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947 5TH STREET SANTA MONICA CA 90403

6 UNITS FULLY VACANT - NORTH OF WILSHIRE IN SANTA MONICA

Kenny Stevens BRE# 01090251 OFFERING MEMORANDUM 310.968.7005 cell [email protected] TH MARKETING PACKAGE 947 5 STREET OVERVIEW SANTA MONICA, CA 90403

LOCATION OVERVIEW Market Overview Location Overview PRESENTED BY PROPERTY SUMMARY Property Highlights Kenny Stevens Property Details Aerial Photo BRE# 01090251 Parcel Orientation Photography 310.968.7005 cell FINANCIALS Financial Overview [email protected] Rent Roll COMPARABLES Sales Comps Rent Comps

BRE# 01931128 449 South Beverly Drive, First Floor, Beverly Hills, CA 90212 LOCATION 947 5TH STREET SANTA MONICA CA 90403

Kenny Stevens This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or BRE# 01090251 implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 310.968.7005 cell [email protected] LOCATION 947 5TH STREET LOCATION OVERVIEW SANTA MONICA, CA 90403

SANTA MONICA,

One of the most desirable addresses for both living and working, Santa Monica offers a walkable downtown, a blossoming public transportation system, and several notable tourist destinations. Known for its sunshine and beaches, Santa Monica prides itself as a national model for progressive issues, including social services, quality of life for local residents, and environmental leadership. Median family income is $110,000 and average home prices are $1.1 million resulting in beautiful neighborshoods and incredible ROI for real estate investors.

This urban village has spectacular views of its vast white sand beaches from Palisades Park, exceptional shopping on Third Street Promenade, main Street and Montana Avenue, and the region’s most renowned restaurant scene. Santa Monica stretches for about two miles along the coast before joining up with Venice Beach.

A population of nearly 90,000 and a daytime workforce of about 80,000 makes Santa Monica’s labor force participation rate among the highest in the world and a substantial daily in-migration of employees. Major employers include UCLA Hospital, St. John’s Health Center, RAND Corporation, Universal Music Group, Activision and Santa Monica College.

Silicon Beach is the Westside region of the Los Angeles metropolitan area that is home to over 500 tech startup companies. Major technology companies have opened offices in the region including Google, Yahoo!, YouTube, BuzzFeed, Facebook, AOL, Electronic Arts, EdgeCast Networks, and MySpace. The region is considered the second- or third-largest tech hub in the world, according to various reports. This has had major impacts on the type and availability of office space and on home prices in Playa Vista, Playa Del Rey, Westchester, Santa Monica, and Venice, as these areas have become more desirable due to this influx. The effects are also spilling over into Marina del Rey which is attracting tech firms.

The Expo Line is a light-rail line that runs between and Santa Monica. The line is named “Expo” after Exposition Boulevard, which it runs alongside for most of its route. It is one of the six lines in the Metro Rail system, and is operated by the Los Angeles County Metropolitan Transportation Authority (Metro). LOCATION 947 5TH STREET LOCATION OVERVIEW SANTA MONICA, CA 90403

Montana Ave Wilshire Blvd Douglas Park Whole Foods Whole Foods Peet’s Coffee Sidecar Doughnuts & Coffee Aero Theatre Planet Smoothie The Courtyard Kitchen The Coffee Bean Kreation Organic Kafe Huckleberry Café Blue Plate Belcampo Restaurant YogaWorks Santa Monica Seafood Market & Café R+D Kitchen Healthy Spot Sushi Sho Dunkin' Donuts Lucy Activewear Rustic Canyon Father’s Office Art’s Table Third Street 947 5TH STREET Promenade Hillstone Memorial Park The Kabbalah Centre Tender Greens Banana Republic Brookstone Burke Williams AMC Santa Monica 7 Main Street AMC Loews 4 Urth Caffé Equinox M Street Kitchen Nordstrom Dogtown Coffee Soul Cycle YogaWorks Hotchkiss Park JINYA Ramen Bar Brick + Mortar The Galley Center for the Arts Pacific Street Park Stella Barra Pizzeria PROPERTY SUMMARY 947 5TH STREET SANTA MONICA CA 90403

Kenny Stevens This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or BRE# 01090251 implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 310.968.7005 cell [email protected] TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY HIGHLIGHTS

6 UNITS NORTH OF WILSHIRE IN SANTA MONICA • (4) 1+1 and (2) single • Great Santa Monica location, 2 blocks south of Montana Ave • 4,632 SQ FT bldg. on a 7,510 SQ FT lot – SMR2 zoning • COMPLETELY VACANT • Courtyard style building Conservative projected income of $2,800 for 1+1 and $2,500 for single PROPERTY SUMMARY 947 5TH STREET PROPERTY DETAILS SANTA MONICA, CA 90403

PROPERTY DESCRIPTION 947 5th Street, Prosser Stevens and Concord Real Estate are pleased to present this 6 unit VACANT courtyard style apartment building built in 1923. Located north of Wilshire in prime Santa Monica. The property sits on a 7,510 SF lot and consists of (4) one-bedroom/one-bathroom units, and (2) studio units. The property is a short walk to the beach, Montana Ave, 3rd Street Promenade, and many more attractions.

PROPERTY DETAILS

Units 6 Major Intersection 5th Street between Montana and Wilshire Market Santa Monica APN 4292-010-014 Zoning Type SMR2* Building SF 4,632 SF Lot SF 7,510 SF TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY AERIAL TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PARCEL ORIENTATION TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY AERIAL

947 5TH STREET

947 5TH STREET TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY PHOTOS TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY PHOTOS TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY PHOTOS TH PROPERTY SUMMARY 947 5 STREET SANTA MONICA, CA 90403 PROPERTY PHOTOS FINANCIALS 947 5TH STREET SANTA MONICA CA 90403

Kenny Stevens This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or BRE# 01090251 implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 310.968.7005 cell [email protected] TH FINANCIALS 947 5 STREET SANTA MONICA, CA 90403 FINANCIAL OVERVIEW - $3,500,000 FINANCIALS RENT ROLL 947 5TH STREET SANTA MONICA, CA 90403 COMPARABLES 947 5TH STREET SANTA MONICA CA 90403

Kenny Stevens This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or BRE# 01090251 implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies. 310.968.7005 cell [email protected] COMPARABLES SALES COMPS 947 5TH STREET SANTA MONICA, CA 90403

947 5th Street Santa Monica, CA 90403 927 Ocean Ave Santa Monica, CA 90403 Listed For $3,550,000 Sale Price $8,000,000 # of Units 6 COE 1/27/2017 Building SF 4,632 # of Units 16 Building SF 7,876 Price/Unit $591,667 Price/Unit $500,000 Price/SF $766 Price/SF $1,016 Year Built 1923 Year Built 1922 UNITS UNIT TYPE UNITS UNIT TYPE 4 1 Bed/1 Bath 2 1 + 1 2 Studio 14 Studio 1 Comments: Subject Property Comments: 5parking spaces. Inferior unit mix. Similar age. Better location. 820 4th St Santa Monica, CA 90403 828 3rd Ave Santa Monica, CA 90403 Sale Price $4,255,000 Sale Price $3,770,000 COE 5/30/2017 COE 6/12/2017 # of Units 7 # of Units 7 Building SF 9,282 Building SF 5,654 Price/Unit $607,857 Price/Unit $538,571 Price/SF $458 Price/SF $667 Year Built 1963 Year Built 1948 UNITS UNIT TYPE UNITS UNIT TYPE 7 2 + 2 1 2 + 1 6 1 + 1

Comments: 7 parking spaces. Comments: 10 parking spaces.

522-532 Idaho Ave Santa Monica, CA 90403 Sale Price $2,500,000 COE 11/8/2017 # of Units 6 Building SF 3,360 Price/Unit $416,667 Price/SF $744 Year Built 1922 UNITS UNIT TYPE 6 Studio

Comments: 4 parking spaces. Inferior unit mix. Similar age. Inferior location. COMPARABLES 947 5TH STREET SALES COMPS SANTA MONICA, CA 90403

947 5TH STREET

Sales Comps 820 4th Street 532 Idaho Ave 927 Ocean Ave 828 3rd Ave COMPARABLES 947 5TH STREET RENT COMPS SANTA MONICA, CA 90403

947 5th Street Santa Monica, CA 90403 903 Santa Monica, CA 90403 UNIT TYPE RENT UNIT TYPE RENT 1 + 1 $2,800 Studio $2,500 Studio $2,500

Comments: Subject Property Comments: 500 SqFt

1

843 4th Street Santa Monica, CA 90403 960 10th Street Santa Monica, CA 90403 UNIT TYPE RENT UNIT TYPE RENT 1 + 1 $2,995 1 + 1 $3,100

Comments: 750 SqFt Comments: 750 SqFt

817 4th Street Santa Monica, CA 90403 707 Idaho Ave Santa Monica, CA 90403 UNIT TYPE RENT UNIT TYPE RENT 1 + 1 $2,900 Studio $2,575

Comments: 635 SqFt Comments: COMPARABLES 947 5TH STREET RENT COMPS SANTA MONICA, CA 90403

947 5TH STREET

Rent Comps 843 4th Street 817 4th Street 903 7th Street 960 10th Street 707 Idaho Ave 947 5TH STREET SANTA MONICA CA 90403

Kenny Stevens BRE# 01090251 OFFERING MEMORANDUM 310.968.7005 cell [email protected]