Westwood Blvd. Apartments 3610 Westwood Blvd. PROPERTY HIGHLIGHTS Dominick Faraone Investment Sales Associate 3107958567 dom@mdrealtycorp.com 3627 Motor Avenue Great location in Palms adjacent to Culver City Valueadd opportunity with significant upside in the rents Great unit mix of 3 bedroom, 2 bedrooms, 1 bedrooms and Studios No soft story seismic retrofit required (no tuck under parking) Laundry on site and parking for 9 cars www.mdrealtycorp.com
PRO FORMA SUMMARY INVESTMENT SUMMARY Price: $3,100,000 Year Built: 1962 Units: 9 Price/Unit: $344,444 RSF: 6,270 Price/RSF: $494.42 Lot Size: 7,931 sf Floors: 2 Parking Spaces: 9 APN: 4252028015 Cap Rate: 3.8% Market Cap Rate: 5.17% GRM: 16.9 Market GRM: 13.63 UNIT MIX & MONTHLY SCHEDULED Type Units Actual Total Market Total 2+2 1 $2,682 $2,682 $2,695 $2,695 Studio 1 $898 $898 $1,250 $1,250 1+1 1 $905 $905 $1,800 $1,800 Studio * 1 $1,065 $1,065 $1,250 $1,250 2+2 1 $2,009 $2,009 $2,600 $2,600 3+3 1 $3,250 $3,250 $3,500 $3,500 1+1 1 $985 $985 $1,800 $1,800 Studio * 1 $693 $693 $1,250 $1,250 2+2 1 $2,695 $2,695 $2,695 $2,695 TOTALS 9 $15,182 $18,840 ANNUALIZED INCOME Description Actual Market Gross Potential Rent $182,186 $226,080 Less: Vacancy ($5,466) ($6,782) Misc. Income $1,200 $1,320 Effective Gross Income $177,921 $220,618 Less: Expenses ($60,231) ($60,231) Net Operating Income $117,690 $160,387 ANNUALIZED EXPENSES Description Actual Market Building Insurance $3,150 $3,150 Management Fees $5,997 $5,997 Repairs & Maintenance $5,250 $5,250 Taxes Real Estate $38,750 $38,750 Trash Removal $2,484 $2,484 Utilities $4,600 $4,600 Total Expenses $60,231 $60,231 Expenses Per RSF $9.61 $9.61 Expenses Per Unit $6,692 $6,692 * 2 nonconforming units page 2
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SALE COMPS Address City Property Info Sale Info 1 3200 Bagley Ave Los Angeles 8,716 SF MultiFamily/Apartments Sold: $3,829,000 ($382,900/Unit) 2 3615 Bagley Ave Los Angeles 5,411 SF MultiFamily/Apartments Sold: $2,550,000 ($318,750/Unit) 3 3652 Clarington Ave Los Angeles 4,264 SF MultiFamily/Apartments Sold: $1,900,000 ($380,000/Unit) 4 3108 S Durango Ave Los Angeles 8,052 SF MultiFamily/Apartments Sold: $3,000,000 ($428,571/Unit) 5 3135 S Durango Ave Los Angeles 13,703 SF Multi Family/Apartments Sold: $5,625,000 ($351,563/Unit) 6 5831 Ernest Ave Los Angeles 3,516 SF MultiFamily/Apartments Sold: $1,750,000 ($350,000/Unit) 7 3667 Keystone Ave Los Angeles 5,440 SF MultiFamily/Apartments Sold: $2,200,000 ($366,667/Unit) 8 3704 Midvale Ave Culver City 5,684 SF MultiFamily/Apartments Sold: $2,580,000 ($368,571/Unit) 9 10225 Regent St Los Angeles 7,248 SF MultiFamily/Apartments Sold: $2,775,000 ($396,429/Unit) 10 10203 Tabor St Los Angeles 7,805 SF MultiFamily/Apartments Sold: $3,727,500 ($372,750/Unit) 11 10701 Tabor St Los Angeles 4,412 SF MultiFamily/Apartments Sold: $3,030,000 ($378,750/Unit) page 4 Copyrighted report licensed to Miller & Desatnik Realty Corp. 746813. 5/22/2018 Page 1
SALE COMPS 1 3200 Bagley Ave SOLD Sale Date: 08/08/2017 (148 days on mkt) Bldg Type: Class C MultiFamilyApartments Sale Price: $3,829,000 Confirmed Year Built/Age: Built 1966 Age: 51 Price/SF: $439.31 RBA: 8,716 SF Price/Unit: $382,900 # of Units: 10 Parcel No: 4311023016 4.60% Comp ID: 3981516 GRM/GIM: 13.00/ 2 3615 Bagley Ave SOLD Sale Date: 01/20/2017 (55 days on mkt) Bldg Type: Class C MultiFamilyApartments Sale Price: $2,550,000 Confirmed Year Built/Age: Built 1965 Age: 52 Price/SF: $471.26 RBA: 5,411 SF Price/Unit: $318,750 # of Units: 8 Parcel No: 4313018003 5.29% Comp ID: 3817054 GRM/GIM: 14.82/ 3 3652 Clarington Ave SOLD Sale Date: 12/06/2017 Bldg Type: Class C MultiFamilyApartments Sale Price: $1,900,000 Confirmed Year Built/Age: Built 1965 Age: 52 Price/SF: $445.59 RBA: 4,264 SF Price/Unit: $380,000 # of Units: 5 Parcel No: 4313007018 Comp ID: 4081791 GRM/GIM: 4 3108 S Durango Ave SOLD Sale Date: 03/09/2018 Bldg Type: Sale Price: $3,000,000 Confirmed Year Built/Age: Price/SF: $372.58 RBA: 8,052 SF Price/Unit: $428,571 # of Units: 7 Parcel No: 4311027025 Comp ID: 4169533 Class C MultiFamilyApartments Built 1962 Age: 56 GRM/GIM:, High Vacancy Property 5 3135 S Durango Ave SOLD Sale Date: 04/11/2018 Bldg Type: Class C MultiFamilyApartments Sale Price: $5,625,000 Confirmed Year Built/Age: Built 1957 Age: 61 Price/SF: $410.49 RBA: 13,703 SF Price/Unit: $351,563 # of Units: 16 Parcel No: 4311026006 3.30% Comp ID: 4255054 GRM/GIM: 17.30/ 6 5831 Ernest Ave SOLD Sale Date: 06/15/2017 (38 days on mkt) Bldg Type: Class C MultiFamilyApartments Sale Price: $1,750,000 Confirmed Year Built/Age: Built 1952 Age: 65 Price/SF: $497.72 RBA: 3,516 SF Price/Unit: $350,000 # of Units: 5 Parcel No: 5065020024 3.67% Comp ID: 3936204 GRM/GIM: page 5 Copyrighted report licensed to Miller & Desatnik Realty Corp. 746813. 5/22/2018 Page 2
SALE COMPS 7 3667 Keystone Ave SOLD Sale Date: 07/28/2017 Bldg Type: Class C MultiFamilyApartments Sale Price: $2,200,000 Full Value Year Built/Age: Built 1963 Age: 54 Price/SF: $404.41 RBA: 5,440 SF Price/Unit: $366,667 # of Units: 6 Parcel No: 4314010014 Comp ID: 3974690 GRM/GIM: Research Status: Full Value 8 3704 Midvale Ave SOLD Culver City, CA 90034 Sale Date: 01/09/2018 (137 days on mkt) Bldg Type: Class C MultiFamilyApartments Sale Price: $2,580,000 Confirmed Year Built/Age: Built 1961 Age: 57 Price/SF: $453.91 RBA: 5,684 SF Price/Unit: $368,571 # of Units: 7 Parcel No: 4252026001 4.20% Comp ID: 4130060 GRM/GIM: 9 10225 Regent St SOLD Sale Date: 01/17/2018 (127 days on mkt) Bldg Type: Class C MultiFamilyApartments Sale Price: $2,775,000 Confirmed Year Built/Age: Built 1965 Age: 53 Price/SF: $382.86 RBA: 7,248 SF Price/Unit: $396,429 # of Units: 7 Parcel No: 4314006017 3.76% Comp ID: 4110917 GRM/GIM: 10 10203 Tabor St SOLD Sale Date: 01/18/2018 (128 days on mkt) Bldg Type: Class C MultiFamilyApartments Sale Price: $3,727,500 Confirmed Year Built/Age: Built 1961 Age: 57 Price/SF: $477.58 RBA: 7,805 SF Price/Unit: $372,750 # of Units: 10 Parcel No: 4314014013 3.98% Comp ID: 4111617 GRM/GIM: 11 10701 Tabor St SOLD Sale Date: 04/12/2018 Bldg Type: Class B MultiFamilyApartments Sale Price: $3,030,000 Full Value Year Built/Age: Built 1952 Age: 66 Price/SF: $686.76 RBA: 4,412 SF Price/Unit: $378,750 # of Units: 8 Parcel No: 4252035041 Comp ID: 4255348 GRM/GIM: Research Status: Full Value page 6 Copyrighted report licensed to Miller & Desatnik Realty Corp. 746813. 5/22/2018 Page 3