VALUE ADD OPPORTUNITY IN PRIME HOLLYWOOD LOCATION … · € |€ EXCLUSIVE MULTIFAMILY OFFERING a...

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750-760 Lillian Way

Los Angeles, CA 90038

For Real-Time Property Information go to:

LillianWay.BerkadiaREA.com

32 Units $7,100,000 |

VALUE ADD OPPORTUNITY IN PRIME HOLLYWOOD LOCATION

| EXCLUSIVE MULTIFAMILY OFFERING a Berkshire Hathaway and Jefferies Financial Group company


ALLAN FREEDMAN | Managing Director | 310.209.3243 | [email protected]

FINANCING

MIKE SMITHSenior [email protected] BRE License #01460413

JIM FISHERManaging [email protected] BRE License #00693978

COLBY SMITHAssociate [email protected] BRE License #02068406

INVESTMENT ADVISORS

Trendy Hollywood location near the corner of Melrose and Vine.

Walk Score of 91 - Within minutes of Shopping, Parks andRestaurants on Melrose Ave.

Two Properties 760 Lillian Way (24 Units) and 750 Lillian Way(8 Units)

Major upside in Rent (Approximately 50%).

Controlled Gated Access and onsite Laundry facilities.

Potential Redevelopment Opportunity

For Real-Time Property Information visit:


PROPERTY HIGHLIGHTS


Comparable Properties 16

Financials 32

Market Area Information 34

Investment Highlights 5

Property Highlights 7

The Property 8

Location Description 10

TABLE OF CONTENTS



Less than a 15 Minute Drive from some of the world's largest entertainment. and employment hubs located in West Hollywood, Downtown LA, and Beverly Hills.

Approximately 50% upside in current rents.

Combined 18,652 sf of C2 zoned land.

Potential for future redevelopment.

Great mix of bachelor, single and one bedroom units.

"Pride of Ownership" Property with gorgeous courtyard and landscaping.

Property has been well maintained with a new roof and recent paint job.

INVESTMENT HIGHLIGHTS

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PROPERTY HIGHLIGHTS

Air Conditioning

Heating

Hardwood Flooring

Secured Access

On-Site Parking

Efficient Rents

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THE PROPERTY


750 and 760 Lillian Way are two well maintained rent-controlled apartments in prime Hollywood, CA. The buildings are

comprised of 8 and 24 units respectively and offer tenants a unit mix of bachelor, studios, large studios, and one-bedroom

units. 750 Lillian Way consists of 8 One Bedroom units approximately 565 sq. ft. and 760 Lillian Way consists of 7 bachelor

and 17 studio units averaging 370 sq. ft.

Both buildings have recently undergone exterior renovations such as painting and additional landscaping. In addition, the

roof is in good condition. 750 and 760 Lillian Way are within walking distance to major studios, the famous intersection of

Hollywood and Vine, and nearby Larchmont Village. The properties reside in an extremely strong rental market with

Hollywood experiencing a 7.4% rent growth within the last year as well as a vacancy rate of 2.6%.

PROPERTY DESCRIPTION

Units: 32

Year Built: 1952

Total SF: 13,250

Parcel Number(s): 5533-031-005,

5533-031-004

PROPERTY SUMMARY

UNITS TYPE SF CURRENT RENTS RENT / SF7 0/1.00 340 $1,057 $3.1115 0/1.00 350 $1,151 $3.292 0/1.00 550 $1,429 $2.608 1/1.00 565 $1,336 $2.3632 414 $1,194 $2.88

Unit Mix & Rent Schedule

Unit Mix Breakdown

Studio / 1 Bath 75%

1 Bed / 1 Bath 25%

25%

75%

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THE LOCATION


750-760 Lillian Way is located in the Hollywood

neighborhood of Los Angeles, California, eight miles

northwest of the city’s downtown. The area ofers

extensive shopping, dining, and entertainment

options within minutes of the property at Hollywood

& Highland, the various retailers and venues along

Sunset and Hollywood Boulevards, and nearby

Koreatown. The neighborhood is home to some of the

region’s prominent employers including Paramount

Pictures Studio, technicolor, and the Los Angeles

Medical Center, supporting 10,700 jobs combined

within three miles of the property. U.S. Highway 101

connects residents to the rest of Greater Los Angeles

and the neighboring areas.

PROPERTY NEIGHBORHOOD DESCRIPTION

LOS ANGELES, CADEMAND DRIVER

Paramount Pictures Studio

FROM THE

PROPERTY0.5mi

JOBS

SUPPORTED3.0k

SF FACILITY800k

NEIGHBORHOOD SHOPPING

Nordstrom | Barnes & Noble | Banana Republic

FROM THE

PROPERTY2.5mi

SF SHOPPING

DESTINATION600k

TOTAL

STORES 50+

NEIGHBORHOOD CONVENIENCES

Within a two-mile radius of the property

JOBS

SUPPORTED

SF OF

OFFICE SPACE

1.6k

115k

DEMAND DRIVER

technicolor

FROM THE

PROPERTY1.3mi

PRIMARY EDUCATION

Vine Street ES | Hubert H. Bancroft MS | Fairfax Sr. HS

STUDENTS

SERVED713.9k

SCHOOLS

AND CENTERS1.3k

JOBS

SUPPORTED60.2k

DEMAND DRIVER

Los Angeles Medical Center

FROM THE

PROPERTY2.8mi

JOBS

SUPPORTED6.1kHOSPITAL

BEDS560

4.5%City Unemployment Rate (Feb. 2018)

493.4kPopulation (Within Three Miles)

$49.5kMedian Household Income (Within Three Miles)

$

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LOCATION DESCRIPTION

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A larger-than-life symbol of the entertainment business, Hollywood beckons tourists with landmarks like TCL Chinese Theatre

and star-studded Walk of Fame. Highlights include Paramount Pictures, historic music venues like the Hollywood Bowl, and

Dolby Theatre, home of the Oscars. Scenesters can choose from Improv comedy clubs, retro-cool bars and velvet-roped

nightclubs. Locals frequent eateries in nearby Thai Town.

Hollywood Bowl, the Pantages Theater, the Hollywood Palladium, El Capitan Theater, The Fonda Theater, Chinese

Theater, and Grauman's Egyptian Theater.

Close to an abundance of destination hotels, clubs and nightlife including W Hotel, Lowe's Hollywood Hotel, The

Hollywood Roosevelt, Good Times at Davey Wayne's, AVALON Hollywood, Sound Nightclub, and Lucky Strike Live.

Close to Los Angeles International Airport and Bob Hope Airport.

Nearby parks include Las Palmas Playground, Yucca Park Whitley Heights Historic District, De Longpre Park, Runyon

Canyon Park, Barnsdall Art Park, and Griffith Park.

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LOCATION DESCRIPTION

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LOCATION MAP

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POINTS OF INTEREST

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COMPARABLE RENTAL PROPERTIES


COMPARABLE RENTAL PROPERTIES SUMMARY

PROPERTY CITY

DISTANCE (MI)FROM SUBJECT UNITS BUILT

AVGSF CURRENT RENTS RENT / SF

750-760 Lillian Way Los Angeles 32 1952 414 $1,194 $2.88

Carlton Palms Hollywood 1.31 51 1963 604 $1,600 $2.65

5835 Harold Way Los Angeles 1.17 16 1965 800 $1,695 $2.12

1030 North Oxford Avenue Los Angeles 1.18 11 1955 671 $1,495 $2.23

105 South Saint Andrews Place Los Angeles 1.23 4 1920 800 $2,383 $2.98

5425 Santa Monica Boulevard Los Angeles 1.20 30 1925 945 $1,600 $1.69

726 North Van Ness Avenue Los Angeles 0.69 20 1959 401 $1,118 $2.79

400 North Doheny Drive West Hollywood 3.59 6 1951 444 $1,950 $4.39

Totals / Averages* 1.48 22 687 $1,646 $2.40

*does not include subject

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750-760 Lillian Way , Los Angeles , CA 90038

Units: 32

Built: 1952

UNITS TYPE SF CURRENT RENTS RENT / SF

7 0/1.00 340 $1,057 $3.11

15 0/1.00 350 $1,151 $3.29

2 0/1.00 550 $1,429 $2.60

8 1/1.00 565 $1,336 $2.36

3 2 414 $1,194 $2.88

750-760 LILLIAN WAY

Property Summary


Unit Mix Breakdown

Studio / 1 Bath 75%

1 Bed / 1 Bath 25%

25%

75%

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5741 Carlton Way, Hollywood, CA 90028

Distance (mi): 1.31

Units: 51

Built: 1963


14 0/1.00 350 $1,300 $3.71

30 1/1.00 630 $1,600 $2.54

7 2/2.00 1,000 $2,200 $2.20

5 1 604 $1,600 $2.65

CARLTON PALMS

Property Summary


Unit Mix Breakdown

Studio / 1 Bath 27%

1 Bed / 1 Bath 59%

2 Bed / 2 Bath 14%

27%14%

59%

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5835 Harold Way, Los Angeles, CA 90028

Distance (mi): 1.17

Units: 16

Built: 1965


16 1/1.00 800 $1,695 $2.12

1 6 800 $1,695 $2.12

5835 HAROLD WAY

Property Summary


Unit Mix Breakdown

1 Bed / 1 Bath 100%100%

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3

1030 North Oxford Avenue, Los Angeles, CA 90029

Distance (mi): 1.18

Units: 11

Built: 1955


11 1/1.00 671 $1,495 $2.23

1 1 671 $1,495 $2.23

1030 NORTH OXFORD AVENUE

Property Summary


Unit Mix Breakdown

1 Bed / 1 Bath 100%100%

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105 South Saint Andrews Place, Los Angeles, CA 90004

Distance (mi): 1.23

Units: 4

Built: 1920


2 1/1.00 800 $650 $0.81

16 1/1.00 800 $2,600 $3.25

1 8 800 $2,383 $2.98

105 SOUTH SAINT ANDREWS PLACE

Property Summary


Unit Mix Breakdown

1 Bed / 1 Bath 100%100%

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5425 Santa Monica Boulevard, Los Angeles, CA 90029

Distance (mi): 1.20

Units: 30

Built: 1925


15 0/1.00 390 $1,350 $3.46

15 1/1.00 1,500 $1,850 $1.23

3 0 945 $1,600 $1.69

5425 SANTA MONICA BOULEVARD

Property Summary


Unit Mix Breakdown

Studio / 1 Bath 50%

1 Bed / 1 Bath 50%50% 50%

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726 North Van Ness Avenue, Los Angeles, CA 90038

Distance (mi): 0.69

Units: 20

Built: 1959


17 0/1.00 375 $1,092 $2.91

3 1/1.00 550 $1,267 $2.30

2 0 401 $1,118 $2.79

726 NORTH VAN NESS AVENUE

Property Summary


Unit Mix Breakdown

Studio / 1 Bath 85%

1 Bed / 1 Bath 15%

15%

85%

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400 North Doheny Drive, West Hollywood, CA 90048

Distance (mi): 3.59

Units: 6

Built: 1951


6 1/1.00 444 $1,950 $4.39

6 444 $1,950 $4.39

400 NORTH DOHENY DRIVE

Property Summary


Unit Mix Breakdown

1 Bed / 1 Bath 100%100%

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Subject: 750-760 Lillian Way

750-760 Lillian Way

Los Angeles , CA 90038

400 North Doheny Drive

400 North Doheny Drive

West Hollywood, CA 90048

7.

726 North Van Ness Avenue

726 North Van Ness Avenue


6.

5425 Santa Monica Boulevard

5425 Santa Monica Boulevard


5.

105 South Saint Andrews Place

105 South Saint Andrews Place


4.

1030 North Oxford Avenue

1030 North Oxford Avenue


3.

5835 Harold Way

5835 Harold Way


2.

Carlton Palms

5741 Carlton Way

Hollywood, CA 90028

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COMPARABLE SALE PROPERTIES


COMPARABLE SALE PROPERTIES SUMMARY

PROPERTY UNITS BUILT SALE DATE PRICE PRICE / UNIT PRICE / SF AVG. SF CAP RATE GRM UNIT MIX750-760 Lillian Way 750-760 Lillian Way Los Angeles , CA 90038

32 1952 $7,100,000 $221,875 $535.04 415 4.03% 75% - Studio / 25% - 1 bed

Maplewood Court5100 Maplewood AvenueLos Angeles, CA 90004

36 1988 08/17 $8,000,000 $222,222 $302.07 736 3.90% 13.74 8% - Studio / 72% - 1 bed 20% - 2 bed

1317 North Bronson Avenue1317 North Bronson AvenueLos Angeles, CA 90028

16 1926 12/17 $3,450,000 $215,625 $418.18 516 4.00% 56% - Studio / 44% - 1 bed

6241 Afton Place 6241 Afton PlaceLos Angeles, CA 90028

8 1959 06/17 $3,055,714 $381,964 $486.11 786 38% - 1 bed / 62% - 2 bed

1155 North Beachwood Drive1155 North Beachwood DriveLos Angeles, CA 90038

10 1961 11/17 $2,600,000 $260,000 $361.31 720 4.08% 15.30 90% - 1 bed / 10% - 2 bed

562-564 North Larchmont Boulevard562-564 North Larchmont BoulevardLos Angeles, CA 90004

21 1927 12/17 $4,826,000 $229,810 $407.26 564 90% - Studio / 10% - 1 bed

537-545 North Orange 537-545 North Orange DriveLos Angeles, CA 90036

10 1928 04/18 $4,350,000 $435,000 $709.62 613 2.91% 21.84

1254-1260 North Citrus Avenue1254-1260 North Citrus AvenueLos Angeles, CA 90038

8 1928 07/17 $2,550,000 $318,750 $418.17 762

Totals / Averages* $294,767 $443.25 671 3.72% 16.96

*does not include subject

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UNIT MIX:

Studio - 75%One Bedroom - 25%

750-760 LILLIAN WAY

750-760 Lillian Way


BUILT: 1952

UNITS: 32

PRICE / UNIT: $221,875

PRICE / SF: $535.04

AVG SF: 415

LIST PRICE: $7,100,000

CAP RATE: 4.0%

UNIT MIX:

Studio - 8%One Bedroom - 72%Two Bedroom - 20%

MAPLEWOOD COURT

5100 Maplewood Avenue


BUILT: 1988

UNITS: 36


PRICE / SF: $302.07

AVG SF: 736

SOLD FOR: $8,000,000

CLOSED ON: 8/17

CAP RATE: 3.9%

GRM: 13.74

UNIT MIX:


1317 NORTH BRONSON AVENUE

1317 North Bronson Avenue


BUILT: 1926

UNITS: 16


PRICE / SF: $418.18

AVG SF: 516

SOLD FOR: $3,450,000

CLOSED ON: 12/17

CAP RATE: 4.0%

UNIT MIX:

One Bedroom - 38%Two Bedroom - 62%

6241 AFTON PLACE

6241 Afton Place


BUILT: 1959

UNITS: 8


PRICE / SF: $486.11

AVG SF: 786

SOLD FOR: $3,055,714

CLOSED ON: 6/17

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One Bedroom - 90%Two Bedroom - 10%

1155 NORTH BEACHWOOD DRIVE

1155 North Beachwood Drive


BUILT: 1961

UNITS: 10


PRICE / SF: $361.31

AVG SF: 720

SOLD FOR: $2,600,000

CLOSED ON: 11/17

CAP RATE: 4.1%

GRM: 15.30

UNIT MIX:


562-564 NORTH LARCHMONT BOULEVARD

562-564 North Larchmont Boulevard


BUILT: 1927

UNITS: 21


PRICE / SF: $407.26

AVG SF: 564

SOLD FOR: $4,826,000

CLOSED ON: 12/17

537-545 NORTH ORANGE

537-545 North Orange Drive


BUILT: 1928

UNITS: 10


PRICE / SF: $709.62

AVG SF: 613

SOLD FOR: $4,350,000

CLOSED ON: 4/18

CAP RATE: 2.9%

GRM: 21.84

1254-1260 NORTH CITRUS AVENUE

1254-1260 North Citrus Avenue


BUILT: 1928

UNITS: 8


PRICE / SF: $418.17

AVG SF: 762

SOLD FOR: $2,550,000

CLOSED ON: 7/17

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Subject: 750-760 Lillian Way

750-760 Lillian Way





7.

537-545 North Orange

537-545 North Orange Drive


6.




5.




4.

6241 Afton Place

6241 Afton Place


3.




2.

Maplewood Court

5100 Maplewood Avenue


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FINANCIAL ANALYSIS


IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.

© 2018 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx

All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.

INVESTMENT SUMMARY

Price $7,100,000

Price/Unit $221,875

Price/SF $535.04

Cap Rate Current 4.03%

ALL FINANCING

Total Loan Amount $3,905,000

Down Payment $3,234,050

LTV 55%

Mo. Payment ($15,457)

Debt Constant 4.8%

NEW FIRST MORTGAGE (to be originated at purchase)

LTV for this loan 55%

Amount $3,905,000

Interest Rate 4.75%

Amortization Interest Only

Payment ($15,457)

Fees 1.00%

I/O Term (yrs) 3


Units Unit TypeEstimated

Unit SFCurrent

Rental RangeCurrent

RentMarket

RentCurrent Rent/SF

Market Rent/SF

Est. Total Net SF

7 Bachelor 350 $558-$1450 $1,057 $1,450 $3.02 $4.14 2,450

15 Single 350 $597-$1450 $1,151 $1,450 $3.29 $4.14 5,250

2 Large Single 525 $610-$1750 $1,429 $1,750 $2.72 $3.33 1,050

8 One Bedroom 565 $840-$1540 $1,336 $1,900 $2.36 $3.36 4,520

32 415 $1,194 $1,581 $2.88 $3.81 13,270

*Includes Pro Forma Rent for Manager's Unit and Vacancies Total SF 13,270

IncomeCurrent

Pro Forma

Market

Pro Forma

Scheduled Market Rent $458,520 $607,200

Less: Vacancy 3.00% ($13,756) ($18,216)

Net Rental Income $444,764 $588,984

Other Inc. / Misc. Income Buyer to Verify (Estimation) $6,000 $6,300

Total Operating Income (EGI) $450,764 $588,984

Estimated Expenses Percentage Per Unit

Administrative $100 $3,200 $3,200

On-Site Manager $300 $9,600 $9,600

Repairs & Maintenance 4.00% $563 $18,031 $18,031

Management Fee 3.00% $430 $13,756 $18,216

Utilities $557 $17,839 $17,839

Contracted Services $250 $8,000 $8,000

Real Estate Taxes + Supplemental 1.1930% $2,693 $86,173 $86,173

Insurance $250 $8,000 $8,000

Total Estimated Expenses $164,598 $169,059

% of Scheduled Rent: 35.90% 27.84%

Per SF: $12.40 $12.74

Per Unit: $5,144 $5,283

Net Operating Income $286,166 $419,925

Less: Debt Service ($185,488) ($185,488)

Projected Net Cash Flow $100,678 $234,438

Total Economic Loss 3.0% 3.0%

Cash-on-Cash Return (Based on Listing Price) 3.11% 7.25%

Debt Service Coverage 1.54 2.26

Cap Rate Analysis Price $/Unit $/SFCap Rate

CurrentCap Rate

MarketGRM

CurrentGRM

Pro Forma

Listing Price $7,100,000 $221,875 $535.04 4.03% 5.91% 15.48 11.69

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ECONOMIC AND DEMOGRAPHIC


ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA

HOLLYWOOD | CALIFORNIA

INTRODUCTIONSituated in the city of Los Angeles, just north of downtown, Hollywood

has long been known as the center of the entertainment industry and

is undergoing a rebirth to solidify its position as a major employment,

retail, and recreation center. As one of the fastest growing residential

markets in the United States, public and private developers have

recently invested $4 billion in the neighborhood, with new residential,

mixed-use, and commercial projects redeining the area, indicative of

Hollywood’s revitalization success.

The entertainment industry is the backbone of Hollywood’s economy,

home to one of the largest concentrations of entertainment and media

companies in the world. Numerous major motion picture studios,

television and radio studios, record companies, and post-production

companies call the neighborhood home. With the iconic Hollywood sign

overlooking the neighborhood on Mount Lee, Hollywood serves as the

epicenter of Los Angeles’ tourism industry. More oice space is under

construction in Hollywood than anywhere else in Los Angeles County,

attracting additional entertainment and media companies, as well as

various corporate relocations.

Great Place to Live

Millennial Friendly

Corporate Relocations

Oice Space Development

Hollywood ranked among the top 10 “Great Neighborhoods to Live in Los Angeles”- Great American Country

With the lure of a career in Hollywood, Los Angeles is one of the “Top U.S. Cities where Millennials want to Live”- Realtor.com

Viacom, Netlix, and Fender Guitar have recently relocated to Hollywood, and now occupy more than 568,000 square feet of space- Variety.com; Viacom.com/news

More oice space is being built in Hollywood than anywhere else in Los Angeles County- Hollywood Chamber of Commerce

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DEMOGRAPHICS

67% 37.9PROJECTED INCREASE

IN OFFICE SPACE BY 2021

HOLLYWOOD’S MEDIAN AGE

81% OF HOUSING UNITS

IN HOLLYWOOD ARE

RENTER-OCCUPIED

171.4k 42.9k 76.0k 38.2k $69.9k

Hollywood’s population

is forecast to grow

4.8% over the next

ive years, outpacing the

national average of 4.0%

36% of residents ages

25 and older hold a

bachelor's degree or

higher, compared to 30%

nationally

The number of

households in Hollywood

is projected to increase

by 5.3% over the next

ive years, outpacing the

national average of 4.0%

23% of Hollywood

residents are in the

prime renter age group

of 18-35 years old

Hollywood’s average

household income

is projected to reach

$69,900 by 2023, up

10.2% from 2018

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METRO DIVISION INDUSTRY BREAKDOWN

0 200,000 400,000 600,000 800,000 1,000,000

Construction

Other Services

Information

Financial Activities

Manufacturing

Leisure and Hospitality

Government

Professional and Business Services

Education and Health Services

Trade, Transportation, and Utilities

Industry Breakdown September-17 September-18

JOBGROWTH 26,500 jobscreated in the Leisure and

Hospitality sector

(Y-o-Y September ‘18)

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EMPLOYMENT TRENDS

(300,000)

(200,000)

(100,000)

0

100,000

200,000

0%

3%

6%

9%

12%

15%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*

Employment Trends

City Unemployment Rate Jobs Added / Lost*Projected

SEPTEMBER2018

SEPTEMBER2018

4.8%

52,000 jobs

Los Angeles’ monthly

unemployment rate was up

20 bps Y-o-Y

were created in the metro

division, a 1.2% Y-o-Y

increase

HOLLYWOOD, CA

LARGEST EMPLOYERS

Kaiser Permanente - LA Medical Center 6,000

Universal Studios Inc. 5,000

*Paramount Pictures 5,000

Children’s Hospital - Los Angeles 4,990

*Sunset Gower / Bronson Studio 2,500

Los Angeles City College 1,420

Hollywood Presbyterian Medical Center 1,200

Live Nation 1,000

j2 Global, Inc. 860

*The Prospect Studios 850

Source: Hollywood Guide Outlook*Includes clients, employees, and tenants housed on-site and seasonal variations in employment

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ENTERTAINMENT

STUDIOS

THE PROSPECT STUDIOS

PARAMOUNT PICTURES

Hollywood is known as the world capital for the entertainment industry and is responsible for

$120 billion in total economic output. The entertainment industry in Greater Los Angeles supports

over 162,000 direct jobs, 590,000 indirect jobs, and 85,000 independent contractors. The

industry boasts an annual payroll in excess of $18.9 billion with salaried employees earning over

$117,000 annually. Prominent Hollywood entertainment businesses include Paramount, CBS

Studio Center, The Prospect Studios, CNN, Netlix, Viacom, Capitol Records, and Technicolor.

Hollywood is home to the largest number of television and cinema production centers in

North America, with Los Angeles being home to 80% of all entertainment industry employers

in the nation. All major U.S. television networks and movie studios including ABC, CBS, NBC,

Paramount, Sony, Universal, and Warner Brothers have facilities located in the area. Paramount,

remains the only major motion picture company to be headquartered in Hollywood and occupies

1.9 million square feet of executive oice, sound, production, and equipment space.

837,000Jobs Supported

$120 billionEconomic Output

$117,000Average Annual Salary

1.9 millionSquare-Foot

Paramount Studio

80%Of Industry Employers

Are Locally Based

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TOURISM

EMPLOYMENT HUBS

HOLLYWOOD WALK OF FAME

DOWNTOWN LOS ANGELES

World renowned destinations including the Hollywood Walk of Fame, Universal Studios

Hollywood, Hollywood Bowl, and Dolby Theatre, make Hollywood a tourism destination. Los

Angeles hosted 48.3 million visitors in 2017, setting a new record and making it one of the

most visited cities in the nation. The Hollywood Walk of Fame remains one of the most visited

attractions in the world with over 10 million visitors annually. The hospitality sector supports

over 552,800 local jobs and is the fastest growing employment sectors in the region.

Hollywood is located within 10 miles of some of Greater Los Angeles’ largest employment

centers, which encompass over 92.9 million square feet of oice space. Located seven miles

from Hollywood, Downtown L.A. is home to over 550,000 employees. Beverly Hills known as

the luxury capital of the world is also home to prominent employers including Fox Interactive

Media and Morgan Stanley. Burbank Media District is home to Warner Brothers, Walt Disney

Studios, and NBC, three of the largest motion picture and television facilities in the world.

48.3 million Annual Visitors

552,800Jobs Supported

10 millionAnnual Hollywood

Walk of Fame Visitors

92.9 million+Square Feet of Oice

Space within 10 miles

550,000Downtown L.A.

Employees

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CONSTRUCTION AND DEVELOPMENT

PARAMOUNT PICTURES NOHO WEST

$700 millionRenovation

570,000SF Development

5,500Permanent Jobs

250,000SF of Oice Space

Paramount Pictures, the only major ilm studio to be headquartered in

Hollywood, is undergoing a $700 million expansion and renovation of its

headquarters on Melrose Avenue. The project will include the addition of 1.4

million square feet of new technologically advanced studio space, increased

production support, and surrounding community enhancements. The 25-year,

master-planned project will support an estimated 7,300 construction jobs and

5,500 permanent studio jobs.

Construction has begun at NoHo West, a mixed-use development project

spanning four blocks in North Hollywood. The Merlone Geier Partners’ project

is located at the Old Laurel Plaza retail site and will encompass 570,000 square

feet of retail, oice, and residential space. The project will feature 250,000

square feet of oice space, consisting of converting the former Macy’s

store into 200,000 square feet of oice space as well as building a new

50,000-square-foot oice building. NoHo West’s retail portion will span 50

to 60 retailers including a grocery store, itness center, and movie theater. The

inal phase of the project will include a 642-unit apartment complex. Estimated

completion: fall 2019.

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CROSSROADS HOLLYWOOD EPIC

1.4 millionSF Mixed-Use Development

15-storyOice Complex

$1 billionRedevelopment Project

300,000SF Oice

The site of the historic Crossroads of the World complex is set to undergo a

major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4

million-square-foot, mixed-use development. The project will be comprised

of nine buildings including up to: 308 hotel rooms, 950 residential units,

including 84 afordable units, 185,000 square feet of commercial space,

95,000 square feet of oice space and 2,494 underground parking spaces.

The proposed realignment of Las Palmas Avenue and Sunset Boulevard will

promote pedestrian safety and enhance connectivity. The $1 billion project has

an estimated 48-month construction timeline, with expected completion in

2022.

Located along Sunset Boulevard, Hudson Paciic Properties is developing a

300,000-square-foot, 15-story high-rise oice complex. The property named

Epic, is modeled after the neighboring Icon and Cue oice buildings leased

by Netlix. The building will also feature a rooftop drone landing pad, solar

windows, smog eating facade, a dedicated lobby for ride-sharing, a rooftop

garden deck with catering pantry, and 15,000 square feet of ground loor retail

space. The oices are part of a $150 million redevelopment of Sunset Bronson

Studios.

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ACEDEMY ON VINE HOLLYWOOD HOTELS

$450 millionDevelopment

700+New Hotel Rooms

335,000SF of Oice Space

FourNew Hotels

Encompassing a full city block, the $450 million mixed-use project dubbed

Academy on Vine is currently under construction. Surrounded by De Longpre,

Homewood, Ivar, and Vine streets, the project is slated to include four mid-

rise commercial buildings ofering roughly 335,000 square feet of oice space,

13,000 square feet of retail space, and a 20-story residential tower. Developer

Kilroy Realty is expecting the project to be completed in early 2020.

The Relevant Group broke ground in March 2017 on Hollywood’s Thompson

Hotel. The 11-story building located between Slema Avenue and Sunset

Boulevard will feature 200 guest rooms, a swimming pool, rooftop deck and

multiple dining options. Relevant Group recently completed the $50 million

182-room Dream Hotel and iled plans for the development of a 114-room,

eight-story second phase. Construction on the 212-room Tommie Hotel and

220-room Godfrey Hotel Hollywood is also underway. The hotels will feature

ground loor commercial space and amenity decks on the podium and roof top

pools. The Tommie, Thompson, and Godfrey hotels are projected to be open in

2019.

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DELIVERIES / ABSORPTION

NEWDELIVERIES

NETABSORPTION 497 units 880 units

through the third quarter of 2018, a

61% annual increase

through September 2018, an

increase of nearly 125% from

one year prior

One of the hot spots for Los Angeles multifamily development, the Hollywood

submarket has seen an average of approximately 615 new units added annually

over the past ive years. Deliveries peaked in 2014 with 1,400 new units and

2018 is projected to be the second busiest year of construction activity since

2012 with an estimated 890 units slated to come online. As of the third quarter

of 2018, 497 of those units have come online, setting the stage for a busy

inal three months of the year for multifamily developers in Hollywood. With

Hollywood’s multifamily inventory primarily consisting of studio and one-

bedroom Class B properties, the recent development boom is providing a

much needed infusion of top-end luxury product highly coveted by millennial

residents that the submarket previously lacked.

Hollywood’s name recognition, the concentration of entertainment industry

employers, and central location in the city have helped keep demand for

multifamily units in the submarket relatively on-pace with construction levels

over the past ive years. The relocation of Netlix, Fender Guitar, and Viacom to

Hollywood have resulted in a 125% annual increase in demand for apartment

units pushing net absorption to 880 units through September of this year.

Net leasing activity is expected to inish 2018 at just over 800 units, well

above the submarket’s ive-year average of 540 units.

0

400

800

1,200

1,600

2012 2013 2014 2015 2016 2017 2018*

Construction vs. Absorption

Deliveries Absorption*PROJECTED

HOLLYWOOD APARTMENT SUBMARKET

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RENT / OCCUPANCY

EFFECTIVERENT

OCCUPANCYRATE

$2,483 95.8%

through 3Q18, up 2.8% annually through September 2018, up 40

bps y-o-y

Over the past ive years, the major construction boom in Hollywood has slowly

pushed the submarket occupancy rate down. Despite this, strong leasing

activity during the trailing 12-month period ending in September 2018 helped

push the Hollywood submarket occupancy rate up 40 basis points to 95.8%,

on par with the submarket’s ive year average but 40 basis points below the

submarket peak of 96.2% seen at the end of 2013. Name recognition and the

inlux of new tech industry jobs continue to generate demand from residents

moving to the area. New developments are targeting an aluent segment of

the renter population that work for content hungry tech companies looking to

collaborate with Hollywood’s entertainment industry.

After peaking at near 5% in mid-2016, annual rent growth in the Hollywood

submarket has slowed to 2.8% in the third quarter of 2018, pushing efective

rent up to $2,483 per month. The slowed increase in momentum has been most

pronounced among class A properties which is to be expected given the amount

of new luxury product being delivered and operators ofering concessions to

attract new renters. Hollywood has been one of the more historically afordable

Westside submarkets, with rents increasing rapidly in the more westward edges

of the submarket which include the Wilshire and Sunset Boulevard corridors. A

massive inlux of oice space and hotels into Hollywood is expected to attract

an abundance of new residents. This would enable the Hollywood submarket to

be able to fend of challenges from the explosion of luxury unit construction in

Downtown and tech-friendly corridors in Culver City and Venice Beach, testing

Hollywood’s ability to attract and retain wealthy renters in the future.

$1,966

$2,059

$2,164

$2,280

$2,387

$2,398

$2,446

$1,600

$1,800

$2,000

$2,200

$2,400

$2,600

92%

93%

94%

95%

96%

97%

2012 2013 2014 2015 2016 2017 2018*

Occupancy & Ask Rent

Rent Occupancy*PROJECTED

HOLLYWOOD APARTMENT SUBMARKET

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EDUCATION

HIGHEREDUCATION

DEGREES ANDCERTIFICATIONS27.2k 100+

students in Hollywood programs ofered at Emerson

College and Los Angeles City

College

Hollywood is home to several higher educational institutions that have an emphasis

on providing training for careers in the entertainment industry. An additional 12

community and junior colleges are located within 15 miles of Hollywood including

Los Angeles City College, Los Angeles Southwest College, and Los Angeles

Valley College.

Emerson College Los Angeles is a private university that ofers over three dozen

degree programs in the area of arts and communication to approximately 3,455

undergraduate and 840 graduate students. Emerson recently opened a 100,000-

square-foot campus in Hollywood that will house 220 students. Los Angeles Film

School ofers accredited programs in ilm making, game and music production,

and computer animation to approximately 2,200 students. The school also

operates the Los Angeles Recording Studio which ofers a recording arts degree

to 1,500 students.

Los Angeles City College (LACC) boasts an enrollment of over 20,000 students

and ofers associate degree and certiication programs in 30 various ields of

study. LACC is one of Hollywood’s largest employers, with 1,420 faculty members.

EMERSON COLLEGE

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LIFESTYLE AND ENTERTAINMENT

GRIFFITH PARK HOLLYWOOD BOWL

4,210-acresGriith Park

18,000Seating Capacity

1.5 millionGriith Observatory

Annual Visitors

80+Annual Events

Spanning more than 4,210 acres, Griith Park is one of the largest municipal parks

with urban wilderness in the United States. Situated just north of Hollywood in

the Santa Monica Mountain range, the park serves as the perfect getaway. Over

the years, recreational activities have developed throughout the park, including

the Griith Observatory, which welcomes more than 1.5 million visitors each

year. In addition to its telescope that lets visitors explore the cosmos, Griith

Observatory also features the state-of-the-art Samuel Oschin Planetarium. On

the western frontier of Griith Park, outdoor enthusiasts have the opportunity

to hike to the Hollywood Sign. From sunrise to sunset, hikers can explore the Mt.

Hollywood Trail, the Canyon Drive Trail, or the Cahuega Peak Trail.

Under the silhouette of a concentric-arched band shell is the iconic Hollywood

Bowl, the premier destination for live music in Southern California. More than 80

concerts, festivals, and events are held each year, attracting artists and crowds

from all over the world. The outdoor amphitheater is home to the Hollywood

Bowl Orchestra and is the summer home of the Los Angeles Philharmonic. In

addition to hosting iconic orchestras, the Hollywood Bowl has featured world-

renowned artists from The Beatles to Yo-Yo Ma. With a seating capacity of nearly

18,000, the music venue is one of the largest natural amphitheaters in the world.

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LIFESTYLE AND ENTERTAINMENT

UNIVERSAL STUDIOS HOLLYWOOD NIGHTLIFE AND ENTERTAINMENT

8.1 millionAnnual Visitors

91Walk Score

60+ Universal CityWalk

Shops and Restaurants

90+Hollywood & Highland

Shops and Restaurants

Universal Studios Hollywood is the premier theme park for jaw-dropping

adventure that immerses visitors into their favorite movies and TV shows. More

than 8.1 million visitors come to experience the magic at the Wizarding World

of Harry Potter, heart-racing action at the World-Famous Studio Tour, and

fast-paced adventure at the Fast & Furious Supercharged ride. Just outside of

the main park is the Universal CityWalk, a three-block entertainment district.

With more than 30 places to eat, 30 unique shops, a 19-screen theater, the

5 Towers Stage, and a nightclub, CityWalk is ranked as the “Best Theme Park

Entertainment Area.”

At the epicenter of the “Entertainment Capital of the World” is Hollywood

Boulevard. From Highland Avenue to Orange Drive, landmarks, museum,

restaurants, and shops line the streets to give residents the true Hollywood

experience. Hollywood & Highland ofers world-class shopping and dining with

over 70 brand-name retailers and 25 full-service restaurants. At night, Hollywood

comes to life with its eclectic mix of bars and nightclubs. Residents can grab a

drink at popular spots such as the historic Frolic Room, The Know Where Bar,

and Mama Shelter, which features a rooftop lounge with a 360-degree view of

the area. W Hollywood features some of the most glamorous spots such as the

Delphine Eatery & Bar, The Living Room, and Station Hollywood.

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BY THE NUMBERS

TOTAL POPULATION

2010 156,555

2018* 163,635

2023* 171,491

Growth Rate (2018 - 2023) 4.8%

TOTAL HOUSEHOLDS

2010 68,735

2018* 72,215

2023* 76,059

Growth Rate (2018 - 2023) 5.3%

AVERAGE INCOME

2010 $51,207

2018* $63,415

2023* $69,900

Growth Rate (2018 - 2023) 10.2%

MEDIAN AGE

2010 35.4

2018* 37.9

2023* 40.2

MEDIAN CONDO PRICE

September - 2017 $800,000*

September - 2018 $844,000*

Growth Rate Y-o-Y 5.5%

*90038 zip code

RENT VS. OWN

Average Mortgage Payment** $4,304

Average Rent $2,483

Diference $1,821

*Projected**30-yr ixed; 20% down; 5.1% interest rate; 0.79% CA property tax-es; $1,000 homeowner’s insurance

Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; AxioMetrics; Los Angeles Times; Hudson Paciic Properties; Los Angeles Business Journal; The Real Deal; Urbanize L.A.; Hollywood Reporter; BisNow; Curbed L.A.; Los Angeles International Airport; Metropolitan Transit Authority Los Angeles; Emerson College; Los Angeles City College; U.S. News & World Report; Los Angeles Film School; Zillow; U.S. Mortgage Calculator; Great American Country; Realtor.com; Variety.com; Viacom; Hollywood Chamber of Commerce; Corelogic.

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ALLAN FREEDMAN

Managing Director

310.209.3243

[email protected]

COLBY SMITH

Associate Director

310.470.3317

[email protected]

CA BRE License #02068406

JIM FISHER

Managing Director

310.209.3247

[email protected]


MIKE SMITH

Senior Director

310.209.3248

[email protected]


DISCLAIMER & CONFIDENTIALITY AGREEMENT

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is

not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors

LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.

This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in

the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for

a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any

investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property,

including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these

issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate

Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or

representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or

estimates used are for example only and do not necessarily represent the current or future performance of the property.

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth

investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend

that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the

subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the

health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or

concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole

and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have

executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

For more information on these and other Berkadia© exclusive listings, please visit our website at Berkadia.com

All information contained herein is from sources deemed to be reliable; however, it is not guaranteed. Printed in the USA. All rights reserved.

Copyright 2018 © by Berkadia Proprietary Holding LLC

Berkadia© is a trademark of Berkadia Proprietary Holding LLC

Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial

Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #843890. Berkadia Commercial Mortgage LLC conducts business

under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.

This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada.

For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx


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