707 Crenshaw Boulevard

$2,095,000 $209,500 Per Unit

14.8 Current Gross Rent Multiplier

4.17% Current Capitalization RateTen-Unit Apartment Building in Prime Wilshire Park

Neighborhood of Western Koreatown

Major Value-Add Opportunity - Current Rents Over 63 Percent Below Market

Table of Contents

PRESENTED BY

JOSH KAPLANManaging Director213.430.2538josh.kaplan@transwestern.com CA License 01934177

JOHN SWARTZManaging Director213.430.2526john.swartz@transwestern.com CA License 01873487

TROY LUCEROSenior Associate213.457.1656troy.lucero@transwestern.com CA License 02015705

TRANSWESTERN601 S. Figueroa Street, Suite 3650Los Angeles, CA 90017213.624.5700 transwestern.com

3 Investment Summary ▪ The Opportunity

▪ Property Description

▪ Exterior and Interior Photos

▪ Aerial Photos

10 Location Overview ▪ Apartment Market Overview

▪ Places of Interest and Major Employers

▪ Nearby Developments

▪ Demographics

14 Financial Analysis ▪ Financial Analysis

▪ Rent Roll

▪ Sales Comparables

▪ Rent Comparables

Copyright © 2020 Transwestern. California Brokerage

License #01263636. The information in this offering

memorandum was gathered by Transwestern from

sources believed reliable. Transwestern has not

verified the information and makes no guarantee,

warranty or representation about it. It is the potential

buyer’s 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. Potential

buyers and their advisors should conduct a careful,

independent investigation of the property to

determine to their satisfaction the suitability of the

property for their needs.

3

Transwestern as the exclusive listing agent is pleased to

present the opportunity to acquire 707 Crenshaw Boulevard, a

10-unit apartment building located just south of Wilshire

Boulevard and west of Wilton Place in the prime Wilshire Park

neighborhood of Western Koreatown. Both Larchmont Village

and Hancock Park are just over a mile north, and the Property

is within walking distance of the Wilshire/Western Metro

Station and the Wiltern Theater.

The Opportunity

▪ Significant value-add opportunity - current rents are over

63 percent below market.

▪ Unit 709 #6 (2bed+1bath) will be delivered vacant.

▪ Classic 1940’s architecture provides excellent platform for

renovation.

▪ No soft-story retrofit requirement.

▪ Excellent unit mix – six studios and four 2bed+1bath units.

▪ Property has an additional currently unleased /

non-conforming bachelor unit.

Investment Summary

Offering Price: $2,095,000

$209,500 Per Unit

14.8 Current Gross Rent Multiplier1

4.17% Current Capitalization Rate1 1Current capitalization rate and GRM assume that vacant

unit 709 #6 will be leased by buyer at market rent.

4

707 Crenshaw Boulevard is a ten-unit classic 1940s vintage apartment

building constructed in 1940. The unit mix consists of six studios, four

2bedroom/1bathroom units and one vacant non-conforming bachelor

unit. The property is a two-story, 6,362-square-foot walk-up building

with wood frame and stucco construction situated on a 7,499-square-

foot lot.

The superior location and classic building architecture provide the

perfect opportunity for an investor to complete their own renovation

plan and significantly increase rents. All two-bedroom units feature

large bedrooms, open kitchens, spacious living room areas, ample

storage and closet space, crown molding and significant natural light.

One of the two-bedroom units (709 Unit 5) has an updated kitchen,

updated bathroom and hardwood flooring throughout. All studio units

feature open kitchenettes, large living spaces, ample closet and storage

space, crown molding and significant natural light. One of the studios

(709 Unit 3) has laminate flooring and a partially updated kitchen.

Several of the units feature dual access from both the front and rear of

the unit. Each unit also features an individual water heater. There is also

an 11th non-confirming bachelor unit (no kitchen) with a bathroom

(shower and toilet) next to the laundry room at the rear of the property.

The unit is not currently tenant-occupied but has been leased in the

past and may provide an investor with the potential for future additional

income.

Parking is provided on-site with four single garage spaces, which are

included in the lease for each two-bedroom unit and one single surface

space is being rented by a tenant for an additional monthly fee. Units

are separately metered for electricity and gas and the landlord pays for

water and trash. The property also includes a laundry room with one

washer and dryer provided through a lease with a laundry company.

Property Description

Classic 1940s vintage apartment building

5

PROPERTY LOCATION 707 Crenshaw Boulevard is located just south of Wilshire

Boulevard and west of Wilton Place in the prime Wilshire Park

neighborhood of Western Koreatown. The property is within a

10-minute walk of the Wilshire/Western Metro Rail Station and

is a very short drive to both Larchmont Village and Hancock

Park. By 2023, the Metro line will extend from Wilshire/Western

to Wilshire/La Cienega and then all the way to Westwood and

West LA by 2027, providing tenants with more transportation

options. The property is less than 20 minutes away from Beverly

Hills, Park La Brea, Hollywood, West Hollywood and Downtown

Los Angeles. A short drive to either the 10 or 101 freeways

gives tenants access to all of the major employment centers

including Downtown Los Angeles, West Los Angeles, The

South Bay and the San Fernando Valley.

PROPERTY ADDRESS 707 Crenshaw Boulevard

Los Angeles, CA 90005

NUMBER OF UNITS 10 total units Six studio units

Four 2bed +1bath units

YEAR BUILT

1940

BUILDING SIZE

+6,362 SF (Per TitlePro - Buyer to verify)

LAND SIZE

+7,499 SF (Per TitlePro - Buyer to verify)

ZONING

LAR3 (Per zimas.lacity.org - Buyer to verify)

PARKING

Five total spaces

ASSESSOR PARCEL NUMBER

5090-032-008

Property Description

Exterior Photos

Non-Conforming Bachelor Unit

Interior Photos

8

Aerial View Facing Hollywood

WILSHIRE BL

9

Aerial View Facing Downtown Los Angeles

1010

LOS ANGELES APARTMENT MARKET OVERVIEWIn the second half 2019, the Los Angeles County apartment real estate

market continued to see high occupancy levels and strong year-over-

year effective rent growth. According to Costar, the average asking

rental rate in the third quarter 2019 in Los Angeles County was $1,863

per month, up 0.4% over the previous quarter and up 2.1% year-over-

year. Apartment occupancy increased 20 basis points over the previous

quarter to 96.1%. Despite over 27,000 units now under construction

county-wide, the Los Angeles apartment market remains severely

supply-constrained.

With the overall US economy currently in its longest period of

expansion ever, the Los Angeles regional economy also continues to

grow. Despite anxiety from many market watchers that the current

economic expansion is getting long in the tooth, the fact remains that

the overall housing market remains severely supply-constrained. On

the capital markets side, adequate debt and equity availability bode well

for continued, healthy performance, and as a result, expect the Los

Angeles apartment market to remain strong going into the first half of 2020

despite the twin challenges of a historically tight labor market and the

increasingly high cost of housing and doing business.

KOREATOWN SUBMARKET OVERVIEWLocated in central Los Angeles, Koreatown is one of the most vibrant and

densely populated districts in Southern California. Currently in the middle

of a two decade-long urban renaissance, Koreatown is one of the centers

of Los Angeles nightlife with new hotels and restaurants opening on a

weekly basis. The district is served by the Metro Red Line and Purple Line

with several new transit-oriented development projects in the pipeline. In

addition, the neighborhood is near the major employment clusters of

Downtown LA, Hollywood, and the Miracle Mile.

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Location Overview

11

Los Angeles City College

Hollywood Forever Memorial Park

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4th

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707 Crenshaw Bl

NEARBY PLACES OF INTEREST ▪ Wiltern Theater

▪ Koreatown Galleria

▪ Koreatown Plaza

▪ Aroma Wilshire Center

▪ The Line Hotel

▪ Chapman Plaza

▪ Southwestern Law School

▪ MacArthur Park

▪ Larchmont Village

▪ Wilshire Country Club

▪ Hancock Park

MAJOR EMPLOYERS ▪ BBCN Bancorp

▪ Hanmi Financial

▪ Jamison Properties

▪ Asiana Airlines

▪ Children’s Hospital

Los Angeles

▪ Paramount Studios

▪ USC

▪ County of Los Angeles

▪ Los Angeles Unified

School District

Places of Interest and Major Employers

12

The Rise Koreatown (3525 W 8th St)Under construction 7-story 364-unit mixed-use development over 52,000

square feet of ground floor retail space by Cal Coast Development on the

northwest corner of 8th Street and Serrano Avenue.

411 NormandieUnder construction 7-story 224-unit multifamily development by Jamison

Services on the southwest corner of 4th Street & Normandie Avenue

3450 WilshireUnder construction 206-unit multifamily development by Jamison

Services on Irolo St across the street from the Wilshire/Normandie Metro

Station.

Audrey (700 S Manhattan Pl)Under construction 7-story 160-unit mixed-use development over 10,280

square feet of ground floor retail space by Jamison Services on the

southeast corner of 7th Street & Manhattan Place.

808 S Harvard BlvdUnder construction 6-story 131-unit mixed-use development over 4,939

square feet of ground floor retail space by Jamison Services on the

southeast corner of 8th Street & Harvard Boulevard.

3600 WilshireProposed demolition of existing parking garage adjacent to Wilshire

Financial Tower by Jamison Services to redevelop into two 23-story

apartment towers totaling 760 units and 6,400 square feet of ground floor

retail.

2900 WilshireProposed development by Hankey Investments and Jamison Services of a

31-story 644-unit apartment tower with 13,200 square feet of retail on the

southwest corner of Wilshire Boulevard and Hoover Street.

631 VermontProposed demolition of commercial buildings including a Denny’s by Jia Long

USA to redevelop into 34-story 250-unit condo tower with 200 hotel rooms.

Wilshire Galleria RedevelopmentProposed renovation of the existing 6-story Wilshire Galleria by Harridge

Development into 160-room hotel, new 7-story building with 190 condo units

over 2,300 square feet of retail & a new 35-story tower with 355 condo units over

2,800 SF retail.

Los Angeles City College

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2900 Wilshire

411 Normandie

631 Vermont

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3600 Wilshire

808 S Harvard Blvd

3450 Wilshire

The Rise Koreatown

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707 Crenshaw Bl

Nearby Developments

$57,414

13 1 MILE RING 3 MILE RING 5 MILE RINGPOPULATION SUMMARY # % # % # %

2010 Census 57,389 605,957 1,164,101

2019 Estimate 60,206 638,249 1,238,802

2024 Projection 63,074 659,169 1,286,133

Estimated Growth 2010-2019 0.52% 0.56% 0.67%

Projected Growth 2019-2024 0.94% 0.65% 0.75%

HOUSEHOLD SUMMARY # % # % # %

2010 Census 22,842 227,535 456,771

2019 Estimate 23,892 239,433 487,134

2024 Projection 24,947 247,389 507,167

Estimated Growth 2010-2019 0.49% 0.55% 0.70%

Projected Growth 2019-2024 0.87% 0.66% 0.81%

Ethnicity/Race Summary # % # % # %

White 15,473 25.7% 234,875 36.8% 511,625 41.3%

Black 3,492 5.8% 61,910 9.7% 158,567 12.8%

Asian 27,936 46.4% 128,926 20.2% 195,731 15.8%

Hispanic Origin (Any Race) 20,530 34.1% 331,251 51.9% 571,088 46.1%

Other 13,306 22.1% 212,537 33.3% 372,879 30.1%

EDUCATION SUMMARY # % # % # %

Less than 9th grade 4,380 10.0% 70,365 15.9% 120,622 13.8%

Some High School, no diploma 3,197 7.3% 39,829 9.0% 72,548 8.3%

High School Graduate 8,410 19.2% 82,756 18.7% 147,719 16.9%

GED/Alternative Credential 350 0.8% 5,753 1.3% 11,363 1.3%

Some College, no degree 6,088 13.9% 68,152 15.4% 138,978 15.9%

Associate Degree 2,234 5.1% 23,455 5.3% 47,200 5.4%

Bachelor's Degree 13,929 31.8% 108,867 24.6% 227,260 26.0%

Graduate/Professional Degree 5,169 11.8% 43,370 9.8% 109,260 12.5%

WORKPLACE & INCOME SUMMARY # % # % # %

Median Household Income $46,207 $43,088 $49,374

Average Household Income $80,007 $68,496 $80,206

All Employees 33,434 342,822 657,479

White Collar 20,696 61.9% 186,152 54.3% 395,145 60.1%

Blue Collar 4,480 13.4% 64,793 18.9% 112,429 17.1%

Services 8,258 24.7% 91,876 26.8% 150,563 22.9%

Daytime Population 57,651 558,680 1,362,401

demographics

2019 POPULATION

60,206 (+0.5% since 2010)

2024 POPULATION

63,074 (+0.9% est. over 2019)

MEDIAN AGE

38.7 years old

EDUCATION

43.6% have bachelor’s or higher

AVERAGE INCOME

$80,007

14

PRICING SUMMARY

Price $2,095,000

Price Per Unit $209,500

Price Per SF $329

Current NOI $87,322

Pro Forma NOI $165,421

Cap Rate - Current1 4.17%

Cap Rate - Pro Forma 7.90%

GRM - Current1 14.8x

GRM - Pro Forma 9.1x

PROPERTY SUMMARY

Year Built 1940

Total Units3 10

Building Area 6,362 SF

APN# 5090-032-008

Land Area 7,499 SF

Zoning LAR3

Parking 5 Spaces

RENT ROLL SUMMARY CURRENT PRO FORMA

NO. UNITS FLOOR PLANIN-PLACE

AVERAGE RENT

TOTAL MONTHLY INCOME

SCHEDULED GROSS INCOME

AVG PRO FORMA RENT

TOTAL MONTHLY INCOME

SCHEDULED GROSS INCOME LOSS TO LEASE

LOSS TO LEASE %

4 2B+1BA $1,726 $6,903 $82,841 $2,350 $9,400 $112,800 $29,959 36%

6 Studio $788 $4,726 $56,709 $1,600 $9,600 $115,200 $58,491 103%

Totals/WTD Avg. 10 $1,163 $11,629 $139,550 $1,900 $19,000 $228,000 $88,450 63%

1Current capitalization rate and GRM assume that vacant unit 709 #6 will be leased by buyer at market rent. 2In-place ssumes $1,200/year of laundry income and $75/month of parking income. Proforma assumes $1,200/year of laundry income and $125/month of parking income.3Property has an 11th non-conforming bachelor unit that is currently vacant but was leased in the past and may provide an investor with the potential for

future additional income.

Financial SummaryOPERATING STATEMENT SUMMARY

REVENUE IN-PLACE PRO FORMA

Gross Potential Rent $139,550 $228,000

Vacancy (3%) (6,840)

Net Rental Income $139,550 $221,160

Other Revenue2 2,100 2,700

Effective Gross Income $141,650 $223,860

ESTIMATED EXPENSES Per Unit Per Unit

Repairs & Maintenance 5,000 500 5,000 500

Turnover Expense 1,000 100 1,000 100

Management Fee (5%) 7,083 708 11,193 1,119

Utilities 10,900 1,090 10,900 1,090

Contract Services 1,500 150 1,500 150

Property Taxes (1.1743%) 24,601 2,460 24,601 2,460

Direct Property Tax Assessment 1,245 124 1,245 124

Insurance 3,000 300 3,000 300

Total Expenses $54,328 $5,433 $58,439 $5,844

Net Operating Income $87,322 $165,421

Expense Ratio (% of EGI) 38.4% 26.1%

$8.54 PSF $9.19 PSF

15

CURRENT PRO FORMA

UNIT2

OCCUPIED / VACANT UNIT TYPE MOVE-IN DATE

SCHEDULED INCREASE DATE CURRENT RENT1

SCHEDULED GROSS INCOME MARKET RENT

SCHEDULED GROSS INCOME LOSS TO LEASE

707 #1 Occupied 2B+1BA 8/1/2006 8/1/2020 $1,172 $14,064 $2,350 $28,200 $1,178 707 #2 Occupied 2B+1BA 8/1/2015 8/1/2020 $1,386 $16,637 $2,350 $28,200 $964 707 #3 Occupied Studio 1/13/2014 8/1/2020 $801 $9,612 $1,650 $19,800 $849 707 #4 Occupied Studio 4/1/2012 8/1/2020 $667 $8,008 $1,650 $19,800 $983 709 #1 Occupied Studio 4/1/2003 8/1/2020 $791 $9,486 $1,575 $18,900 $784 709 #2 Occupied Studio 11/23/2001 8/1/2020 $771 $9,248 $1,575 $18,900 $804 709 #3 Occupied Studio 12/19/2019 1/1/2021 $850 $10,200 $1,575 $18,900 $725 709 #4 Occupied Studio 6/1/2015 1/1/2021 $846 $10,155 $1,575 $18,900 $729 709 #5 Occupied 2B+1BA 10/1/2019 10/1/2020 $1,995 $23,940 $2,350 $28,200 $355 709 #6 Vacant 2B+1BA 9/20/2014 8/1/2020 $2,350 $28,200 $2,350 $28,200 $0 Totals 10 6,362 SF $11,629 $139,550 $19,000 $228,000 $7,371

Loss To Lease % 63%1Current monthly rent assumes that vacant unit 709 #6 will be leased by buyer at market rent.2Property has an 11th non-conforming bachelor unit that is currently vacant but was leased in the past and may provide an investor with the potential for future additional income.

Rent Roll SummaryCURRENT PRO FORMA

NO.UNITS OCCUPANCY % FLOOR PLAN AVG. IN-PLACE RENT

TOTAL MONTHLY

INCOME

AVG. PRO FORMA

RENT

TOTAL MONTHLY

INCOME LOSS TO LEASE4 40% 2B+1BA $1,726 $6,903 $2,350 $9,400 $2,497 6 60% Studio $788 $4,726 $1,600 $9,600 $4,874

Total/WTD Avg. 100% 10 $1,163 $11,629 $1,900 $19,000 $7,371 Gross Potential Income $139,550 $228,000 $88,450

Rent Roll

16

PROPERTY ADDRESS YEAR BUILT SALE DATE SALE PRICE CAP RATE GRM $PSF $ PER UNIT BLDG SF

AVG UNIT

SF

# OF

UNITS

848-850 S Kingsley Dr

Los Angeles, CA 900051938 Feb-2020 $2,250,000 4.33% 15.5 $432 $250,000 5,208 579 9

1021 S Kingsley Dr

Los Angeles, CA 900061958 Jan-2020 $1,370,000 1.86% 22.3 $373 $228,333 3,672 612 6

538 S Oxford Ave

Los Angeles, CA 900201966 Sep-2019 $5,250,000 3.30% 19.4 $304 $218,750 17,280 720 24

5012 Maplewood Ave

Los Angeles, CA 900041961 Mar-2019 $1,785,000 3.47% 15.5 $288 $223,125 6,188 774 8

TOTAL / AVERAGE $10,655,000 3.36% 18.0 $329 $226,702 32,348 688 47

707 CRENSHAW BL 1940 $2,095,000 4.17%1 14.81 $329 $209,500 6,362 636 10

Sales Comparables

1Current capitalization rate and GRM assume that vacant unit 709 #6 will be leased by buyer at market rent.

17

Rosedale Cemetery

Wilshire Country Club

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Sales Comparables

18

PROPERTY ADDRESS UNIT TYPE RENT COMMENTS

1121 S Norton Ave Studio $1,595

This is a gorgeous unit that is renovated in the 90019 area of Los Angeles. This is a second story unit featuring

a large kitchen, on sight laundry, wood flooring, plenty of closet space, a spacious living room, an upgraded

shower, and recessed lighting. This unit has a wonderful charm on the exterior from its origin. Furthermore. the

newly renovated interior modern features make it a great home for everyone.

620 S Gramercy Pl Studio $1,650 482 Sq Ft. Night shift security on site and 24 hours security during weekends. Surveillance cameras throughout

the complex. Amenities include, rooftop swimming pool, spa, dry sauna, and gym.

1316 Fedora St Studio $1,625 Newly renovated unit comes with laminate flooring throughout, granite countertop, and stainless-steel

appliances.

417 S Kenmore Ave Studio $1,650 515 Square Feet. The community offers newly renovated spacious studio apartments featuring hardwood-

inspired flooring, spacious closets, fireplace and brand new stainless steel appliances. No on-site amenities

3850 W 7th St Studio $1,600

Stunning studio apartment in Koreatown. Spectacular recently remodeled studio in hip and trendy Koreatown.

Open floor plan studio with AC, custom tile in the bathroom and kitchen, stainless steel appliances including

refrigerator, hardwood flooring, new paint, recessed lighting, ample closets, storage space, on site laundry and

secured gated access.

Rent Comparables

19

PROPERTY ADDRESS UNIT TYPE RENT COMMENTS

1207 S Serrano Ave 2B+1BA $2,350 Balcony, tile floors in living area, granite countertops, stainless steel appliances, carpet floors in bedrooms.

848 S. Oxford Ave 2B+1BA $2,450

Newly remodeled Spanish style unit. Brand new appliances; New kitchen cabinets

Restored kitchen countertops; New designer light fixtures throughout; New stainless steel hardware; New

pedestal sink; Refinished parquet hardwood floors; High ceilings throughout.

3148 James M Wood Bl 2B+1BA $2,350

Newly remodeled unit features new cabinets which are perfect for storage. The floating shelves allow you to add

a pop of character to your kitchen. The new appliance package includes a floating microwave, stove, refrigerator

& dishwasher. There is also a dedicated bar area! The bathroom has been newly remodeled with herringbone

& honeycomb tile. The large shower has been enclosed in glass. The double sink vanity offers a large amount of

space & storage. The bedroom has a large walk-in closet, an A/C unit and recessed lighting.

439 S St. Andrews Pl 2B+1.5BA $2,365 Updated unit, hardwood floors, new stainless steel appliances, freshly painted, garage parking

SUMMARY

UNIT TYPE # OF UNITS AVG RENT

SUBJECT

PROPERTY

Studio 5 $1,624 $1,575 & $1,650

2B+1BA 3 $2,379 $2,350

Rent Comparables

20

Rosedale Cemetery

Wilshire Country Club

HANCOCK PARK

WESTLAKE

LARCHMONT

OLYMPIC PARK

WINDSOR SQUARE

MACARTHUR PARK

HARVARD HEIGHTS

RAMPART VILLAGE

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W 9th St

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848 S Oxford Ave 3148 James M Wood Bl

1316 Fedora St

1207 S Serrano Ave

707 Crenshaw Bl

Rent Comparables

21

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Copyright © 2020 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information in this offering memorandum was gathered by Transwestern from sources believed reliable. Transwestern has not verified the information and makes no guarantee, warranty or representation about it. It is the potential buyer’s responsibility to independently confirm its accuracy and completeness. Any projec-tions, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. Potential buyers and their advisors should conduct a careful, independent investigation of the property to determine to their satisfaction the suitability of the property for their needs. CA Broker License 01263636

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