Description:

Prime NORTH OF WILSHIRE LOCATION! Just South of Montana Avenue in the most desirable area of Santa Monica. DOUBLE LOT with LARGE units! Franklin School District. Copper plumbing throughout. Lots of closet space. All Units except for the 1 bedroom unit have balconies. Ample parking. Individually Metered. Improvements of approximately $170, medicine 000 include roofing repairs, view garage repairs, viagra partial renovation of several units and a comprehensive renovation of unit 206. New laundry machines & new building entry system. DRIVE BY ONLY, DO NOT DISTURB TENANTS Property Summary The property is located in the most sought after prestigious Santa Monica Beach location. Property is within walking distance and just 1 block south of trend setting Montana Avenue, the vibrant well-known shopping and restaurant destination. The North of Wilshire Boulevard address has been the most desirable neighborhood in Santa Monica Beach for decades. Demand for this area remains very high with a very low supply of available properties. Just 16 Blocks from the Ocean and close to the high end neighboring communities of Venice Beach, Pacific Palisades and Brentwood. Santa Monica continues to be a growing vibrant diverse economy with headquarters of many high profile entertainment and technology corporate firms. This world renowned beach community estimates to attract over 5 million visitors annually. Home of the Third Street Promenade, numerous galleries including Bergamot Station and soon to have the much anticipated Expo Line. Existing Financing 1) $3,000,000 With Chase 2) Interest Rate: 3.58% thru May 2017; Libor+225 thereafter (3.95% floor). 3) Maturity: May 1, 2042 4) Prepayment Premium: 2% through May 2016, 1% through May 2017. 5) Transfer Provisions: Lender may allow transfer without loan prepayment, subject to: loan app for transferee to be considered by Lender, including new appraisal, and may require 1% Consented Transfer Fee (in Lender’s discretion), and will require repayment of Lender’s costs; nonrefundable review fee (per Lenders’ fee schedule in effect at time), attorney fees, out-of-pockets, document prep fees, etc. UNIT MIX: 10 Two Bedroom – 2 Bath 1 One Bedroom – 1 ½ Bath 2 Two Bedroom TH – 2 ½ Bath

Unit #                            Unit Mix                                Current Rent             Move In Date       

101                        2 Bedroom – 2 Bath                           $ 2,565                   04-04-2012

102                        2 Bedroom – 2 Bath                           $ 1,963                   04-04-2012

103                        Townhouse 2 Bed – 2 ½ Bath          $ 3,100                   12-09-2014

104                        Townhouse 2 Bed – 2 ½ Bath          $ 2,565                   04-04-2012

105                        2 Bedroom – 2 Bath                           $ 2,018                   04-04-2012

106                        2 Bedroom – 2 Bath                           $ 2,843                   04-04-2012

201                        2 Bedroom – 2 Bath                           $ 1,494                    04-04-2012

202                        2 Bedroom – 2 Bath                           $ 3,200                  03-03-2015

203                        2 Bedroom – 2 Bath                           $ 1,984                    04-04-2012

204                        2 Bedroom – 2 Bath                           $ 2,700                   12-20-2013

205                        2 Bedroom – 2 Bath                           $ 2,060                   04-04-2012

206                        2 Bedroom – 2 Bath                           $ 3,700                   05-21-2015

207                        1 Bedroom – 1 ½ Bath                        $ 1,930                    04-04-2012

Laundry                                                                               $ 275

Total Monthly Scheduled Income:                                 $   32,397

Total Yearly Scheduled Income:                                     $ 388,764

ESTIMATED ANNUAL UTILITIES & INSURANCE

EXCLUDING New Taxes

Insurance                                                    $ 3,100

Water /Sewer                                            $ 7,500

Trash                                                            $ 2,500

Gas                                                               $ 2,500

Electric                                                        $ 2,500

Total:                                                             $18,100