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OCEAN PARK PRIDE OF OWNERSHIP GREAT LOCATION, UNIT MIX AND INCOME POTENTIAL FIRST TIME ON THE MARKET IN 40 YEARS! 2423 4 TH STREET SANTA MONICA CA 90405 Kenny Stevens Eric von Bluecher BRE# 01090251 BRE# 01926201 310.968.7005 cell 310.900.9505 cell [email protected] [email protected] OFFERING MEMORANDUM

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OCEAN PARK PRIDE OF OWNERSHIPGREAT LOCATION, UNIT MIX AND INCOME POTENTIALFIRST TIME ON THE MARKET IN 40 YEARS!

2423 4TH STREETSANTA MONICACA 90405

Kenny Stevens Eric von BluecherBRE# 01090251 BRE# 01926201

310.968.7005 cell 310.900.9505 cell

[email protected] [email protected]

OFFERING MEMORANDUM

PRESENTEDBY

Kenny Stevens

Managing Partner / Senior Vice President

BRE#01090251

310.551.0660 Ext. 141 direct

[email protected]

Our mission

PROPERTY SUMMARYProperty Highlights

Property Details

Property Location

Aerial Photo

Parcel Orientation

Photography

FINANCIALSFinancial Overview

Rent Roll

LOCATION OVERVIEWMarket overviewNew Developments

COMPARABLESSales Comps

Rent Comps

MARKETING PACKAGEOVERVIEW

2423 4th STREETSANTA MONICA, CA 90405

www.CONCORD-RE.com | [email protected] | 310.551.0660

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212

Eric von Bluecher

Investment Associate

BRE#01926201

310.900.9505direct

[email protected]

ABOUT US

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

Our world has changed and so has the business of real estate. It’s not enough to work with a typical real estate

company. At Concord, we think of ourselves as your partner - one who can bring every aspect of your portfolio

together under one roof, combining corporatecapabilities with a family feel.

Concord is the evolution of real estate. We’re changing the game and moving above and beyond what

you’ve come to expect. This is real estate unified; next-level services that seamlessly connect the dots so you

don’t have to. From acquisition to management to construction to the disposition, Concord is elevating your

experience every step of the way.

2423 4th STREETSANTA MONICA, CA 90405

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

PROPERTY SUMMARY

2423 4TH STREETSANTA MONICACA 90405

PROPERTY SUMMARYPROPERTY HIGHLIGHTS

8 UNITS IN SANTA MONICA• The Queen Anne - First time on market in 40 years!

• Roof resurfaced last year - 15 year roof, $12k approximately

• Approximately 54% Upside in Rents

• Near bus Route 18: Venice, SM Downtown Metro Station and UCLA

• Front townhouse unit has ocean views, perfect for owner user

• Laundry on-site for 6 units & 2 units have in-unit laundry

• 8 tuck under parking, smaller cars you can get more tandem spots

• Exceptional unit mix of (1) 2+2.5 TH, (2)2+1.5, (1)1+1.5 TH, (4)1+1s

• New copper plumbing, extra storage sheds for management or tenant use

• Neighborhood features walking distance to beach, Main Street, Sunday Farmers Market and Food Truck night

• Short distance to Promenade, Venice, SM College & I-10 Fwy, Close tech scene of Silicon Beach, Bike Paths & more

• Separate metered for gas & electric

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY DETAILS

PROPERTY DETAILSUnits 8Major Intersection Ocean Park Blvd & Main St

Market Santa MonicaAPN 4287-007-014Zoning Type SMOP2Building SF 7,584 SFLOT SF 6,390 SF

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY DESCRIPTIONThe Queen Anne, First time on the market in 40 years!. This well located, 8 unit pride of ownership building, features a fantastic unit mix that

will generate strong market rents for years to come: (1) two bedroom / two and a half bathroom townhome owner’s unit, (2) two

bedroom / one and a half bathroom units, (1) one bedroom / 1.5 bathroom townhome unit, and (4) one bedroom / one bath units. There

are eight tuck under stalls located underneath the building which is on the list for the Santa Monica’s seismic retrofit program. You could

potentially fit more than 8 vehicles underneath depending on the size of the vehicles. For the south Santa Monica buyer or anyone

seeking cash preservation, this location is A+. South Santa Monica / Ocean Park features a beachy, easy going vibe, slightly different than

the more touristy, north Santa Monica, though still capable of obtaining top of the market rents. From the Queen Anne you can walk to

the park, schools, beach, Main Street and more. Take a quick bike ride to Rose Avenue or the Beach Bike path that will take you north to

the Palisades or all the way down to Playa Del Rey. There is an ultra-convenient bus line just steps away that will shoot you down to

Venice, Abbot Kinney or north to the Expo Line station or all the way to UCLA. With close proximity to the tech scene of Silicon beach,

expect to capitalize on this well insulated and positioned asset.

PROPERTY SUMMARYPROPERTY LOCATION

2423 4th STREETSANTA MONICA, CA 90405

2423 4th Street

PROPERTY SUMMARYPROPERTY AERIAL

2423 4th STREETSANTA MONICA, CA 90405

Ocean Park Blvd

Ma

in S

tree

t

PROPERTY SUMMARYPARCEL ORIENTATION

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

PROPERTY SUMMARYPROPERTY PHOTOS

2423 4th STREETSANTA MONICA, CA 90405

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

FINANCIALS

2423 4TH STREETSANTA MONICACA 90405

FINANCIALSVALUATION - $4,450,000

2423 4th STREETSANTA MONICA, CA 90405

FINANCIALSRENT ROLL

2423 4th STREETSANTA MONICA, CA 90405

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

LOCATION

2423 4TH STREETSANTA MONICACA 90405

LOCATIONLOCATION OVERVIEW

SANTA MONICA, CALIFORNIA

One of the most desirable addresses for both living and working, Santa Monica offers a walkabledowntown, a blossoming public transportation system, and several notable tourist destinations.Known for its sunshine and beaches, Santa Monica prides itself as a national model for progressiveissues, including social services, quality of life for local residents, and environmental leadership.Median family income is $110,000 and average home prices are $1.1 million resulting in beautifulneighborshoods and incredible ROI for real estate investors.

This urban village has spectacular views of its vast white sand beaches from Palisades Park,exceptional shopping on Third Street Promenade, main Street and Montana Avenue, and theregion’s most renowned restaurant scene. Santa Monica stretches for about two miles along thecoast before joining up with Venice Beach.

A population of nearly 90,000 and a daytimeworkforce of about 80,000 makes SantaMonica’s labor force participation rateamong the highest in the world and asubstantial daily in-migration of employees.Major employers include UCLA Hospital, St.John’s Health Center, RAND Corporation,Universal Music Group, Activision and SantaMonica College.

Silicon Beach is the Westside region of theLos Angeles metropolitan area that is hometo over 500 tech startup companies. Majortechnology companies have opened officesin the region including Google, Yahoo!,YouTube, BuzzFeed, Facebook, AOL,Electronic Arts, EdgeCast Networks, andMySpace. The region is considered thesecond- or third-largest tech hub in the world,according to various reports. This has hadmajor impacts on the type and availabilityof office space and on home prices in PlayaVista, Playa Del Rey, Westchester, SantaMonica, and Venice, as these areas havebecome more desirable due to this influx.The effects are also spilling over into Marina del Rey which is attracting tech firms.

The Expo Line is a light-rail line that runs between Downtown Los Angeles and Santa Monica. Theline is named “Expo” after Exposition Boulevard, which it runs alongside for most of its route. It isone of the six lines in the Metro Rail system, and is operated by the Los Angeles CountyMetropolitan Transportation Authority (Metro).

2423 4th STREETSANTA MONICA, CA 90405

LOCATIONLOCATION OVERVIEW

Expo Line Adding Value to Santa Monica’s Premium Rental Market

2423 4th STREETSANTA MONICA, CA 90405

2423 4th Street

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. Buyer must verify the information and bears all risk for any inaccuracies.

COMPARABLES

2423 4TH STREETSANTA MONICACA 90405

COMPARABLESSOLD COMPS

Rent Comps

831 Pacific St, #4

1024 Maple St, #3

2639 6th St, #1

2035 4th St

2444 4th St, #6

3008 3rd St, #A

2311 4th St, #209

820 4th St. #1

2423 4th Street

2423 4th STREETSANTA MONICA, CA 90405

COMPARABLESSALES COMPS

1

2423 4th Street, Santa Monica, CA 90405

431 Marine Street, Santa Monica, CA 904052727 6th Street, Santa Monica, CA 90405

2615 2nd St, Santa Monica, CA 90405

SALE PRICE $4,200,000

# OF UNITS. 7

BUILDING SF 4696

PRICE/SF $894

PRICE/UNIT $600,000

CAP 3.64

GRM 17.52

SALE PRICE $3,510,000

# OF UNITS. 6

BUILDING SF 6,491

PRICE/SF $541

PRICE/UNIT $585,000

CAP 2.94

GRM 19.64

SALE PRICE $17,425,000

# OF UNITS 31

BUILDING SF 23,700

PRICE/SF $735.23

PRICE/UNIT $562,096

CAP 3.11

GRM 20.04

LISTED FOR $4,450,000

# OF UNITS 8

BUILDING SF 7584

PRICE/SF $586.76

PRICE/UNIT $11,805

YEAR BUILT 1965

CAP 2.70

GRM 20.13UNITS UNIT TYPE

1 2 Bed/1 Bath

6 1 Bed/1 Bath

UNITS UNIT TYPE

14 2 Bed/1 Bath

17 1 Bed/1 Bath

UNITS UNIT TYPE

5 2 Bed/1.5 Bath TH

1 1 Bed/1 Bath

COMMENTS: 1962 YB, 7 parking, 46 DOM, sold 11/2016. All units renovated except one unit with new sewer line, new appliances, washer/dryer in units, new flooring, LED recessed lighting, new kitchens/baths, cabinets, Ceasarstone counters, new dual pane windows, Dunn Edwards 10 year exterior paint, earthquake retrofited, remodeled in 2015.

UNITS UNIT TYPE

1 2 Bed/2.5 Bath

2 2 Bed/1.5 Bath

1 1 Bed/1.5 Bath

4 1 Bed/1 Bath

2423 4th STREETSANTA MONICA, CA 90405

227 Beach Street, Santa Monica, CA 90405 2626 11th Street, Santa Monica, CA 90405

SALE PRICE $3,490,000 # OF UNITS. 7

BUILDING SF 7,070

PRICE/SF $494

PRICE/UNIT $498,571

SALE PRICE $5,200,000

# OF UNITS 13

BUILDING SF 6,292

PRICE/SF $630

PRICE/UNIT $400,000

UNITS UNIT TYPE

3 3 Bed/1.75 Ba.

4 2 Bed/1.5 Bath

UNITS UNIT TYPE

13 1 Bed/1 Bath

COMMENTS: Delivered with one unit vacant. 11 Parking.COMMENTS: Older 1920s buidling sold with 10 units vacant. Street parking. Large 11,290 SF lot.

COMPARABLESSALES COMPS

1

2423 4th StreetSANTA MONICA, CA 90405

2315 2nd Street, Santa Monica, CA 90405

SALE PRICE $3,085,000

# OF UNITS 6

BUILDING SF 3,104

PRICE/SF $994

PRICE/UNIT $514,166

UNITS UNIT TYPE

1 2 Bed/2 Bath

4 1 Bed/1 Bath

1 0 Bed/1 BathCOMMENTS: 1900 construction Craftsman with street parking on a 6,400 sqft lot.

301 Ashland Ave, Santa Monica, CA 90405

SALE PRICE $3,345,000

# OF UNITS 9

BUILDING SF 7,424

PRICE/SF $450.57

PRICE/UNIT $371,667

COMMENTS: Approx 10 parking, 1960 construction.

UNITS UNIT TYPE

5 1 Bed/1 Bath

2 2 Bed/1 Bath

2 2 Bed/2 Bath

820 4th Street, Santa Monica, CA 90405

SALE PRICE $4,255,000

# OF UNITS 7

BUILDING SF 3,104

PRICE/SF $457.88

CAP 2.69

GRM 22.33

UNITS UNIT TYPE

2 3 Bed/2 Bath

5 2 Bed/2 Bath

COMMENTS:

COMPARABLESRENT COMPS

Sales Comps

831 Pacific St

1024 Maple St

2639 6th St

402 Pacific St, #1

320 Pacific St, #2

3008 3rd St

744 Pier Ave

2325 2nd St, #A

101

2423 4th STREETSANTA MONICA, CA 90405

2423 4th Street

COMPARABLESRENT COMPS

RENT $4,750

UNIT TYPE 2+2.5 THRENT $3,650

UNIT TYPE 2+1.5RENT $4,000

UNIT TYPE 1+1.5 THRENT $3,000

UNIT TYPE 1+1

YEAR BUILT 1965

4

2423 4th St, Santa Monica, CA 90405

1024 Maple St, Santa Monica, CA 90405

831 Pacific St, #4, Santa Monica, CA 90405

2639 6th St, #1, Santa Monica, CA 90405

COMMENTS: Townhome unit, light and bright. Rooftop deck with mountain and city views. 2 car garage parking. 1,500 sqft.

COMMENTS: 1,000 sqft, remodeled, private patio, granit counters, stainless appliances, central air, hardwood floors, w/d in unit.

COMMENTS: Upper unit, balcony, 1 parking, laundry on site, lots of closet space, carpet

RENT $4,500UNIT TYPE 2+2

YEAR BUILT 1981

RENT $4,350

UNIT TYPE 2+2

YEAR BUILT 1949

RENT $4,000

UNIT TYPE 2+2

YEAR BUILT 1964

2423 4th STREETSANTA MONICA, CA 90405

402 Pacific St, #1, Santa Monica, CA 90405 320 Pacific St, #2, Santa Monica, CA 90405

COMMENTS: Updated kitchen and baths, 2 parking, private patios. COMMENTS: Remodeled 2 story unit, hardwood floors, new kitchen & baths, private patio, walk in closet, includes one private garage.

RENT $4,250

UNIT TYPE 1+1.5 TH

YEAR BUILT 1954

RENT $4,300

UNIT TYPE 2+2

YEAR BUILT 1974

COMPARABLESRENT COMPS

RENT $3,200

UNIT TYPE 1+1

YEAR BUILT 1925

3008 3rd St, Santa Monica, CA 90405 744 Pier Ave , Santa Monica, CA 90405

COMMENTS: New kitchen & baths, private patio, granite counters, two parking, laundry on-site.

RENT $3,850

UNIT TYPE 2+2

YEAR BUILT 1963

2423 4th STREETSANTA MONICA, CA 90405

COMMENTS: 645 sqft, private balcony with ocean views, central air, walk in cedar closet.

RENT $5,500

UNIT TYPE 2+2

YEAR BUILT 1895

2325 2nd St, #A, Santa Monica, CA 90405

COMMENTS: Upper unit, landlord pays for water, 1 car garage parking.

www.CONCORD-RE.com | [email protected] | 310.551.0660

449 South Beverly Drive, First Floor, Beverly Hills, CA 90212

LISTING PROPOSAL

KENNY STEVENS

BRE# 01090251

D: 310-551-0660 Ext. 141

[email protected]

BRE# 01926201

D: 310-900-9505

[email protected]

ERIC VON BLUECHER