201-211 LUCAS AVENUE , CA 90026

OFFERING MEMORANDUM

A 47 unit development site ideally located in a Tier 1 Transit Oriented Community (TOC) on the corner of Lucas Avenue and West 2nd Street in the heart of , CA brandonmichaelsgroup.com Contents

INVESTMENT ADVISORS

Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 06 [email protected] Executive CA License: 01434685 Summary Matthew Luchs First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] 12 CA License: 01948233 Property Overview 18 Area Overview 30 FINANCIAL ANALYSIS DOWNTOWN LOS ANGELES L L W L O A A H LT AN RA RT G PE IS CE ELES O NEY CON Miguel Contreras Learning Complex

HARBOR FWY Emerald Terrace-Meta Housing

Emerald Cortina Park Apartments Apartments

W 2ND ST 201-211 LUCAS AVENUE LOS ANGELES, CA 90026

LUCAS AVE W 2ND ST 4 201-211 Lucas Avenue Executive Summary 5 The Offering 201-211 LUCAS AVENUE A 47 unit development site ideally located in a Tier 1 LOS ANGELES, CA 90026 Transit Oriented Community (TOC) on the corner of Lucas Avenue and West 2nd Street in the heart of Downtown Los Angeles, CA The Brandon Michaels Group of Marcus and Millichap is pleased to present 201-211 Lucas Avenue, a 12,037 square foot development site currently improved with one 11 unit apartment building.

201-211 Lucas Avenue is located density bonus, there is a potential to W 2ND ST just south of Echo Park, and is less build up to forty-seven (47) units. 201- than two miles from both Dodger 211 Lucas Avenue is in a high-growth Stadium and the . The location, multifamily rents per unit are property features immediate access forecast to increase by 12% in the next to Downtown Los Angeles, MacArthur five years making this a phenomenal Park, Echo Park, and Silver Lake. value-add and development opportunity. This is a unique opportunity to purchase a centrally located development site in The land is currently improved with Downtown Los Angeles. Spread over one eleven (11) unit 5,872 square foot three contiguous parcels, this project apartment building. The building is allows for thirty-one (31) units to be currently 91% occupied, with just one built by right, but with the TOC Tier 1 vacancy.

LUCAS AVE Executive Summary

6 201-211 Lucas Avenue Executive Summary 7 investment highlights 201-211 LUCAS AVE investment highlights EXCELLENT DOWNTOWN LOS ANGELES LOCATION IDEALLY SURROUNDED BY DEVELOPMENT • Ideally located at the corner of Lucas Avenue and PROJECTS West 2nd Street • 201-211 Lucas Avenue is located within two miles of Kurve on • Located just south of Silver Lake and Echo Park Wilshire, a $300 million mixed-use project which will consist of a 25-story tower which will feature 644 residential units, 15,000 • Less than two miles from square feet of ground-floor retail and restaurant space

• Two miles from the STAPLES Center • Two and a half miles from the subject property is 200 N. , a development project which calls for the STAPLES CENTER construction of a six-story structure containing 490 apartment units above 35,000 square feet of ground-floor retail space, and parking for 549 cars within a two-level garage

• Less than three miles from The Rise Koreatown, a seven story 364-unit mixed-use development project

DODGER STADIUM • 696 S. New Hampshire Avenue is located three miles from 201-211 Lucas Avenue, a development project which will consist of a 38-story building with 375 residential units

DEVELOPMENT OPPORTUNITY LOCATED IN A STRONG IMMEDIATE DEMOGRAPHICS AND DENSE TIER 1 TOC SURROUNDING POPULATION • Unique opportunity to purchase a centrally located • Population within one mile of the property eclipses 97,300, development site in Downtown Los Angeles 564,800 within three miles, and 1,232,600 within three miles • Spread over three contiguous parcels, this project allows • There are over 36,100 households located within one mile of for thirty-one (31) units to be built by right, but with the the property, 203,800 within three miles, and 411,800 within TOC Tier 1 density bonus, there is a potential to build up five miles to forty-seven (47) units • Average household income within one mile of the property is • High-growth location, multifamily rents per unit are over $67,800, $69,800 within three miles, and $74,400 within forecast to increase by 12% in the next five years making this a phenomenal value-add and development ECHO PARK five miles 8 201-211 Lucas Avenue opportunity Executive Summary 9 SURROUNDING AREA Apartments

1 - Emerald Park

2 - Cornita 8 3 - Belmont Station 7 4 - Belmont LA Parking 1 property summary 2 6 5 - Inevitabley Love Address 201-211 Lucas Avenue 6 - Canvas Los Angeles, CA 90026 7 - Da Vinci Price $3,200,000

8 - The Orsini Building Size 5,872 SF Lot Size 12,037 SF Developments Units 11 1 - 1000 W. Temple Street Price/SF (Building) $545 (1,150-unit Ferrante development) Price/SF (Land) 5 3 $266 4 Price/Unit 2 - 1363 W. Colton Street $290,909 (7-story, 47-unit 201-211 CAP Rate 2.06% Apartment) LUCAS AVENUE 2 5 LOS ANGELES, CA 90026 GRM 23.33 1 Year Built 1920/1922 TOC Tier 1 By Right Units 31 TOC Density Bonus 47 By Right FAR 3.00 | 36,111 BSF TOC Tier 1 Density Bonus FAR 4.20 | 50,555 BSF

APN Numbers 5153-029-001, -002, 003 Zoning R4(CW)-75/3 10 201-211 Lucas Avenue Executive Summary 11 201-211 property description LUCAS AVENUE LOCATION LOS ANGELES, CA 90026 201-211 Lucas Avenue Los Angeles, CA 90026 LUCAS AVE SITE The property is located on the intersection of Lucas Avenue and W 2nd Street. W 2ND ST BUILDING SF 5,872 SF

LOT SIZE 12,037 SF 201-211 DODGER STADIUM LUCAS AVENUE LOS ANGELES, CA 90026 APN NUMBERS 5153-029-001; 5153-029-002; 5153-029-003

UNION STATION ZONING R4(CW)-75/3

STAPLES CENTER TOC Tier 1

TRAFFIC COUNTS Lucas Avenue: Over 12,000 UNIVERSITY property overview OF SOUTHERN vehicles per day.

12 201-211 Lucas Avenue Property Overview 13 parcel map

14 201-211 Lucas Avenue Property Overview 15 property photos

16 201-211 Lucas Avenue Property Overview 17 201-211 downtown Los Angeles, California LUCAS AVENUE Downtown, comprising diverse smaller Banks, department stores, and movie LOS ANGELES, CA 90026 Downtown LA is the city center of Los Angeles, where the cutting-edge and the areas such as Chinatown, Little Tokyo palaces at one time drew residents and and the Arts District, offers renowned visitors of all socioeconomic classes classic sit side by side. Hip and historic, art museums, cutting-edge restaurants downtown, but the area declined Downtown Los Angeles (or simply DTLA) & hip bars. Modern high-rises mix with economically especially after the 1950s. offers big-city excitement with trendy architectural landmarks, such as El Pueblo It remained an important center—in the restaurants, cultural attractions, budget- de Los Angeles, the city’s 1781 birthplace. Civic Center, of government business; friendly shopping, and major-league Anchoring the Music Center performing on Bunker Hill, of banking, and along sports. arts complex is Walt Disney Concert Hall, , of retail and entertainment with striking steel architecture designed for Hispanic Angelenos, especially by Frank Gehry. immigrants. Now Downtown has been experiencing a renaissance that started Downtown Los Angeles is divided into in the early 2000s. The Staples Center neighborhoods and districts, some anchors downtown’s south end, and overlapping. Most districts are named along Broadway, pre-war buildings are for the activities concentrated there now being restored for new uses, such as a or historically, e.g. the Arts, Civic Center, luxury condos, co-working spaces, and Fashion, Banking, Theater, Toy, and high-end retail. Jewelry districts. It is the hub for the city’s urban rail transit system plus the Pacific Surfliner and Metrolink commuter rail system for .

AREA OVERVIEW

18 201-211 Lucas Avenue Area Overview 19 LOCATION OVERVIEW

201-211 Lucas Avenue is located on the highly trafficked corner of Lucas POINTS OF INTEREST Avenue and West 2nd Street in Los Angeles, CA, surrounded by new developments with over 7,400 residential units scheduled to be delivered within the next two years

201-211 Lucas Avenue is well located in the densely packed downtown Los Angeles submarket, just south of trendy Silver Lake and Echo Park. The submarket has phenomenal fundamentals, with multifamily market rents forecast to increase by 12% over the next five years within one mile of the property. The area is inundated with development projects, with over 7,400 residential units scheduled for completion within the next two years. STAPLES CENTER DODGER STADIUM L.A. LIVE 201-211 Lucas Avenue is located within two miles of Kurve on Wilshire, a $300 million mixed- use project which will consist of a 25-story tower which will feature 644 residential units, 15,000 1.5 Miles from the Property 1.8 Miles from the Property square feet of ground-floor retail and restaurant space. The tower will be tiered to avoid shading Staples Center is a multi-purpose arena in Dodger Stadium is a baseball park in the Lafayette Park. The project will be highly amenitized, with a one-acre amenity deck including a Downtown Los Angeles. Adjacent to the Elysian Park neighborhood of Los Angeles, pool deck which will overlook Wilshire . The building will also feature a fireside lounge L.A. Live development, it is located next California. It is the home stadium of Major and hammock garden, an outdoor movie theater, fitness studio outdoor grills, Korean BBQ, and a pet to the Los Angeles Convention Center League Baseball’s Los Angeles Dodgers. park with an outdoor grooming station. complex along . The arena Opened 59 years ago on April 10, 1962, it opened on October 17, 1999. was constructed in less than three years at a cost of US$23 million. Two and a half miles from 201-211 Lucas Avenue is 200 N. Vermont Avenue, a development project which calls for the construction of a six-story structure containing 490 apartment units above 35,000 square feet of ground-floor retail space, and parking for 549 cars within a two-level garage. The project will feature ample amenities including multiple landscaped decks and courtyards, as well as a swimming pool, half basketball court, game room, screening room, and co-working space. The development replaces the longtime home of Midway Ford, construction is scheduled for completion in 2022.

The Rise Koreatown is located less than three miles from 201-211 Lucas Avenue. The seven story 364-unit mixed- use development project is located at 3525 W 8th Street, and replaces a 2.2-acre shopping center. The $150 million mixed-use project will feature 52,000 square feet of ground-floor commercial space, with parking for over 790 vehicles. WALT DISNEY CONCERT HALL Two and a half miles from the subject property is 696 S. New Hampshire Avenue, a development project which will consist of a 38-story building with 375 residential units. The massive tower will contain over 369,100 square feet of building, which 1.2 Miles from the Property 1.4 Miles from the Property will include landscaped amenity decks and an 8-story parking garage. The Walt Disney Concert Hall at 111 South The Microsoft Theater is a music and Grand Avenue in downtown Los Angeles, theater venue in downtown Los Angeles, 201-211 is located in a densely packed submarket, with a population within one mile of the property California, is the fourth hall of the Los California, at L.A. Live. The theater eclipsing 97,300, 564,800 within three miles, and 1,232,600 within three miles. There are over 36,100 households located within Angeles Music Center and was designed auditorium seats 7,100 and holds one of one mile of the property, 203,800 within three miles, and 411,800 within five miles. Average household income within one mile of by Frank Gehry. It opened on October 24, the largest indoor stages in the United SILVER LAKE 2003. States. the property is over $67,800, $69,800 within three miles, and $74,400 within five miles. 20 201-211 Lucas Avenue Area Overview 21 Downtown Los Angeles DEVELOPMENT IN THE PIPELINE

• 1000 S Mateo St • 1018 W Ingraham St • 1045 S Olive St • 1099 S. Grand Ave • 1100 S Main St • 1111 S Hill St • 1115 S Olive St • 1201 N Broadway • 121 W 3rd St • 1334 S Flower St • 1335 S Grand Ave From soaring new residential towers to cutting-edge industrial conversions, DTLA is experiencing a phenomenal wave of development. DEVELOPMENT UNDER CONSTRUCTION DOWNTOWN LOS ANGELES DEVELOPMENTS • 1027 Wilshire Blvd Downtown LA is constantly evolving with dozens area inhabitants and workers. The overall result is a • 1100 W Temple St of new buildings in varying stages of completion in community that looks drastically different than it once each of its unique neighborhoods. In the last decade, did. • 1317 S Hope St major developments proliferated across Los Angeles, • 1320 S Flower St but no place boomed quite like downtown. The In its fourth quarter and year-end 2020 report, the Los • 1363 W Colton St once 9-to-5 neighborhood saw billions in investment Angeles Downtown Center Business Improvement • 1400 S Figueroa St and emerged as a vibrant destination replete with District said that even novel coronavirus victims like • 2130 E Violet St residential projects, new restaurants, and cultural the retail sector were making a comeback and that destinations. work marches on for the large projects that, to a large • 505-517 W 31st St degree, have been driving the transformation of • 520 Mateo St Concerns about displacement and rising rents downtown into a thriving urban center. Perhaps most • 612 S Broadway surfaced in many changing L.A. neighborhoods in important, the report said, those committed to life in • 1317 E 7th St the last decade, downtown included, but a number downtown Los Angeles haven’t abandoned it during of these projects were ultimately welcomed by the unprecedented challenges of the COVID-19 crisis.

22 201-211 Lucas Avenue Area Overview 23 PROPERTY NAME DEVELOPER UNITS STORIES START YEAR FINISH YEAR Development Pipeline Map 4 17 696 South New Hampshire Ave 696 S New Hampshire Ave, Los Angeles, CA 90005 Holland Partner Group 375 38 2020 2023 Subject Property 16 18 719-723 South St Andrews Pl 719-723 S St Andrews Pl, Los Angeles, CA 90005 65 6 2019 2021 37 19 740 South 740 S Alvarado St, Los Angeles, CA 90057 Universal Standard Housing 80 6 2020 2021 Recently Completed 12 Clearinghouse Community 25 33 20 744 South Mariposa Avenue 744 S Mariposa Ave, Los Angeles, CA 90005 31 6 2020 2021 In Development Development Financial Institution 6 21 750-762 South Kingsley Drive 750-762 S Kingsley Dr, Los Angeles, CA 90005 Sabet Management 68 6 2020 2022 22 762 South Serrano Avenue 762 S Serrano Ave, Los Angeles, CA 90005 Jamison Properties 157 6 2021 2022 23 800 South Western Avenue 800 S Western Ave, Los Angeles, CA 90005 Jamison Properties 230 8 2020 2022 47 24 838 South 838 S La Brea Ave, Los Angeles, CA 90036 Wiseman Residential 53 6 2019 2021 2 25 850 South La Brea Avenue 850 S La Brea Ave, Los Angeles, CA 90036 Halco Management 53 7 2020 2022 45 45 4 35 31 24 30 17 43 31 26 900 South Vermont Avenue 900 S Vermont Ave, Los Angeles, CA 90006 Jamison Properties 193 6 2019 2021 50 2 20 5 34 27 916-918 North Alvarado Street 916-918 N Alvarado St, Los Angeles, CA 90026 Schon Tepler Group 27 4 2020 2021 10 9 1 28 966 Kenmore 966 S Kenmore Ave, Los Angeles, CA 90006 Jamison Properties 50 6 2019 2021 29 Alexan Bahay 330 N Westlake Ave, Los Angeles, CA 90026 Trammell Crow Residential 200 6 2016 2020 14 8 13 30 Audrey Apartments 700 S Manhattan Pl, Los Angeles, CA 90005 Jamison Properties 160 7 2017 2020 43 33 31 Crosby North 3350 Wilshire Blvd, Los Angeles, CA 90010 Jamison Properties 216 12 2016 2021 11 32 Crosby South 685 S Catalina St, Los Angeles, CA 90010 Jamison Properties 122 7 2017 2020 33 Decolage at Pico 3063 W Pico Blvd, Los Angeles, CA 90006 Index Real Estate Investments 51 6 2018 2021 Cohen Goldstein Investment 34 Fedora 837 S Fedora St, Los Angeles, CA 90005 182 7 2019 2022 DEVELOPMENT PIPELINE Strategies 35 Gemma I 678 S Ardmore Ave, Los Angeles, CA 90005 Jamison Properties 123 7 2018 2021 PROPERTY NAME DEVELOPER UNITS STORIES START YEAR FINISH YEAR 36 Gemma II 3540 Wilshire Blvd, Los Angeles, CA 90010 Jamison Properties 206 13 2018 2021 1 1180 South La Brea Avenue 1180 S La Brea Ave, Los Angeles, CA 90019 RBM of California Inc 67 5 2020 2021 37 Grafton Lofts 1533-1539 Echo Park Ave, Los Angeles, CA 90026 MWest 35 3 2018 2022 2 1246-1256 West Court Street 1246-1256 W Court St, Los Angeles, CA 90026 4Site Real Estate 54 6 2018 2021 38 Hana 801 S Berendo St, Los Angeles, CA 90005 Jamison Properties 98 7 2017 2021 3 1314-1320 West Court Street 1314-1320 W Court St, Los Angeles, CA 90026 Aragon Properties Ltd 120 6 2019 2022 39 Harper 800 S Harvard Blvd, Los Angeles, CA 90005 Jamison Properties 131 6 2018 2021 4 1750 1750 Glendale Blvd, Los Angeles, CA 90026 Aragon Properties Ltd 70 5 2018 2021 40 Inspire Colton 1363 Colton St, Los Angeles, CA 90026 Bond Companies 47 7 2019 2021 5 1930 West 6th Street 1930 W 6th St, Los Angeles, CA 90057 63 5 2020 2022 41 Kurve on Wilshire 2900 Wilshire Blvd, Los Angeles, CA 90010 Jamison Properties/The HanKey Group 644 23 2019 2021 6 200 North Vermont Avenue 200 N Vermont Ave, Los Angeles, CA 90004 Jamison Properties/The HanKey Group 490 6 2020 2023 42 Manhee Manor 1019 S Catalina St, Los Angeles, CA 90006 Manhee Properties 70 5 2016 2020 7 2500 Wilshire Boulevard 2500 Wilshire Blvd, Los Angeles, CA 90057 JAMISON PROPERTIES 248 13 2019 2022 43 Nexen 2972 W 7th St, Los Angeles, CA 90005 Jamison Properties 228 7 2019 2022 8 2842 James M Wood Boulevard 2842 James M Wood Blvd, Los Angeles, CA 90006 Jamison Properties 193 6 2019 2021 44 Nova on Wilshire 3980 Wilshire Blvd, Los Angeles, CA 90010 Jamison Properties 228 7 2017 2021 9 2870 West Olympic Boulevard 2870 W Olympic Blvd, Los Angeles, CA 90006 126 7 2020 2022 45 One Museum Square 640 S Curson Ave, Los Angeles, CA 90036 JH Snyder Company 285 21 2018 2021 10 3170 West Olympic Boulevard 3170 W Olympic Blvd, Los Angeles, CA 90006 Bando Dela Corporation 252 7 2020 2022 46 Qwil 525 N Wilton Pl, Los Angeles, CA 90004 Frost Chaddock Developers 88 5 2017 2020 11 3617-3623 3617-3623 Venice Blvd, Los Angeles, CA 90019 Schon Tepler Group 28 5 2020 2021 47 Sawyer 411 S Normandie Ave, Los Angeles, CA 90020 Jamison Properties 224 7 2017 2021 12 505 Silver Lake Bouelvard 505 Silver Lake Blvd, Los Angeles, CA 90026 AJ KHair Development & Construction 60 5 2019 2021 48 The Adren 3921 Wilshire Blvd, Los Angeles, CA 90010 Jamison Properties 109 7 2019 2021 13 5550 West 5550 W Pico Blvd, Los Angeles, CA 90019 Wiseman Residential 44 7 2019 2021 49 The Chicago 5050 W Pico Blvd, Los Angeles, CA 90019 79 5 2019 2021 14 5801 West Pico Boulevard 5801 W Pico Blvd, Los Angeles, CA 90019 Wiseman Residential 80 5 2019 2021 50 The Rise Koreatown 3525 W 8th St, Los Angeles, CA 90005 Cal-Coast 364 7 2018 2021 15 609 North Dillon Street 609 N Dillon St, Los Angeles, CA 90026 CIM Group 52 3 2020 2022 51 Wilco 2525 Wilshire Blvd, Los Angeles, CA 90057 The Somerset Group 152 7 2015 2020 16 667 North Wilton Place 667 N Wilton Pl, Los Angeles, CA 90004 34 5 2020 2022 AVERAGE 7,405 390 - - 24 201-211 Lucas Avenue Area Overview 25 TOP EMPLOYMENT BY INDUSTRIES DOWNTOWN LOS ANGELES DEMOGRAPHICS BUSINESSES DTLA is a node in the tech economy that extends beyond Silicon Beach. A venture capital firm counted 78 tech-oriented firms in DTLA in 2015. This included MEDIAN AGE DOWNTOWN LA’S mobile apps, hardware, digital media and clean-tech Elementary & Secondary Individual & Family TOTAL POPULATION companies plus co-working spaces, start-up incubators, Schools Hospitals Services 34 47% 53% and other related businesses. 85,000 MALE FEMALE 23.5% 12% 9.98% EDUCATION

Other Health Care Colleges & Universities Services

High24% School Some22% College Associates9% Degree Bachelor’s21% Degree 8.68% 5.7%

26 201-211 Lucas Avenue Area Overview 27 CONFIDENTIALITY AND DISCLAIMER The information contained in the preceding marketing brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This marketing brochure has been prepared to provide summary, unverifi DEMOGRAPHICS BY RADIUS ed information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this marketing brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All $74,400 1,232,600 411,800 potential buyers must take appropriate measures to verify all of the information set forth herein. Average HH income Population Households NON-ENDORSEMENT NOTICE within a 5-mile radius within a 5-mile radius within a 5-mile radius Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. © 2021 Marcus & Millichap. All rights reserved.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE LISTING AGENTS FOR MORE DETAILS.

83,176 328,215 62,317 Owner Occupied Housing Renter Occupied Housing Businesses within a 5-mile radius within 5-mile radius within a 5-mile radius

1-MILE 3-MILE 5-MILE 2021 Population 97,300 564,800 1,232,600 2021 Households 36,100 203,800 411,800 2021 Average Household Size 2.6 2.6 2.8 Annual Growth 2021-2026 0.4% 0.2% 0% 2021 Median Age 34.8 36.1 35.6 2021 Owner Occupied Households 2,729 25,298 83,176 2021 Renter Occupied Households 33,919 179,773 328,215 2021 Average Household Income $67,800 $69,800 $74,400 2021 Median Household Income $41,629 $46,293 $50,651 Businesses 8,410 38,068 62,317

28 201-211 Lucas Avenue Area Overview 29 FINANCIAL ANALYSIS RENT ROLL PRICING

UNIT TENANT LEASE START UNIT TYPE CURRENT RENT Address 201-211 Lucas Avenue 201 David King 5/9/2008 0 Bedroom / 1 Bathroom $1,122.00 Los Angeles, CA 90026 203 David Peterson 2/15/2015 0 Bedroom / 1 Bathroom $1,339.00 Price $3,200,000 207 Esther Guardado 1/10/2014 0 Bedroom / 1 Bathroom $1,280.00 Building Size 5,872 SF 209 Scott Carillo 12/1/2006 0 Bedroom / 1 Bathroom $933.33 209 1/2 Vicky Morales 5/14/2014 0 Bedroom / 1 Bathroom $613.37 Lot Size 12,037 SF Units 11 1400 Mario Mendoza 5/5/2003 0 Bedroom / 1 Bathroom $499.00 Price/SF (Building) $545 1408 Stevie Johnston 2/1/2019 0 Bedroom / 1 Bathroom $1,035.00 Price/SF (Land) 1410 VACANT 0 Bedroom / 1 Bathroom $1,300.00 $266 1410 1/2 Ed Soto 12/1/2003 0 Bedroom / 1 Bathroom $908.00 Price/Unit $290,909 1412 Janina Bianchi & Rusen Seran 3/12/2018 0 Bedroom / 1 Bathroom $1,200.00 CAP Rate 2.06% 1412 1/2 Ismail Isler 9/10/2018 0 Bedroom / 1 Bathroom $1,200.00 GRM 23.33 TOTAL $11,429.70 Year Built 1920/1922 ANNUALIZED OPERATING DATA TOC Tier 1 INCOME AND EXPENSE CURRENT EXPENSE BREAKDOWN PER YEAR PER SF By Right Units 31 Scheduled Lease Income $137,156 Taxes @1.25% $40,000 $6.81 TOC Density Bonus 47 Effective Gross Income $137,156 Insurance $2,349 $0.40 By Right FAR 3.00 | 36,111 BSF Vacancy 3% $4,115 Utilities $7,920 $1.35 TOC Tier 1 Density Expenses $67,005 Trash Removal $3,000 $0.51 Bonus FAR 4.20 | 50,555 BSF Net Operating Income $66,037 Repairs & Maintenance $5,500 $0.94 APN Numbers 5153-029-001, -002, 003 Management $5,486 $0.93 Zoning Reserves $2,750 $0.47 R4(CW)-75/3 TOTAL $67,005 $11.41 / $0.95

30 201-211 Lucas Avenue Financial Analysis 31 201-211 LUCAS AVENUE LOS ANGELES, CA 90026 brandonmichaelsgroup.com

INVESTMENT ADVISORS

Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group Tel: 818.212-2794 [email protected] CA License: 01434685

Matthew Luchs First Vice President Investments COO of The Brandon Michaels Group Tel: 818.212.2727 [email protected] CA License: 01948233