2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a

Modern Upgrades Throughout | Just Minutes From The Beach & Carpinteria’s Town Center

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

property brief

Price ▶ $6,580,000

Units ▶ (26) Studios; (1) 1BR+1BA; (1) 2BR+1BA

Price/Unit ▶ $235,000/unit

Proforma CAP Rate ▶ 4.69% (see Financial Analysis on page 5)

Building Size ▶ ±10,150 SF

Lot Size ▶ ±20,037 SF

Floors ▶ Two stories

APN ▶ 001-170-002

Zoning ▶ Multi 5+ Units

Year Built ▶ 1975 (Units recently renovated)

Located just minutes from the world-famous surfer’s paradise, Rincon Point, is this extensively renovated 28-unit complex featuring contemporary upgrades throughout. These smart and modern apartments offer energy-efficient appliances, designer flooring, ample storage, eco-friendly low water landscaping, satellite TV, granite countertops, and on-site laundry. Designed with incredible thought to detail combining surf and sand elements found throughout the small beachside community of Carpinteria.

5.3.16

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

recent renovations & upgrades� GENERAL UNITS:

Flat-screen TV’s in all rooms Flooring Ceiling fans Lighting in 2nd floor units Paint (including texture) Televisions Drywall Misc. materials/hardware/installation Blinds Closet organizers Master locks Selective demolition (including dump fees)

� ELECTRICAL:

Carbon monoxide & smoke detectors Kitchen fixtures Recessed lights in family room Bathroom fixtures Hallway fixtures Bathroom exhaust fans Family room Dedicated dedicate circuit for microwaves Furnished & installed new sub-panels Furnished & installed arc fault breakers GFIs, new switches, and outlets

� KITCHENS:

Kitchen cabinetry Knobs/hardware Sink/faucet/garbage disposal Countertops Range Refrigerator Over-the-range microwave Plumbing Seismic shut off valves Boiler replacement Repair damaged drain lines Relocated & replaced shut-off valves New gas valves for each appliance Circulation pump Hot water pipe insulation & waterproofing

� BATHS:

Vanity Mirror Toilet Light fixture Misc. hardware, curved shower bar Replaced & added plywood subfloor Plastic tub & surround

� EXTERIOR:

Painting/wood repairs & replacement roof Lighting Walkway repairs Asphalt repairs/striping/ADA compliance Drought tolerant landscaping and drip system

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

floorplans

First Floor

Second Floor

Not to scale

The Ohm Beach Complex offers an incredibly rare mix of 26 extensively renovated, contemporary studios along with a 1 bed/1 bath apartment and a 2 bed/1 bath apartment (for a total of 28 units). Apartment studios are highly scarce in the Carpinteria and Santa Barbara markets, making this property even more valuable to investors.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

proforma financial analysis

Executive Summary# Units: 28

Price: $6,580,000Price/Unit: $235,000

NOI: $308,744GRM: 12.57

CAP Rate: 4.69Lot Size: 20,037 SF

Price/Lot SF: $328/SFBuilding Size: 10,150 SF

Zoning: Multi 5+ UnitsAPN: 001-170-002

Year Built: 1975

CalculationsCurrent

EOI: $523,496Annual Exp.: $214,752

NOI: $308,744GRM: 12.57

CAP Rate: 4.69%

Unit Mix & Rent Schedules

# Units Mix Est. SF Rent/Unit Monthly Income26 S/1 350 $1,500 $39,0001 1/1 350 $1,650 $1,6501 2/1 650 $2,300 $2,300

Pet Rent $225Rubs $980

Storage $75

Monthly Rental Income: $44,230Projected Monthly Laundry Income: $135

Potential Gross Monthly Income: $44,515Potential Gross Annual Income: $534,180

Less: Vacancy & Collection Loss: 2% $10,683.60Effective Gross Economic Income: $523,496 Annual Expenses

Current Current % GOIReal Estate Taxes: 1.10% $72,380 13.8%

Advertising: Est. $500 0.1%Insurance: Est. $6,500 1.2%

Utilities - From Owner Projections Act. $64,980 12.4%Electric $6,720

Water Est. $22,160 Trash Est. $4,300

Gas Est. $12,000Cable & Phone Est. $19,800

Maint/Repairs: Est. $400/Unit $11,200 2.1%Grounds: Act. $2,400 0.5%

Off-site Management: 4% $20,242 3.9%Payroll: Act. $27,600 5.3%

Pest Control: Est. $950 0.2%Legal & Accounting: Est. $1,000 0.2%

Reserves: Act. $250/Unit $7,000 1.3%

Annual Expenses Per Unit $7,670Annual Expenses $214,752 41.0%

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

comparables

Property Address Date Sold Sale Price # Units Unit Mix $ Per Unit Actual GRM Actual CAP Rate

431 Victoria St.Santa Barbara

7/30/15 $4,925,000 16(4) 2BR+1BA(8) 1BR + 1BA

(4) Studios$307,813 12.00 5.54

4320 Modoc Rd. Santa Barbara

8/26/15 $5,200,000 13 (13) 2BR+1.5BA $400,000 17.80 3.53

234 S. Voluntario St. Santa Barbara

1/14/16 $5,725,000 20

(4) 3BR+1.5BA(14) 2BR+1.5BA(1) 2BR+1.5BA (1) 1BR+1BA

$286,250 11.93 4.87

118 Los Aguajes Ave.Santa Barbara

Pending $4,400,000 11 (8) 1BR+1BA (3) 2BR+1BA $400,000 4.16

Subject Property5615 Carpinteria Ave.

Subject Asking Price$6,580,000 28

(26) Studios (1) 2BR+1BA (1) 1BR+1BA

$235,000 17.65 4.72

1

2

3

4

1 3

2

4

5615 Carpinteria Ave.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

Carpinteria Ave.

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

aerial views

North Facing View of Santa Ynez Mountains South Facing Views of The Pacific OceanSubject Property

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

Carpinteria Middle School

Carpinteria Ave.

Hwy. 101

Linden Ave.

5615 Carpinteria Ave.

1 Holiday Inn Express & Suites2 Motel 63 Zookers Restaurant4 Domino’s Pizza5 Rusty’s Pizza Parlor6 Luck Llama Coffee7 Corktree Cellars8 Siam Elephant Thai Restaurant9 Island Brewing Company

10 The Palms Restaurant11 Sly’s Steak, Seafood & Cocktails12 Verizon Wireless13 CVS Pharmacy14 Starbuck’s15 Albertson’s16 Palm Loft Gallery

17 Rincon Brewery18 Sushi Teri

1

3

2

4

56

78

9

1011

12

1314

15

16

17

18

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

CarpintEriaCarpinteria is a friendly coastal community 12 miles south of Santa Barbara and 15 miles north of Ventura along Highway 101. The city is located almost entirely in a “coastal zone”. Immediately to the north of Carpinteria lie foothills and a mountain range. Between the foothills and the populated area of the city is a thriving agricultural zone.Carpinteria is notable for its pristine beaches and community events such as the Avocado Festival. The city is known for its laid-back, friendly atmosphere where surfers, commuters, youth, and visitors enjoy a wide variety of shopping, dining and recreational activity.

market overview

M A G A Z I N E

No. 11 in Sunset Magazine’s 2013 “Top 14 Unsung Beach Towns”

The information provided here has been obtained from the owner of the property or from other sources deemed reliable. We have no reason to doubt its accuracy, but we do not guarantee it.

2 0 5 E . C a r r i l lo st. s u i tE 1 0 0 | s a nta B a r B a r a C a 93 1 0 1 | 8 0 5 .9 6 5 . 5 5 0 0 | Fa x 8 0 5 .9 6 5 . 5 3 0 0 | r a d i u s gr o u p.Co m

for sale � extensively renovated 28-unit ohm beach apartments5 6 1 5 c a r p i n t e r i a av e . | c a r p i n t e r i a , c a 93 0 1 3

Gene Deering805.879.9623gdeering@radiusgroup.comCA Lic. 01450943

Paul Gamberdella805.879.9622pgamberdella@radiusgroup.comCA Lic. 01267748

Steve Golis805.879.9606sgolis@radiusgroup.comCA Lic. 00772218

Arick Fuller805.879.9614afuller@radiusgroup.comCA Lic. 01215274

population, HousEHolds & HousEHold inComE

The 2010 United States Census reported that Carpinteria had a population of 13,040. The population density was 1,406.5 people per square mile (543.1/km²). The Census reported that 13,021 people (99.9% of the population) lived in households. The population was spread out with 2,791 people (21.4%) under the age of 18, 1,267 people (9.7%) aged 18 to 24, 3,466 people (26.6%) aged 25 to 44, 3,717 people (28.5%) aged 45 to 64, and 1,799 people (13.8%) who were 65 years of age or older. The median age was 39.5 years.

Housing & oCCupanCY

There were 4,759 households, out of which 1,510 (31.7%) had children under the age of 18 living in them, 2,305 (48.4%) were married couples living together, 597 (12.5%) had a female householder with no husband present, 239 (5.0%) had a male householder with no wife present. The average household size was 2.74. There were 3,141 families (66.0% of all households); the average family size was 3.23.

EduCation

The city of Carpinteria is served by the Carpinteria Unified School District. It includes one high school, one middle (junior high) school, and three public elementary schools. Other schools include: Howard Carden School, a private preK - 7 elementary school, Carpinteria Christian School, a Baptist K-8 school, Cate School, a private preparatory school and Pacifica Graduate Institute, home of theJoseph Campbell and Marija Gimbutas Library.

nEarBY & adJaCEnt usEs

Visitors have always come to the Carpinteria Valley for its mild climate, scenic environment and proximity to Santa Barbara, Ventura and Los Angeles, the very qualities that make it a wonderful place to live and work. Tourism plays an important role in the Valley’s economy, along with agriculture, manufacturing, high technology firms and service occupations. In the past two decades a number of firms in search of more space and less stress have relocated from Santa Barbara and other cities to the Carpinteria Valley.

demographics