value add opportunity in prime hollywood location … · € |€ exclusive multifamily offering a...
TRANSCRIPT
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750-760 Lillian Way
Los Angeles, CA 90038
For Real-Time Property Information go to:
LillianWay.BerkadiaREA.com
32 Units $7,100,000 |
VALUE ADD OPPORTUNITY IN PRIME HOLLYWOOD LOCATION
| EXCLUSIVE MULTIFAMILY OFFERING a Berkshire Hathaway and Jefferies Financial Group company
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ALLAN FREEDMAN | Managing Director | 310.209.3243 | [email protected]
FINANCING
MIKE SMITHSenior [email protected] BRE License #01460413
JIM FISHERManaging [email protected] BRE License #00693978
COLBY SMITHAssociate [email protected] BRE License #02068406
INVESTMENT ADVISORS
Trendy Hollywood location near the corner of Melrose and Vine.
Walk Score of 91 - Within minutes of Shopping, Parks andRestaurants on Melrose Ave.
Two Properties 760 Lillian Way (24 Units) and 750 Lillian Way(8 Units)
Major upside in Rent (Approximately 50%).
Controlled Gated Access and onsite Laundry facilities.
Potential Redevelopment Opportunity
For Real-Time Property Information visit:
LillianWay.BerkadiaREA.com
PROPERTY HIGHLIGHTS
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Comparable Properties 16
Financials 32
Market Area Information 34
Investment Highlights 5
Property Highlights 7
The Property 8
Location Description 10
TABLE OF CONTENTS
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Less than a 15 Minute Drive from some of the world's largest entertainment. and employment hubs located in West Hollywood, Downtown LA, and Beverly Hills.
Approximately 50% upside in current rents.
Combined 18,652 sf of C2 zoned land.
Potential for future redevelopment.
Great mix of bachelor, single and one bedroom units.
"Pride of Ownership" Property with gorgeous courtyard and landscaping.
Property has been well maintained with a new roof and recent paint job.
INVESTMENT HIGHLIGHTS
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PROPERTY HIGHLIGHTS
Air Conditioning
Heating
Hardwood Flooring
Secured Access
On-Site Parking
Efficient Rents
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THE PROPERTY
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750 and 760 Lillian Way are two well maintained rent-controlled apartments in prime Hollywood, CA. The buildings are
comprised of 8 and 24 units respectively and offer tenants a unit mix of bachelor, studios, large studios, and one-bedroom
units. 750 Lillian Way consists of 8 One Bedroom units approximately 565 sq. ft. and 760 Lillian Way consists of 7 bachelor
and 17 studio units averaging 370 sq. ft.
Both buildings have recently undergone exterior renovations such as painting and additional landscaping. In addition, the
roof is in good condition. 750 and 760 Lillian Way are within walking distance to major studios, the famous intersection of
Hollywood and Vine, and nearby Larchmont Village. The properties reside in an extremely strong rental market with
Hollywood experiencing a 7.4% rent growth within the last year as well as a vacancy rate of 2.6%.
PROPERTY DESCRIPTION
Units: 32
Year Built: 1952
Total SF: 13,250
Parcel Number(s): 5533-031-005,
5533-031-004
PROPERTY SUMMARY
UNITS TYPE SF CURRENT RENTS RENT / SF7 0/1.00 340 $1,057 $3.1115 0/1.00 350 $1,151 $3.292 0/1.00 550 $1,429 $2.608 1/1.00 565 $1,336 $2.3632 414 $1,194 $2.88
Unit Mix & Rent Schedule
Unit Mix Breakdown
Studio / 1 Bath 75%
1 Bed / 1 Bath 25%
25%
75%
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THE LOCATION
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750-760 Lillian Way is located in the Hollywood
neighborhood of Los Angeles, California, eight miles
northwest of the city’s downtown. The area ofers
extensive shopping, dining, and entertainment
options within minutes of the property at Hollywood
& Highland, the various retailers and venues along
Sunset and Hollywood Boulevards, and nearby
Koreatown. The neighborhood is home to some of the
region’s prominent employers including Paramount
Pictures Studio, technicolor, and the Los Angeles
Medical Center, supporting 10,700 jobs combined
within three miles of the property. U.S. Highway 101
connects residents to the rest of Greater Los Angeles
and the neighboring areas.
PROPERTY NEIGHBORHOOD DESCRIPTION
LOS ANGELES, CADEMAND DRIVER
Paramount Pictures Studio
FROM THE
PROPERTY0.5mi
JOBS
SUPPORTED3.0k
SF FACILITY800k
NEIGHBORHOOD SHOPPING
Nordstrom | Barnes & Noble | Banana Republic
FROM THE
PROPERTY2.5mi
SF SHOPPING
DESTINATION600k
TOTAL
STORES 50+
NEIGHBORHOOD CONVENIENCES
Within a two-mile radius of the property
JOBS
SUPPORTED
SF OF
OFFICE SPACE
1.6k
115k
DEMAND DRIVER
technicolor
FROM THE
PROPERTY1.3mi
PRIMARY EDUCATION
Vine Street ES | Hubert H. Bancroft MS | Fairfax Sr. HS
STUDENTS
SERVED713.9k
SCHOOLS
AND CENTERS1.3k
JOBS
SUPPORTED60.2k
DEMAND DRIVER
Los Angeles Medical Center
FROM THE
PROPERTY2.8mi
JOBS
SUPPORTED6.1kHOSPITAL
BEDS560
4.5%City Unemployment Rate (Feb. 2018)
493.4kPopulation (Within Three Miles)
$49.5kMedian Household Income (Within Three Miles)
$
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A larger-than-life symbol of the entertainment business, Hollywood beckons tourists with landmarks like TCL Chinese Theatre
and star-studded Walk of Fame. Highlights include Paramount Pictures, historic music venues like the Hollywood Bowl, and
Dolby Theatre, home of the Oscars. Scenesters can choose from Improv comedy clubs, retro-cool bars and velvet-roped
nightclubs. Locals frequent eateries in nearby Thai Town.
Hollywood Bowl, the Pantages Theater, the Hollywood Palladium, El Capitan Theater, The Fonda Theater, Chinese
Theater, and Grauman's Egyptian Theater.
Close to an abundance of destination hotels, clubs and nightlife including W Hotel, Lowe's Hollywood Hotel, The
Hollywood Roosevelt, Good Times at Davey Wayne's, AVALON Hollywood, Sound Nightclub, and Lucky Strike Live.
Close to Los Angeles International Airport and Bob Hope Airport.
Nearby parks include Las Palmas Playground, Yucca Park Whitley Heights Historic District, De Longpre Park, Runyon
Canyon Park, Barnsdall Art Park, and Griffith Park.
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LOCATION MAP
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BOUNDARY AERIAL
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POINTS OF INTEREST
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COMPARABLE RENTAL PROPERTIES
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COMPARABLE RENTAL PROPERTIES SUMMARY
PROPERTY CITY
DISTANCE (MI)FROM SUBJECT UNITS BUILT
AVGSF CURRENT RENTS RENT / SF
750-760 Lillian Way Los Angeles 32 1952 414 $1,194 $2.88
Carlton Palms Hollywood 1.31 51 1963 604 $1,600 $2.65
5835 Harold Way Los Angeles 1.17 16 1965 800 $1,695 $2.12
1030 North Oxford Avenue Los Angeles 1.18 11 1955 671 $1,495 $2.23
105 South Saint Andrews Place Los Angeles 1.23 4 1920 800 $2,383 $2.98
5425 Santa Monica Boulevard Los Angeles 1.20 30 1925 945 $1,600 $1.69
726 North Van Ness Avenue Los Angeles 0.69 20 1959 401 $1,118 $2.79
400 North Doheny Drive West Hollywood 3.59 6 1951 444 $1,950 $4.39
Totals / Averages* 1.48 22 687 $1,646 $2.40
*does not include subject
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COMPARABLE RENTAL PROPERTIES SUMMARY
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750-760 Lillian Way , Los Angeles , CA 90038
Units: 32
Built: 1952
UNITS TYPE SF CURRENT RENTS RENT / SF
7 0/1.00 340 $1,057 $3.11
15 0/1.00 350 $1,151 $3.29
2 0/1.00 550 $1,429 $2.60
8 1/1.00 565 $1,336 $2.36
3 2 414 $1,194 $2.88
750-760 LILLIAN WAY
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
Studio / 1 Bath 75%
1 Bed / 1 Bath 25%
25%
75%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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5741 Carlton Way, Hollywood, CA 90028
Distance (mi): 1.31
Units: 51
Built: 1963
UNITS TYPE SF CURRENT RENTS RENT / SF
14 0/1.00 350 $1,300 $3.71
30 1/1.00 630 $1,600 $2.54
7 2/2.00 1,000 $2,200 $2.20
5 1 604 $1,600 $2.65
CARLTON PALMS
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
Studio / 1 Bath 27%
1 Bed / 1 Bath 59%
2 Bed / 2 Bath 14%
27%14%
59%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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5835 Harold Way, Los Angeles, CA 90028
Distance (mi): 1.17
Units: 16
Built: 1965
UNITS TYPE SF CURRENT RENTS RENT / SF
16 1/1.00 800 $1,695 $2.12
1 6 800 $1,695 $2.12
5835 HAROLD WAY
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
1 Bed / 1 Bath 100%100%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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1030 North Oxford Avenue, Los Angeles, CA 90029
Distance (mi): 1.18
Units: 11
Built: 1955
UNITS TYPE SF CURRENT RENTS RENT / SF
11 1/1.00 671 $1,495 $2.23
1 1 671 $1,495 $2.23
1030 NORTH OXFORD AVENUE
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
1 Bed / 1 Bath 100%100%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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105 South Saint Andrews Place, Los Angeles, CA 90004
Distance (mi): 1.23
Units: 4
Built: 1920
UNITS TYPE SF CURRENT RENTS RENT / SF
2 1/1.00 800 $650 $0.81
16 1/1.00 800 $2,600 $3.25
1 8 800 $2,383 $2.98
105 SOUTH SAINT ANDREWS PLACE
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
1 Bed / 1 Bath 100%100%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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5425 Santa Monica Boulevard, Los Angeles, CA 90029
Distance (mi): 1.20
Units: 30
Built: 1925
UNITS TYPE SF CURRENT RENTS RENT / SF
15 0/1.00 390 $1,350 $3.46
15 1/1.00 1,500 $1,850 $1.23
3 0 945 $1,600 $1.69
5425 SANTA MONICA BOULEVARD
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
Studio / 1 Bath 50%
1 Bed / 1 Bath 50%50% 50%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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726 North Van Ness Avenue, Los Angeles, CA 90038
Distance (mi): 0.69
Units: 20
Built: 1959
UNITS TYPE SF CURRENT RENTS RENT / SF
17 0/1.00 375 $1,092 $2.91
3 1/1.00 550 $1,267 $2.30
2 0 401 $1,118 $2.79
726 NORTH VAN NESS AVENUE
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
Studio / 1 Bath 85%
1 Bed / 1 Bath 15%
15%
85%
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COMPARABLE RENTAL PROPERTIES SUMMARY
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400 North Doheny Drive, West Hollywood, CA 90048
Distance (mi): 3.59
Units: 6
Built: 1951
UNITS TYPE SF CURRENT RENTS RENT / SF
6 1/1.00 444 $1,950 $4.39
6 444 $1,950 $4.39
400 NORTH DOHENY DRIVE
Property Summary
Unit Mix & Rent Schedule
Unit Mix Breakdown
1 Bed / 1 Bath 100%100%
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Subject: 750-760 Lillian Way
750-760 Lillian Way
Los Angeles , CA 90038
400 North Doheny Drive
400 North Doheny Drive
West Hollywood, CA 90048
7.
726 North Van Ness Avenue
726 North Van Ness Avenue
Los Angeles, CA 90038
6.
5425 Santa Monica Boulevard
5425 Santa Monica Boulevard
Los Angeles, CA 90029
5.
105 South Saint Andrews Place
105 South Saint Andrews Place
Los Angeles, CA 90004
4.
1030 North Oxford Avenue
1030 North Oxford Avenue
Los Angeles, CA 90029
3.
5835 Harold Way
5835 Harold Way
Los Angeles, CA 90028
2.
Carlton Palms
5741 Carlton Way
Hollywood, CA 90028
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COMPARABLE RENTAL PROPERTIES MAP
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COMPARABLE SALE PROPERTIES
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COMPARABLE SALE PROPERTIES SUMMARY
PROPERTY UNITS BUILT SALE DATE PRICE PRICE / UNIT PRICE / SF AVG. SF CAP RATE GRM UNIT MIX750-760 Lillian Way 750-760 Lillian Way Los Angeles , CA 90038
32 1952 $7,100,000 $221,875 $535.04 415 4.03% 75% - Studio / 25% - 1 bed
Maplewood Court5100 Maplewood AvenueLos Angeles, CA 90004
36 1988 08/17 $8,000,000 $222,222 $302.07 736 3.90% 13.74 8% - Studio / 72% - 1 bed 20% - 2 bed
1317 North Bronson Avenue1317 North Bronson AvenueLos Angeles, CA 90028
16 1926 12/17 $3,450,000 $215,625 $418.18 516 4.00% 56% - Studio / 44% - 1 bed
6241 Afton Place 6241 Afton PlaceLos Angeles, CA 90028
8 1959 06/17 $3,055,714 $381,964 $486.11 786 38% - 1 bed / 62% - 2 bed
1155 North Beachwood Drive1155 North Beachwood DriveLos Angeles, CA 90038
10 1961 11/17 $2,600,000 $260,000 $361.31 720 4.08% 15.30 90% - 1 bed / 10% - 2 bed
562-564 North Larchmont Boulevard562-564 North Larchmont BoulevardLos Angeles, CA 90004
21 1927 12/17 $4,826,000 $229,810 $407.26 564 90% - Studio / 10% - 1 bed
537-545 North Orange 537-545 North Orange DriveLos Angeles, CA 90036
10 1928 04/18 $4,350,000 $435,000 $709.62 613 2.91% 21.84
1254-1260 North Citrus Avenue1254-1260 North Citrus AvenueLos Angeles, CA 90038
8 1928 07/17 $2,550,000 $318,750 $418.17 762
Totals / Averages* $294,767 $443.25 671 3.72% 16.96
*does not include subject
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COMPARABLE SALE PROPERTIES
UNIT MIX:
Studio - 75%One Bedroom - 25%
750-760 LILLIAN WAY
750-760 Lillian Way
Los Angeles , CA 90038
BUILT: 1952
UNITS: 32
PRICE / UNIT: $221,875
PRICE / SF: $535.04
AVG SF: 415
LIST PRICE: $7,100,000
CAP RATE: 4.0%
UNIT MIX:
Studio - 8%One Bedroom - 72%Two Bedroom - 20%
MAPLEWOOD COURT
5100 Maplewood Avenue
Los Angeles, CA 90004
BUILT: 1988
UNITS: 36
PRICE / UNIT: $222,222
PRICE / SF: $302.07
AVG SF: 736
SOLD FOR: $8,000,000
CLOSED ON: 8/17
CAP RATE: 3.9%
GRM: 13.74
UNIT MIX:
Studio - 56%One Bedroom - 44%
1317 NORTH BRONSON AVENUE
1317 North Bronson Avenue
Los Angeles, CA 90028
BUILT: 1926
UNITS: 16
PRICE / UNIT: $215,625
PRICE / SF: $418.18
AVG SF: 516
SOLD FOR: $3,450,000
CLOSED ON: 12/17
CAP RATE: 4.0%
UNIT MIX:
One Bedroom - 38%Two Bedroom - 62%
6241 AFTON PLACE
6241 Afton Place
Los Angeles, CA 90028
BUILT: 1959
UNITS: 8
PRICE / UNIT: $381,964
PRICE / SF: $486.11
AVG SF: 786
SOLD FOR: $3,055,714
CLOSED ON: 6/17
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COMPARABLE SALE PROPERTIES
UNIT MIX:
One Bedroom - 90%Two Bedroom - 10%
1155 NORTH BEACHWOOD DRIVE
1155 North Beachwood Drive
Los Angeles, CA 90038
BUILT: 1961
UNITS: 10
PRICE / UNIT: $260,000
PRICE / SF: $361.31
AVG SF: 720
SOLD FOR: $2,600,000
CLOSED ON: 11/17
CAP RATE: 4.1%
GRM: 15.30
UNIT MIX:
Studio - 90%One Bedroom - 10%
562-564 NORTH LARCHMONT BOULEVARD
562-564 North Larchmont Boulevard
Los Angeles, CA 90004
BUILT: 1927
UNITS: 21
PRICE / UNIT: $229,810
PRICE / SF: $407.26
AVG SF: 564
SOLD FOR: $4,826,000
CLOSED ON: 12/17
537-545 NORTH ORANGE
537-545 North Orange Drive
Los Angeles, CA 90036
BUILT: 1928
UNITS: 10
PRICE / UNIT: $435,000
PRICE / SF: $709.62
AVG SF: 613
SOLD FOR: $4,350,000
CLOSED ON: 4/18
CAP RATE: 2.9%
GRM: 21.84
1254-1260 NORTH CITRUS AVENUE
1254-1260 North Citrus Avenue
Los Angeles, CA 90038
BUILT: 1928
UNITS: 8
PRICE / UNIT: $318,750
PRICE / SF: $418.17
AVG SF: 762
SOLD FOR: $2,550,000
CLOSED ON: 7/17
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Subject: 750-760 Lillian Way
750-760 Lillian Way
Los Angeles , CA 90038
1254-1260 North Citrus Avenue
1254-1260 North Citrus Avenue
Los Angeles, CA 90038
7.
537-545 North Orange
537-545 North Orange Drive
Los Angeles, CA 90036
6.
562-564 North Larchmont Boulevard
562-564 North Larchmont Boulevard
Los Angeles, CA 90004
5.
1155 North Beachwood Drive
1155 North Beachwood Drive
Los Angeles, CA 90038
4.
6241 Afton Place
6241 Afton Place
Los Angeles, CA 90028
3.
1317 North Bronson Avenue
1317 North Bronson Avenue
Los Angeles, CA 90028
2.
Maplewood Court
5100 Maplewood Avenue
Los Angeles, CA 90004
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COMPARABLE SALE PROPERTIES MAP
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FINANCIAL ANALYSIS
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IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.
© 2018 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx
All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.
INVESTMENT SUMMARY
Price $7,100,000
Price/Unit $221,875
Price/SF $535.04
Cap Rate Current 4.03%
ALL FINANCING
Total Loan Amount $3,905,000
Down Payment $3,234,050
LTV 55%
Mo. Payment ($15,457)
Debt Constant 4.8%
NEW FIRST MORTGAGE (to be originated at purchase)
LTV for this loan 55%
Amount $3,905,000
Interest Rate 4.75%
Amortization Interest Only
Payment ($15,457)
Fees 1.00%
I/O Term (yrs) 3
Unit Mix & Rent Schedule
Units Unit TypeEstimated
Unit SFCurrent
Rental RangeCurrent
RentMarket
RentCurrent Rent/SF
Market Rent/SF
Est. Total Net SF
7 Bachelor 350 $558-$1450 $1,057 $1,450 $3.02 $4.14 2,450
15 Single 350 $597-$1450 $1,151 $1,450 $3.29 $4.14 5,250
2 Large Single 525 $610-$1750 $1,429 $1,750 $2.72 $3.33 1,050
8 One Bedroom 565 $840-$1540 $1,336 $1,900 $2.36 $3.36 4,520
32 415 $1,194 $1,581 $2.88 $3.81 13,270
*Includes Pro Forma Rent for Manager's Unit and Vacancies Total SF 13,270
IncomeCurrent
Pro Forma
Market
Pro Forma
Scheduled Market Rent $458,520 $607,200
Less: Vacancy 3.00% ($13,756) ($18,216)
Net Rental Income $444,764 $588,984
Other Inc. / Misc. Income Buyer to Verify (Estimation) $6,000 $6,300
Total Operating Income (EGI) $450,764 $588,984
Estimated Expenses Percentage Per Unit
Administrative $100 $3,200 $3,200
On-Site Manager $300 $9,600 $9,600
Repairs & Maintenance 4.00% $563 $18,031 $18,031
Management Fee 3.00% $430 $13,756 $18,216
Utilities $557 $17,839 $17,839
Contracted Services $250 $8,000 $8,000
Real Estate Taxes + Supplemental 1.1930% $2,693 $86,173 $86,173
Insurance $250 $8,000 $8,000
Total Estimated Expenses $164,598 $169,059
% of Scheduled Rent: 35.90% 27.84%
Per SF: $12.40 $12.74
Per Unit: $5,144 $5,283
Net Operating Income $286,166 $419,925
Less: Debt Service ($185,488) ($185,488)
Projected Net Cash Flow $100,678 $234,438
Total Economic Loss 3.0% 3.0%
Cash-on-Cash Return (Based on Listing Price) 3.11% 7.25%
Debt Service Coverage 1.54 2.26
Cap Rate Analysis Price $/Unit $/SFCap Rate
CurrentCap Rate
MarketGRM
CurrentGRM
Pro Forma
Listing Price $7,100,000 $221,875 $535.04 4.03% 5.91% 15.48 11.69
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ECONOMIC AND DEMOGRAPHIC
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ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
HOLLYWOOD | CALIFORNIA
INTRODUCTIONSituated in the city of Los Angeles, just north of downtown, Hollywood
has long been known as the center of the entertainment industry and
is undergoing a rebirth to solidify its position as a major employment,
retail, and recreation center. As one of the fastest growing residential
markets in the United States, public and private developers have
recently invested $4 billion in the neighborhood, with new residential,
mixed-use, and commercial projects redeining the area, indicative of
Hollywood’s revitalization success.
The entertainment industry is the backbone of Hollywood’s economy,
home to one of the largest concentrations of entertainment and media
companies in the world. Numerous major motion picture studios,
television and radio studios, record companies, and post-production
companies call the neighborhood home. With the iconic Hollywood sign
overlooking the neighborhood on Mount Lee, Hollywood serves as the
epicenter of Los Angeles’ tourism industry. More oice space is under
construction in Hollywood than anywhere else in Los Angeles County,
attracting additional entertainment and media companies, as well as
various corporate relocations.
Great Place to Live
Millennial Friendly
Corporate Relocations
Oice Space Development
Hollywood ranked among the top 10 “Great Neighborhoods to Live in Los Angeles”- Great American Country
With the lure of a career in Hollywood, Los Angeles is one of the “Top U.S. Cities where Millennials want to Live”- Realtor.com
Viacom, Netlix, and Fender Guitar have recently relocated to Hollywood, and now occupy more than 568,000 square feet of space- Variety.com; Viacom.com/news
More oice space is being built in Hollywood than anywhere else in Los Angeles County- Hollywood Chamber of Commerce
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HOLLYWOOD | CALIFORNIA
DEMOGRAPHICS
67% 37.9PROJECTED INCREASE
IN OFFICE SPACE BY 2021
HOLLYWOOD’S MEDIAN AGE
81% OF HOUSING UNITS
IN HOLLYWOOD ARE
RENTER-OCCUPIED
171.4k 42.9k 76.0k 38.2k $69.9k
Hollywood’s population
is forecast to grow
4.8% over the next
ive years, outpacing the
national average of 4.0%
36% of residents ages
25 and older hold a
bachelor's degree or
higher, compared to 30%
nationally
The number of
households in Hollywood
is projected to increase
by 5.3% over the next
ive years, outpacing the
national average of 4.0%
23% of Hollywood
residents are in the
prime renter age group
of 18-35 years old
Hollywood’s average
household income
is projected to reach
$69,900 by 2023, up
10.2% from 2018
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HOLLYWOOD | CALIFORNIA
METRO DIVISION INDUSTRY BREAKDOWN
0 200,000 400,000 600,000 800,000 1,000,000
Construction
Other Services
Information
Financial Activities
Manufacturing
Leisure and Hospitality
Government
Professional and Business Services
Education and Health Services
Trade, Transportation, and Utilities
Industry Breakdown September-17 September-18
JOBGROWTH 26,500 jobscreated in the Leisure and
Hospitality sector
(Y-o-Y September ‘18)
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HOLLYWOOD | CALIFORNIA
EMPLOYMENT TRENDS
(300,000)
(200,000)
(100,000)
0
100,000
200,000
0%
3%
6%
9%
12%
15%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018*
Employment Trends
City Unemployment Rate Jobs Added / Lost*Projected
SEPTEMBER2018
SEPTEMBER2018
4.8%
52,000 jobs
Los Angeles’ monthly
unemployment rate was up
20 bps Y-o-Y
were created in the metro
division, a 1.2% Y-o-Y
increase
HOLLYWOOD, CA
LARGEST EMPLOYERS
Kaiser Permanente - LA Medical Center 6,000
Universal Studios Inc. 5,000
*Paramount Pictures 5,000
Children’s Hospital - Los Angeles 4,990
*Sunset Gower / Bronson Studio 2,500
Los Angeles City College 1,420
Hollywood Presbyterian Medical Center 1,200
Live Nation 1,000
j2 Global, Inc. 860
*The Prospect Studios 850
Source: Hollywood Guide Outlook*Includes clients, employees, and tenants housed on-site and seasonal variations in employment
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ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
HOLLYWOOD | CALIFORNIA
ENTERTAINMENT
STUDIOS
THE PROSPECT STUDIOS
PARAMOUNT PICTURES
Hollywood is known as the world capital for the entertainment industry and is responsible for
$120 billion in total economic output. The entertainment industry in Greater Los Angeles supports
over 162,000 direct jobs, 590,000 indirect jobs, and 85,000 independent contractors. The
industry boasts an annual payroll in excess of $18.9 billion with salaried employees earning over
$117,000 annually. Prominent Hollywood entertainment businesses include Paramount, CBS
Studio Center, The Prospect Studios, CNN, Netlix, Viacom, Capitol Records, and Technicolor.
Hollywood is home to the largest number of television and cinema production centers in
North America, with Los Angeles being home to 80% of all entertainment industry employers
in the nation. All major U.S. television networks and movie studios including ABC, CBS, NBC,
Paramount, Sony, Universal, and Warner Brothers have facilities located in the area. Paramount,
remains the only major motion picture company to be headquartered in Hollywood and occupies
1.9 million square feet of executive oice, sound, production, and equipment space.
837,000Jobs Supported
$120 billionEconomic Output
$117,000Average Annual Salary
1.9 millionSquare-Foot
Paramount Studio
80%Of Industry Employers
Are Locally Based
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ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
HOLLYWOOD | CALIFORNIA
TOURISM
EMPLOYMENT HUBS
HOLLYWOOD WALK OF FAME
DOWNTOWN LOS ANGELES
World renowned destinations including the Hollywood Walk of Fame, Universal Studios
Hollywood, Hollywood Bowl, and Dolby Theatre, make Hollywood a tourism destination. Los
Angeles hosted 48.3 million visitors in 2017, setting a new record and making it one of the
most visited cities in the nation. The Hollywood Walk of Fame remains one of the most visited
attractions in the world with over 10 million visitors annually. The hospitality sector supports
over 552,800 local jobs and is the fastest growing employment sectors in the region.
Hollywood is located within 10 miles of some of Greater Los Angeles’ largest employment
centers, which encompass over 92.9 million square feet of oice space. Located seven miles
from Hollywood, Downtown L.A. is home to over 550,000 employees. Beverly Hills known as
the luxury capital of the world is also home to prominent employers including Fox Interactive
Media and Morgan Stanley. Burbank Media District is home to Warner Brothers, Walt Disney
Studios, and NBC, three of the largest motion picture and television facilities in the world.
48.3 million Annual Visitors
552,800Jobs Supported
10 millionAnnual Hollywood
Walk of Fame Visitors
92.9 million+Square Feet of Oice
Space within 10 miles
550,000Downtown L.A.
Employees
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HOLLYWOOD | CALIFORNIA
CONSTRUCTION AND DEVELOPMENT
PARAMOUNT PICTURES NOHO WEST
$700 millionRenovation
570,000SF Development
5,500Permanent Jobs
250,000SF of Oice Space
Paramount Pictures, the only major ilm studio to be headquartered in
Hollywood, is undergoing a $700 million expansion and renovation of its
headquarters on Melrose Avenue. The project will include the addition of 1.4
million square feet of new technologically advanced studio space, increased
production support, and surrounding community enhancements. The 25-year,
master-planned project will support an estimated 7,300 construction jobs and
5,500 permanent studio jobs.
Construction has begun at NoHo West, a mixed-use development project
spanning four blocks in North Hollywood. The Merlone Geier Partners’ project
is located at the Old Laurel Plaza retail site and will encompass 570,000 square
feet of retail, oice, and residential space. The project will feature 250,000
square feet of oice space, consisting of converting the former Macy’s
store into 200,000 square feet of oice space as well as building a new
50,000-square-foot oice building. NoHo West’s retail portion will span 50
to 60 retailers including a grocery store, itness center, and movie theater. The
inal phase of the project will include a 642-unit apartment complex. Estimated
completion: fall 2019.
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HOLLYWOOD | CALIFORNIA
CONSTRUCTION AND DEVELOPMENT
CROSSROADS HOLLYWOOD EPIC
1.4 millionSF Mixed-Use Development
15-storyOice Complex
$1 billionRedevelopment Project
300,000SF Oice
The site of the historic Crossroads of the World complex is set to undergo a
major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4
million-square-foot, mixed-use development. The project will be comprised
of nine buildings including up to: 308 hotel rooms, 950 residential units,
including 84 afordable units, 185,000 square feet of commercial space,
95,000 square feet of oice space and 2,494 underground parking spaces.
The proposed realignment of Las Palmas Avenue and Sunset Boulevard will
promote pedestrian safety and enhance connectivity. The $1 billion project has
an estimated 48-month construction timeline, with expected completion in
2022.
Located along Sunset Boulevard, Hudson Paciic Properties is developing a
300,000-square-foot, 15-story high-rise oice complex. The property named
Epic, is modeled after the neighboring Icon and Cue oice buildings leased
by Netlix. The building will also feature a rooftop drone landing pad, solar
windows, smog eating facade, a dedicated lobby for ride-sharing, a rooftop
garden deck with catering pantry, and 15,000 square feet of ground loor retail
space. The oices are part of a $150 million redevelopment of Sunset Bronson
Studios.
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HOLLYWOOD | CALIFORNIA
CONSTRUCTION AND DEVELOPMENT
ACEDEMY ON VINE HOLLYWOOD HOTELS
$450 millionDevelopment
700+New Hotel Rooms
335,000SF of Oice Space
FourNew Hotels
Encompassing a full city block, the $450 million mixed-use project dubbed
Academy on Vine is currently under construction. Surrounded by De Longpre,
Homewood, Ivar, and Vine streets, the project is slated to include four mid-
rise commercial buildings ofering roughly 335,000 square feet of oice space,
13,000 square feet of retail space, and a 20-story residential tower. Developer
Kilroy Realty is expecting the project to be completed in early 2020.
The Relevant Group broke ground in March 2017 on Hollywood’s Thompson
Hotel. The 11-story building located between Slema Avenue and Sunset
Boulevard will feature 200 guest rooms, a swimming pool, rooftop deck and
multiple dining options. Relevant Group recently completed the $50 million
182-room Dream Hotel and iled plans for the development of a 114-room,
eight-story second phase. Construction on the 212-room Tommie Hotel and
220-room Godfrey Hotel Hollywood is also underway. The hotels will feature
ground loor commercial space and amenity decks on the podium and roof top
pools. The Tommie, Thompson, and Godfrey hotels are projected to be open in
2019.
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HOLLYWOOD | CALIFORNIA
DELIVERIES / ABSORPTION
NEWDELIVERIES
NETABSORPTION 497 units 880 units
through the third quarter of 2018, a
61% annual increase
through September 2018, an
increase of nearly 125% from
one year prior
One of the hot spots for Los Angeles multifamily development, the Hollywood
submarket has seen an average of approximately 615 new units added annually
over the past ive years. Deliveries peaked in 2014 with 1,400 new units and
2018 is projected to be the second busiest year of construction activity since
2012 with an estimated 890 units slated to come online. As of the third quarter
of 2018, 497 of those units have come online, setting the stage for a busy
inal three months of the year for multifamily developers in Hollywood. With
Hollywood’s multifamily inventory primarily consisting of studio and one-
bedroom Class B properties, the recent development boom is providing a
much needed infusion of top-end luxury product highly coveted by millennial
residents that the submarket previously lacked.
Hollywood’s name recognition, the concentration of entertainment industry
employers, and central location in the city have helped keep demand for
multifamily units in the submarket relatively on-pace with construction levels
over the past ive years. The relocation of Netlix, Fender Guitar, and Viacom to
Hollywood have resulted in a 125% annual increase in demand for apartment
units pushing net absorption to 880 units through September of this year.
Net leasing activity is expected to inish 2018 at just over 800 units, well
above the submarket’s ive-year average of 540 units.
0
400
800
1,200
1,600
2012 2013 2014 2015 2016 2017 2018*
Construction vs. Absorption
Deliveries Absorption*PROJECTED
HOLLYWOOD APARTMENT SUBMARKET
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HOLLYWOOD | CALIFORNIA
RENT / OCCUPANCY
EFFECTIVERENT
OCCUPANCYRATE
$2,483 95.8%
through 3Q18, up 2.8% annually through September 2018, up 40
bps y-o-y
Over the past ive years, the major construction boom in Hollywood has slowly
pushed the submarket occupancy rate down. Despite this, strong leasing
activity during the trailing 12-month period ending in September 2018 helped
push the Hollywood submarket occupancy rate up 40 basis points to 95.8%,
on par with the submarket’s ive year average but 40 basis points below the
submarket peak of 96.2% seen at the end of 2013. Name recognition and the
inlux of new tech industry jobs continue to generate demand from residents
moving to the area. New developments are targeting an aluent segment of
the renter population that work for content hungry tech companies looking to
collaborate with Hollywood’s entertainment industry.
After peaking at near 5% in mid-2016, annual rent growth in the Hollywood
submarket has slowed to 2.8% in the third quarter of 2018, pushing efective
rent up to $2,483 per month. The slowed increase in momentum has been most
pronounced among class A properties which is to be expected given the amount
of new luxury product being delivered and operators ofering concessions to
attract new renters. Hollywood has been one of the more historically afordable
Westside submarkets, with rents increasing rapidly in the more westward edges
of the submarket which include the Wilshire and Sunset Boulevard corridors. A
massive inlux of oice space and hotels into Hollywood is expected to attract
an abundance of new residents. This would enable the Hollywood submarket to
be able to fend of challenges from the explosion of luxury unit construction in
Downtown and tech-friendly corridors in Culver City and Venice Beach, testing
Hollywood’s ability to attract and retain wealthy renters in the future.
$1,966
$2,059
$2,164
$2,280
$2,387
$2,398
$2,446
$1,600
$1,800
$2,000
$2,200
$2,400
$2,600
92%
93%
94%
95%
96%
97%
2012 2013 2014 2015 2016 2017 2018*
Occupancy & Ask Rent
Rent Occupancy*PROJECTED
HOLLYWOOD APARTMENT SUBMARKET
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ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
HOLLYWOOD | CALIFORNIA
EDUCATION
HIGHEREDUCATION
DEGREES ANDCERTIFICATIONS27.2k 100+
students in Hollywood programs ofered at Emerson
College and Los Angeles City
College
Hollywood is home to several higher educational institutions that have an emphasis
on providing training for careers in the entertainment industry. An additional 12
community and junior colleges are located within 15 miles of Hollywood including
Los Angeles City College, Los Angeles Southwest College, and Los Angeles
Valley College.
Emerson College Los Angeles is a private university that ofers over three dozen
degree programs in the area of arts and communication to approximately 3,455
undergraduate and 840 graduate students. Emerson recently opened a 100,000-
square-foot campus in Hollywood that will house 220 students. Los Angeles Film
School ofers accredited programs in ilm making, game and music production,
and computer animation to approximately 2,200 students. The school also
operates the Los Angeles Recording Studio which ofers a recording arts degree
to 1,500 students.
Los Angeles City College (LACC) boasts an enrollment of over 20,000 students
and ofers associate degree and certiication programs in 30 various ields of
study. LACC is one of Hollywood’s largest employers, with 1,420 faculty members.
EMERSON COLLEGE
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HOLLYWOOD | CALIFORNIA
LIFESTYLE AND ENTERTAINMENT
GRIFFITH PARK HOLLYWOOD BOWL
4,210-acresGriith Park
18,000Seating Capacity
1.5 millionGriith Observatory
Annual Visitors
80+Annual Events
Spanning more than 4,210 acres, Griith Park is one of the largest municipal parks
with urban wilderness in the United States. Situated just north of Hollywood in
the Santa Monica Mountain range, the park serves as the perfect getaway. Over
the years, recreational activities have developed throughout the park, including
the Griith Observatory, which welcomes more than 1.5 million visitors each
year. In addition to its telescope that lets visitors explore the cosmos, Griith
Observatory also features the state-of-the-art Samuel Oschin Planetarium. On
the western frontier of Griith Park, outdoor enthusiasts have the opportunity
to hike to the Hollywood Sign. From sunrise to sunset, hikers can explore the Mt.
Hollywood Trail, the Canyon Drive Trail, or the Cahuega Peak Trail.
Under the silhouette of a concentric-arched band shell is the iconic Hollywood
Bowl, the premier destination for live music in Southern California. More than 80
concerts, festivals, and events are held each year, attracting artists and crowds
from all over the world. The outdoor amphitheater is home to the Hollywood
Bowl Orchestra and is the summer home of the Los Angeles Philharmonic. In
addition to hosting iconic orchestras, the Hollywood Bowl has featured world-
renowned artists from The Beatles to Yo-Yo Ma. With a seating capacity of nearly
18,000, the music venue is one of the largest natural amphitheaters in the world.
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LIFESTYLE AND ENTERTAINMENT
UNIVERSAL STUDIOS HOLLYWOOD NIGHTLIFE AND ENTERTAINMENT
8.1 millionAnnual Visitors
91Walk Score
60+ Universal CityWalk
Shops and Restaurants
90+Hollywood & Highland
Shops and Restaurants
Universal Studios Hollywood is the premier theme park for jaw-dropping
adventure that immerses visitors into their favorite movies and TV shows. More
than 8.1 million visitors come to experience the magic at the Wizarding World
of Harry Potter, heart-racing action at the World-Famous Studio Tour, and
fast-paced adventure at the Fast & Furious Supercharged ride. Just outside of
the main park is the Universal CityWalk, a three-block entertainment district.
With more than 30 places to eat, 30 unique shops, a 19-screen theater, the
5 Towers Stage, and a nightclub, CityWalk is ranked as the “Best Theme Park
Entertainment Area.”
At the epicenter of the “Entertainment Capital of the World” is Hollywood
Boulevard. From Highland Avenue to Orange Drive, landmarks, museum,
restaurants, and shops line the streets to give residents the true Hollywood
experience. Hollywood & Highland ofers world-class shopping and dining with
over 70 brand-name retailers and 25 full-service restaurants. At night, Hollywood
comes to life with its eclectic mix of bars and nightclubs. Residents can grab a
drink at popular spots such as the historic Frolic Room, The Know Where Bar,
and Mama Shelter, which features a rooftop lounge with a 360-degree view of
the area. W Hollywood features some of the most glamorous spots such as the
Delphine Eatery & Bar, The Living Room, and Station Hollywood.
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HOLLYWOOD | CALIFORNIA
BY THE NUMBERS
TOTAL POPULATION
2010 156,555
2018* 163,635
2023* 171,491
Growth Rate (2018 - 2023) 4.8%
TOTAL HOUSEHOLDS
2010 68,735
2018* 72,215
2023* 76,059
Growth Rate (2018 - 2023) 5.3%
AVERAGE INCOME
2010 $51,207
2018* $63,415
2023* $69,900
Growth Rate (2018 - 2023) 10.2%
MEDIAN AGE
2010 35.4
2018* 37.9
2023* 40.2
MEDIAN CONDO PRICE
September - 2017 $800,000*
September - 2018 $844,000*
Growth Rate Y-o-Y 5.5%
*90038 zip code
RENT VS. OWN
Average Mortgage Payment** $4,304
Average Rent $2,483
Diference $1,821
*Projected**30-yr ixed; 20% down; 5.1% interest rate; 0.79% CA property tax-es; $1,000 homeowner’s insurance
Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; AxioMetrics; Los Angeles Times; Hudson Paciic Properties; Los Angeles Business Journal; The Real Deal; Urbanize L.A.; Hollywood Reporter; BisNow; Curbed L.A.; Los Angeles International Airport; Metropolitan Transit Authority Los Angeles; Emerson College; Los Angeles City College; U.S. News & World Report; Los Angeles Film School; Zillow; U.S. Mortgage Calculator; Great American Country; Realtor.com; Variety.com; Viacom; Hollywood Chamber of Commerce; Corelogic.
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ALLAN FREEDMAN
Managing Director
310.209.3243
COLBY SMITH
Associate Director
310.470.3317
CA BRE License #02068406
JIM FISHER
Managing Director
310.209.3247
CA BRE License #00693978
MIKE SMITH
Senior Director
310.209.3248
CA BRE License #01460413
DISCLAIMER & CONFIDENTIALITY AGREEMENT
The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is
not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors
LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees to keep all material contained herein confidential.
This information package has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in
the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for
a thorough due diligence investigation. In particular, Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any
investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property,
including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these
issues. The information contained in this information package has been obtained from sources we believe to be reliable; however, Berkadia Real Estate
Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regarding these matters and make no warranty or
representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or
estimates used are for example only and do not necessarily represent the current or future performance of the property.
Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth
investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend
that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the
subsequent consequences of ownership.
All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the
health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. recommend, if prospective buyers have questions or
concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.
The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole
and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have
executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.
For more information on these and other Berkadia© exclusive listings, please visit our website at Berkadia.com
All information contained herein is from sources deemed to be reliable; however, it is not guaranteed. Printed in the USA. All rights reserved.
Copyright 2018 © by Berkadia Proprietary Holding LLC
Berkadia© is a trademark of Berkadia Proprietary Holding LLC
Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial
Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #843890. Berkadia Commercial Mortgage LLC conducts business
under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116.
This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada.
For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx
LillianWay.BerkadiaREA.com
WEST LOS ANGELES OFFICE
11111 Santa Monica Blvd., Suite 400
Los Angeles, CA 90025
310.470.4883 | Fax: 310.909.1492
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Los Angeles, CA 90025
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