e x c l u s i v e m u lt i fa m i l y o f f e r i n g

15250 Ventura Blvd., Suite 100 Sherman Oaks, CA 91403

P: 818-986-9800 F: 818-933-0450

www.lee-associates.com

Lee & Associates® LA North/Ventura, Inc.

Corporate ID #01191898A Member of the Lee & Associates

Group of Companies

WARREN BERZACKNational Director, Lee Multifamily Advisory Group President, Berzack Investment Property Advisors

Lic. #01329015

818.933.0350wberzack@lee-re.com

Idaho & 3rd Apartments222-228 Idaho Ave., Santa Monica, CA | 20 units

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

PROPERTY DESCRIPTION

�Prime 3rd Street Location

�Two Blocks to the Santa Monica Cliffs & Palisades Park

�25% Upside in Rents

�Reposition Opportunity (5 units currently vacant)

The Idaho & 3rd Apartments are a well maintained 20-unit apartment community located in the primest of the

prime locations in Santa Monica, California. Set amid lush surroundings on a 15,006 square foot lot, the 15,640 square foot property offers studios, one- and two-bedroom apartment homes. Built in 1954, the property offers, a phenomenal rental location and superb freeway access.

LOCATION INFORMATION

�Walk to Numerous Shops and Restaurants

�Minutes to the Pacific Ocean and Outdoor Activities

�Close to Santa Monica (10) Freeway

�Employment Center for Entertainment, Media and Technology Companies

�Walk to Elementary, Middle and High Schools

�16 Garage Parking Spaces

�8 Uncovered Parking Spaces

�2 Blocks from Ocean Avenue and the 3rd Street Promenade

�The Pacific Ocean

Highlights Amenities

The Idaho & 3rd Apartments are desirably located along Idaho Ave. between Montana Ave. and Washington Ave., and on the corner of 3rd Street.

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

MULTIFAMILY INVESTMENT INFORMATION SHEET

PROPERTY NAME NUMBER OF UNITS 20 ADDRESS BUILDING SIZE (SQ. FT.) 15,640 CITY, STATE, ZIP LOT SIZE (SQ. FT.) 15,006 PRICE COST PER UNIT $489,750YEAR BUILT COST PER SQFT $626.28

□ Phenomenal Loca�on □ Tremendous Rental Upside □ 5 Units Delivered Vacant □ 2019 New Copper Plumbing □ Irreplacable Real Estate

RENTAL INFORMATIONNO. UNITS BDRMS BATHS AVG. RENT RENT Monthly Income

2 Single 1 $1,351 $2,000 $4,00016 1 1 $2,277 $2,750 $44,0002 2 2 $2,563 $3,250 $6,500

Scheduled Monthly Income: $54,500

ANNUAL PROPERTY OPERATING DATACURRENT INCOME/YEAR

AS % GOI AS % GOI AS % GOIScheduled Gross Income $531,192 100.00% $654,000 100.00% Taxes (Est. 1.25%) $122,438 23.05%Other Income $0 0.00% $0 0.00% Insurance $7,392 1.39%Laundry $0 0.00% $0 0.00% Utilities $12,457 2.35%Gross Operating Income $531,192 CURRENT MARKET $654,000 Repairs/Maintanence ($1.50/ft) $23,460 4.42%Vacancy Reserve $15,936 3.00% $19,620 3.00% Off-Site Management $21,248 4.00%Effective Gross Income $515,257 18.44 14.98 $634,380 Landscaping ($150/mo) $1,800 0.34%Expenses $212,494 40.00% $212,494 32.49% Pest Control ($100/mo) $1,200 0.23%Net Operating Income $302,763 57.00% 3.09% 4.31% $421,886 64.51% On-Site Management: $12,000 2.26%Debt Service $254,161 $254,161 License/Permits $2,500 0.47%Pre-Tax Cash Flow $48,602 0.99% 3.42% $167,725 Trash ($500/mo) $6,000 1.13%Principal Reduction $98,491 $98,491 Miscellaneous ($100/un) $2,000 0.38%Return on Equity $147,093 3.00% 5.44% $266,216

MORTGAGE FINANCING INFORMATIONLoan Amount $4,897,500 Monthly Loan Payment $21,180Down Payment $4,897,500 50% Annual Loan Payment $254,161 TOTAL EXPENSES $212,494 40.00%5-Year Fixed Rate 3.20% Year 1 Interest Amount (approx.) $155,670Amortization Period (Yrs) 30 Year 1 Principal Paydown (approx.) $98,491 Expense / NRSF

Expense / Unit

$2,702$36,439$5,125

Monthly Income

Santa Monica, CA 90403$9,795,000

wberzack@lee-re.com Lic. #01329015

GRM

$13.59

ESTIMATED ANNUAL EXPENSES

1954

222-228 Idaho Ave.

Return On Equity

Current Income Market Income

$44,266

$10,625

Lee Associates - LA North/Ventura, Inc.

Warren Berzack 818.933.0350

15250 Ventura Boulevard, Suite 100 | Sherman Oaks, CA 91403

Idaho Apartments

INVESTMENT HIGHLIGHTS

Cash on Cash

CAP Rate

MARKET INCOME/YEAR

The information provided herein is from sources we believe are reliable. While we do not doubt its accuracy, we have not verified it and make no representations, guarantees or warranties about it.

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

RENT ROLLUnit Type Rent Market

222-1 1+1 $1,004.00 $2,750.00222-2 1+1 $1,856.00 $2,750.00222-3 1+1 $1,913.00 $2,750.00222-4 1+1 $1,855.00 $2,750.00222-5 0+1 $2,000.00 $2,000.00222-6 2+2 $2,495.00 $3,250.00222-7 1+1 $2,033.00 $2,750.00222-8 1+1 $2,750.00 $2,750.00 Vacant222-9 1+1 $2,750.00 $2,750.00 Vacant

222-10 1+1 $2,595.00 $2,750.00

228-1 1+1 $2,650.00 $2,750.00228-2 1+1 $2,750.00 $2,750.00 Vacant228-3 1+1 $2,575.00 $2,750.00228-4 1+1 $2,750.00 $2,750.00 Vacant228-5 0+1 $702.00 $2,000.00228-6 2+2 $2,630.00 $3,250.00228-7 1+1 $1,883.00 $2,750.00228-8 1+1 $2,750.00 $2,750.00 Vacant228-9 1+1 $2,300.00 $2,750.00

228-10 1+1 $2,025.00 $2,750.00

Total: $44,266.00 $54,500.00

Annual Rent: $531,192.00 $654,000.00

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

PROPERTY PICTURES

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

# Address City # of Units Year Built Single 1+1 2+2

1 808 2nd St. Santa Monica, CA 90403 11 1960 $3,050

2 834 2nd St. Santa Monica, CA 90403 15 1968 $2,895

3 922 2nd St. Santa Monica, CA 90403 4 1948 $2,900

4 918 3rd St. Santa Monica, CA 90403 9 1964 $3,250

5 1008 2nd St. Santa Monica, CA 90403 14 1969 $3,595

6 1028 2nd St. Santa Monica, CA 90403 22 1959 $2,650

7 1029 2nd St. Santa Monica, CA 90403 19 1940 $1,750

8 1025 2nd St. Santa Monica, CA 90403 24 1949 $1,800

9 807 3rd St. Santa Monica, CA 90403 10 1958 $3,100

AVERAGES 14 1957 $1,775 $2,874 $3,315

SUBJECT 20 1954 $1,351 $2,277 $2,563

RENT COMPARABLES

SALES COMPARABLES

Address # of

Un

its

Year

Built

Sales

Price

Rent

able

Sq. F

t.

Avg

SqFt

/Unit

Price

/Unit

Price

/

Sq

. Ft.

CAP R

ate

GRM

Close

of

Escro

w

1 858-860 3rd St 28 1954 $12,419,020 22,700 811 $443,536 $547 3.20% N/A 12/19/19Santa Monica, CA 90403

2 901 3rd St. 32 1973 $21,700,000 38,918 1,216 $678,125 $558 3.00% N/A 06/06/19Santa Monica, CA 90403

3 915 3rd St. 27 1973 $11,750,000 32,276 1,195 $435,185 $364 3.31% 17.79 07/26/19Santa Monica, CA 90403

4 855 6th St. 21 1957 $8,875,000 25,236 1,202 $422,619 $352 3.20% N/A 11/30/18Santa Monica, CA 90403

5 1038 7th St. 10 1973 $4,720,000 9,310 931 $472,000 $507 N/A N/A 09/23/19Santa Monica, CA 90403

6 210 California Ave. 10 1962 $4,750,000 12,516 1,252 $475,000 $380 2.50% N/A 11/30/18Santa Monica, CA 90403

7 410 California Ave. 7 1951 $2,535,000 4,151 593 $362,143 $611 3.00% 19.00 08/01/19Santa Monica, CA 90403

8 1017 Ocean Ave. 7 1952 $4,600,000 8,670 1,239 $657,143 $531 3.00% N/A 10/31/18Santa Monica, CA 90403

AVERAGES 18 1962 $8,918,628 19,222 1,055 $493,219 $481 3.03% 18.40

SUBJECT 20 1954 $9,795,000 15,640 782 $489,750 $626 3.09% 18.44

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it.

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

i n v e s t m e n t p r op e rt y a d v i s or sBERZACK

AREA INFORMATIONSanta Monica is one of the most sought-after locations for residents and businesses in Los Angeles. The city of Santa Monica in Los Angeles County sits along a 3-mile stretch of the Pacific Ocean with 245 acres of sandy beach. The city’s 92,478 residents are well educated and affluent professionals with a median household income of $90,088. The Santa Monica (10) Freeway transects the city from east to west and provides access to the San Diego (405) Freeway taking commuters north and south. With the recent completion of the Metro Expo Line residents now can ride public transportation to downtown Los Angeles.

• Beach Activities… Santa Monica’s beaches offer a host of activity including a bike path that takes riders to Venice and the South Bay beach cities. In addition to the city’s parks, the beaches offer volleyball courts and a public recreation center.

• Entertainment and Shopping… The city is awash with options ranging from the ferris wheel and carousel at the Santa Monica pier to the restaurants, shops and movie houses on the Third Street Promenade and the Montana Avenue shopping district with its famous sidewalk sale.

• Employment Center… Santa Monica is a tech and media center with employers ranging from Activision to Universal Music, Hulu, Snap, Red Bull, Amazon, and Lionsgate Entertainment.

DEMOGRAPHIC SUMMARY

Total Population

Average Household Income

31,647

$141,063

366,547

$144,199

1-mile radius 5-mile radius

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it. i n v e s t m e n t p r op e rt y a d v i s or s

BERZACK

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

AERIAL MAP

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it. i n v e s t m e n t p r op e rt y a d v i s or s

BERZACK

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

AMENITIES MAP

The information provided herein is from sources we believe are reliable. While we do not doubtits accuracy, we have not verified it and make no representations, guarantees or warranties about it. i n v e s t m e n t p r op e rt y a d v i s or s

BERZACK

222-228 Idaho Avenue | Santa Monica, CA

Ida h o & 3r d apa r t m e n t s

SITE PLAN