1045 Ocean Ave. SANTA MONICA, CA 90403 Ocean view Apartment in Downtown Santa Monica (20-UNITS) 7 units are vacant and will be delivered VACANT Private Tours are available! True Value-Add, High Proforma CAP

Exclusively Listed by: Han Widjaja Chen, CCIM Dir 626.594.4900 [email protected] 1045 Ocean Ave. SANTA MONICA, CA The Growth Investment Group Table of Contents Han Widjaja Chen, CCIM Leo Shaw SECTION 01. EXECUTIVE SUMMARY President Vice President Investment Highlights Dir 626.594.4900 | Fax 626.316.7551 Dir 626.716.6968 [email protected] [email protected] Summary Broker License No. 01749321 Broker License No. 01879962 Executive Summary Justin McCardle Spencer Rands Aerial Photos Vice President Vice President Property Photos Dir 909.486.2069 Dir 949.303.0290 Walkscore Map [email protected] [email protected] Regional Map License No. 01895720 Broker License No. 01388490 Local Map Matthew Guerra Arin Gharibian Amentities Map Broker Associate Senior Associate Parcel Map Dir 626.898.9740 Dir 310.919.6655 [email protected] [email protected] License No. 02022646 License No. 01946372 SECTION 02. FINANCIAL ANALYSIS Financial Analysis Jeanelle Mountford Broker Associate Marc Schwartz Rent Roll Dir 626.898.9710 Senior Associate [email protected] [email protected] License No. 01515007 SECTION 03. MARKET OVERVIEW License No. 01737872 City of Santa Monica Ryan Yip Jackelyn Sutanto Demographics Broker Associate Marketing Associate Dir. 626.898.7290 Dir. 626.594.4901 [email protected] [email protected] License No. 02087685 DISCLAIMER AND CONFIDENTIALITY AGREEMENT: This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to expressfurther interest in the acquisition of: 1045 OCEAN AVE, SANTA MONICA, CA (“Property”). This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information that prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner and Growth Investment Group. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. Neither the Owner nor Growth Investment Group, nor any of their respective directors, officers, affiliates, or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents. The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time, with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived. By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or Growth Investment Group. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or Growth Investment Group. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to Growth Investment Group.

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 2 01. Executive Summary

PAGE 3 1045 Ocean Ave. SANTA MONICA, CA Investment Highlights • IRREPLACEABLE LOCATION! Considered as one of the • Several units have been updated best locations for an apartment in Southern ! • Several units have ocean view, private deck area • Seven (7) units will be delivered vacant at close of • 6 garage parking in the back escrow! • Rooftop Penthouse unit with sweeping ocean view and • Once in a lifetime opportunity for any investor to acquire private sundeck one of the best located apartment buildings in Southern • Main electrical panel that is connect to incoming service California was upgraded in 2017 • Ocean view for many units! The top unit is a penthouse • Units are bright and have functional layouts with ocean unit with a private sundeck which enable the tenants in breeze through many windows the unit to enjoy a breathtaking ocean view! • Walking distance to , , Downtown Santa Monica , Downtown Santa Monica Metrolink light rail station, Santa Monica Farmers Market, restaurants, shopping, clubs, and ALL the best amenities City of Santa Monica has to offer! • Strong demographics of ±$143,040 average household income within a 3-mile radius • Significant rental upside potential! High Proforma CAP Rate • There is no loan encumbering the property; Seller may carry

Property Highlights • Favorable unit mix for a rent control area • R3 zoning, surrounded by properties of much higher density

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 4 1045 Ocean Ave. SANTA MONICA, CA Summary Subject Property: 1045 Ocean Ave. Santa Monica, CA 90403

Year Built: 1922

Building Area: 15,005 SF

Lot Size: 11,260 SF

Assessor’s parcel number: 4292-027-011

Zoning: R3

Number of Units: 20

Unit Mix: 4 x 2B + 1B 1 X 2B + 2B 7 x 1B + 1B 7 x Studio 1 x Penthouse 1B + 1B 1 x small office (ocean view)

Parking Spaces: 6 garage spaces (4 are assigned)

Proforma CAP Rate: 4.55% Proforma GRM: 15.19x

Additional Information: 1. Property is under Santa Monica rent stabilization ordinance (rent control)

2. Seven (7) units will be delivered vacant. Unit#: 1, 5, 6, 8, 9, 14, 17. Last long-time tenant moved out at the end of October 2020 (#1).

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 5 1045 Ocean Ave. SANTA MONICA, CA Executive Summary The Growth Investment Group is proud to present 1045 Ocean higher density residential properties on its left and right. Unit mix Ave, Santa Monica. Steps from the beach in Santa Monica and consists of four (4) 2bedroom+1bathroom, one (1) 2bedroom + walking distance to some of the best amenities in Santa Monica 2bathroom, seven (7) 1bedroom+1bathroom, seven (7) studio, (world-famous Santa Monica Beach, Santa Monica Pier, Santa and one (1) penthouse-1bedroom+1bathroom. The property is Monica Third Street Promenade, etc.), 1045 Ocean Avenue offers master metered for electricity, gas and water. It is under Santa investor a once-in-a-lifetime opportunity to own an apartment Monica Rent Stabilization Ordinance (rent control). It has a shared asset in a truly irreplaceable location that could be considered as laundry room. Several units have been upgraded and six units can one of the best location in . be delivered vacant at close of escrow. Parking is provided by 6 garage parking in the back (alley 1045 Ocean Ave is a 20-unit access). apartment in Downtown Santa Monica. It is located on Ocean LOCATION, ACCESS AND Ave between California Ave and AMENTITIES Washington Ave. It is located Santa Monica is home to a a block away from Third Street diverse group of people with an Promenade on Wilshire Blvd, across eclectic and energized vibe. The the street from Palisades Park that location is a Perfect Paradise offers unobstructed ocean view located near every desire and of Pacific Ocean, Santa Monica convenience. Tenants can enjoy Beach, Santa Monica Pier and an active California lifestyle in the Southern California coastline. It is infinite outdoor and indoor activity within walking distance to all the opportunities. Palisades Park and best amenities Santa Monica has to the white sandy beach are among offer, including Metrolink light-rail station on Ave. It has the play grounds afforded residents. World-famous Santa Monica a strong demographics of $143,000 average household income pier and Third Street Promenade are on within walking distance, within a 3-mile radius and has superb access to FWY 10 and CA- complete with unique entertainment options, dining and shopping 1N (Pacific Coast Highway) is a street away. (http://www.downtownsm.com/business-directory ).

The property is a 2-1/2 story apartment that was built in 1922. It has a total of ±15,005 square feet building size (per profile) and situated on a ±11,260 square feet R3 lot. It is surrounded by much

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 6 1045 Ocean Ave. SANTA MONICA, CA Executive Summary When it comes to food and entertainment, this location offers some of the best in Southern California. Some of the well-known Third Street Promenade local dining in the area are Ox and Son, Tar and Roses, Chinois on Also within an easy stroll of the hotel is Third Street Promenade, a Main, Chaya Venice, Sushi Roku, Via Veneto, Cassia, and much European-style walkway with exceptional Santa Monica shopping. more! Enjoy fine restaurants, live entertainment, movie theatres, shopping, a local artists’ scene and a weekly farmer’s market. Some of the shopping options that are within walking distance are: Main Street Santa Monica Place This Santa Monica beachside The new Santa Monica Place is now a neighborhood rich in history and completely redeveloped as an appealing, architecture, abounds with great open-air shopping and dining environment restaurants, galleries and Santa Monica that connects with the vibrant Third Street shopping boutiques. Some of the stores Promenade and Santa Monica’s thriving include Gap and Armani Express. downtown. Santa Monica Place stars two new department stores – Bloomingdale’s Montana Avenue and – and 80+ specialty retailers Home to shops and restaurants of and restaurants including , Nike, CB2, elegance and style. Many consider its Burberry, Barneys Co-op, Tiffany & Co., shops second only to Rodeo Drive in chic Louis Vuitton, Betsey Johnson, Ted Baker, and sophistication. For more information, Juicy Couture, True Religion, Joe’s Jeans, please visit the Montana avenue website. White House | Black Market, Love Culture and many more. The Dining Deck as a third anchor (alongside Bloomingdale’s and Nordstrom) for the property reflects an updated priority in shopping center design, appealing to the new consumer who values a great experience as much as great merchandise. Dedicating one third of the square footage to food is something entirely new and exciting.

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 7 1045 Ocean Ave. SANTA MONICA, CA Aerial Photos

3RD ST PROMENADE SANTA MONICA PIER

Wilshire Blvd.

SANTA MONICA BEACH

CA-1N California Ave Pacific Coast Highway

Ocean Ave

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 8 1045 Ocean Ave. SANTA MONICA, CA Aerial Photos

3RD ST PROMENADE

Wilshire Blvd.

California Ave

Ocean Ave

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 9 1045 Ocean Ave. SANTA MONICA, CA Aerial Photos

Pacific Ocean

SANTA MONICA PIER

SANTA MONICA BEACH

Palisades Park Ocean Ave

California Ave

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 10 1045 Ocean Ave. SANTA MONICA, CA Aerial Photos

Pacific Ocean

SANTA MONICA BEACH

Palisades Park

Ocean Ave

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 11 1045 Ocean Ave. SANTA MONICA, CA Aerial Photos

CITY OF MALIBU

Pacific Ocean

SANTA MONICA Ocean Ave BEACH

CA-1N Pacific Coast Highway

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 12 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 13 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 14 1045 Ocean Ave. SANTA MONICA, CA Property Photos (UPGRADED UNIT)

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 15 1045 Ocean Ave. SANTA MONICA, CA Property Photos (UPGRADED UNIT)

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 16 1045 Ocean Ave. SANTA MONICA, CA Property Photos (NON UPGRADED UNIT)

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 17 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 18 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 19 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 20 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 21 1045 Ocean Ave. SANTA MONICA, CA Property Photos

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 22 1045 Ocean Ave. SANTA MONICA, CA Walkscore Map

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 23 SANSAN GABRIELGABRIEL

SANTA 1045 OceanCLARITA Ave. SANTA MONICA, CA Regional Map

NORTHRIDGE

BURBANK VAN NUYS AIRPORT VAN NUYS BURBANK AIRPORT GLENDALE PASADENA RANCHO MONROVIA CUCAMONGA ENCINO UPLAND GLENDORA SAN BERNARDINO STUDIO ARCADIA CITY BALDWIN PARK FONTANA BEVERLY POMONA ONTARIO HILLS DOWNTOWN ONTARIO LOS ANGELES INT'L AIRPORT CITY OF CHINO SANTA INDUSTRY MONICA MIRA CULVER LOMA RIVERSIDE CITY DIAMOND BAR MARINA LOS ANGELES CO. S A N B E R N A R D I N O C O U N T DEL REY SANTA FE O R A N G E C O U N T Y SPRINGS BREA LAX EL SEGUNDO CORONA MANHAManhTTatANtan NORWALK Y BEABeCHach FULLERTON

HERMOSA R IV E R S ID E C O U N T Y BEACH LONG ANAHEIM TORRANCE BEACH AIRPORT

GARDEN PALOS GROVE ORANGE VERDES SANTA LONG ANA SAN BEACH PEDRO PORT OF LONG PORT OF BEACH LOS ANGELES COSTA JOHN MESA WAYNE HUNTINGTON AIRPORT BEACH IRVINE

HAN WIDJAJA CHEN 626.594.4900 [email protected] BEACH PAGE 24 BEACH LAGUNA NIGUEL

DANA POINT SAN CLEMENTE

CAMP PENDLETON 1045 Ocean Ave. SANTA MONICA, CA Local Map

ST. JOHN’S HEALTH CENTER

DMV

Subject Property

SM COLLEGE

THIRD STREET PROMENADE

SM AIRPORT

TONGAVA PARK

PACIFIC OCEAN

SANTA MONICA PIER

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 25 1045 Ocean Ave. SANTA MONICA, CA Nearby Amentities

• Jamaican • Bagel Nosh Deli • Cafe Zewlla Credit Union • The Buffalo Club • Frommins • Boba Tea & Me • St John’s Medical Plaza • Port Royal Cafe • Sushi King • The Chestnut Club Pharmacy • Tacos Por Favor • Izzy’s Deli • The Room SM • Kaiser Permanente • Chomp Eatery & Juice Station • Estate Restaurant + Bar • Kite Pharma • Rite Aid Pharmacy • Taco Bell • Fromin’s Restaurant • Hirsch Pipe and Supply • 222 Prescription Pharmacy • Lee’s Chinese Fast Food • Santa Monica Pizza Kitchen • SMC Pharmacy • Bank of America • DK Donuts & Bakery • M.T. Lazansky & Associates • Bourget Bros. Building • Mona Zohrehvand, Pharm • RGM Group Enterprises • Casa Sushi & Terikayi Materials • Tri Tech Pharmaceuticals • Big Jo’s Truxton’s American • 18th Street Coffee House • Santa Monica Medical Plaza • Lois Lee, PharmD Bistro • Cafe 8 1/2 Pharmacy • U.S. Bank • Back on • Coffee Commissary • UCLA Medical Center Ors • Santa Monica Co-Op • A&R Bar • Rick’s Cafe • Horton & Converse Pharmaxy • • Suzie Snacks • Renovo • Amy Wei, PharmD • Tehran Market • Pokiyo • Goodboybob Coffee • Hang-Ups Unlimited • Vons • Sunshine Cafe • Starbucks • Trash with Class • Mrs Winston’s Green Grocery • Punta Cabras • Funnel Mill Rare Coffee & Tea • Ralph’s Pharmacy • Whole Foods Market • Cold Stone Creamery • Posh Cafe • Westside Employees Federal • etc,

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 26 1045 Ocean Ave. SANTA MONICA, CA Assessor Map

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 27 II. FINANCIAL ANALYSIS 02. Financial Analysis

PAGE 28 1045 Ocean Ave. SANTA MONICA, CA Financial Analysis Investment Overview Unit Mix and Rent Schedule Avg. Monthly Proforma Rent Units Type % Unit Mix Total Rent Market Rent Price $ 15,990,000 Rent Total Price Per Unit $ 800,000 4 2B + 1B 20% $ 3,588 $ 14,353 $ 5,150 $ 20,600 Price Per SF $ 1,066 1 2B + 2B 5% $ 1,974 $ 1,974 $ 5,500 $ 5,500 Cap Rate 1.81% 7 1B + 1B 35% $ 2,497 $ 17,477 $ 4,231 $ 29,619 GRM 26.43 7 STUDIO 35% $ 1,910 $ 13,370 $ 2,600 $ 18,200 Estimated Proforma CAP Rate 4.55% 1 PENTHOUSE 1B+1B 5% $ 3,084 $ 3,084 $ 12,000 $ 12,000 Rental Upside Proforma GRM 15.19 20 100% $ 50,259 $ 85,919 71% * SEVEN (7) units will be delivered VACANT Property Information * There is a small office (2nd floor) with oceanview that can be turned into a leasing office or combined into unit #9 Building Size 15,005 Income Current Proforma Lot Size 11,260 Annual Gross Rent (Current/Potential) $ 50,259 per month $ 603,105 $ 1,031,025 Lot Size Acres 0.258 OTHER INCOME Laundry Income $ 140 per month $ 1,511 $ 1,511 Number of Units 20 Misc Income $ 27 per month $ 327 $ 327 Year Built 1922 RUBS $ 50 per unit/month $ 12,600 Parcel(s) 4292-027-011 PARKING 2 spaces $ 300 per space/month$ - $ 7,200 Zoning R3 Gross Scheduled Income $ 604,943 $ 1,052,663 Parking 6 detached garage Vacancy Factor 3.00% $ (18,148) $ (31,580) Effective Gross Income $ 586,794 $ 1,021,083 Additional Notes 1. Electrical was upgraded in 2017 Expenses Current Proforma Operating Expenses 2. Additional savings can be realized by Property Tax 1.222713% $ 195,512 $ 195,512 per tax assessor private owners that will self-manage the Direct Assessments $ 2,349 $ 2,349 per tax assessor property. Insurance $ 0.40 per sf $ 5,609 $ 5,609 actual 2019 On-Site Management Salary $ 354.00 per month $ 4,248 $ 4,248 actual 2019 3. There is no loan encumbering the Off-Site Management $ 1,413.91 per month $ 13,157 $ 13,157 actual 2019 property. Seller might consider carrying a Utilities: Electrical $ 469.42 per month $ 5,633 $ 5,633 actual 2019 short term (12-months) first trust deed for Utilities: Gas $ 42.75 per month $ 513 $ 513 actual 2019 a qualified buyer. Utilities: Trash $ 269.75 per month $ 3,237 $ 3,237 actual 2019 Utilities: Water/Sewer $ 427.75 per month $ 5,133 $ 5,133 actual 2019 4. Seven (7) units are vacant and can be Licenses & Taxes $ 398.92 per month $ 4,787 $ 4,787 actual 2019 delivered vacant at close of escrow. Unit Cleaning & Maintenance $ 273.50 per month $ 3,282 $ 3,282 actual 2019 #: 1, 5, 6, 8, 9, 14, 17. Repair & Maintenance $ 195.00 per month $ 41,514 $ 38,537 YTD Sep-2020 annualized Others (marketing, pest control, permit, fire safety) $ 1,000.33 per month $ 12,004 $ 12,004 YTD Sep-2020 annualized Total $ Buyout $ - Rehab Cost/Unit $ 20,000 Total Operating Expenses 51% of EGI $ 296,977 $ 294,001 29% of Proforma EGI Rehab Cost/Exterior $ 200,000 Expenses Per Unit $ 14,849 $ 14,700 Total Rehab Cost #REF! Expenses Per SF $ 19.79 $ 19.59

Total Acquisition #REF! Current Market Net Operating Income $ 289,817 $ 727,082

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 29 1045 Ocean Ave. SANTA MONICA, CA Rent Roll

No Unit Type Remark Current Rent Proforma Rent Deposit Move-in Date

01 1B + 1B Ocean view - Vacant $ 4,500 $ 4,500 tenant moved out 10/31/2020 02 2B + 1B Ocean view $ 1,384 $ 5,200 $ 1,629 5/1/1995 03 1B + 1B $ 2,210 $ 3,900 $ 1,950 9/12/2012 04 STUDIO $ 1,739 $ 2,600 $ 2,150 7/27/2007 05 1B + 1B VACANT/can be delivered vacant $ 4,125 $ 4,125 06 STUDIO VACANT/can be delivered vacant $ 2,600 $ 2,600 Two units will be combined into 07 & 18 1B + 1B, STUDIO $ 1,974 $ 5,500 $ 1,195 7/1/1997 2B+2B 08 1B + 1B VACANT/can be delivered vacant $ 4,125 $ 4,125 08B STUDIO $ 1,767 $ 2,600 $ 1,500 5/1/2013 Ocean view, VACANT/can be 09 2B + 1B $ 5,200 $ 5,200 delivered vacant 10 2B + 1B Ocean view $ 2,768 $ 5,200 $ 4,800 8/1/2010 11 STUDIO $ 1,842 $ 2,600 $ 1,600 11/8/2011 12 STUDIO $ 955 $ 2,600 $ 265 3/1/1979 14 STUDIO VACANT/can be delivered vacant $ 2,600 $ 2,600 15 STUDIO $ 1,866 $ 2,600 $ 3,300 6/25/2014 16 1B + 1B $ 1,013 $ 3,900 $ 453 5/1/1990 17 2B + 1B VACANT/can be delivered vacant $ 5,000 $ 5,000 19 1B + 1B $ 1,013 $ 3,900 $ 450 9/1/1988 20 1B + 1B $ 1,013 $ 3,900 $ 480 2/25/1985 21 Penthouse 1B + 1B Ocean view $ 3,084 $ 12,000 $ 3,600 3/10/2009 P-1 PARKING #08B $ - 5/1/2013 P-2 PARKING #21 $ - 3/10/2009 P-3 PARKING $ - $ 300 P-4 PARKING $ - $ 300 P-5 PARKING Assigned to tenant P-6 PARKING Assigned to tenant TOTAL $ 50,781 $ 85,250 $ 23,372

# Units Unit Type Average Rent Max Rent Min Rent Proforma

4 2B + 1B $ 3,588 $ 5,200 $ 1,384 $ 5,150 1 2B + 2B $ 1,974 $ 1,974 $ 1,974 $ 5,500 7 1B + 1B $ 2,497 $ 4,500 $ 1,013 $ 4,231 7 STUDIO $ 1,910 $ 2,600 $ 955 $ 2,600

1 PENTHOUSE 1B+1B $ 3,084 $ 3,084 $ 3,084 $ 12,000

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 30 03. Market Overview

PAGE 31 1045 Ocean Ave. SANTA MONICA, CA

Market Overview Santa Monica - A Dream of the Beach

Santa Monica is a beachfront city in western Los Angeles County, California, United States. Situated on , it is bordered on three sides by the city of Los Angeles – Pacific Palisades to the north, Brentwood on the northeast, West Los Angeles on the east, Mar Vista on the southeast, and Venice on the south. Due in part to an agreeable climate, Santa Monica became a famed resort town by the early 20th century. The city has experienced a boom since the late 1980s through the revitalization of its downtown core, significant job growth and increased tourism. The Santa Monica Pier and Pacific Park remain popular destinations

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 32 1045 Ocean Ave. SANTA MONICA, CA

Market Overview The city of Santa Monica rests on a mostly flat slope that in the 1960s. McCabe’s Guitar Shop is a leading acoustic angles down towards Ocean Avenue and towards the performance space as well as retail outlet. Bergamot Station south. High bluffs separate the north side of the city from is a city-owned art gallery compound that includes the the beaches. Santa Monica borders the L.A. neighborhoods Santa Monica Museum of Art. The city is also home to the of Pacific Palisades to the north and Venice to the south. California Heritage Museum and the Angels Attic dollhouse To the west, Santa Monica has the 3-mile coastline fronting and toy museum. The New West Symphony is the resident the Santa Monica Bay, and to the east of the city borders orchestra of Barnum Hall. They are also resident orchestra of are the Los Angeles communities of West Los Angeles and the Oxnard Performing Arts Center and the Thousand Oaks Brentwood. Civic Arts Plaza.

LANDMARKS AND ATTRACTIONS Santa Monica has three main shopping districts, Montana Avenue on the north side, the Downtown District in the city’s The Santa Monica Looff Hippodrome (carousel) is a National core, and Main Street on the south end. Each has its own Historic Landmark. It sits on the Santa Monica Pier, which unique feel and personality. Montana Avenue is a stretch was built in 1909. The La Monica Ballroom on the pier was of luxury boutique stores, restaurants, and small offices that once the largest ballroom in the US and the source for many generally features more upscale shopping. The Main Street New Year’s Eve national network broadcasts. The Santa district offers an eclectic mix of clothing, restaurants, and Monica Civic Auditorium was an important music venue other specialty retail. for several decades and hosted the Academy Awards

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 33 1045 Ocean Ave. SANTA MONICA, CA

Market Overview The Downtown District is the home of the Third Street TRANSPORTATION Promenade, a major outdoor pedestrian-only shopping district that stretches for three blocks between Wilshire Santa Monica has a bike action plan and recently launched Blvd. and Broadway (not the same Broadway in downtown a bicycle sharing system in November 2015. The city is and south Los Angeles). Third Street is closed to vehicles for traversed by the . Santa Monica has those three blocks to allow people to stroll, congregate, received the Bicycle Friendly Community Award (Bronze in shop and enjoy street performers. Santa Monica Place, 2009, Silver in 2013) by the League of American Bicyclists. featuring Bloomingdale’s and Nordstrom in a three-level Local bicycle advocacy organizations include Santa outdoor environment, is at the Promenade’s southern end. Monica Spoke, a local chapter of the Los Angeles County After a period of redevelopment, the mall reopened in Bicycle Coalition. Santa Monica is thought to be one of the the fall of 2010 as a modern shopping, leaders for bicycle infrastructure and entertainment and dining complex with programming in Los Angeles County. more outdoor space. The Santa Monica Freeway (Interstate The city’s oldest movie theater is the 10) begins in Santa Monica near the Majestic. Opened in 1912 and also Pacific Ocean and heads east. The known as the Mayfair Theatre, the Santa Monica Freeway between theater, it has been closed since the Santa Monica and downtown Los 1994 Northridge earthquake. The Aero Angeles has the distinction of being Theater (now operated by the American one of the busiest highways in all of Cinematheque) and Criterion Theater North America. State Route 2 (Santa were built in the 1930s and still show Monica Boulevard) begins in Santa movies. The Santa Monica Promenade Monica, barely grazing State Route 1 alone supports more than a dozen at Lincoln Boulevard, and continues movie screens. northeast across Los Angeles County. Santa Monica is also the western Palisades Park stretches out along the (Pacific) terminus of historic U.S. Route crumbling bluffs overlooking the Pacific 66. Close to the eastern boundary of and is a favorite walking area to view Santa Monica, Sepulveda Boulevard the ocean. It includes a totem pole, reaches from Long Beach at the camera obscura, artwork, benches, south, to the northern end of the San picnic areas, pétanque courts, and Fernando Valley. Just east of Santa restrooms. Monica is Interstate 405, the “San Diego Freeway”, a major north-south

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 34 1045 Ocean Ave. SANTA MONICA, CA

Market Overview route in Los Angeles County and Orange County, California. initially serving primarily pre-college high school students, the College quickly expanded its enrollment to educate The city of Santa Monica runs its own bus service, the Big college-age students and non-traditional students with Blue Bus, which also serves much of West Los Angeles and the primary intention to transfer to a four-year university. the University of California, Los Angeles (UCLA). A Big Blue Today, two thirds of students at Santa Monica College are Bus was featured prominently in the action movie Speed. enrolled part-time. With over 2,000 employees, SMC is a major employer in the Greater Los Angeles Area and has a The city of Santa Monica is also served by the Los Angeles significant impact in the region’s economy. County Metropolitan Transportation Authority’s (Metro) bus lines. Metro also complements Big Blue service, as when Big Occupying the entire Santa Monica Community College Blue routes are not operational overnight, Metro buses make District, SMC is the only public institution of higher education many stops, in addition to MTA stops. in Santa Monica. The main campus, located on Pico Boulevard, is the college’s largest location. The College SANTA MONICA COLLEGE operates five satellite campuses across Santa Monica. Santa Monica College is ranked number one among California’s Santa Monica College (SMC) is a public two-year junior colleges in transfers to the University of California, community college in Santa Monica, California, United University of Southern California, and Loyola Marymount States. Founded as a junior college in 1929, SMC enrolls over University. 30,000 students in more than 90 fields of study. Although

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 35 1045 Ocean Ave. SANTA MONICA, CA Demographic & Income Profile (3 mile radius)

HAN WIDJAJA CHEN 626.594.4900 [email protected] PAGE 36