value-add stable cash flow close to the 10 freeway, … · cbre, inc. operates within a global...

CBRE, INC. | 1

2026 S. SHENANDOAH STREETLOS ANGELES, CA 90034

VA L U E - A D D M U LT I FA M I LY O P P O R T U N I T Y I N S T R O N G R E N TA L M A R K E T

Capital Markets | Investment Properties

Natalie Aghaei

Lic. 01939416

+1 310 948 2948

[email protected]

Ed Matevosian

Lic. 01358783

+1 818 502 6744

[email protected]

For more information, please contact:

VALUE-ADD

STABLE CASH FLOW

CLOSE TO THE 10 FREEWAY, LA METRO EXPO LINE, AND MULTIPLE SCHOOLS

BELOW-MARKET RENTS

CBRE, INC. | 1

Affiliated Business Disclosure

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or

related entities (each an “Affiliate”) engaging in a broad range of commercial real estate

businesses including, but not limited to, brokerage services, property and facilities

management, valuation, investment fund management and development. At times different

Affiliates may represent various clients with competing interests in the same transaction.

For example, this Memorandum may be received by our Affiliates, including CBRE Investors,

Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the

property described in this Memorandum (the “Property”) may submit an offer to purchase

the Property and may be the successful bidder for the Property. You hereby acknowledge

that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any

obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the

Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s)

it represents in the transaction described in this Memorandum and will not act in concert

with or otherwise conduct its business in a way that benefits any Affiliate to the detriment

of any other offeror or prospective offeror, but rather will conduct its business in a manner

consistent with the law and any fiduciary duties owed to the client(s) it represents in the

transaction described in this Memorandum.

Confidentiality Agreement

This is a confidential Memorandum intended solely for your limited use and benefit in

determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does

not purport to be a representation of the state of affairs of the Property or the owner of

the Property (the “Owner”), to be all-inclusive or to contain all or part of the information

which prospective investors may require to evaluate a purchase of real property. All

financial projections and information are provided for general reference purposes only

and are based on assumptions relating to the general economy, market conditions,

competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore,

all projections, assumptions and other information provided and made herein are subject

to material variation. All references to acreages, square footages, and other measurements

are approximations. Additional information and an opportunity to inspect the Property will

be made available to interested and qualified prospective purchasers. In this Memorandum,

certain documents, including leases and other materials, are described in summary form.

These summaries do not purport to be complete nor necessarily accurate descriptions of

the full agreements referenced. Interested parties are expected to review all such summaries

and other documents of whatever nature independently and not rely on the contents of this

Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates

or representatives make any representation or warranty, expressed or implied, as to the

accuracy or completeness of this Memorandum or any of its contents, and no legal

commitment or obligation shall arise by reason of your receipt of this Memorandum or

use of its contents; and you are to rely solely on your investigations and inspections of the

Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions

of interest or offers to purchase the Property, and/or to terminate discussions with any

entity at any time with or without notice which may arise as a result of review of this

Memorandum. The Owner shall have no legal commitment or obligation to any entity

reviewing this Memorandum or making an offer to purchase the Property unless and until

written agreement(s) for the purchase of the Property have been fully executed, delivered

and approved by the Owner and any conditions to the Owner’s obligations therein have

been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of

a confidential nature, that you will hold and treat it in the strictest confidence and that you

will not disclose this Memorandum or any of its contents to any other entity without the

prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use

this Memorandum or any of its contents in any manner detrimental to the interest of the

Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property,

kindly return this Memorandum to CBRE, Inc.

CBRE, INC. | 2CBRE, INC. | 2

TABLE OF CONTENTS

EXECUTIVE SUMMARY // 3

PROPERTY OVERVIEW // 6

AREA OVERVIEW // 11

FINANCIALS & COMPARABLES // 20

CBRE, INC. | 3

EXECUTIVE SUMMARY

CBRE, INC. | 4

CBRE, Inc., as the exclusive advisor, is pleased to present this excellent value-add multifamily opportunity located in prime Beverlywood. This unique property

provides the new owner the option to increase income by completing minor renovations and increasing the rental rate or by exploring potential development

opportunities. The 9-unit building, constructed in 1963, features two 1 bedroom / 1 bathrooms, five 2 bedroom / 1 bathrooms, one 2 bedroom / 2 bathroom,

and one 3 bedroom / 2 bathroom.

THE PROPERTY

2026Shenandoah S. St.

ADDRESS PRICE UNITS BUILDING SF $ / UNIT $ / SQ. FT.

2026 S. Shenandoah St $2,400,000 9 9,156 $266,667 $262

This portfolio is on the market as part of a larger portfolio. Please contact broker directly for details.

PROPERTY C

CBRE, INC. | 5

STRONG RENTAL DEMAND

Between early 2015 and mid-2016, within a one-

mile radius of the property, apartment vacancy

ranged from 1.30% to 1.60%.

DIVERSE UNIT MIX

Desirable mix of units to satisfy every resident’s

needs.

SIGNIFICANT UPSIDE POTENTIAL

Ability to reposition and upgrade the apartment building with

strong in-place cash-flow, realizing market premium rents and

capitalizing on significantly below market in-place rents.

TRANSIT-ORIENTED, VISIBLE, & ACCESSIBLE

The Property is located ±1.4 miles away from the LA Metro Expo

Line, which finished Phase 1 construction in 2015 (connecting

Downtown LA to Culver City). Phase 2 construction further

extended the Expo Line west heart of downtown Santa Monica,

and opened to much fanfare and long lines on May 20. This

property is also conveniently located ±0.6 miles away from the

10 Freeway.

PROPERTY highlights

CBRE, INC. | 6

PROPERTY OVERVIEW

CBRE, INC. | 7

PROPERTY SUMMARY | LOCAL MAP

2026S. SHENANDOAH ST

CBRE, INC. | 8

Building Features

Wood Frame / Stucco

Gated Entry and Parking

Tuck-under Parking

Storage

Laundry Facilities (2 Washers & 2 Dryers- Not Owned)

PROPERTY INFO

Address 2026 S. Shenandoah Street, Los Angeles, CA 90034

APN 4302 022 005

BUILDING SIZE ±9,156 SF

LOT SIZE ±8,543 SF

YEAR BUILT 1963

Parking 9 Spaces

WATER Paid by Owner

TRASH Paid by Owner

Units 9

PROPERTY SUMMARY | 2026 S. SHENANDOAH ST.

UNIT Features

Balcony (Select Units)

CBRE, INC. | 9

PARCEL MAP | 2026 S. SHENANDOAH ST.

ZONING:RD1.5-1

CBRE, INC. | 10

52 BED/ 1 BATH

21 BED/ 1 BATH

UNIT MIX & RENT ROLL | 2026 S. SHENANDOAH ST.

12 BED/ 2 BATH

13 BED/ 2 BATH

To be verified by Buyer during due diligence period

CBRE, INC. | 11

AREA OVERVIEW

CBRE, INC. | 12

SURROUNDING DISTRICTS:

• Culver City

• Beverlywood

• Cheviot Hills

A mile north of Shenandoah Drive, Pico Boulevard offers a

growing assortment of restaurants and retail attractions which

serve the Beverlywood and Pico-Robertson community.

Further northeast from Pico lies Beverly Hills High School,

Avenue of the Stars, Century City, and the Wilshire-Santa

Monica intersection. This area acts as the gateway into Beverly

Hills. Wilshire Blvd. is home to world-renowned shopping and

hotel destinations such as the Beverly Wilshire Hotel, Neiman

Marcus, Saks Fifth Avenue, and Barney New York. If this offering

does not satisfy customers’ fine tastes, the collection of luxury

designers and five-star restaurants along legendary Rodeo

Drive and its surrounding blocks is sure to impress them.

Meanwhile, downtown Culver City offers more laid-back retail

destinations about 1.5 miles southwest of the property.

Other nearby landmarks include:

• LA County Museum of Art- 3 mi• El Rey Theatre- 3.5 mi• Museum of Tolerance- 1.9 mi• Cedar-Sinai Medical Center- 2.6 mi• Kaiser Permanente Medical Center- 0.6 mi • Rancho Park Golf Course/ Hillcrest Country Club - 2.6 mi• Robertson Blvd / Cadillac Ave. station (220 bus) - 3 blocks

CULVER CITY / BEVERLYWOOD

CULVER CITY

BEVERLYWOOD

CBRE, INC. | 13

VACANCY RATEWITHIN A ONE MILE RADIUS OF SUBJECT PROPERTY

ASKING RENT PER SFWITHIN A ONE MILE RADIUS OF SUBJECT PROPERTYVacancy Rate

Copyrighted report licensed to CBRE - 548024.

Asking Rent Per SF

Copyrighted report licensed to CBRE - 548024.

CBRE, INC. | 14

The Expo Line of the LA Metro has recently formed a transportation corridor between the downtown districts of Santa Monica and Los Angeles. Construction of the Expo Line was split into two phases, and Phase 2 was recently completed. This light-rail line now extends another 6.6 miles west from the Culver City station (the closest station to the subject property) to Colorado/4th in downtown Santa Monica.

By 2030, the Expo Line projects its ridership will grow to 64,000 people per day. This new construction will undoubtedly increase the accessibility and appeal of nearby properties.

Additionally, the Exposition Construction Authority and its design-build contractor set a goal for local and community residents to be given the chance to work 30% of all construction hours (including a 10% goal for disadvantaged workers).

THE EXPO LINE- POISED TO MAKE AN IMPACT

AVENUE OF

THE STARS

La Cienega/Jefferson

FarmdaleExpo/

Western

Expo/La Brea Expo/

Crenshaw Expo/Vermont

Expo Park/USC

CulverCity

Wilshire/La Brea

Wilshire/Fairfax

Wilshire/La Cienega

Wilshire/Rodeo

Century City/Constellation

DowntownSanta Monica

17th St/SMC

26th St/Bergamot

Expo/Bundy

Expo/Sepulveda

Westwood/Rancho Park

Palms

Westwood/UCLA

Westwood/VA Hospital

Metro Purple Line Extension

12-1255 ©2012 LACMTA

Alternative Sites for Station

Single Alignment to be Selected

Existing Metro Rail & Station

Purple Line Extension Alignment & Station (under construction)

Purple Line Extension Alignment & Station (approved)

Exposition Transit Corridor Phase 2 (under construction)

Crenshaw/LAX Transit Corridor (under construction)

Westside Subway Extension (under study)

Proposed Alignment & Station

Alternative AlignmentsUnder Evaluation

Subject to Change 15-1381 ©2015 LACMTA

Existing Metro Rail & Station

Transfers

Exposition Transit Corridor & Station Phase 1 (under construction)

Exposition Transit Corridor Phase 2 (under construction)

Crenshaw/LAX Transit Corridor (approved alignment)

Recommended Alignment & Station

Under Study

Westside Subway Extension (under study)

Subject to Change 12-1255 ©2012 LACMTA

THE EXPO LINE AND L.A. METRO


CBRE, INC. | 15

CBRE, INC. | 16

LA REGIONAL Map


CULVER CITY STATION

Downtown Los Angeles built up around the original settlements in the

region, and is naturally its geographic center. It has become one of the

most dynamic urban centers in the West and the regional hub of Southern

California. It contains the largest concentration of office space and cultural

amenities, is the center of an extensive transportation network, and is the

focal point for investment capital by public and private sources. The city’s

renaissance, which began in the mid-1990s, has accelerated. According to

the Downtown Center BID (DowntownLA.com), investment in Downtown

LA from 1999 to 2014 has been approximately $19.3 billion. Out of this $19.3

billion investment over the years, $7.3 billion of it has been in the residential

sector. The residential and retail sectors have seen significant growth, which

the hotel market continues to expand to meet the demand from over 10

million visitors annually.

ONLY A HANDFUL OF METRO STOPS AWAY FROM THRIVING DOWNTOWN LOS ANGELES

MAJOR DTLA EMPLOYERS

Fresh Freight Air DTLA City Hall

Down Town Professional

CBRE, INC. | 17

CBRE, INC. | 18

pOPULATION

2016 Population 336,121

2021 Population 349,535

Percent Pop Change: 2016 to 2021 3.99%

Job Type

Blue Collar 9.35%

White Collar 74.33%

Service & Farm 16.32%

Education

Less than 9th Grade 6.80%

Some High School, No Diploma 5.29%

High School Graduate 14.00%

Some College, No Degree 17.51%

Associate's Degree 5.94%

Bachelor's Degree 30.45%

Master's Degree 11.57%

Professional Degree 5.68%

Doctorate Degree 2.77%

HOUSING UNITS

2016 Estimated Owner Occupied Units

46,977

2016 Estimated Renter Occupied Units

100,434

HOUSING VALUE

2016 Median Home Value $883,874

2016 Average Home Value $923,023

HOUSEHOLD INCOMES

2016 Average Household Income $94,747

2021 Average Household Income $102,984

DEMOGRAPHICS | 3-MILE RADIUS

Within a 3-mile radius of the property,

the estimated 2016 average household

income is $94,747.

AMENITIES MapCBRE, INC. | 19


FINANCIALS & COMPARABLES

CBRE, INC. | 20

CBRE, INC. | 21

financials HIGHLIGHTS2026 S SHENANDOAH ST

No. of Units: 9

• Accessible: Located near Robertson and

the 10 Freeway

• Located ±1.4 miles away from the LA

Metro Expo Line and ±0.6 miles away

from the 10 Freeway

• Currently operating at over 70% expenses

Price $2,400,000 Price $2,400,000 Estimated Future Value $3,455,700Estimated Capitalization Rate* N/A Estimated Capitalization Rate 3.44% Estimated Capitalization Rate 4.25%Gross Rent Multiplier 25.89 Gross Rent Multiplier 15.85 Gross Rent Multiplier 15.03Building Gross Sq. Ft. 9,156 Building Gross Sq. Ft. 9,156 Building Gross Sq. Ft. 9,156Price Per Sq. Ft. $262 Price Per Sq. Ft. $262 Price Per Sq. Ft. $377Expenses Per Sq. Ft. $7.60 Expenses Per Sq. Ft. $7.21 Expenses Per Sq. Ft. $8.58Number of Units 9 Number of Units 9 Number of Units 9Price Per Unit $266,667 Price Per Unit $266,667 Price Per Unit $383,967Expenses Per Unit $7,732 Expenses Per Unit $7,334 Expenses Per Unit $8,733Expenses Per Unit (Excluding Tax) $4,438 Expenses Per Unit (Excluding Tax) $4,041 Expenses Per Unit (Excluding Tax) $4,041APN 4302-022-005 APN 4302-022-005 APN 4302-022-005Year Built 1963 Year Built 1963 Year Built 1963

CURRENT FINANCIALSFULLY OCCUPIED PROFORMA:

WITH LEASED UP VACANT UNITSMARKET RENT SCENARIO**

**Due to rent control, an investor cannot rely on this scenario unless and until all units are rolled over to market rents over time.

*Actual, going-in cap rate is not shown because the property has approximately 77% expenses and rents are below market.

CBRE, INC. | 22

financials | 2026 S SHENANDOAH STRENT ROLL AS OF july 2016

Unit Number Type*

Est. Sq. Ft.** Actual Rent

Poforma Rent*****

Market Rent- All Units******

Lease Start Notes****

1 2+1 1,050 $1,230 $1,230 $2,100 5/1/15 HACLA*** is paying $545 of total rent2 2+1 1,050 $1,097 $1,097 $2,100 7/1/16 -3 2+1 1,050 $1,118 $1,118 $2,100 7/1/16 -4 1+1 828 $906 $906 $1,750 7/1/16 -5 3+2 1,200 $4 $2,650 $2,650 Unkown Manager's unit; Manager pays cash6 2+2 1,050 - $2,250 $2,250 - Vacant7 2+1 1,050 $1,158 $1,158 $2,100 7/1/16 -8 1+1 828 $787 $787 $1,750 8/1/16 HACLA is paying $574 of total rent9 2+1 1,050 $1,158 $1,158 $2,100 7/1/16 -

9,156 $7,458 $12,354 $18,900*Unit Mix to be verified**Square footage per unit is estimated based on total building size and unit type***HACLA= Housing Authority of the City of Los Angeles

*****This property is under LA City rent control. Thus, we added pro-forma rents to only vacant unit(s) and manager's unit.******Due to rent control, market rents would be contingent on tenant turnover over time and are based on estimated market rents for today's market.

Unit Type # Units Avg. Rent Avg. Sq. Ft. Rent / Sq. Ft.1+1 2 $847 828 $1.022+1 5 $1,152 1,050 $1.102+2 1 $0 1,050 $0.003+2 1 $4 1,200 $0.00

TOTAL 9 $829 1,017 $0.81

Unit Type # Units Avg. Rent Avg. Sq. Ft. Rent / Sq. Ft.1+1 2 $847 828 $1.022+1 5 $1,152 1,050 $1.102+2 1 $2,250 1,050 $2.143+2 1 $2,650 1,200 $2.21

TOTAL 9 $1,373 1,017 $1.35

Unit Type # Units Avg. Rent Avg. Sq. Ft. Rent / Sq. Ft.1+1 2 $1,750 828 $2.112+1 5 $2,100 1,050 $2.002+2 1 $2,250 1,050 $2.143+2 1 $2,650 1,200 $2.21

TOTAL 9 $2,100 1,017 $2.06

ACTUAL

MARKET

MARKET- ALL UNITS

TOTAL

****This is a Trustee sale and the Trustee has not independently verified the information contained herein. Buyer shall be responsible for verifying the unit mix, unit size, property size, and all financials prior to opening escrow.

CBRE, INC. | 23

CURRENT, AS-IS FINANCIALS

financials | 2026 S SHENANDOAH ST

ESTIMATED INCOME Annual % of GOI Annual Per Unit CommentsRental Income, Including HACLA Rent $7,458 per mo. $89,496 98.5% $9,944 (-) Vacancy 2.0% of Annual SGI -$1,790 -2.0% -$199

Total Scheduled Gross Income (SGI) $87,706 96.5% $9,745Laundry Income $185 per mo. $2,220 2.4% $247Credit Check Income $8 per mo. $100 0.1% $11Late Charge Income $37 per mo. $444 0.5% $49Other Income $36 per mo. $432 0.5% $48

Total Gross Operating Income (GOI) $90,902 100.0% $10,100

ESTIMATED OPERATING EXPENSES Annual % of GOI Annual Per Unit % of Expenses CommentsProperty Taxes 1.191994% of purchase price $28,608 31.5% $3,179 41.1%Direct Assessments $1,034 per yr. $1,034 1.1% $115 1.5%Insurance $0.68 per Gross SF $6,180 6.8% $687 8.9%Management Fee 0.4% of GOI $318 0.4% $35 0.5%Business Licenses & Permits $150 per mo. $1,800 2.0% $200 2.6%Water & Power $1,350 per mo. $16,200 17.8% $1,800 23.3%Gas $190 per mo. $2,280 2.5% $253 3.3%Telephone $65 per mo. $780 0.9% $87 1.1%Plumbing $50 per mo. $600 0.7% $67 0.9%Gardening Service $120 per mo. $1,440 1.6% $160 2.1%Fire Protection Services $10 per mo. $120 0.1% $13 0.2%Pest Control (PC) $116 per mo. $1,392 1.5% $155 2.0%Trash Service $225 per mo. $2,700 3.0% $300 3.9%Dues & Subscriptions Fees $24 per mo. $286 0.3% $32 0.4%Turnover $75 per unit / yr. $675 0.7% $75 1.0%R & M (Repairs & Maintenance) $500 per unit / yr. $4,500 5.0% $500 6.5%Reserves $75 per unit / yr. $675 0.7% $75 1.0%

Total Estimated Operating Expenses $69,589 77% $7,732 100%

ESTIMATED NET OPERATING INCOME $21,314 23% $2,368

Unit Type # Units Unit Mix Avg. Rent Avg. Sq. Ft. Rent / Sq. Ft.1+1 2 22.22% $847 828 $1.022+1 5 55.56% $1,152 1,050 $1.102+2 1 11.11% $0 1,050 $0.003+2 1 11.11% $4 1,200 $0.00

TOTAL 9 100.00% $829 1,017 $0.81

EstimatedEstimated based on marketEstimated

Estimated based on historicalsEstimated based on historicals

Estimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicals

Estimated based on historicalsEstimated based on historicalsEstimated based on historicals

Per Dept. of Auditor-Controller's OfficePer Dept. of Auditor-Controller's OfficeEstimated based on historicalsEstimated based on historicalsEstimated based on historicals

HACLA= Housing Authority of the City of LAMarket vacancy rate

Estimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicals

CBRE, INC. | 24

ESTIMATED INCOME Annual % of GOI Annual Per Unit CommentsRental Income $12,354 per mo. $148,248 99.8% $16,472 (-) Vacancy 2.0% of Annual SGI -$2,965 -2.0% -$329



ESTIMATED OPERATING EXPENSES Annual % of GOI Annual Per Unit % of Expenses CommentsProperty Taxes 1.191994% of purchase price $28,608 19.3% $3,179 43.3%Direct Assessments $1,034 per yr. $1,034 0.7% $115 1.6%Insurance $0.35 per Gross SF $3,205 2.2% $356 4.9%Business Licenses & Permits $150 per mo. $1,800 1.2% $200 2.7%Water & Power $1,350 per mo. $16,200 10.9% $1,800 24.5%Gas $190 per mo. $2,280 1.5% $253 3.5%Telephone $65 per mo. $780 0.5% $87 1.2%Plumbing $50 per mo. $600 0.4% $67 0.9%Gardening Service $120 per mo. $1,440 1.0% $160 2.2%Fire Protection Services $10 per mo. $120 0.1% $13 0.2%Pest Control (PC) $116 per mo. $1,392 0.9% $155 2.1%Trash Service $225 per mo. $2,700 1.8% $300 4.1%Turnover $75 per unit / yr. $675 0.5% $75 1.0%R & M (Repairs & Maintenance) $500 per unit / yr. $4,500 3.0% $500 6.8%Reserves $75 per unit / yr. $675 0.5% $75 1.0%



Unit Type # Units Unit Mix Avg. Rent Avg. Sq. Ft. Rent / Sq. Ft.1+1 2 22.22% $847 828 $1.022+1 5 55.56% $1,152 1,050 $1.102+2 1 11.11% $2,250 1,050 $2.143+2 1 11.11% $2,650 1,200 $2.21

TOTAL 9 100.00% $1,373 1,017 $1.35

EstimatedEstimated


Estimated

Estimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicals

Per Dept. of Auditor-Controller's OfficePer Dept. of Auditor-Controller's OfficeEstimated

Estimated based on historicals

Market rentsMarket vacancy rate




FULLY OCCUPIED PROFORMA BASED ON MARKET EXPENSES


CBRE, INC. | 25

ESTIMATED INCOME Annual % of GOI Annual Per Unit CommentsRental Income $18,900 per mo. $226,800 100.6% $25,200 (-) Vacancy 2.0% of Annual SGI -$4,536 -2.0% -$504



ESTIMATED OPERATING EXPENSES Annual % of GOI Annual Per Unit % of Expenses CommentsProperty Taxes 1.191994% of purchase price $41,192 18.3% $4,577 52.4%Direct Assessments $1,034 per yr. $1,034 0.5% $115 1.3%Insurance $0.35 per Gross SF $3,205 1.4% $356 4.1%Business Licenses & Permits $150 per mo. $1,800 0.8% $200 2.3%Water & Power $1,350 per mo. $16,200 7.2% $1,800 20.6%Gas $190 per mo. $2,280 1.0% $253 2.9%Telephone $65 per mo. $780 0.3% $87 1.0%Plumbing $50 per mo. $600 0.3% $67 0.8%Gardening Service $120 per mo. $1,440 0.6% $160 1.8%Fire Protection Services $10 per mo. $120 0.1% $13 0.2%Pest Control (PC) $116 per mo. $1,392 0.6% $155 1.8%Trash Service $225 per mo. $2,700 1.2% $300 3.4%Turnover $75 per unit / yr. $675 0.3% $75 0.9%R & M (Repairs & Maintenance) $500 per unit / yr. $4,500 2.0% $500 5.7%Reserves $75 per unit / yr. $675 0.3% $75 0.9%



Unit Type # Units Unit Mix Avg. Rent Avg. Sq. Ft. Rent / Sq. Ft.1+1 2 22.22% $1,750 828 $2.112+1 5 55.56% $2,100 1050 $2.002+2 1 11.11% $2,250 1050 $2.143+2 1 11.11% $2,650 1200 $2.21

TOTAL 9 100.00% $2,100 1017 $2.06Due to rent control, this will not be achievable until all units have rolled over to market rents.

EstimatedEstimated


Estimated

Estimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicalsEstimated based on historicals

Per Dept. of Auditor-Controller's OfficePer Dept. of Auditor-Controller's OfficeEstimated


Market rentsMarket vacancy rate




ALL UNITS TO MARKET


CBRE, INC. | 26

2026 S. Shenandoah St., Los Angeles, CA 90034

Property Address Sale Price UnitsPrice Per

UnitPrice

Per SFCap Rate GRM Bldg SF

Number Of Studios

Number Of 1 Bedrooms



Avg. Unit Size (SF)

Year Built Sale Date

8701 Olin St $2,149,000 8 $268,625 $367 3.88 15.65 5,854 0 4 4 0 732 1958 9/1/151728 S Robertson Blvd $1,700,000 8 $212,500 $308 - 17.12 5,520 0 6 2 0 690 1965 7/15/158588 Horner St $2,026,000 6 $337,667 $296 4.28 16.00 6,846 0 2 4 0 1,141 1963 5/14/151938 S Garth Ave $1,865,000 6 $310,833 $290 - - 6,438 1 0 0 5 1,073 1965 3/31/151960 S Robertson Blvd $2,400,000 9 $266,667 $281 - - 8,541 0 0 9 0 949 1965 2/4/151936-1938 S Corning St $3,945,000 14 $281,786 $245 4.34 14.49 16,072 0 0 8 6 1,148 1961 3/23/161960 S Sherbourne Dr $1,632,500 6 $272,083 $225 - - 7,260 0 0 5 1 1,210 1961 11/5/152020 S Corning St $1,430,000 6 $238,333 $218 4.80 - 6,562 0 1 0 5 1,094 1963 3/31/15Median: $1,945,500 7 $270,354 $285 4.31% 15.83 6,704 0 1 4 1 1,083 1963Average: $2,143,438 8 $273,562 $279 4.33% 15.82 7,887 0 2 4 2 1,005 1963

Sales Comparables CoStar: Multifamily sold between 1.1.15 - 7.14.16; 0.75 mile radius; 6-50 unitsSorted by Price Per SF

Select Sales Comparables


CBRE, INC. | 27

RENT COMPARABLES1520-1522 S HAYWORTH AVE

1520-1522 S Hayworth Ave, Los Angeles, CA 90035

Year Built: 1990

Units: 17

Type: 2+2

Asking Rent: $2,885

Unit Square Feet: 1,200

Rent Per SF: $2.40

Amenities/Notes: Covered Parking; Balcony/Patio; Renovated interior and exterior in 2013

1210 S SHERBOURNE DR

1210 S Sherbourne Dr, Los Angeles, CA 90035

Year Built: 1989

Units: 9

Type: 2+2

Asking Rent: $2,295


Rent Per SF: $2.09

Amenities/Notes: Exterior similar to subject property; Covered Parking

1260 S CORNING ST

1260 S Corning St, Los Angeles, CA 90035

Year Built: 2010

Units: 151

Type: 3+2.5

Asking Rent: $3,750


Rent Per SF: $2.30

Amenities/Notes: Balcony/Patio; Covered Parking; Quartz countertops; Stainless steel appliances; Fully renovated interior and exterior; Fitness center

9025-9033 NATIONAL BLVD

9025-9033 National Blvd, Los Angeles, CA 90034

Year Built: 1952

Units: 20

Type: 1+1

Asking Rent: $1,650

Unit Square Feet: 600

Rent Per SF: $2.75

Amenities/Notes: Outdoor, surface parking; A/C; Similar to condition of subject property

CBRE, INC. | 28

RENT COMPARABLES1933 S SHERBOURNE DR

1933 S Sherbourne Dr, Los Angeles, CA 90034

Year Built: 1961

Units: 15

Type: 2+2

Asking Rent: $2,150


Rent Per SF: $2.15

Amenities/Notes: Similar to subject property; Granite countertops; Laminate wood flooring; Covered parking

2062 CHARITON ST

2062 Chariton St, Los Angeles, CA 90034

Year Built: 1941

Units: 3

Type: 2+1

Asking Rent: $3,250


Rent Per SF: $3.16

Amenities/Notes: Located on a busy street; Balcony/Patio; New hardwood floors

1942 S LA CIENEGA BLVD

1942 S La Cienega Blvd, Los Angeles, CA 90034

Year Built: 1953

Units: 8

Type: 1+1

Asking Rent: $1,895


Rent Per SF: $2.92

Amenities/Notes: Recently renovated; Hardwood floors; Quartz countertops; Stainless steel appliances; In-unit washer and dryer

8850 CATTARAUGUS AVE

8850 Cattaraugus Ave, Los Angeles, CA 90034

Year Built: 1964

Units: 38

Type: 1+1

Asking Rent: $1,590


Rent Per SF: $2.89

Amenities/Notes: Exterior similar to subject property; Pool; Covered parking; Courtyard; Hardwood and tile flooring; Gated

CBRE, INC. | 29

RENT COMPARABLES MAP


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Capital Markets | Investment Properties

For more information, please contact: Natalie Aghaei

Lic. 01939416

+1 310 948 2948

[email protected]

Ed Matevosian

Lic. 01358783

+1 818 502 6744

[email protected]

2026 S. SHENANDOAH STREETLOS ANGELES, CA 90034

VA L U E - A D D M U LT I FA M I LY O P P O R T U N I T Y I N S T R O N G R E N TA L M A R K E T

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