WEST HOLLYWOOD, CA 90046

1020-26N. CRESCENT HEIGHTS BLVD.WEST HOLLYWOOD, CA 90046

NON-ENDORSEMENT AND DISCLAIMER NOTICEThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus & Millichap. All rights reserved.

Non-Endorsement NoticeMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

SAM LIBEROWFirst Vice President InvestmentsDirector, Ntnl Multi Housing Group 16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2795 Direct (818) 698-6464 Fax [email protected] License: CA 01933858

EXCLUSIVELY LISTED BY:

MAX GERSHTInvestments Associate16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2664 Direct (818) 698-6464 Fax [email protected] License: CA 02057610

PHILIP KLAPARDAAgent9595 Wilshire Blvd. Suite 208Beverly Hills, CA 90212(310) 278-4747 Direct (310) 278-0607 Fax [email protected]: CA 01347517

CO-LISTED WITH:

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TABLE OF CONTENTS

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Executive Summary

Investment Highlights

Property Overview

Financial Analysis

Comparables

Area Overview

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5

6

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Marcus & Millichap has been selected to exclusively market for sale 1020-1026 N Crescent Heights Blvd., a 16-unit apartment building in prime West Hollywood.

This is the first time the property is on the market in 45 years. Situated in one of the most desirable rental sub-markets in the Los Angeles area, occupancy rates are consistently above 97 percent. Potential increase in rental income is also available by implementing the renovation program to the interior and exterior facades. The building features an excellent unit mix of one-bedroom, two-bedroom, and three-bedroom apartments. Eight (8) of the units are one-bedroom / one-bathroom, six (6) are two-bedroom / two-bathroom units, and two (2) are three-bedroom / two-bathroom units. With 15,336 of rentable square feet, it offers on-site covered parking, gated entry, laundry facilities, and a pool. This property has been well maintained over the years. It is clean and well kept.

Great walkability is a hallmark of this West Hollywood neighborhood. With a Walk Score of 93, the area is within walking distance of trendy restaurants, nightlife, and chic retail shopping right on Santa Monica, just a few minutes away from the property. This location is considered to be Walker’s Paradise.

EXECUTIVE SUMMARY

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PROPERTY OVERVIEW

PROPERTY OVERVIEW

Property Address 1020-1026 N. Crescent Heights Blvd

Building SF 15,336 SF

Lot Size 12,839 SF

Units 16

APN 5529-024-027

Year Built 1963

Zoning WDR3C*

FINANCIAL OVERVIEW

Sales Price $6,000,000

CAP Rate 3.05%

GRM 18.59

Price/Unit $375,000

Price/SF $391.24

ProForma CAP Rate 6.24%

ProForma GRM 11.54

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• First time on the market in 45 years

• Opportunity to acquire 16 units in a prime West Hollywood location

• Brand new roof installed in November 2018 with 15 year warranty

• Value-add opportunity by implementing renovation program: upgrading unit interiors, common areas, exterior façade and landscaping

• Excellent unit mix of one-bedroom, two-bedroom, and three-bedroom apartments

• The property features gated entry, on-site covered parking, laundry facilities, and a pool

• Great walkability - Walk Score of 93 – walking distance to trendy restaurants, nightlife and chic retail shopping along Santa Monica Blvd

INVESTMENT HIGHLIGHTS

GREAT WALKABILITY

WALK SCORE OF 93 - THIS LOCATION IS A WALKER’S PARADISE SO DAILY ERRANDS DO NOT REQUIRE A CAR

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INVESTMENT HIGHLIGHTS

DEMOGRAPHICS

$102,123 $98,427 $848,4065-Mile RadiusAverage Household Income

1-Mile RadiusAverage Household Income

5-Mile Radius Population

WALKSCORE93/100

Walkscore of 93 meaning this location is a Walker’s Paradise.

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WHYBUY

PROXIMITY TO AMENITIES

Shopping• The Beverly Center• The Grove• Westfield Century City

Hospitals• Cedar-Sinai Medical Center• UCLA Medical Center

Groceries• Gelson’s• Whole Foods• Pavilions• Trader Joe’s

MAJOR EMPLOYERS IN THE IMMEDIATE AREA

• Cedar-Sinai Medical Center• Southern California Hospital• Kaiser Permanente• Sony Pictures Entertainment

WHY BUY 1020-1026 N. CRESCENT HEIGHTS BLVD?

HIGH-END DEMOGRAPHICS

Average HH income of $102,123 within a 1-mile radius

Fitness• 24 Hour Fitness• Equinox• Yoga Works

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PROXIMITY TO AMENITIES PRIDE OF OWNERSHIPPROXIMITY TO SANTA MONICA BLVDUpscale RestaurantsChic shopping storesTrendy Bars / LoungesWalk of Fame

VALUE-ADD OPPORTUNITY

Increase rental income by renovating exterior and interior units

Ability to acquire a property in prime West Hollywood

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THE OFFERING

Property 1020-1026 N. Crescent Heights Blvd.

Price $6,000,000Property Address 1020-1026 N. Crescent Heights

Blvd.Assessors Parcel Number 5529-024-027Zoning WDR3C*

SITE DESCRIPTION

Number of Units 16Number of Buildings 1Number of Stories 2Year Built/Renovated 1963Rentable Square Feet 15,336Lot Size 12,839Type of Ownership Fee SimpleParking Yes

UTILITIES

Water Landlord PaysElectric Tenant PaysGas Tenant PaysTrash Landlord Pays

CONSTRUCTION

Foundation SlabFraming WoodExterior StuccoParking Surface ConcreteRoof Flat

BUILDING INFORMATION

PLAT MAP

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BUILDING INFORMATION

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AERIAL

S A N TA M O N I C A B LV D

CR

ES

CE

NT

HE

IGH

TS

BLV

D

THE HUDSON

SHELL GASMARCO’S TRATTORIA

TASTY DONUTS

CITY EXPRESS

CONNIE & TED’S

THE INDIAN KITCHEN BELLAS HAND & FOOT SPA

FUBAR

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FA

IRF

AX

AV

ES A N TA M O N I C A B LV D

7-ELEVEN

WHOLE FOODS

YOGAWORKS

YSABEL

USPS

KUNG PAO BISTRO

COFFEE COFFEE

DELILAHSURLY GOAT

BELLAS HAND & FOOT SPA

FUBAR

LAUREL HARDWARE

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CURRENT EXTERIOR PHOTOS

16

APT #1

18

APT #12

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APT #15

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POTENTIAL AMENITY UPGRADESCURRENT POTENTIAL

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CURRENT POTENTIAL

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UNIT NO UNIT TYPE SF CURRENT RENT NOTES MARKET RENT

1 3+2 1,160 $2,032 $3,7002 1+1 790 $1,383 $2,4503 2+2 1,040 $1,510 Sec 8 $2,6954 1+1 725 $1,606 $2,4505 2+2 940 $1,504 $2,6956 1+1 790 $1,594 $2,4507 2+2 1,040 $2,017 $2,6958 1+1 725 $2,250 $2,4509 3+2 1,150 $1,579 $3,700

10 1+1 815 $1,595 $2,45011 2+2 1,060 $2,478 $2,69512 1+1 805 $2,015 $2,450

12A 2+2 1,050 $1,504 $2,69514 1+1 815 $1,392 $2,45015 2+2 1,060 $1,034 $2,69516 1+1 805 $1,245 Sec 8 $2,450

Total $26,737 $43,170

RENT ROLL

FINANCIALS

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NO OF UNITS UNIT TYPE

8 1+16 2+22 3+216 Total Units

CURRENT RENTS MARKET RENTS

NO. OF UNITS BR/BA MO. RENT/UNIT MO. INCOME MO. RENT/UNIT MO. INCOME

8 1+1 $1,245 - $2,250 $13,079 $2,450 $19,6006 2+2 $1,034 - $2,478 $10,047 $2,695 $16,1702 3+2 $1,579 - $2,032 $3,611 $3,700 $7,400Total Scheduled Rent: $26,737 $43,170Laundry: $164 $164Other Income: - -Monthly Scheduled Gross Income: $26,901 $43,334Annual Scheduled Gross Income: $322,807 $520,003

SCHEDULED INCOME

UNIT MIX

FINANCIALS

# of Units

1+1 2+2 3+2

1+12+2

3+2

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FINANCIALS

Notes:This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Reference to square footage or age are approximate. Buyer must verify information and bears all risk for any inaccuracies. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

PRICING

Sales Price $6,000,000

Price/Unit $375,000

Price/SF $391.24

CAP Rate 3.05%

ProForma CAP Rate 6.24%

GRM 18.59

ProForma GRM 11.54

Cash-on-Cash 0.71%

PROPOSED FINANCINGLoan Amount $2,700,000Term 5 YearsInterest Rate 4.25%Annual Payment $159,389

PRICING

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EXPENSES % ANNUAL PER SF PER UNIT

Real Estate Taxes 1.196% $71,763 $4.68 $4,485 Insurance $6,134 $0.40 $383 Utilities $9,152 $0.60 $572 Trash Removal $1,800 $0.12 $113 Repairs & Maintenance $12,525 $0.82 $783 Landscaping $1,600 $0.10 $100 Pest $607 $0.04 $38 Pool Maintenance $2,040 $0.13 $128Operating Reserves $4,000 $0.26 $250 On-Site Management $8,000 $0.52 $500 Off-Site Management $12,525 $0.82 $783Total Expenses $130,146 $8.49 $8,134

INCOME AND EXPENSE % CURRENT RENTS % MARKET RENTS

Scheduled Gross Income: $322,807 $520,003Vacancy/ Bad Debt: 3% $9,684 3% $15,600Gross Operating Income: $313,123 $504,403Less Expenses: 40% $130,146 25% $130,146Net Operating Income: $182,977 $374,257Less Loan Payments: $159,389 $159,389Debt Coverage Ratio: 1.15 2.35 Pre-Tax Cash Flow: 0.71% $23,588 6.51% $214,869Plus Principal Reduction Yr 1: $45,518 $45,518Total Return Before Taxes: 2.09% $69,107 7.89% $260,387

ANNUALIZED OPERATING DATA

FINANCIALS

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SALES COMPARABLES

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SUBJECT PROPERTY

ADDRESS 1020-1026 N CRESCENT HEIGHTS BLVD

Offering Price 6,000,000Price/Unit $375,000Price/SF $391.24CAP Rate 3.05%GRM 18.59No. of Units 16Year Built 1963

ADDRESS 1267 N LAUREL AVE

Close of Escrow 6/1/2018Sales Price $7,300,000Price/Unit $331,818Price/SF $399.96CAP Rate 3.43%GRM 17.41No. of Units 22Year Built 1957

ADDRESS 1001 N OGDEN DR


SALES COMPARABLES

1 2

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ADDRESS 1122 HAYWORTH AVE




ADDRESS 1246 N HAYWORTH AVE


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SALES COMPARABLES

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ADDRESS 1031 N CURSON AVE


ADDRESS 939 N OGDEN DR


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SALES COMPARABLES

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SALES COMPARABLES

CAP RATE4.0

3.6

3.2

2.8

2.4

2.0

1.6

1.2

0.8

0.4

0.0

AVG. 3.43%

1020-1026 N CRESCENT

HEIGHTS BLVD

1267 N LAUREL AVENUE

1001 N OGDEN DRIVE

1122 N HAYWORTH

AVENUE


1246 N HAYWORTH

AVENUE

1031 N CURSON AVENUE

939 N OGDEN DRIVE

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GRM

SALES COMPARABLES

AVG. 17.30


HEIGHTS BLVD


1001 N OGDEN DRIVE

1122 N HAYWORTH

AVENUE


1246 N HAYWORTH

AVENUE


939 N OGDEN DRIVE

20.00

18.00

16.00

14.00

12.00

10.00

6.00

4.00

2.00

0.00

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SALES COMPARABLES

PRICE PER SF

AVG. $420.67


HEIGHTS BLVD


1001 N OGDEN DRIVE

1122 N HAYWORTH

AVENUE


1246 N HAYWORTH

AVENUE


939 N OGDEN DRIVE

$500.00

$450.00

$400.00

$350.00

$300.00

$250.00

$200.00

$150.00

$100.00

$50.00

$0.00

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PRICE PER UNIT

SALES COMPARABLES

AVG. $344,959


HEIGHTS BLVD


1001 N OGDEN DRIVE

1122 N HAYWORTH

AVENUE


1246 N HAYWORTH

AVENUE


939 N OGDEN DRIVE

$400,000

$360,000

$320,000

$280,000

$240,000

$200,000

$160,000

$120,000

$80,000

$40,000

$0

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12

3

4

RENT COMPARABLES

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UNIT TYPE UNITS RENT

1+1 8 $13,079 2+2 6 $10,047 3+2 2 $3,611

Total 16Year Built 1963


1+1 1 $2,350



2+2 1 $2,695


ADDRESS 1020-1026 N CRESCENT HEIGHTS BLVD


ADDRESS 1010 N CRESCENT HEIGHTS BLVD

1 2

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3+2 1 $3,705



1+1 1 $2,475


ADDRESS 1009 N HARPER AVEADDRESS 1321 N LAUREL AVE

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RENT COMPARABLES

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1 BEDROOM

2 BEDROOM

AVG. $2,413

1020-1026 N CRESCENT HEIGHTS

BLVD

1023 N LAUREL AVE

1010 N CRESCENT HEIGHTS

BLVD

1321 N LAUREL AVE

1009 N HARPER AVE

AVG. $3,705


BLVD

1023 N LAUREL AVE


BLVD

1321 N LAUREL AVE

1009 N HARPER AVE

$4,000

$3,600

$3,200

$2,800

$2,400

$2,000

$1,600

$1,200

$800

$400

$0

AVG. $2,695


BLVD

1023 N LAUREL AVE


BLVD

1321 N LAUREL AVE

1009 N HARPER AVE

$3,000

$2,700

$2,400

$2,100

$1,800

$1,500

$1,200

$900

$600

$300

$03 BEDROOM

$3,000

$2,700

$2,400

$2,100

$1,800

$1,500

$1,200

$900

$600

$300

$0

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AREA OVERVIEW

WEST HOLLYWOOD

WeHo, as the locals call it, is home to fantastic restaurants, hotels, nightlife, and shopping. Its creative energy is palpable throughout the entire neighborhood, which has become a destination for modern furniture and decor. With no shortage of things to do in West Hollywood, it’s a popular place for both tourists and locals to visit. While WeHo draws its share of out-of-towners, the locals represent an equally diverse crowd. Dynamic nightlife and entertainment generate great energy that courses through the community.

WeHo is home to many of Los Angeles’ most iconic hotels, music venues, and comedy clubs. When residents crave fresh air, nearby Runyon Canyon is one of the city’s most beautiful hikes.

The experience is a melting pot of traditions, whether it’s innovative vegan food, couture fashion, or street art and statues. Creative people flock to WeHo, not only for its ample club and bar offerings, but also for its hopping art scene.

It has been dubbed “The Creative City,” and for good reason. Bordering Beverly Hills and Los Angeles, it is where fashion and the arts rule, easy to see as you travel the streets of the West Hollywood Design District. This trendsetting area includes galleries and the Pacific Design Center on Melrose Avenue, and interior design showrooms along Beverly Boulevard. Shop at leading boutiques along Robertson Blvd or head to the well known Sunset Strip— home to such legendary music venues as The Roxy and the Viper Room, once co-owned by Johnny Depp. Then check out the bars along Santa Monica Boulevard— the heart of Weho’s nightlife scene.

POINTS OF INTEREST

RIOT HOUSE BAR

NOBU

HOLLYWOOD IMPROV

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$102,123 $98,4275-Mile RadiusAverage Household Income

1-Mile RadiusAverage Household Income

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AREA OVERVIEW

MAJOR AMENITIES

Ysabel 0.3 Miles

The Hudson 0.4 Miles

Nobu Los Angeles 0.8 Miles

Taste on Melrose 0.9 Miles

Andaz West Hollywood 0.9 Miles

Mondrian Los Angeles 1.0 Miles

Pacific Design Center 1.5 Miles

NEARBY HOSPITALS

Cedar’s Sinai MedicalCenter 2.0 Miles

Southern CaliforniaHospital at Hollywood 2.8 Miles

United Care FamilyMedical Center 3.9 Miles

Kaiser Permanente 4.4 Miles

NEARBY SCHOOLS

Beverly HillsChildren’s Academy 0.2 Miles

ABC Little School 0.3 Miles

Larchmont CharterSchool West Hollywood 0.7 Miles

West Hollywood Academy-Music 0.9 Miles

Gardner Little School 1.2 Miles

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AREA OVERVIEW

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

Population:

2023 Population Projection 52,512 290,532 880,972

2018 Population Estimate 51,320 283,228 861,651

2010 Population Census 48,001 261,087 809,053

Population Growth 2018-2023 2.32% 2.58% 2.24%

Population Growth 2010-2018 6.91% 8.48% 6.50%

2018 Owner Occupied Housing Units 6,946 38,767 99,217

2018 Renter Occupied Housing Units 23,807 106,871 274,815

2018 Households by Household Inc:

< $25,000 6,599 29,327 88,862

$25,000 - $50,000 5,003 24,094 75,486

$50,000 - $75,000 4,275 21,034 55,625

$75,000 - $100,000 4,005 16,247 39,319

$100,000 - $125,000 2,737 12,560 28,525

$125,000 - $150,000 1,835 8,386 17,715

$150,000 - $200,000 2,081 11,142 21,688

$200,000+ 4,219 22,848 46,813

2014 Median Household Income $63,333 $59,113 $48,751

2018 Avg Household Income $101,633 $107,156 $93,209

2018 Med Household Income $71,773 $72,913 $59,350C

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SAM LIBEROWVice President InvestmentsDirector, Ntnl Multi Housing Group 16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2795 Direct (818) 212-2700 Fax [email protected] License: CA 01933858

MAX GERSHTInvestments Associate16830 Ventura Blvd. Suite 100Encino, CA 91436(818) 212-2664 Direct (818) 698-6464 Fax [email protected] License: CA 02057610

EXCLUSIVELY LISTED BY: CO-LISTED WITH:

WEST HOLLYWOOD, CA 90046

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