FINANCIAL SUMMARY

37th Place Portfolio - 1216, 1222, 1229, 1234, 1287 West 37th Place Los Angeles, CA 90007
FINANCIAL INDICATORS
Price
Down

UNIT MIX
$10,800,000

30%

Current CAP
Market CAP

$3,240,000
5.60%
6.37%

Unit Type

CURRENT
# of Avg. Unit
Units Size (SF).

Average
Rental Range

Average
Rent

MARKET

Average
Rent/SF

Monthly
Income

Average
Rental Range

Average
Rent

Average
Rent/SF

Monthly
Income

Loss-to
Lease

1287 Studio

428

1,400 - 1,400

1,400

3.27

1,400

1,650 - 1,650

1,650

3.86

1,650

15.2%

1229 1 Bed/1 Bath

525

1,500 - 1,500

1,500

2.86

1,500

1,750 - 1,750

1,750

3.33

1,750

14.3%

1229 2 Bed/1 Bath

728

1,975 - 2,100

2,025

2.78

6,075

2,050 - 2,050

2,050

2.82

6,150

1.2%

$300,000

1216 2 Bed/1 Bath

743

732 - 1,990

1,708

2.30

11,959

2,050 - 2,050

2,050

2.76

14,350

16.7%

Price/Bedroom

$118,681

1287 2 Bed/1 Bath

756

1,725 - 2,070

1,898

2.51

5,695

2,050 - 2,050

2,050

2.71

6,150

7.4%

Price/Gross SF

$346

1287 2 Bed/2 Bath

713

2,050 - 2,225

2,138

3.00

4,275

2,355 - 2,355

2,355

3.30

4,710

9.2%

Current GRM

11.67

1287 3 Bed/1 Bath

811

2,265 - 2,355

2,325

2.87

6,975

2,550 - 2,550

2,550

3.14

7,650

8.8%

Market GRM

10.64

1229 3 Bed/1 Bath

819

2,355 - 2,400

2,378

2.90

4,755

2,550 - 2,550

2,550

3.11

5,100

6.8%

Current GIM

11.35

1222 3 Bed/1 Bath

897

2,285 - 2,365

2,340

2.61

11,700

2,550 - 2,550

2,550

2.84

12,750

8.2%

1234 3 Bed/1 Bath

914

2,250 - 2,400

2,335

2.55

14,010

2,550 - 2,550

2,550

2.79

15,300

8.4%

Price/Unit

Market GIM

10.38

Ownership

Fee Simple

1229 3 Bed/2 Bath

819

2,625 - 2,625

2,625

3.21

2,625

2,750 - 2,750

2,750

3.36

2,750

4.5%

1222 4 Bed/1 Bath

815

2,750 - 2,750

2,750

3.37

2,750

2,750 - 2,750

2,750

3.37

2,750

0.0%

1229 4 Bed/2 Bath

1,000

3,400 - 3,400

3,500 - 3,500

Totals/Weighted Avgs.
Current Occupancy

BUILDING DATA
36

No. of Bedrooms

91

Year Renovated
Lot Size (acres)
Lot Size (SF)
Gross SF
Net Rentable SF

1959-1966
0.77
33,803
31,248
28,710

Gain (Loss)-to-Lease

Minimum DSCR
Debt Service Coverage Ratio
I/O Period (Years)

Real Estate Taxes

1,014,720

Direct Assessments
Insurance

0.00%

0.00%

Utilities

0.00%

0.00%

Reserves

Less: Concession Loss

0.00%

0.00%

Total Rental Income

902,292
$60/unit/mo.
$6/unit/mo.

Effective Gross Income

2,607

35.00%

(325,779)

25,890

$6/unit/mo.

930,790

Net Operating Income

32.43%

2,607

184,873

2.9%
8.8%

Annual Market: $1,014,720

Current

Market

128,735

1.191994%

128,735

Per Assessor

3,966

3,966

$0.35/SF

10,937

10,937

$797/unit

28,706

28,706

$200/unit

7,200

7,200

Cable/Internet

$730/unit

26,280

26,280

General & Administrative

$300/unit

10,800

10,800

$69/unit

2,500

2,500
16,015

VARIABLE EXPENSES

Marketing & Promotion

Contract Services

$445/unit

16,015

(330,132)

Repairs & Maintenance

$475/unit

17,100

17,100

Turnover

$750/unit

27,000

27,000

687,718

(420,138)
5.71%

3,500
$84,560

1,017,850

605,011

Less: Debt Service

Pre-Tax Cash Flow

989,352

25,890 $60/unit/mo.

3.50
$2.95

FIXED EXPENSES

Less: Bad Debt

Less: Expenses

Proposed/Assumption

925,428

Less: Non-Revenue Units

5040-015-025

Amortization (Years)

1,014,720
0.00%

(25,368)

5040-014-013

Loan-to-Value

(89,292)

3,500
$2,349

ANNUALIZED OPERATING DATA

2.50%

RUBS Income

3.75%

Market

(23,136)

5040-014-015

Monthly Payment

Annual Current: $925,428

2.50%

5040-015-035

Interest Rate

3,400
$77,119

Less: Vacancy

Misc. Other Income

$7,560,000

3.40
$2.69

1,014,720
8.80%

Gross Potential Rental Income

5040-014-016

FINANCING

3,400
$2,142

Current

Market Rent

APNs

Loan Amount

100%

ANNUALIZED OPERATING DATA

No. of Units

Year Built

798

(420,138)
8.26%

267,579

Management Fee
Total Expenses

70%
30

46,539

50,892

325,779

330,132

$9,049

$9,170

Expenses/Gross SF

$10.43

$10.56

% of EGI

35.0%

32.4%

Expenses/Unit

(35,012)

5.0% of EGI

Proposed
1.15
1.44
0

Notes/Assumptions:
(1) Misc. Other Income includes laundry income, move out charges, and parking income.

23

RENT ROLL
1216 37th Place, Los Angeles, CA 90007
UNIT

STATUS

CURRENT

UNIT TYPE

UNIT SIZE

RENT

RENT

MARKET

RENT / SF

RENT

RENT / SF

LOSS-TO-LEASE
($225)

1216-1

Occupied

1216 2 Bed/1 Bath

826

1,825

2.21

1,825

2.21

2,050

2.48

1216-2

Occupied

1216 2 Bed/1 Bath

710

1,777

2.50

1,777

2.50

2,050

2.89

($273)

1216-3

Occupied

1216 2 Bed/1 Bath

710

1,815

2.56

1,815

2.56

2,050

2.89

($235)

1216-4

Occupied

1216 2 Bed/1 Bath

830

1,830

2.20

1,830

2.20

2,050

2.47

($220)

1216-5

Occupied

1216 2 Bed/1 Bath

709

1,990

2.81

1,990

2.81

2,050

2.89

($60)

1216-6

Occupied

1216 2 Bed/1 Bath

709

732

1.03

732

1.03

2,050

2.89

($1,318)

1216-7

Occupied

1216 2 Bed/1 Bath

710

1,990

2.80

1,990

2.80

2,050

2.89

($60)

UNITS

OCCUPIED

OCCUPANCY %

RENTABLE SF

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT/SF

LOSS-TO-LEASE

100.0%

5,204

$11,959

$2.30

$11,959

$2.30

$14,350

$2.76

($2,391)

UNIT SIZE

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT / SF

LOSS-TO-LEASE

815

2,350

2.88

2,350

2.88

2,550

3.13

($200)

1222 37th Place, Los Angeles, CA 90007

UNIT

STATUS

UNIT TYPE

1222-1

Occupied

1222 3 Bed/1 Bath

CURRENT

SCHEDULED GROSS INCOME

MARKET

1222-2

Occupied

1222 4 Bed/1 Bath

815

2,750

3.37

2,750

3.37

2,750

3.37

$0

1222-3

Occupied

1222 3 Bed/1 Bath

934

2,285

2.45

2,285

2.45

2,550

2.73

($265)

1222-4

Occupied

1222 3 Bed/1 Bath

815

2,365

2.90

2,365

2.90

2,550

3.13

($185)

1222-5

Occupied

1222 3 Bed/1 Bath

985

2,355

2.39

2,355

2.39

2,550

2.59

($195)

1222-6

Occupied

1222 3 Bed/1 Bath

934

2,345

2.51

2,345

2.51

2,550

2.73

($205)

UNITS

OCCUPIED

OCCUPANCY %

RENTABLE SF

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT/SF

LOSS-TO-LEASE

100.0%

5,298

$14,450

$2.73

$14,450

$2.73

$15,500

$2.93

($1,050)

UNIT SIZE

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT / SF

LOSS-TO-LEASE

1,000

3,400

3.40

3,400

3.40

3,500

3.50

($100)
($150)

1229 37th Place, Los Angeles, CA 90007

24

SCHEDULED GROSS INCOME

RENT / SF

UNIT

STATUS

UNIT TYPE

1229-1

Occupied

1229 4 Bed/2 Bath

CURRENT

SCHEDULED GROSS INCOME

MARKET

1229-2

Occupied

1229 3 Bed/1 Bath

819

2,400

2.93

2,400

2.93

2,550

3.11

1229-3

Occupied

1229 2 Bed/1 Bath

728

2,000

2.75

2,000

2.75

2,050

2.82

($50)

1229-4

Occupied

1229 1 Bed/1 Bath

525

1,500

2.86

1,500

2.86

1,750

3.33

($250)
($195)

1229-5

Occupied

1229 3 Bed/1 Bath

819

2,355

2.88

2,355

2.88

2,550

3.11

1229-6

Occupied

1229 2 Bed/1 Bath

728

2,100

2.88

2,100

2.88

2,050

2.82

$50

1229-7

Occupied

1229 2 Bed/1 Bath

728

1,975

2.71

1,975

2.71

2,050

2.82

($75)

1229-8

Occupied

1229 3 Bed/2 Bath

819

2,625

3.21

2,625

3.21

2,750

3.36

($125)

UNITS

OCCUPIED

OCCUPANCY %

RENTABLE SF

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT/SF

LOSS-TO-LEASE

100.0%

6,166

$18,355

$2.98

$18,355

$2.98

19,250

3.12

($895)

RENT ROLL
1234 37th Place, Los Angeles, CA 90007
UNIT

STATUS

UNIT TYPE

CURRENT
UNIT SIZE

RENT

SCHEDULED GROSS INCOME

RENT / SF

RENT

MARKET

RENT / SF

RENT

RENT / SF

LOSS-TO-LEASE

1234-1

Occupied

1234 3 Bed/1 Bath

940

2,385

2.54

2,385

2.54

2,550

2.71

($165)

1234-2

Occupied

1234 3 Bed/1 Bath

812

2,325

2.86

2,325

2.86

2,550

3.14

($225)

1234-3

Occupied

1234 3 Bed/1 Bath

934

2,400

2.57

2,400

2.57

2,550

2.73

($150)

1234-4

Occupied

1234 3 Bed/1 Bath

880

2,325

2.64

2,325

2.64

2,550

2.90

($225)

1234-5

Occupied

1234 3 Bed/1 Bath

985

2,250

2.28

2,250

2.28

2,550

2.59

($300)

1234-6

Occupied

1234 3 Bed/1 Bath

934

2,325

2.49

2,325

2.49

2,550

2.73

($225)

UNITS

OCCUPIED

OCCUPANCY %

RENTABLE SF

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT/SF

LOSS-TO-LEASE

100.0%

5,485

$14,010

$2.55

$14,010

$2.55

$15,300

$2.79

($1,290)

UNIT SIZE

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT / SF

LOSS-TO-LEASE

1,400

3.27

1,400

3.27

1,650

3.86

($250)
($325)

1287 37th Place, Los Angeles, CA 90007

CURRENT

UNIT

STATUS

UNIT TYPE

1287-1

Occupied

1287 Studio

428

SCHEDULED GROSS INCOME

MARKET

1287-2

Occupied

1287 2 Bed/1 Bath

725

1,725

2.38

1,725

2.38

2,050

2.83

1287-3

Occupied

1287 2 Bed/1 Bath

772

1,900

2.46

1,900

2.46

2,050

2.66

($150)

1287-4

Occupied

1287 2 Bed/2 Bath

736

2,050

2.79

2,050

2.79

2,355

3.20

($305)

1287-5

Occupied

1287 3 Bed/1 Bath

787

2,355

2.99

2,355

2.99

2,550

3.24

($195)

1287-6

Occupied

1287 3 Bed/1 Bath

800

2,355

2.94

2,355

2.94

2,550

3.19

($195)

1287-7

Occupied

1287 2 Bed/1 Bath

772

2,070

2.68

2,070

2.68

2,050

2.66

$20

1287-8

Occupied

1287 3 Bed/1 Bath

847

2,265

2.67

2,265

2.67

2,550

3.01

($285)

1287-9

Occupied

1287 2 Bed/2 Bath

690

2,225

3.22

2,225

3.22

2,355

3.41

($130)

UNITS

OCCUPIED

OCCUPANCY %

RENTABLE SF

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT/SF

LOSS-TO-LEASE

100.0%

6,557

$18,345

$2.80

$18,345

$2.80

$20,160

$3.07

($1,815)

PORTFOLIO TOTALS

CURRENT

SCHEDULED GROSS INCOME

MARKET

UNITS

OCCUPIED

OCCUPANCY %

RENTABLE SF

RENT

RENT / SF

RENT

RENT / SF

RENT

RENT/SF

LOSS-TO-LEASE

36

36

100.0%

28,710

$77,119

$2.69

$77,119

$2.69

$84,560

$2.95

($7,441)

25