2055 E 3rd St $5,450,000 Long Beach, CA 90814 Multifamily Property For Sale : 13 Units ser EXECUTIVE SUMMARY Casa 2055 is a 13-unit investment asset located at 2055 E. 3rd Street in Blutt Heights, Long Beach. The property offers a favorable mix of sizable units: one 2 BD/1 BA, si 1 BD/13A, four of which have ders, and sie studio units, four of which have brand-new high-end murphy beds. Casa 2055 provides a new buyer with an attractive, meticulously renovated, turnicey and fully stabilized asset in a highly desirable rental market. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases OVER SOOOK IN CAPITAL IMPROVEMENTS Casa 2055 has undergone extensive renovations to exteriors, electrical, plumbing and mechanical systems, common areas and unit interiors, which total over $600K in capital expenditures (see pages 14. 15 for a complete list of renovations). "MODERN SPANISH DESIGN MARRIES OLD WORLD CHARM WITH MODERN AMENITIES The improvements enhance the Hacienda-style architecture with a modern Spanish aesthetic Spanish tiling, ironwork, dark hardwood flooring, perlod built-ins and casement windows are married with modern appliances and amenities and high-end design materials and finishes. CALIFORNIA INDOOR/OUTDOOR HACIENDA STYLE Open-air hallways and walkways meander towards a landscaped common courtyard, providing a residential indoor-outdoor ambiance. The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining. HIGHLY DESIRABLE LOCATION The property is located in Bluff Heights, a neighborhood popular with young urban professionals and families, nestled between Alornitos Beach and Belmont Heights. With a walk score of 94 and blive score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row. TECHNOLOGY-DRIVEN PROPERTY MANAGEMENT SOLUTION Real Property Management Southland (RPM) is the in-ploce property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees. a UNIT MIX INFORMATION DESCRIPTION NO. UNITS SF 0+1 6 515 141 2 AVG. RENT/MO $1,651 $2,377 $2,560 $2,850 1+1 4 800 850 1,196 2+1 WALK SCORE Walker's Paradise (94) BIKE SCORE Biker's Paradise (88) Current Rents and Unit Mix are stated in the attatched addendum Complete shaded cells using the assumptions the rent roll and this tab Operating Expenses are currently $7,500 per unit/yr Current Vacancy is estimated at 3% annually Market Rents are estimated to be 5% higher than current rents Market Vacancy is estimated to be 5% Pro Forma Operating Expenses are estimated at 30% of EGI Market CAP Rates CAP based on Pro Forma Available loan terms are as folows: 4.5%, 25 Year Amortization, 70% LTV, 1.25 DSCR Gross Schedule Income is expected to grow annually at 5% Vacancy is expected to remain stable Operating Expenses are expected to rise by by 3% annually The termination CAP Rate is 25% lower than the acquisition CAP Rate Net Equity Proceeds are the sales price based on the EXIT/TERMINATION CAP Rato, less the loan amount, ignoring amortization The target retum on capital is 12% annually Market Rent Average Current Rent Unit Description Number of Units 2 8 Gross Scheduled Income 10 11 13 14 , 16 22 23 24 B C 5 6 8 9 Gross Scheduled Income 10 11 Vacancy 12 13 Effective Gross Income 14 15 Operating Expenses 16 17 Net Operating Income 8 9 0 1 2 re A B Gross Scheduled Income C Vacancy Effective Gross Income Operating Expenses Net Operating Income fx changes wer B 2 Current CAP Rate Market CAP Rate Price Per Una C D 9 10 11 12 53 14 15 16 17 H Open recovered workbooks? Your recent changes x v fx A1 2 Loan Amount Based on LTV 3 Loan Amount Based on Debt Service 5 Final Loan Amount Final Debt Service 9 10 11 12 3 Y4 YS Y3 Y: Y2 2 4 Equity Investment Effective Gross Income Operating Expenses 10 Net Operating Income 11 12 Debt Service 13 14 Not Equity Proceeds 15 10 ProTax Cash Flows 17 18 10 20 21 22 23 24 JX 00 B C 2 Intemal Rate of Retum 3 Net Present Value 5 6 9 10 11 12 13 14 15 16 17 8 9 0 1 2 2055 E 3rd St $5,450,000 Long Beach, CA 90814 Multifamily Property For Sale : 13 Units ser EXECUTIVE SUMMARY Casa 2055 is a 13-unit investment asset located at 2055 E. 3rd Street in Blutt Heights, Long Beach. The property offers a favorable mix of sizable units: one 2 BD/1 BA, si 1 BD/13A, four of which have ders, and sie studio units, four of which have brand-new high-end murphy beds. Casa 2055 provides a new buyer with an attractive, meticulously renovated, turnicey and fully stabilized asset in a highly desirable rental market. Revenue increases can be achieved over time through parking, storage and yearly market-permitted rent increases OVER SOOOK IN CAPITAL IMPROVEMENTS Casa 2055 has undergone extensive renovations to exteriors, electrical, plumbing and mechanical systems, common areas and unit interiors, which total over $600K in capital expenditures (see pages 14. 15 for a complete list of renovations). "MODERN SPANISH DESIGN MARRIES OLD WORLD CHARM WITH MODERN AMENITIES The improvements enhance the Hacienda-style architecture with a modern Spanish aesthetic Spanish tiling, ironwork, dark hardwood flooring, perlod built-ins and casement windows are married with modern appliances and amenities and high-end design materials and finishes. CALIFORNIA INDOOR/OUTDOOR HACIENDA STYLE Open-air hallways and walkways meander towards a landscaped common courtyard, providing a residential indoor-outdoor ambiance. The central courtyard has the potential to be transformed into areas for dining, lounging and entertaining. HIGHLY DESIRABLE LOCATION The property is located in Bluff Heights, a neighborhood popular with young urban professionals and families, nestled between Alornitos Beach and Belmont Heights. With a walk score of 94 and blive score of 88, the area offers residents a plethora of outdoor recreation and cultural destinations. The property is walkable to the dining and shopping amenities along 4th Street / Retro Row. TECHNOLOGY-DRIVEN PROPERTY MANAGEMENT SOLUTION Real Property Management Southland (RPM) is the in-ploce property management company for Casa 2055. Based in Long Beach and founded in 2014, RPM employs a combination of eight experienced full-time team members, part-time onsite property managers, a deep bench of reliable trade vendors, and best-in-class technology systems to deliver efficient property management services at attractive fees. a UNIT MIX INFORMATION DESCRIPTION NO. UNITS SF 0+1 6 515 141 2 AVG. RENT/MO $1,651 $2,377 $2,560 $2,850 1+1 4 800 850 1,196 2+1 WALK SCORE Walker's Paradise (94) BIKE SCORE Biker's Paradise (88) Current Rents and Unit Mix are stated in the attatched addendum Complete shaded cells using the assumptions the rent roll and this tab Operating Expenses are currently $7,500 per unit/yr Current Vacancy is estimated at 3% annually Market Rents are estimated to be 5% higher than current rents Market Vacancy is estimated to be 5% Pro Forma Operating Expenses are estimated at 30% of EGI Market CAP Rates CAP based on Pro Forma Available loan terms are as folows: 4.5%, 25 Year Amortization, 70% LTV, 1.25 DSCR Gross Schedule Income is expected to grow annually at 5% Vacancy is expected to remain stable Operating Expenses are expected to rise by by 3% annually The termination CAP Rate is 25% lower than the acquisition CAP Rate Net Equity Proceeds are the sales price based on the EXIT/TERMINATION CAP Rato, less the loan amount, ignoring amortization The target retum on capital is 12% annually Market Rent Average Current Rent Unit Description Number of Units 2 8 Gross Scheduled Income 10 11 13 14 , 16 22 23 24 B C 5 6 8 9 Gross Scheduled Income 10 11 Vacancy 12 13 Effective Gross Income 14 15 Operating Expenses 16 17 Net Operating Income 8 9 0 1 2 re A B Gross Scheduled Income C Vacancy Effective Gross Income Operating Expenses Net Operating Income fx changes wer B 2 Current CAP Rate Market CAP Rate Price Per Una C D 9 10 11 12 53 14 15 16 17 H Open recovered workbooks? Your recent changes x v fx A1 2 Loan Amount Based on LTV 3 Loan Amount Based on Debt Service 5 Final Loan Amount Final Debt Service 9 10 11 12 3 Y4 YS Y3 Y: Y2 2 4 Equity Investment Effective Gross Income Operating Expenses 10 Net Operating Income 11 12 Debt Service 13 14 Not Equity Proceeds 15 10 ProTax Cash Flows 17 18 10 20 21 22 23 24 JX 00 B C 2 Intemal Rate of Retum 3 Net Present Value 5 6 9 10 11 12 13 14 15 16 17 8 9 0 1 2