB earn 31.3% more than workers citywide, at an average of $67,800 annually. Finance & Insurance
Transportation & Warehousing
1,647 247 15% Health Care & Social Assistance Businesses New businesses Increase in in DTLB in 2018 New Businesses
Arts, Entertainment & Recreation
Source: ISA 2019 Survey of Downtown Business
30 Park Villa, 1761 Park Avenue, Long Beach 90815 HOME TO A GROWING CREATIVE AND TECHNOLOGY HUB
Zwift is at the intersection Siteport is an automated LawDeal is a cloud-based Curbside M.E. is a digital of fitness and gaming, migration solution that platform for creating and health platform providing connecting cyclists around simplifies content migrations printing legal documents data insights and answers the globe through their and platform updates while crafted by licensed to clinical queries based digital platform. Zwift's making the entire process attorneys. Founded in on physician experiences. gear is paired with each faster. Whether a company 2014, the company only Supplying quick and user’s bike and the platform is performing an entire offers a couple document informal information from provides structured site redesign or switching services at the moment but doctor to doctor, the system workouts, virtual routes content management is expanding to cover more is particularly beneficial to and even group rides with systems, Siteport ensures a personal and business legal physicians and medical other users. Zwift has 211 smooth transition. needs. students. employees and $147 million in total funding.
iDesign Cafe is a design Insteo is a creative company Comfreight is a marketplace Designory is a full service agency serving enterprises providing custom digital for mobile load boards and advertising agency that around the world. Focused signage and template freight matching. Through seeks to transform brands. on helping their clients solutions. Their templates the platform shippers, Clients include Audi, Infinity, sell more, iDesign offers cover a wide variety of carriers and brokers can Cisco, The Penisula Hotels, branding and creative needs from digital menus receive bids, find trucks and Uber. Founded in a services as well as to lobby directories while and be paid all in the same Victorian House in Long hardware and software providing custom solutions place. The company has Beach in 1983, Designory solutions. Companies and for everything in between. received at least $2 million in now has locations organizations currently Series A funding. worldwide, but is still working with iDesign include headquarted in Long Beach. Marriott, Tommy Hilfiger, Cisco and Penn State.
Stepp Commercial 31 CONTINUED DEVELOPMENT THROUGHOUT THE CITY
$520 MILLION LONG $350 MILLION DOUGLAS PARK $250 MILLION QUEEN MARY BEACH CIVIC CENTER REDEVELOPMENT ISLAND DEVELOPMENT REDEVELOPMENT
In Downtown Long Beach, the $520 million Developed by SARES-REGIS, Douglas Park Urban Commons has planned a $250 million Long Beach Civic Center project calls for the is a $350 million, 261-acre mixed-use project retail and entertainment complex for the 65- development of a new library, a new headquarters on the site of the former Boeing campus. The acre waterfront surrounding the Queen Mary, for both City Hall and the Port of Long Beach, project will ultimately contain up to 4.1 million calling it Queen Mary Island. The redevelopment 650 multifamily units, 200 hotel rooms, and square feet of office, research/development, will include restaurants, live music, 700,000 an expansion of Lincoln Park. The first phase of and light industrial space, 266,000 square feet square feet of retail space, a new 200-room hotel the project is currently under construction with of retail space (see LBX), and 10 acres of parks. and 150,000 square feet allocated for a mini completion expected in 2019. It is expected to bring over 5,000 jobs to Long amusement park, Urban Adventure. Beach and will be home to nearly 30 businesses such as Mercedes-Benz USA West Coast HQ and Virgin Galactic.
32 Park Villa, 1761 Park Avenue, Long Beach 90815 CONTINUED DEVELOPMENT THROUGHOUT THE CITY
$53 MILLION AQUARIUM OF $4.5 BILLION PORT $100 MILLION 2ND & PCH THE PACIFIC EXPANSION INFRASTRUCTURE PROJECT RETAIL DEVELOPMENT
The $53 million expansion will add a 29,000-square The Middle Harbor terminal will be 311 acres, with This high-end retail and dining development with foot wing to the fve-acre attraction consisting an annual capacity of 3.3 million TEUs (twenty- 244,000 square feet of retail/restaurant space of a 300-seat immersive theatre, and a 6,000 foot equivalent units) – which alone would rank on 11 acres overlooking the Long Beach Marina is square foot addition to the existing exhibit gallery it as the nation’s fourth-busiest port. A new expected to create excitement and activity in the space. As one of Long Beach's landmarks, the 4,200-foot-long concrete wharf with three area and capture visitors from both Los Angeles Aquarium expansion is expected to increase deepwater berths will support 14 of the most and Orange counties. Long in development, the yearly visitors by 200,000 people, totaling two modern gantry cranes – accomm An on-dock rail project will be designed to reflect the changing million visitors in the frst year. Attractive more yard is designed to handle 1.1 million TEUs a year, tastes of consumers, with a shift to an emphasis visitors to the area will have a positive impact on or about 24 trains a week, to minimize roadway on dining, entertainment and community along the city's tourism. The project will support up to traffic impacts. Construction is generating 1,000 with retail. Tenants will include Whole Foods and 50 construction workers per day, and is slated to temporary jobs a year through 2020, while Sephora. be completed in Spring 2019. 14,000 permanent new jobs will be generated in Southern California by the increase in trade.
Stepp Commercial 33 NEW HOUSING DRIVES RENTAL INCREASES
3. Oceanaire / 216 Units While the development activity in downtown maintains its brisk pace, Long Beach is seeing a rapid rate of growth and expansion moving inland from the shoreline into all parts of the city. In 2018, 12,495 building permits were issued, with a total construction value of $506 million in Downtown, East and North Long Beach. With the wide separation in asking rents between brand new, modern buildings and existing, older product, owners are seeing a tremendous opportunity to reposition their properties to achieve much higher market rents.
4. Serenade / 95 Units
5. The Alamitos / 136 Units
34 Park Villa, 1761 Park Avenue, Long Beach 90815 RESIDENTIAL & MIXED-USE DEVELOPMENT PROJECTS
1 Amli Park Broadway - 245 W Broadway • 222 units 18 201 PCH - 201-245 W Pacific Coast Hwy. • 154 units 2 Ocean View Tower - 200 W Ocean Blvd. • 98 units 19 Axiom - 1401 Long Beach Blvd. • 142 units 3 Oceanaire - 150 W Ocean Blvd. • 216 units 20 Magnolia & Broadway Apartments - 500 W Broadway • 142 units 4 Serenade - 432-444 W Ocean Blvd. • 95 units 21 1105 Long Beach Boulevard - 1105 Long Beach Blvd. • 120 units 5 The Alamitos - 101 Alamitos Avenue• 136 units 22 110 Pine Avenue - 110 Pine Avenue • 118 units 6 The Linden - 424 East 4th Street • 49 units 23 Locust Avenue Apartments - 1112 Locust Avenue • 97 units 7 Sonata - 207 Seaside Way • 112 units 24 135 Linden - 135 South Linden Avenue • 82 units 8 One Golden Shore - 1 Golden Shore Avenue • 750 units 25 The Ocean Center Residences - 110 W Ocean Blvd. • 80 units 9 600 Broadway - 600 E Broadway • 694 units 26 810 Pine - 810 Pine Avenue • 78 units 10 3rd & Pacific - 131 W. 3rd Street • 325 units 27 320 Alamitos - 320 Alamitos Avenue • 77 units 11 Shoreline Gateway - 777 E Ocean Blvd. • 315 units 28 LB at 14th - Long Beach Blvd & E 14th Street • 65 units 12 7th and Pacific - SEC W 7th Street & Pacific Avenue • 271 units 29 Huxton - 227 Elm Avenue • 40 units 13 Broadway Block - 200-256 Long Beach Blvd. • 234 units 30 Off Broadway - 125 Linden Avenue • 25 units 14 Aster - 125 Long Beach Blvd. • 218 units 31 1341-1351 Long Beach Blvd - 1341-1351 Long Beach Blvd. • 24 units 15 Broadway & Promenade - 127-135 W Broadway • 172 units 32 Pine Ave & Pacific Coast Hwy Apts - 1814 Pine Avenue • 24 units 16 The Pacific - 230 W 3rd Street • 163 units 33 The Place at The Streets - 151 E 5th Street • 20 units 17 Pacific Avenue Condos - 507 Pacific Avenue • 157 units 34 825 East 7th Street Apartments - 825 E 7th Street • 19 units
6. The Linden / 49 Units 16. The Pacific / 163 Units 20. Magnolia & Broadway / 120 Units
Stepp Commercial 35 DISCLAIMER & CONFIDENTIALITY AGREEMENT
The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/ or used for any purposed or made available to any other person without the express written consent of Stepp Commercial. In accepting this, the recipient agrees to keep all material contained herein, cofidential.
This information has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. Stepp Commercial and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this informational package has been obtained from sources we believe to be reliable; however, Stepp Commercial and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.
Stepp Commercial and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.
All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Stepp Commercial recommends, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.
The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.
ROBERT STEPP / 310.774.3740 / [email protected] / CA BRE #01456379 MICHAEL TOVEG / 310.774.3742 / [email protected] / CA BRE #01867136 Stepp
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