Built in 82-Unit Apartment Building...±74,536 SF Utilities: Gas and Electricity – Tenants Common Utilities - RUBS: Current Cap Rate 4.27%: Forecasted Cap Rate 4.45%: Current GRM

1www.GlenoaksGardens.com

CALL FOR TOURSwww.GlenoaksGardens.com

LAURIE LUSTIG-BOWER+1 310.550.2556 [email protected]. 00979360

KADIE PRESLEY WILSON+1 310.550.2575 [email protected]. 01476551

$26, 200,000Priced Below Replacement Cost

82-Unit Apartment Building ±1.61 Acres of Land | Sun Valley (Los Angeles), CA

Built in 1986

Renovated in 2010

8601 Glenoaks Blvd Sun Valley, CA 91352

GLENO

AKS BLVD.

GLENDALE

BURBANK

GRIFFITH PARK

N O R T H H O L L Y W O O D

GLE

NO

AK

S BLV

D.

SU

NLA

ND

BLV

D.

Hol lywood Burbank A i rpor t

8 min. drive2.9 miles

Universa l Studio

14 min. drive7 miles

SAN FERNANDO RD.

VINELAND ST.

WHEATLAND AVE.

N. C

LYB

OU

RN

AV

E.

Glenoaks Gardens SUN VALLEY

SUN VALLEY

VINELAND AVE.

N O R T H H O L LY W O O D

VALLEY GLEN

Mass is Baker y

2 min. drive0.5 miles

GLENOAKS BLVD.

SAN FERNANDO RD.

SUNLAND BLVD.

WH

EATLAND AVE.

VINELA

ND S

T.

Glenoaks Gardens

El Compa dre Restaurant1 min. drive

0.3 miles

Starbucks4 min. drive

0.8 miles

Sun Va l ley Metro l ink Stat ion

4 min. driveLess than 1 mile walk

TERHUINE AVE.

NETTLETON ST.

Within a mile of Glenoaks Gardens single family homes have recently traded for as much as

$1.15 million.

SUN VALLEY

SUNLAND BLVD.

GLENOAKS BLVD.

Th e Church of Jesus Chr is t

o f L atter-Day Sa ints

Glenoaks Gardens

Sun Va l ley Metro l ink Stat ion

4 min. driveLess than 1 mile walk

L A TUNA CANYON

VINEDALE ST.

GLENOAKS BLVD.

NETTLETO

N ST.

8600 G len oaks

Th e Church of Jesus Chr is t

o f L atter-Day Sa ints

Glenoaks Gardens

Glen oaks V i l las

Sun ValleySun Valley

TABLE OF CONTENTS

I PROPERTY OVERVIEWPage 9

II FINANCIALANALYSISPage 18

III AREAOVERVIEWPage 31

CONTACTS

CALL FOR TOURS

www.GlenoaksGardens.com



FOR LOAN QUOTES, PLEASE CONTACT:

BRIAN EISENDRATH+1 310.228.2125 [email protected]

TROY TEGELER+1 [email protected]

BRANDON SMITH+1 310.550.2532 [email protected]

ANNIE RICE+1 [email protected]

I .PROPERTYOVERVIEW

GLENOAKS BLVD.


CBRE, Inc. is pleased to present for sale Glenoaks Gardens, an 82-unit apartment community situated on 1.6 acres of land in Sun Valley (Los Angeles), California. Built in 1986, the property was renovated in 2010. The spacious units feature stainless steel appliances, walk-in closets, a private patio or balcony (most units), and central heat and air conditioning. Comprised of an attractive mix of mostly one and two bedroom units, many provide beautiful mountain views.

The Glenoaks Gardens community features a sparkling swimming pool, spa, f itness center, built-in gas grills and a barbeque lounge. Gated parking provides for one assigned space per bedroom.

With strong street presence, Glenoaks Gardens is opportunely situated with easy access to the 5, 118, 134, and 170 f reeways, as well as the entertainment business hub of Burbank. It is less than one mile to the Antelope Valley Metrolink Sun Valley Train Station, and is less than three miles to the Hollywood Burbank Airport. The Antelope Valley Metrolink Station connects Sun Valley to Lancaster and to Downtown’s Los Angeles Union Station. Downtown Los Angeles features many of the city’s major arts institutions and sports facilities, over 68 million square feet of off ice space, as well as an array of public art and unique shopping opportunities.

Glenoaks Gardens is priced at $26,200,000, which equates to a current cap rate of 4.27%, although some units have rents that are less than current market rates. With those units assumed at current market rates, the cap rate is 4.45%. Glenoaks Gardens represents a steady performing, well appointed, apartment building with historically very high occupancy in a strong submarket.

For more information, visit the website at www.GlenoaksGardens.com.

Please call to set up a tour. Phone: 310-550-2575

EXECUTIVE SUMMARY


• 82-Unit Turnkey Building with Strong Street Presence

• Great Cash on Cash Yield

• Excellent Cost Basis

• Built in 1986 and Renovated in 2010 - Recent Renovation of the Asset means Buyer will not be Required to Contribute Much Excess Capital

• Not Subject to Los Angeles Rent Stabilization Ordinance

• Low Density Property Situated on ±1.6-Acres of Land

• Less than One Mile to the Antelope Valley Metrolink Station connecting Sun Valley to Lancaster and Downtown Los Angeles

• Excellent Proximity to the Business Hubs of Burbank, North Hollywood and Glendale

• Sun Valley is a Consistently High Occupancy Submarket with Historically Healthy Rent Growth

9

OPPORTUNITY HIGHLIGHTS


UNIT TYPE NO. OF UNITS AVERAGE SF

Studio 4 ±450

1 Bed + 1 Bath 51 ±750

2 Bed + 1 Bath 27 ±850

TOTAL 82 ±768

Unit Mix

PRICE: $26,200,000

PROPERTY DETAILSAddress 8601 Glenoaks BlvdSun Valley (Los Angeles), CA 91352

Asking Price$26,200,000

Number of Units82

Year Built1986(Renovated in January 2010)

Price Per Unit$319,512

Price Per SF$352

Number of Stories3

Gated Parking Spaces±1561.9 Ratio

Assessor Parcel Number2404-025-179

Land Square Feet±70,150 SF

Building Square Feet±74,536 SF

UtilitiesGas and Electricity – TenantsCommon Utilities - RUBS

Current Cap Rate4.27%

Forecasted Cap Rate4.45%

Current GRM13.4

Forecasted GRM13.0


UNIT FEATURES

• Spacious Floor Plans• Wood Style Flooring• Central Heat and Air• Private Patio or Balcony (most units)• Mountain Views• Walk-In Closets• Plenty of Cabinet Space• Designer Paint• High Speed Internet Access• Ceiling Fans• Cable Ready• Tub/Shower• Intercom• Wheelchair Accessible Rooms

Kitchen• Stainless Steel Appliances• Quartz Countertops• Breakfast Nook• Dishwasher• Disposal• Ice Maker• Microwave• Oven• Range• Ref rigerator


PROPERTY FEATURES

• Sparkling Pool

• Spa

• Fitness Center

• Gated Parking - 156 spaces

• Gas Grills and Barbecue Lounge

• Controlled Access Gated Community

• Key Fob Entry

• Four Laundry Facilities

- Three Washers in Each

- Three Dryers in Each

• Seperately meter for gas and electricity


STUDIO 1 BEDROOM & 1 BATH

2 BEDROOM & 1 BATH

FLOORPLANS

I I . F INANCIAL ANALYSIS

GLENOAKS BLVD.


Glenoaks GardensRent Roll as of May 2020GGLLEENNOOAAKKSS GGAARRDDEENNSS -- 88660011 GGLLEENNOOAAKKSS BBLLVVDD

RREENNTT RROOLLLL

UUnniitt NNuummbbeerr EEsstt.. SSFF TTyyppee CCuurrrreenntt RReenntt CCuurrrreenntt RReenntt//SSFFMMggmmtt.. CCoo..FFoorreeccaasstt

MMggmmtt.. CCoo..FFoorreeccaasstt RReenntt//SSFF

MMoovvee--IInn LLeeaassee EEnndd NNootteess

215 450 0+1 $1,550 $3.44 $1,576 $3.50 09/01/2016 09/30/2020315 450 0+1 $1,555 $3.46 $1,576 $3.50 05/21/2018 11/20/2020

2001 450 0+1 $1,535 $3.41 $1,576 $3.50 10/01/2019 06/30/20202002 450 0+1 $1,576 $3.50 $1,576 $3.50 07/29/2019 07/31/2020 Employee Unit103 750 1+1 $1,855 $2.47 $1,895 $2.53 10/01/2016 12/31/2020104 750 1+1 $1,895 $2.53 $1,895 $2.53 04/04/2020 03/24/2021105 750 1+1 $1,796 $2.39 $1,895 $2.53 07/04/2019 06/30/2020106 750 1+1 $1,801 $2.40 $1,895 $2.53 01/02/2018 01/31/2021107 750 1+1 $1,818 $2.42 $1,895 $2.53 09/04/2018 08/31/2020108 750 1+1 $1,845 $2.46 $1,895 $2.53 04/15/1996 01/31/2021110 750 1+1 $1,776 $2.37 $1,895 $2.53 08/01/2018 07/31/2020111 750 1+1 $1,890 $2.52 $1,895 $2.53 06/28/2014 09/30/2020114 750 1+1 $1,845 $2.46 $1,895 $2.53 12/23/2019 12/31/2020116 750 1+1 $1,850 $2.47 $1,895 $2.53 04/09/2020 04/30/2021117 750 1+1 $1,885 $2.51 $1,895 $2.53 03/01/2020 02/28/2021118 750 1+1 $1,800 $2.40 $1,895 $2.53 06/17/2019 06/15/2020119 750 1+1 $1,850 $2.47 $1,895 $2.53 10/10/2017 10/31/2020120 750 1+1 $1,895 $2.53 $1,895 $2.53 04/14/2020 10/31/2020121 750 1+1 $1,802 $2.40 $1,895 $2.53 10/17/2016 11/30/2020122 750 1+1 $1,818 $2.42 $1,895 $2.53 07/19/2016 08/31/2020126 750 1+1 $1,800 $2.40 $1,895 $2.53 08/01/2018 07/31/2020203 750 1+1 $1,795 $2.39 $1,895 $2.53 07/26/2019 07/31/2020204 750 1+1 $1,825 $2.43 $1,895 $2.53 07/29/2019 07/31/2020205 750 1+1 $1,895 $2.53 $1,895 $2.53 06/15/2020 06/30/2021206 750 1+1 $1,875 $2.50 $1,895 $2.53 11/20/2019 11/30/2020207 750 1+1 $1,895 $2.53 $1,895 $2.53 - - VACANT208 750 1+1 $1,825 $2.43 $1,895 $2.53 11/01/2016 01/31/2021210 750 1+1 $1,795 $2.39 $1,895 $2.53 05/20/2019 05/31/2020211 750 1+1 $1,800 $2.40 $1,895 $2.53 03/13/2019 03/31/2020214 750 1+1 $1,885 $2.51 $1,895 $2.53 03/01/2020 03/31/2021217 750 1+1 $1,795 $2.39 $1,895 $2.53 05/27/2019 05/31/2020218 750 1+1 $1,800 $2.40 $1,895 $2.53 06/04/2011 09/30/2020219 750 1+1 $1,895 $2.53 $1,895 $2.53 12/06/2019 12/31/2020220 750 1+1 $1,850 $2.47 $1,895 $2.53 01/02/2018 01/31/2021221 750 1+1 $1,895 $2.53 $1,895 $2.53 06/01/2020 05/31/2021222 750 1+1 $1,830 $2.44 $1,895 $2.53 09/25/2018 11/30/2020223 750 1+1 $1,800 $2.40 $1,895 $2.53 10/04/2017 05/31/2020227 750 1+1 $1,820 $2.43 $1,895 $2.53 09/18/2018 09/30/2020

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

(Continued on next page)

20www.GlenoaksGardens.comYou are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.


RREENNTT RROOLLLL




303 750 1+1 $1,830 $2.44 $1,895 $2.53 11/15/2015 03/31/2021304 750 1+1 $1,895 $2.53 $1,895 $2.53 10/01/2019 09/30/2020305 750 1+1 $1,855 $2.47 $1,895 $2.53 08/02/2016 09/30/2020306 750 1+1 $1,825 $2.43 $1,895 $2.53 09/01/2019 08/31/2020307 750 1+1 $1,845 $2.46 $1,895 $2.53 01/17/2020 02/28/2021308 750 1+1 $1,825 $2.43 $1,895 $2.53 04/06/2015 06/30/2020310 750 1+1 $1,825 $2.43 $1,895 $2.53 04/05/2016 01/31/2021311 750 1+1 $1,825 $2.43 $1,895 $2.53 01/18/2019 01/31/2021314 750 1+1 $1,895 $2.53 $1,895 $2.53 09/23/2019 09/30/2020317 750 1+1 $1,825 $2.43 $1,895 $2.53 01/14/2012 12/31/2020318 750 1+1 $1,840 $2.45 $1,895 $2.53 03/04/2019 03/31/2021319 750 1+1 $1,830 $2.44 $1,895 $2.53 02/26/2018 03/31/2021320 750 1+1 $1,840 $2.45 $1,895 $2.53 02/01/2019 01/31/2021321 750 1+1 $1,855 $2.47 $1,895 $2.53 01/16/2017 11/30/2020322 750 1+1 $1,865 $2.49 $1,895 $2.53 10/01/2015 11/30/2020323 750 1+1 $1,872 $2.50 $1,895 $2.53 01/02/2019 02/28/2021327 750 1+1 $1,829 $2.44 $1,895 $2.53 03/13/2018 05/31/2020101 850 2+1 $2,000 $2.35 $2,102 $2.47 07/19/2014 04/30/2020102 850 2+1 $2,050 $2.41 $2,102 $2.47 03/06/2015 03/31/2021109 850 2+1 $2,075 $2.44 $2,102 $2.47 04/04/2020 04/03/2021112 850 2+1 $2,102 $2.47 $2,102 $2.47 05/25/2020 05/31/2021113 850 2+1 $2,100 $2.47 $2,102 $2.47 01/05/2020 01/31/2021115 850 2+1 $1,975 $2.32 $2,102 $2.47 03/18/2014 06/30/2020123 850 2+1 $2,025 $2.38 $2,102 $2.47 06/25/2019 06/30/2020124 850 2+1 $2,025 $2.38 $2,102 $2.47 03/30/2016 04/30/2020125 850 2+1 $2,065 $2.43 $2,102 $2.47 09/18/2012 12/31/2020201 850 2+1 $2,025 $2.38 $2,102 $2.47 04/04/2017 05/31/2020202 850 2+1 $2,102 $2.47 $2,102 $2.47 05/25/2020 05/31/2021209 850 2+1 $2,050 $2.41 $2,102 $2.47 07/25/2016 09/30/2019212 850 2+1 $2,000 $2.35 $2,102 $2.47 04/25/2018 04/30/2020213 850 2+1 $2,102 $2.47 $2,102 $2.47 01/20/2020 01/31/2021216 850 2+1 $1,980 $2.33 $2,102 $2.47 02/12/2014 07/31/2020224 850 2+1 $2,100 $2.47 $2,102 $2.47 12/23/2019 12/31/2020225 850 2+1 $2,100 $2.47 $2,102 $2.47 09/17/2019 09/30/2020226 850 2+1 $2,100 $2.47 $2,102 $2.47 11/04/2019 10/31/2020301 850 2+1 $2,015 $2.37 $2,102 $2.47 08/28/2012 04/30/2020302 850 2+1 $2,029 $2.39 $2,102 $2.47 11/15/2015 06/30/2019309 850 2+1 $2,060 $2.42 $2,102 $2.47 09/01/2014 02/28/2021




RREENNTT RROOLLLL




312 850 2+1 $2,050 $2.41 $2,102 $2.47 03/08/2019 03/31/2021313 850 2+1 $2,100 $2.47 $2,102 $2.47 05/04/2020 05/31/2021316 850 2+1 $2,055 $2.42 $2,102 $2.47 08/26/1996 11/30/2020324 850 2+1 $2,102 $2.47 $2,102 $2.47 05/24/2020 05/31/2021325 850 2+1 $2,050 $2.41 $2,102 $2.47 09/20/2018 09/30/2020326 850 2+1 $2,100 $2.47 $2,102 $2.47 02/03/2020 01/31/2021TToottaall 6633,,000000 $$115555,,662255 $$115599,,770033

AAvveerraaggee $$11,,889988 $$22..4499 $$11,,994488 $$22..5566



Glenoaks GardensCurrent Operations


IINNVVEESSTTMMEENNTT PPRROO FFOORRMMAAEESSTTIIMMAATTEEDD IINNCCOOMMEE AAnnnnuuaall %% ooff EEGGII PPeerr UUnniitt

Rent Income $155,625 per mon. $1,867,500 100.0% $22,774 Current RentsConcessions $300 per mon. ($3,600) -0.2% ($44) Actual 2019

TToottaall SScchheedduulleedd GGrroossss IInnccoommee $$11,,886633,,990000 9999..88%% $$2222,,773300Vacancy 5.0% of SGI ($93,195) -5.0% ($1,137)

TToottaall NNeett RReennttaall IInnccoommee $$11,,777700,,770055 9944..88%% $$2211,,559944

Pet Rent $37 per mon. $445 0.0% $5 Actual 2019RUBS $5,118 per mon. $61,422 3.3% $749 Actual 2019Parking Income $186 per mon. $2,228 0.1% $27 Actual 2019Laundry Income $733 per mon. $8,799 0.5% $107 Actual 2019Credit Report Income $210 per mon. $2,514 0.1% $31 Actual 2019Cable Income $176 per mon. $2,115 0.1% $26 Actual 2019Month to Month Income $451 per mon. $5,411 0.3% $66 Actual 2019NSF & Late Charges $548 per mon. $6,577 0.4% $80 Actual 2019Other Income $649 per mon. $7,787 0.4% $95 Actual 2019

TTOOTTAALL EESSTTIIMMAATTEEDD IINNCCOOMMEE $$11,,886688,,000033 110000..00%% $$2222,,778811

EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS AAnnnnuuaall %% ooff EExxpp.. %% ooff EEGGII PPeerr UUnniittProperty Taxes 11..117744227799%% of est. price $307,661 41.0% 16.5% $3,752 Reassessed Tax AmountDirect Assessments $9,089 $9,089 1.2% 0.5% $111 Per LA County Assessor's OfficeBusiness Taxes $5,285 0.7% 0.3% $64Insurance $0.35 per GSF $26,088 3.5% 1.4% $318 EstimatedManagement Fee 3.0% EGI $56,040 7.5% 3.0% $683 Current RateOn-Site Manager $5,159 per mon. $61,907 8.3% 3.3% $755 2019 $43k Salary + $1,576 Rent Credit

Maintenance Employee $2,704 per mon. $32,453 4.3% 1.7% $396 2019 ActualPorter Employee $2,527 per mon. $30,321 4.0% 1.6% $370 2019 ActualLeasing Salary/Bonuses $826 per mon. $9,915 1.3% 0.5% $121 2019 ActualElectricity $2,043 per mon. $24,516 3.3% 1.3% $299 2019 ActualWater $2,230 per mon. $26,761 3.6% 1.4% $326 2019 ActualSewer $1,882 per mon. $22,580 3.0% 1.2% $275 2019 ActualGas $781 per mon. $9,373 1.2% 0.5% $114 2019 ActualTelephone/Cable/Internet $727 per mon. $8,723 1.2% 0.5% $106 2019 ActualCleaning - Common Area $383 per mon. $4,600 0.6% 0.2% $56 2019 ActualRepairs/Maintenance & Turnover $600 per unit $49,200 6.6% 2.6% $600 EstimatedLandscaping $328 per mon. $3,938 0.5% 0.2% $48 2019 ActualPool Service $527 per mon. $6,325 0.8% 0.3% $77 2019 ActualExtermination $113 per mon. $1,354 0.2% 0.1% $17 2019 ActualPatrol Service $206 per mon. $2,475 0.3% 0.1% $30 2019 ActualFitness Center $49 per mon. $585 0.1% 0.0% $7 2019 ActualTrash Removal $198 per unit $16,200 2.2% 0.9% $198 2019 ActualAdministration $807 per mon. $9,681 1.3% 0.5% $118 2019 ActualMarketing $725 per mon. $8,700 1.2% 0.5% $106 EstimatedReserves $200 per unit $16,400 2.2% 0.9% $200 Estimated

TTOOTTAALL EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS $$775500,,117711 110000..00%% 4400..22%% $$99,,114488

EESSTTIIMMAATTEEDD NNEETT OOPPEERRAATTIINNGG IINNCCOOMMEE $$11,,111177,,883322 5599..88%% $$1133,,663322

PPrriiccee $$2266,,220000,,000000Capitalization Rate 4.27%Gross Rent Multiplier 13.4 UUnniitt TTyyppee UUnniittss MMiixx AAvvgg SSFF AAvvgg RReenntt RReenntt//SSFFEst. Sales Price Per Unit $319,512 0+1 4 4.9% 450 $1,554 $3.45Price Per Sq. Ft. $352 1+1 51 62.2% 750 $1,841 $2.45Number of Units 82 2+1 27 32.9% 850 $2,057 $2.42Est. Expenses Per Unit $9,148Est. Expenses Minus Taxes Per Unit $5,286Est. Expenses Per Sq. Ft. $10.06Bldg. Sq. Ft. 74,536 TToottaall 8822 110000..00%% 776688 $$11,,889988 $$22..4477Year Built 1986APN 2404-025-179Zip Code 91352

©© 22002200 CCBBRREE,, IInncc.. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CCoommmmeennttss

GGLLEENNOOAAKKSS GGAARRDDEENNSS -- 88660011 GGLLEENNOOAAKKSS BBLLVVDDCCUURRRREENNTT OOPPEERRAATTIIOONNSS

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent use. It was not prepared by a licensed or certified appraiser and may not comply with the appraisal standards of the Uniform Standards of Professional Appraisal Practice.

FOR LOAN QUOTES, PLEASE CONTACT:

BRIAN EISENDRATH+1 310.228.2125

[email protected]

TROY TEGELER+1 949.509.2114

[email protected]

BRANDON SMITH+1 310.550.2532

[email protected]

ANNIE RICE+1 310.550.2675

[email protected]


Glenoaks GardensForcasted Operations


IINNVVEESSTTMMEENNTT PPRROO FFOORRMMAAEESSTTIIMMAATTEEDD IINNCCOOMMEE AAnnnnuuaall %% ooff EEGGII PPeerr UUnniitt

Rent Income $159,703 per mon. $1,916,436 99.9% $23,371 Market RentsConcessions $0 per mon. $0 0.0% $0 Estimated

TToottaall SScchheedduulleedd GGrroossss IInnccoommee $$11,,991166,,443366 9999..99%% $$2233,,337711Vacancy 5.0% of SGI ($95,822) -5.0% ($1,169)

TToottaall NNeett RReennttaall IInnccoommee $$11,,882200,,661144 9944..99%% $$2222,,220033

Pet Rent $37 per mon. $445 0.0% $5 Actual 2019RUBS $5,118 per mon. $61,422 3.2% $749 Actual 2019Parking Income $186 per mon. $2,228 0.1% $27 Actual 2019Laundry Income $733 per mon. $8,799 0.5% $107 Actual 2019Credit Report Income $210 per mon. $2,514 0.1% $31 Actual 2019Cable Income $176 per mon. $2,115 0.1% $26 Actual 2019Month to Month Income $451 per mon. $5,411 0.3% $66 Actual 2019NSF & Late Charges $548 per mon. $6,577 0.3% $80 Actual 2019Other Income $649 per mon. $7,787 0.4% $95 Actual 2019

TTOOTTAALL EESSTTIIMMAATTEEDD IINNCCOOMMEE $$11,,991177,,991122 110000..00%% $$2233,,338899

EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS AAnnnnuuaall %% ooff EExxpp.. %% ooff EEGGII PPeerr UUnniittProperty Taxes 1.174279% of est. price $307,661 40.9% 16.0% $3,752 Reassessed Tax AmountDirect Assessments $9,089 $9,089 1.2% 0.5% $111 Per LA County Assessor's OfficeBusiness Taxes $5,348 0.7% 0.3% $65Insurance $0.35 per GSF $26,088 3.5% 1.4% $318 EstimatedManagement Fee 3.0% EGI $57,537 7.7% 3.0% $702 Current RateOn-Site Manager $5,159 per mon. $61,907 8.2% 3.2% $755 2019 $43k Salary + $1,576 Rent CreditMaintenance Employee $2,704 per mon. $32,453 4.3% 1.7% $396 2019 ActualPorter Employee $2,527 per mon. $30,321 4.0% 1.6% $370 2019 ActualLeasing Salary/Bonuses $826 per mon. $9,915 1.3% 0.5% $121 2019 ActualElectricity $2,043 per mon. $24,516 3.3% 1.3% $299 2019 ActualWater $2,230 per mon. $26,761 3.6% 1.4% $326 2019 ActualSewer $1,882 per mon. $22,580 3.0% 1.2% $275 2019 ActualGas $781 per mon. $9,373 1.2% 0.5% $114 2019 ActualTelephone/Cable/Internet $727 per mon. $8,723 1.2% 0.5% $106 2019 ActualCleaning - Common Area $383 per mon. $4,600 0.6% 0.2% $56 2019 ActualRepairs/Maintenance & Turnover $600 per unit $49,200 6.5% 2.6% $600 EstimatedLandscaping $328 per mon. $3,938 0.5% 0.2% $48 2019 ActualPool Service $527 per mon. $6,325 0.8% 0.3% $77 2019 ActualExtermination $113 per mon. $1,354 0.2% 0.1% $17 2019 ActualPatrol Service $206 per mon. $2,475 0.3% 0.1% $30 2019 ActualFitness Center $49 per mon. $585 0.1% 0.0% $7 2019 ActualTrash Removal $198 per unit $16,200 2.2% 0.8% $198 2019 ActualAdministration $807 per mon. $9,681 1.3% 0.5% $118 2019 ActualMarketing $725 per mon. $8,700 1.2% 0.5% $106 EstimatedLegal $0 per mon. $0 0.0% 0.0% $0 EstimatedReserves $200 per unit $16,400 2.2% 0.9% $200 Estimated

TTOOTTAALL EESSTTIIMMAATTEEDD EEXXPPEENNSSEESS $$775511,,773322 110000..00%% 3399..22%% $$99,,116677

EESSTTIIMMAATTEEDD NNEETT OOPPEERRAATTIINNGG IINNCCOOMMEE $$11,,116666,,118800 6600..88%% $$1144,,222222

PPrriiccee $$2266,,220000,,000000Capitalization Rate 4.45%Gross Rent Multiplier 13.0 UUnniitt TTyyppee UUnniittss MMiixx AAvvgg SSFF AAvvgg RReenntt RReenntt//SSFFEst. Sales Price Per Unit $319,512 0+1 4 4.9% 450 $1,576 $3.50Price Per Sq. Ft. $352 1+1 51 62.2% 750 $1,895 $2.53Number of Units 82 2+1 27 32.9% 850 $2,102 $2.47Est. Expenses Per Unit $9,167Est. Expenses Minus Taxes Per Unit $5,305Est. Expenses Per Sq. Ft. $10.09Bldg. Sq. Ft. 74,536 TToottaall 8822 110000..00%% 776688 $$11,,994488 $$22..5533Year Built 1986APN 2404-025-179Zip Code 91352

©© 22002200 CCBBRREE,, IInncc.. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

CCoommmmeennttss

GGLLEENNOOAAKKSS GGAARRDDEENNSS -- 88660011 GGLLEENNOOAAKKSS BBLLVVDDFFOORREECCAASSTTEEDD OOPPEERRAATTIIOONNSS

This broker opinion of value was prepared solely for the client for the purpose and function stated in the report and is not intended for subsequent use. It was not prepared by a licensed or certified appraiser and may not comply with the appraisal standards of the Uniform Standards of Professional Appraisal Practice.


Glenoaks GardensSold Multi-Family Property ComparablesGGLLEENNOOAAKKSS GGAARRDDEENNSS -- 88660011 GGLLEENNOOAAKKSS BBLLVVDD

SSOOLLDD MMUULLTTII--FFAAMMIILLYY PPRROOPPEERRTTYY CCOOMMPPAARRAABBLLEESS

CCrriitteerriiaa:: PPrrooppeerrttiieess llooccaatteedd iinn LLAA CCoouunnttyy,, $$335500 PPSSFF ++,, 5500 uunniittss++,, ssoolldd ffrroomm JJuullyy 22001199 -- JJuullyy 22002200SSoouurrccee:: CCooSSttaarr,, SSoorrtteedd bbyy PPrriiccee PPeerr SSqquuaarree FFoooott

PPrrooppeerrttyy AAddddrreessss CCiittyy ZZiipp UUnniittss SSaallee PPrriiccee CCAAPP GGRRMM $$//UUnniitt $$//SSFF BBllddgg SSFF BBuuiilltt DDaattee

2501 Pico Blvd Santa Monica 90405 174 $58,550,000 3.27% - $336,494 $868 67,441 1960 11/25/1913723-13801 S Vermont Ave Gardena 90247-2096 69 $4,750,000 - - $68,841 $844 5,626 1930 10/17/19639 N Fairfax Ave Los Angeles 90036-1714 63 $36,000,000 - - $571,429 $730 49,338 2018 12/18/198250 Lankershim Blvd North Hollywood 91605-1629 196 $27,320,000 - - $139,388 $723 37,780 1952 06/11/203510 Maricopa St Torrance 90503 180 $74,160,000 - - $412,000 $718 103,228 1973 02/06/20755 S Spring St (Part of Multi-Property Sale) Los Angeles 90014-2905 275 $199,625,000 - - $725,909 $705 283,351 2018 07/02/192545 W 235th St (Part of Multi-Property Sale) Torrance 90505-4217 183 $95,300,000 - - $520,765 $694 137,250 1967 12/18/19130 S Sepulveda Blvd Los Angeles 90049-3116 59 $40,250,000 3.30% - $682,203 $657 61,295 2011 12/20/1928085 Whites Canyon Rd Canyon Country 91351-1279 232 $62,500,000 4.80% - $269,397 $639 97,780 1985 12/10/19435 W Los Feliz Rd Glendale 91204 220 $118,500,000 4.00% - $538,636 $611 193,953 2018 11/14/192867 Sunset Pl Los Angeles 90005-3913 60 $29,250,000 4.64% 14.07 $487,500 $608 48,089 2018 10/31/197141-7155 Santa Monica Blvd West Hollywood 90046-5899 166 $103,200,000 - - $621,686 $600 172,000 2016 08/30/191110 S 5th Ave Monrovia 91016-3804 154 $75,000,000 - - $487,013 $560 134,030 2017 11/26/19232 E 2nd St Los Angeles 90012-3803 240 $115,750,000 4.60% - $482,292 $551 210,000 2016 02/07/20687 S Hobart Blvd Los Angeles 90005-2819 346 $170,870,000 - - $493,844 $551 310,063 2018 12/17/191344 N Hobart Blvd Los Angeles 90027 142 $48,000,000 - - $338,028 $545 88,005 1974 02/26/20245 S Reno St Los Angeles 90057 66 $11,240,000 5.18% 11.58 $170,303 $526 21,368 1964 05/05/201106 W 6th St Los Angeles 90017-1829 606 $272,500,000 4.25% - $449,669 $523 520,625 2017 09/27/19620 S Virgil Los Angeles 90005-4004 398 $189,000,000 4.30% - $474,874 $521 362,580 2017 08/16/19630 Masselin Ave Los Angeles 90036-5757 168 $86,776,000 - - $516,524 $516 168,133 1990 01/29/2021425 Vanowen St Canoga Park 91303-2749 174 $70,500,000 - - $405,172 $504 140,000 2020 11/20/1911 S Termino Ave Long Beach 90803 60 $28,600,000 2.60% 20.60 $476,667 $492 58,174 1964 12/04/1911058 Chandler Blvd North Hollywood 91601-3226 329 $169,200,000 - - $514,285 $476 355,181 2019 09/24/19222 S Main St Los Angeles 90012-3708 237 $105,180,000 4.25% - $443,797 $470 223,783 2017 07/11/1914015 Tahiti Way Marina del Rey 90292-6507 205 $86,000,000 6.00% - $419,512 $453 190,000 1968 10/14/19919 S Prairie Ave Inglewood 90301 50 $10,325,000 5.16% 12.46 $206,500 $452 22,861 1959 09/30/19410 N Rossmore Ave Los Angeles 90004-2416 78 $29,000,000 2.00% - $371,795 $445 65,133 1930 01/22/206207-6225 De Longpre Ave Los Angeles 90028 88 $24,000,000 - - $272,727 $442 54,324 1922 10/25/1915950 Sherman Way Van Nuys 91406 146 $50,035,000 - - $342,705 $428 116,961 1983 12/24/191286 W Capitol Dr (Part of Portfolio) San Pedro 90732 160 $70,000,000 - - $437,500 $412 170,000 1984 09/06/191840 Winona Blvd Los Angeles 90027 50 $14,640,000 - - $292,800 $408 35,895 1963 02/07/203250 Fairesta St Glendale 91214 92 $34,525,000 4.80% - $375,272 $401 86,008 1964 11/27/19221 N Cedar St Glendale 91206-4936 60 $28,000,000 3.15% 18.79 $466,667 $397 70,552 1986 02/04/206333 Canoga Ave Woodland Hills 91367 250 $79,000,000 4.50% - $316,000 $394 200,669 1977 09/17/19





Glenoaks GardensSold Multi-Family Property ComparablesGGLLEENNOOAAKKSS GGAARRDDEENNSS -- 88660011 GGLLEENNOOAAKKSS BBLLVVDD

SSOOLLDD MMUULLTTII--FFAAMMIILLYY PPRROOPPEERRTTYY CCOOMMPPAARRAABBLLEESS

CCrriitteerriiaa:: PPrrooppeerrttiieess llooccaatteedd iinn LLAA CCoouunnttyy,, $$335500 PPSSFF ++,, 5500 uunniittss++,, ssoolldd ffrroomm JJuullyy 22001199 -- JJuullyy 22002200SSoouurrccee:: CCooSSttaarr,, SSoorrtteedd bbyy PPrriiccee PPeerr SSqquuaarree FFoooott

PPrrooppeerrttyy AAddddrreessss CCiittyy ZZiipp UUnniittss SSaallee PPrriiccee CCAAPP GGRRMM $$//UUnniitt $$//SSFF BBllddgg SSFF BBuuiilltt DDaattee

5800 Green Valley Cir Culver City 90230-6941 57 $21,625,000 3.50% 16.40 $379,385 $392 55,124 1970 08/15/1923418 Anza Ave (Part of Multi-Property Sale) Torrance 90505-4534 239 $126,200,000 - - $528,033 $389 324,450 1967 12/18/191020 Grand Ave Diamond Bar 91765 204 $72,250,000 4.25% - $354,167 $383 188,777 1979 10/31/197115 Milwood Ave Canoga Park 91303-2277 53 $11,350,000 5.13% 13.33 $214,151 $381 29,772 1977 11/27/1918641 Saticoy St Reseda 91335 78 $30,000,000 4.25% 12.65 $384,615 $380 79,000 1987 11/01/191520 W 8th St Los Angeles 90017 68 $7,100,000 - - $104,412 $380 18,708 1924 06/18/2023645 Meadow Ridge Dr (Part of Portfolio) Santa Clarita 91321-4207 176 $54,250,000 - - $308,238 $379 143,163 1987 09/06/19401 W 6th St Long Beach 90802 51 $12,000,000 3.24% 18.42 $235,294 $379 31,674 1974 03/02/2018427 Studebaker Rd Cerritos 90703-5334 150 $48,600,000 5.00% - $324,000 $376 129,089 1969 02/10/20901-929 W Cameron Ave West Covina 91790-4111 158 $52,858,000 - - $334,544 $374 141,174 1970 08/30/192201 E 21st St Signal Hill 90755-5941 60 $16,850,000 4.00% 15.16 $280,833 $372 45,250 1964 11/07/199423 Reseda Blvd Northridge 91324 202 $70,250,000 4.50% - $347,772 $372 188,683 2007 08/08/1911550 Santa Gertrudes Ave Whittier 90604 77 $20,100,000 4.28% 14.08 $261,039 $372 54,070 1971 03/19/2012520 Lakewood Blvd Downey 90242 58 $13,427,500 - - $231,508 $371 36,176 1962 08/22/19310 N Cedar St Glendale 91206-3714 80 $26,000,000 - - $325,000 $368 70,632 1972 08/29/1912350 Del Amo Blvd (Part of Portfolio) Lakewood 90715 390 $137,500,000 - - $352,564 $354 387,968 1971 09/05/1914340 Addison St Sherman Oaks 91423-1859 88 $29,350,000 4.64% 14.02 $333,522 $353 83,040 1962 10/15/191580 Yosemite Dr Los Angeles 90041-2855 50 $15,500,000 3.40% 15.50 $310,000 $350 44,272 1951 01/07/20

©© 22002200 CCBBRREE,, IInncc.. The information above has been obtained from sources believed reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independentlyconfirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and otherfactors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

26www.GlenoaksGardens.com© 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take suchsteps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Rent Comp Map

Layout ID:L01 MapId:7340928

© 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take suchsteps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Rent Comp Map


RENT SURVEY MAP


Glenoaks GardensRent Survey


8600 Glenoaks BlvdSun Valley, CAYear Built: 2018Units: 60Occupancy: -Phone: (818) 901 - 0100Owner: Rukard GroupManager: Rukard Group

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt EEffffeeccttiivvee RReenntt UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF1x1 1 Specific Unit $1,950 $1,950 900 $2.172x2 1 Specific Unit $2,200 $2,200 1,150 $1.91

Concession: None

AAmmeenniittiieess:: 1 Pkg Space Included Washer/Dryer In Unit Wood Style Laminate Flooring Controlled Access

BBQ Area Fitness Center Stainless Steel Appliances

PPiiccttuurreess::

SSEELLEECCTT RREENNTT CCOOMMPPAARRAABBLLEESS

CCOOMMPPAARRAABBLLEE 11

PPHHOOTTOO1+150%

2+250%

1





8700-8714 Glenoaks BlvdSun Valley, CAYear Built: 2009Units: 70Occupancy: -Phone: (818) 767-9700Owner: Pacifica EnterprisesManager: Pacifica Enterprises

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt EEffffeeccttiivvee RReenntt1x1 1 $2,300 $2,3002x2 56 $2,450 $2,4503x2 13 $3,060 $3,060

Concession: None

AAmmeenniittiieess:: Controlled Access Washer Dryer In Unit Stainless Steel Appliances Fitness Center

Wood Style Laminate Flooring Pool Central AC

PPiiccttuurreess::

$1.89


PPHHOOTTOO

UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF1,222 $1.881,252 $1.961,620

1+11%

2+280%

3+219%

2





10817 Crockett StSun Valley, CAYear Built: 2018Units: Back HouseOccupancy: -Phone: (818) 376) 9102Owner: -Manager: -

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt AAsskkiinngg RReenntt1x1 1 Specific Unit $1,800 $1,800

Concession: None

AAmmeenniittiieess:: Private Patio Washer/Dryer Hookup In unit Pkg Not included, street only

Central AC/Heat Recessed Lighting Wood Style Laminate Flooring

PPiiccttuurreess::


PPHHOOTTOO

UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF600 $3.00

1+1100%

3





12040 Sheldon StSun Valley, CAYear Built: 1963Units: 144Occupancy: -Phone: (818) 405 - 8487Owner: Hanes Investment RealtyManager: Hanes Investment Realty

TTyyppee NNuummbbeerr ooff UUnniittss AAsskkiinngg RReenntt EEffffeeccttiivvee RReenntt UUnniitt SSqquuaarree FFeeeett EEffffeeccttiivvee RReenntt ppeerr SSFF1x1 1 Specific Unit $1,460 $1,4602x1 1 Specific Unit $1,700 $1,700

Concession: None

AAmmeenniittiieess:: Laundry On Site Granite Countertops

Courtyards Gas Stove

PPiiccttuurreess::

650 $2.62


PPHHOOTTOO

470 $3.11

1+150%

2x150%

4



I I I . AREA OVERVIEW

GLENOAKS BLVD.



SUN VALLEY

Glenoaks Gardens is located on Glenoaks Boulevard in the bustling suburban bedroom community of Sun Valley, just down the street f rom the city of Burbank. The 82-unit apartment building is less than three miles away f rom the Hollywood Burbank Airport and is centrally located in proximity to major employment hubs such as Burbank, Glendale and North Hollywood. The property enjoys easy access to the 5, 118, 134, and 170 f reeways, and is less than one mile to the Antelope Valley Metrolink Sun Valley Train Station.

According to CoStar, the Sun Valley submarket typically sees minimal multifamily development, although healthy rent growth and rock-bottom vacancies drove a slight uptick in construction in recent years. Vacancies are among the lowest in Los Angeles and have held below 3% for most of this cycle. The Sun Valley apartment market is typically sleepy and stable, as supply constraints and low vacancies limit net absorption. While a few new projects delivered in 2018, the amount of new supply was not suff icient to signif icantly alter fundamentals. Located at the northern edge of the San Fernando Valley, much of the submarket is zoned for single-family residences, which inhibits multifamily development.


Glenoaks Gardens

Approved $7 Million to Develop New Park in Sun Valley • Park will inculde:

- Half acre of land- Two splash ponds- Walking and f itness path- Outdoor f itness equipment- Public Art- BBQ & Picnic areas- Shade from trees, public restrooms, lighting

throughout entire park

Sun Valley Recreation Center (Less than 1 mile from the Subject Property)• 17+ acre recreation center • Facility Features:

- Baseball Diamond (Lighted), Basketball Courts (Lighted / Outdoor), Children’s Play Area, Football Field (Lighted), Picnic Tables, Soccer Field (Lighted), Tennis Courts (Lighted), Jogging Path, Kitchen, Pool with Slide, Multipurpose Room, Synthetic Turf Field (Lighted)

Alliance Marine Innovation and Technology 6-12 Complex • This free public charter school is part of a network

of high-performing secondary schools in Los Angeles

• Charter School • College Prep School • STEM School• Alliance schools are also recognized by the

California Department of Education and the U.S. Department of Education among the best in the nation with accolades including the California Distinguished School awards, California Gold Ribbon Award for Academic Excellence and the National Blue Ribbon, considered the highest honor a school can receive.

1

2

3

1

2

3

SUN VALLEY POINTS OF INTEREST AND DEVELOPMENT

DEMOGRAPHICS HIGHLIGHTSwithin a 3-Mile Radius of 8601 Glenoaks Blvd.

2019

137,094 2019 Population

139,297 2024 Population

5,710Businesses

63,250Employees

$83,898 2019 Average Household Income

$99,510 2024 Average Household Income


TRANSPORTATION

ANTELOPE VALLEY TRAIN LINE

The Antelope Valley Line is a commuter rail line that serves the Northern Los Angeles County area as part of the Metrolink system. The Antelope Valley Line has 19 trains en route to Union Station and 19 trains en route to Lancaster on weekdays and six trains each way on weekends. Portions of its route through Sun Valley run parallel to the former US Route 6, now San Fernando Road and Sierra Highway. The Antelope Valley Metrolink Station connects to Lancaster to Downtown Los Angeles. Downtown Los Angeles has over 68 million square feet of office space, and boasts having opened approximately 1,200 new restaurants, bars, retail shops and other amenities in the last decade.

Glenoaks Gardens is less than one mile to the Sun Valley Metro Train Station.

Glenoaks Gardens

Sun Va l ley Metro l ink

Stat ion


DRIVE TIMES

8 6 0 1 G l e n o a k s B l v d .S u n V a l l e y , C A

( w i t h o u t t r a f f i c )

H O L LY W O O D B U R B A N K A I R P O R T

5 minutes

B U R B A N K 8 minutes

NORTH HOLLYWOOD8 minutes

G L E N D A L E10 minutes

S T U D I O C I T Y16 minutes

S H E R M A N O A K S18 minutes

D O W N T O W N L O S A N G E L E S20 minutes

S A N T A M O N I C A26 minutes

LOS ANGELES INTERNATIONAL AIRPORT

30 minutes

© 2020 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified by either CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBREneither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take such steps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. TheInformation is protected by copyright and shall be fully enforced.


Pacific Ocean

Glenoaks Gardens

Hollywood Hollywood Burbank Burbank AirportAirportNorth North

HollywoodHollywood

StudioStudioCityCity

Sherman Sherman OaksOaks

Downtown Downtown Los AngelesLos Angeles

Los Angeles Los Angeles International International

AirportAirport


BURBANK

The city of Burbank has a nearly one to one ratio of employment to population and is one of only f ive cities in the Los Angeles County region that is federally classif ied as a job-rich “Central City”. The primary business sectors in the city include motion picture and television production, services, retail , and manufacturing.

Located less than two-miles f rom Glenoaks Gardens, Burbank is often referred to as “the media capital of the world”, based on the signif icant concentration of entertainment/media companies that are headquartered, or have major operations, in Burbank. These companies include ABC Television, Cartoon Network, Clear Channel Communication, IDT Entertainment, NBC/Universal, Nickelodeon, Sony Pictures Digital, The Walt Disney Company, Warner Bros., Warner Music, and Yahoo!. The major entertainment/media companies in turn attract many related uses including: 1) special effects, digital houses, and production studios, including such companies as DIC Animation, Dick Clark Productions, and Westwind Media; and 2) post-production operations, including such companies as Foto-Kem Industries, Dolby, Technicolor, and Four Media. Information provided by the city of Burbank indicates that there are over 700 media related businesses operating in the city, including television networks, broadcasting companies, and music labels.


NORTH HOLLYWOOD

Approximately 1.5 miles f rom Glenoaks Gardens, North Hollywood, in the San Fernando Valley, is an eclectic neighborhood with modest residential blocks and the humming NoHo Arts District. The historic El Portal Theatre and many up-and-coming playhouses share the scene with art galleries, sound studios and the Academy of TV Arts and Sciences. The subway-accessible area also features retro-inspired cocktail lounges, craft beer bars, vintage shops and casual cafes.


GLENOAKS GARDENSis offered for sale by the

same Seller as ADDISON APARTMENTS .

The Properties may be purchased separately or together.

$26, 200,000

www.GlenoaksGardens.com

GLENOAKS GARDENS8601 Glenoaks Blvd.

Sun Valley, CA 82 Units

ADDISON APARTMENTS

$19, 200,000

14320 Addison St.Sherman Oaks, CA

56 Units www.AddisonApartments-CBRE.com

EncinoEncino


North HollywoodNorth Hollywood

Sherman OaksSherman OaksStudio CityStudio City


AFFILIATED BUSINESS DISCLOSURE

CBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valua-tion, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detri-mental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to

their respective client(s).

CONFIDENTIALITY AGREEMENT Your receipt of this Memorandum constitutes your acknowledgement that (i) it is a confiden-tial Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior writ-ten authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DISCLAIMER This Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves the right, at its sole discretion, to reject any or all expres-sions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

Copyright Notice

© 2020 CBRE, Inc. All Rights Reserved.


GLENO

AKS BLVD.



$26, 200,000Priced Below Replacement Cost

82-Unit Apartment Building ±1.61 Acres of Land | Sun Valley (Los Angeles), CA

Built in 1986

Renovated in 2010

CALL FOR TOURSwww.GlenoaksGardens.com

8601 Glenoaks Blvd Sun Valley, CA 91352

Documents

Built in 82-Unit Apartment Building...±74,536 SF Utilities: Gas and Electricity – Tenants Common Utilities - RUBS: Current Cap Rate 4.27%: Forecasted Cap Rate 4.45%: Current GRM