2230 N Cahuenga Blvd, Los Angeles, CA 90068 FINANCIAL Summary

N CAHUENGA BLVD 2230 Los Angeles CA 90068

8-UNIT MULTIFAMILY HOLLYWOOD HILLS, CA 90068 2230 N CAHUEGA BLVD LOS ANGELES, CA 90068

Exclusively Listed By:

RICH JOHNS Multifamily Investment Advisor 818.432.1575 [email protected] CalBRE Lic#01432215

IDO GIAT Senior Vice President 323.613.6163 [email protected] CalBRE Lic.#01242143 CONTENTS

PROPERTY DESCRIPTION 04 LOCATION OVERVIEW 08 FINANCIAL SUMMARY 22 MARKET COMPARABLES 26 PROPERTY DESCRIPTION THE Offering

KW Commercial is pleased to present a strategic mar- laundry facilities in 2003. Centrally ketlocated positioning in Silver analysis Lake, for 2230just Cahuengasouth of Blvd.,Sunset a Boulevard, 4509 Willow Brook Avenue is poised to capitalizecharming on the 8-unit tremendous investment momentumopportunity featuringin the Proximity to employment, lifestyle, and retail Hollywood-Silvera bucolic courtyardLake submarket. located in theFurthermore, Hollywood Hillsthe centers in the heart of Hollywood and within subject property’s(90068), one transit of LA’s mostoriented dynamic and neighborhoods. highly walkable immediate prox-imity to West Hollywood, Silver location offers residents access to myriad entertainment venues, cultural2230 Cahuenga destinations, Blvd., built and in dining 1940, has options an exception nearby.- Lake and DTLA make these apartment units Given theal property’s unit composition location benefiting and strong an easeincome of manage metrics,- extremely desirable to the af-fluent millennial renter 4509 Willow Brook Avenue is an ideal investment for demographics. apartmentment operators and rental seeking of units. immediateTotal land area returns is 8,694 along sq ft. with longThe term property wealth proves preservation strong current and appreciation. income with sig- This location is the indisputable “CENTER OF LA” – nificant upside potential in rent. The property shows vibrant, dynamic and artistic resident demographic excellent curb appeal on a street of larger apartment base populating cutting-edge retail, cafes, restaurants communities and condominiums and features ma- and world-class hipster hot spots. An endlessly enter- ture landscaping, common area laundry and hillside taining region, set at the base of the Hollywood Hills views. and within a short drive to major employment centers Individual apartment homes feature wood within Hollywood proper, DTLA and Koreatown. flooring and character fitting of the era. The property offers investors a unique and rare bal- Building systems upgrades include roofing system ance between strong current income and meaningful in-stalled in 1998, electrical service and rental upside for future vacant apartments. circuit upgrades installed in 2006 and the installation of INVESTMENT Highlights

THE OPPORTUNITY: STRONG EMPLOYMENT: 2230 Cahuenga Blvd. is an 8-unit investment opportunity located in Hollywood- submarket is one of the strongest employment centers in the Hollywood Hills area known as the "Hollywood Dell" which is the Los Angeles MSA and offers access to a diverse set of employers. within the center of Hollywood - a densely populated rental submarket of Los Angeles known for excellent rent growth and low LACK OF HOUSING AFFORDABILITY: vacancy rates. There is a significant affordability gap to home ownership in the Hollywood. As the median home price in the direct area is approximately VALUE-ADD & WEALTH PRESERVATION: $1.434,000 and a typical monthly mortgage payment is considerably The current income, although strong & stable is below the more than the average renovated rents at 2230 Cahuenga Blvd. market metrics. Exceptional future market rents can be achieved as the units turn naturally over time. NO SEISMIC RETROFIT REQUIRED: 2230 Cahuenga Blvd. is not on the list of buildings that require a seismic WELL LOCATED: retrofit. The property is in the heart Hollywood and within minutes from Hollywood & Highland, the Magic Castle, the Hollywood LOCATED NEAR NEW COMMERCIAL Bowl and all Hollywood has to offer. DEVELOPMENTS: More than 2.3 million SF of commercial space is currently under GREAT WALKABILITY: development in the Hollywood- submarket representing more than Walk Score of 69 – Walk to LA’s renowned restaurants, retail $1.58B in project costs, it is estimated that nearly 6,500 new jobs will be and entertainment venues, metro red line, parks and schools. created in Hollywood alone.

TRANSIT ORIENTED: 2230 Cahuenga Blvd. is located 0.7 miles from the Metro Red Line and is just moments from major transportation corridors.

To see a video of 2230 North Cahuenga, go to: https://vimeo.com/362160994. EXTERIOR LOCATION OVERVIEW 2230 NORTH CAHUENGA LOS ANGELES, CA 90068 THE BEST OF HOLLYWOOD

HOLLYWOOD Hollywood is recognized worldwide as the epicenter of the film entertainment industry. It is the premiere location for shopping, dining, hotel and entertainment options by locals and tourists alike. With trendy retail, hip restaurants, nightlife hot spots and exciting entertainment venues, Hollywood offers a vibe and excitement that few cities in the world can match.

Hollywood and Highland, one of the most visited tourist attractions in Los Angeles, is located within blocks of the subject properties. The nearly 400,000 square foot outdoor retail center is home to such brands as Louis Vuitton, Lucky Brand, Gap and Express. The center also includes the TCL Chinese Theater (formerly Mann Grauman’s Chinese Theatre) and the Dolby Theatre, which serves as the annual site of the Academy Awards. Sunset + Vine Retail The Sunset + Vine retail center located approximately one mile from Wilcox Avenue Apartments sits below 300 multifamily units at the Sunset and Vine intersection. The 87,000 square foot center is occupied by Walgreens, Bed, Bath, and Beyond and Verizon Wireless. Pantages Theatre Located at Hollywood and Vine and one mile from Wilcox Avenue Apartments the Pantages Theatre was designed by architect B. Marcus Priteca. The 2,703 capacity theatre is one of Los Angeles’ leading venues for live theatre. Henry Fonda Theatre Opened in 1926 the Henry Fonda Theatre was designed in Spanish Colonial revival Style. The 1,200 capacity theatre hosts live events, films and radio broadcasts and is located approximately one mile from Wilcox Avenue Apartments.

Hollywood Bowl The Hollywood Bowl, located approximately a half mile from Wilcox Avenue Apartments, is the largest natural amphitheater in the United States, with a seating capacity of nearly 18,000 patrons. The Hollywood Bowl is home to the Hollywood Bowl Orchestra, the Los Angeles Philharmonic and hosts hundreds of musical events each year Hollywood Palladium The Hollywood Palladium located a mile and a half from Wilcox Avenue Apartments includes an 11,000 square foot dance floor and capacity for 4,000 people. In 2007, Live Nation signed a 20-year lease to host concerts at the venue. Runyon Canyon Runyon Canyon Park, located approximately two miles from Orchid Apartments, is a 60-acre park set at the eastern end of the Santa Monica Mountains. The park, which features several hiking trails and a dog park, serves as one of the most popular hiking destinations in Los Angeles with a peak elevation of 1,320 feet at a point known as Indian Rock. Because of its proximity to the residential areas of Hollywood and the Hollywood Hills, celebrity sightings are common. HOLLYWOOD MARKET OVERVIEW

HOLLYWOOD DEVELOPMENT AND RENTAL MARKET

Some of the most successful new developments in Los Angeles are situated in Hollywood, including the W Hotel, Redbury Hotel, the Los Angeles Medical Center, Technicolor Headquarters, ArcLight Hollywood, Emerson College campus, Columbia Square and the future home of the Academy Museum of Motion Pictures. With over $4 billion in capital investments, Hollywood remains one of California’s fastest growing and popular urban submarkets, as evidenced by the following:

• Current Multifamily Occupancy is 96.3%; average occupancy since 1997 of 97%, never lower than 95% • Average annual rent growth of 5.6% since 2000 • New units, defined as 2000 or later construction, have a 55% premium to older inventory Accessibility

Part of Hollywood’s appeal is its connectivity with other desirable 16 2230 neighborhoods. 15 NORTH CAHUENGA AVENUE Because of its location amongst the city highway system, it’s easy to get from Hollywood to other parts of the city quickly and conveniently. Residents in search of apartments for rent or houses for rent can also use the LA Transit system to get around the neighborhood or the greater metro area; there are numerous bus lines that serve the Greater Los Angeles neighborhood, including the Hollywood & Highland Red Line Metro stop and has easy access to the 101 Freeway. The neighborhood is also very pedestrian friendly.

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1. American Academy of Dramatic Arts 2. Theater of Arts College 2230 NORTH CAHUENGA 3. School of Visual Effects AVENUE 4. Musicians Institute 5. Los Angeles Film School 6. Los Angeles Center of Photography 7. Los Angeles Institute of Music 4 7 8 8. Los Angeles School of Music 2 6 5 9. Los Angeles Jazz Society 9 10. SAE Institute - Los Angeles

10 3 Red Metro Line Map

NORTH Burbank Bl NORTH LEGEND MAP NOTES METRO ORANGE LINE HOLLYWOOD Chandler Bl HOLLYWOOD Metro Red Line 1 Universal Studios/CityWalk To/from Warner Center Magnolia Bl Metro Purple Line 2 John Anson Ford Theater

Lank v Metro Rail Station 3 Hollywood Bowl

VALLEY VILLAGE er Metro Blue Line 4 Grauman’s Chinese Theatre 170 shim Bl Riverside Dr Camarillo St Metro Gold Line 5 Hollywood & Highland Metro Orange Line 6 El Capitan Theater

101 Cahuenga A v 134 Riverside Dr Metrolink/Amtrak 7 Pantages Theatre Moorpark St v vax A vax TOLUCA LAKE # Map Notes (see Inset) 8 Barnsdall Park Universal Freeway Hollywood Dr 9 Kaiser Medical Center

ujunga A ujunga 10 Vineland A Children’s Hospital of Los Colf T Angeles Ventura Bl UNIVERSAL CITY UNIVERSAL CITY 1 11 Queen of the Angels Hollywood Presbyterian Medical Center

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PAGE 39 FRANKLIN VILLAGE

Located just a few blocks from Hollywood’s Central Business District, Franklin Village is one of the smaller urban villages in Los Angeles, but one with strong appeal as evidenced by the wide variety of businesses at its center. The businesses include magazine stands, gift shops, clothing boutiques, record and bookstores, gourmet delis, supermarkets, salons, natural foods stores, a comedy theater, and pet supplies. Although this neighborhood has a young history in terms of its popularity, the high walkability, variety of shops, and nostalgic feeling of early 1920’s architecture in surrounding buildings will continue to attract today’s trend setters. One of a Kind... HOLLYWOOD HILLS

The Hollywood Hills is an area of Los Angeles that is situated in the Santa Monica Mountains overlooking the city of Los Angeles and beyond, with views that stretch from Downtown to the Catalina Island. The greater Hol- lywood Hills area is customarily divided into east and west halves, each comprised of several neighborhoods. Besides the incomparable views, the endless maze of streets throughout the hills provides its residents with a sense of solitude and seclusion despite being only minutes away from the vast city below, brimming with light and life.

As with Los Angeles as a whole, the style of homes in the hills varies widely and includes Spanish, Califor- nia Mid-Century Modern, bungalows, and ultra modern with price tags ranging from several hundred thousand dollars to tens of millions of dollars. East to west, neighborhoods of the Hollywood Hills East include Franklin Village, Beachwood Canyon and Hollywoodland, Holly- wood Dell, Whitley Heights, Hollywood Heights, Outpost, Mount Olympus, Nichols Canyon and Sunset Hills. HILLSHollywood Restaurants and Bars Groceries and Markets A WALKABLE Joe’s Falafel The Oaks Gourmet TRANSIT-ORIENTED COMMUNITY The Magic Castle Locali Healthy Convenience Yamashiro Holllywood Pink Dot 2230 Cahuenga Boulevard boasts a 64 Walk Score and 50 Transit Score, a rare Mercado Hollywood Gelson’s Market combination for apartment buildings in Southern California. Pace Beachwood Market Bourgeois Pig Laurel Canyon Country Store The subject property are also within walking distance of a variety of highly regarded dining experiences, Burger Lounge House of Ambrose cafés, boutique shopping, entertainment, and nightlife options including notable popular destinations such Pinches Tacos Viktor Bene’s Continental as the Hollywood Bowl, Ford Theaters, and La Poubelle in addition to the local everyday necessities located Three Broomsticks along Sunset Boulevard, Hollywood Boulevard, and North Highland Avenue. Spitz - Studio City Veggie House Entertainment & Shopping Poké Bar Universal CityWalk WALK SCORE 64 WALK SCORE 50 WALK SCORE Vegetable “SOMEWHAT WALKABLE” “GOOD TRANSIT” 35 Hollywood Bowl “SOMEWHAT BIKABLE” Micelli’s Escape Room Games Some errands can Many nearby public Steep hills, minimal Cafe Sierra be accomplished on transportation Ford Theaters bike lanes. Tokyo Cube foot. options. Theatre West SushiStop Hollywood Heritage Good Neighbor Restaurant Universal Studios Shintaro Sushi Hollywood Bowl Museum Pimai It’s Thai Berlin - Wall Project The Salsa Bar The Magic Castle Locali Healthy Convenience Joe’s Pizza HOLLYWOOD BOWL La Poubelle

SPITZ VEGETABLE THE BEST OF LOS FELIZ AND SILVERLAKE

LOS FELIZ Along Vermont and Hillhurst Avenues, Los Feliz Village features a wide array of local restaurants, boutique shops, artsy coffee shops, theaters, gastrobus, and parks. Notable establishments include The Dresden Room, which was prominently featured in the movie Swingers; Fred 62, a retro 1960’s California 24-hour diner, and Alcove Cafe & Bakery, a converted bungalow which has become one of the most reviewed and most popular brunch destinations in Los Angeles. Locals enjoy Barns- dall Art Park which plays host to Los Feliz farmer’s market and local theater at Los Feliz Five Star Theaters know for its signature marquee signage. The Rockwell: Table & Stage, another local favorite, it offers live music perfor- mances combined with seasonal cuisine and cocktails. SILVER LAKE

Somewhere between the seediness of the strip and the spar- kle of West Hollywood you’ll find a thriving metropolis of cre- ative, chilled-out cool. If you want to see a little soul in the City of Angels, step away from the vegan juice bars of Sunset Bou- levard, ride east in an Uber and stop when you see the Sunset Junction sign.

The Junction culminates into the semi-gentried Silverlake neighborhood around Sunset Junction, about six kilome- ters from Downtown LA. It’s here you’ll find chic gourmet institution L&E Oyster Bar, where you’ll munch on fried oyster po’boys with shaved fennel, lettuce and gribiche and rub shoulders with another hundred people dressed in skinny jeans and cardigans. If you take a stroll down Silverlake Boule- vard you’ll find some of the best bohemian homewares.

Following this uprising of trendy and eclectic residents is a diverse base of restaurants, bars, nighclubs, and retail shops that bring a wide range of cultural experiences to the area. Within the existing location, residents have the opportunity to walk to nearby restaurants and cafes, take the metro into the heart of Hollywood, or spend the afternoon in an adjacent neighborhood via short commute.

LOCATION FUNDAMENTALS URBAN LIVING WITH WALKABILITY Millennials have ditched the suburbs for a more active and dynamic urban lifestyle. As the most densely populated area in Los Angeles, Silver Lake is a highly walkable Many don’t own or want to own cars, so they rely on walking, biking, Metro or Uber. submarket. Residents can travel on foot to complete their daily errands and stroll to There is a limited supply of housing in Los Angeles, and especially in Silver Lake which the many restaurants, clubs, chic hotels and pop up shops. Score 92 out of 100, The is causing upward pressure on rents. Research firm Axiometrics projects rental rates property is located in what walkscore.com considers “Walker’s Paradise”. are to increase by 25% over the next five years. FINANCIAL SUMMARY 2230 N Cahuenga Blvd, Los Angeles, CA 90068 FINANCIAL Summary

MARKET RENT FINANCIAL INDICATORS SOURCE OF INCOME CURRENT RENT Post Renovation Offering Price $2,795,000 # of Units Unit Type Avg. Rent Total Avg. Rent Total 6 One Bedroom - One Bathroom $1,469 $8,813.73 $2,295 $13,770 Current CAP 3.1% 2 Single $1,223 $2,445.08 $1,495 $2,990 Market CAP 5.5% $11,258.81 $16,760 Current GRM 20.1 Laundry Income $336 $336 Market GRM 13.6 Total Monthly Income $11,595 $17,096 Cost Per Unit $349,375 Total Annual Income $139,135 $205,149 Cash on Cash Return 3.1% Expenses Per Unit -$6,063 EST. ANNUALIZED OPERATING DATA CURRENT MARKET Expenses Per Sq Ft -$9.51 Scheduled Gross Income $139,135 $205,149 Less Vacancy 2.0% ($2,783) 2.0% ($4,103) BUILDING DATA Gross Operating Income $136,352 $201,046 Units 8 Less Expenses -36% $48,506 -24% $48,506 Year Built 1940 Net Operating Income $87,846 $152,540 APN 5576-004-024 Lot Sq Ft 8,694 Bldg Gross Sq Ft 5,100 Parking Spaces 7 Spaces NOTATIONS:

ESTIMATED ANNUALIZED EXPENSES 1) Repairs & Maintenance: Based upon $400 / Unit / Year / Post Renovation New Property Taxes $34,099 2) Contract Services: Landscaping ($80/mo), pest control ($65/mo) and trash removal ($295 / mo) based on market rates. Utilities-DWP & Gas $3,200 3) Utilities: Estimated at $500 / unit / year. (Electrical utilities are separately metered, Gas Trash Removal $3,540 utilities are separately metered) Property Insurance $2,295 4) Real Estate Taxes: Taxes have been underwritten based a proforma tax rate of 1.22% Repairs & Maintenance $3,200 5) Property Insurance: Based on a proforma rate of $0.45 per SF per year. Pest Control $780 6) Rental Registration: Based on an estimated $54 / unit / year. Landscaping $960 Rental Registration $432 Total Estimated Expenses $48,506 2230 N Cahuenga Blvd, Los Angeles, CA 90068 RENT Roll

UNIT STATUS UNIT TYPE Parking Provided Current Rent Market Rent Post Renovation 2230 Occupied Single / 1 Bath N/A $950.08 $1,495 2230 1/2 Vacant Single / 1 Bath 1 Space $1,495.00 $1,495 2232 Occupied 1 Bed / 1 Bath 1 Space $1,346.11 $2,295 2232 1/2 Occupied 1 Bed / 1 Bath 1 Space $1,654.42 $2,295 2234 Occupied 1 Bed / 1 Bath 1 Space $1,253.76 $2,295 2234 1/2 Occupied 1 Bed / 1 Bath 1 Space $1,492.66 $2,295 2236 Occupied 1 Bed / 1 Bath 1 Space $1,266.78 $2,295 2236 1/2 Occupied 1 Bed / 1 Bath 1 Space $1,800.00 $2,295 $11,258.81 $16,760 2230 CAHUENGA BLVD Property Details

2230 North Cahuenga Blvd • Los Angeles, • CA 90068

Assessor’s Parcel Number 5576-004-024 Buildings 2 Year Built 1940 Land Use Apartments Zoning LAR3 Stories 2

SITE DESCRIPTION Units 8 Gross Square Footage +/- 5,100 Lot Size Square Footage +/- 8,694

UTILITIES Electric Separately Metered Gas Separately Metered

HVAC Wall Heaters Fire Protection Smoke Detectors

CONSTRUCTION Foundation Raised Framing Wood Frame Exterior Stucco Topography Slight Down Slope MARKET COMPARABLES RENT Comparables 2230 North Cahuenga Blvd

1) 1999 Pinehurst Road 2) 2212 North Cahuenga Blvd 3) 2054 Argyle Ave 4) 2330 N Cahuenga Blvd 5) 1911 N Highland Ave 6) 2237 N Cahuenga Blvd RENT Comparables SINGLE ONE BEDROOM

Year Property Units Built Owner/Manager Rent 2230 North Cahuenga Blvd 8 1940 Private Owner $1,313 $1,447 Los Angeles, CA 90068 Owner Managed 1 1999 Pinehurst Road - - Private Owner $2,499 Los Angeles, CA 90068 Owner Managed 2 2212 North Cahuenga Blvd 35 1963 Private Owner $1,750 $2,295 Los Angeles, CA 90068 Owner Managed 3 2054 Argyle Ave 14 1957 Private Owner $2,250 Los Angeles, CA 90068 Owner Managed 4 2330 N Cahuenga Blvd 30 1987 Private Owner $2,395 Los Angeles, CA 90068 Owner Managed 5 1911 N Highland Ave 2 1935 Private Owner $2,100 Los Angeles, CA 90068 Owner Managed 6 2237 N Cahuenga Blvd - - Private Owner $2,200 Los Angeles, CA 90068 Owner Managed AVERAGE: $2,125 $2,115 HIGH: $2,499 $2,395 LOW: $1,313 $1,447 2230 N Cahuenga Boulevard

Hollywood Hills CONFIDENTIALITY AGREEMENT

All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of sig- nificance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.

EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Studio City in compliance with all applicable fair housing and equal opportunity laws. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. Exclusively Listed By:

RICH JOHNS Multifamily Investment Advisor 818.432.1575 [email protected]

CalBRE Lic#01432215

IDO GIAT Senior Vice President 323.613.6163 [email protected]

CalBRE Lic.#01242143