OFFERING MEMORANDUM 4320 S Centinela Avenue LOS ANGELES, CA EXCLUSIVELY LISTED BY: DANIEL WITHERS SVP & Senior Director - Multifamily Direct +1 818 923 6107 Mobile +1 310 365 5054 [email protected] License No. 01325901 (CA) ™ JEFFREY LOUKS Executive Managing Director Investments Senior Director, National Multi-Housing Group Direct +1 818 212 2780 Mobile +1 310 941 5899 [email protected] License No. 00908473 (CA) ELLIOT SABAG Associate Direct +1 818 212 2672 Mobile +1 818 903 7020 [email protected] License No. CA01989131 (CA) | 2 CONTENTS 05 PROPERTY OVERVIEW 09 AREA OVERVIEW 19 FINANCIAL OVERVIEW 3 | S CENTINELA AVE | 4 PROPERTY SECTION OVERVIEW 01 5 | | 6 7 | 4320 S Centinela Avenue LOS ANGELES, CA LOCAL MAP PROPERTY OVERVIEW 4320 S. Centinela Avenue is a 15-unit apartment building located in a prime Mar Vista, CA. Built in 1990, the property consists entirely of two-bedroom, two-bathroom units. The building features a modern gray façade, private balconies, secure gated parking, controlled building access and central air conditioning and heating. Situated just South of Washington Boulevard, the property is in close proximity to many restaurants, cafes, coffee shops, boutiques and night life as well as a weekly farmers market. This location provides tenants easy access to surrounding areas including Culver City, Marina Del Rey and Venice. Additionally, the building is conveniently located near both the 405 and 90 Freeways. This area of West Los Angeles is extremely desirable and is a growing entertainment and technology hub with companies such as Amazon, Apple, Google, Sony and HBO in close proximity. This is an opportunity for an investor to capitalize on approximately 31% upside in a strong rental market. PROPERTY HIGHLIGHTS • 15-Units, built in 1990 • Unit Mix: (15) 2+2 • Walk Score of 80 – Very Walkable • Property features include private balconies, secure gated parking, controlled access and central air conditioning and heating • Easy access to the 90 and 405 Freeways • Growing entertainment and technology hub with local employers including HBO, Apple, Google, Amazon and Sony • Located in proximity to shopping, dining and entertainment options • 21,268 square foot building on a 10,486 square foot lot zoned LAR3 | 8 AREA SECTION OVERVIEW 02 9 | MAR VISTA, CA Mar Vista is a residential and commercial neighborhood on the Westside of Los Angeles, California. According to the Mapping L.A. project of the Los Angeles Times, Mar Vista is adjoined on the northeast by Palms, on the east, southeast and south by Culver City, on the west by Venice and on the northwest by Santa Monica. Mar Vista’s street and other boundaries are: the San Diego Freeway to the Culver City boundary at Venice Boulevard on the northeast, the Culver City line on the southeast, Walgrove Avenue on the southwest and the Santa Monica city boundary on the northwest. | 10 LOS ANGELES, CA The City of Los Angeles and often known by its initials L.A., is the most populous city in California, the second-most populous city in the United States, after New York City; and the third most populous PROPERTY DEMOGRAPHICS city in North America, after Mexico City and New York City. With an estimated population of over four million people, Los Angeles is the cultural, financial, and commercial center of Southern POPULATION 1-MILE 3-MILE 5-MILE California. The city is known for its Mediterranean climate, ethnic diversity, the entertainment 2026 Projection 44,136 284,425 657,818 industry, and its sprawling metropolis. 2021 Estimate 44,285 282,999 657,221 The City of Los Angeles holds many distinctions. L.A. is the entertainment capital of the world, 2010 Census 42,713 260,406 619,138 a cultural mecca boasting more than 100 museums, many of them world-class, and a paradise of idyllic weather. From tourist attractions like the Walk of Fame’s collection of stars (numbering Growth 2010-2021 0.3% 0.8% 0.6% more than 2,614 and growing by one or two a month) to career opportunities like those presented HOUSEHOLDS 1-MILE 3-MILE 5-MILE in the expanding tech industry, Los Angeles is the place to be. It is the only city in North America 2026 Projection 18,190 128,934 293,367 to have hosted the Summer Olympics twice - and by 2028 the third time. Downtown L.A. is the 2021 Estimate 18,278 128,506 293,618 largest government center outside of Washington, D.C. Los Angeles has the only remaining wooden lighthouse in the state (located in San Pedro’s Fermin Park) and the largest historical 2010 Census 17,768 119,379 279,324 theater district on the National Register of Historic Places (located Downtown on Broadway). Growth 2010-2021 0.5% 0.8% 0.6% (DiscoverLosAngeles.com) INCOME 1-MILE 3-MILE 5-MILE 2021 Avg. $108,486 $132,799 $123,195 Los Angeles is on the leading edge of several growth industries. The Los Angeles metropolitan Household Income area, with more than 23,000 art jobs, is the country’s leading artistic center, surpassing the previous champion, New York. In other words, Los Angeles has both a larger concentration and an absolute number of artists than New York. The L.A. five-county area is also a major tech center, with more than 700,000 people at work in health services/biomedical activities and 190,000 people in aerospace. Los Angeles County employs over 913,000 A culturally diverse city, with a growing culinary scene, It is the largest and most populous city in the people in several growing industries shopping, museums, and a reputation for being the state of California and the cultural, financial, and creative center of America. commercial center of Southern California. 11 | ECONOMY The LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, interactive games, and recorded music - the Hollywood district of Los Angeles and its surrounding areas are known as the “Movie Capital of the United States” due to the region’s extreme commercial and historical importance to the American motion picture industry. Other significant sectors include shipping and international trade - particularly at the adjacent Port of Los Angeles and Port of Long Beach, together comprising the United States’ busiest seaport. L.A. County is also a major hub for manufacturing, aerospace, a fast-growing high-tech and digital media industry, petroleum, fashion, and tourism. With $807 billion in annual output, Los Angeles County ranks among the world’s largest economies. Its GDP, which would rank No. 19 in the world if it were a standalone nation, is larger than Switzerland and Saudi Arabia, and right DEVELOPMENTS behind Netherlands and Turkey, underscoring the magnitude of the region’s economy. KURVE ON WILSHIRE: Kurve on Wilshire is a $300 million project located on the eastern edge of Koreatown. The 23-story tower will feature 644 apartment units with many amenities and 15,000-square-feet of retail space on the ground floor. The tower will also be overlooking Lafayette Park and is set to open in the spring of 2021. PRODUCELA: Los Angeles’s Arts District is undergoing a major transformation. ProduceLA is set to be the newest 4-story office building in the area with tenants expected to occupy the building in early 2021. IVY STATION: The Ivy Station development features a 5-story office building, a 148-room hotel, and 200 apartment units. HBO is set to occupy the office building and will be moving its Los Angeles corporate headquarters from Santa Monica to the Ivy Station building in Culver City. | 12 TOURISM A culturally diverse city, with a growing culinary scene, shopping museums, and a reputation for being the creative center of America. According to data compiled by Tourism Economics, Los Angeles visitors spent $24.7 billion on tourism in 2019, generating a record of $37.8 billion in total economic impact. Due to the increase in travel to California, travel and tourism jobs increased to 1.2 million in 2019, which was an additional 13,000 jobs. Tourism supported 50 MILLION 544,700 jobs in the Los Angeles County’s Leisure and Hospitality sector in 2019. 1 in every 8.4 50 Million People traveled to Los Angeles last year workers in the county were employed. (NBC Los Angeles, 2020) $22 BILLION LA visitors spent $22 billion on hotels, restaurants, shopping, attractions and more ATTRACTIONS 525,000 There are 525,000 jobs supported by the Los Angeles tourism Some of the world’s best-known and most iconic landmarks and attractions call Los Angeles industry home: the Hollywood Sign; Griffith Observatory; the Getty Center; the Walt Disney Concert Hall at the Music Center in Downtown L.A.; the Hollywood Walk of Fame; the TCL Chinese Theatre; Space Shuttle Endeavour at the California Science Center; the Battleship USS Iowa located at the Port of Los Angeles in San Pedro; Air Force One at the Ronald Reagan Library; and Universal Studios Hollywood, with its dynamic immersive experience, The Wizarding World of Harry Potter™. There is something for everyone in Los Angeles. (DiscoverLosAngeles. com) 8 YEARS The Los Angeles County has a 75-mile coastline that is home to several of Southern California’s LA has celebrated 8 consecutive years of record growth sunny beaches. Beaches such as Malibu and Long Beach are famous for being the best surf spots on the West Coast. The coastline is also surrounded by local boutiques and exquisite cuisines that have oceanfront dining. Popular landmarks along the coast include the Santa Monica Pier and the Getty Villa. 13 | ARTS & CULTURE With various museums and exhibits, Los Angeles is full of inspiring art and diverse cultural experiences.