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A VALUE-ADD STRIP CENTER WITH SIGNIFICANT DEVELOPMENT POTENTIAL IDEALLY LOCATED JUST FIVE BLOCKS WEST OF THE NEW $4.9 BILLION LOS ANGELES FOOTBALL STADIUM IN INGLEWOOD, CA INVESTMENT ADVISORS

BRANDON MICHAELS Senior Managing Director of Investments Senior Director, National Retail Group Tel: (818) 212-2794 Fax: (818) 212-2710 [email protected] License: CA #01434685

TEAM MEMBERS

Sean Brandt Ben Brownstein Nicole Cottrell Dana Liu Steven Schechter Austin Sreden

BRANDON MICHAELS GROUP 'S PREMIER SALES TEAM

16830 Ventura Blvd. Suite 100, Encino, CA 91436 www.marcusmillichap.com TABLE OF CONTENTS 1 2 3 4 PROPERTY OVERVIEW AREA OVERVIEW FINANCIAL ANALYSIS COMPARABLES ANALYSIS

EXECUTIVE SUMMARY EXECUTIVE SUMMARY

A 9,042 SF VALUE-ADD STRIP CENTER IDEALLY SITUATED ON 17,786 SF OF LAND ZONED C2 IN A TIER 3 TOC WITH SIGNIFICANT DEVELOPMENT POTENTIAL IDEALLY LOCATED JUST HALF A MILE WEST OF THE NEW $4.9 BILLION LOS ANGELES FOOTBALL STADIUM IN THE HIGH GROWTH LOS ANGELES COUNTY SUB-MARKET OF INGLEWOOD, CA

The Brandon Michaels Group of Marcus and Millichap has been selected to exclusively market for sale 901-917 South La Brea Avenue in Inglewood, California. 901 South La Brea Avenue is a 9,042 square foot multi-tenant strip center situated on a 17,786 square feet of land zoned C2-1-0 on the NW signalized corner of South La Brea Avenue and East Arbor Vitae Street. The property is ideally located within a tier 3 TOC, allowing for a 70% density bonus upon the re-development of the site. The subject property also features 21 surface parking spaces located within a gated lot, as well as ample unmetered street parking.

901 South La Brea Avenue is a unique opportunity to acquire a value-add strip center with development potential in one of the fastest growing sub-markets nationally. With the new Los Angeles Football Stadium scheduled to open in summer of 2020, this $2.6 billion development will breathe new life into the immediate area and create significant growth. The current rents in the center average $1.22 gross and all leases are short term or month to month, allowing for immediate rental upside. The units are ideal in size, averaging 1,291 square feet.

The C2 zoning within the Tier 3 TOC also allows for the potential redevelopment of the site. With tremendous growth occurring in the immediate area, 901 South La Brea’s centralized location within one of the nation’s hottest submarkets creates a multitude of options.

6 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 7 DTLA

L.A. STADIUM & ENTERTAINMENT DISTRICT THE FORUM - INGLEWOOD AT HOLLYWOOD PARK A multi-purpose indoor A momentum project on 298 arena acres land

S PRAIRIE AVE

E ARBOR VITAE ST

S LA BREA AVE E HARDY ST

8 LOCATION OVERVIEW

Hollywood Park at Inglewood Hollywood Park NFL Stadium at Inglewood The Forum at Inglewood INGLEWOOD, CA IS ONE OF THE HOTTEST SUBMARKETS IN THE COUNTRY WITH A NEW $4.9 BILLION LOS ANGELES FOOTBALL STADIUM SCHEDULED TO OPEN IN SUMMER 2020 PLUS 3,000 NEW RESIDENTIAL UNITS, 620,000 SQUARE FEET OF RETAIL, A 300-ROOM LUXURY HOTEL AND A REVAMPED CASINO

901 South La Brea Avenue is conveniently located on the southwest signalized corner of South La Brea Avenue and East Arbor Vitae Street, just North of South Prairie Avenue. The subject property is ideally located half a mile (five blocks) from the new massive $4.9 billion-dollar Los Angeles Football Stadium (opening in the summer of 2020), The Forum and . In addition, the new stadium will be joined by a huge mixed-use development that will house more than 3,000 new residential units, 620,000 square feet of retail space, a social hub, 300 room luxury hotels, an artificial lake, and a revamped casino. The 238-acre project where the old once stood is a sign of the rapidly growing “hot market” of Inglewood, which is experiencing a regentrification and significant growth projections as a result of billions of dollars of capital being poured into this submarket.

The immediate area benefits from a dense immediate population, with over 300,000 people within three miles of the subject property and over 800,000 people within five miles. With an average household income of approximately 73,000, the entire area is expected to benefit and proposed from the new development. Home prices in Inglewood have more than doubled over the last 6 years, and with the new developments in place, the median home price has jumped 37.3 percent in the last two years.

The arrival of the new Crenshaw/LAX rail line, which is set to open in 2020, along with the proposed arena for the Los Angeles Clippers and the new development emerging around LAX, could also further inflate home values in the area.

W CENTURY BLVD 901 S. La Brea Avenue is located less than 2 miles between the 405 freeway and 105 freeway and is only a 10-minute drive to the Los Angeles International Airport. Major national retailers surrounding the subject property consist of tenants such as Target, Costco, CVS, Dollar Tree, 7/11, Wells Fargo, Michaels, Starbucks, In-N-Out, Autozone, Home Depot and many more.

901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 9 INVESTMENT HIGHLIGHTS

VALUE-ADD STRIP CENTER IN ONE OF POTENTIAL DEVELOPMENT OPPORTUNITY 1 THE HOTTEST SUBMARKETS NATIONALLY 2 • Current rents are significantly below market, averaging • Signalized corner location just 5 blocks west of the new $4.9 $1.22 per square foot gross billion Los Angeles Football Stadium Development • All leases are short term or month to month, allowing for • 17,786 square feet of land zoned C2 immediate rental upside Owner-User Buyer • Tier 3 TOC creates significant density bonus • Lease flexibility creates a unique opportunity for an Owner- • Multitude of potential uses in the fastest growing submarket in user Buyer to occupy a portion of the property for their own use the country • Ideal unit sizes averaging 1,291 square feet • Large demand for alternative uses in this growing sub-market • Excellent visibility and frontage along both South La Brea Avenue and East Arbor Vitae Street • New development in the immediate area creates growth projection and upside

W ARBOR VITAE ST S PRARIE AVE S LA BREA AVE SAN DIEGO FWY

W CENTURY BLVD L.A. STADIUM & ENTERTAINMENT DISTRICT AT HOLLYWOOD PARK A momentum project on 298 acres land

10 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP NEW LOS ANGELES FOOTBALL STADIUM 4 DENSE IMMEDIATE SUBMARKET UNDERGOING 3 DEVELOPMENT WILL REVITALIZE INGLEWOOD SIGNIFICANT GROWTH • $4.9 billion development will include a brand-new state of the art football • Over 800,000 people within five miles stadium that will serve as the home of the and Los Angeles • Average household income of $73,000 Chargers • Home prices have doubled in the last six years in Inglewood, with the • New 238-acre development will include more than 3,000 new residential median home price increasing 37% in the last two years units, 620,000 square feet of retail space, a social hub, 300 room luxury hotels, • Centralized location within proximity to the Interstate 405 and 105 an artificial lake, and a revamped casino Freeways • New residential will consist of primarily apartments and townhouses, with • Easy access to the new Crenshaw/LAX Metro Rail Project two dozen acres of parks and open space and an artificial lake • Less than a mile from Los Angeles International Airport (LAX) • Large, open air shopping district will also feature glassy office buildings and a hotel with rooftop terrace

THE FORUM - INGLEWOOD A multi-purpose indoor arena 110 FWY110

L.A. STADIUM & ENTERTAINMENT DISTRICT AT HOLLYWOOD PARK A momentum project on 298 acres land

901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM 11 PROPERTY HIGHLIGHTS BUILDING SF 9,042 901 S La Brea Avenue Address Inglewood, CA 90301 LOT SIZE Price $3,395,000 17,786 Price/SF (Building) $375

Price/SF (Land) $191 AVERAGE RENT/SF Building SF 9,042 $1.22 Lot Size 17,786 CURRENT OCCUPANCY Current Occupancy 100%

Parking Spaces 21 Surface Parking Spaces 100%

Parking Ratio Ratio of 2.32/1,000 SF ZONING Year Built 1940 C2-1-0 APN Number 5089-023-024

Zoning C2-1-0 TOC TOC Tier 3 TIER 3 12 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 28,781 23,479 $6,734,435 Traffic Volume Counts of 28,781 Vehicles at the Businesses in a 5-Mile Radius Consumer Spending of Intersection of S La Brea Ave and E Arbor Vitae St $6,734,435 in a 5-Mile Radius

13 14 PROPERTY DETAILS

SUMMARY OF TERMS ADDRESS 901 S La Brea Avenue Interest Offered: Inglewood, CA 90301 100% fee simple interest in a 17,786 SF retail shopping center located at 901 S La Brea Avenue, Inglewood, SITE LOCATION CA 90301. The property is located at the southwest corner of S La Brea Avenue and E Arbor Vitae Street. Terms of the Sale: Property is being offered on a free and clear basis. SQUARE FOOTAGES The total building SF is 9,042 SF, and the total land SF is Property Tours: 17,786 SF. Prospective purchasers are encouraged to visit the site prior to submitting offers. All property tours must TRAFFIC COUNTS be coordinated through the listing broker. The traffic counts at the intersection of S La Brea Avenue and E Arbor Vitae are approximately 28,781 vehicles per day. $76,740 PARKING SPACES Avg Household Income in a The property offers 21 surface parking spaces. 5-mile radius PARKING RATIO The parking ratio is 2.32 per 1,000 SF. 802,939 YEAR BUILT Population in a 5-mile radius The property was built in 1940.

ZONING The zoning is C2-1-0. 267,548 APN NUMBER Households in a 5-mile radius The APN number is 5089-023-024.

901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM | THE BRANDON MICHAELS GROUP | MARCUS & MILLICHAP 15

AREA OVERVIEW INGLEWOOD, CA The new home for the Los Angeles Rams and Chargers Inglewood is a city in southwestern Los Angeles County, California in the Los Angeles metropolitan area. The city is in the South Bay region of Los Angeles County. Los Angeles Stadium at Hollywood Park is currently under construction in the city and, when completed around 2020, will be the new home of both the ’s Los Angeles Rams and . The city is also close to Los Angeles International Airport.

18 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 POINTS OF INTERESTS

Hollywood Park Casino Hollywood Park Casino has completed an exciting and major revitalization in 2016 that has transformed it into the premier casino and entertainment destination in Southern California. HPC is just minutes from Downtown Los Angeles and five minutes away from LAX in the city of Inglewood, California. Playing at HPC offers many perks for players, such as no collection Baccarat, variations of all your favorite California games and many varieties of Poker games.

Kenneth Hahn State Recreation Area Kenneth Hahn State Recreation Area, or Hahn Park, is a state park unit of California in the Baldwin Hills Mountains of Los Angeles. The park is managed by the Los Angeles County Department of Parks and Recreation. As one of the largest urban parks and regional open spaces in the Area, many have called it “L.A.’s Central Park”. The 401-acre (162 ha) park was established in 1984.

Dockweiler Beach Dockweiler State Beach is a beach in Los Angeles, California, with 3.75 miles (6.04 km) of shoreline and a hang gliding practice and training area. Although a unit of the California state park system, it is managed by the Los Angeles County Department of Beaches and Harbors. Part of the park is located directly under the flight path of the adjacent Los Angeles International Airport (LAX). The 91-acre (37 ha) property was established in 1948. Originally part of Venice-Hyperion Beach State Park, it was renamed in honor of prominent early Angeleno Isidore B. Dockweiler in 1955.

19 HOLLYWOOD PARK DEVELOPMENT PROJECT HIGHLIGHTS Local Character, Regional Appeal, Global reach • At the center of the Los Angeles basin Just a few miles east of Los Angeles International Airport, you’ll find Hollywood • On the site of the previous Hollywood Park Park – former stomping grounds of the legendary racetrack and the largest Racetrack undeveloped parcel of land in the Greater Los Angeles area. Wilson Meany broke • Serves local Westside, South Bay and Los ground on the 238-acre site in 2014 with completion slated for 2023. Supported Angeles communities by city leaders and the surrounding Inglewood community, Hollywood Park will • 6 miles from the beach be home to a dynamic mixed-use, master-planned neighborhood that includes thousands of quality-crafted homes, townhomes and apartments; a luxury hotel; • 3 miles from LAX and Tom Bradley a revitalized casino; bustling retail and restaurant districts; and large swaths of International Terminal (47.3M visitors/year) office and open space. The location offers easy access to highways and transit. • Less than 10 minutes from 405, 105 and 110 freeways Hollywood Park is changing the landscape of the Los Angeles basin and all of • Over 300 acres and 15 million total s.f. Southern California. At the center of an already thriving region, Hollywood Park • Central lake and 25 acres of parks is not only a hub for the South Bay and Westside; its entertainment, cultural and • 500,000 SF regional lifestyle district recreational activities will attract people from all over Los Angeles. And with over • Retail plaza and esplanade, dining and 47.3 million annual international travelers landing in LAX only 3 miles away, it has nightlife, entertainment, recreation a massive global reach. • 70,000 seat NFL stadium and event venue • 2,500 homes (300 in Phase 1) • 6,000-seat concert venue • 900,000 SF class A office space (Phase 1) • 300 room premiere full-service hotel • Over 12 miles of walkable paths • Hollywood Park Casino (newly completed) • Curated food, fashion, entertainment, recreation, and event programming • Outdoor event space • State-of-the-art technology, sustainability, safety, security, and infrastructure standards

20 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 DEVELOPMENT PHASES

ENTERTAINMENT HOTEL RETAIL RESIDENTIAL OFFICE FUTURE

Hollywood Park spans approximately 300 acres and is central to the Westside, South Bay and greater Los Angeles communities. Modern architecture, dramatic open space, and state-of-the-art technology differentiate the physical place.

One end of the project is anchored by a 500,000 SF retail and entertainment district that offers local and global fashions and flavors to deliver shopping, dining, recreation, entertainment and nightlife unlike any place else. This retail district is complimented by luxury apartments and best-in-class office campuses that offer great design and cutting-edge technology while prioritizing opportunities for social interaction.

21 HOLLYWOOD PARK DEVELOPMENT L.A. Stadium & Entertainment District at Hollywood Park

The Los Angeles Stadium and Entertainment District at Hollywood Park will be the new “must-see” entertainment destination and gathering spot in the center of the Los Angeles basin. This monumental project covers 298 acres located two miles off the I-405, one and a half miles off the I-105, and four miles from Los Angeles International Airport. The centerpiece of the district is a 70,000-seat stadium that will be the home of NFL games for both the Los Angeles Chargers and Los Angeles Rams. The stadium will feature sporting events including the Super Bowl and the Opening and Closing ceremonies of the 2028 Olympics being held in Los Angeles, as well as major concerts and other entertainment year-round.

The future home of the Rams and Chargers—and the 2022 Super Bowl—isn’t the only big project planned for the massive parcel of land left behind after the demolition of the Hollywood Park Racetrack. Next to the $4.9 billion stadium, a massive new neighborhood and shopping complex with thousands of homes, plus new stores, restaurants, and a hotel, has been in the works for more than a decade.

22 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 1

4 5 3 6

2

1 Stadium - Over 70,000 Fixed-Seat Stadium 2 Retail - 500,000 SF Retail Center 3 Office - 3 Buildings on 7.6 Acre Site 4 Hotel - 300 Room Hotel 5 Park - 25 Acres of Parks and Walking Paths 6 Commercial & Residential (Future)

23 HOLLYWOOD PARK DEVELOPMENT L.A. Stadium & Entertainment District at Hollywood Park RETAIL OFFICE 500,000 SF of Retail Center 3 Buildings Totaling Approx. 500,000 SF on 7.6 Acre Site

The retail district at Hollywood Park is a shopping district that satisfies real The most exciting new office opportunity in L.A. With a wealth of surrounding demand. It is as much about experiences as it is about goods, food, and housing, accessibility and pedestrian-friendly transportation, smart city social interaction. The retail district also integrates genuine experiences and technology, and an endless string of world class entertainment and local programming such as summer movies and local music in the park, a fashion culture, these offices also provide a social, active, diverse, and convenient bazaar, art shows and open air-grilling with rotating guest chefs to create lifestyle to help attract and retain a young, creative tech market of engineers, something that is uniquely Southern California and genuinely Los Angeles. pioneers and well educated professionals.

24 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP HOTEL300 Room Hotel PARK 25 Acres of Parks and Walking Paths

At the lake’s edge overlooking the stadium and a short walk to everything, Elevate your tailgates with 25-acres of open parks and walking paths, enjoy all that the district has to offer before and after the game. Host your perfect for game day fun with friends and family, right outside the friends and family in your hotel room for the long weekend and beyond. stadium. Staying on campus means no driving and more time to enjoy your morning coffee, meet for drinks at pool’s edge, or catch a local movie or concert. A home-away-from-home oasis – free from traffic and the stresses of daily life.

901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM 25 HOLLYWOOD PARK DEVELOPMENT L.A. Stadium & Entertainment District at Hollywood Park COMMERCIAL & RESIDENTIAL STADIUM Over 70,000 Fixed-Seat Stadium and Event Center

The stadium-adjacent housing will consist primarily of apartments and This 3.1 million sq. ft. stadium is the centerpiece of the 300-acre entertainment townhouses, interspersed with roughly two dozen acres of parks and district and urban village. The open-air stadium is uniquely designed for Los open space, designed by Studio-MLA. An artificial lake, complete with Angeles, and will be the new global address for sports and entertainment waterfalls, will be a centerpiece to the community space. The first phase with an expandable seat capacity of over 100,000. In addition to the energy of the project—two apartment buildings “inspired by high-design boutique packed stadium and 6,000 seat performance venue, the 2.5-acre Champions hotels”—is scheduled to open in late 2020 or early 2021. In total, phase one will offer 314 apartments ranging from studios to three-bedroom units. Plaza will have multiple LA activities, concerts, and sporting events, all under the same canopy styled roof.

26 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP LOS ANGELES NFL STADIUM The Centerpiece of the L.A. Stadium & Entertainment District

The centerpiece of the entertainment district will be the 70,000-seat open-air stadium, expandable up to 100,000 seats, measuring three-million square feet. The stadium will be home to the Los Angeles Rams and Los Angeles Chargers. The NFL has announced that Super Bowl LV will be played at the new facility in 2022. And, in 2028 when Los Angeles welcomes the Olympic Games, the new stadium would co-host the Opening and Closing Ceremonies with the Los Angeles Memorial Coliseum. In addition to sporting events, the stadium will feature major concerts, shows and other entertainment events attracting guests from across the region and the world.

The most advanced large-scale stadium in the world is an impressive, modern venue on the northern quarter of Hollywood Park set into the ground to contour the natural slope of the land. Open on all sides and leading into the Champions promenade, it adheres to the central principles of the Hollywood Park development, reinventing the stadium experience.

901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM 27 LOS ANGELES NFL STADIUM • 70,000 seat open air stadium, expandable up to 100,000 seats The Centerpiece of the L.A. Stadium & Entertainment District • 6,000-seat performing arts venue • 780,000 square feet of office space Designed by Dallas firm HKS Architects, the 70,000-seat stadium is part of a • 890,000 square feet of retail space larger 298-acre redevelopment of the former Hollywood Park racetrack that • 300 hotel rooms will include new facilities for the league and its NFL Network cable-TV channel, • 2,500 modern residences as well as a mix of entertainment, commercial, and residential buildings. • Approximately 25 acres of public parks, open space, pedestrian walkways and bicycle paths The most noticeable design feature of the stadium is its expansive, transparent Family and fine dining ETFE (ethylene tetrafluoroethylene) roof that will cover not only the entire • State-of-the-art event, conference and meeting playing field and seating bowl, but also an adjacent pedestrian plaza and a space proposed 6,000-seat theater capable of hosting high-profile events like the Academy Awards.

The film roof will allow plenty of natural daylight into stadium and have a 30 percent shading coefficient, providing some sun protection. Los Angeles’ semi-arid climate won’t go to waste, however. The sides of the stadium, under the roof, will be left open, allowing for natural ventilation; thus, Williams says, the structure will use a comparable amount of energy as an open-air stadium.

This is an unusual move for an NFL team seeking a new stadium deal. In fact, the two NFL teams also looking to relocate to L.A.—the San Diego Chargers and the Oakland Raiders—both unsuccessfully sought public financing for new venues in their respective hometowns.

With its transparent roof structure, the Rams’ stadium has the chance to become an iconic landmark when it is completed in 2019. And if Inglewood residents and the team’s fans can partake in a staple of American sports culture on game days, and enjoy a lively mixed-use development the remaining days of the year, the stadium may be a scoring play bigger than anything that happens on the field.

28 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 • 70,000 seat open air stadium, expandable up to 100,000 seats • 6,000-seat performing arts venue • 780,000 square feet of office space • 890,000 square feet of retail space • 300 hotel rooms • 2,500 modern residences • Approximately 25 acres of public parks, open space, pedestrian walkways and bicycle paths Family and fine dining • State-of-the-art event, conference and meeting space

29 DEMOGRAPHICS 111,006 Total Population of Inglewood, CA The median age is 34.5 48% 53% EDUCATION MALE MALE

34% 21% 23% 19% Some College or Less Than High School High School or GED Bachelor’s Degree or Associate Higher

HOUSING & LIVING

The median property value in Inglewood, CA was $389,600 in 2017, which is 1.79 times larger than the national average of $217,600. Between 2016 and 2017 the median property value increased from $355,300 to $389,600, a 9.65% increase. The homeownership rate in Inglewood, CA is 35.8%, which is lower than the national average of 63.9%. People in Inglewood, CA have an average commute time of 29 minutes, and they commute by Drove Alone. Car ownership in Inglewood, CA is approximately the same as the national average, with an average of 2 cars per household.

30 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP | OFFERING MEMORANDUM | 901 S LA BREA AVE . INGLEWOOD, CA 90301 $76,740 802,939 $52,577 Average HH income within 5-m radius Population within 5-m radius Median HH income within 5-m radius

111,824 155,724 23,479 Owner Occupied Households Renter Occupied Households Businesses within a 5-m radius within 5-m radius within 5-m radius

31

FINANCIAL ANALYSIS FINANCIAL ANALYSIS RENT ROLL

LEASE PRO FORMA PRO FORMA LEASE TENANTS SF SF % LEASE START OPTIONS RENT RENT/SF EXPIRATION RENT RENT/SF TYPE Iglesia Unificada Familiar 1,400 15% 8/1/2015 7/31/2019 $1,612.00 $1.15 $2,450.00 $1.75 NNN Palabra Viva

Carlos Gonzalez 1,000 11% 6/1/2014 5/31/2019 $895.00 $0.90 $1,750.00 $1.75 NNN

Irma's Decorations 942 10% 9/1/2015 8/31/2019 $1,294.00 $1.37 $1,648.50 $1.75 NNN

Nutri-Well Razamia & 1,000 11% 2/1/2016 6/30/19 $1,100.00 $1.10 $1,750.00 $1.75 NNN Marcel's Beauty Salon

Dominos 1,800 20% 1/15/2002 1/1/20 1 - 5 year $2,861.00 $1.59 $3,035.00 $1.69 Gross

Living Waters Book Store 1,450 16% 8/1/2014 7/31/19 $1,762.00 $1.22 $2,537.50 $1.75 NNN

Assembly of Christian 1,450 16% 1/1/2016 12/31/19 $1,500.00 $1.03 $2,537.50 $1.75 NNN

TOTAL 9,042 100% - - - $11,024.00 $1.22 $8,110.00 $0.90 -

34 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP OPERATING DATA PRICING

INCOME AND EXPENSE CURRENT PRO FORMA 901 S La Brea Avenue ADDRESS Inglewood, CA 90301 Scheduled Lease Income $132,288 $188,502

NNN Charges $48,278 Price $3,395,000

Effective Gross Income $132,288 $236,780 Current CAP Rate 2.12% Vacancy 5% $11,839 Pro Forma CAP Rate 4.85% Expenses $60,278 $60,278 Price/SF (Building) $375 Net Operating Income $72,010 $164,663 Price/SF (Land) $191

EXPENSE BREAKDOWN PER YEAR PER SF Building SF 9,042

Taxes @ 1.25% $42,438 $4.69 Land SF 17,786

Insurance $2,700 $0.30

Utilities $5,328 $0.59

Repairs & Maintenance $2,713 $0.30

Management $5,292 $0.59

Reserves $1,808 $0.20

Total $60,278 $6.67/$0.56

901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM 35

COMPARABLES ANALYSIS SALES COMPARABLES

PRICE/SF ADDRESS PRICE PRICE/SF BUILDING SF LAND SF ZONING SALES DATE (LAND)

348 W Arbor Vitae St $1,200,000 $598.21 $130.56 2,006 9,191 - 12/20/2018 1 Inglewood, CA 90301

723 S Inglewood Ave $1,050,000 $213.54 $128.35 4,917 8,181 INR3* 7/24/2018 2 Inglewood, CA 90301

162-166 N La Brea Ave $1,325,000 $234.97 $353.70 5,639 3,746 INC1* 11/30/2018 3 Inglewood, CA 90301

239-241 S La Brea Ave $203.03 $183.88 6,344 7,00 4 INC1D* 6/18/2018 4 Inglewood, CA 90301 $1,288,000

520 S La Brea Ave $1,495,000 $235.47 $96.46 6,349 15,499 INC2YY 3/9/2018 5 Inglewood, CA 90301

149 S Market St $3,100,000 $516.67 $418.62 6,000 7,405 HC 10/3/2018 6 Inglewood, CA 90301

AVERAGE(S): $1,576,333 $333.65 $218.60 5,209 8,504 - -

$334 $219 PRICE/SF PRICE/SF(LAND)

38 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP SALES COMPARABLES | PRICE/SF

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901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM 39 RENT COMPARABLES

RENT/SF/ RENT/SF/ AVAILABLE ADDRESS RENTABLE SF AVAILABLE SF LEASE TYPE MONTH YEAR SPACES

1,580 - 3,850 979 S La Brea Ave SF Available 1 Inglewood, CA 90301 $1.55 $18.60 5,430 3,850 NNN in 2 Spaces

4,500 SF 440-470 S Market St 2 $1.50 $18.00 11,681 4,500 Available in NNN Inglewood, CA 90301 1 Space

1,600 - 160-162 E Tamarack Ave 9,100 SF 3 $1.50 $18.00 9,100 9,100 NNN Inglewood, CA 90301 Available in 2 Spaces

AVERAGE(S): $1.52 $18.20 8,737 5,817 - -

$1.52 $18.20 AVG RENT/SF/MONTH AVG RENT/SF/YEAR

40 MARCUS & MILLICHAP | THE BRANDON MICHAELS GROUP RENT COMPARABLES | RENT/SF/MONTH

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901 S LA BREA AVE . INGLEWOOD, CA 90301 | OFFERING MEMORANDUM 41 BRANDON MICHAELS TEAM MEMBERS Senior Managing Director Investments Sean Brandt Ben Brownstein Senior Director, National Retail Group Nicole Cottrell Tel: (818) 212-2794 Dana Liu Fax: (818) 212-2710 Steven Schechter [email protected] Austin Sreden License: CA #014343685 www.BrandonMichaelsGroup.com