270 Perkins OM - LoopNet€¦ · 3 2 Bed / 1 Ba 984 $2,040 $3,000 6 2 Bed / 2 Ba 987 $1,942 $3,000 1 2 Bed / 2 Ba PH 987 $1,806 $3,250 26 Total / Average 20,072 $46,730 $66,750 FINANCIAL

CONFIDENTIAL OFFERING MEMORANDUM

270 PERKINS STREET, OAKLAND, CA 94610

26 UNITS IN OAKLAND’S ADAMS POINT NEIGHBORHOOD

CAPITAL MARKETSMULTIFAMILY

NORTHERN CALIFORNIA

PERKINSMANOR

Exclusive Advisors

All inquiries should be directed to the following professionals:

PRIMARY CONTACTS

Joe Owens

Tel +1 415-395-7288

[email protected]

CA BRE#01707768

Stephen Jackson

Tel + 1 415-395-4939

[email protected]

CA BRE# 01725067

Confidentiality Agreement

By receipt of this Off ering Memorandum, you agree that its contents are of a confidential

nature, that you will hold and treat it in the strictest of confidence, and that you will not

disclose directly or indirectly this Package or any of its contents to any other person or entity

without the express written consent of Jones Lang LaSalle Americas, Inc.

This Off ering Memorandum has been prepared to provide summary, unverified information

to prospective purchasers, and to establish only a preliminary level of interest in the

subject property. Analysis and verification of the information contained herein is solely

the responsibility of each prospective investor. Prospective investors are advised to review

independently all documents relating to the Property and conduct their own independent

due diligence to verify and assess the suitability of this property for their investment needs

and risk tolerance. Broker has not made any investigation, and makes no warranty or

representation, with respect to the income or expenses of 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 or improvements

thereon, or the financial condition or business prospects of any tenant, or any tenants

plans or intentions to continue occupancy. The information contained in this Off ering

Memorandum has been obtained from the Seller, as well as other sources we believe to be

reliable; however, Broker has not verified, and will not verify any of the information contained

herein. Neither Broker, nor any of his respective off icers, agents, partners, employees, or

principals have conducted any investigation regarding these matters and makes no warranty

or representation whatsoever, expressed or implied, regarding the accuracy or completeness

of the information provided, including any and/or all of the underlying assumptions. Any

prospective Buyer is solely responsible for any and all costs and expenses incurred in

investigating and evaluating the Property.

Table of Contents

EXECUTIVE SUMMARY

FINANCIAL INFORMATION

REGIONAL OVERVIEW

MARKET OVERVIEW

1

9

13

17

OFFERING PRICE

LISTING PRICE $7,995,000

PRICE PER UNIT $307,500

PRICE PER SQUARE FOOT $326

CURRENT GRM 14.26

MARKET GRM 9.98

CURRENT CAP RATE 3.55%

MARKET CAP RATE 6.33%

SAN FRANCISCO

OAKLAND

Lake Merritt

Jayne Ave

Warwick Ave

Perkins St

Perkins St

PERKINSMANOR

The Offering

Adams St

PROPERTY SUMMARY

ADDRESS 270 Perkins St, Oakland, CA 94610

NEIGHBORHOOD Adams Point

COUNTY Alameda

UNITS 26

YEAR BUILT 1966

PARCEL NUMBER 10-789-16-1

GROSS BUILDING AREA 24,529 Square Feet

LOT SIZE 13,200 Square Feet (0.3 Acres)

PARKING 26 Garage Parking Spaces

CONSTRUCTION Wood Frame & Stucco

FOUNDATION Poured Concrete Slab & Steel Support Beams

ROOF Flat / Foam

STORIES 4

HEATING Electric wall & baseboard

17 units have pellet fireplaces

ELEVATOR Hydroelectric serves all floors

STORAGE One storage locker per unit

LAUNDRY Leased – 2 Washers / 2 Dryers

EXECUTIVE SUMMARY | 1

2 | PERKINS MANOR


InvestmentHighlightsWell maintained building with long term owner off ers significant rental upside potential

Perkins Manor is a 26-unit multifamily building located in the heart of Oakland’s Adams Point neighborhood.

Built in 1966, the wood frame and stucco building consists of four stories and sits above garage parking with a

concrete foundation and steel support beams. The building has been well maintained during the current ownership’s

hold period spanning more than three decades. Units are renovated to market standard on turnover, including

granite counters, new cabinets, back splashes and wood style flooring. A new owner can unlock significant upside

by modernizing the already well-maintained building exterior and common areas as well as renovating units to a

modern style finish on unit turnover.

OAKLAND

Lake Merritt

Adams St

Oakland Ave

MacArthur Fwy

Perkins St

ALAMEDA

880

980

580

880

980

580

Broa

dway

Telegraph Ave

27th St

Ferry

19th St

12th St

Lake Merritt

Jack LandonSquare

PERKINSMANOR

Adams Point neighborhood off ers tenants charm and walkability to Oakland’s best amenities

Perkins Manor is less than one mile from most of Downtown Oakland’s best attractions for restaurants, bars,

entertainment and transit. The building off ers tenants great daily convenience with a Whole Foods and Transbay Bus

stop within 2 blocks and the 19th Street BART station within a one-mile walk. Tenants are also surrounded by the best of

Oakland’s restaurant and nightlife in Downtown, Grand Avenue, Piedmont Avenue, Uptown and Temescal. Lake Merritt,

Grand Lake Theater and the Grand Avenue Farmers Market are a few blocks from the property.

4 | PERKINS MANOR

AMENITY DISTANCE

Whole Foods 0.4 miles

Lake Merritt 0.5 miles

Grand Lake Theater 0.8 miles

Barlago 0.7 miles

Grand Lake Kitchen 0.7 miles

The Athletic Club Oakland 0.7 miles

Camino 0.8 miles

Duende 1.1 miles

Commis 1.0 miles

Penrose 0.9 miles

Boot & Shoe 0.9 miles

Bardo Lounge & Supper Club 1.0 miles

Shakewell 1.1 miles

DISTANCE TO NEARBY AMENITIES

LAKE MERRITT

DUENDE

WHOLE FOODS

THE ATHLETIC CLUB OAKLAND

BARLAGO ITALIAN KITCHEN GRAND LAKE KITCHEN


Incredible demand for multifamily housing will continue to intensify with additional commercial construction

The demand for multifamily housing in Oakland already far exceeds the

current supply of housing. The Bay Area region has built only 312 units

for every 1,000-additional people living here between 2003-2017. Many

multifamily buildings are under construction in Oakland and will help to

meet demand and draw people to the downtown. However, the commercial

development pipeline in downtown Oakland has more than 1.1 million

square feet of off ice currently under construction and an additional 2.5

million square feet of off ice that could begin construction shortly. This,

more than 3.7 million square feet of new off ice space, could potentially

supply more than 14,500 jobs in downtown Oakland.

2201 Valley St2201 Valley St

Oakland 94612770,000 SFProposed

2150 Webster2150 Webster

Oakland 94612244,000 SF

Under Construction

Lake Merritt

Tele

grap

h

Broa

dway

12th ST

Uptown Station1955 BroadwayOakland 94612

380,000 SFUnder Construction

Eastline2100 TelegraphOakland 94612

880,000 SFProposed

601 City Center601 12th St

Oakland 94612375,000 SF

Under Construction

The Key @ 12th1100 BroadwayOakland 94612

164,100 SFUnder Construction

2 Kaiser Plaza2 Kaiser Plaza

Oakland 94612890,000 SFPotential

6 | PERKINS MANOR

BARDO LOUNGE & SUPPER CLUB

SHAKEWELL


PERKINSMANOR

8 | PERKINS MANOR

FinancialInformation

UNIT TYPE SQUARE FEET CURRENT RENT MARKET RENT

1 Bed / 1 Ba 631 $1,900 $2,250

2 Bed / 2 Ba 987 Vacant $3,000

2 Bed / 1 Ba 984 $2,400 $3,000

2 Bed / 2 Ba 987 $2,675 $3,000

1 Bed / 1 Ba 631 $1,892 $2,250

1 Bed / 1 Ba 631 $2,250 $2,250

1 Bed / 1 Ba 631 $952 $2,250

1 Bed / 1 Ba 631 $2,000 $2,250

1 Bed / 1 Ba 631 $1,222 $2,250

2 Bed / 2 Ba 987 $1,361 $3,000

2 Bed / 1 Ba 984 $2,400 $3,000

2 Bed / 2 Ba 987 $1,876 $3,000

1 Bed / 1 Ba 631 $1,271 $2,250

1 Bed / 1 Ba 631 $1,875 $2,250

1 Bed / 1 Ba 631 $1,290 $2,250

1 Bed / 1 Ba 631 $1,424 $2,250

1 Bed / 1 Ba 631 $2,430 $2,250

2 Bed / 2 Ba 987 $1,613 $3,000

2 Bed / 1 Ba 984 $1,321 $3,000

2 Bed / 2 Ba 987 $1,128 $3,000

1 Bed / 1 Ba 631 $1,750 $2,250

1 Bed / 1 Ba 631 $2,016 $2,250

1 Bed / 1 Ba 631 $1,942 $2,250

1 Bed / 1 Ba 631 $1,189 $2,250

2 Bed / 2 Ba PH 987 $1,806 $3,250

1 Bed / 1 Ba PH 746 $1,751 $2,750

UNIT MIX

UNITS UNIT TYPE SQUARE FEET CURRENT RENT MARKET RENT

15 1 Bed / 1 Ba 631 $1,693 $2,250

1 1 Bed / 1 Ba PH 746 $1,751 $2,750

3 2 Bed / 1 Ba 984 $2,040 $3,000

6 2 Bed / 2 Ba 987 $1,942 $3,000

1 2 Bed / 2 Ba PH 987 $1,806 $3,250

26 Total / Average 20,072 $46,730 $66,750

FINANCIAL INFORMATION | 9

PRO FORMA

CURRENT 10/02/18 CURRENT VS MARKET COMPARISON MARKET

AMOUNT PER UNIT AMOUNT PER UNIT

INCOME

$801,000 $30,808 Gross Potential Rent $801,000 $31,038

($240,240) ($9,240) Loss to Lease 1 $0 $0

$560,760 $21,568 Gross Scheduled Rent $801,000 $30,808

($16,823) ($647) Vacancy -3.00% ($24,030) ($924)

($27,000) ($1,038) Non-Revenue Units 2 -3.37% $(27,000) ($1,038)

($43,823) ($1,685) Total Economic Loss -6.37% ($51,030) ($1,963)

$516,937 $19,882 Gross Eff ective Rent $749,970 $28,845

$1,922 $74 Other Income 3 $1,922 $74

$1,922 $74 Total Other Income $1,922 $74

$518,859 $19,956 GROSS EFFECTIVE INCOME $751,892 $28,919

Proforma EXPENSES Proforma

$3,900 $150 Payroll & Benefits $3,900 $150

$44,980 $1,730 Utilities 4 $44,980 $1,730

$13,000 $500 Repairs & Maintenance $13,000 $500

$6,500 $250 Turnover 5 $6,500 $250

$7,238 $278 Local Taxes & Licensing 6 $10,489 $250

$7,358 $283 Landscaping & Contract Services $7,358 $285

$3,900 $150 Administrative $3,900 $150

$86,876 $3,341 Total Controllable Expenses $90,127 $3,466

$15,566 $599 Management Fee 3.00% $22,557 $868

$11,988 $461 Insurance $11,988 $461

$7,841 $302 Special Assessments 7 $7,841 $302

$107,821 $4,147 Real Estate Taxes 8 1.35% $107,821 $4,147

$143,215 $5,508 Total Fixed Expenses $150,206 $5,777

$230,091 $8,850 Total Expenses $240,333 $9,244

44.35% Expense Ratio 31.96%

$288,768 $11,106 NET OPERATING INCOME $511,559 $19,675

$5,200 $200 Replacement Reserves $200 $5,200 $200

$283,568 $10,906 NOI (AFTER RESERVES) $506,359 $19,475

1 30% Loss to Lease / 43% Rental Upside 2 Non-Revenue Unit: Manager Unit at $2,250 per month 3 Other Income: Laundry (2017 Collections = $1,922) 4 Utilities: Trash: $15,335, Gas&Electric: $6,219, Water: $14,982, Other: $8,448 5 Repairs & Maintenance: Assumed $500 per unit / Unit Turnover: Assumed $250 per unit 6 Local Taxes & Licensing: $13.95 per $1,000 in Gross Receipts 7 Special Assessments: 2017-2018 Special Assessments: $7,841 8 1.3486% Tax Rate applied to $7,995,000 list price

10 | PERKINS MANOR

FINANCIAL INFORMATION | 11

El Cerrito del NorteBART Station

PERKINSMANOR

12 | PERKINS MANOR

RegionalOverview

81WALK SCORE

79BIKE SCORE

Oakland

19TH ST. BART/UPTOWN TRANSIT CENTER

80

580

880

980

PERA

LTA

ST.

M.L

. KIN

G JR

. WY.

TELE

GRA

PH A

V.

SANTA CLARA AV.

LAKE

SHOR

EAV

.

WEB

STER

ST.

BEAU

MO

NT

AV.

ARDL

EY AV.

RAN

DOLP

H AV

.

ATHOL

AV.

PERK

INS

ST.

MAR

KET

ST.

ADEL

INE

ST.

MAN

DELA

PKW

Y.

HARR

ISON

ST.

T.L. BERKLEYWY.

BROA

DWAY

LAKE PARKAV.

PARK BLVD.

14TH AV.

CHATHAM RD.

W. GRAND AV.

SAN PABLO AV.

GRAND AV. MACARTHUR

BLVD.

36

88

88

29

36

29

29

33

1212

29, B

33

62, 9662

33, V

57, B, NX1

57, B, NX

12, 5

1A, 8

51

6, 8

00

18

72, 72M, 72R, 802

6, 1

2, 1

8, 3

3, 5

1A, 7

2,

72M

, 72R

, 800

, 802

, 805

, 851

HIGHLANDHOSPITAL

BREWERMID. SCH.

OAKLANDHIGH SCH.

POPO

PARAMOUNTTHEATRE

CITYHALL

KAISERCENTER

BARTHQ

VET. MEM.& SR.CTR.

CHILDREN’SFAIRYLAND

ROTARYNATURECENTER

AC TRANSIT

to San FranciscoSalesforce Transit Centervia freeway (no stops)

19TH ST. BART/UPTOWN TRANSITCENTER

12 18

72

NL

800 802 805

851

51A 72M 72R

6 33

N

Line NL

Stop

Line NLLine NL Service with No Stops

PERKINSMANOR

REGIONAL OVERVIEW | 13

Oakland Area

$103,169AVERAGE

HOUSEHOLD INCOME

INCOME(5 MILE RADIUS)

$64,627MEDIAN

HOUSEHOLD INCOME

$43,676PER CAPITA INCOME

$1,289,800MEDIAN HOME VALUE

HOUSING(94610 ZIP CODE)

5.2%INCREASE FROM LAST YEAR

$626MEDIAN $ / SF

REQUIREMENTS:

$257,960 DOWN

$242,429 HOUSEHOLD INCOME

TO MEET PITI

523,976PEOPLE LIVING WITHIN

A 5 MILE RADIUS

POPULATION(5 MILE RADIUS)

7.6%INCREASE SINCE

2010 CENSUS

37.2MEDIAN AGE

$2,527AVERAGE

MONTHLY RENT

$91,891HOUSEHOLD INCOME

REQUIRED TO QUALIFY

AVERAGE OAKLAND RENT (94610 ZIP CODE)

14 | PERKINS MANOR

2012 2013 2014 2015 2016 2017 INDICATORS 2018 2019 2020 2021 2022 2023

138.5 141.5 148.7 155.8 161.2 165.7Gross metro product

(C09$bil) 171.8 177.4 179.5 185.0 191.2 196.4

3.2 2.2 5.1 4.8 3.4 2.8 % Change 3.7 3.2 1.2 3.1 3.4 2.7

1,011.8 1,040.0 1,065.3 1,100.7 1,137.4 1,163.3Total employment

(ths)1,185.4 1,200.7 1,204.9 1,204.6 1,215.5 1,224.0

2.9 2.8 2.4 3.3 3.3 2.3 % Change 1.9 1.3 0.3 0.0 0.9 0.7

8.8 7.3 6.0 4.8 4.4 3.7Unemployment rate

(%)3.3 3.4 3.8 4.9 5.5 5.6

6.8 3.2 6.7 9.7 5.4 6.0Personal income

growth (%)5.2 6.0 4.0 4.5 5.2 4.8

72.5 75.1 78.6 83.6 90.4 93.8Median household

income ($ ths)96.4 99.7 103.4 106.9 110.7 114.4

2,635.7 2,678.2 2,722.5 2,763.2 2,791.9 2,810.6 Population (ths) 2,827.1 2,846.4 2,866.6 2,887.8 2,911.1 2,935.2

1.4 1.6 1.7 1.5 1.0 0.7 % Change 0.6 0.7 0.7 0.7 0.8 0.8

22.8 27.6 29.1 26.0 15.3 5.9 Net migration (ths) 3.5 6.0 6.9 7.7 9.8 10.6

2,641 3,072 3,116 3,977 4,322 4,278Single-family permits

(#)3,823 5,006 5,623 6,188 6,422 6,268

2,255 1,908 2,323 3,734 4,291 6,964 Multifamily permits (#) 8,005 6,440 6,419 6,707 6,896 6,787

199.0 231.4 264.1 291.9 319.3 348.2FHFA house price

(1995Q1-100376.1 388.4 403.4 422.9 439.2 457.3

Source: Moody’s Analytics

MARKET INDICATORS – OAKLAND-HAYWARD-BERKELEY CA – AUGUST 2018

GRAND LAKE KITCHEN

BOOT & SHOE

GRAND LAKE THEATER

REGIONAL OVERVIEW | 15

3921 HARRISON ST359 VERNON ST 394 ORANGE ST

472 JEAN ST

366 BELLEVUE AVE

375 BELLEVUE AVE

1 EXCELSIOR CT

493-495 MERRITT AVE

429 BELLEVUE AVE 570 GRAND AVE220 ATHOL AVE

270 PERKINS ST

301 JAYNE AVE

266 LENOX AVE

314 PERKINS ST

376 STATEN AVE

16 | PERKINS MANOR

MarketOverviewOakland Market

COMPARABLE SALES – OAKLAND, CA

ADDRESS UNITS YR BLT

BLDG SF

AVG UNIT

SF

SALE DATE

SALE PRICE

PRICE PER

UNIT

PRICE PER SF

CURRENT GRM

CURRENT CAP

RATE

MARKET GRM

MARKET CAP

RATE

472 JEAN ST 15 1963 10,419 695 08/15/18 $4,250,000 $283,333 $408 14.50 4.28%

366 BELLEVUE AVE 26 1968 27,794 1,069 08/10/18 $8,250,000 $317,308 $297

429 BELLEVUE AVE 13 1961 7,563 582 08/02/18 $4,110,000 $316,154 $543 14.59 4.07%

1 EXCELSIOR CT 38 1966 35,997 947 06/28/18 $12,675,000 $333,553 $352 14.84 3.54%

359 VERNON ST 8 1952 7,750 969 06/15/18 $2,500,000 $312,500 $323

493-495 MERRITT AVE 18 1920 14,888 827 05/22/18 $5,400,000 $300,000 $363 14.18 3.73%

301 JAYNE AVE 15 1990 7,712 514 01/11/17 $4,600,000 $306,667 $596

394 ORANGE ST 12 1975 9,560 797 04/03/17 $3,685,000 $307,083 $385 16.43 3.18% 11.48 5.75%

266 LENOX AVE 36 1926 31,608 878 04/04/17 $11,100,000 $308,333 $351 3.20%

314 PERKINS ST 35 1972 32,778 937 07/06/16 $10,500,000 $300,000 $320 16.37 3.39% 11.28 5.95%

375 BELLEVUE AVE 26 1968 27,586 1,061 10/07/16 $8,400,000 $323,077 $305 16.84 3.29% 10.99 5.98%

3921 HARRISON ST 16 1963 13,344 834 In Contract $6,750,000 $421,875 $506 14.54 4.18%

220 ATHOL AVE 25 1966 24,525 981 In Contract $7,000,000 $280,000 $285 17.28 2.95% 10.32 6.53%

376 STATEN AVE 12 1916 9,762 814 In Contract $4,380,000 $365,000 $449 16.88 3.55% 13.98 4.29%

570 GRAND AVE 13 1925 9,700 746 For Sale $5,899,000 $453,769 $608 3.65%

AVERAGE 21 1955 18,066 843 $6,633,267 $328,577 $406 15.65 3.58% 11.61 5.70%

HIGH 38 1990 35,997 1,069 $12,675,000 $453,769 $608 17.28 4.28% 13.98 6.53%

LOW 8 1916 7,563 514 $2,500,000 $280,000 $285 14.18 2.95% 10.32 4.29%

270 PERKINS ST 26 1966 24,529 943 $7,995,000 $307,500 $326 14.26 3.55% 9.98 6.33%

MARKET OVERVIEW | 17

COMPARABLE RENTAL PROPERTIES

285 LEE STREET, OAKLAND – 27 UNITS

UNIT TYPE

UNIT COUNT

SIZE CONDITIONMONTHLY

RENTRENT PER

FOOT

Studio 3 575 Modernized N/A

1 18 696 Modernized $3,200 $4.60

2 6 1062 Modernized $3,900 $3.67

98 VERNON STREET, OAKLAND – 19 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

Studio 1 400 Modernized N/A

1 16 575 Modernized $2,500 $4.35

2 1 700 Modernized N/A


271 JAYNE STREET, OAKLAND – 15 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

1 6 700 Un-Renovated N/A

2 9 800 Un-Renovated $2,500 $3.13

406 VAN BUREN AVE, OAKLAND – 30 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

Studio 3 375 Modernized $2,145 $5.72



314 PERKINS STREET, OAKLAND – 27 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

Studio 6 438 Un-Renovated N/A

1 18 784 Un-Renovated $1,780 $2.27

2 11 1025 Un-Renovated N/A

301 LENOX AVE, OAKLAND – 32 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

1 32 1140 Un-Renovated $2,295 $2.01

18 | PERKINS MANOR

COMPARABLE RENTAL PROPERTIES (continued)

266 ADAMS STREET, OAKLAND – 37 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

Studio 7 575 Renovated N/A

1 23 834 Renovated $2,295 $2.75

2 7 987 Renovated N/A

141 MONTECITO AVE, OAKLAND – 19 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT

1 18 856 Renovated $2,499 $2.92


421 STATEN AVE, OAKLAND – 16 UNITS

UNIT TYPE

UNIT COUNT


RENTRENT PER

FOOT


2 7 860 Renovated $2,800 $3.26

MARKET OVERVIEW | 19

Although information has been obtained from sources deemed reliable, Owner, Jones Lang LaSalle, and/or their representatives, brokers or agents make no guarantees as to the accuracy of the

information contained herein, and off er the Property without express or implied warranties of any kind. The Property may be withdrawn without notice. If the recipient of this information has signed

a confidentiality agreement regarding this matter, this information is subject to the terms of that agreement. ©2017. Jones Lang LaSalle. All rights reserved.

Jones Lang LaSalle Americas, Inc., RE License #01223413.

Exclusive Advisors All inquiries should be directed to the following professionals:

PRIMARY CONTACTS

Joe Owens

Tel +1 415-395-7288

[email protected]

CA BRE#01707768

Stephen Jackson

Tel + 1 415-395-4939

[email protected]

CA BRE# 01725067

One Front Street, Suite 2100 | San Francisco, CA 94111

www.jll.com

CAPITAL MARKETSMULTIFAMILY

NORTHERN CALIFORNIA

Perkins St

580

ALAMEDA

SAN FRANCISCO

Grand Ave

ADAMS POINT

PERKINSMANOR

Documents

270 Perkins OM - LoopNet€¦ · 3 2 Bed / 1 Ba 984 $2,040 $3,000 6 2 Bed / 2 Ba 987 $1,942 $3,000 1 2 Bed / 2 Ba PH 987 $1,806 $3,250 26 Total / Average 20,072 $46,730 $66,750 FINANCIAL