offering memorandum | eight-unit apartment ......offering memorandum | eight-unit apartment building...

2

CONTENTS

PRESENTED BY

JOHN SWARTZSenior Vice [email protected] CA License 01873487

JOSH KAPLANSenior Vice [email protected] CA License 01934177

TROY [email protected] CA License 02015705

TRANSWESTERN601 S. Figueroa Street, Suite 2750Los Angeles, CA 90017213.624.5700 transwestern.com/losangeles

3 INVESTMENT SUMMARY

▪ Investment Summary

5 PROPERTY IMAGES

▪ Property Exterior Images

▪ Property Interior Images

7 LOCATION OVERVIEW

▪ Location Summary

▪ Los Angeles/Brentwood Apartment Market

Overviews

▪ Aerial View Facing Santa Monica

▪ Aerial View Facing Westwood Village

▪ Plat Map

▪ Brentwood Demographics

▪ Nearby Development Projects

▪ Major Employers and Places of Interest Map

▪ Silicon Beach

▪ Silicon Beach Map

17 FINANCIAL ANALYSIS

▪ Offering Summary

▪ Rent Roll

19 SALES AND RENT COMPARABLES

▪ Sales Comparables

▪ Sales Comparables Map

▪ Rent Comparables

▪ Rent Comparables Map

Copyright © 2019 Transwestern. California

Brokerage License #01263636. The information

in this offering memorandum was gathered

by Transwestern from sources believed

reliable. Transwestern has not verified the

information and makes no guarantee, warranty

or representation about it. It is the potential

buyer’s responsibility to independently confirm

its accuracy and completeness. Any projections,

opinions, assumptions or estimates used are for

example only and do not represent the current

or future performance of the property. Potential

buyers and their advisors should conduct

a careful, independent investigation of the

property to determine to their satisfaction the

suitability of the property for their needs.

3

INVESTMENT SUMMARY

Transwestern as the exclusive listing agent is pleased to present the opportunity to acquire 11747 Mayfield Avenue, Los Angeles, California 90049, an eight (8) unit apartment building located in the heart of Brentwood within a short walking distance from retail, dining and entertainment on both Wilshire Boulevard and San Vicente Boulevard.

THE OPPORTUNITY■■ One 2bed+1bath unit delivered vacant.

■■ Value-add opportunity – Current rents are

approximately 36% below market

■■ All units have large and efficient floor plans

■■ Excellent unit mix – two (2) 1bed+1bath,

four (4) 2bed+1bath, one (1) 2bed+1.5bath

townhome, and one (1) 3bed+2bath unit.

■■ Ample on-site parking – a total of eight (8)

single spaces – four (4) garaged.

PROPERTY SUMMARY

PROPERTY ADDRESS 11747 Mayfield Avenue

Los Angeles, CA 90049

NUMBER OF UNITS 8 total units

2 1bed + 1bath

4 2bed + 1bath

1 2bed + 1.5bath townhouse

1 3bed + 2bath

YEAR BUILT

1955

BUILDING SIZE

+7,120 SF

LAND SIZE2

+ 7,500 SF (Per TitlePro - Buyer to verify)

ZONING

LAR3 (Per zimas.lacity.org - Buyer to verify)

PARKING

Eight (8) total spaces

Four (4) garage spaces

ASSESSOR PARCEL NUMBER

4265-008-012

PRICE: $4,150,000

$583 PER SQUARE FOOT

$518,750 PER UNIT

18.1 CURRENT GRM1

3.54% CURRENT CAP RATE1

1 Assumes Unit 5 is leased at projected rent. Assumes

a 4% increase for Units 4R, 6R and 8 as of 7/1/19.

4

INVESTMENT SUMMARY

PROPERTY DESCRIPTION11747 Mayfield Avenue is an eight (8) unit

apartment building constructed in 1955. The

unit mix consists of two (2) large 1bed+1bath

units, four (4) large 2bed+1bath units, one (1)

two story 2bed+1bath townhome unit, and one

(1) 3bed+2bath unit. The property is a two-story,

7,120-square-foot walk-up building with a wood

frame and stucco construction situated on a

7,500-square-foot lot.

One (1) 1bed+1bath and three (3) 2bed+1bath

units have been fully renovated with high-

end finishes. The renovated units feature light

laminate flooring throughout, recessed lighting,

custom tiled walk-in showers, in-unit washer/

dryer, new kitchen cabinets and countertops

along with all major stainless-steel appliances

including a dishwasher and over-the-range

microwave. Every unit features a window air

conditioner and wall heaters, additional closet

space in the living room and storage space in

the hallway.

Parking is provided on-site with eight (8) single

spaces of which four are individually garaged.

Each of the units are separately metered for gas

and electricity. In addition to the washer/dryers

in the renovated units, tenants are provided with

one common washer and dryer which are both

owned by the landlord.

WALK SCORE BREAKDOWN

DINING/DRINKING

GROCERIES

SHOPPING

ERRANDS

PARKS

SCHOOLS

ENTERTAINMENT

0 100

5

PROPERTY EXTERIOR IMAGES

6

PROPERTY INTERIOR IMAGES

7

General Consulate Austria

General Consulate Azerbaijan

Veterans Administration Med Ctr

§̈¦405

§̈¦405

S Barrington Ave

Montana Ave

San Vicente Blvd

Wilshire

Blvd

S Bundy Dr

S Sepulveda Blvd

W Sunset Blvd

S Kenter Ave

S Bundy Dr

UV2

Barry Ave

Kiowa Ave

Mayfield Ave

Goshen Ave

Texas Ave

Ohio Ave

Bonsalle Ave

Darlington Ave

Federal Ave

Gorham Ave

W Dorothy St

S Saltair Ave

Grant Ave

Chenault St

S Westgate Ave

Granville Ave

Butler Ave

Colby Ave

S Gretna Green Way

S Carmelina Ave

Toul Ave

Dorothy St

Dowlen Dr W

Nimitz Ave

Rochester Ave

Pershing Ave

Dewe

y Av

e

S Bundy Dr Oce

ano

Dr

Amherst Ave

Centinela Ave

Franklin St

Wellesley Ave

Bringham Ave

Stoner Ave

Armacost Ave

S Amherst Ave

W Gorham Ave

Montana Ave

Dowlen Dr E

Constitutio

n Ave

Brockton Ave

Vandergrift Ave

Eisenhower Ave

W Shetland Ln

Kearsarge St

Sawtelle Blvd

Hadley Ln

W Goshen Ave

Wyoming Ave

Chateau Thierry Ave

W Darlington Ave

S Saltair Ave

W Gorham Ave

S Gretna Green Way

Granville Ave

S W

estg

ate

Ave

S Westgate Ave

Wellesley Ave

55B

11747 Mayfield Ave

Bandera

Pecorino

ToscanaSugarfish

Soul Cycle

Brentwood Country Club

Palmeri

The Coffee BeanStarbucks

Burger LoungeFresh BrothersPizzicotto

KatsuyaJamba Juice

CVS

Whole FoodsMarket

Brentwood Gardens

11747 Mayfield Avenue is located between

Barrington and Granville Avenue, a short

walking distance from Wilshire Boulevard, in the

heart of Brentwood. Brentwood is an affluent

area in West Los Angeles. While the area is

more widely known for its multi-million dollar

mansions at the base of the Santa Monica

Mountains, Brentwood also offers a charming

walkable urban village that is located a few

blocks from the subject property. The area

offers a wide array of convenient walkable

neighborhood amenities including Whole

Foods, Starbucks, The Coffee Bean, CVS,

Jamba Juice, SoulCycle, Fresh Brothers, Burger

Lounge, SusieCakes, Citibank, and Brentwood

Gardens, an alfresco shopping center which

includes a variety of boutique, shops, and

restaurants. Additionally, there are numerous

fine dining establishments in the area including

Katsuya, Sugarfish, Coral Tree Café, Toscana,

Pecorino, Palmeri Ristorante, Pizzicotto, and

Bandera. On nights and weekends, residents

will be afforded a truly complete, urban

experience replete with hikes in the Santa

Monica Mountains, shopping and brunch on

Montana Avenue in Santa Monica, cultural

entertainment at The Getty Center or Geffen

Playhouse Theater in Westwood, and trips to

the Santa Monica beach less than five miles

from their front door. Brentwood is also home

to seven private schools, two public schools,

and the exclusive Brentwood Country Club.

a charming walkable urban village

LOCATION

8

LOS ANGELES APARTMENT MARKET OVERVIEWAt year-end 2018, Los Angeles County’s

807,663-unit apartment real estate market

continued to see high occupancy levels and

strong year-over-year rent growth. Moody’s REIS

reported the County-wide occupancy rate in

the fourth quarter at 96.2%, down 30 basis

points from 96.5% a year earlier. With the

average apartment rental rate now at $2,004

per month County-wide according to REIS, year-

over-year rental rate growth has been 6.2%

which has outpaced apartment rent growth on

the West Coast (5.3% year-over-year), as well as

the nation (4.9% year-over-year).

Los Angeles County reported 2,200 apartment

units completed in the fourth quarter which

brought total 2018 deliveries to 8,416 apartment

units. Between now and year-end 2020, a total

of 21,436 apartment units are projected to be

completed market-wide. With Los Angeles now

mostly built-out and the City guidelines now in

place for its Transit Oriented Communities

(TOC) Program, apartment developers have

looked more closely at constructing in infill

neighborhoods with existing infrastructure and

transit links to the rest of the region. Despite

the high amount of apartment construction in

the market, Los Angeles remains supply-

constrained as the local economy, population,

and household formations continue to grow. As

a result, Moody’s REIS forecasts asking and

effective rents to increase at an annualized rate

of 4.1% through year-end 2020.

BRENTWOOD APARTMENT SUBMARKET OVERVIEWAt year-end 2018, the 22,008-unit West LA/

Westwood/Brentwood rental apartment market

saw occupancy levels for Class A properties

decrease to 94.3%, down from 94.7% the year

previously. Class B/C properties saw their

occupancy levels increase to 98.3%, up from

97.9% a year ago. According to Moody’s REIS,

the average monthly asking apartment rental

rate in Brentwood for Class A buildings in the

fourth quarter 2018 was $3,819 (up 6.9% year

over year) while Class B/C buildings saw asking

rents increase to $2,532 (up 6.4% year over year).

With Brentwood continuing to be a high-barrier-

to-entry neighborhood near major employment

clusters on the Westside, expect the apartment

market to continue to see high demand from

both renters and investors for the foreseeable

future.

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Palisades Park

Santa Monica CollegeSanta Monica Airport

Temescal Gateway Park

Santa Monica State Beach

University of California-LA

Barrington Recreation Center

South Will Rogers State Beach

Ronald Reagan UCLA Medical Ctr


Riviera Country Club

Bel-Air Country Club



Los Angeles Country Club

Los Angeles National Cemetery

Will Rogers State Historic Park

PALMS

WESTWOOD

WEST LOS ANGELES

WESTWOOD VILLAGE

RIVIERA

BRENTWOOD

RANCHO PARK

CENTURY CITY

BRENTWOOD PARK

BRENTWOOD HEIGHTS

PACIFIC PALISADES

§̈¦405

§̈¦10

§̈¦405

§̈¦10

W S

unse

t Blvd

14th St

7th St

S Sepulveda Blvd

S Bundy Dr

Wilshire

Blvd

Montana Ave

W Pico Blvd

20th St S Barrington Ave

Pico Blvd

San Vicente Blvd

Sawtelle Blvd

W Olympic Blvd

Westwood Blvd

26th St

Palms Blvd

Ocean Ave

Olympic Blvd

National Blvd

Overland Ave

S Beverly Glen Blvd

Veteran Ave

Hilgard Ave

23rd St

Colorado Ave

Cotner Ave

Manning Ave

Idaho Ave

16th St

N W

hittier Dr

Airport Ave

Centinela Ave

Broadway

Chau

tauq

ua B

lvd

4th St

Tem

esca

l Can

yon

Rd

Venice Blvd

5th St

Ocean Park Blvd

McLaughlin Ave

Cloverfield Blvd

Entrada D

r

N Church Ln

20th St

Manning Ave26th St

UV2

UV1

UV1

11th St

17th St

Pearl St

9th St

16th St

Alta Ave

Ohio Ave

12th St

10th St

Amal

fi Dr

Arizona Ave

Idaho Ave

Broadway

Euclid St

6th St

19th St

Barry Ave

2nd St

4th St5th St

Yale St

18th St

Military Ave

Veteran Ave

15th St

N Kenter Ave

Iliff St

Washington Ave

N Bundy Dr

Kelton Ave

Federal Ave

Carlyle Ave

Colby Ave

Butler Ave

Comstock Ave

California Ave

21st Pl

Missouri Ave

21st St

Tennessee Ave

23rd St24th St

Iowa Ave

25th St

Corinth Ave

Marguerita Ave

Prosser Ave

Toyopa Dr

Rochester Ave

Stanford St

28th St

22nd St

Texas Ave

Stoner Ave

3rd St

Wellworth Ave

Warner Ave

Napoli Dr

Lincoln Blvd

Armacost Ave

Westholm

e Ave

Tilden Ave

El M

edio

Ave

Oak St

Selby Ave

Beloit Ave

Malcolm

Ave

Greenfield Ave

Hill St

Wellesley Ave

Lindbro

ok Dr

Via

de L

a Pa

z

Rose Ave

Purdue Ave

Franklin St

Stewart St

S Westgate Ave

Parnell Ave

S Church Ln

Michigan Ave

Centinela Ave

Loring Ave

Mississippi AveCamden Ave

Midvale Ave

Patricia Ave

20th St

Pelham Ave

Fiske St

Brockton Ave

Holmby Ave

Hartzell St

Latim

er R

d

S Bentley Ave

Pontius AvePrinceton St

29th St31st St

Alm

ar A

ve

Bonsalle Ave

30th St

Exposition Blvd

Glendon Ave

Cors

ica D

r

Ilona Ave

Homewood Rd

Kiowa Ave

Le Conte Ave

Geor

gina

Ave

32nd St

Grant St

N Bonhill Rd

Bien

vene

da A

ve

Swar

thm

ore

Ave

Mayfield Ave

Levering Ave

Goshen Ave

Ayres Ave

Cove

ntry

Pl

Lom

itas A

ve

14th St

Thayer Ave

Capr

i Dr

Inglewood Blvd

Albright St

Delaware Ave

Benecia Ave

Almayo Ave

N Bristol Ave

Galloway St

Harvard St

Northvale Rd

Cushdon Ave

Amherst Ave

La Mesa Dr

Adelaid

e Dr

Eastborne Ave

N Linden Dr

Charnock Rd

Bestor Blvd

Darlington Ave

Berkeley St

Esther Ave

Holman Ave

S Anita Ave

Grand View Blvd

Fox Hills Dr

Virginia Ave

Club View Dr

Granville Ave

N M

ande

ville

Can

yon

Rd

Chelsea Ave

Mesa Rd

S Moreno Ave

Las

Lom

as A

ve

N Cliffwood Ave

Kansas Ave

Hav

erfo

rd A

ve

Walden Dr

Gorham Ave

Warnall Ave

Old Ranch Rd N Carmelina Ave

W Dorothy St

N Saltair Ave

Landfair Ave

S Saltair Ave

De Pauw StFriends St

Dewey St

Constitutio

n Ave

S Cliffwood Ave

Woodbine St

S Burlingame Ave

Broo

ktre

e Rd

Bayliss Rd

S Avondale Ave

Woodruff Ave

Cloverfield Blvd

S Carmelina Ave

Ashland Ave

Casale Rd

De Neve Dr

Dowlen Dr E

Dowlen Dr W

N Gl

enro

y Av

e

Village Pkwy

Centinela Ave

Selb

y Av

e

Kelton Ave

Holmby Ave

19th St

Kelton Ave

Franklin St

Missouri Ave

S Westgate Ave

21st St

15th St

Beloit Ave

Harvard St

Exposition Blvd

Charnock Rd

Midvale Ave

S Be

ntle

y Av

e

Thayer Ave

Greenfield Ave

Tennessee Ave

Patricia Ave

23rd St

Armacost Ave

Thayer Ave

Exposition Blvd

Marguerita Ave

Georgina Ave

Veteran Ave

Stoner Ave

Mississippi Ave

Butler Ave

Federal Ave

22nd St

17th St

Midvale Ave

25th St

Rocheste

r Ave

18th St

21st St

Stoner Ave

Pacific Ocean

11747 Mayfield Ave

9

AERIAL VIEW FACING SANTA MONICA

MAYFIELD AVE

10

AERIAL VIEW FACING WESTWOOD VILLAGE

MA

YFI

ELD

AV

E

S. BARRINGTON AVENUE

11

PLAT MAP

12

1 MILE RING 3 MILE RING 5 MILE RINGPOPULATION SUMMARY # % # % # %

2023 Projection 45,060 248,842 542,879

2018 Estimate 43,494 240,269 526,216

2010 Census 41,135 228,259 500,246

Projected Growth 2018-2023 3.60% 3.57% 3.17%

Estimated Growth 2010-2018 5.73% 5.26% 5.19%

Household Summary # % # % # %

2023 Projection 23,045 113,034 247,010

2018 Estimate 22,369 109,546 240,477

2010 Census 21,416 105,213 230,833

Projected Growth 2018-2023 3.02% 3.18% 2.72%

Estimated Growth 2010-2018 4.45% 4.12% 4.18%

Ethnicity/Race Summary # % # % # %

White 29,793 68.5% 163,143 67.9% 359,405 68.3%

Black 1,348 3.1% 6,968 2.9% 20,522 3.9%

Asian 7,046 16.2% 44,209 18.4% 78,406 14.9%

Hispanic Origin (Any Race) 6,133 14.1% 30,754 12.8% 89,457 17.0%

Other 5,350 12.3% 26,189 10.9% 68,408 13.0%

Education Summary # % # % # %

Less than 9th grade 1,017 2.9% 511 0.3% 12,379 3.2%

Some High School, no diploma 1,017 2.9% 4,259 2.5% 10,445 2.7%

High School Graduate 2,035 5.8% 11,926 7.0% 32,496 8.4%

GED/Alternative Credential 175 0.5% 1,193 0.7% 3,095 0.8%

Some College, No Degree 4,104 11.7% 22,148 13.0% 57,255 14.8%

Associate Degree 1,684 4.8% 7,837 4.6% 18,956 4.9%

Bachelor’s Degree 15,049 42.9% 64,910 38.1% 141,204 36.5%

Graduate/Professional Degree 9,963 28.4% 54,177 31.8% 111,415 28.8%

Workplace & Income Summary # % # % # %

Median Household Income $91,555 $90,844 $89,384

Average Household Income $136,130 $141,731 $141,165

All Employees 29,131 136,103 302,217

White Collar 23,975 82.3% 115,143 84.6% 248,422 82.2%

Blue Collar 1,224 4.2% 5,989 4.4% 16,622 5.5%

Services 3,933 13.5% 14,971 11.0% 37,475 12.4%

Daytime Population 50,674 450,535 791,943

BRENTWOOD DEMOGRAPHIC OVERVIEWBRENTWOOD BY THE NUMBERS

2018 POPULATION

37,685 (+5.6% since 2010)

2023 POPULATION

38,581 (+2.4% est. over 2018)

MEDIAN AGE

42.2 years old

EDUCATION

78% have bachelor’s or higher

AVERAGE INCOME

$205,499

13

LANDMARK APARTMENTSUnder construction 34-story 376-unit apartment

tower by Douglas Emmett replacing the

long-vacant Pavilions supermarket site on the

southwest corner of Wilshire Boulevard and

Granville Ave consisting of 360 market rate units

and 16 affordable units.

PICASSO BRENTWOODUnder construction 6-story 81-unit mixed-use

apartment project by Metropolitan Pacific with

10,000 square feet of ground floor retail at 12035

Wilshire Boulevard.

11407 SANTA MONICA BLVDUnder construction 5-story 51-unit apartment

project by Wiseman Development on the

northwest corner of Santa Monica Boulevard

and Purdue Avenue consisting of 47 market rate

units and 4 affordable units over 1,500 square

feet of ground floor retail space.

625 S BARRINGTON AVEUnder construction 4-story 46-unit apartment

project by Nayssan Properties Drive on

Barrington Avenue between Terryhill Place and

Chenault Street.

1330 S FEDERAL WAYUnder construction 2-story 36-unit condo

development project by Woodbridge Properties

LLC on the northeast corner of Federal Avenue

and Rochester Ave.

1330 S FEDERAL WAYProposed 2-story ,26-unit condo development

project by Woodbridge Properties LLC on

the northeast corner of Federal Avenue and

Rochester Ave.

11261 W SANTA MONICA BLVDProposed 6-story 119-unit apartment project by

BLT Enterprises on near the 405 Freeway.

12431 ROCHESTER AVEProposed 5-story 50-unit apartment project by

Oakmont Capital on the northeast corner of

Santa Monica Boulevard and Centinela Avenue.

1450 SOUTH BARRINGTONProposed 4-story 20-unit apartment project by

Wiseman Development on Barrington Avenue

between Ohio Avenue and Rochester Avenue.

NEARBY DEVELOPMENT PROJECTS



WESTWOOD

WEST LOS ANGELES

WESTWOOD VILLAGE

BRENTWOOD PARK

§̈¦405

§̈¦405

S Bundy Dr

Wilshire

Blvd S Barrington Ave

S Sepulveda Blvd

Montana Ave

W Olympic Blvd

Westwood Blvd

San Vicente Blvd

26th St

W Pico Blvd

Cotner Ave

Sawtelle Blvd

Idaho Ave

W Sunset Blvd

Manning Ave

20th St Colorado Ave

Veteran Ave

S Kenter Ave

S Bundy Dr

26th St UV2

Ohio Ave

Barry Ave

Yale St

Veteran Ave

Federal Ave

Colby Ave

Butler Ave

Iowa Ave

Corinth Ave

Stanford St

Texas Ave

Stoner Ave

Armacost Ave

Kelton Ave

Missouri Ave

Wellesley Ave

Purdue Ave

Franklin St

S Westgate Ave

Wellworth Ave

Rochester Ave

Camden Ave

Midvale Ave

Nebraska Ave

Arizona Ave

Brockton Ave

Beloit Ave

Centinela Ave

S Bentley Ave

Pontius Ave

Princeton St

Bonsalle Ave

La Grange Ave

21st St

Greenfield Ave

Kiowa Ave

Mississippi Ave

23rd St

Mayfield Ave

Goshen Ave

Broadway

Harvard St

Amherst Ave

Glendon Ave

Ashton Ave

Exposition Blvd

Darlington Ave

Berkeley St

Malcolm

Ave

S Anita Ave

Selby Ave

Chelsea Ave

Westholm

e Ave

Idaho Ave

Wilkins Ave

California Ave

Gorham Ave

S Medio Dr

Massachusetts Ave

W Dorothy St

S Saltair Ave

Sawtelle Blvd

Tennessee Ave

Military Ave

S Cliffwood Ave

Washington Ave

Constitutio

n Ave

S Burlingame Ave

S Carmelina Ave

S Gretna Green Way

Lindbrook Dr

25th St

S Canyon View Dr

Overland Ave

S Moreno Ave

Kinnard Ave

Gayley Ave

Fairburn Ave

Holman Ave

Dowlen Dr E

N Carmelina Ave

Dowlen Dr W

Pelham Ave

N Cliffwood Ave

N Kenter Ave

Ayres Ave24th St

Eastborne Ave

Thayer Ave

19th St

Manning Ave

S Gretna Green Way

Selby Ave

Nebraska Ave

La Grange Ave

S Carmelina Ave

Harvard St

Missouri Ave

Rochester Ave

Franklin St

Exposition Blvd

Wilkins Ave

Midvale AveS Westgate Ave

Glendon Ave

Centinela Ave

Mississippi Ave

Kelton Ave

S W

estg

ate

Ave

Berkeley St

54

55B

55A

55A

55B

55B-C

55B-C

625 S Barrington Ave

Picasso Brentwood

12431 Rochester Ave


1330 S Federal Way

11407 Santa Monica Bl

11261 Santa Monica BlLandmark Apartments

11747 Mayfield Ave

14

MAJOR EMPLOYERS AND PLACES OF INTEREST

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Palisades Park

Temescal Canyon Park

Santa Monica Airport

Temescal Gateway Park

Santa Ynez Canyon Park

Getty View Park & Trailhead

University of California-LA

Topanga State Park


Will Rogers State Historic Park

Culver City

Santa Monica

Beverly Hills

Palms

Westwood

Mar Vista

Ocean Park

West Los Angeles

Westwood Village

Bel Air

Riviera

Brentwood

Rancho Park

Topanga Oaks

Century City

CastellammareTopanga Beach

Brentwood Park

Brentwood Heights

Pacific Palisades

§̈¦405

§̈¦10

§̈¦405

§̈¦10

W Sunset Blvd

14th StW Pico Blvd

Sawtelle Blvd

Venice Blvd

7th St

Palms Blvd

S Sepulveda Blvd

S Bundy Dr

W Olympic Blvd

Overland Ave

Montana Ave

Wilshire Blvd

S Barrington Ave

San Vicente Blvd

Motor Ave

Ocean Ave

Westwood Blvd

Rose Ave

N Beverly Dr

26th St

4th St

National Blvd

Olympic Blvd

23rd St

S Beverly Glen Blvd

W W

ashi

ngto

n Bl

vd

Manning Ave

Veteran Ave

Hilg

ard

Ave

Washington Pl

20th St

McLaughlin Ave

Sepulveda Blvd

S Centinela Ave

Culver B

lvd

Colorado Ave

Airport A

ve

Walgrove Ave

Neilson Way

Idaho Ave

N Beverly Glen Blvd

16th St

N Palm Dr

Roscomare Rd

rD ylr ev e

B S

rD li

wreveB

Cotner Ave

N Whittier Dr

Main St

Ocean Park Blvd

Centinela Ave

Cast

le H

eigh

ts A

ve

Hughes Ave

Tem

esca

l Can

yon

Rd

Avenue of the Stars

Sunset Blvd

Ocean

Ave

Ext

Club Dr

Manning Ave

20th St

4th St

Venice Blvd

26th St

UV27

UV1

UV2

11th St

17th St

Pearl St

16th StAlta Ave

Ohio Ave

9th St

Arizona Ave

E Fi

re R

d

Idaho Ave

Amal

fi Dr

Broadway

Sullivan Fire Rd

Euclid St

Bel Air Rd

N Kenter Ave

N Bundy Dr

Military Ave

Elevado Ave

N Rexford Dr

Veteran Ave

Inglewood Blvd

N Tigertail Rd

Farmers Fire Rd

Angelo Dr

Washington Ave

Lach

man

Ln

Grand View Blvd

Carlyle Ave

Lomitas Ave

Bradd

ock D

r

California Ave

N Roxbury Dr

Missouri Ave

Carmelit

a Ave

Palisades Dr

Benedict Canyon Dr

Rochester Ave

Linda Flora Dr

Beethoven St

dR nol a h

C

Charleville Blvd

Gregory Way

N H

illcr

est R

d

Lake Dr

Lom

a Vi

sta

Dr

Pacific Ocean

Wells Fargo

UCLA

Providence St. John’s Health Center

VA Greater Los Angeles Healthcare Center

HBOHulu

Universal Music Group

Lionsgate Entertainment

Edmunds

Riot Games

Activision Blizzard

Red Bull

RAND Corporation

Will Rogers State Beach

The Getty Center

UCLA

Geffen Playhouse Theater

Hammer Museum

Santa Monica PIer

Riviera Country Club


Brentwood Country Mart

11747 Mayfield Ave

MAJOR EMPLOYERS

PLACES OF INTEREST

15

SILICON BEACH

SANTA MONICAUniversal Music GroupActivision BlizzardLionsgate EntertainmentHuluRubin Postaer & AssociatesEdmunds.comHBOAmazon.comCornerstone OnDemandRed BullCBS TV DistributionDemand MediaGame Show Network (GSN)Crispin PorterUberWeWorkTrueCarSkydance ProductionsTradesyTwitterPandoraRed InteractiveInteractive Data CorpOvation TVZipRecruiterMatchCraft

VENICEBuzzFeedContinuumEpoxyGoogleSnapchatVICE MediaZambeziZEFR

OLYMPIC CORRIDORRiot GamesShopzillaFandango

MARINA DEL REYDollar Shave ClubTeleSignJibJab Media

PLAYA VISTA Fox Interactive MediaBelkinVerizon (EdgeCast Networks)Yahoo!Electronic ArtsUSC Institute of Creative Technologies

Sony Computer EntertainmentDeutsch AdvertisingThe Honest Company72andSunnyTeam One (Saatchi & Saatchi)IMAXOmnicom MediaWPP (GroupM Worldwide)Rubicon ProjectYouTubeCore Digital MediaICANNTMZFacebookLaureate EducationTBWA\Chiat\DayKonami Strange Frog ProductionsPhelps GroupPopMicrosoftFullscreenGehry TechnologiesChernin GroupBrighter CollectiveR/GA Media GroupVEVO

Due to its strong concentration of established and startup entertainment, digital media, and technology firms, the area stretching between Santa Monica,

Venice Beach, Marina Del Rey, Culver City, and Playa Vista has been called “Silicon Beach.” With well-known local startup firms such as Snapchat, TrueCar,

ZipRecruiter, as well as Silicon Valley behemoths such as Google, YouTube, Facebook, and Uber, this coastal area have become a major center for

Southern California’s technology industry

16

SILICON BEACH MAP

W Pico B lvd

Cul

ver

Blv

d

Wi ls

h i re B

lvd

Ven ice Blvd

Monta

na Ave

20th St

S Sepulved

a Blvd

S L

a C

ien

eg

a B

lvd

San V icente Bl vd

Rose Ave

S Cent ine la A

ve

SF

ai r

fax

Av

eO

cean Ave

S Bundy Dr

26th St

WOlympic

B lvd

Rodeo Rd

SR

ob

er t

son

Blv

dWestw

ood

Blvd

LincolnB lv d

O ly m pic B lvd

Paci f ic Ave

Nat ional Blvd

W

S uns e tB

l vd

Over land

Ave

Manning Ave

Ocean Pa rk

Blvd

Moto

rA

v e

Wash ington P

l

W Jefferson B lvd

Sepul v eda B lvd

Pico Blvd

eve

r ly Gle

n B

lvdSanta

Monic

a Blv

d

Cent ine la Ave

Jef f

ers

on

Blv

d

WCe n t in e la Ave

Stocker St

s

La B

rea

Ave

Be

ve

rwil

Dr

ge

Av

e

Beethoven St

W Washingto

n B lvd

lvd

Playa S

t

Nei lson W

ay

4th St

Ga

tew

ay

Blv

d

Washin

gton Bl v d

W S lauson Ave

St

Ven ice B lvd

Venice Blvd

S S

ep

ulv

ed

a B

lvd

W i lsh i re

Blvd

20th St

Linco ln Blvd

Ven ice Blvd

26th St

W Jefferson B lvd

Linco ln B lvd

Over land A

ve

anVicen te

Blvd

Pico Blvd

Wash

ingto

n Blv

d

W O lympic B lvd

S Cent ine la Ave

Venice Blvd

Cul

ver

Blv

d

Jeff

ers

on

Blvd

PicoBlvd

W Washington Blvd

Linco ln B lvd

N at i ona l B lvd

S B

un

dy D

r

W S uns e

Over land

Ave Ven ice

B lvd

Ven ice Blvd

Palms

Westwood

Crenshaw

Brentwood

Ocean Park

Rancho Park

Windsor Hills

Marina del Rey

Ladera Heights

West Los Angeles

Venice

Culver City

Santa Monica

405

10

10

187

90

1

2

1

187

1

1

1

90

1

11747 Mayfield Ave

17

FINANCIAL ANALYSIS - OFFERING SUMMARY

PRICING SUMMARY

Price $4,150,000

Price Per Unit $518,750

Price Per SF $583

Current NOI $146,921

Pro Forma NOI $219,140

Cap Rate - Current1 3.54%

Cap Rate - Pro Forma 5.28%

GRM - Current1 18.1x

GRM - Pro Forma 13.3x

PROPERTY SUMMARY

Year Built 1955

Total Units 8

Building Area 7,120 SF

APN# 4265-008-012

Land Area 7,500 SF

Zoning LAR3

Parking Yes

1 Assumes Unit 5 is leased at projected rent. Assumes a 4% increase for Units 4R, 6R and 8 as of 7/1/19.

OPERATING STATEMENT SUMMARY

REVENUE IN-PLACE PRO FORMA

Gross Potential Rent $228,635 $310,800

Vacancy - (9,324)

Net Rental Income $228,635 $301,476

Other Revenue 500 500

Effective Gross Income $229,135 $301,976

ESTIMATED EXPENSES Per Unit Per Unit

Administrative $1,200 $150 $1,200 $150

Repairs & Maintenance 3,400 425 3,400 425

Turnover Expense 1,200 150 1,200 150

Management Fee 11,457 1,432 12,079 1,510

Utilities 8,800 1,100 8,800 1,100

Contract Services 2,400 300 2,400 300

Property Taxes 49,511 6,189 49,511 6,189

Direct Assessment 967 121 967 121

Insurance 3,280 410 3,280 410

Total Expenses $82,214 $10,277 $82,836 $10,355

Net Operating Income $146,921 $219,140

Expense Ratio (% of EGI) 36% 27%

18

RENT ROLL

CURRENT1 PRO FORMA

UNIT OCCUPIED / VACANT MOVE-IN DATE UNIT TYPE CURRENT RENT SCHEDULED GROSS

INCOME MARKET RENTSCHEDULED GROSS

INCOME LOSS TO LEASE1R2 Occupied 11/1/2018 2B+1BA $3,000 $36,000 $3,225 $38,700 $225 2R2 Occupied 5/17/2019 2B+1BA $3,175 $38,100 $3,225 $38,700 $50

3 Occupied 11/1/1994 2B+1.5BA-TH $1,171 $14,049 $3,400 $40,800 $2,229 4R2,3 Occupied 4/15/2017 1B+1BA $2,650 $31,800 $2,650 $31,800 $0

5 Vacant NA 2B+1BA $3,200 $38,400 $3,225 $38,700 $25 6R2,3 Occupied 7/19/2018 2B+1BA $3,224 $38,688 $3,225 $38,700 $1

7 Occupied 5/15/2009 1B+1BA $1,294 $15,531 $2,650 $31,800 $1,356 83 Occupied 6/1/1975 3B+2BA $1,339 $16,068 $4,300 $51,600 $2,961

Totals 8 7,120 SF $19,053 $228,635 $25,900 $310,800 $6,847 Loss To Lease % 36%

RENT ROLL SUMMARY

CURRENT1 PRO FORMA

FLOOR PLANUNIT BREAKDOWN

% NO.UNITS AVG. IN-PLACE RENT TOTAL MONTHLY INCOME AVG. PRO FORMA RENT TOTAL MONTHLY INCOME LOSS TO LEASE

1B+1BA 25% 2 $1,972 $3,944 $2,650 $5,300 $1,356 2B+1BA 50% 4 $3,150 $12,599 $3,225 $12,900 $301

2B+1.5BA-TH 13% 1 $1,171 $1,171 $3,400 $3,400 $2,229 3B+2BA 13% 1 $1,339 $1,339 $4,300 $4,300 $2,961

Total/WTD Avg. 100% 8 $2,382 $19,053 $3,238 $25,900 $6,847 Gross Potential Income $228,635 $310,800 $82,165

1 Assumes Unit 5 is leased at projected rent. 2 Units 1R, 2R, 4R, and 6R are fully renovated. 3 Assumes a 4% increase for Units 4R, 6R and 8 as of 7/1/19.

19

SALES COMPARABLES

PROPERTY ADDRESS YEAR BUILT SALE DATE SALE PRICE CAP RATE GRM $PSF $ PER UNIT BLDG SF # OF UNITS


Los Angeles, CA 900491962 Aug-2018 $2,638,000 3.29% 18.2 $407 $527,600 6,477 5

11722 Darlington Ave

Los Angeles, CA 900491960 Jun-2018 $3,500,000 3.39% 18.1 $535 $583,333 6,547 6

11642 Kiowa Ave

Los Angeles, CA 900491967 Apr-2018 $4,250,000 2.99% 19.8 $513 $472,222 8,284 9

11921 Goshen Ave

Los Angeles, CA 900491962 Jan-2018 $3,900,000 3.66% N/A $582 $487,500 6,700 8

11835-37 Dorothy St

Los Angeles, CA 900491968 Sep-2017 $10,000,000 2.55% 21.8 $555 $500,000 18,012 20

TOTAL / AVERAGE $24,288,000 3.01% 20.1 $528 $506,000 46,020 48

11747 MAYFIELD AVE 1955 $4,150,000 3.54%1 18.11 $583 $518,750 7,120 8

1 Assumes Unit 5 is leased at projected rent. Assumes a 4% increase for Units 4R, 6R and 8 as of 7/1/19.

1

2

3

4

5

20


§̈¦405

§̈¦405

S Bundy Dr

Wilshire

Blvd

S Barrington Ave

Montana Ave

San Vicente Blvd

Idaho Ave

S Sepulveda Blvd

S Bundy Dr

UV2

Barry Ave

Ohio Ave

Texas A

ve

Iowa Ave

Federal Ave

Colby Ave

Butler Ave

Yale St

Kiowa Ave

Mayfield Ave

Goshen Ave

Franklin St

Amherst Ave

Armacost Ave

Wellesley Ave

Stanford St

Darlington Ave

S Westgate Ave

Brockton Ave

Berkeley St

Stoner Ave

Gorham Ave

Centinela Ave

W Dorothy St

Sawtelle Blvd

Roches

ter A

ve

Nebraska Ave

Granville Ave

Corinth Ave

Harvard St

S Gretna Green Way

S Saltair Ave

S Carmelina Ave

Bonsalle Ave

Chenault St

S Medio Dr

Dorothy St

Grant Ave

Dowlen Dr E

Dowlen Dr W

Lipton Ave

Purdue Ave

Missouri Ave

Dewe

y Av

e

Bringham Ave

S Amherst Ave

Princeton St

Washington Ave

W Gorham Ave

Beloit Ave

Montana Ave

S Anita Ave

Idaho Ave

Pershing Ave

W Shady Dr

Eisenhower Ave

W Shetland Ln

McC

lella

n Dr

Wyoming Ave

Cotner Ave

W Darlington Ave

S McClellan Dr

Massachusetts Ave

W Gorham Ave

S W

estg

ate

Ave

Granville Ave

Granville AveS Saltair Ave

Ohio Ave

Stoner Ave

S Westgate Ave

S Gretna Green Way

Centinela Ave

Rochester Ave

Franklin St

Wellesley Ave

S Saltair Ave

S Carmelina Ave

55A

55B

55B-C11642 Kiowa Ave

11722 Darlington Ave

11835-37 Dorothy St1005 S Barrington Ave

11921 Goshen Ave

11747 Mayfield Ave

SALES COMPARABLES MAP

21

RENT COMPARABLES

PROPERTY ADDRESS UNIT TYPE RENT COMMENTS

11832 Kiowa Ave 1B+1BA $2,595 Unit comes with granite countertops, new laminate and tile floors, new cabinets and new stainless-steel

appliances.

11621 Chenault St 1B+1BA $2,649 Renovated unit comes with washer/dryer, large balcony and hardwood floors throughout.

11738 Mayfield Ave. 2B+1BA $3,250 Updated two level townhouse-style unit.

11622 Gorham Ave. 2B+1BA $3,350 Large but dated unit, older kitchen and carpet floors.

11927 Gorham Ave 2B+2BA $3,345 Remodeled unit featuring stainless-steel kitchen appliances, black granite countertops, hardwood floors,

high ceilings and a private patio.

11911 Dorothy St 2B+2BA $3,495 Units features hardwood and carpet flooring, updated bathroom and kitchen cabinets and fireplace.

1

2

3

4

5

6

22

PROPERTY ADDRESS UNIT TYPE RENT COMMENTS

1233 S Westgate Ave 3B+3BA $4,495 Unit feature an open floor plan with designer fixtures, in-unit washer/dryer, stainless-steel appliances and

hardwood floors throughout.

11818 Dorothy St 3B+3BA $4,695 Unit comes with custom modern kitchen with stainless-steel appliances, Caesarstone countertops, and in-

unit washer and dryer.

RENT COMPARABLES SUMMARY

UNIT TYPE # OF UNITS AVG RENT SUBJECT PROPERTY

1B+1BA 2 $2,622 $2,650

2B+1BA 2 $3,300 $3,225

2B+2BA1 2 $3,420 $3,400

3B+2BA2 2 $4,595 $4,300

12B+2BA rent comparables is used to estimate subject’s 2B+1.5BA townhouse rent.

23B+3BA rent comparables is used to estimate subject’s 3B+2BA rent.

7

8

23


Montana Ave

San Vicente Blvd

S Barrington AveS Bundy Dr

Wilshire

Blvd

S Kenter Ave

S Bundy Dr

Kiowa Ave

Barry Ave

Mayfield AveGoshen Ave

Darlington Ave

Gorham Ave

W Dorothy St

Grant Ave

Chenault St

S Westgate Ave

S Saltair Ave

Granville Ave

Bonsalle Ave

Texas Ave

Federal Ave

S Gretna Green Way

Dorothy St

Pershing Ave

Dewe

y Av

e

Rochester Ave

Dowlen Dr W

Bringham Ave

Stoner Ave

S Amherst Ave

W Gorham Ave

Montana Ave

Wellesley Ave

S Bundy Dr

W Shetland Ln

Oce

ano

Dr

Eisenhower Ave

Hadley Ln

Colby Ave

Armacost Ave

Amherst Ave

Centinela Ave

S Gretna Green Way

S Westgate Ave

Granville Ave

S W

estg

ate

Ave

W Gorham Ave

1233 S Westgate Ave

11911 Dorothy St

11622 Gorham Ave

11621 Chenault St

11738 Mayfield Ave

11818 Dorothy St

11927 Gorham Ave

11832 Kiowa Ave

11747 Mayfield Ave

RENT COMPARABLES MAP

T 213.624.5700 F 213.624.9203www.transwestern.com

601 S. Figueroa Street, Suite 2750Los Angeles, CA 90017

Copyright © 2019 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information in this offering memorandum was gathered by Transwestern from sources believed reliable. Transwestern has not verified the information and makes no guarantee, warranty or representation about it. It is the potential buyer’s responsibility to independently confirm its accuracy and completeness. Any projec-tions, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Potential buyers and their advisors should conduct a careful, independent investigation of the property to determine to their satisfaction the suitability of the property for their needs. CA Broker License 01263636

John SwartzSenior Vice President213.430.2526 [email protected] CA Lic 01873487

Josh KaplanSenior Vice President213.430.2538 [email protected] Lic 01934177

Troy [email protected] Lic 02015705

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