OFFERING MEMORANDUM

15456 VanowenStreet

15456 Vanowen StreetVan Nuys, CA 91406

15456 Vanowen StreetCONTENTS

Exclusively Marketed by:

David Eveland Andrew GombinerBroker

(310) 770-4575 (310) 770-4575

develand5@gmail.com agombiner@gmail.com

We obtained the following information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or otherconditions, prior sale, lease or financing, or withdrawal without notice.  We include projections, opinions, assumptions or estimates for example only, and they may not represent the current or future performance of the property. You and your tax and legal advisors should conduct yourown investigation of the property and transaction.

01 Executive Summary Investment Summary 4 Unit Mix Summary 5 Location Summary 6

02 Property Description Property Features 8 Property Images 9

03 Rent Comps Rent Comparables Summary 12 Rent Comparables Map 18

04 Sale Comps Sale Comparables Summary 20 Sale Comparables Charts 22 Sale Comparables Map 23

05 Rent Roll Rent Roll Details 25

06 Financial Analysis Income & Expense Analysis 27 Multiyear Cash Flow Assumptions 28 Cash Flow Analysis 29 Disposition Sensitivity Analysis 31

07 Demographics Demographics 33 Demographic Charts 34

15456 Vanowen Street | Executive Sum

mary

Executive Summary

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Investment Summary

Unit Mix Summary

Location Summary

15456 Vanowen Street Investment Summary | 04

OFFERING SUMMARYADDRESS 15456 Vanowen Street

Van Nuys CA 91406COUNTY Los AngelesBUILDING SF 9,046LAND SF 13,917NUMBER OF UNITS 12YEAR BUILT 1958APN 2234-023-001

FINANCIAL SUMMARYOFFERING PRICE $2,250,000PRICE PSF $248.73PRICE PER UNIT $187,500NOI (CURRENT) $95,555NOI (Pro Forma) $138,474CAP RATE (CURRENT) 4.25 %CAP RATE (Pro Forma) 6.15 %GRM (CURRENT) 13.77GRM (Pro Forma) 10.58

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE2019 Population 44,686 304,251 727,9072019 Median HH Income $47,183 $54,725 $62,9032019 Average HH Income $66,070 $80,950 $93,736

Seismic retrofit almost complete & will be finished prior toclose of escrow

All units have air conditioning

1:1 parking ratio (all side-by-side)

Half of the units have laminate wood flooring throughout

All units come with a refrigerator and gas stove

Central laundry room

Easy freeway access

Vanowen Terrace represents an excellent opportunity for the investorinterested in purchasing an attractive and updated apartment building in astrong rental market. The building is a two-story walk-up that offers afavorable unit mix of eight 1-bedroom and four 2-bedroom units with asignificant amount of rental upside. The spacious apartments feature airconditioning, tile counters, stoves and refrigerators. The building featuresgated entrances and 12 side-by-side parking spaces. There is a laundryroom with coin-operated machines owned by CSC Service Works. Allapartments are separately metered for gas and electric and each unit hasits own water heater. Set back from the street on a large lot andsurrounded by a large attractive garden, Vanowen Terrace offers apleasant environment to its tenants.

15456 Vanowen Street Unit Mix Summary | 05

Unit Mix # Units Square Feet Current Rent Rent PSF Monthly Income1 bd / 1 ba 8 700 $1,087 $1.55 $8,6962 bd / 1 ba 4 850 $1,308 $1.54 $5,232

Totals/Averages 12 750 $1,161 $1.55 $13,928

15456 Vanowen Street Location Summary | 06

The property is located in a strong rental area of West VanNuys. The immediate area is comprised of single-familyhomes and apartment buildings with shops, restaurants andschools only blocks away. The San Diego (405) freeway,Ventura (101) and Hollywood (170) freeways are all nearby,providing easy access to many areas of the Valley andGreater Los Angeles.

Locator Map

15456 Vanowen Street | Property D

escription

Property Description

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Property Features

Aerial Map

Parcel Map

Additional Maps

Property Images

15456 Vanowen Street Property Features | 08

PROPERTY FEATURESNUMBER OF UNITS 12BUILDING SF 9,046LAND SF 13,917YEAR BUILT 1958NUMBER OF STORIES 2NUMBER OF BUILDINGS 1NUMBER OF PARKING SPACES 12PARKING RATIO 1:1WASHER/DRYER Laundry room

15456 Vanowen Street Property Images | 09

15456 Vanowen Street Property Images | 10

15456 Vanowen Street | R

ent Com

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Rent Comps

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Rent Comparables

Rent Comparables Map

15456 Vanowen Street Rent Comparables Summary | 12

1

6623 Woodley, Van Nuys, CA 91406

Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF

2 bd + 1.5 ba 0 975 $1,695 $1.73Total/Avg 0 975 $1,695 $1.73

Unit Mix Breakdown

Comparables Rent Analysis

15456 Vanowen Street Rent Comparables Summary | 13

2

8539 Willis Ave, Panorama City, CA 91401

Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF

2 bd + 1 ba 0 1,000 $1,695 $1.69Total/Avg 0 1,000 $1,695 $1.69

Unit Mix Breakdown

Comparables Rent Analysis

2 bd / 1 ba $1,308 - $1,775

LOW HIGH

15456 Vanowen Street Rent Comparables Summary | 14

3

5937 Murietta Ave, Los Angeles, CA 91401

Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF

2 bd + 1 ba 0 800 $1,775 $2.21Total/Avg 0 800 $1,775 $2.21

Unit Mix Breakdown

Comparables Rent Analysis

2 bd / 1 ba $1,308 - $1,775

LOW HIGH

15456 Vanowen Street Rent Comparables Summary | 15

4

13645 Runnymead, Van Nuys, CA 91405

Amenities• Air conditioning • Laundry room • Close to shopping

Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF

1 bd + 1 ba 0 650 $1,350 $2.07Total/Avg 0 650 $1,350 $2.07

Unit Mix Breakdown

Comparables Rent Analysis

1 bd / 1 ba $1,087 - $1,350

LOW HIGH

15456 Vanowen Street Rent Comparables Summary | 16

5

6861 Sepulveda Blvd, Van Nuys, CA 91405

Amenities• Wood laminate floors • Comes with

refrigerator and stove• Easy access to thefreeway

Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Rent per SF

1 bd + 1 ba 0 700 $1,300 $1.851 bd + 1 ba 0 700 $0Total/Avg 0 700 $1,300 $0.93

Unit Mix Breakdown

Comparables Rent Analysis

1 bd / 1 ba $1,087 - $1,350

LOW HIGH

1 bd / 1 ba $1,087 - $1,350

LOW HIGH

15456 Vanowen Street Rent Comparables Summary | 17

S

15456 Vanowen Street15456 Vanowen Street, Van Nuys, CA 91406

Property SummaryUNITS 12YEAR BUILT 1958

Unit Mix and Rent ScheduleUnit Mix # of Units Square Feet Rent Summary Rent per SF

1 bd / 1 ba 8 700 $1,087 $1.552 bd / 1 ba 4 850 $1,308 $1.54

Totals/Averages 12 750 $1,161 $1.55

Unit Mix Breakdown

Comparables Rent Analysis

1 bd / 1 ba $1,087 - $1,350

LOW HIGH

2 bd / 1 ba $1,308 - $1,775

LOW HIGH

15456 Vanowen Street Rent Comparables Map | 18

# Address CityS 15456 Vanowen Street Van Nuys1 6623 Woodley Van Nuys2 8539 Willis Ave Panorama City3 5937 Murietta Ave Los Angeles4 13645 Runnymead Van Nuys5 6861 Sepulveda Blvd Van Nuys

15456 Vanowen Street | Sale C

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Sale Comps

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Sale Comparables

Sale Comparables Charts

Sale Comparables Map

15456 Vanowen Street Sale Comparables Summary | 20

1

15919 Vanowen StVan Nuys, CA 91406

TOTAL UNITS 9

YEAR BUILT 1962

SALE PRICE $1,620,000

PRICE/UNIT $180,000

PRICE/SF $251.16

CLOSING DATE 2/27/2019

Cap Rate Range

LOW HIGH

Price/Unit Range $180,000 - $221,429

LOW HIGH

2

15352 Vanowen StVan Nuys, CA 91406

TOTAL UNITS 18

YEAR BUILT 1962

SALE PRICE $3,250,000

PRICE/UNIT $180,556

PRICE/SF $238.36

CLOSING DATE 8/20/2018

Cap Rate Range

LOW HIGH

Price/Unit Range $180,000 - $221,429

LOW HIGH

15456 Vanowen Street Sale Comparables Summary | 21

3

15733 Vanowen StVan Nuys, CA 91406

TOTAL UNITS 14

YEAR BUILT 1957

SALE PRICE $3,100,000

PRICE/UNIT $221,429

PRICE/SF $286.67

CLOSING DATE 3/11/2019

Cap Rate Range

LOW HIGH

Price/Unit Range $180,000 - $221,429

LOW HIGH

S

15456 Vanowen Street15456 Vanowen StreetVan Nuys, CA 91406

TOTAL UNITS 12

YEAR BUILT 1958

ASKING PRICE $2,250,000

PRICE/UNIT $187,500

PRICE/SF $248.73

CAP RATE 4.25 %

GRM 13.77

Cap Rate Range 4.25 % - 4.25 %

LOW HIGH

Price/Unit Range $180,000 - $221,429

LOW HIGH

15456 Vanowen Street Sale Comparables Charts | 22

15456 Vanowen Street Sale Comparables Map | 23

# Address CityS 15456 Vanowen Street Van Nuys1 15919 Vanowen St Van Nuys2 15352 Vanowen St Van Nuys3 15733 Vanowen St Van Nuys

15456 Vanowen Street | R

ent Roll

Rent Roll

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Rent Roll Details

15456 Vanowen Street Rent Roll Details | 25

Unit Square Feet Unit Mix Monthly Rent PSF Market Rent Move-in Date1 850 2 bd / 1 ba $1,081 $1.27 $1,695 12/1/20002 700 1 bd / 1 ba $902 $1.29 $1,350 5/25/20113 850 2 bd / 1 ba $1,171 $1.38 $1,695 10/15/20094 700 1 bd / 1 ba $1,007 $1.44 $1,350 11/6/20135 700 1 bd / 1 ba $896 $1.28 $1,350 10/1/20106 850 2 bd / 1 ba $1,296 $1.52 $1,695 4/1/20127 700 1 bd / 1 ba $916 $1.31 $1,350 1/1/20018 850 2 bd / 1 ba $1,595 $1.88 $1,695 10/1/20189 700 1 bd / 1 ba $1,195 $1.71 $1,350 10/24/2018

10 700 1 bd / 1 ba $1,195 $1.71 $1,350 8/4/201811 700 1 bd / 1 ba $1,131 $1.62 $1,350 10/15/201612 700 1 bd / 1 ba $1,091 $1.56 $1,350 1/2/2016

Totals/Averages $13,476 $1.50 $17,580

15456 Vanowen Street | Financial A

nalysis

Financial Analysis

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Income & Expense

Multiyear Cash Flow Assumptions

Multiyear Cash Flow Projections

Disposition Sensitivity Analysis

15456 Vanowen Street Income & Expense Analysis | 27

INCOME CURRENT PRO FORMA

Gross Potential Rent $161,712 $210,960

Other Income $1,656 $1,656

Gross Potential Income $163,368 $212,616

Less: General Vacancy $6,329

Effective Gross Income $163,368 $206,287

Less: Expenses $67,813 $67,813

Net Operating Income $95,555 $138,474

EXPENSES CURRENT PRO FORMA

Real Estate Taxes $2,133 $25,600 $2,133 $25,600

Insurance $448 $5,373 $448 $5,373

Repairs & Maintenance $900 $10,800 $900 $10,800

Landscaping $200 $2,400 $200 $2,400

Utilities $1,470 $17,640 $1,470 $17,640

Onsite Manager $500 $6,000 $500 $6,000

Total Operating Expense $5,651 $67,813 $5,651 $67,813

Expense / SF $7.49 $7.49

% of EGI 41.51 % 32.87 %

Per Unit Per Unit

REVENUE ALLOCATION

DISTRIBUTION OF EXPENSES

15456 Vanowen Street Multiyear Cash Flow Assumptions | 28

GLOBALSale Price $2,250,000

15456 Vanowen Street Cash Flow Analysis | 29

CASH FLOWCalendar Year CURRENT Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Gross Potential RevenueGross Rental Income $161,712 $210,960 $210,960 $210,960 $210,960 $210,960 $210,960 $210,960 $210,960 $210,960Other Income $1,656 $1,656 $1,656 $1,656 $1,656 $1,656 $1,656 $1,656 $1,656 $1,656Gross Potential Income $163,368 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616General Vacancy $6,329 $0 $0 $0 $0 $0 $0 $0 $0Effective Gross Income $163,368 $206,287 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616 $212,616Operating ExpensesReal Estate Taxes $25,600 $25,600 $25,600 $25,600 $25,600 $25,600 $25,600 $25,600 $25,600 $25,600Insurance $5,373 $5,373 $5,373 $5,373 $5,373 $5,373 $5,373 $5,373 $5,373 $5,373Repairs & Maintenance $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800 $10,800Landscaping $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400 $2,400Utilities $17,640 $17,640 $17,640 $17,640 $17,640 $17,640 $17,640 $17,640 $17,640 $17,640Onsite Manager $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000 $6,000Total Operating Expense $67,813 $67,813 $67,813 $67,813 $67,813 $67,813 $67,813 $67,813 $67,813 $67,813Net Operating Income $95,555 $138,474 $144,803 $144,803 $144,803 $144,803 $144,803 $144,803 $144,803 $144,803

Effective Gross Income vs Operating Expenses Cash Flow

15456 Vanowen Street Cash Flow Analysis | 30

Calendar Year CURRENT Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10Financial MetricsCash on Cash Return b/t 4.25 % 6.15 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 %CAP Rate 4.25 % 6.15 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 % 6.44 %Operating Expense Ratio 41.50 % 32.87 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 %Gross Multiplier (GRM) 13.77 10.58 10.58 10.58 10.58 10.58 10.58 10.58 10.58 10.58Breakeven Ratio 41.51 % 32.87 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 % 31.89 %Price / SF $248.73 $248.73 $248.73 $248.73 $248.73 $248.73 $248.73 $248.73 $248.73 $248.73Price / Unit $187,500 $187,500 $187,500 $187,500 $187,500 $187,500 $187,500 $187,500 $187,500 $187,500Income / SF $18.05 $22.80 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50 $23.50Expense / SF $7.49 $7.49 $7.49 $7.49 $7.49 $7.49 $7.49 $7.49 $7.49 $7.49

15456 Vanowen Street Disposition Sensitivity Analysis | 31

5 YEAR SENSITIVITY ANALYSISEXIT CAP RATE PROJECTED

SALES PRICESALES PRICE/UNIT SALES PRICE PSF PROCEEDS AFTER

LOAN PAYOFFIRR

0.25% $57,921,200 $4,826,767 $6,403 $57,921,200 93.63%0.50% $28,960,600 $2,413,383 $3,201 $28,960,600 69.22%0.75% $19,307,067 $1,608,922 $2,134 $19,307,067 56.52%1.00% $14,480,300 $1,206,692 $1,601 $14,480,300 48.17%1.25% $11,584,240 $965,353 $1,281 $11,584,240 42.05%1.50% $9,653,533 $804,461 $1,067 $9,653,533 37.27%1.75% $8,274,457 $689,538 $915 $8,274,457 33.39%2.00% $7,240,150 $603,346 $800 $7,240,150 30.14%2.25% $6,435,689 $536,307 $711 $6,435,689 27.35%

10 YEAR SENSITIVITY ANALYSISEXIT CAP RATE PROJECTED

SALES PRICESALES PRICE/UNIT SALES PRICE PSF PROCEEDS AFTER

LOAN PAYOFFIRR

0.25% $57,921,200 $4,826,767 $6,403 $57,921,200 40.43%0.50% $28,960,600 $2,413,383 $3,201 $28,960,600 31.58%0.75% $19,307,067 $1,608,922 $2,134 $19,307,067 26.76%1.00% $14,480,300 $1,206,692 $1,601 $14,480,300 23.51%1.25% $11,584,240 $965,353 $1,281 $11,584,240 21.09%1.50% $9,653,533 $804,461 $1,067 $9,653,533 19.17%1.75% $8,274,457 $689,538 $915 $8,274,457 17.60%2.00% $7,240,150 $603,346 $800 $7,240,150 16.27%2.25% $6,435,689 $536,307 $711 $6,435,689 15.12%

15456 Vanowen Street | D

emographics

Demographics

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Demographic Details

Demographic Charts

15456 Vanowen Street Demographics | 33

POPULATION 1 MILE 3 MILE 5 MILE

2000 Population 41,797 284,454 669,171

2010 Population 42,596 290,393 697,601

2019 Population 44,686 304,251 727,907

2024 Population 46,077 310,319 743,068

2019 African American 2,683 13,227 29,770

2019 American Indian 298 2,004 4,329

2019 Asian 3,920 28,282 77,165

2019 Hispanic 27,852 171,695 365,447

2019 White 22,760 162,135 405,235

2019 Other Race 12,420 82,299 172,724

2019 Multiracial 2,549 15,893 37,715

2019-2024: Population: Growth Rate 3.05 % 2.00 % 2.05 %

2019 HOUSEHOLD INCOME 1 MILE 3 MILE 5 MILE

less than $15,000 2,016 11,654 25,019

$15,000-$24,999 1,745 10,875 21,954

$25,000-$34,999 1,676 10,009 19,991

$35,000-$49,999 2,305 12,917 28,395

$50,000-$74,999 2,593 16,805 40,976

$75,000-$99,999 1,832 11,221 29,097

$100,000-$149,999 1,564 13,428 36,391

$150,000-$199,999 490 5,889 16,820

$200,000 or greater 599 6,715 21,785

Median HH Income $47,183 $54,725 $62,903

Average HH Income $66,070 $80,950 $93,736

HOUSEHOLDS 1 MILE 3 MILE 5 MILE

2000 Total Housing 14,809 98,553 235,993

2010 Total Households 14,305 95,956 232,942

2019 Total Households 14,822 99,513 240,428

2024 Total Households 15,240 101,092 244,312

2019 Average Household Size 2.96 3.03 2.99

2000 Owner Occupied Housing 3,713 34,017 102,451

2000 Renter Occupied Housing 10,634 61,248 125,865

2019 Owner Occupied Housing 3,718 33,916 102,582

2019 Renter Occupied Housing 11,104 65,596 137,847

2019 Vacant Housing 964 5,792 13,569

2019 Total Housing 15,786 105,305 253,997

2024 Owner Occupied Housing 3,857 34,905 105,019

2024 Renter Occupied Housing 11,383 66,187 139,293

2024 Vacant Housing 953 5,724 13,496

2024 Total Housing 16,193 106,816 257,808

2019-2024: Households: Growth Rate 2.80 % 1.60 % 1.60 %

Source: esri

15456 Vanowen Street Demographic Charts | 34

1 Mile Radius 3 Mile Radius 5 Mile Radius

2019 Household Income

1 Mile Radius 3 Mile Radius 5 Mile Radius

2019 Population by Race

15456 Vanowen Street Demographic Charts | 35

2019 Household Occupancy - 1 Mile Radius

Average Income Median Income

2019 Household Income Average and Median

15456 Vanowen Street

CONFIDENTIALITY and DISCLAIMERThe information contained in the following offering memorandum is proprietary and strictly confidential. It isintended to be reviewed only by the party receiving it from Gombiner and Company and it should not be madeavailable to any other person or entity without the written consent of Gombiner and Company.

By taking possession of and reviewing the information contained herein the recipient agrees to hold and treatall such information in the strictest confidence. The recipient further agrees that recipient will not photocopy orduplicate any part of the offering memorandum. If you have no interest in the subject property, pleasepromptly return this offering memorandum to Gombiner and Company. This offering memorandum has beenprepared to provide summary, unverified financial and physical information to prospective purchasers, and toestablish only a preliminary level of interest in the subject property.

The information contained herein is not a substitute for a thorough due diligence investigation. Gombiner andCompany has not made any investigation, and makes no warranty or representation with respect to the incomeor expenses for the subject property, the future projected financial performance of the property, the size andsquare footage of the property and improvements, the presence or absence of contaminating substances,PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of theimprovements thereon, or financial condition or business prospects of any tenant, or any tenant’s plans orintentions to continue its occupancy of the subject property.

The information contained in this offering memorandum has been obtained from sources we believe reliable;however, Gombiner and Company has not verified, and will not verify, any of the information contained herein,nor has Gombiner and Company conducted any investigation regarding these matters and makes no warrantyor representation whatsoever regarding the accuracy or completeness of the information provided. All potentialbuyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shallbe responsible for their costs and expenses of investigating the subject property.

Exclusively Marketed by:

David Eveland Andrew GombinerBroker

(310) 770-4575 (310) 770-4575

develand5@gmail.com agombiner@gmail.com

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