OFFERING MEMORANDUM 11964 Kiowa ™ LOS ANGELES, CA LISTED BY: DANIEL WITHERS SVP & Senior Director - Multifamily Direct +1 818 923 6107 Mobile +1 310 365 5054 [email protected] License No. 01325901 (CA) CO-LISTED WITH: MARCUS & MILLICHAP Jeffery Louks Direct + 1 818 212 2780 Mobile + 1 310 941 5899 Fax (818) 212 2627 [email protected] License No. 00908473 | 2 CONTENTS 05 PROPERTY OVERVIEW 09 AREA OVERVIEW 17 FINANCIAL OVERVIEW 3 | WILSHIRE BLVD KIOWA AVE | 4 PROPERTY SECTION OVERVIEW 02 5 | | 6 11964 Kiowa LOS ANGELES, CA LOCAL MAP PROPERTY OVERVIEW 11964 Kiowa Avenue is an 18-unit apartment building located in the heart of Brentwood, one of the most desirable rental markets in Los Angeles. Built in 1968, the property consists of an excellent mix of twelve one-bedroom, one-bathroom, four two-bedroom, two-bathroom and two three-bedroom, two and a half bathroom units. Key property features include secure controlled access, reserved carport parking, private balconies, laminate flooring and fireplaces in select units. There is an on-site laundry facility which allows an investor to capitalized on the additional income. Situated in an ideal Brentwood location, tenants benefit from the ability to walk to the many restaurants, cafes, bars, coffee shops and fitness studios that line San Vicente Blvd. and Wilshire Blvd. Additionally, the community also offers a weekly farmer’s market and several grocery options including Whole Foods, Ralphs and Vicente Foods. This location attracts tenants from UCLA and provides easy access to the 405 Freeway connecting the area to surrounding cities in Los Angeles. PROPERTY HIGHLIGHTS • 18-Units, Built in 1968 • Unit Mix: (12) 1+1, (4) 2+2, (2) 3+2.5 • Strong demographics – affluent area • 32% upside in rental income • Located in the heart of Brentwood walking distance to restaurants, coffee shops, cafes, bar and fitness studios • Walk score of 83 – Very Walkable • Easy access to the 405 Freeway • 19,026 square foot building on a 14,503 square foot lot zoned LAR3 7 | AREA SECTION OVERVIEW 03 | 8 2 1 BRENTWOOD, CALIFORNIA Perched on LA’s Westside, at the base of the Santa Monica Mountains, Brentwood is an upscale neighborhood teeming with high-end boutiques, fine dining, and luxurious gardens. The main thoroughfare in the community is San Vicente Boulevard, where eateries, cafes, and the historic Brentwood County Mart sit along tree-lined avenues. Brentwood is also home to the famous Getty Center, which boasts extensive museums, 4 3 scenic gardens, and stunning views that draw millions of visitors every year. Sprawling estates and luxury apartments comprise the bulk of the rental market in Brentwood, providing many options for a lavish lifestyle in the hills. ECONOMY Some of the largest employers of Contra Costa County include Bay Alarm, Bay Area Rapid Transit, Chevron, Contra Costa Regional Medical Center, Shell Oil Products, Sutter Delta Medical Center, Sutter Delta Medical Center, and many more. More specifically, the city of Brentwood has recently taken steps towards an economic development strategy and action plan that could generate hundreds of new jobs each year. The economic instrument’s key goals include: building and maintaining a healthy, balanced economy with a diverse range of businesses; strengthening and expanding local companies; fostering local entrepreneurialism and new business formation; building a vibrant downtown and retail sector; and positioning the city to attract a high-quality workforce. These goals are to bring a full-scale hospital or health care campus; develop a next-generation business park; bring in a business and development workforce-training center; encourage the farm-to-table concept; and create a visitors and tourism bureau and a restaurant association. 9 | 1 UCLA 2.7 MILES FROM SUBJECT PROPERTY The University of California, Los Angeles (UCLA) is a public research university in Los Angeles. The university is organized into six undergraduate colleges, seven professional schools, and four professional health science schools. UCLA is considered one of the country‘s Public Ivies, meaning that it is a public university thought to provide a quality of education comparable with that of the Ivy League. In 2018, US News & World Report named UCLA the best public university in the United States. The university has a significant impact in the Los Angeles economy. It is the fifth largest employer in the county and the seventh largest in the region. Students never have shortage of activites, as the campus is located near prominent entertainment venues such as the Getty Center, the Los Angeles County Museum of Art (LACMA) and the Santa Monica Pier. UCLA is also home to more than 70 fraternities and sororities, which represent 13% of the undergraduate population. 2 THE GETTY 4.0 MILES FROM SUBJECT PROPERTY The J. Paul Getty Museum, commonly referred to as the Getty, is an art museum in California housed on two campuses: the Getty Center and Getty Villa. The J. Paul Getty Trust is the world‘s largest cultural and philanthropic organization dedicated to the visual arts. The Getty Foundation supports the understanding and preservation of the visual arts through strategic grant initiatives around the world. The primary museum, the Getty Center, is located in Brentwood neighborhood in Los Angeles and its collection features Western art from the Middle Ages to the present. The Getty Center’s 86 acres of landscaped gardens and terraces include the Central Garden designed by artist Robert Irwin—a 134,000-square-foot work of art. The secondary museum, the Getty Villa, is in the Malibu neighborhood and displays art from Ancient Greece, Rome, and Etruria. Located on 64 acres in Pacific Palisades, the Villa site occupies a small canyon adjacent to coastal mountains and the Pacific Ocean. 3 BRENTWOOD COUNTRY MART 1.8 MILES FROM SUBJECT PROPERTY The Brentwood Country Mart is a local shopping and food center in the Brentwood district of Los Angeles, California, next to the Santa Monica eastern city limit. First opened on November 18, 1948, it has now become a tourist destination as many celebrities are frequently seen at the mart. The Mart hosts twenty-two stores and six dining options for visitors to enjoy. This quaint local destination adds a sense of charm to the Brentwood neighborhood and keeps visitors coming back. 4 BRENTWOOD COUNTRY CLUB 1.6 MILES FROM SUBJECT PROPERTY The Brentwood Country Club offers an elegant, yet relaxed atmosphere where local families can enjoy their time. With an award-winning golf course, tennis, pool, and state of the art fitness facilities, the Brentwood Country Club is a local hotspot. Members have the option to dine in at the new Tavern and unwind after a busy day. | 10 DEMOGRAPHICS POPULATION 1-MILE 3-MILE 5-MILE 2010 Census 46,291 242,004 495,619 2019 Estimate 47,484 251,974 515,814 2024 Projection 48,599 259,206 530,476 Growth 2010-2019 2.58% 4.12% 4.08% Growth 2019-2024 2.35% 2.87% 2.84% HOUSEHOLDS 1-MILE 3-MILE 5-MILE 2010 Census 24,024 112,787 228,562 2019 Estimate 24,617 117,384 238,010 2024 Projection 25,197 120,924 245,086 Growth 2010-2019 2.47% 4.08% 4.13% Growth 2019-2024 2.36% 3.02% 2.97% INCOME 1-MILE 3-MILE 5-MILE 2019 Avg. $130,634 $146,720 $146,088 Household Income 126,683 $100,081 3.4% POPULATION MEDIAN UNEMPLOYMENT HOUSEHOLD INCOME RATE 11 | AVERAGE HOUSEHOLD INCOME NUMBER OF EMPLOYEES $75,000 or more $60,000 or more $45,000 or more $30,000 or more $30,000 or less | 12 EMPLOYMENT DENSITY NUMBER OF EMPLOYEES 30,000 or more 20,000 or more 10,000 or more 5,000 or more Less than 5,000 13 | West Hollywood ± 7.5 MI Century City ± 4.2 MI Santa Monica ± 2.8 MI SANTA MONICA, CALIFORNIA WEST HOLLYWOOD, CALIFORNIA CENTURY CITY, HOLLYWOOD Santa Monica is a beachfront city in western Los Angeles West Hollywood, commonly referred to as WeHo, is a city in Century City is a neighborhood and business district in County, California. Situated on Santa Monica Bay, it is bordered Los Angeles County, California. West Hollywood is bounded Los Angeles, California. Located on the Westside just on three sides by the city of Los Angeles – Pacific Palisades to by the city of Beverly Hills on the west, and on other sides by outside downtown Los Angeles, Century City is one of the the north, Brentwood on the northeast, West Los Angeles on neighborhoods of the city of Los Angeles: Hollywood Hills most prominent employment centers in the Los Angeles the east, Mar Vista on the southeast, and Venice on the south. on the north, Hollywood on the east, the Fairfax District on metropolitan area, and its skyscrapers form a distinctive The Santa Monica Pier and Pacific Park are popular destinations the southeast, and Beverly Grove on the southwest. West skyline on the Westside. Important to the economy are the for visitors. Santa Monica has three main shopping districts: Hollywood benefits from a very dense, compact urban form Westfield Century City shopping center, business towers, and Montana Avenue on the north side, the Downtown District in with small lots, mixed land use, and a walkable street grid. Fox Studios Westfield Century City recently went under an the city’s core, and Main Street on the south end. Each has its According to Walkscore, a website that ranks cities based $800 million renovation and expansion that aimed to maintain own unique feel and personality. Montana Avenue is a stretch on walkability, West Hollywood is the most walkable city in the center’s status as one of the Westside’s premier shopping of luxury boutique stores, restaurants, and small offices that California with a Walkscore of 89.