13420 S Normandie

13420

W. 135TH STREET

W. 134TH STREET

S. NORMANDIE AVENUE

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

Lauren Sackler Investments Associate National Retail Group Tel: 818.212.2733 [email protected] CA License: 02082395 Contents 06 Executive Summary 12 Property Overview 18 Area Overview 32 FINANCIAL ANALYSIS INGLEWOOD

HALLDALE AVE

S. NORMANDIE AVENUE

W. 135TH STREET

4 13420 S. Normandie Ave DOWNTOWN LOS ANGELES SOUTH GATE

W. 135TH STREET

Executive Summary 5 executive summary

6 13420 S. Normandie Ave The Offering

Two freestanding South Bay Industrial buildings with rare, front- loaded parking ideally located in one of Southern California’s strongest Industrial sub-markets and one of the most sought- after Industrial sub-markets nationally, Gardena, CA The Brandon Michaels Group of Marcus & Millichap has been selected to exclusively represent for sale 13406-13422 South Normandie Avenue, two freestanding industrial buildings totaling 20,698 square feet of improvements situated on two parcels totaling 39,730 square feet of land in the high demand South Bay sub-market of Gardena, CA.

The End Cap building (13406-13408 South Between the two buildings, there are Normandie Avenue) is a 10,340 square a total of 266’ of frontage along South foot industrial building located on 19,865 Normandie Avenue. The buildings are square feet of land. The building features available for purchase as a portfolio or 13’ clear height, two roll up doors, and individually. There are four curb cuts along is located on the corner of Normandie South Normandie Avenue, which allows Avenue and 134th Street, with 135’ of for excellent ingress and egress. 13406- frontage on 134th Street, and over 135’ 13422 South Normandie Avenue is ideally of frontage on Normandie Avenue. located six miles from the Los Angeles The building has 700-amps of power. International Airport, and 12 miles from The building is demised into two equal the Ports of Los Angeles and Long Beach. sized units, each of which are separately The property is also located within a metered (one meter per unit). short distance from the 405, 110, and 105 freeways, which provides easy access to S. NORMANDIE AVENUE The Interior building (13420-13422 South major metropolitan areas. Normandie Avenue) is a 10,358 square foot industrial building located on 19,865 13406-13422 South Normandie Avenue square feet of land. The building features will be delivered vacant, as the current 13’ clear height, two roll up doors, 132’ tenant is vacating at the end of June. The W. 134TH STREET of frontage on Normandie Avenue, and tenant is currently paying $1.25 per Square has 1,000-amps of power. The building is Foot NNN. Prior to close of escrow, demised into two equal sized units, each current ownership will re-slurry the parking of which are separately metered (one lot, paint the exterior, install new planters, meter per unit). and clean the interior.

Executive Summary 7 investment highlights

PRIME SOUTH BAY INDUSTRIAL BUILDINGS WITH IDEAL OWNER-USER OR VALUE-ADD OPPORTUNITY FRONT LOADED PARKING • Flexibility in purchase options would allow a buyer to • Each building has 13’ clear heights and two ground level purchase one or two industrial warehouses loading doors • The buildings are each demised into two equal sized • Rare, front loaded parking at a parking ratio of 2.17 per units which are separately metered, making it an ideal 1,000 SF opportunity for an owner-user looking to occupy between 5,000-20,698 square feet • Four curb cuts along S. Normandie Avenue allows for excellent ingress and egress • Divisibility adds value to an investor looking to stabilize the property • Each building contains newly constructed ADA compliant restrooms • Properties can be purchased together or individually • Over 266’ of frontage on Normandie Avenue, which sees SURROUNDED BY NATIONAL CORPORATIONS AND north of 18,900 vehicles per day SIGNIFICANT INDUSTRY • Corner location with approximately 135’ of frontage on 134th Street • The property is located is located approximately two miles from SpaceX • Both buildings feature heavy power, 13406-13408 S Normandie Avenue has 700 amps of power, and 13420- • Two and a half miles from the new Ring (Amazon subsidiary) headquarters 13422 S Normandie Avenue has 1,000 amps of power • Two and a half miles from Tesla EXCELLENT CENTRALIZED GARDENA, CA • Five miles from Honeywell Aerospace LOCATION • Six miles from the Raytheon • Approximately 6 miles from LAX • Six and a half miles from Boeing • 12 miles from the Ports of Los Angeles and Long Beach • Less than one mile from the 105 and 110 Freeways • One mile from Nissin • Four miles from the 405 freeway ONE OF THE STRONGEST INDUSTRIAL • Seven miles from the 710 Freeway SUB-MARKETS NATIONALLY • Average vacancy rate of 2.2% with rates projected to decrease REDONDO BEACH • Current Market rents are at their highest levels historically • Increasing rental market with strong growth projections • The South Bay remains the premier market for distribution companies and cargo-centered sea-and-air industrial users. It is nearly fully developed, making land incredibly scarce. • The immediate area is inundated with new development 8 13420 S. Normandie Ave investment highlights

STRONG DEMOGRAPHICS • There are over 29,100 people located within one mile of the property, 297,400 people located within three miles of the property, and 811,700 people located within five miles of the property • There are over 8,900 households located within one mile of the property, 91,700 households within three miles, and 234,600 households within five miles • Average household income within one mile of the property exceeds $74,000, $74,400 within three miles, and $76,000 within five miles

SURROUNDED BY DEVELOPMENT PROJECTS • 2129 Rosecrans Avenue also known as Rosecrans Place, is located less than two miles from 13420- LOS ANGELES INTERNATIONAL AIRPORT 13422 South Normandie Avenue. G3 Urban is developing 113 townhomes within a gated community • One Seven Eight, also known as 1515 W. 178th Street, is a 114-townhome construction project located three miles from 13406-13422 S. Normandie Avenue • 13420-13422 South Normandie Avenue is located two miles from a proposed project at 12850-12900 S Crenshaw Boulevard. The proposed project would feature an eight-story building with 265 apartment units above parking for 250 vehicles • There is a massive construction project located in Wilmington, the $70.8-million Wilmington Waterfront Promenade. The project broke ground in 2020 and is projected for completion in 2023, and will become a nine-acre park for residents. There will be a walkway constructed along the harbor, as well as a public pier PORTS OF LOS ANGELES and dock, a playground, parking, and restrooms Executive Summary 9 DISTANCES TO MAJOR COMPANIES IN THE SOUTH BAY

1. SpaceX 2.4 Miles 2. Ring Headquarters 2.5 Miles 3. Tesla 5.0 Miles 6 5 4. Honeywell Aerospace 4.8 Miles 3 14 10 2 5. Raytheon 7.1 Miles 1 13 6. Boeing 6.5 Miles 7 7. Nissin 1.2 Miles 8. American Honda Motor 9 Co Headquarters 5.7 Miles 9. Northrop Grumman 5.5 Miles 10. Los Angeles Air Force 4 Base 6.7 Miles 11. Robinson Helicopter 8 Company 10.2 Miles 12. Alcoa Fastening 9.8 Miles 13. Systems Aerospace 12 Corporation 7.0 Miles 11 14. Mattel Inc. 7.5 Miles

10 13420 S. Normandie Ave property summary

Address 13420 S. Normandie Avenue Gardena, CA 90249 Price $6,425,000 Building Size 20,698 SF Lot Size 39,730 SF Price/SF (Building) $310 Price/SF (Land) $162 Occupancy Vacant Parking 45 Parking Spaces; Ratio of 2.17 per 1,000 SF Loading Doors 4 Total - 12’ w x 14’ h Ceiling Height 13’ Building Height 17’ Construction Type Masonry Power 700 amps; 1,000 amps Year Built 1968 Zoning GAM1 APN 6115-004-034

Executive Summary 11 property overview

12 13420 S. Normandie Ave property description

LOCATION 13420 S. Normandie Avenue Gardena, CA 90249

SITE The property is located on the intersection of S. Normandie Avenue and W. 134th Street

BUILDING SIZE 20,698 SF

LOT SIZE 39,730 SF

PARKING LOS ANGELES INTERNATIONAL 45 parking spaces; a parking AIRPORT ratio of 2.17 parking spaces per 1,000 SF

ZONING GAM1

FRONTAGE 266’ of frontage along S. Normandie Avenue

TRAFFIC COUNTS S. Normandie Avenue: Over 18,900 vehicles per day

Property Overview 13 property photos

14 13420 S. Normandie Ave Property Overview 15 parcel map

16 13420 S. Normandie Ave S. NORMANDIE AVENUE

W .135TH STREET

Property Overview 17 AREA overview

18 13420 S. Normandie Ave Gardena, SOUTH BAY, California

The South Bay is a region of the Los and to supervisory and management Gardena is known for its central location, Angeles metropolitan area, located in skills. Our One Stop Employment and nice weather, and abundance of cultural the southwest corner of Los Angeles Training Center can assist employers in attractions. Easy access to that city County. The name stems from its filling a variety of jobs customized to and the cities of Athens, Torrance, and geographic location stretching along their specific needs including, but not the southern shore of Santa Monica Bay. limited to, clerical, office administration, Hawthorne means visitors can reach The South Bay contains fifteen cities plus accounting, computer operators, retail many attractions, including the coast. portions of the City of Los Angeles and sales, truck drivers and other technicians. unincorporated portions of the county. The area is bounded by the Pacific Ocean Gardena’s attractive, family-oriented on the south and west and generally by neighborhoods provide a wide variety of the City of Los Angeles on the north and housing options for all residents.There east. are 21,472 residential units available in the City. The South Bay is heavily reliant Home to a large labor pool, Gardena on the aerospace and related industries. can provide employers with qualified It has two major transportation hubs on and well educated workers. Nearly its borders — Los Angeles International 40% of adults age 25 and older have Airport and the Ports of Los Angeles and four years’ college, a number almost Long Beach — and the Pacific Ocean double the statistics for the five-county is at its backdoor. These factors, and Southern California region. The work its diverse cities, make it economically, force is extremely diverse, including men geographically and socially unique. and women with a wide variety of job capabilities, from entry-level to technical

Area Overview 19 LOCATION OVERVIEW

13420-13422 South Normandie Avenue is located in Gardena, a high demand industrial submarket in the South Bay with a reported average vacancy rate of just 2.2% and a reported market CAP rate that has decreased by 100 basis points over the last six years 13406-13422 South Normandie Avenue benefits from its centralized location, approximately six miles from Los Angeles International Airport, 12 miles from the ports of Los Angeles and Long Beach, four miles from the 405 freeway, less than one mile from the 110 and 105 freeways, and seven miles from the 710 freeway. Several public companies are located within a short distance from the subject property. The property is located is located approximately two miles from SpaceX, two and a half miles from the new Ring (Amazon subsidiary) headquarters, two and a half miles from Tesla, five miles from Honeywell Aerospace, six miles from the Raytheon, six and a half miles from Boeing, and one mile from Nissin.

Gardena is located in the high demand south bay industrial market. The outdoor gathering areas, HOA-provided internet hotspots in outdoor common submarket features unprecedented historical growth, with the reported market areas, and Amazon Hub Lockers. One Seven Eight, also known as 1515 W. 178th CAP rate having decreased by 100 basis points over the last six years. Demand Street, is a 114-townhome construction project located three miles from 13406- among tenants in this location is high, with a reported average vacancy rate 13422 S. Normandie Avenue. The units will include a mix of two-, three-, and of just 2.2%. The South Bay remains the premier market for distribution and four-bedroom plans which will range from 1,528 square feet to 1,801 square feet. manufacturing companies as well as cargo-centered sea-and-air industrial The community will be gated, and will feature a resort-style community pool. users. It is nearly fully developed, making land incredibly scarce. Tight market conditions and a lack of larger modern space continue to be deterrents that 13420-13422 South Normandie Avenue is located two miles from a proposed drive tenants to neighboring markets, primarily to the east. project at 12850-12900 S Crenshaw Boulevard. The proposed project would feature an eight-story building with 265 apartment units above parking for 250 Tight market conditions and a vacancy rate of 2.2% percent continue to push vehicles. The project would replace a 1.3-acre property which currently features asking rents skyward, with rents increasing $0.03 per square foot triple net to an an auto parts warehouse. average of $1.07 per square foot, their highest rental rates ever. Average asking rents in the South Bay remain one of the highest in Southern California, yet still In addition to the residential developments, there is a massive construction have room to rise. Rents are at their highest levels ever and will likely continue to project located in Wilmington, the $70.8-million Wilmington Waterfront increase as demand remains high and desirable industrial space remains scarce. Promenade. The project broke ground in 2020 and is projected for completion Land is incredibly scarce, and many industrial users are having to get creative or in 2023, and will become a nine-acre park for residents. There will be a walkway face paying a premium to secure land for truck, car or trailer storage. Buildings constructed along the harbor, as well as a public pier and dock, a playground, are leasing at a premium in the South Bay industrial market. parking, and restrooms.

The area is inundated with residential development projects, including The submarket benefits from strong immediate demographics, with over 29,100 Rosecrans Place, One Seven Eight, and 12850-12900 S Crenshaw Blvd. 2129 people located within one mile of the property, 297,400 people located within Rosecrans Avenue also known as Rosecrans Place, is located less than two three miles of the property, and 811,700 people located within five miles of miles from 13420-13422 South Normandie Avenue. G3 Urban is developing 113 the property. There are over 8,900 households located within one mile of the townhomes within a gated community. The community will feature 113 for-sale property, 91,700 households within three miles, and 234,600 households within homes, including 50 attached condominiums, 41 detached units, and 14 live/ five miles. Average household income within one mile of the property exceeds work units. The gated community features amenities such as community grills, $74,000, $74,400 within three miles, and $76,000 within five miles.

20 13420 S. Normandie Ave NEARBY ATTRACTIONS

Redondo Beach Pier South Bay Galleria Located just 8 miles south of Los Angeles South Bay Galleria, formerly named International Airport (LAX), The Pier is Galleria at South Bay, is a shopping mall the last landmark still representing that in Redondo Beach in Los Angeles County, era, and continuing to host visitors from California. It is anchored by Macy’s, Kohl’s, around the world and supporting regional Target, Q, Wonder of Dinosaurs, and a tourism. It is known for its 70,000 square- 16-screen AMC Theatres multiplex. It feet of open space, and as the largest also includes H&M & one vacant space “endless” pier on the California coast. formerly occupied by Forever 21.

Del Amo Fashion Center Los Angeles International Airport Del Amo Fashion Center is a three-level Los Angeles International Airport, regional shopping mall in Torrance, California, commonly referred to as LAX, is the United States. It is currently managed and primary international airport serving Los co-owned by Simon Property Group. With a Angeles and its surrounding metropolitan gross leasable area of 2.5 million sq ft, it is the area. LAX is the closest airport to the seventh largest shopping mall in the United Westside and the South Bay. It is also the States. only airport to rank among the top five U.S. airports for both passenger and cargo traffic.

Area Overview 21 LOCATION HIGHLIGHTS

APPROXIMATE TO:

DISTANCE TO LAX: DISTANCE TO 11 MILES PORT OF LOS ANGELES: Los Angeles International 13 MILES Airport is the primary The Port of Los Angeles, also international airport serving called America's Port, is a port complex that occupies 7,500 Los Angeles, California, United acres of land and water along States, and its surrounding 43 miles of waterfront and metropolitan area. adjoins the separate Port of Long Beach.

DISTANCE TO DISTANCE TO PORT OF LONG BEACH DOWNTOWN L.A.: 14 MILES 15 MILES The Port of Long Beach, Downtown, comprising also known as the Harbor diverse smaller areas such Department of the City of Long as Chinatown, Little Tokyo Beach, is the second-busiest and the Arts District, offers container port in the United renowned art museums, States, after the Port of Los cutting-edge restaurants & Angeles, which it adjoins. hip bars.

22 13420 S. Normandie Ave DOWNTOWN LOS ANGELES

LAX

PORT OF LONG BEACH PORT OF LOS ANGELES

Area Overview 23 Market Rent Per SF SOUTH BAY INDUSTRIAL - MARKET RENT PER SF

$1.40 Forecast

$1.30

$1.20

$1.10

$1.00

$0.90

$0.80

$0.70

$0.60

$0.50 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

24 13420 S. Normandie Ave

© 2021 CoStar Realty Information Inc. 5/20/2021 Year Average Rent/SF % Increase/Decrease Year Average Rent/SF % Increase/Decrease Year Average Rent/SF % Increase/Decrease 2026 Q1 $1.32 0.76% 2019 Q2 $0.98 1.03% 2012 Q2 $0.60 0.00% 2025 Q4 $1.31 0.77% 2019 Q1 $0.97 2.11% 2012 Q1 $0.60 1.69% 2025 Q3 $1.30 0.78% 2018 Q4 $0.95 1.06% 2011 Q4 $0.59 0.00% 2025 Q2 $1.29 0.78% 2018 Q3 $0.94 2.17% 2011 Q3 $0.59 0.00% 2025 Q1 $1.28 0.79% 2018 Q2 $0.92 1.10% 2011 Q2 $0.59 0.00% 2024 Q4 $1.27 1.60% 2018 Q1 $0.91 2.25% 2011 Q1 $0.59 2024 Q3 $1.25 0.81% 2017 Q4 $0.89 1.14% 2024 Q2 $1.24 0.81% 2017 Q3 $0.88 2.33% 2024 Q1 $1.23 0.82% 2017 Q2 $0.86 2.38% 2023 Q4 $1.22 1.67% 2017 Q1 $0.84 2.44% 2023 Q3 $1.20 0.84% 2016 Q4 $0.82 1.23% 2023 Q2 $1.19 1.71% 2016 Q3 $0.81 2.53% 2023 Q1 $1.17 1.74% 2016 Q2 $0.79 2.60% 2022 Q4 $1.15 0.88% 2016 Q1 $0.77 1.32% 2022 Q3 $1.14 1.79% 2015 Q4 $0.76 2.70% 2022 Q2 $1.12 0.90% 2015 Q3 $0.74 1.37% 2022 Q1 $1.11 1.83% 2015 Q2 $0.73 2.82% 2021 Q4 $1.09 0.93% 2015 Q1 $0.71 1.43% 2021 Q3 $1.08 0.93% 2014 Q4 $0.70 2.94% 2021 Q2 EST $1.07 0.94% 2014 Q3 $0.68 1.49% 2021 Q2 QTD $1.06 0.95% 2014 Q2 $0.67 1.52% 2021 Q1 $1.05 0.96% 2014 Q1 $0.66 1.54% 2020 Q4 $1.04 0.97% 2013 Q4 $0.65 1.56% 2020 Q3 $1.03 0.98% 2013 Q3 $0.64 1.59% 2020 Q2 $1.02 0.00% 2013 Q2 $0.63 1.61% 2020 Q1 $1.02 2.00% 2013 Q1 $0.62 1.64% 2019 Q4 $1.00 1.01% 2012 Q4 $0.61 0.00% 2019 Q3 $0.99 1.02% 2012 Q3 $0.61 1.67%

Area Overview 25 Vacancy Rate SOUTH BAY INDUSTRIAL - VACANCY RATE

7% Forecast

0% 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

26 13420 S. Normandie Ave

© 2021 CoStar Realty Information Inc. 5/22/2021 Year Average Rent/SF % Increase/Decrease Year Average Rent/SF % Increase/Decrease Year Average Rent/SF % Increase/Decrease 2026 Q1 1.68% 0.96% 2019 Q2 1.30% 1.09% 2012 Q2 5.44% 1.25% 2025 Q4 1.67% 0.79% 2019 Q1 1.29% -7.48% 2012 Q1 5.37% -3.93% 2025 Q3 1.65% 0.73% 2018 Q4 1.39% 3.12% 2011 Q4 5.59% -11.41% 2025 Q2 1.64% 0.67% 2018 Q3 1.35% -20.61% 2011 Q3 6.31% 12.51% 2025 Q1 1.63% 0.62% 2018 Q2 1.70% 7.33% 2011 Q2 5.61% -6.67% 2024 Q4 1.62% 0.62% 2018 Q1 1.58% -2.53% 2011 Q1 6.01% 2024 Q3 1.61% 0.62% 2017 Q4 1.62% 2.85% 2024 Q2 1.60% 0.57% 2017 Q3 1.58% -12.14% 2024 Q1 1.59% 0.44% 2017 Q2 1.80% -5.92% 2023 Q4 1.58% 0.38% 2017 Q1 1.91% 13.09% 2023 Q3 1.58% -0.63% 2016 Q4 1.69% -14.75% 2023 Q2 1.59% -0.44% 2016 Q3 1.98% 29.84% 2023 Q1 1.60% -3.33% 2016 Q2 1.53% -17.79% 2022 Q4 1.65% -4.51% 2016 Q1 1.86% -14.36% 2022 Q3 1.73% -5.68% 2015 Q4 2.17% -18.17% 2022 Q2 1.83% -5.91% 2015 Q3 2.65% -1.01% 2022 Q1 1.95% -2.80% 2015 Q2 2.67% 20.29% 2021 Q4 2.00% 0.30% 2015 Q1 2.22% -14.34% 2021 Q3 2.00% -11.91% 2014 Q4 2.60% -20.10% 2021 Q2 EST 2.27% 3.05% 2014 Q3 3.25% -26.43% 2021 Q2 QTD 2.20% -13.04% 2014 Q2 4.42% -15.19% 2021 Q1 2.53% 4.42% 2014 Q1 5.21% -3.47% 2020 Q4 2.42% 31.19% 2013 Q4 5.39% -1.66% 2020 Q3 1.85% -18.20% 2013 Q3 5.48% -3.18% 2020 Q2 2.26% 15.32% 2013 Q2 5.66% 3.08% 2020 Q1 1.96% 21.99% 2013 Q1 5.50% -2.48% 2019 Q4 1.61% 11.00% 2012 Q4 5.64% 2.90% 2019 Q3 1.45% 11.23% 2012 Q3 5.48% 0.66%

Area Overview 27 GARDENA, CA DEMOGRAPHICS

MEDIAN AGE GARDENA’S TOTAL POPULATION 41 49% 51% 59,924 MALE FEMALE

EDUCATION

16% 25% Less Than High School Some32% College or Bachelor’s25% Degree High School or GED Associates Degree or Higher

28 13420 S. Normandie Ave TOP EMPLOYMENT BY INDUSTRIES ECONOMY Median household income in Gardena, CA is $55,351. In 2018, the place with the highest Median Household Income in Gardena, CA was Census Tract 6035 with a value of $81,815, followed by Census Tract 6036 and Health Care & Social Census Tract 6032, with respective values of $73,672 Assistance Retail Trade Manufacturing and $72,006. Digital Manga is headquartered in Suite 300 at 1487 15.1% 13.3% 10.8% West 178th Street. Nissin Foods has its United States headquarters and a plant in Gardena. Nissin Foods (U.S.A.) Co., Inc. opened in Gardena in 1970. Marukai Corporation U.S.A. has its headquarters in Gardena. En Pointe Technologies is based in Gardena. Nissan’s Accommodation & Food Transportation & North America headquarters were located in Gardena Services Warehousing until they moved to Tennessee in 2006. National Stores Inc., which operates the Factory 2-U and the Fallas Paredes brands, has its headquarters in the Harbor 8.1% 7.9% Gateway area of Los Angeles, near Gardena.

Area Overview 29 DEMOGRAPHICS BY RADIUS

$76,059 811,711 234,692 Average HH income Population Households within a 5-mile radius within a 5-mile radius within a 5-mile radius

101,307 129,942 22,844 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 29,110 297,482 811,711 2021 Households 8,903 91,746 234,692 2021 Average Household Size 3.2 3.2 3.3 Annual Growth 2021-2026 -0.2% -0.2% -0.3% 2021 Median Age 35.2 34.8 33.9 2021 Owner Occupied Households 4,114 38,368 101,307 2021 Renter Occupied Households 4,698 52,401 129,942 2021 Average Household Income $74,440 $74,458 $76,059 2021 Median Household Income $58,361 $57,524 $57,206 Businesses 963 7,760 22,844

30 13420 S. Normandie Ave Area Overview 31 FINANCIAL ANALYSIS

RENT ROLL TENANT SF SF% RENT RENT/SF LEASE TYPE Vacant 10,340 50% $12,925.00 $1.25 NNN Vacant 10,358 50% $12,947.50 $1.25 NNN Total 20,698 100% $25,872.50

PRO FORMA OPERATING EXPENSES INCOME AND EXPENSE PRO FORMA PROJECTED EXPENSES BREAKDOWN PER YEAR PER SF Scheduled Lease Income $310,470 Taxes @1.25% $80,313 $3.88 NNN Charges $122,769 Insurances $5,200 $0.25 Effective Gross Income $433,239 Management $12,419 $0.60 Vacancy $10,831 Utilities $6,209 $0.30 Expenses $126,909 Repairs & Maintenance $18,628 $0.90 Net Operating Income $295,499 Reserves $4,140 $0.20 Total $126,909 $6.13 / $0.51

32 13420 S. Normandie Ave PRICING Address 13420 S. Normandie Avenue Gardena, CA 90249 Price $6,425,000 Building Size 20,698 SF Lot Size 39,730 SF Price/SF (Building) $310 Price/SF (Land) $162 Occupancy Vacant Parking 45 Parking Spaces; Ratio of 2.17 per 1,000 SF Loading Doors 4 Total - 12’ w x 14’ h Ceiling Height 13’ Building Height 17’ Construction Type Masonry Power 700 amps; 1,000 amps Year Built 1968 Zoning GAM1 APN 6115-004-034

Financial Analysis 33 brandonmichaelsgroup.com

INVESTMENT ADVISORS

Brandon Michaels Senior Managing Director of Investments Senior Director, National Retail Group W. 135TH STREET 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 W. 134TH STREET Lauren Sackler Investments Associate National Retail Group Tel: 818.212.2733 [email protected] CA License: 02082395

S. NORMANDIE AVENUE