The Sheffield APARTMENTS A 57-Unit Multifamily Investment Opportunity Located in Culver City, CA The Sheffield APARTMENTS Exclusively By:

CALL FOR OFFERS DEADLINE Prospective purchasers must submit offers on or before June 11, 2019 at 5 PM Pacific Standard Time. NON-ENDORSEMENT AND DISCLAIMER NOTICE

Confidentiality and Disclaimer The information contained in the following 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, unverified 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 potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. Non-Endorsement Notice 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. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Activity ID: ZAA0100280

Contents

06 Executive Summary

18 Property Description

24 Financial Analysis

30 Market Comparables

36 Market Overview Executive Summary THE Offering

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Sheffield Apartments, a 57- unit multifamily investment property located in Culver City, one of the premier housing markets in Southern . Culver City boasts an incredibly desirable demographic base - affluent, young, active and highly educated. With its centrality and a growing amount of retail, as well as its housing and transporation options, many are choosing to live, work, and play in Culver City. The Sheffield Apartments benefits from its exceptional Culver City location, less than half a mile from Interstate 405 and State Route 90 and less than a 10-minute walk to Westfield Culver City. Residents have ideal proximity to thousands of high-paying jobs, a plethora of entertainment venues, cultural destinations, and world class restaurants. Situated in one of the most sought after submarkets in Los Angeles County, the property’s new owner can increase gross rental income by approximately 29 percent through the execution of an interior and renovation plan. Built in 1970, The Sheffield Apartments represents a unique opportunity to acquire an impeccably maintained mutlifamily investment property which has never been on the market. Situated on a 0.94-acre lot, the 55,124 square foot property consists of one- and two-bedroom floor plans. The Sheffield Apartments offers an attractive range of amenities including ceiling fans, fireplaces, a swimming pool, private balconies, on-site laundry facilities, elevator serviced, subterranean parking, and controlled access. Given the property’s premier Culver City location and unique appeal of the subject property, The Sheffield Apartments is an ideal asset for investors seeking strong long term returns and appreciation.

EXECUTIVE SUMMARY ∙ 7 INVESTMENT Highlights

A RARE OPPORTUNITY The Sheffield Apartments is a 57-unit multifamily investment property located in Culver City, a thriving rental market in . Built in 1970, the property has never been on market.

INSTITUTIONAL QUALITY ASSET The Sheffield Apartments is an institutional quality asset that has been superbly maintained by current ownership. The property consists of one- and two-bedroom units and offers amenities including controlled access, subterranean parking, on-site laundry facilities, a heated swimming pool, on-site management, and a charming courtyard.

SUBSTANTIAL VALUE-ADD POTENTIAL The Sheffield Apartments represents an exceptional value-add opportunity through the execution of an interior and exterior renovation program, which should see a 29 percent increase in rental income. For more information, see page 10.

FANTASTIC CULVER CITY LOCATION The Sheffield Apartments is within walking distance to Westfield Culver City, a major regional anchored by Best Buy, JCPenney, Macy’s, Nordstrom Rack, and Target that measures over one million square feet of retail space. In addition, the property is within walking distance to the planned development at the Fox Hills Plaza site. For more information, see page 15.

PROXIMITY TO MAJOR EMPLOYMENT CENTERS The Sheffield Apartments is situated in close proximity to State Route 90 and Interstate 405, providing convenient access to major employment centers in surrounding cities. In addition, the property is within walking distance to some of Culver City’s largest employers. For more information, see page 16.

LOW HOME OWNERSHIP AFFORDABILITY A vast majority of households are priced out of single family home ownership in Culver City as the average monthly mortgage payment on a median priced single family home exceeds average monthly rents in the area by $2,030. This affordability gap is a significant occupancy driver for rental properties.

RENOVATION Plan

STRATEGIC RENOVATION PLAN The Sheffield Apartments offers an investor the opportunity to increase rental income by approximately 29.1 percent based on the continued demand from prospective tenants for quality housing. The property is in an area that is not restricted by rent control, allowing an investor to better hedge against inflation and keep pace with any movement in market rents. By executing on a strategic renovation plan that provides the existing tenant base with quality, modern unit and community amenities, an investor will be able to significantly increase value at the property and improve rental income. Listed are a few unit and community renovation ideas that we believe would entice prospective tenants to pay higher rental rates.

UNIT RENOVATIONS »» Laminate Wood or Vinyl Plank Floors with New Base Boards

»» Solid Wood Shaker Kitchen Cabinets

»» Quartz Kitchen Countertops with Undermount Sink

»» Bathroom Vanity, Sink, and Quartz Countertops

»» Tile Floors in Kitchen and Bathroom

»» Smooth Ceilings, Recessed Lighting, or Custom Fixture Lighting

»» Sliding Closet Doors

»» Stainless Steel Appliances - Stove, Refrigerator, Microwave, and Dishwasher

»» In-Unit Laundry Hookups

Possible renovation examples; not an actual unit

10 ∙ THE SHEFFIELD APARTMENTS COMMUNITY RENOVATIONS »» Enhanced Controlled Access Entry with New Call Box

»» Gated Bicycle Storage

»» Upgraded Central Courtyard Landscaping

»» Modern Address Numbering and Signage

»» Upgraded Wall Sconces and Refinished Breezeways

»» Custom Courtyard Gas Barbecues

»» Smooth Re-Stucco and Exterior Re-Paint

»» Exterior Facade Elements Such as Wooden Cladding or Brick

»» Remodeled Laundry Room

»» Upgraded Interior Lighting

»» Fitness Center/Recreational Room EXECUTIVE SUMMARY ∙ 11 The Sheffield APARTMENTS CULVER CIT Y APARTMENT FUNDAMENTALS Overview Culver City is in high demand. It has become a prime destination to work, dine, shop and revel in the beauty of this historic movie town and its dynamic art scene. Culver City has become a focal point for culture and nightlife hosting an array of events while providing the clean and efficient transportation to reach them. 2012-2017 Culver City boasts an incredibly desirable demographic base - affluent, young, active and highly educated. With its centrality and a growing amount of retail as well as 6.1% its housing and transportation options, many are choosing to live, work, and play in Average Yearly Culver City. Rent Growth CULVER CITY BY THE NUMBERS 2018 40K $753K $83K Total Population Median Home Value Median Household Income 6.0% Effective Rent Growth 2019-2023 3.9% Average Yearly Projected Rent Growth

Source: Marcus & Millichap Research Services EXECUTIVE SUMMARY ∙ 13 $1.2 M $1.1 M

$1.0 M AFFORDABILITY Gap $2.1 M With average rents at Sheffield Apartments at $1,914 per month and the average, all-in home ownership cost at $6,081 per month - the affordability gap is a staggering 218%! This gap is a key occupancy driver as nearby homes are priced well outside of the average Sherman $1.4 M Oaks household. This gap aids in insulating the property $1.7 M $1.5 M against competition from single family home ownership $1.6 M and stregthens the demand for quality housing.

$6,081 $1.4 M $1.3 M $1.9 M

HOME OWNERSHIP COST IS ON THE RISE The vast majority of homes in the surrounding, Culver City area price-out the average earner by a significant margin, $1.36M within 1 mile surrounding the subject property. $1,914 resulting in higher demand for quality rental product to Average Home Price satisfy growing housing needs. The Sheffield Apartments present a very affordable option for renters as compared $6,081 with home loan (20% down), including insurance, taxes. to home owners in the neighborhoods surrounding the Monthly Cost SHEFFIELD COST OF HOME property. APARTMENTS OWNERSHIP $243k required to afford above loan, assuming 30% D/I. Annual Income UPCOMING Developments Below are a few of the many new developments planned and already under-construction in Culver City.

Bristol Parkway Center Ivy Station Development Centinela Ave Office Space Culver Studios Expansion

This proposed development at 6221 Currently under construction, Ivy Station Located at the intersection of Centinela With new key-tenant Amazon committed, Bristol Parkway would construct over 750 is located at the corners of Venice Blvd, Ave and Jefferson Blvd, this proposed Culver Studios has intiated a re- apartment units (including some work- National Blvd, and Washington Blvd and office development consists of 11 development plan that will double the live units) and add 21,000 SF of ground- encompasses over 500,000 SF of “eat, stories and 280,000 SF of office space existing campus to over 720,000 SF of floor commercial space. The site is over drink, shop, stay” space. The project and ground-floor retail space along with studios, production space, sound stages six acres and located near the existing boasts state-of-the-art office space, parking for over 1,000 vehicles. Gensler- and offices. Amazon has announced Westfield Culver City Shopping Center. apartments, boutique hotels, retailers designed plans include private balconies its plans to occupy four of the five new The latest project renderings were and restaurants. The location boasts for each tenant and shared amenities buildings, totaling nearly 75% of the total released last January and the project is immediate access to the Metro Expo Line. including a sky deck, fitness center and site. Construction is expected to complete currently in proposed status. conference facilities. in early 2021.

EXECUTIVE SUMMARY ∙ 15 MAJOR Employers TOP 10 EMPLOYERS Sony Pictures Entertainment 1 5 4 ⇢⇢Employees: 3,000 3 Westfield Shoppingtown - Fox Hills 2 ⇢⇢Employees: 1,550 City of Culver City 3 1 ⇢⇢Employees: 800 Culver City Unified School District 4 ⇢⇢Employees: 750 10 Southern CA Hospital (Brontman Medical Ctr) 5 ⇢⇢Employees: 730 Goldrich & Kest Industries, LLC 6 ⇢⇢Employees: 675 6 7 ⇢⇢Employees: 625 7 Target 8 ⇢⇢Employees: 590 Symantec 9 ⇢⇢Employees: 550 NFL Media 10 ⇢⇢Employees: 515

9 2 8 Property Description

PROPERTY Details

THE SHEFFIELD APARTMENTS AMENITIES

5800 Green Valley Circle »» Ceiling Fans Address: Culver City, CA 90230 »» Fireplaces Assessor’s Parcel #: 4134-017-001 »» Swimming Pool Land Use: Multifamily »» Private Balconies Year Built: 1970 »» On-Site Laundry Facilities

SITE DESCRIPTION »» Subterranean Parking

»» Controlled Access Units: 57

»» Elevator Served Net Rentable SF: 55,124

Lot Size: 0.94 Acres

Density: 60.64 Dwelling Units Per Acre

Parking Spaces: 80

20 ∙ THE SHEFFIELD APARTMENTS

Financial Analysis

INCOME CURRENT MARKET FINANCIAL TOTAL PER UNIT TOTAL PER UNIT GROSS POTENTIAL RENT $1,308,900 $22,963 $1,689,600 $29,642 Total Other Income $9,271 $163 $9,271 $163 Summary GROSS POTENTIAL INCOME $1,318,171 $23,126 $1,698,871 $29,805 BUILDING DATA Less: Vacancy Allowance (GPR) (3.0% / $39,267) ($689) (3.0% / $50,688) ($889) Community Name The Sheffield Apartments EFFECTIVE GROSS INCOME $1,278,904 $22,437 $1,648,183 $28,915 (2) Address 5800 Green Valley Circle Less: Expenses ($253,854) ($4,454) ($283,967) ($4,982) NET OPERATING INCOME (2) $1,025,050 $17,983 $1,364,216 $23,934 City Culver City State California EXPENSES CURRENT MARKET Zipcode 90230 TOTAL PER UNIT TOTAL PER UNIT Number of Units 57 Real Estate Taxes (1.1141% + $26,451) - - - - Approx. Net Rentable SF 55,124 Insurance $24,506 $430 $24,506 $430 Lot Size (Acres) 0.94 Utilities $37,612 $660 $37,612 $660 Year Built 1970 Rubbish $13,910 $244 $13,910 $244 FINANCIAL INDICATORS Repairs & Maintenance $65,909 $1,156 $84,944 $1,490 Landscaping $10,200 $179 $10,200 $179 Price Request for Offers On-Site Payroll $38,506 $676 $38,506 $676 Management Fee 3.0% / $38,367 $673 3.0% / $49,445 $867 Pest $2,254 $40 $2,254 $40 Elevator $2,518 $44 $2,518 $44 CALL FOR OFFERS DEADLINE Prospective purchasers must submit offers on or before June Pool $3,140 $55 $3,140 $55 11, 2019 at 5 PM Pacific Standard Time. General & Administrative $2,682 $47 $2,682 $47 Reserves & Replacements $14,250 $250 $14,250 $250 TOTAL EXPENSES (2) $253,854 $4,454 $283,967 $4,982

NO. ESTIMATED CURRENT AVERAGE CURRENT MARKET AVERAGE MARKET UNIT TYPE OF UNITS SQ. FT. (1) RENT/UNIT RENT/SF RENT/MONTH RENT/UNIT RENT/SF RENT/MONTH 1 Bed/1 Bath 42 833 - 898 $1,600 - $2,275 $2.24 $75,375 $2,275 $2.63 $95,550 1 Bed/2 Bath + Den 4 1,169 - 1,170 $1,750 - $2,100 $1.65 $7,950 $2,400 $2.05 $9,600 2 Bed/1.5 Bath 2 1,130 $2,400 $2.12 $4,800 $3,200 $2.83 $6,400 2 Bed/2 Bath 9 1,130 - 1,169 $1,900 - $3,250 $2.24 $20,950 $3,250 $2.83 $29,250 TOTALS: 57 55,124 $109,075 $140,800 NOTES/ASSUMPTIONS (1) Owner and Broker make no representation as to the actual square footage of any units. Prospective purchasers are encouraged to independently confirm the measurement of all units. (2) Expenses and NOI exclude real estate taxes and direct asssessment. NOTES/ASSUMPTIONS ON INCOME & EXPENSES

Based on Seller’s April 2019 rent roll. Includes scheduled rental increases effective July 1, 2019. 1. Gross Potential Rent Market rents represents all units at adjusted market rental rates which were underwritten using comparable market rents.

2. Total Other Income Other Income is based on historic trailing 12 month operations. Notable income items include laundry income and parking income.

3. Less Vacancy Allowance (GPR) Based on an estimated 3% vacancy rate.

4. Real Estate Taxes Based on 2018 - 2019 Property Tax Rate of 1.114137%.

Included with the above Real Estate Taxes, Direct Assessments are underwritten at $26,451 and based on the 2018 - 2019 Property Tax 5. Direct Assessments Bill.

6. Insurance Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

7. Utilities Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

8. Rubbish Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

9. Repairs & Maintenance Based on estimated 5% of the Gross Potential Income.

10. Landscaping Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

11. On-Site Payroll Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

12. Management Fee Management Fee is underwritten at 3% of Effective Gross Income (EGI).

13. Pest Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

14. Elevator Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

15. Pool Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

16. General & Administrative Based on Seller’s Statement of Revenues, Expenses and Partners’ Capital - Tax Basis Statement for year ended December 31, 2018.

17. Reserves & Replacements Reserves & Replacements are underwritten at $250 per unit, which is industry standard for a property of this age, size, and location. RENT

Roll CURRENT MARKET # UNITY TYPE EST. UNIT SIZE (1) RENT RENT/SF RENT RENT/SF 101 1 Bed/1 Bath 856 $1,650 $1.93 $2,275 $2.66 102 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 103 1 Bed/1 Bath 856 $1,700 $1.99 $2,275 $2.66 104 1 Bed/1 Bath 898 $1,750 $1.95 $2,275 $2.53 105 1 Bed/1 Bath 833 $1,900 $2.28 $2,275 $2.73 106 1 Bed/1 Bath 833 $2,000 $2.40 $2,275 $2.73 107 1 Bed/2 Bath + Den 1170 $2,050 $1.75 $2,400 $2.05 108 1 Bed/1 Bath 856 $1,650 $1.93 $2,275 $2.66 109 1 Bed/1 Bath 856 $1,675 $1.96 $2,275 $2.66 110 2 Bed/2 Bath 1130 $3,250 $2.88 $3,250 $2.88 111 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 112 1 Bed/1 Bath 856 $1,600 $1.87 $2,275 $2.66 113 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 114 1 Bed/1 Bath 834 $1,675 $2.01 $2,275 $2.73 115 2 Bed/2 Bath 1130 $2,200 $1.95 $3,250 $2.88 116 1 Bed/1 Bath 856 $1,675 $1.96 $2,275 $2.66 117 1 Bed/1 Bath 870 $1,700 $1.95 $2,275 $2.61 118 2 Bed/2 Bath 1130 $2,200 $1.95 $3,250 $2.88 119 1 Bed/1 Bath 856 $1,800 $2.10 $2,275 $2.66 120 2 Bed/2 Bath 1130 $3,250 $2.88 $3,250 $2.88 201 1 Bed/2 Bath + Den 1169 $1,750 $1.50 $2,400 $2.05 202 1 Bed/1 Bath 856 $1,800 $2.10 $2,275 $2.66 203 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 204 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 205 1 Bed/1 Bath 898 $1,800 $2.00 $2,275 $2.53 206 1 Bed/1 Bath 833 $1,700 $2.04 $2,275 $2.73 207 1 Bed/2 Bath + Den 1170 $2,100 $1.79 $2,400 $2.05 208 1 Bed/1 Bath 856 $2,275 $2.66 $2,275 $2.66 209 1 Bed/1 Bath 856 $1,675 $1.96 $2,275 $2.66 NOTES/ASSUMPTIONS (1) Owner and Broker make no representation as to the actual square footage of any units. Prospective purchasers are encouraged to independently confirm the measurement of all units.

CURRENT MARKET # UNITY TYPE EST. UNIT SIZE (1) RENT RENT/SF RENT RENT/SF 210 2 Bed/2 Bath 1130 $1,900 $1.68 $3,250 $2.88 211 1 Bed/1 Bath 856 $1,700 $1.99 $2,275 $2.66 212 1 Bed/1 Bath 856 $1,700 $1.99 $2,275 $2.66 213 1 Bed/1 Bath 856 $1,650 $1.93 $2,275 $2.66 214 1 Bed/1 Bath 834 $1,800 $2.16 $2,275 $2.73 215 2 Bed/1.5 Bath 1130 $2,400 $2.12 $3,200 $2.83 216 1 Bed/1 Bath 856 $1,800 $2.10 $2,275 $2.66 217 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 218 2 Bed/2 Bath 1130 $1,900 $1.68 $3,250 $2.88 219 1 Bed/1 Bath 856 $1,900 $2.22 $2,275 $2.66 220 2 Bed/2 Bath 1169 $1,900 $1.63 $3,250 $2.78 301 1 Bed/1 Bath 856 $1,800 $2.10 $2,275 $2.66 302 1 Bed/1 Bath 856 $1,750 $2.04 $2,275 $2.66 303 1 Bed/1 Bath 856 $1,800 $2.10 $2,275 $2.66 304 1 Bed/1 Bath 898 $2,100 $2.34 $2,275 $2.53 305 1 Bed/1 Bath 833 $1,800 $2.16 $2,275 $2.73 306 1 Bed/1 Bath 833 $1,800 $2.16 $2,275 $2.73 307 1 Bed/2 Bath + Den 1170 $2,050 $1.75 $2,400 $2.05 308 1 Bed/1 Bath 856 $1,700 $1.99 $2,275 $2.66 309 1 Bed/1 Bath 856 $1,700 $1.99 $2,275 $2.66 310 2 Bed/1.5 Bath 1130 $2,400 $2.12 $3,200 $2.83 311 1 Bed/1 Bath 856 $1,750 $2.04 $2,275 $2.66 312 1 Bed/1 Bath 856 $1,750 $2.04 $2,275 $2.66 313 1 Bed/1 Bath 856 $1,650 $1.93 $2,275 $2.66 314 1 Bed/1 Bath 834 $2,100 $2.52 $2,275 $2.73 318 2 Bed/2 Bath 1130 $2,300 $2.04 $3,250 $2.88 319 1 Bed/1 Bath 856 $1,700 $1.99 $2,275 $2.66 320 2 Bed/2 Bath 1169 $2,050 $1.75 $3,250 $2.78 TOTAL $109,075 $140,800 Market Comparables

7 2 1 5 6

3

4 SALES Comparables SALE DATE/ PROPERTY YEAR BUILT UNITS GROSS SF PRICE CURRENT CAP CURRENT GIM $/UNIT $/SF STATUS 1 3327 Livonia Avenue 1980 18 21,743 $7,000,000 4.39% 13.90 $388,889 $321.94 3/21/2019 Los Angeles, CA 90034 2 3343 South Durango Avenue 1989 18 18,599 $9,000,000 - - $500,000 $483.90 11/30/2018 Los Angeles, CA 90034 3 3815 McLaughlin Avenue 1989 28 22,877 $12,800,000 3.44% - $457,143 $559.51 10/31/2018 Los Angeles, CA 90066 4 1140 Venice Boulevard 1986 40 30,355 $14,000,000 3.15% - $350,000 $461.21 8/22/2018 Venice, CA 90291 5 3501 Jasmine Avenue 1987 18 21,295 $8,350,000 3.09% 19.25 $439,474 $392.11 2/1/2018 Los Angeles, CA 90034 6 10829 Palms Boulevard 1987 17 18,006 $7,200,000 2.59% 19.60 $423,529 $399.87 1/16/2018 Los Angeles, CA 90034 7 3353 Shelby Drive 1984 16 17,252 $6,737,000 2.34% - $421,063 $390.51 5/26/2017 Los Angeles, CA 90034

1 2 3 4 5 6 7

Unit Mix Unit Mix Unit Mix Unit Mix Unit Mix Unit Mix Unit Mix 9 1 Bed/1 Bath 15 2 Bed/2 Bath 7 1 Bed/1 Bath 14 Studio + Loft 9 2 Bed/2 Bath 6 1 Bed/1 Bath 4 1 Bed/1 Bath 3 2 Bed/1.5 Bath 3 2 Bed/2.5 Bath 17 2 Bed/2 Bath 12 Studio 5 3 Bed/3 Bath 11 2 Bed/2 Bath 4 1 Bed/1.25 Bath + Loft 4 2 Bed/2.5 Bath 4 2 Bed/2 Bath + Loft 10 1 Bed/1 Bath 3 4 Bed/3 Bath 4 2 Bed/2 Bath 2 3 Bed/2 Bath 4 2 Bed/1 Bath 1 5 Bed/4 Bath 4 3 Bed/2 Bath

MARKET COMPARABLES ∙ 33 6

2 7 5 4 1

3 RENT Comparables

PROPERTY UNITS YEAR BUILT UNIT TYPE EST. UNIT SF RENT RENT/SF NOTES

The Sheffield Apartments 57 1970 1/1 833 - 898 $1,600 - $2,275 $2.24 Controlled access; Subterranean parking; 5800 Green Valley Circle 1/2 + Den 1,169 - 1,170 $1,750 - $2,100 $1.65 Two on-site laundry facilities; Heated Culver City, CA 90230 2/1.5 1,130 $2,400 $2.12 swimming pool; Elevator served; On-site 2/2 1,130 - 1,169 $1,900 - $3,250 $2.24 management; Central courtyard

1 The Meadows Apartment Homes 690 1968 1/1 710 - 740 $2,154 - $2,259 $3.04 Gated entry; Fireplace; Floor-to-ceiling 6300 Green Valley Circle windows; Balconies & patios; On-site Culver City, CA 90230 management; Four swimming pools; Gym; Clubhouse; Tennis courts; On-site laundry facilities; Carport & open parking 2 The Seville 27 1968 1/1 968 $2,250 $2.32 Controlled access; Walk-in closets; 6124 Buckingham Parkway (Condo) Fireplaces; Private balconies; Swimming Culver City, CA 90230 pool; Assigned open parking; On-site laundry

3 6770 South Springpark Avenue 32 1973 1/1.5 + Den 1,100 $2,200 $2.00 Controlled access; Swimming pool; 6770 South Springpark Avenue Subterranean parking; On-site Los Angeles, CA 90056 management; On-site laundry

4 Club Marina Apartment Homes 62 1988 1/1 627 $2,175 - $2,245 $3.47 - $3.58 Controlled access; Private balconies; 12435 West Jefferson Boulevard 2/2 1,002 $3,090 $3.08 Ceiling fans; Fireplace & vaulted ceilings Los Angeles, CA 90066 (select units); Clubhouse; Gym; On-site management; Theater room; On-site laundry 5 Villa Andorra 27 1967 2/2 950 $3,300 $3.47 Gated entry; Remodeled unit (new marble 6199 Canterbury Drive (Condo) counters, marble backsplash, light fixtures, Culver City, CA 90230 wood floors, closets, & paint); Swimming pool; Subterranean parking; On-site laundry 6 Foxgate 65 1984 2/2.5 Twnhs 1,178 $3,600 $3.06 Gated entry; Granite counters; Spacious 5601 - 5750 Canterbury Drive (Condo) closets; Private patios; In-unit laundry; Culver City, CA 90230 Direct two-car garage access; Swimming pool

7 Apartments 91 1971 2/1.5 1,200 $2,904 - $4,397 $2.42 - $3.66 Controlled access; Upgraded units (new 6220 Bristol Parkway paint, cabinets, granite counters, & more); Culver City, CA 90230 New appliances (select units); Private balcony or patio; Swimming pool; On-site management; Subterranean parking Market Overview

KEY Demographics

CULVER CITY LOS ANGELES COUNTY Total Population 39,880 10,208,150 Total Households 17,380 3,412,124 Median Household Income $83,330 $63,748 Average Household Income $119,748 $95,507 Median Age 42.2 36.4 Vacancy (1Q 2019) 5.6% 3.8% Median Home Price (1Q 2019) $752,750 $575,490 Affordability Gap $2,030 $1,516 Average Effective Rent (1Q 2019) $2,311 $1,803 Monthly Housing Payment on Median-Priced Home $4,341 $3,319 Percentage Gap 87.8% 84.1% % of Population Who Can Afford Median-Priced Home 13.3% 15.6% Assumes 10% down, 4.42% interest rate, 30 year loan, 1.5% taxes and insurance for home payment Sources: Marcus & Millichap Research Services, Experian, Inc., CoStar Group, Inc., California Association of Realtors, Trulia, Freddie Mac

15.03% 45.67% 54.81% Projected Average Household of Households are Renter of Households Earning More Income Growth by 2022 Occupied Than $75,000 Annually

27.10% 79.23% of the Population is Between of the Population Holds a the Ages of 20 and 39 College Degree or Higher

MARKET OVERVIEW ∙ 39 CULVER CIT Y Multifamily Profile

MEDIAN HOUSEHOLD INCOME POPULATION GROWTH TRAVEL TIME TO WORK Between 2000 and 2018, median household income Between 2000 and 2018, the total population of The average travel time to work for Culver City increased by $34,932. the city of Culver City increased by 2.7 percent to residents is 26 minutes as its central location 39,860. provides residents with access to a plethora of major employment centers throughout Southern California.

DEMAND FOR ONE & TWO BED UNITS RENTERS SHARE TOTAL JOBS In 2018, 84 percent of all city households had 3 Between 2000 and 2018 homeownership rates Between 2010 and 2017, the total jobs in the city of residents or fewer. decreased and the share of renters increased. Culver City increased by 19 percent. CULVER CITY EMPLOYMENT CENTERS “13.2 percent work and live in Culver City, while 86.8 percent commute to other places.” -Southern California Association of Governments

LOCAL # OF % OF TOTAL JURISDICTION COMMUTERS COMMUTERS

1. Los Angeles 8,139 45.1%

2. Culver City 2,379 13.2%

3. Santa Monica 1,369 7.6%

4. Burbank 709 3.9%

5. El Segundo 462 2.6%

6. Beverly Hills 419 2.3%

7. Torrance 365 2.0%

8. Inglewood 176 1.0%

9. Glendale 171 1.0%

10. West Hollywood 155 0.9%

All Other Destinations 3,703 20.5%

The Sheffield Apartments’ close proximity to Interstate 405 and State Route 90 will help to attract renters who are looking for convenient access to surrounding employment centers.

The Sheffield APARTMENTS

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