Santa monica apartment portfolio

Santa Monica

Apartment

Portfolio

Offering Memorandum

Santa Monica, California

Presented by

Arthur Peter

310-395-2663 x101

[email protected]

bre# 01068613

Rafael Padilla

310-395-2663 x102

[email protected]

bre#00960188

1250 6th Street #303, Santa Monica, CA 90401

www.parcommercial.com

OFFERING MEMORANDUM | SANTA MONICA APARTMENT PORTFOLIO

PAR COMMERCIAL BROKERAGE

DISCLAIMER

PAR Commercial Brokerage, Inc. (“Agent or PAR”) has been engaged as the exclusive agent for the sale of 150-156 San Vicente Boulevard, 212 San Vicente Boulevard, 220 San Vicente Boulevard, 234 San Vicente Boulevard, 302-312 San Vicente Boulevard, 437-441 San Vicenete Boulevard, 537 San Vicente Boulevard, 614-618 San Vicente Boulevard, 937 2nd Street, 817 4th Street and 1211 Berkeley Street in Santa Monica, California (“Properties”).

The Properties are being offered for sale in an “as is” condition and as a package. Seller and Agent make no representation or warranties as to the accuracy of the information contained in this Offering Memorandum. The en-closed materials include highly confi dential information and are furnished solely for the purpose of evaluating a potential acquisition by prospective purchasers of the interest described herein. Your acceptance of this memorandum is an indi-cation of you agreement to hold the contents of this memorandum in the strict confi dence and that you will not disclose information contained herein, in whole or in part, to any other parties without the prior written authorization from the Seller or PAR. Each Recipient, as a prerequisite to receiving the enclosed, should register with PAR as a “Register Poten-tial Investor”. The use of this Offering Memorandum and the information provided herein is subject to the terms, provi-sions and limitations of the confi dentiality agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be re-liable, but no representation or warranty, expressed or implied, is being made by Agent or Seller or any of their respective representatives, affi liates, offi cers, shareholders, partners and directors, as to the accuracy or completeness of the infor-mation contained herein. Summaries contained herein of any legal or other documents are not intended to be compre-hensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the informa-tion contained herein or any other written or oral communication or information transmitted or made available or any ac-tion taken or made by the recipient with respect to the Properties. Interested parties are to make their own investigations, projections and conclusions without reliance upon materials contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Properties from being marketed for sale at any time and for any reason. Seller and Agent expressly reserve the right, at their sole and absolute discretion, to re-ject any and all expressions of interest or offers regarding the property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omission, correction of errors, change of price or other terms, prior to sale or withdrawal from the market without notice. Agent is not authorized to make any representation or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, perform-ing additional investigation and/or making an offer to purchase the Properties unless and until a binding written agree-ment for the purchase of the Properties has been fully executed, delivered and approved by Seller and any conditions to owner’s obligations there under have been satisfi ed or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed mate-rials and their contents are of a highly confi dential nature and will be held and treated in the strictest confi dence and shall be returned to Agent promptly upon request; and (b) the recipient shall not contact lenders, employees or tenants of the Properties directly or indirectly regarding any aspect of the enclosed materials or the Properties without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced with-out the prior written authorization of Seller or Agent or as otherwise provided in the Confi dentiality and/or Registration Agreement executed and delivered by the recipient(s) to Agent. Prospective buyers and agents agree that all tours of prop-erties will be with listing agent present.

PAGE 2



Table of Contents

Investment Summary 4

Location Summary 5

Los Angeles

Market Overview 6

Santa Monica

Market Overview 9

Investment

Opportunity 13

Portfolio Summary

Pricing Analysis 19

150-156 San Vicenete 23

212 San Vicenete 31

220 San Vicente 38

234 San Vicente 49

302-312 San Vicente 56


537 San Vicente 70


937-943 2nd Street 84

817 4th Street 91

1211 Berkeley Street 98

PAGE 3



INVESTMENT SUMMARY

The Santa Monica Apartment Portfolio offered for sale consists of an unencumbered 100% fee simple interest multifamily rental portfolio (the “subject”) consisting of eleven trophy assets located in the coastal city of Santa Monica, adjacent to Los Angeles. The assets are offered only as a portfolio and not available for individual pur-chase.

The portfolio consists of 284 residential units totalling approximately 266,230 of combined building square feet (per assessor) on approximately 200,758 of combined land square feet/4.6 acres of land (per assessor). All eleven properties are in Santa Monica with 8 of them lo-cated on upscale San Vicente Avenue adjacent to or with-in blocks of each other. Nine of the properties are zoned SMR2 and the remaining two are zoned SMR3.

The west Los Angeles area, and specifi cally the sub-ject’s Santa Monica location, is an affl uent and desirable residential and business area due to the proximity to the Pacifi c Ocean and major employment centers in West Los Angeles (Santa Monica, Venice, Century City and Bev-erly Hills) and the South Bay (El Segundo, Playa Del Rey, Manhattan Beach and Torrance).

The subject benefi ts from close proximity to world class retail and restaurant venues in Santa Monica with up-scale and trendy shopping street Montana Avenue a half mile away, the Bayside District, also known as Downtown Santa Monica (home to the world famous Third Street Promenade), the Santa Monica Pier and Main Street nearby.

PAGE 4



Los Angeles County has experienced substantial growth since the early 1940’s. The growth of the economy was supported by a strong manufacturing base and a large population in-migration. The emer-gence of the Pacifi c Rim as a large and important trading partner re-sulted in increased growth and diversifi cation of employment in the country, primarily in the services industry. As a result, Los Angeles County has become the largest center of fi nancial and business services in the western United States. The growth of Los Angeles County’s economy has resulted in a spill-over expansion into surrounding coun-ties and this expansion has been facilitated by the extensive freeway network throughout the region. Because of the prestige associated with Santa Monica, demand for real estate in the immediate neighbor-hood is expected to remain strong. The overall outlook for the area is considered excellent.

The West Los Angeles region of Los Angeles County is bound on the north side by the crest of the Santa Monica Mountains, on the east by Beverly Hills and West Hollywood, on the south by Culver City and Marina Del Rey. The western boundary is the Pacifi c Ocean with 35 miles of coastline running from Malibu to Marina Del Rey. The region includes 6 cities and the western-most portion of the city of Los An-geles. This area includes several of the most affl uent communities in southern California, including Playa Vista, Venice, Beverly Hills, Pa-cifi c Palisades, Malibu, Bel Air andBrentwood.

Santa Monica lies on the shore of the Pacifi c Ocean, 7 miles north of Los Angeles international airport, adjacent to Venice beach some-times refered to as Silicon Beach due to the large infl ux of technology companies with headquarters and offi ces there including Google and Facebook. The seaside community,with a population of 91,812 (2012 census), is surrounded on three sides by the city of Pacifi c Palisades to the north, Venice (Los Angeles) to the south and West Los Angeles to the east.

LOCATION SUMMARY

PAGE 5



LOS ANGELES MARKET OVERVIEW

Los Angeles is recognized worldwide as a leader in entertainment, health sciences, business services, aerospace and international trade. One of the nation’s largest counties with 4,084 square miles, Los Angeles County is 800 square miles larger than the combined area of Delaware and Rhode Island. The county is bordered on the east by Orange and San Bernardino counties, on the north by Kern County, on the west by VenturaCounty, and on the south by the Pacifi c Ocean and includes Santa Catalina Island.

Los Angeles has been ranked sixth in the Global Cities Index and 9th in the Global Economic Power Index. The city is home to renowned institutions covering a broad range of professional and cultural fi elds and is one of the most sub-stantial economic engines within the United States. The Los Angeles combined statistical area (CSA) has a gross met-ropolitan product (GMP) of $831 billion (as of 2008), making it the third-largest in the world, after the Greater Tokyo and New York metropolitan areas. Los Angeles possesses an incredibly diverse economic base. Although famous for entertainment, aerospace and international trade fi rms powered by its location on the Pacifi c Rim, Los Angeles has grown to include many 21st century industries such as bio-medical, digital information and multimedia companies.

Home to over 10 million people and to a number of well-known universities, including University of California (UCLA), University of Southern California (USC), Loyola Marymount, Pepperdine and Caltech, Los Angeles offers a large, skilled multi-cultural workforce. The chart below illustrates the diversity found in the economic landscape of Los Angeles. Forty-fi ve years ago, Los Angeles was the leading farm county in the nation. Today, due to urban and indus-trial expansion, the county’s economic base includes fi nance and business services, health services, tourism and enter-tainment. Employment growth over the next three years is expected to be in the business and health services and retail trade sectors.

PAGE 6



Los Angeles County (Los Angeles-Long Beach-Glendale Metro Division) covers 4,084 square miles, and had a 2013 population of 10,019,365 residents; an increase of 475,382 persons since 2000. The county’s population would make it the ninth largest state in the nation, just behind Georgia and ahead of Michigan.

A quick demographic profi le of Los Angeles County indicates that: 49.0% of the population is Hispanic, 27.0% white non-Hispanic, 13.7% Asian-Pacifi c Islander, 8.0% black; and 2.2% other races. About 76.4% of the population has a high school diploma, while 29.5% holds a bachelor’s degree or higher.

Los Angeles County has a diverse economic base. Measured by 2012 private sector employment, the leading industry clusters are: 1) local health services with 395,100 workers; 2) local commercial services with 372,500 employees; 3) local hospitality with 326,800 workers; 4) real estate, construction and development with 203,100 workers; and 5) trade with 163,600 workers.

The “new economy” of Los Angeles County is largely technology driven. This sector includes bio-medical, digital infor-mation technology, and environmental technology, all of which is built upon the advanced technical research capabilities in the county. Another key driver is creativity. There is an energetic fusion between technology and creativity such as in video games and fi lm production.

Los Angeles is the largest manufacturing center in the U.S., employing 365,500 workers in 2012. The largest sectors by employment are: transportation equipment with 46,200 workers; apparel with 45,600 workers; fabricated metal products with 43,000 workers; computer and electronic products with 41,500 workers; and food products with 39,200 workers.

International trade is a major driver of the area’s economy. The Los Angeles Customs District—which includes the ports of Long Beach and Los Angeles, Port Hueneme, and Los Angeles International Airport—was the nation’s largest in 2013. The value of two-way trade passing through the Los Angeles Customs District totaled $414.8 billion in 2013, compared with $378.9 billion for second-place New York. Major investments are under way to expand the ports, LAX airport and related transportation facilities in Los Angeles County.


PAGE 7



Higher and specialized education is a core strength of Los Angeles County, with 113 four-year public and private college and university campuses. These range from UCLA, USC, California Institute of Technology, and the Claremont Colleges, to top-rated specialized institutions like the Art Center College of Design, the California Institute for the Arts, the Fashion Insti-tute of Design and Merchandising, and the Otis College of Art and Design. Medical education is also a strong point. Los Angeles has two each of medi-cal schools, dental schools, and eye institutes, plus specialized research and treatment facilities like the City of Hope. In addition, the county’s 33 com-munity colleges offer many innovative programs, including culinary arts, fashion design, multimedia, and computer assisted design and manufacturing.

Los Angeles County’s transportation network is extensive. In addition to the San Pedro Bay sea ports and LAX airport, there are two other busy com-mercial airports (Bob Hope in Burbank and Long Beach). The freeway sys-tem is well-known but there are also many mass transit options, including Amtrak, Metrolink (commuter heavy rail), and MetroRail (subway and light rail). With 88 miles of track, Metro’s light rail system is the third largest in the United States and carries more than 360,000 weekday passengers. The Burlington Northern Santa Fe and Union Pacifi c railroads provide excellent cross-country freight service.

Quality of life options are numerous and varied in Los Angeles County. Recreation opportunities range from professional sports teams to personal recreation at beaches, marinas, and mountain resorts. The number of fi ne and performing arts activities is growing, as well as special festivals includ-ing the renowned Tournament of Roses. Notable cultural landmarks include the Getty Center, Walt Disney Concert Hall, the California Science Center, the Staples Center sports arena, and the Aquarium of the Pacifi c in Long Beach.


PAGE 8



Santa Monica is a city rich in tradition and diversity. The City grew from Spanish roots in the 1600’s into a Victorian era playground in the late 1800’s, then blossomed with movie star glamour in the 1920’s and beyond. Today, Santa Monica mixes all these eras and infl uences with a striking contemporary style and attitude that is unique among its rivals.

Santa Monica is comprised of 8.3 square miles with a balance of vibrant com-mercial districts, neighboring residential communities, recreational and art venues, beaches, high profi le corporate headquarters, a large hi-tech and enter-tainment sector, small entrepreneurial start-ups, and retail businesses. It is a stimulating atmosphere for living and a dynamic place for business.

Santa Monica offers convenient access to major freeways, bus lines and airports. It is served by two freeways, Santa Monica (Interstate 10) and San Diego (405); and by four major east-west thoroughfares: Santa Monica (Route 66), Wilshire, Olympic and Pico Boulevards. It is located approximately six miles from Los Angeles International Airport.

The city of Santa Monica rests on a mostly fl at slope that angles down towards Ocean Avenue and towards the south. High bluffs separate the north side of the city from the beaches. Santa Monica enjoys an average of 310 days of sunshine a year. The rainy season is from late October through late March. Winter storms usually approach from the northwest and pass quickly through the Southland. Santa Monica usually enjoys cool breezes blowing in from the ocean, which tend to keep the air fresh and clean. Therefore, smog is less of a problem for Santa Monica than elsewhere around Los Angeles.

Santa Monica is unique in its household and housing cross-section. Approxi-mately 38 percent of the households in Santa Monica are families and 62 per-cent are non-family households, the reverse of the national average of 68 percent families and 32 percent non-family households. Of the 50,796 housing units in the City as of 2008, approximately 70 percent are primarily occupied by renters as opposed to homeowners, again the reverse of the national average of 34 per-cent renters and 66 percent homeowners.

Santa Monica is known for its excellent public and private schools. The quality of education available is outstanding and is a prime reason that many businesses

SANTA MONICA MARKET

PAGE 9



SANTA MONICA MARKET

and families choose to locate in Santa Monica. There are ten elementary schools, two middle schools, three high schools and an alternative K-8 school in the Santa Monica-Malibu Unifi ed School District, which serves both Santa Monica and Malibu residents.

The City is home to Santa Monica College, a two-year community college, with 30,000 full-time and part-time students on several campuses of-fering more than 80 fi elds of study. The college is the leader among the state’s 109 community colleges in transferring students to the University of California, University of Southern California, and other four-year cam-puses. Santa Monica College is one of the most affordable institutions of higher education in the world and is less than two miles from the beach. Its Academy of Entertainment & Technology provides training in key technical entertainment industry fi elds. It has an extensive Workforce

Development Center which provides specialized training for important business sectors.

Tourism is a key component of the economy and lifestyle of this beachfront community. Santa Monica attracts visitors from around the world as well as millions of day-trippers who appreciate its clean sandy beaches, its walkability, qual-ity hotels, the famed Santa Monica Pier, and the varied retail shopping districts. Over 5 million people visit the City each year from outside Los Angeles County for pleasure, vacation, or business. These visitors spend over $1 billion annually generating retail sales taxes for the City.

The city has made many efforts to be a more sustainable city. Three of every four of the city’s public works vehicles run on alternative fuel, making it among the largest such fl eets in the country. All public buildings use renewable energy. In the last 15 years, the city has cut greenhouse gas emissions by nearly 10%. City offi cials and residents have made the on-going cleanup of the Santa Monica Bay a priority – an urban runoff facility catches 3.5 million US gallons (13,000 m3) of water each week that would otherwise fl ow into the bay. Other environmentally friendly features include extensive curb-side recycling, farmers’ markets, community gardens, and the city’s bus system.

SANTA MONICA COLLEGE

PAGE 10



The open-air Third Street Promenade is in the heart of downtown Santa Mon-ica and features four movie theatres, fabulous shopping and a variety of dining experiences. The Third Street Promenade, consists of three (3) city blocks of world class retail stores, entertainment, dining, commercial and residential space, all located just blocks from the beach, Palisades Park and the iconic Santa Monica Pier. Across from the Promenade is Santa Monica Place, an extremely popular shopping mall.

On the north end of town, Montana Avenue is yet another shopping and epi-curean delight, with numerous boutiques and trendy restaurants lining blocks between Lincoln Boulevard and 20th Street.Home to more than 150 hi-end boutiques, restaurants, & service establishments, Montana Avenue is Santa Monica’s premiere upscale shopping neighborhood.

On Santa Monica’s Main Street, just a few blocks from the Pacifi c Ocean, you will fi nd a more eclectic shopping district. Main Street Santa Monica shop-ping centers around diverse shops and galleries, all where many locals can be spotted walking their dogs, sipping coffee or perusing the many shops such as antiques, contemporary art, restaurants, coffee houses and evening entertain-ment along the twelve blocks from Pico Boulevard to Rose Avenue.

SANTA MONICA MARKET

Santa Monica has a number of distinctive shopping districts, each with their own personality and character—and they are all within a few miles of one another.

PAGE 11



Santa Monica is home to the headquarters of many notable businesses, including Universal Music Group, Lionsgate Films, the RAND Corporation, Beachbody, Macerich, Supermarine, now Atlantic Aviation, is at the Santa Monica Air-port. National Public Radio member station KCRW is located at the Santa Monica College campus. Approximately 11,500 jobs within the city are supported by the tourist industry. The city’s hotels, with a supply of 3,500 rooms, typically operate with occupancy rates in the low 80 percent range on an annual basis and room rates are among the highest in Los Angeles County. According to the City’s 2012-2013 Comprehensive Annual Financial Report, the top employers in the city are:

SANTA MONICA MARKET

EDD - LABOR MARKET INFORMATION DIVISION 2011 ANNUAL AVERAGE NAICS SECTOR DATA

12,319 (16%)

10,142 (13%)

8,476 (11%)

8,170 (10%) 7,971 (10%)

5,989 (8%)

5,713 (7%)

3,046 (4%)

2,783 (4%)

2,705 (3%)

2,643 (3%)

2,319 (3%)

1,916 (2%)

1,385 (2%)

933 (1%) 535 (.7%)

345 (.4%) 339 (.4%) 240 (.3%) 234 (.3%) 0 (0%) 0 (0%)

0 (0%)

Santa Monica Labor Market 2011-12: Annual Average Employment (by NAICS Sector)

ACCOMMODATION & FOOD SERVICES

PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES

RETAIL TRADE

INFORMATION

HEALTH CARE & SOCIAL ASSISTANCE

LOCAL GOVT

OTHER SERVICES

REAL ESTATE & RENTAL & LEASING

EDUCATIONAL SERVICES

FINANCE & INSURANCE

WHOLESALE TRADE

ADMIN & SUPPORT & WASTE MGMT & REMEDIATION

ARTS, ENTERTAINMENT, & RECREATION

CONSTRUCTION

MANUFACTURING

NON-CLASSIFIED

TRANSPORTATION & WAREHOUSING

MANAGEMENT OF COMPANIES AND ENTERPRISES

UTILITIES

FEDERAL GOVT

AGRICULTURE,FORESTRY,FISHING & HUNTING

MINING

STATE GOVT

# EMPLOYER # OF EMPLOYEES

#1 CITY OF SANTA MONICA 2,528 #2 UCLA MEDICAL CENTER 2,079 #3 SANTA MONICA COLLEGE 1,953 #4 ST. JOHNS HEALTH CENTER 1,676 #5 SANTA MONICA SCHOOL DISTRICT 1,457 #6 RAND CORPORATION 842 #7 UNIVERSAL MUSIC GROUP 743 #8 ACTIVISION/BLIZZARD 692 #9 ET WHITEHALL (HOTELS) 568 #10 LIONSGATE ENTERTAINMENT 555

PAGE 12



The Investment Opportunity

Eleven multifamily properties

Santa Monica, California

PAGE 13



PAR Commercial Brokerage is proud to present the The Santa Monica Apartment Portfolio, a truly unrivaled opportunity to invest in a trophy multifamily portfoio in upscale Santa Monica, CA. The opportunity consists of eleven multifamily buildings which are all located in Santa Monica, one of the most desirable areas in not only the Los Angeles area but in all of Southern California. All properties are fully operational rental income proper-ties.

INVESTMENT HIGHLIGHTS

An unprecedented opportunity to own approximately 800 feet of frontage on San Vicente Boulevard

Portfolio took over 50 years to assemble

All buildings located a short distance to the beach and downtown Santa Monica

Demographics show Santa Monica as one of the most affl uent cities in the Los Angeles area with consistent demand for multifamily housing

PAGE 14



12345

6

1.) 150-156 San Vicente Boulevard2.) 212 San Vicente Boulevard3.) 220 San Vicente Boulevard4.) 234 San Vicente Boulevard

5.) 302-312 San Vicente Boulevard6.) 437-441 San Vicente Boulevard7.) 537 San Vicente Boulevard8.) 614-618 San Vicente Boulevard

PAGE 15

7

8

Ocean Avenue

4th Street7th St

reet

Montana Avenue

Th ird Street Promenade

Santa Monica Pier

Main Street

Wilshire Boulevard

San Vicente Boulevard



9

9.) 937-943 2nd Street10.) 817 4th Street

10

PAGE 16

Montana Avenue

Washington Avenue

4th Street2nd

Stre

et



11.) 1211 Berkely Street

PAGE 17

11Wilshire Boulevard

Centinela Avenue

Berkeley Street



220 SAN VICENTE BLVD

437-441 SAN VICENTE BLVD

PAGE 18

937-943 2ND STREET

150-156 SAN VICENTE BLVD 212 SAN VICENTE BLVD

234 SAN VICENTE BLVD 302-312 SAN VICENTE BLVD


817 4TH STREET 1211 BERKELEY STREET


1 2

4 5

7 8

10 11

3

6

9





937-943 2ND STREET






817 4TH STREET

1211 BERKELEY STREET


$43,000,000

$5,000,000

$9,000,000

$8,000,000

$6,000,000

$9,000,000

$9,000,000

$9,000,000

$13,000,000

$5,000,000

$16,000,000

Address Sale Prices

TOTAL PORTFOLIO PRICE: $132,000,000

PAGE 19

Portfolio Summary Pricing Analysis


PAR COMMERCIAL BROKERAGE PAGE 20

ADDRESS

150-156 SAN VICENTE BLVD212 SAN VICENTE BOULEVARD220 SAN VICENTE BOULEVARD234 SAN VICENTE BOULEVARD302-312 SAN VICENTE BOULEVARD437-441 SAN VICENTE BOULEVARD537 SAN VICENTE BOULEVARD614-618 SAN VICENTE BOULEVARD937-943 2ND STREET817 4TH STREET1211 BERKELEY STREET

UNITS

1611902020103320203014

CURRENT RENTS

$22,567.00$20,459.00

$170,403.00$30,003.00$27,754.00$18,015.00$58,660.00$29,687.00$29,886.00$52,302.00$20,517.00

TOTAL MONTHLY:

Rent Roll

Santa Monica Apartment Portfolio

Portfolio Summary

*Some rents include monthly $13.00 rent control registration fee pass through

MARKET RENTS

$44,000.00$30,500.00

$242,000.00$52,000.00$50,900.00$27,000.00$89,500.00$54,000.00$52,000.00$75,000.00$28,500.00

TOTAL ANNUAL:$745,400.00

$5,763,036.00 $8,944,800.00$480,253.00

TOTAL NUMBER OF UNITS: 284



2013

150-156 San Vicente Boulevard $141,797.00212 San Vicente Boulevard $100,958.00220 San Vicenete Boulevard $1,171,640.00234 San Vicente Boulevard $164,046.00302-312 San Vicente Boulevard $159,767.00437-441 San Vicente Boulevard $95,078.00537 San Vicente Boulevard $289,642.00614-618 San Vicente Boulevard $166,082.00937-943 2nd Street $151,250.00817 4th Street $252,095.001211 Berkeley Street $134,669.00

Total Expenses: $2,827,024.00


Income and Expense Analysis

Portfolio Summary

$480,253.00 $745,400.00$3,240.00 $3,240.00$483,493.00 $748,640.00$5,801,916.00 $8,983,680.00($174,057.48) ($269,510.40)

$5,627,858.52 $8,714,169.60

Total Scheduled Rent:Laundry Income (approx):

Monthly Scheduled Gross Income:Annual Scheduled Gross Income:

Vacancy Reserve (3%):

GROSS OPERATING INCOME:

INCOME

ANNUALIZED EXPENSES

CURRENT RENTS MARKET RENTS

PAGE 21




Pricing and Financial Analysis

Portfolio Summary

SUMMARY

Price:Down Payment:Number of Units:Cost per Unit:Current GRM:Market GRM:Current CAP:Market CAP:Year Built:Approx. Lot SF:Approx. SF:Cost per SF:Parking:

$132,000,000100%284 units$464,78822.9014.752.124.451937-1972217,041 SF277,801 SF$475.16270 spaces

ANNUALIZED OPERATING DATACurrent Rents

Annual Scheduled Gross Income:Less Vacancy Rate Reserve (3%):Gross Operating Income:Less Expenses:Net Operating Income:

$5,801,916.00($174,457.48)$5,627,858.52($2,827,024.00)$2,800,834.52

Market Rents$8,983,680.00($269,510.40)$8,714,169.60($2,827,024.00)$5,887,145.00

No. of Units

Bdrms/Baths

Approx. Sq.Ft.

Monthly Avg Rent/Unit

Monthly Income

CURRENT RENTSMonthly Rent/Unit

Monthly Income

284 N/A N/A $1,691.03 $480,253.00 $2,624.64 $745,400.00

SCHEDULED INCOME

MARKET RENTS

$480,253.00 $745,400.00$3,240.00 $3,240.00$483,493.00 $748,640.00$5,801,916.00 $8,983,680.00



PAGE 22



150-156 SAN VICENTE BOULEVARD

1

PAGE 23



Property Address: 150-156 San Vicente Blvd, Santa Monica, CA 90402Sale Price: $8,000,000Assessor’s Parcel Number: 4293-003-002Zoning: R-2Number of Units: 16 Units Number of Stories 2 StoriesYear Built: 1949Building Size (per assessor): 14,937 SFLot Size (per assessor): 21,798 SF Parking: 16 spaces on gradePool: NoElevator: NoFire Sprinklers: No

UTILITIES/SERVICES:Water: LandlordTrash: LandlordGas: Tenant Electrical: TenantWater Heater: Separate/TenantLaundry (washer/dryer): Landlord Owned/ 1 set.

CONSTRUCTION:Roof Comp – fl at.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: Stucco/WoodParking Surface: Concrete

150-

156

SAN

VIC

ENTE

BO

ULE

VAR

D

Property Profile

Overcliff Manor Apartments

PAGE 24



Parcel Map

150-156 San Vicente Boulevard

PAGE 25



ADDRESS

150 SAN VICENTE BLVD150 SAN VICENTE BLVD150 SAN VICENTE BLVD150 SAN VICENTE BLVD152 SAN VICENTE BLVD152 SAN VICENTE BLVD152 SAN VICENTE BLVD152 SAN VICENTE BLVD154 SAN VICENTE BLVD154 SAN VICENTE BLVD154 SAN VICENTE BLVD154 SAN VICENTE BLVD156 SAN VICENTE BLVD156 SAN VICENTE BLVD156 SAN VICENTE BLVD156 SAN VICENTE BLVD

UNIT

2468

101214161820222426283032

BEDROOMS

2211112222111122

BATHS

1111111111111111

CURRENTRENTS

$1,108 $1,942 $772

$1,700 $1,609 $1,693 $1,108 $2,127$2,300 $1,217 $1,800 $772

$1,609 $795

$1,020 $995

TOTAL MONTHLY:

Rent Roll

150-156 San Vicente Boulevard, Santa Monica, CA 90402

16 units

PAGE 26


MARKET RENTS

$3,000 $3,000 $2,500$2,500 $2,500 $2,500 $3,000 $3,000 $3,000 $3,000 $2,500 $2,500$2,500 $2,500$3,000 $3,000

TOTAL ANNUAL:$44,000

$270,804 $528,000 $22,567



2013Property taxes $100,000Insurance $5,059Rent Control Fees $2,799Business License $306Professional Svcs $300Pest Control $660Gardner Service $4,348 Repairs $8,869Misc. Supplies $2,645Misc. Labor $2,580Cleaning $2,000 Utilities Water/Trash $10,497Gas Company $287S.C. Edison $1,447

Total $141,797


Income and Expense Analysis

PAGE 27

$22,567 $44,000$180 $180$22,747 $44,180$272,964 $530,160($8,188.92) ($15,904.80)

$264,775.08 $514,255.20





INCOME

ANNUALIZED EXPENSES






SUMMARY


$8,000,000100%16 units$500,00029.5415.151.544.65194921,798 SF14,937$53516 spaces



$272,964($8,188.92)$264,775.08($141,797)$122,978.08

Market Rents$530,160($15,904.80)$514,255.20($141,797)$372,458.20

No. of Units

Bdrms/Baths

Approx. Sq.Ft.


Monthly Income


Monthly Income

88

1/12/1

N/AN/A

$1,343.75$1,477.12

$10,750$11,817

$2,500$3,000

$20,000$24,000

SCHEDULED INCOME

MARKET RENTS

$22,567 $44,000$180 $180$22,747 $44,180$272,964 $530,160



PAGE 28




PAGE 29






212 SAN VICENTE BOULEVARD

2

PAGE 31



Property Address: 212 San Vicente Blvd.,Santa Monica, CA 90402Sale Price: $6,000,000Assessor’s Parcel Number: 4293-003-004Zoning: R-2Number of Units: 11 Units Number of Stories 3 StoriesYear Built: 1937Building Size (per assessor): 12,580 SFLot Size (per assessor): 19,892 SF Parking: 10 spaces on gradePool: NoElevator: NoFire Sprinklers: No

UTILITIES/SERVICES:Water: LandlordTrash: LandlordGas: Tenant Electrical: TenantWater Heater: Main/LandlordLaundry (washer/dryer): Landlord Owned/ 1 set.

CONSTRUCTION:Roof Comp. Pitched & fl at roof.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: StuccoParking Surface: Concrete

212

SAN

VIC

ENTE

BO

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PAGE 32

Property Profile

Anderson Apartments



Parcel Map

212 San Vicente Boulevard

PAGE 33



ADDRESS

212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD212 SAN VICENTE BLVD

UNIT

ABCDEFGHIJK

BEDROOMS

22111111113

BATHS

1111111111

1.75

PAGE 34

Rent Roll

212 San Vicente Boulevard, Santa Monica, CA 90402

11 Units

TOTAL MONTHLY: $20,459

*Some rents include monthly $13.00 rent control registration fee pass throughTOTAL ANNUAL:

$30,500$245,508 $366,000

CURRENTRENTS

$1,194$2,495$1,192$2,000$1,043$2,500 (vacant projected)$1,050$2,000$1,190$1,895$3,900

MARKET RENTS

$3,000 $3,000 $2,500$2,500 $2,500 $2,500 $2,500 $2,500$2,500 $2,500 $4,500



2013Property taxes $75,000 Insurance $5,121Rent Control Fees $1,920Business License $194Professional Svcs $760Gardner Service $3,600Repairs $2,482Misc. Supplies $1,200Cleaning $1,200

Utilities Water/Trash $5,522Gas Company $3,195S.C. Edison $764

Total $100,958


Income and Expense analysis

PAGE 35

$20,459 $30,500$180 $180$20,639 $30,680$247,668 $368,160($7,430.04) ($11,044.80)

$240,237.96 $357,115.20





INCOME

ANNUALIZED EXPENSES






SUMMARY

$6,000,000100%11 units$545,454.5424.4316.392.324.26193719,892 SF12,580$476.9410 spaces



$247,668($7,430.04)$240,237.96($100,958)$139,279.96

Market Rents

$368,180($11,048.80)$357,115.20($100,958)$256,157.20

Approx. Sq.Ft.


Monthly Income


Monthly Income

N/AN/AN/A

$1,608.75$1,844.50$3,900.00

$12,870$3,689$3,900

$2,500$3,000$4,500

$20,000$6,000$4,500

SCHEDULED INCOME

MARKET RENTS


No. of Units

Bdrms/Baths

821

1/12/13/1.75

$20,459 $30,500$180 $180$20,639 $30,680$247,668 $368,160



PAGE 36




PAGE 37




3

PAGE 38



Property Address: 220 San Vicente Blvd., Santa Monica, CA 90402Sale Price: $43,000,000Assessor’s Parcel Number: 4293-003-005Zoning: R-2Number of Units: 90 Units Number of Stories 7 StoriesYear Built: 1972Building Size (per assessor): 92,957 SFLot Size (per assessor): 24,151 SF Parking: 98 spaces. SubterraneanPool: YesElevator: Yes (2)Fire Sprinklers: Yes

UTILITIES/SERVICES:Water: LandlordTrash: LandlordGas: None all electric in units Electrical: TenantWater Heater: Main Boiler/LandlordLaundry (washer/dryer): Landlord Owned/ 4 sets.

CONSTRUCTION:Roof Comp. FlatPlumbing: Copper (buyer to verify)Foundation ConcreteFraming: Wood/SteelExterior: StuccoParking Surface: Concrete

220

SAN

VIC

ENTE

BO

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VAR

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PAGE 39

Property Profile

San Vicente Towers



Parcel Map




ADDRESS

220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD220 SAN VICENTE BLVD

UNIT

201202203204205206207208209210211212213214 (vacant)215216301(vacant)302303304305306307308309310311312313314

BEDROOMS

1+den11111111111

1+den112

1+den11111111111

1+den1

BATHS

11.51

1.51.51.51.51.51.51.51.51

1.751

1.51.751.751.51

1.51.51.51.51.51.51.51.51

1.751

CURRENTRENTS

$1,000 (manager)$1,700 $1,136 $1,800 $1,617 $1,148 $1,727 $1,631 $1,645 $1,650 $1,750 $1,563 $1,676 $2,500 (vacant projected)$1,746 $2,047 $2,750 (vacant projected)$1,727 $1,719 $1,340 $1,667 $1,900 $1,750 $1,800 $1,642 $1,727 $1,857 $1,447 $1,616 $1,800

PAGE 41

Rent Roll


90 Units

MARKET RENTS

$2,750 $2,500 $2,500$2,500 $2,500 $2,500 $2,500 $2,500$2,500 $2,500 $2,500$2,500$2,750$2,500$2,500$3,000$2,750$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,750$2,500



ADDRESS


UNIT

315316401402403404405406 (vacant)407408409410411412 (vacant)413414415416501502503504505506507508509510511512

BEDROOMS

12

1+den11111111111

1+den112

1+den11111111111

BATHS

1.51.751.751.51

1.51.51.51.51.51.51.51.51

1.751

1.51.751.751.51

1.51.51.51.51.51.51.51.51

CURRENTRENTS

$1,873 $2,070 $2,200 $1,795 $1,800 $1,480 $1,976 $2,500 (vacant projected) $1,800 $1,830 $1,827 $1,148 $1,715 $2,500 (vacant projected) $2,227 $1,900 $1,328 $2,127 $1,800 $2,234 $1,770 $2,227 $1,922 $1,207$2,100 $1,377 $1,173$2,027 $1,334 $2,500

Rent Roll

220 San Vicente Boulevard, Santa MOnica, CA 90402

90 units

MARKET RENTS

$2,500 $3,000 $2,750$2,500 $2,500 $2,500 $2,500 $2,500$2,500 $2,500 $2,500$2,500$2,500$2,500$2,750$2,500$2,500$3,000$2,750$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500$2,500

PAGE 42


PAR COMMERCIAL BROKERAGE*Some rents include monthly $13.00 rent control registration fee pass through

ADDRESS


UNIT

513514515516 (vacant)601602603604605606607608609610611612613614615616PH 101PH 102PH 103PH 104PH 105PH 106PH 107PH 108PH 109PH 110

BEDROOMS

1+den112

1+den11111111111

1+den1123322222233

BATHS

1.751

1.51.751.751.51

1.51.51.51.51.51.51.51.51

1.751

1.51.751.752.51.51.51.51.51.51.5

1.751.75

CURRENT RENTS

$2,127 $1,220 $1,955 $3,000 (vacant projected)$2,475 $2,127 $2,008 $1,900 $2,195 $1,220 $1,770 $1,305 $2,200 $2,345 $1,234 $1,160 $2,121 $1,919 $1,910 $2,100 $2,754 $4,000 $1,764 $1,839 $1,839 $1,839 $2,500 $2,993 $3,619 $2,120

Rent Roll


90 Units

MARKET RENTS

$2,750 $2,500 $2,500$3,000 $2,750 $2,500 $2,500 $2,500$2,500 $2,500 $2,500$2,500$2,500$2,500$2,500$2,500$2,750$2,500$2,500$3,000$4,000$4,000$3,500$3,500$3,500$3,500$3,500$3,500$4,000$4,000

TOTAL MONTHLY: $170,403TOTAL ANNUAL:

$242,000$2,044,836 $2,904,000

PAGE 43



2013Property Tax $537,500Franchise Tax Board $6,800Fire equip/service $9,013 Elevator $6,410Insurance $23,148Rent Control Fees $15,396Workmans Comp $19,625 Business License $2,073CPA $975Wages Maintenance crew $133,760 Management $43,770Total Wages $177,530

PAGE 44



$170,403 $242,000$720 $720$171,123 $242,720$2,053,478 $2,912,640($61,604.34) ($87,379.20)

$1,991,873.66 $2,825,260.80





INCOME

ANNUALIZED EXPENSES


Misc contract labor $72,266Legal/Professional Svcs $1,503Payroll Svcs $15,744Pool Service $1,764Pest Control $650Gardner Service $2,400 Repairs $52,072Offi ce Supplies $3,210Phone/internet/wireless $11,177Carpet/blinds $31,916Appliances $4,864Answering Service $5,645Utilities $89,718Supplies/Maint. $80,241

TOTAL : $1,171,640





SUMMARY

$43,000,000.00100%90$477,778.0021.0314.801.903.84197224,15192,957$462.5898



Market Rents

Approx. Sq.Ft.


Monthly Income


Monthly Income

SCHEDULED INCOME

MARKET RENTS


No. of Units

Bdrms/Baths

$2,053,476.00($61,604.28)$1,991,871.72($1,171,640.00)$820,231.72

$2,912,640.00($87,379.20)$2,825,260.80($1,171,640.00)$1,653,620.80

6510564

1+1.5/1.751+Den/1.752+1.75PH2+1.75PH3+1.75/.25

N/AN/AN/AN/AN/A

$1,745.20$2,035.40$2,268.80$2,129.00$3,123.25

$113,438.00$20,354.00$11,344.00$12,774.00$12,493.00

$2,500.00$2,750.00$3,000.00$3,500.00$4,000.00

$162,500.00$27,500.00$15,000.00$21,000.00$16,000.00

$170,403 $242,000$720 $720$171,123 $242,720$2,053,476 $2,912,640



PAGE 45













4

PAGE 49



Property Address: 234 San Vicente Blvd., Santa Monica, CA 90402 Sale Price: $9,000,000Assessor’s Parcel Number: 4293-003-006Zoning: R-2Number of Units: 20 Units Number of Stories 2 StoriesYear Built: 1953Building Size (per assessor): 15,030 SFLot Size (per assessor): 22,162 SF Parking: 16 spaces on gradePool: YesElevator: NoFire Sprinklers: No


CONSTRUCTION:Roof Comp. Flat.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: StuccoParking Surface: Asphalt/Concrete

234

SAN

VIC

ENTE

BO

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PAGE 50

Property Profile

Villa Vicente



Plat map




ADDRESS

234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD234 SAN VICENTE BLVD

UNIT

123456789

1011121415161718192021

BEDROOMS

11112211111111221111

BATHS

1111

1.751.75

11111111

1.751.75

1111

CURRENT RENT

$1,114 - section 8*$1,600$1,700 $1,700$2,063 $1,204 $913 $1,598 $1,525 $1,609 $2,000 $883 $1,575 $1,335 $2,125 $1,300 $1,913 $918 $1,028 $1,900

PAGE 52

Rent Roll


20 units




$360,036 $624,000

MARKET RENTS

$2,500 $2,500 $2,500$2,500 $3,000 $3,000 $2,500 $2,500$2,500 $2,500 $2,500 $2,500$2,500$2,500$3,000$3,000$2,500$2,500$2,500$2,500

*234 San Vicente #1 is Section 8 housing. City pays $767 and tenant pays $347)



2013Property taxes $112,500Insurance $5,730Rent Control Fees $3,149Business License $400Professional Svcs $2,163Pool $2,194Gardner Service $3,150 Repairs $6,581Misc. Supplies $4,463Misc. Labor $8,566Cleaning $2,400

Utilities Water/Trash $8,829Gas Company $1,734S.C. Edison $2,187

Total $164,046

No vacancies, Pool area redone 2010, roof 2011

PAGE 53



$30,003 $52,000$180 $180$30,183 $52,180$362,196 $626,160($10,865.88) ($18,784.80)

$351,330.12 $607,375.20





INCOME

ANNUALIZED EXPENSES






SUMMARY

$9,000,000100%20$450,000.0024.9914.422.084.92195322,16215,030$598.8016



Approx. Sq.Ft.


Monthly Income


Monthly Income

SCHEDULED INCOME

MARKET RENTS


No. of Units

Bdrms/Baths

$362,196($10,865.88)$351,330.12($164,046)$187,284.12

164

1+12+1.75

N/AN/A

$1,456.93$1,673.00

$23,311$6,692

$2,500$3,000

$40,000$12,000

Market Rents

$626,160($18,784.80)$607,375.20($164,046)$443,329.20

$30,003 $52,000$180 $180$30,183 $52,180$362,196 $626,160



PAGE 54




PAGE 55




5

PAGE 56



Property Address: 302-312 San Vicente Blvd., Santa Monica, CA 90402Sale Price: $9,00,000Assessor’s Parcel Number: 4293-003-007Zoning: R-2Number of Units: 20 Units Number of Stories 3 StoriesYear Built: 1955Building Size (per assessor): 17,413 SFLot Size (per assessor): 22,269 SF Parking: 16 spaces on grade Pool: NoElevator: NoFire Sprinklers: No


CONSTRUCTION:Roof Comp. Pitched.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: Stucco/WoodParking Surface: Asphalt/Concrete

302-

312

SAN

VIC

ENTE

BO

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VAR

D

PAGE 57

Property Profile

Nida Apartments



Parcel Map




ADDRESS


UNIT

12341234

5(PH)1234123412

BEDROOMS

21111101220101111122

BATHS

1.511111111

1.751111111111

CURRENTRENT

$1,124 $909 $1,715 $1,693 $1,480$840 $886 $909 $2,027 $2,855 $673 $1,850 $762 $1,018 $909 $1,751 $821 $812 $2,020 $2,700

PAGE 59

Rent Roll


20 units




$333,048 $610,800

MARKET RENTS

$3,000 $2,500 $2,500$2,500 $2,500 $2,500 $1,800 $2,500$3,000 $3,500 $1,800 $2,500$1,800$2,500$2,500$2,500$2,500$2,500$3,000$3,000

PH=Penthouse



2013Property Taxes $112,500Insurance $8,533Rent Control Fees $3,499 Business License $268Professional Svcs $300Pest Control $612Gardner Service $2,400 Repairs $6,776Misc. Supplies $7,206 Misc. Labor $5,077Cleaning $2,500

Utilities Water/Trash $8,452Gas Company $1,091S.C. Edison $557

Total $159,767


Income And Expense Analysis

$27,754 $50,900$180 $180$27,934 $51,080$335,208 $612,960($10,056.24) ($18,388.80)

$325,151.76 $594,571.20





INCOME

ANNUALIZED EXPENSES


PAGE 60





SUMMARY

$9,000,000.00100%20$450,000.0027.0214.731.844.83195522,26917,413$516.8516


Annual Scheduled Gross Income:Less Vacancy Rate Reserve (3%) :Gross Operating Income:Less Expenses:Net Operating Income:

Approx. Sq.Ft.


Monthly Income


Monthly Income

SCHEDULED INCOME

MARKET RENTS


No. of Units

Bdrms/Baths

Market Rents

$335,208.00($10,056.24)$325,151.76($159,767.00)$165,384.76

$612,960.00($18,388.80)$594,571.20($159,767.00)$434,804.20

31241

0+11+12+1/1.52+1.75

N/AN/AN/AN/A

$773.66$1,225.58$1,967.75$2,855.00

$2,321.00$14,707.00$7,871.00$2,855.00

$1,800.00$2,500.00$3,000.00$3,500.00

$5,400.00$30,000.00$12,000.00$3,500.00

$27,754 $50,900$180 $180$27,934 $51,080$335,208 $612,960



PAGE 61







6

PAGE 63



Property Address: 437-441 San Vicente Blvd., Santa Monica, CA 90402Sale Price: $5,000,000 Assessor’s Parcel Number: 4293-001-024Zoning: R-2Number of Units: 10 Units Number of Stories 2 StoriesYear Built: 1948Building Size (per assessor): 10,955 SFLot Size (per assessor): 14,485 SF Parking: 8 spaces Pool: NoElevator: NoFire Sprinklers: No


CONSTRUCTION:Roof Comp. Pitched.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: StuccoParking Surface: Asphalt/Concrete

437-

441

SAN

VIC

ENTE

BO

ULE

VAR

D

PAGE 64

Property Profile

Marianna Apartments



Parcel Map




ADDRESS

437 SAN VICENTE BLVD437 SAN VICENTE BLVD437 SAN VICENTE BLVD437 SAN VICENTE BLVD439 SAN VICENTE BLVD439 SAN VICENTE BLVD439 SAN VICENTE BLVD439 SAN VICENTE BLVD441 SAN VICENTE BLVD441 SAN VICENTE BLVD

UNIT

ABCDABCDAB

BEDROOMS

2121111122

BATHS

1111111111

CURRENTRENTS

$1,118$892 $1,242 $1,860 $2,500 (vacant projected)$1,852 $1,686 $2,500 (vacant projected)$2,182 $2,183

PAGE 66

Rent Roll


10 units




$216,180 $324,000

MARKET RENTS

$3,000 $2,500 $3,000$2,500 $2,500 $2,500 $2,500 $2,500$3,000 $3,000



2013Property Taxes $62,500Insurance $3,422Rent Control Fees $1,747Business License $122Professional Svcs $213Gardner Service $2,400Repairs $3,504Misc. Supplies $3,358Misc. Labor $7,415Cleaning $2,000

Utilities Water/Trash $6,622Gas Company $558S.C. Edison $1,217

Total $95,078

PAGE 67



$18,015 $27,000$180 $180$18,195 $27,180$218,340 $326,160($6,550.20) ($9,784.80)

$211,789.80 $316,375.20





INCOME

ANNUALIZED EXPENSES






SUMMARY

$5,000,000.00100%10$500,000.0023.1215.432.334.42194814,48510,955$456.418



Approx. Sq.Ft.


Monthly Income

CURRENT RENTS

Monthly Rent/Unit

Monthly Income

SCHEDULED INCOMEMARKET RENTS


No. of Units

Bdrms/Baths

Market Rents

$218,340.00($6,550.20)$211,789.80($95,078.00)$116,711.80

$326,160.00($9,784.80)$316,375.20($95,078.00)$221,297.20

64

1+12+1

N/AN/A

$1,881.66$1,681.25

$11,290.00$6,725.00

$2,500.00$3,000.00

$15,000.00$12,000.00

$18,015 $27,000$180 $180$18,195 $27,180$218,340 $326,160



PAGE 68




PAGE 69




7

PAGE 70



Property Address: 537 San Vicente Blvd., Santa Monica, CA 90402Sale Price: $16,000,000Assessor’s Parcel Number: 4293-001-018Zoning: R-2Number of Units: 33 Units Number of Stories 3 StoriesYear Built: 1957Building Size (per assessor): 40,412 SFLot Size (per assessor): 22,150 SF Parking: 33 spaces subterraneanPool: YesElevator: YesFire Sprinklers: In garage only

UTILITIES/SERVICES:Water: LandlordTrash: LandlordGas: Tenant Electrical: TenantWater Heater: Main boiler/LandlordLaundry (washer/dryer): Landlord Owned/ 2 set.

CONSTRUCTION:Roof Comp. Flat.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: StuccoParking Surface: Concrete

537

SAN

VIC

ENTE

BO

ULE

VAR

D

PAGE 71

Property Profile

Chanteclair Apartments



Parcel Map




ADDRESS

537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD537 SAN VICENTE BLVD

UNIT

101102103104105106107108109110111201202203204205206207208209210211301302303304305306307308309310311

BEDROOMS

121111121222211111212222111112122

BATHS

121111121222221111212222111112122

CURRENTRENTS

$1,700 $2,273 $1,609 $1,198 $1,695 $1,900 $0 (manager)$2,148 $1,500 $2,400 $2,227 $2,578 $2,464 $1,727 $1,754 $1,626 $986 $1,693 $2,388 $1,609 $2,068 $1,727 $2,015 $3,000 (vacant projected) $1,175 $1,107 $1,101 $2,017 $1,252 $2,388 $1,741 $2,275 $1,319

PAGE 73

Rent Roll


33 unitsMARKET

RENTS

$2,500 $3,000 $2,500 $2,500 $2,500$2,500 $2,500 $3,000 $2,500 $3,000$3,000 $3,000 $3,000 $2,500 $2,500$2,500 $2,500 $2,500 $3,000 $2,500$3,000 $3,000 $3,000 $3,000 $2,500$2,500 $2,500 $2,500 $2,500 $3,000$2,500$3,000$3,000



$89,500$703,920 $1,074,000



2013Property Taxes $200,000Insurance $16,314FTB $3,300Phone $848Pest Control $793Elevator $2,210Pool $1,884Professional Svcs $2,327Landscape $3,012Appliances $1,398Bus Licence $783Rent Control $5,958Supplies $4,800Repairs $13,225

UtilitiesWater $20,348Electric $6,415Gas $6,027

Total $289,642



$58,660 $89,500$360 $360$59,020 $89,860$708,240 $1,078,320($21,247.20) ($32,349.60)

$686,992.80 $1,045,970.40





INCOME

ANNUALIZED EXPENSES


PAGE 74





SUMMARY

$16,000,000.00100%33$484,84822.7214.892.484.72195722,15040,412$395.9233



Approx. Sq.Ft.


Monthly Income

CURRENT RENTS

Monthly Rent/Unit

Monthly Income



No. of Units

Bdrms/Baths

Market Rents

$708,240.00($21,247.20)$686,992.80($289,642.00)$397,350.80

$1,078,320.00($32,349.60)$1,045,970.40($289,642.00)$756,328.40

1914

1+12+2

N/AN/A

$1,441.57$2,233.57

$27,390.00$31,270.00

$2,500.00$3,000.00

$42,000.00$47,500.00

$58,660 $89,500$360 $360$59,020 $89,860$708,240 $1,078,320



PAGE 75







8

PAGE 77



Property Address: 614-618 San Vicente Blvd., Santa Monica, CA 90402Sale Price: $9,000,000Assessor’s Parcel Number: 4293-004-013Zoning: R-2Number of Units: 20 Units Number of Stories 2 StoriesYear Built: 1948Building Size (per assessor): 16,916 SFLot Size (per assessor): 23,818 SF Parking: 16 spaces on gradePool: NoElevator: NoFire Sprinklers: No


CONSTRUCTION:Roof Comp. Pitched.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: StuccoParking Surface: Concrete

614-

618

SAN

VIC

ENTE

BO

ULE

VAR

D

PAGE 78

Property Profile

Sunshine Garden



Parcel Map




ADDRESS


UNIT

ABCDEF GHABCDABCDEFGH

BEDROOMS

21211111222221211111

BATHS

11111111111111111111

CURRENTRENTS

$2,047 $1,693 $2,161 $1,074 $961 $2,500 (Projected, Vacant 11-20-14)$849 $1,233 $1,175 $1,175 $3,000 (vacant projected) $1,175 $1,727 $954 $1,094 $1,460 $875 $1,013 $1,021 $2,500 (vacant projected)

PAGE 80

Rent Roll


20 units

MARKETRENTS

$3,000 $2,500 $3,000 $2,500 $2,500$2,500 $2,500 $2,500 $3,000 $3,000$3,000 $3,000 $3,000 $2,500 $3,000$2,500 $2,500 $2,500 $2,500 $2,500



$54,000$356,244 $648,000



2013Property Taxes $112,500Insurance $6,388Rent Control Fees $3,499Business License $376Professional Svcs $300Gardner Service $3,868 Repairs $11,525Misc. Supplies $3,359Misc. Labor $5,800Cleaning $2,400

Utilities Water/Trash $14,034Gas Company $524S.C. Edison $1,509

Total $166,082

PAGE 81







INCOME

ANNUALIZED EXPENSES

CURRENT RENTS MARKET RENTS$29,687.00 $54,000.00$360.00 $360.00$30,047.00 $54,360.00$360,564.00 $652,320.00($10,816.92) ($19,568.60)

$349,747.08 $632,750.40





SUMMARY

$9,000,000.00100%20$450,000.0025.2613.882.045.18194823,81816,916$532.0416

ANNUALIZED OPERATING DATA

Current RentsAnnual Scheduled Gross Income:Less Vacancy Rate Reserve (3%):Gross Operating Income:Less Expenses:Net Operating Income:

Approx. Sq.Ft.


Monthly Income

CURRENT RENTS

Monthly Rent/Unit

Monthly Income



No. of Units

Bdrms/Baths

Market Rents

$360,564.00($10,816.92)$349,747.08($166,082.00)$183,665.08

$652,320.00($19,569.60)$632,750.40($166,082.00)$466,668.40

128

1+12+1

N/AN/A

$1,344.41 $1,694.25

$16,133.00$13,554.00

$2,500.00$3,000.00

$30,000.00$24,000.00



$29,687.00 $54,000.00$360.00 $360.00$30,047.00 $54,360.00$360,564.00 $652,320.00

PAGE 82




PAGE 83



937-943 2ND STREET

9

PAGE 84



Property Address: 937 -943 2nd Street, Santa Monica, CA 90403Sale Price: $9,000,000Assessor’s Parcel Number: 4292-023-013 and 4292-023-012 (not lot tied)Zoning: R-3 NWNumber of Units: 20 Units (10 units each building)Number of Stories 2 StoriesYear Built: 1955Building Size (per assessor): 14,544 SF (7,272 SF each)Lot Size (per assessor): 15,017 SF (7,516 SF/7,501 SF) Parking: 16 spaces Pool: NoElevator: NoFire Sprinklers: No


CONSTRUCTION:Roof Comp. Pitched.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: Stucco

937-

943

2ND

STR

EET

PAGE 85

Property Profile

Ruta Gardens Apartment



Parcel Map

937-943 2nd Street



ADDRESS

937 2ND ST937 2ND ST937 2ND ST937 2ND ST937 2ND ST937 2ND ST937 2ND ST937 2ND ST937 2ND ST937 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST943 2ND ST

UNIT

123456789

10123456789

10

BEDROOMS

11112111121111211112

BATHS

11111111111111111111

CURRENT RENTS

$1,626 $1,663 $1,033 $1,676 $1,123 $868 $949 $1,727 $1,868 $2,327 $1,535 $1,777 $1,626 $1,750 $1,123 $1,819 $1,777 $786 $1,800 $1,033

PAGE 87

Rent Roll

937-943 2nd Street, Santa Monica, CA 90402

20 units

MARKETRENTS

$2,500 $2,500$2,500 $2,500 $3,000 $2,500 $2,500$2,500 $2,500 $3,000 $2,500 $2,500$2,500 $2,500 $3,000 $2,500 $2,500 $2,500 $2,500$3,000



$52,000$358,632 $624,000



2013Property Taxes $112,500Insurance $6,010Rent Control Fees $3,325Business License $372Professional Svcs $1,343Pest Control $792Gardner Service $2,400 Repairs $6,211Misc. Supplies $2,964Misc. Labor $3,378Cleaning $2,400

Utilities Water/Trash $8,720Gas Company $314S.C. Edison $521

Total $151,250

937-943 2nd Street






INCOME

ANNUALIZED EXPENSES


$352,063.44 $609,470.40

New windows, ext doors, garage doors, paving stone driveways and gutters, ext paint in 2011-2012

PAGE 88



937-943 2nd Street


SUMMARY

$9,000,000.00100%20$450,000.0025.0914.422.235.09195515,01714,544$618.8116



Approx. Sq.Ft.


Monthly Income

CURRENT RENTS

Monthly Rent/Unit

Monthly Income



No. of Units

Bdrms/Baths

Market Rents$362,952.00($10,888.56)$352,063.44($151,250.00)$200,813.44

$628,320.00($18,849.60)$609,470.40($151,250.00)$458,220.40

164

1+1 2+1

N/AN/A

$1,517.00 $1,401.50

$24,280.00$5,606.00

$2,500.00$3,000.00

$40,000.00$12,000.00



$29,886.00 $52,000.00$360.00 $360.00$30,246.00 $52,360.00$362,952.00 $628,320.00

PAGE 89



937-943 2nd Street



817 4TH STREET

10

PAGE 91



Property Address: 817 4th Street Street, Santa Monica, CA 90403Sale Price: $13,000,000Assessor’s Parcel Number: 4292-018-025 Zoning: R-3 NWNumber of Units: 30 UnitsNumber of Stories 3 StoriesYear Built: 1969Building Size (per assessor): 30,486 SFLot Size (per assessor): 15,012 SFParking: 30 spaces on grade Pool: YesElevator: YesFire Sprinklers: No

UTILITIES/SERVICES:Water: LandlordTrash: LandlordGas: No gas for Tenant – all electric appliances and heat Electrical: TenantWater Heater: Boiler/LandlordLaundry (washer/dryer): Landlord Owned/ 2 set.

CONSTRUCTION:Roof Comp. FlatPlumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: StuccoParking Surface: Concrete

817

4TH

STR

EET

PAGE 92

Property Profile

Villa Alexander



Parcel Map

817 4th Street



ADDRESS

817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST817 4TH ST

UNIT

101102103104105106107108201202203204205206207208209210211301302303304305306307308309310311

BEDROOMS

111111111111111111111111111111

BATHS

1.51.51

1.51.51.51.5

1.751.51.511111

1.51.51.5

1.751.51.511111

1.51.51.5

1.75

CURRENT RENTS

$2,027 $1,294$2,500 (vacant projected)$1,099 $1,614 $1,741 MGR $1,364 $2,500 (vacant projected)$1,818 $1,616$2,500 (vacant projected)$1,627 $1,700 $1,577 $2,500 (vacant projected)$1,642 $1,667 $2,200 $2,500 (vacant projected)$1,741 $1,744 $961$1,045 $1,744 $1,667 $2,500 (vacant projected)$1,738 $1,642 $2,034

PAGE 94

Rent Roll

817 4th Street, Santa Monica, CA 90402

30 units

MARKET RENTS

$2,500 $2,500$2,500 $2,500 $2,500 $2,500$2,500 $2,500 $2,500 $2,500$2,500 $2,500 $2,500 $2,500$2,500 $2,500$2,500 $2,500$2,500 $2,500$2,500 $2,500$2,500 $2,500$2,500 $2,500$2,500 $2,500



$75,000$627,624 $900,000



2013Property taxes $162,500Insurance $18,192Rent Control Fees $5,249Business License $594Professional Svcs $1,973Pest Control $600Pool Service $1,345Gardner Service $2,400Repairs $12,878Misc. Supplies $10,505Misc. Labor $4,281Cleaning $2,750Elevator $2,464

Utilities Water/Trash $17,109Gas Company $2,793S.C. Edison $5,493Phone $969

Total $252,095

PAGE 95

817 4th Street






INCOME

ANNUALIZED EXPENSES


$612,985.68 $877,190.40



817 4th Street


SUMMARY

$13,000,000.00100%30$433,334.0020.7114.442.784.8196915,01230,486$426.4230



Approx. Sq.Ft.


Monthly Income

CURRENT RENTS

Monthly Rent/Unit

Monthly Income



No. of Units

Bdrms/Baths

Market Rents$631,944.00($18,958.32)$612,985.68($252,095.00)$360,890.68

$904,320.00($27,129.60)$877,190.40($252,095.00)$625,095.40

11163

1+1 1+1.51+1.75

N/AN/AN/A

$1,698.27 $1,751.43$1,866.00

$18,681.00$28,023.00$5,598.00

$2,500.00$2,500.00$2,500.00

$27,500.00$40,000.00$7,500.00



$52,302.00 $75,000.00$360.00 $360.00$52,662.00 $75,360.00$631,944.00 $904,320.00

PAGE 96



817 4th Street

PAGE 97



1211 BERKELY STREET

11

PAGE 98



Property Address: 1211 Berkley Street, Santa Monica, CA 90404Sale Price: $5,000,000Assessor’s Parcel Number: 4267-002-015Zoning: R-2Number of Units: 14 UnitsNumber of Stories 2 StoriesYear Built: 1948Building Size (per assessor): 11,571 SFLot Size (per assessor): 16,287 SFParking: 11 spaces Pool: NoElevator: NoFire Sprinklers: No

UTILITIES/SERVICES:Water: LandlordTrash: LandlordGas: TenantElectrical: TenantWater Heater: Separate/TenantLaundry (washer/dryer): Landlord Owned/ 1 set.

CONSTRUCTION:Roof Comp. Pitched.Plumbing: Copper (buyer to verify)Foundation ConcreteFraming: WoodExterior: Stucco/WoodParking Surface: Asphault/Concrete

1211

BER

KEL

Y S

TREE

T

PAGE 99

Property Profile

Amber Apartments



Parcel Map

1211 Berkeley Street



ADDRESS

1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST1211 BERKELEY ST

UNIT

123456789

1011121314

BEDROOMS

22111111222222

BATHS

11111111111111

CURRENT RENTS

$1,452 $913 $1,450 $1,650 $778 $1,529 $1,419 $1,498 $1,561 $933 $1,727 $1,850 $1,966 $1,791

PAGE 101

Rent Roll

1211 Berkeley Street, Santa Monica, CA 90404

14 units

MARKET RENTS

$2,250 $2,250$1,750$1,750$1,750$1,750$1,750$1,750$2,250$2,250$2,250$2,250$2,250$2,250


*Some rents include monthly $13.00 rent control registration fee pass through*New windows 2013


$246,204 $342,000



2013Property Taxes $62,500Insurance $5,354Rent Control Fees $2,449Business License $268Professional Svcs $520Pest Control $600Gardner Service $2,400Repairs $39,212Misc. Supplies $4,275Misc. Labor $5,258Cleaning $2,750

Utilities Water/Trash $8,392Gas Company $289S.C. Edison $402

Total $134,669







INCOME

ANNUALIZED EXPENSES


$240,913.08 $333,835.20

PAGE 102





SUMMARY

$5,000,000.00100%14$357,14220.3014.612.124.0194816,28711,571$432.1111



Approx. Sq.Ft.


Monthly Income

CURRENT RENTS

Monthly Rent/Unit

Monthly Income



No. of Units

Bdrms/Baths

Market Rents$248,364.00($7,450.92)$240,913.08($134,669.00)$106,244.08

$344,160.00($10,324.80)$333,835.20($134,669.00)$199,166.20

68

1+1 2+1

N/AN/A

$1,387.33 $1,524.12

$8,324.00$12,193.00

$1,750.00$2,250.00

$10,500.00$18,000.00



$20,517.00 $28,500.00$180.00 $180.00$20,697.00 $28,680.00$248,364.00 $344,160.00

PAGE 103




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