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OFFERING MEMORANDUM 1422 TAMARIND AVENUE , CA 90028

17 UNITS WITH PARKING IN THE HEART OF HOLLYWOOD 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 ------

LOCATION OVERVIEW Location Overview Hollywood Developments PRESENTED BY Property Location PROPERTY SUMMARY Kenny Stevens Property Details BRE# 01090251 Property Highlights 310.963.7851 FINANCIALS [email protected] Financial Overview Rent Roll Loan Quote

COMPARABLES Sales Comps Rent Comps

PHOTOGRAPHY

www.prosserstevens.com | [email protected] | 310.963.7851 449 South Beverly Drive, First Floor, Beverly Hills, CA 90212 LOCATION 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 HOLLYWOOD, CA ------

HOLLYWOOD,

1422 Tamarind Ave, is located in the booming, culturally rich neighborhood of Hollywood. The recent revitalization of Hollywood, long in the making, is now in full swing. Major entertainment and tech companies like Netflix & Viacom are now embracing the neighborhood. Just in the past 12 months, more than 7,500 new jobs were created in Hollywood.

Hollywood is one of those neighborhoods that needs no introduction, synonymous as it is with the city of Los Angeles itself. Because of its history and famous sites like the , it has always attracted hordes of tourists, but now it has become the epicenter of new Class A office campuses in Los Angeles. Developers are creating millions of sq. ft. of Class A office space and thousands of new luxury rental units. Old Hollywood is stepping in too, with recently winning approval for a 1.4 million-square-foot studio expansion. Companies specializing in streaming media and virtual reality are now flocking towards Hollywood.

Hollywood is also one of the most populated areas for schools, with a wide range of colleges and specialized programs like AMDA (American Musical & Dramatic Academy), Emerson College, the Musicians Institute, and AFI, situating themselves in Hollywood. In the past two years there has been a spike in the number of college students relocating to Hollywood.

New restaurants and hotels are also setting up shop in Hollywood in response to the growing tech & entertainment boom such as TAO, The Dream Hotel, and Beauty & Essex. An astonishing number of additional apartments like The ICON building & The Lombardi will be built over the next decade. There is much more activity in Hollywood, reminding everyone that the evolving industry has returned to its roots. The future of what will be is brighter than ever. LOCATION 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 HOLLYWOOD DEVELOPMENTS ------

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1422 TAMARIND AVE

1 Sunset Bronson Studios - 5800 Sunset Blvd Los Angeles, CA 90028 - 200,000 square feet of office space. Main Tenant: Netflix 2 Columbia Square - 6121 Sunset Blvd Los Angeles, CA 90028 - 420 million office, residential & retail mixed use complex. Main tenants: VIACOM (MTV, BET, Comedy Central) (10,000 employees), Fender (2000+ employees 3 Siren Studios - 6087 Sunset Blvd Los Angeles, CA 90028 - Plans to replace existing 70,000 sq. ft of office space with up to 350,000 sq. ft. of live/work space 4 “Epic” - 5901 Sunset Blvd Los Angeles, CA 90028 - (under construction) - 15 stories, 300,000 square feet of office space 5 Sunset Gower Studios - 6050 W. Sunset Blvd Los Angeles, CA 90028 - (under construction) - Additional 628,000 square feet of production space 6 “The Lombardi” 1717 Bronson Ave Los Angeles, CA 90028 - (construction to begin early 2018) - 89 unit, luxury rental apartment complex 7 ICON Building - 5800 Sunset Blvd, Los Angeles, CA 90028 - (construction to begin early 2018) - 89 unit, luxury rental apartment complex LOCATION 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 OVERVIEW ------

Griffith Observatory Greek Theater

Schools American Institute Runyon Canyon Emerson College AMDA Musican’s Institute

Hollywood The Magic Castle Pantages Theatre HOLLYWOOD LOS FELIZ

1422 TAMARIND AVE

Hollywood & Vine Equinox Soul Cycle Arclight Shake Shack Katsuya ICON Building Los Angeles City Hollywood Kabuki The Melt College Movie Theater Trader Joe’s PROPERTY SUMMARY 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 PROPERTY DETAILS ------

PROPERTY DESCRIPTION PROPERTY DETAILS 1422 Tamarind Ave, this 17-unit apartment community is Units 17 located just South of Sunset Blvd, in the neighborhood of Hollywood. Walking distance to a myriad of coffee shops, Major Intersection Between Sunset Blvd & Fountain Ave restaurants, theaters, and colleges. Walking proximity to over Market Hollywood 1m square feet of brand new office space. Directly across from Sunset Gower Studios. The property features 14,244 square feet APN 5545-015-050 of rentable area, situated on a large 12,999 square foot lot Zoning Type zoned LAR4. This 17 unit building is comprised of (4) two- LAR4 bedroom, two-bathroom units, (12) one-bedroom, one- Building SF 14,244 SF bathroom units, and (1) studio unit. The building has been well Lot Size SF maintained and includes a beautifully landscaped central 12,999 SF courtyard. Approximately 20 parking spots included in the property.

TAMARIND AVE SUNSET BLVD SUNSET

BRONSON AVE PROPERTY SUMMARY 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 PROPERTY HIGHLIGHTS ------

17 UNITS IN HOLLYWOOD • Heart of Hollywood location, south of Sunset and just east of Gower • Conveniently located minutes from the Hollywood & Vine entertainment center, Metro Stations, and the 101 Freeway • Directly adjacent to more than 1M square feet of new office space, including Sunset Gower Studios, Sunset Bronson Studios, and Netflix • Bright, spacious units average 835 sq. ft. with great mix of (12) 1+1, (4) 2+2, and (1) studio • Fully parked with approximately 20 spaces • 2 large storage units generate additional income • Ground floor units have large enclosed patios FINANCIALS 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 FINANCIAL OVERVIEW - $5,100,000 ------

INVESTMENT SUMMARY SCHEDULED INCOME Purchase Price: $5,100,000 UNIT MIX CURRENT PRO FORMA Down Payment: $2,040,000 40% Units Beds Baths Average Monthly Rent Monthly Year Built: 1962 4 2 2 $1,966-$2,400 $8,866 $2,695 $10,780 Units: 17 12 1 1 $842-$2,195 $17,963 $2,195 $26,340 Approx. Lot Size: 12,999 Sq. Ft. 1 Studio $859 $859 $1,895 $1,895 Approx. Bldg. NRSF: 14,244 Sq. Ft. Price per Unit: $300,000 Price per Sq. Ft. $358 Scheduled Rent: $27,688 $39,015 CURRENT PRO FORMA Storage Income: $500 $500 GRM: 14.99 10.71 Laundry Income: $170 $170 CAP: 3.91% 6.43% Monthly Gross Income: $28,358 $39,685 Annual Gross Income: $340,296 $476,220

ANNUAL INCOME ANNUAL EXPENSES CURRENT PRO FORMA ITEM AMOUNT Scheduled Gross Income: $340,296 $476,220 Taxes: (based on new purchase price) 1.25% $63,750 Less Vacancy Reserve Rate: ($6,806) 2.00% * ($14,287) 3.00% Insurance: $5,698 Gross Operating Income: $333,490 $461,933 Utilities: $14,244 Less Expenses: ($133,849) 39% * ($133,849) 28% Repairs & Maintenance: $20,418 Net Operating Income: $199,641 $328,084 Onsite Mgmt: $26,340 Less Debt Service: ($184,966) ($184,966) Misc: $3,400 Pre-Tax Cash Flow: $14,675 0.72% ** $143,119 7.02% Plus Principal Reduction: $49,803 $49,803 EXPENSES ARE ESTIMATED Total Return Before Taxes: $64,478 3.16% ** $192,922 9.46% (On-site Mgr receives free rent) * As a percent of the scheduled gross income. ** As a percent of the down payment Total Expenses: $133,849 PROPOSED FINANCING INFORMATION Expense / NRSF: $9.40 Proposed Financing ` $3,060,000 Expense / Unit: $7,873 Loan Rate 4.45% fixed for 5 yrs -$15,414 per month Loan Duration 30 yr FINANCIALS 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 RENT ROLL ------Unit # Unit Type Rent Rent Move-in Date Notes

1 1 + 1 $1,700 $2,195 6/7/2017 2 1 + 1 $1,114 $2,195 1/1/2011 3 1 + 1 $1,500 $2,195 5/12/2014 4 2 + 2 $2,400 $2,695 4/15/2017 5 2 + 2 $1,966 $2,695 9/23/2013 6 1 + 1 $2,195 $2,195 On-site Mgr 7 1 + 1 $842 $2,195 1/1/1989 8 1 + 1 $1,750 $2,195 3/20/2018 9 1 + 1 $842 $2,195 7/1/1991 10 1 + 1 $1,700 $2,195 10/9/2017 11 1 + 1 $1,420 $2,195 4/16/2013 12 2 + 2 $2,200 $2,695 10/1/2017 14 1 + 1 $1,700 $2,195 12/28/2017 15 1 + 1 $1,550 $2,195 9/30/2016 16 1 + 1 $1,650 $2,195 11/11/2016 17 Single $859 $1,895 3/15/2006 18 2 + 2 $2,300 $2,695 3/12/2018

Storage #1 N/A $300 $300 4/28/2016 Storage #2 N/A $200 $200 3/29/2013

Laundry $170 $170

MONTHLY TOTAL: $28,358 $39,685

ANNUAL TOTAL: $340,296 $476,220 FINANCIALS 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 LOAN QUOTE ------

Financing Provided By: Brian Weisberg Commercial Realty Consultants Direct: (818) 222-2800 x203 Email: [email protected] COMPARABLES 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 SALES COMPS ------

# of Price Per Building Price/ Year Property Photo Address Sale Price COE Unit Mix Units Foot SF Unit Built

1422 Tamarind Ave (4) 2+2 $5,100,000 - 17 $358 14,244 $300,000 1962 (12) 1+1 Hollywood, CA 90028 (1) Studio

1163 N Kingsley Dr (4) 3+2 1 $3,171,950 6/16/17 7 $462 6,867 $453,135 1924 (1) 2+1 Los Angeles, CA 90029 (2) 1+1

2062 Argyle Ave (1) 1+1 2 $2,950,000 11/9/17 7 $519 5,686 $421,429 1929 (5) 2+1 Los Angeles, CA 90068 (1) Studio

6241 Afton Pl (5) 2+1.5 3 $3,055,714 6/2/17 8 $503 6,071 $381,964 1959 Los Angeles, CA 90028 (3) 1+1

2136 N Beachwood Dr (7) 2+1 4 $3,825,000 5/5/17 11 $373 10,224 $347,727 1955 Los Angeles, CA 90068 (4) 1+1

5645 Fernwood Ave (6) 2 +1 5 $3,473,000 2/16/18 12 $294 11,832 $289,417 1956 (5) 1+1 Los Angeles, CA 90028 (1) 3+2 COMPARABLES 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 SALES COMPS ------

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1422 Tamarind Ave

5 Sales Comps 3 1 1163 N Kingsley Dr 2 2062 Argyle Ave 3 6241 Afton Pl 1 4 2136 N Beachwood Dr 5 5645 Fernwood Ave COMPARABLES 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 RENTAL COMPS ------

Property Photo Address Rent Unit Type

$1,1966-$2,400 2+2

1422 Tamarind Ave Los Angeles 90028 $842-$1,795 1+1

$859 Studio

1 5961 Chula Vista Way Los Angeles 90068 $3,000 2+2

2 6556 La Mirada Ave Los Angeles 90038 $2,900 2+2

$2,100-2,350 1+1 3 1757 N Kingsley Dr Los Angeles 90027

$1,895 Studio

4 1317 N Bronson Ave Los Angeles 90028 $1,995-$2,195 Studio

5 6128 Carlos Ave Los Angeles 90028 $2,300 1+1

6 5711 Santa Monica Blvd Los Angeles 90038 $2,300 1+2 COMPARABLES 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 RENTAL COMPS ------

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Rental Comps 4 1 5961 Chula Vista Way 2 2 6556 La Mirada Ave 3 1757 N Kingsley Dr 4 1317 Bronson Ave 6 5 6128 Carlos Ave 6 5711 Santa Monica Blvd PROPERTY SUMMARY 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 PROPERTY PHOTOS ------PROPERTY SUMMARY 1422 TAMARIND AVENUE HOLLYWOOD, CA 90028 PROPERTY PHOTOS ------1422 TAMARIND AVENUE HOLLYWOOD, CA 90028

FOR MORE INFORMATION PLEASE CONTACT:

Kenny Stevens 310.963.7851 [email protected] BRE# 01090251

BRE# 01931128

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.