MAR V ISTA, CA 91423 | 1

™OFFERING MEMORANDUM

1 1 8 3 4 AVO N WAYM a r V i s t a , Lo s A n g e l e s , C A 9 0 0 6 6

2 | APARTMENT NAME

PRESENTED BY

TABLE OF CONTENTSPROPERTY OVERVIEWThe Opportunity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Property Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Location Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Los Angeles Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8Property Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

FINANCIAL OVERVIEWInvestment Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Unit Mix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Rent Roll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12Annualized Operating Data . . . . . . . . . . . . . . . . . . . . . . . . . . 13

David J . Harrington National Director - Multifamily

Direct +1 .310 .295 .1170Mobile +1 .310 .497 .5590david .harrington@matthews .comLicense No . 01320460

™

Kyle Mirrafati Senior Associate - Multifamily

Direct +1 .310 .295 .4269Mobile +1 .949 .533 .4650kyle .mirrafati@matthews .comLicense No . 01911204

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P R O P E R T Y O V E R V I E W

OPPORTUNITY

• Non-Rent Control Building in High Demand Rental Market

• Great Unit Mix of All 2 Bedroom Units

• Prime Westside Apartment in the Del Rey / Mar Vista Neighborhood

• Over 25% Rental Upside Potential

• Great Curb Appeal on a Quiet Street

PROPERTY DESCRIPTION

• 10 Unit Building, Built in 1990

• Unit Mix: (10) – 2Bed/2Bath Units

• All Units with Central A/C & Heat

• Large Units with Balconies & Private Entrances

• 20 Semi-Subterranean Parking Spaces

• Secured Gated Entry with Intercom Access

• On-Site Laundry for Additional Income - Owner Owned

• Select Units with Hardwood Flooring, Granite Counter Tops, & New Cabinets

• 8,101 Sq . Ft . Lot Size with LAR3 Zoning

1 0

1990

UNITS

YEAR BUILT

26%RENTAL UPSIDE

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L O C A T I O N O V E R V I E WMAR VISTA / DEL REYNinety years ago, Mar Vista was little more than vast fields of lima beans with an amazing view of the Pacific . Today, those ocean views have helped Mar Vista evolve into one of L .A . most desirable Westside neighborhoods, with skyrocketing property values to prove it .

The town can thank the storied Venice Short Line trolley for its rise . That trolley shuttled passengers from downtown Los Angeles and bisected what was then called Ocean Park Heights . The rapid development of Santa Monica and Venice Beach helped launch the first wave of housing tracts to rise up from the dusty fields . By 1927, the thirsty little farming community had been annexed by water-rich Los Angeles and rebranded Mar Vista, after the name of a nearby trolley stop .

Mar Vista’s mostly quiet residential streets lead to low-key coffee shops, cleaners, and thrift centers along its affably-aged main avenues . Pedalers trace the path of the sun past beachside bungalows and colorful apartment complexes as they make their way toward the shore . Both family-friendly and community-oriented, the neighborhood is speckled with multi-era architecture that serves all sorts of residents combining both old school values with modern amenities . This relentlessly unassuming Westside neighborhood favors unhurried excursions—slow-children-at-play signs, bike rides on the beach, and weekly family excursions to the Mar Vista Farmer’s Market . Mar Vista is adjoined on the northeast by Palms, on the east, southeast and south by Culver City, on the west by Venice and on the northwest by Santa Monica .

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DEMOGRAPHICSPOPULATION 1-MILE 3-MILE 5-MILE

2000 Census 41,381 242,625 649,146

2010 Census 39,173 252,934 662,739

2017 Estimate 40,352 266,540 694,671

2022 Projection 41,592 277,921 722,621

POPULATION GROWTH 1-MILE 3-MILE 5-MILE

% Change: 2000 to 2010 -5 .34% 4 .25% 2 .09%

% Change: 2010 to 2017 3 .01% 5 .38% 4 .82%

% Change: 2017 to 2022 3 .07% 4 .27% 4 .02%

HOUSEHOLDS 1-MILE 3-MILE 5-MILE

2000 Census 15,796 108,627 287,520

2010 Census 15,557 113,898 294,812

2017 Estimate 16,127 120,018 309,456

2022 Projection 16,675 125,285 322,399

INCOME 1-MILE 3-MILE 5-MILE

2017 Avg . Household Income

$92,238 $114,215 $105,887

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LOS ANGELES MSAAs the second largest metropolitan area in the United States, the Los Angeles Metropolitan Statistical Area, or the Southland, consists of both Los Angeles and Orange Counties . These two counties also make up the inner core of the Greater Los Angeles urbanized region . Los Angeles County, one of California’s original 27 counties, is one of the nation’s largest counties both in land area and population . With nearly 10 million residents, the Los Angeles population accounts for approximately 27 percent of California’s population . The area continues to grow, especially given the vigorous residential development in downtown LA .

Famously known for a heavy entertainment industry based economy, the Los Angeles metropolitan area attracts many visitors . Consequently, leisure and hospitality is also a leading industry and has experienced recent growth in employment . It is now the sixth largest hotel market in the United States . The Los Angeles-Orange County metro area alone has an enormous economy with an estimated $866 billion GMP . Together with Ventura, Riverside and San Bernardino Counties, Orange and Los Angeles county make up the Greater Los Angeles Area, a combined statistical area that is the third largest economic center in the world after the Greater Tokyo and New York metropolitan areas .

A R E A O V E R V I E W

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TOP EMPLOYERS

ECONOMY The LA economy is famously and heavily based on the entertainment industry, with a particular focus on television, motion pictures, interactive games, and recorded music - the Hollywood district of Los Angeles and its surrounding areas are known as the “Movie Capital of the United States” due to the region’s extreme commercial and historical importance to the American motion picture industry . Other significant sectors include shipping/ international trade - particularly at the adjacent Port of Los Angeles and Port of Long Beach, together comprising the United States’ busiest seaport - as well as aerospace, technology, petroleum, fashion and apparel, and tourism .

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UNIT MIXTotal Units Unit Mix Unit Mix % Current Avg Rent Current Monthly Rent Market Rent Market Monthly Rent

10 2+2 100% $2,230 $22,295 $2,800 $28,000

Monthly Rent: $22,295 $28,000Yearly Rent: $267,540 $336,000

RENT ROLLUnit Mix Rent Market Rent

1 2+2 $2,250 $2,8002 2+2 $2,200 $2,8003 2+2 $2,250 $2,8004 2+2 $2,200 $2,8005 2+2 $2,200 $2,8006 2+2 $2,225 $2,8007 2+2 $2,250 $2,8008 2+2 $2,200 $2,8009 2+2 $2,295 $2,80010 2+2 $2,225 $2,800

Totals $22,295 $28,000 Averages $2,230 $2,800

F I N A N C I A L O V E R V I E W

INVESTMENT SUMMARYOffering Price: $5,200,000 Number of Units: 10Property: 11834 Avon Way Year Built: 1990

Los Angeles, CA 90066 APN: 4233-022-020Price Per Unit: $520,000 Gross Sq . Ft .: 9,170Price Per S .F .: $567 .07 Average S .F . Per Unit: 917Cap (current / market): 3 .21% / 4 .43% Lot Size: 8,102GRM (current / market): 19 .22 / 15 .34 Zoning: LAR3

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ANNUALIZED OPERATING DATACurrent Market

Scheduled Gross Income: $267,540 $336,000 26% Upside

Less Vacancy Reserve: 3 .0% $8,026 3 .0% $10,080*

Laundry Income: $3,000 $3,000

Gross Operating Income: $262,514 $328,920

Expenses: 35 .8% $95,710 39 .3% $98,366*

Net Operating Income: $166,804 $230,554

* As a percent of Scheduled Gross Income

Laundry income is Estimated

PRO FORMA ANNUAL OPERATING EXPENSES

Current Per Unit % of SGI

*Taxes 1 .250% x Sale Price $65,000 $6,500 24%

*Insurance $0 .35 x GSF $3,210 $321 1%

Off-Site Management 4 .0% x GOI $10,501 $1,050 4%

Repairs & Maintenance $500 x Units $5,000 $500 2%

Contract Services $200 x Units $2,000 $200 1%

Utilities $900 x Units $9,000 $900 3%

General Administration $100 x Units $1,000 $100 0 .37%

Total Expenses $95,710 $9,571 35.8%

Current Per Unit % of SGI

Non-controllable expenses: Taxes, Ins .: $68,210 $6,821 25 .5%

Total Expense with out Taxes $30,710 $3,071 11 .48%

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of 11834 Avon Way, Mar Vista, CA 90066 (“Property”) . I t has been prepared by

Matthews Real Estate Investment Services . This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire . The

informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property . I t is not to

be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services . The mater ia l is

based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable . Owner, nor their of f icers , employees,

or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal

l iabi l i ty is assumed or shal l be impl ied with respect thereto . Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance

upon the mater ia l contained herein and conduct their own due di l igence .

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3 . You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion or manner detr imental to the

interest of the Sel ler .

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase

the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a

wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered .

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls

relat ing to th is Property including this Offer ing Memorandum .

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale

of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof . In no event shal l a prospect ive

purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors ,

shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property .

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of

af fa i rs of the Property s ince the date this Offer ing Memorandum .

C O N F I D E N T I A L I T Y A N D D I S C L A I M E R

PRESENTED BY

1 1 8 3 4 Av o n Wa y, M a r V i s t a , C A 9 0 0 6 6

™

David J . Harrington National Director - Multifamily

Direct +1 .310 .295 .1170Mobile +1 .310 .497 .5590david .harrington@matthews .comLicense No . 01320460 (CA)

Kyle Mirrafati Senior Associate - Multifamily

Direct +1 .310 .295 .4269Mobile +1 .949 .533 .4650kyle .mirrafati@matthews .comLicense No . 01911204 (CA)