$3,275,000 PROPERTY HIGHLIGHTS

For more information

3660 WATSEKA AVENUE

Los Angeles, CA 90034

Price: $3,275,000

Gary Fox President

310.202.9166 x 302

[email protected] CA Lic#: 00847295 Michael Wozniak 310.202.9166 x 506

[email protected] CA Lic#: 01856514

3627 Motor Avenue Los Angeles, CA 90034 310.202.9166 (p) 310.876-1861 (f) www.mdrealtycorp.com

PROPERTY HIGHLIGHTS

b Terrific 8 Unit apartment building located in a prime Culver City adjacent location.

b Excellent mix of units consisting of Two Single + 1 Bath Units, Four 1 Bedroom + 1 Bath Units, and Two 2 Bedroom + 2 Bath Units.

b Some units have been fully remodeled and are equipped with hardwood flooring, brand new Frigidaire stove/oven, microwave, dishwasher,

fridge/freezer, front loading LG washer & dryer, and wall mounted AC unit in the living area.

b Owners have recently completed earthquake retrofit work at the building.

b Great opportunity for an investor to purchase a building in a highly

coveted location near downtown Culver City's abundance of employment

offices such as Apple, Amazon, Sony, and HBO.

GARY FOX President

310.202.9166 x 302 [email protected]

MICHAEL WOZNIAK 310.202.9166 x 506

[email protected]

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

TABLE OF CONTENTS

SECTION I

Investment Details 3 SECTION II

Rent Roll 6 SECTION III

Property Photographs 8 SECTION IV

Sale Comparables 15 SECTION V

Rent Comparables 19 SECTION VI

Area Employment Overview 24 SECTION VII

Area Maps 29 SECTION VIII

Demographics Reports 34

Investment Details

SECTION I

PROPERTY SUMMARY

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Property Summary

Price: $3,275,000

Building Size: 6,387 Sq, Ft.

Lot Size: 6,745 Sq. Ft.

Parking Spaces 8

APN: 4313017011

Property Overview

Terrific 8 Unit apartment building located in a prime Culver City adjacent location. Built in 1970 and situated on a 6,745 sq ft. lot, the property boasts an excellent mix of units consisting of Two Single + 1 Bath Units, Four 1 Bedroom + 1 Bath Units, and Two 2 Bedroom + 2 Bath Units. Some units have been fully remodeled and are equipped with hardwood flooring, brand new Frigidaire stove/oven, microwave, dishwasher, fridge/freezer, front loading LG washer & dryer, and wall mounted AC unit in the living area.

Owners have also recently completed all earthquake retrofit work at the building. The property is located just a short distance from the intersection of Venice Blvd. & Main St. in Downtown Culver City. Tenants can enjoy close access to downtown Culver City shopping, restaurants, theatres, and the local Farmer's Market.

Location Overview

The area is undergoing an enormous transformation with the construction of many new apartment and commercial buildings as well as an influx of major entertainment companies acquiring office space nearby. Tremendous employment growth is taking place within roughly a one mile radius of the building including Sony Studios, Amazon Studios, and HBO opening offices nearby.

Amazon leased 280,000 SF of space at Culver Studios, HBO leased a five-story office building under construction adjacent to the Culver City Station of the Metro Line, and Apple plans to increase its presence in Los Angeles and expects to have more than 3,000 employees in Culver City by 2026. The building is only a few miles to UCLA and the UCLA Medical Center, Fox Studios, Century City, and just a few Expo Line stops to the new West L.A. Google campus. Google leased 585,000 Sq Ft of office space at the West Side Pavilion with a 14 Year lease. The Culver City Expo Line Light Rail Station is just a short distance away, providing tenants with direct access to downtown Santa Monica to the West and downtown L.A. and the USC Campus to the East.

Page 04

PRO FORMA SUMMARY

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Unit Mix & Monthly Scheduled Income

Type Units Actual Total

1 Bedroom + 1 Bathroom 4 $2,116 $8,464

2 Bedroom + 2

Bathroom 2 $1,954 $3,908

Studio + 1 Bathroom 2 $2,070 $4,140

Totals 8 $16,512

Annualized Income

Description Actual

Gross Potential Rent $198,145

- Less: Vacancy ($5,944)

Effective Gross Income $192,200

- Less: Expenses ($68,850)

Net Operating Income $123,350

- Debt Service ($85,518)

Net Cash Flow after Debt

Service $37,832

+ Principal Reduction $32,785

Total Return $70,617

Annualized Expenses

Description Actual

Property Taxes (New) $39,300

Insurance $3,500

Utilities $5,300

Management $6,000

Gardening $1,200

Trash $4,800

Maintenance / Repairs $7,750

Pest Control $400

Permits / Fees $600

Total Expenses $68,850

Expenses Per RSF $10.78

Expenses Per Unit $8,606

Proforma Notes

Expenses are approximated. Proposed financing term is fixed for 5 years and amortized over 30 years

Investment Summary

Price $3,275,000

Year Built 1970

Units 8

Price/Unit $409,375

RSF 6,387

Price/RSF $512.76

Lot Size 6,745 sf

Floors 2

APN 4313017011

Cap Rate 3.77%

GRM 16.53

Financing Summary

Loan 1 (Fixed) $1,637,500

Initial Equity $1,637,500

Interest Rate 3.25%

Term 30 years

Monthly Payment $7,127

DCR 1.44

Page 05

Rent Roll

SECTION II

UNIT RENT ROLL

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Unit Description Current Rent Comments

1 1 Bedroom +

1 Bathroom $2,049

2 Studio + 1

Bathroom $2,045

3 2 Bedroom +

2 Bathroom $2,073

4 1 Bedroom +

1 Bathroom $2,595

5 Studio + 1

Bathroom $2,095

6 2 Bedroom +

2 Bathroom $1,835

7 1 Bedroom +

1 Bathroom $1,225

8 1 Bedroom +

1 Bathroom $2,595

Page 07

Property

Photographs

SECTION III

PROPERTY PHOTOS

3660 Watseka Avenue | Los Angeles, CA 90034 Page 09

PROPERTY PHOTOS

3660 Watseka Avenue | Los Angeles, CA 90034 Page 10

PROPERTY PHOTOS

3660 Watseka Avenue | Los Angeles, CA 90034 Page 11

PROPERTY PHOTOS

3660 Watseka Avenue | Los Angeles, CA 90034 Page 12

PROPERTY PHOTOS

3660 Watseka Avenue | Los Angeles, CA 90034 Page 13

PROPERTY PHOTOS

3660 Watseka Avenue | Los Angeles, CA 90034 Page 14

Sale Comparables

SECTION IV

SALE COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Sale Comps Map & List Report

Sale Comparables

4

Avg. Price/Unit

$427,004

SALE COMPARABLES LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $2,990,000 $3,413,750 $3,347,500 $3,970,000

Price Per Unit $408K $427K $429K $441K

Property Attributes Low Average Median High

Property Size in Units 7 8.0 8 9

Floors 2 2 2 2

Year Built 1987 1988 1988 1989

Page 16

SALE COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Sale Comps Map & List Report

Property Sale

Property Name - Address Yr Built Size Sale Date Price Price/Unit

 366 1 SCenteCil aAC

Los Angeles, CA 90066 1988 9 Units 6/8/2021 $3,970,000 $441,111/Unit

 3v3 7CenMeC aAC

Los Angeles, CA 90034 1987 9 Units 12/1/2020 $3,675,000 $408,333/Unit

SiloternMe aglonpCenm 3666 Clarington Ave Los Angeles, CA 90034

1988 7 Units 10/13/2020 $3,020,000 $431,429/Unit

 3s3 4Dee 4o

Los Angeles, CA 90034 1989 7 Units 10/13/2020 $2,990,000 $427,143/Unit

Page 17

SALE COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

1 3611 S Centinela Ave

Los Angeles, CA 90066

Sale Date:

Price/SF:

Sale Price:

$546.38

$3,970,000 06/08/2021

Year Built/Age:

RBA:

Built 1988 7,266 SF

Price/Unit: $441,111 # of Units: 9

2

Los Angeles, CA 90034

Sale Date:

Price/SF:

Sale Price:

$536.22

$3,020,000 10/13/2020

Year Built/Age:

RBA:

Built 1988 5,632 SF

Price/Unit: $431,429 # of Units: 7

3

Los Angeles, CA 90034

Sale Date:

Price/SF:

Sale Price:

$497.34

$2,990,000 10/13/2020

Year Built/Age:

RBA:

Built 1989 6,012 SF

Price/Unit: $427,143 # of Units: 7

4

3676 Mentone Ave Los Angeles, CA 90034

Sale Date:

Price/SF:

Sale Price:

$469.53

$3,675,000 12/01/2020

Year Built/Age:

RBA:

Built 1987 7,827 SF

Price/Unit: $408,333 # of Units: 9

Copyrighted report licensed to Miller & Desatnik Realty Corp. - 613238.

3646 Dunn Dr 3666 Clarington Ave

Page 18

Rent Comparables

SECTION V

RENT COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Rent Comparables Summary

3660 Watseka Ave

5 $2,570 $4.01

No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF

RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High

Total Units Studio Units One Bedroom Units Two Bedroom Units Three Bedroom Units

8 0 0 0 0

14 2 8 3 0

10 2 6 2 0

28 4 24

8 0

Property Attributes Low Average Median High

1953 Year Built

Number of Floors Average Unit Size SF

2 477

1961 2 643

1962 2 657

1970 2 756

Page 20

RENT COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Rent Comparables Summary

3660 Watseka Ave

Property Name/Address Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed Rent/SF

Property Size Asking Rent Per Month Per Unit

Pacific Apartments

13 477 $2,016 $2,552 - $5.00

12240 Pacific Ave 10022 Culver Blvd

8 657 - - $3,179 $4.84

11900 Venice Blvd

10 572 $2,193 $2,284 $2,999 $3.86

Regent Apartments

28 683 $1,796 $2,600 - $3.64

9714-9720 Regent St 12734 Caswell Ave

9 756 $1,996 $2,651 $2,852 $3.62

12734 Caswell Ave

Copyrighted report licensed to Miller & Desatnik Realty Corp. - 613238

1 1964

2 1953

3 1958

4 1970

5 1962

1

2

3

4

5

Page 21

RENT COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

11900 Venice Blvd 10 Units / 2 Stories Rent/SF $3.86 3

10022 Culver Blvd 8 Units / 2 Stories Rent/SF $4.84 2

12240 Pacific Ave 13 Units / 2 Stories Rent/SF $5.00 1

12734 Caswell Ave 9 Units / 2 Stories Rent/SF $3.62 5

9714-9720 Regent St 28 Units / 2 Stories Rent/SF $3.64 4

3660 Watseka Ave 8 Units / 2 Stories

Subject Property

Rent Comparables Photo Comparison

3660 Watseka Ave

Copyrighted report licensed to Miller & Desatnik Realty Corp. - 613238

Page 22

RENT COMPARABLES

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Rent Comparables by Bedroom

3660 Watseka Ave

$1,966 Studio Comps $2,543 One Bed Comps $3,023 Two Bed Comps

1 Bedroom 2 Bedroom

Current Conditions in Rent Comps Studio

Total Number of Units 11 40 17

Asking Rent Per Unit $1,966 $2,543 $3,023

Asking Rent Per SF $5.38 $3.77 $4.08

Effective Rents Per Unit $1,950 $2,526 $3,000

Effective Rents Per SF $5.33 $3.74 $4.05

ASKING RENT PER UNIT PER MONTH

6/23/2021 Copyrighted report licensed to Miller & Desatnik Realty Corp. - 613238

Page 23

Area Employment Overview

SECTION VI

AREA EMPLOYMENT OVERVIEW

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Amazon in Culver City

Amazon’s new $620-million expansion in Culver City, California is designed by Gensler to rethink the The Culver Studios, a 100-year-old film studio in Downtown Culver City, the project is the new home of Amazon's Los Angeles area operations. The new Amazon expansion will add 413,000 square feet of rent-able space to the 14-acre campus, increasing its total footprint to more than 720,000 square feet. Plans also call for the construction of two parking structures, with total accommodations for 1,930 vehicles. The design includes contemporary mid-rise structures to be made with metal exteriors and gabled roofs. The campus will also include several terrace decks and landscaped interior pathways that create connections between the various structures on site. Amazon has also leased the entirety of the adjacent Culver Steps development, which is also being built by Hackman Capital Partners.

The combined 600,000 square feet of space will house Amazon subsidiaries Amazon Studios, IMDB, Amazon Video, and World Wide Advertising.

Source UrbanizeLA

Page 25

AREA EMPLOYMENT OVERVIEW

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

HBO in Culver City

HBO agreed to a 15-year lease to occupy a 240,000-square-foot office building at the corner of Venice Blvd. and National Blvd. HBO will be part of the $350-million, 5.2-acre Ivy Station mixed-use development project. HBO’s office is a five-story structure designed by Ehrlich Yanai Rhee Chaney Architects.

Page 26

AREA EMPLOYMENT OVERVIEW

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Apple in Culver City

Apple announced it plans to expand its Culver City team to more than 3,000 employees as part of the multinational technology company’s plan to invest $430 billion and add 20,000 new jobs across the United States over the next five years.

Apple’s new Culver City offices began construction in 2018 at 8777 Washington Boulevard.

They will serve as the new Culver City headquarters of Apple’s content division, with 128,000 square feet of office space and 4,500 square feet of ground-floor retail space.

According to Apple, the 3,000 jobs in Culver City will be filled by 2026.

Page 27

Area Maps

SECTION VII

LOCATION MAP

3660 Watseka Avenue | Los Angeles, CA 90034 Page 30

REGIONAL MAP

3660 Watseka Avenue | Los Angeles, CA 90034 Page 31

AERIAL MAP

3660 Watseka Avenue | Los Angeles, CA 90034 Page 32

PLAT MAP

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Page 33

Demographics Reports

SECTION VIII

DEMOGRAPHICS

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Population 1 Mile 3 Miles 5 Miles

Male 21,648 142,356 394,707

Female 21,786 154,000 423,508

Total Population 43,434 296,356 818,215

Age 1 Mile 3 Miles 5 Miles

Ages 0-14 5,846 47,855 121,938

Ages 15-24 3,477 30,682 79,694

Ages 55-64 5,812 38,762 107,632

Ages 65+ 5,588 45,838 128,275

Income 1 Mile 3 Miles 5 Miles

Median $69,290 $66,570 $66,094

< $15,000 2,219 15,259 45,412

$15,000-$24,999 1,496 10,921 32,275

$25,000-$34,999 2,040 10,976 30,220

$35,000-$49,999 2,892 15,944 41,980

$50,000-$74,999 4,168 21,861 59,495

$75,000-$99,999 2,767 14,523 40,580

$10,0000-$149,999 2,368 17,055 49,682

$150,000-$199,999 1,234 8,230 23,325

> $200,000 1,453 11,154 32,339

Housing 1 Mile 3 Miles 5 Miles

Total Units 22,742 141,499 400,315

Occupied 21,427 132,564 371,169

Owner Occupied 4,342 49,022 131,097

Renter Occupied 17,085 83,542 240,072

Vacant 1,315 8,935 29,146

Page 35

DETAILED DEMOGRAPHICS

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Population 1 Mile 3 Miles 5 Miles

Male 21,648 142,356 394,707

Female 21,786 154,000 423,508

Total Population 43,434 296,356 818,215

Housing 1 Mile 3 Miles 5 Miles

Total Units 22,742 141,499 400,315

Occupied 21,427 132,564 371,169

Owner Occupied 4,342 49,022 131,097

Renter Occupied 17,085 83,542 240,072

Vacant 1,315 8,935 29,146

Page 36

DETAILED DEMOGRAPHICS

3660 Watseka Avenue | Los Angeles, CA 90034

The accuracy of all information, regardless of source, including but not limited to square footages and lot sizes, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.

Age 1 Mile 3 Miles 5 Miles

Ages 0-4 1,941 14,551 38,191

Ages 5-9 2,136 17,492 44,458

Ages 10-14 1,769 15,812 39,289

Ages 15-19 1,594 15,009 37,641

Ages 20-24 1,883 15,673 42,053

Ages 25-29 2,463 17,053 48,603

Ages 30-34 3,291 19,485 56,565

Ages 35-39 4,136 22,660 65,328

Ages 40-44 4,546 24,952 71,488

Ages 45-49 4,407 25,452 72,225

Ages 50-54 3,868 23,617 66,467

Ages 55-59 3,233 21,081 58,650

Ages 60-64 2,579 17,681 48,982

Ages 65-69 1,938 14,042 38,773

Ages 70-74 1,322 10,431 28,850

Ages 74-79 869 7,405 20,738

Ages 80-84 546 4,978 14,217

Ages 85+ 913 8,982 25,697

Income 1 Mile 3 Miles 5 Miles

Median $69,290 $66,570 $66,094

< $10,000 1,406 9,122 27,115

$10,000-$14,999 813 6,137 18,297

$15,000-$19,999 739 5,443 16,108

$20,000-$24,999 757 5,478 16,167

$25,000-$29,999 985 5,769 15,286

$30,000-$34,999 1,055 5,207 14,934

$35,000-$39,999 980 5,567 14,199

$40,000-$44,999 909 5,664 15,220

$45,000-$49,999 1,003 4,713 12,561

$50,000-$60,000 1,626 9,089 25,154

$60,000-$74,000 2,542 12,772 34,341

$75,000-$99,999 2,767 14,523 40,580

$10,0000-$124,999 1,298 10,505 31,162

$125,000-$149,999 1,070 6,550 18,520

$150,000-$199,999 1,234 8,230 23,325

> $200,000 1,453 11,154 32,339

Page 37