1494914949 roscoe boulevard 25-unit apartment building located in panorama city delivered 100%...

14949R O S C O E BOULEVARD

25-Unit Apartment Building Located in Panorama City Delivered 100% VacantRTI for Six ADU Additions and 17 Unit ConversionsBuilt in 1979 - Not Subject to the Los Angeles Rent Stabilization Ordinance

CONFIDENTIALITY AND DISCLAIMER

NEEMA AHADIANSenior Managing Director of InvestmentsTel: (310) [email protected]: CA 01346750

EXCLUSIVELY LISTED BY:

Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

Marcus & Millichap Real Estate Investment Services, Inc. (“M&M”) is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of M&M, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of M&M, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.

NON-ENDORSEMENT NOTICE

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

2


3

The Neema Group of Marcus & Millichap is pleased to present 14949 Roscoe Boulevard, in Panorama City, CA. Built in 1979 and not subject to the Los Angeles Rent Stabilization Ordinance, the property is located on a large 21,154 SF lot in the heart of the Valley in a neighborhood with consistent population growth and rising rental submarket. The two-story building currently features 25 units but will be delivered 100% vacant with approved plans and permits for 17-unit conversions, six additional ADU’s and restriped parking.

This offering presents an investor the opportunity to reposition the building immediately upon the close of escrow. After renovations and conversions, the unit mix will consist of 12 one-bedrooms, 12 two-bedrooms, one three-bedroom, four single ADU’s and two one-bedroom ADU’s. The ADU’s will be constructed from current parking garages at the rear of the building into spacious units with singles ranging from 581-588 SF and one-bedrooms between 478-505 SF. The new configuration of parking will include 42 total parking spaces with 26 standard spaces and 16 compact tandem spaces as well as bicycle parking. Factoring in renovation costs, an investor will have the opportunity to capture market rents for a projected 5.92% CAP rate once the building is stabilized. The property currently has community on-site laundry and is already separately metered for gas and electric.

This Panorama City neighborhood continues to grow at a rapid pace and has consistent rent growth year-over-year. The subject property sits in an ideal location with many transportation options and easy access to the 405 & 5 Freeways, giving renters an easy commute to many areas throughout Los Angeles. 14949 Roscoe Blvd is within walking distance to the Mission Community Hospital, Vista Middle School and Noble Avenue Elementary School as well as many notable retailers on Roscoe Blvd & Van Nuys Blvd such as Walmart.

Executive Summary


4

*Unit count after the completion of the six additional ADU’s

ADDRESS14949 Roscoe Boulevard, Panorama City, CA 91402

NO. OF UNITS 31 Units*

APPROX. GROSS SF 15,922 SF

APPROX. LOT SIZE 27,660 SF

APN 2653-023-025 / 026

ZONING LAR3

YEAR BUILT 1979

SALES PRICE $6,500,000

COST PER UNIT $209,677

PROJECTED GRM - LOW 11.05

PROJECTED GRM - HIGH 10.76

PROJECTED CAP RATE - LOW 5.92%

PROJECTED CAP RATE - HIGH 5.98%

Property Information

Pricing Information

5

MALL

ROSCOE BOULEVARD

ROSCOE BOULEVARD


6

• 14949 Roscoe Boulevard is a unique repositioning opportunity located in Panorama City between Sepulveda Boulevard and Van Nuys Boulevard, a location that provides tenant’s with easy access to the 405 Freeway and Ventura County Metro line

• Built in 1979, the subject property is not subject to the Los Angeles Rent Stabilization Ordinance, and currently consists of 25 units with a mix of four singles, 20 one-bedrooms and one two-bedroom; at the close of escrow, the property will be delivered 100% vacant with approved plans and permits for 17 unit conversions, six ADU additions and restriped parking

• After unit conversions and ADU additions, the property will feature 12 one-bedrooms, 12 two-bedrooms, one three-bedroom, four single ADU’s and two one-bedroom ADU’s

• The six ADU’s will be converted from existing garages at the rear of the property, the single ADU’s will be spacious and range from 581-588 SF; the one-bedroom ADU’s will be 478 - 505 SF

• After restriping the parking, the subject property will have 42 total parking spaces with 26 standard spaces and 16 compact tandem spaces as well as bicycle parking

• Opportunity to transform the current asset and fully renovate immediately; projected 5.92% return once stabilized factoring in projected renovation costs and lease up period

• The subject property has a secure, gated entrance and on-site laundry; low utilities as gas and electric are separately metered

• 14949 Roscoe Boulevard is located in a densely populated rental submarket of Panorama City with over 330,000 people living within a three-mile radius; the subject property is located just two miles from the Van Nuys Airport and one mile from the Ventura County Rail Line

Investment Highlights

An opportunity to transform the current asset and fully renovate immediately; projected 5.92% return once stabilized factoring in projected renovation costs and lease up period.

31* 1979 2MiUNITS YEAR BUILT FROM VAN

NUYS AIRPORT

*Unit count after the completion of the six additional ADU's

8

NOBLE AVENUE ELEMENTARY

SCHOOL

RO

SCO

E BO

ULEVA

RD

RO

SCO

E BO

ULEVA

RD


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SHEET TITLE

CONSULTANTS

PROJECT NO:

MODEL FILE:

DRAWN BY:

COPYRIGHT:

AS-001

CAD Technician Full Name

RoscoeADU.pln

Project No.

E:\

Pro

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oscoeA

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.pln

2627 30th StreetSanta Monica, CA 90405

310,795.4458levittmoss.com

Architectural Site Plan

Roscoe 25

14949 W. Roscoe Blvd.Panorama City, CA 91402

0.8

2'

24.7

4'

9.94'

31.10'

2.01'

CONSTRUCTION ANDMAINTENANCE EASEMENT

WA

LL 0

.53'O

FF

LIN

E

6'

2.5' 2.5' 2.5' 2.5'

25.8

13'

9' 1.219'1.747' 9' 9' 9' 9' 9' 9' 9' 9' 9' 9' 9' 9' 9' 9' 9'

15'

18'

17' 17' 17' 17' 17'

New Short TermBike Racks for 8Bikes

New LongTermBike Storage for8 Bikes

65.8'

18.1

'

65.9'

18.0

'

120.1'

90.7

'

100.4'

7.6

'

1.9'

14.7

'6.5'

7.1'

28.2

'

4.5'

25.6

'

14.4

'

2-STORY BRICK BUILDING

10,204 SQ. FEET ±

HEIGHT = 28' ±

BHL

GATE

ROSCOE BOULEVARD

(200' PUBLIC RIGHT-OF-WAY - ASPHALT)

WV W

OVERHANG

(TYP.)

C/LC/L

N/F

OWNER: 15803 SATICOY STREET LLC

ADDRESS: 14941 ROSCOE BLVD

PANORAMA CITY, CA 91402

APN: 2653-023-015

N/F

OWNER: 2014 2 IH BORROWER LP

ADDRESS: 8332 BRIMFIELD AVE


APN: 2653-023-005

N/F

OWNER: MEJIA ANA M TR

ADDRESS: 8331 BRIMFIELD AVE


APN: 2653-023-029

N/F

OWNER: LA COUNTY

FLOOD CONTROL DISTRICT

ADDRESS: N/A

APN: 2653-023-900

ACCESS

PARCEL 1PARCEL 2 & PARCEL 1 L/E #2

S 0

0°1

6'5

7"

W

537.0

6' (M

)N

00°2

2'0

7"

E

71.0

0' (M

)

S 0

0°1

7'0

1"

W

50.0

0' (M

)

S 0

0°1

6'5

7"

W

587.0

6' ( M

)

N 89°43'03" W

30.00' (M)

N 89°52'34" E 440.00' (M)

440.00' (R)

BASIS OF BEARING

N 89°52'35" E 1108.96' (M)

S 0

0°0

7' 2

5" E

50.0

0' ( M

)

N 89°52'35" E 494.53' (M) N 89°52'35" E 614.44' (M)

S 89°52'45" W 125.55' (M)

S 89°36'49" W 125.44' (R)N 89°52'23" E 52.82' (M)

S 89°52'39" W

54.00' (M)

N 89°52'39" E 90.79' (M)

N 89°36'46" E 89.79' (R)

S 1

0°5

9'1

0" E

178.1

9' (M

)

S 1

1°1

5'0

0" W

(R)

N 0

0°0

7' 2

1" W

175. 0

0' (M

)

175. 0

0' (R

)

N 89°52'39" E 178.37' (M)

N 89°52'39" E 144.79' (M)

L1

ACCESS

ASPHALT

ASPHALT

AS

PH

ALT

CONCRETE

CONCRETE

PLANTERPLANTER

NATURAL GROUND NATURAL GROUND

PLANTER

NATURAL GROUND

P.O.B. PARCEL 2 &

PARCEL 1 L&E #2

PARCEL 1

PORTION OF LOT 232

TRACT NO. 3018

9347 SQ. FEET ±

0.215 ACRES ±

PARCEL 1 L&E/PARCEL 2

18930 SQ. FEET ±

0.435 ACRES ±

TOTAL AREA

28277 SQ. FEET ±

0.650 ACRES ±W

ALL

WA

LL

WALL

WA

LL

AS

PH

ALT

KESTER AVENUE

(60' P

UB

LIC

RIG

HT

-OF

-WA

Y -

AS

PH

ALT

)

FOUND 3" BRASSDISK IN HAND HOLE

FOUND 3" BRASSDISK IN HAND HOLE

FOUND MAG NAIL

WITH WASHER

"RCE 15429"

ESTABLISHED PER

PUNCH HOLES ON

SEWER MANHOLE LID

S 1

1°1

5'0

0" E

178.2

0' (M

)

S 89°36'49" W 654.32' (M)

N 0

0°0

0'0

0"

W

350.0

0' (M

)

WA

LL

6

BRICK COURTYARD

LESS AND EXCEPT #1

EAST 440' OF THE SOUTH 175'

440.00'(R)

15' SETBACK

15' SETBACK

5' S

ET

BA

CK

5' S

ET

BA

CK

12345678910111213141516

120.1'

15C16C 14C 13C 12C 11C 10C 9C 8C 7C 6C 5C 4C 3C 2C 1C

17181920212223242526

SCALE: 1" = 20'1

Architectural Site Plan0 10' 20' 40'

3E-parking per permit

Proposed Parking:

Provided Spaces:26 Standard Spaces + 16 Compact Tandem Space = 42 Total, plus 4 long term and 4short term bike parking spaces in lieu of two additional car parking spaces.

Required Spaces:LEVEL 1(5) 1-Bed Room (x1.5 space) 7.5(6) 2-Bed Room (x2 space) 12(1) 3-Bed Room (x2 space) 216 Units 21.5 spaces

Required: 44 Spaces

LEVEL 2(7) 1-Bed Room (x1.5 space) 10.5(6) 2-Bed Room (x2 space) 1218 Units 22.5 spaces

Existing Parking:

Existing Provided per C of O: 44 parking spacesRequired per Original C of O: 36 parking Spaces

Note: Double striping of stalls shall be per Zoning Code Section12.21A5, Chart N. 5.

Renovation Plans - RTI ADU ADDITIONS

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SHEET TITLE

CONSULTANTS

PROJECT NO:

MODEL FILE:

DRAWN BY:

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Garage Level Plan

Roscoe 25


505 sq ft478 sq ft

581 sq ft 581 sq ft 588 sq ft 588 sq ft

122'

35'-6"

24'-7"

101'-0"

6'-0"

1'-6"

13'-5 1/2"

10'-4 3

/4"

7'-4 3/4"

5'-0"

5'-0"

13'-9 1

/2"

10'-5 1

/4"

6'-0"

11'-7 1/2" 7'-4 3/4"

23'-5 1

/4"

10'-0 3/4" 9'-0"

19'-5 1/2" 19'-4 1/2" 19'-8 1/2" 19'-8 1/2"

13'-9 1

/2"

13'-9 1

/2"

13'-9 1

/2"

13'-9 1

/2"

13'-9 1

/2"

LAUNDRYROOM

1 BEDRM ADU

UPUP

UP

MECH RM

BIKESTORAGE

CRAWL SPACE UNDER WALKWAY

KIT

CH

EN

1 BEDRM ADU

KIT

CH

EN

STUDIO ADU

BEDRM

CLOSET

CLOSET

CLOSET

STUDIO ADU

CLOSET

STUDIO ADU

CLOSET

STUDIO ADU

KIT

CH

EN

KIT

CH

EN

KIT

CH

EN

KIT

CH

EN

SCALE: 1/8" = 1'-0"1

Garage Level Plan0 4' 8' 16'

Renovation Plans - RTI ADU ADDITIONS

13

SHEET TITLE

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PROJECT NO:

MODEL FILE:

DRAWN BY:

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Second Floor Plan

Roscoe 25


129 sq ft

305 sq ft

123 sq ft 94 sq ft

213 sq ft

94 sq ft 123 sq ft 123 sq ft 94 sq ft

213 sq ft

94 sq ft 123 sq ft

213 sq ft

129 sq ft 104 sq ft

305 sq ft

227 sq ft105 sq ft

227 sq ft

105 sq ft

203A203B 210A 210B

204A

204D204C

204D204B 205B 205D

205C 205D

206E206B

206C 206D

207B 207E

207C 207D

208E208B

208C 208D

209A

209C 209D

209B 209E

206A205A 208A207A

W-10

W-11 W-12 W-13 W-14 W-15 W-16

W-17

122'

90'-0"

101'-0"

3'-9"

4'-10"

17'-3"

5'-5" 13'-2"

17'-3"

24'-3"

17'-3"

6'-2"

7'-1"

17'-4"

8'-7" 10'-10 1/4" 11'-0 1/4" 8'-5" 8'-5" 11'-0 1/4" 11'-0 1/4" 8'-5" 8'-5" 11'-0 1/4" 10'-10"

8'-0"

10'-8 1/4"

3'-10 1

/4"

1'-3"

1'-3"

2'-6"

5'-0"

4'-10"

2' min.

2' min.

1'-3"

1'-3"

2'-2"

2'-6"

11'-2"

3'-0"

3'-0"

2'-6" 1'-3" 1'-3"

2' m

in.

1'-3" 1'-3" 2'-6"

2' m

in.

3'-0"

3'-0"

11'-2"

11'-2"

3'-0"

3'-0"

2'-6" 1'-3" 1'-3"

5'-0"

5'-0"

5'-0"

5'-0"

2' m

in.

1'-3" 1'-3" 2'-6"

2' m

in.

3'-0"

3'-0"

2'-6"

1'-3"

1'-3"

2'-2"

2' min.

5'-0"

10'-8 1/4"

8'-0"

2' min

3'-10 1

/4"

1'-3"

1'-3"

2'-6"

103 sq ft

UP

UNIT #204

UNIT #205 UNIT #206

UNIT #209

UNIT #208UNIT #207

UNIT #202 UNIT #201 UNIT #212 UNIT #211UNIT #213

UNIT #203 UNIT #210

(E) 8'X4'

REF.

KITCHENEXISTING

LIVING ROOM

EXISTING

(E)3'X6'8"

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

REF.

KITCHENEXISTING

LIVING ROOM

EXISTING

BA

LC

ON

Y

(E)3'X6'8"

(E)

2'6

"X3'

(E)

8'X

4'

(E)3'X6'8"

BATHROOM

WALK-INCLOSET

STUDIO

(E)2'X6'8"

EXISTING

EXISTING

EXISTING

S

(E)

2'6

"X3'

(E)

8'X

4'

(E)3'X6'8"

BATHROOM

WALK-INCLOSET

STUDIO

(E)2'X6'8"

EXISTING

EXISTING

EXISTING

S

(E) 6'X6'8"

(E)2'6"X6'8"

REF.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOM #1EXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

BALCONY

(E)3'X6'8"

S

(E)2'6"X6'8"

RE

F.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOMEXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 6'X6'8"

BALCONY

S

DINNINGAREA

EXISTING

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

(E)2'6"X6'8"

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOMEXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 6'X6'8"

BALCONY

S

(E) 6'X6'8"

(E)2'6"X6'8"

(E) 8'X4'(E)

3'X6'8"

(E) 4'X4'

REF.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOM #1EXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

BALCONY

S

(E) 6'X6'8"

(E)2'6"X6'8"

(E) 8'X4'(E)

3'X6'8"

REF.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOM #1EXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

BALCONY

(E) 4'X4'

S

UP

DN

DN

OPENCOURTYARD

SS

1 TO 2 BEDROOM UNIT

1 TO 2 BEDROOM UNIT 1 TO 2 BEDROOM UNIT 1 TO 2 BEDROOM UNIT 1 TO 2 BEDROOM UNIT

1 TO 2 BEDROOM UNIT

BED RM1 BED RM2 BED RM1 BED RM2BED RM1

BED RM2 BED RM1 BED RM2 BED RM1BED RM2 BED RM1 BED RM2

BED RM1 BED RM1

BATH

BATH BATH BATH BATH

BATH

SSSSS

S

S S

S

S S

S

S S S S S S

S S

S S

S

CMCMCMCMCM

CM

CM

CM CM CM CM

CM

CM

213 sq ft

@ 5% VENT = 5.25 SF (9 SF) PROVIDED@ 8% NAT. LIGHT = 8.4 SF (9 SF) PROVIDED


Carbon Monoxide Alarm

Smoke Alarm Hard wired with battery backup

Broan 744SFL recessed light and ducted toterminate at the exterior exhaust fan with humidtysensor, Energy Star, 50 cfm. SEE CUT SHEETON A-005

S

Wall Legend:

New Wall

Existing Wall

CM

Existing 1 hr Separation Wall

SCALE: 1/8" = 1'-0"1

Second Floor Plan0 4' 8' 16'

PROPOSED PARKING

# TYPE PARKING

201 1-BDRM

202 1-BDRM

203*

204*

205*

206* 2-BDRM

207* 2-BDRM

208* 2-BDRM

209*

210*

211 1-BDRM

212 1-BDRM

2-BDRM

2-BDRM

2-BDRM

TOTAL 22.5 (+4)

213 1-BDRM

22.5 + 21.5 = 44

1.5

1.5

1-BDRM

1-BDRM

2

2

2

2

2

2

1.5

1.5

1.5

1.51.5

SMOKE AND CARBON MONOXIDE ALARMS:1. An approved smoke alarms shall be installed in each sleeping room & hallway or area giving accessto a sleeping room, and on each story and basement for dwellings with more than one story. Smokealarms shall be interconnected so that actuation of one alarm will activate all the alarms within theindividual dwelling unit. In new construction smoke alarms shall receive their primary power sourcefrom the building wiring and shall be equipped with battery back up and low battery signal. (R314)2. An approved carbon monoxide alarm shall be installed in dwelling units and in sleeping units withinwhich fuel-burning appliances are installed and in dwelling units that have attached garages. Carbonmonoxide alarm shall be provided outside of each separate dwelling unit sleeping area in theimmediate vicinity of the bedroom(s) and on every level of a dwelling unit including basements. (R315)

Light Requirements:

1. Every space intended for human occupancy shallbe provided with natural light by means of exteriorglazed openings in occordance with Section 1205.2or shall be provided with artificial light that isadequate to provide an average illumination of 10foot candles over the area of the room at a height of30 inches above the floor level (1205.1 and 1205.3)

* Denotes a change in bedrooms

Renovation Plans - Existing Unit Conversions

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SHEET TITLE

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PROJECT NO:

MODEL FILE:

DRAWN BY:

COPYRIGHT:

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First Floor Plan

Roscoe 25


129 sq ft

305 sq ft

123 sq ft 94 sq ft

213 sq ft

94 sq ft 123 sq ft

213 sq ft

123 sq ft 94 sq ft

213 sq ft

94 sq ft 123 sq ft

213 sq ft

129 sq ft 104 sq ft

305 sq ft

227 sq ft

105 sq ft

276 sq ft

210 sq ft133 sq ft114 sq ft

105 sq ft

308 sq ft277 sq ft

210 sq ft

227 sq ft

105 sq ft

112D

112B

112A

112C112E

112G112F

103A103B

104A

104D104C

104E104B 105B 105E

105C 105D

110A 110B

106A

106E

106C 106D

106B 107B 107E

107C 107D

108E108B

108C 108D

109A

109C 109D

109B 109E

W-01

105A 108A107A

W-02

W-03 W-04 W-05 W-06 W-07 W-08

W-09

9'-5 3/4"

12'-8 1

/4"

8'-0"

8'-7" 10'-10 1/4" 11'-0 1/4" 8'-5"

1'-3" 1'-3"

8'-5" 11'-0 1/4" 11'-0 1/4" 8'-5" 8'-5" 11'-0 1/4" 10'-10 1/4" 8'-7"

2'-6" 1'-3" 1'-3" 4'-0"

5'-0"

2' M

IN.

11'-3 1

/4"

13'-4 1/2"

9'-11 1

/4"

2'-6"

1'-3"

1'-3"

3'-0"

3'-6 1/4" 3'-1" 4 3/4" 5'-0" 4 3/4" 4'-6"

2' min.

10'-8 1/4"

8'-0"

3'-10 1

/4"

1'-3"

1'-3"

2'-6"

4'-10"

2'-6"

1'-3"

1'-3"

2'-2"

2' min.

11'-2"

2'-6" 1'-3" 1'-3"

3'-0"

3'-0"

4'-1 1

/4"

5'-0"

2' m

in.

11'-2"

11'-2"

11'-2"

11'-2"

1'-3" 1'-3" 2'-6"

2' m

in.

3'-0"

3'-0"

4'-1 1

/4"

3'-0"

3'-0"

2' m

in.

2'-6"

4'-1 1

/4"

1'-3" 1'-3" 2'-6"

5'-0"

5'-0"

5'-0"

3'-0"

3'-0"

2' m

in.

4'-1 1

/4"

2'-6"

1'-3"

1'-3"

2'-2"

5'-0"

5'-0"

3'-10 1

/4"

1'-3"

1'-3"

2'-6" 4'-10"

2' min.

103 sq ft

(E) 8'X4'

REF.

KITCHENEXISTING

LIVING ROOM

EXISTING

BA

LC

ON

Y

(E)3'X6'8"

UNIT #104

UNIT #105 UNIT #106

UNIT #109

UNIT #108

UP

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

(E) 8'X4'

(E)3'X6'8"

(E) 4'X4'

RE

F.

KITCHENEXISTING

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

(E) 8'X4'

REF.

KITCHENEXISTING

LIVING ROOM

EXISTING

BA

LC

ON

Y

(E)3'X6'8"

UP

(E) 6'X6'8"

(E)2'6"X6'8"

(E) 8'X4'(E)

3'X6'8"

REF.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

BALCONY

UNIT #102 UNIT #101

UNIT #112

UNIT #111

UNIT #103

UNIT #110

UP

DN.

ENTRY

(E) 4'X4'

(E)

2'6

"X3'

(E)

8'X

4'

(E)3'X6'8"

BATHROOM

WALK-INCLOSET

(E)2'X6'8"

EXISTING

EXISTING

(E) 6'X6'8"

(E)2'6"X6'8"

(E) 8'X4'(E)

3'X6'8"

(E) 4'X4'

REF.

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOM #1EXISTING

(E) CL.

DINNINGAREA

EXISTING

LIVING ROOMEXISTING

BALCONY

(E) 6'X6'8"

(E) 8'X4'(E)

3'X6'8"

(E) 4'X4'

BEDROOM #1EXISTING

LIVING ROOMEXISTING

(E) 4'X4'

BEDROOM #2EXISTING

BALCONY

(E) 6'X6'8"

(E)2'6"X6'8"

(E)2'X6'8"

BATHROOM

KITCHENEXISTING

EXISTING

BEDROOM #1EXISTING

(E) CL.

DINNINGAREA

LIVING ROOMEXISTING

BALCONY

EXISTING

(E)

2'6

"X3'

(E)

8'X

4'

(E)3'X6'8"

BATHROOM

WALK-INCLOSET

STUDIO

(E)2'X6'8"

EXISTING

EXISTING

EXISTING

UP

UP

OPENCOURTYARD

BED RM1

1 TO 2 BEDROOM UNIT

1 TO 2 BEDROOM UNIT

STUDIO TO 1 BEDROOM UNIT

1 TO 2 BEDROOM UNIT

UNIT #1071 TO 2 BEDROOM UNIT 1 TO 2 BEDROOM UNIT

1 TO 2 BEDROOM UNIT

CM

CMCM

CM

CM

CM CM CM

CM

CM

CM

S

S

S

S

S

S

S

S

S

S

S S

S S

S

S S

S

S S

S

S S

S

S S

S

S

S

S

S

CM

BED RM3

BED RM1 BED RM2 BED RM1 BED RM2 BED RM1 BED RM2 BED RM1 BED RM2 BED RM1 BED RM2

BATH

BATH BATH BATH

BATH

BATH 2

BATH 1

WARDROBE

BED RM2

BED RM1

BED RM1

RE

F.

KITCHEN

210 sq ft

277 sq ft



BEDROOM #1EXISTING

Carbon Monoxide Alarm

Smoke Alarm Hard wired with battery backup

Broan 744SFL recessed light and ducted toterminate at the exterior exhaust fan with humidtysensor, Energy Star, 50 cfm. SEE CUT SHEETON A-005

S

Wall Legend:

New Wall

Existing Wall

CM

Existing 1 hr Separation Wall

SCALE: 1/8" = 1'-0"2

First Floor Plan0 4' 8' 16'

PROPOSED PARKING

# TYPE PARKING

101 1-BDRM

102 1-BDRM

103*

104*

105*

106* 2-BDRM

107* 2-BDRM

108* 2-BDRM

109*

110*

111 1-BDRM

112* 3-BDRM

TOTAL 21.5 (+4.5)

2-BDRM

2-BDRM

1-BDRM

1-BDRM

1.5

1.5

2

2

2

2

2

2-BDRM 2

2

1.5

1.5

1.5

SMOKE AND CARBON MONOXIDE ALARMS:1. An approved smoke alarms shall be installed in each sleeping room & hallway or area giving access to a sleeping room, and oneach story and basement for dwellings with more than one story. Smoke alarms shall be interconnected so that actuation of onealarm will activate all the alarms within the individual dwelling unit. In new construction smoke alarms shall receive their primarypower source from the building wiring and shall be equipped with battery back up and low battery signal. (R314)2. An approved carbon monoxide alarm shall be installed in dwelling units and in sleeping units within which fuel-burning appliancesare installed and in dwelling units that have attached garages. Carbon monoxide alarm shall be provided outside of each separatedwelling unit sleeping area in the immediate vicinity of the bedroom(s) and on every level of a dwelling unit including basements.(R315)

Light Requirements:

1. Every space intended for human occupancy shall be provided with natural lightby means of exterior glazed openings in occordance with Section 1205.2 or shallbe provided with artificial light that is adequate to provide an average illuminationof 10 foot candles over the area of the room at a height of 30 inches above thefloor level (1205.1 and 1205.3)

* Denotes a change in bedrooms

Penetrations in fire rated walls:

Penetrations in a fire-rated wall shall be protected by anapproved fire stop material in accordance with Section714.3.1.a. Steel, Copper or ferrous pipes or conduits maypenetrate concrete or masonry walls where thepenetrating item is a maximum 6- inch diameter andthe area of the opening through the wall does notexceed 144 square inchesb. Membrane penetrations of maximum 2- hr. fireresistancerated wall and partitions by steel electricaloutlet boxes not exceeding 16 square inches arepermitted provided openings do not exceed 100 squareinches for any 100 square feet of wall area. Outletboxes on opposite sides of walls or partitions must beseparated by a horizontal distance of 24 inches.(714.3.2)c. Where walls are penetrated by other materials or wherelarger openings are required than permitted in (b)above, they must be qualified by tests conducted inaccordance with Section (714.3.1.1)

Fire Blocking:

Note on plans: Fire blocking must be provided inaccordancewith Section 718 at the following locations:a. In concealed spaces of stud walls and partitions,includingfurred spaces, at the ceiling and floor levels. (718.2.2)b. In concealed spaces of stud walls and partitions,includingfurred spaces, at 10-foot intervals along the length of thewall. (718.2.2)c. At all interconnections between concealed vertical andhorizontal spaces such as occur at soffits, drop ceilings,cove ceilings and similar locations. (718.2.3)d. In concealed spaces between stair stringers at the topandbottom of the run and between studs along and in line withthe run of stairs if the wall under the stairs is unfinished.(718.2.4)e. In openings around vents, pipes, ducts, chimneys,fireplaces and similar openings which afford a passage forfire at ceiling and floor levels, with noncombustiblematerials. (718.2.5)

Egress Notes:

1. Exit signs shall be internally or externally illuminated2. Exit signs illuminated by an external source shall have anintensity of not less than 5 foot candles (54 Iux).3. Internally illuminated signs shall be listed and labeled and shallbe installed in accordance with the manufacturer’s instructionsand Section 2702.4. Exit signs shall be illuminated at all times.5. Exit signs shall be connected to an emergency power systemthat will provide an illumination of not less than 90min. in caseof primary power loss. (1013.5-1013.6.3)6. Egress doors shall be readily openable from the egress sidewithout the use of a key or special knowledge or effort.(1010.1.9)7. Door handles, lock and other operating devices shall beinstalled at a min. 34” and a max. 48” above the finished floor.(1010.1.9.2)8. All egress door operation shall also comply with Section1010.1.99. The means of egress, including the exit discharge, shall beilluminated at all times the building space served by the meansof egress is occupied. The means of egress illumination levelshall not be less than 1foot-candle at the walking surface.(1008.1)10. The power supply for means of egress illumination shallnormally be provided by the premises’ electrical supply. In theevent of power supply failure, an emergency electrical systemPC/STR/Corr.Lst.18 (Rev. 11/02/17) www.ladbs.orgPage 14 of 19shall automatically illuminate the following areas (1008.3):a. Aisles and unenclosed egress stairways in rooms andspaces that require two or more means of egress;b. Corridors, exit enclosures and exit passageways inbuildings required to have two or more exits.;c. Exterior egress components at other than their level ofexit discharge until exit discharge is accomplished forbuildings required to have two or more exits.d. Interior exit discharge elements, as permitted inSection 1028.1, in buildings required to have two ormore exits.e. Exterior landings, as required by Section 1010.1.6, forexit discharge doorways in buildings required to havetwo or more exits.11. The emergency power system shall provide power for aduration of not less than 90 minutes and shall consist ofstorage batteries, unit equipment or an on-site generator.The installation of the emergency power system shall be inaccordance with Section 2702. (1008.3)12. Emergency lighting facilities shall be arranged to provideinitial illumination that is at least an average of 1 foot-candle(11 lux) and a minimum at any point of 0.1 foot-candle (1lux) measured along the path of egress at floor level.Illumination levels shall be permitted to decline to 0.6 footcandle (6 lux)average and a minimum at any point of 0.06foot-candle (0.6 lux) at the end of the emergency lightingtime duration. A maximum-to-minimum illuminationuniformity ratio of 40 to 1 shall not be exceeded. (1008.3)13. The exit signs shall also be connected to an emergencyelectrical system provided from storage batteries unitequipment or an on-site generator set, and the system shallbe installed in accordance with the Electrical Code. Forhigh rise buildings, see section 403.

Interio Finish Materials:

1. Interior finish materials applied to walland ceilings shall be tested as specified in Section 803.Specify the classifications per Table 803.11 and Section803.1.

2. Cement, fiber-cement, or glass mat gypsum backers incompliance with ASTM C1178, C1288 or C1325 shall beused as a base for wall tile in tub and shower areas andwall and ceiling panels in shower areas. Water-resistancegypsum backing board shall be used as a base for tile inwater closet compartment walls when installed inaccordance with GA-216 or ASTM C840. Regular gypsumwallboard is permitted under tile or wall panels in other walland ceiling areas when installed in accordance with GA-216or ASTM C840. Water-resistant gypsum board shall not beused in the following locations: Section 2509.2a. Over a vapor retarder.b. In areas subject to continuous high humidity,such as saunas, steam rooms or gangshower roomsc. On ceilings where frame spacing exceeds 12inches O.C. for ½ inch thick and more than 16inches O.C. for 5/8 inch thick.

Light Notes:

Every space intended for human occupancy shall beprovided with natural light by means of exterior glazedopenings in accordance with Section 1205.2 or shall beprovided with artificial light that is adequate to provide anaverage illumination of 10 foot-candles over the area ofthe room at a height of 30 inches above the floor level.(1205.1 and 1205.3)

Renovation Plans - Existing Unit Conversions Renovation Plans - Existing Unit Conversions

15

Unit # Unit SF Unit Type Projected Rents - Low

Projected Rents - High Notes

1 101 623 1+1 $1,700 $1,750 Balcony

2 102 623 1+1 $1,700 $1,750 Balcony

3 103 418 1+1 $1,700 $1,750 4 104 706 2+1 $2,000 $2,050 Balcony

5 105 623 2+1 $2,000 $2,050 6 106 623 2+1 $2,000 $2,050 7 107 623 2+1 $2,000 $2,050 8 108 623 2+1 $2,000 $2,050 9 109 706 2+1 $2,000 $2,050 Balcony

10 110 418 1+1 $1,700 $1,750 11 111 640 1+1 $1,700 $1,750 Balcony

12 112 833 3+2 $2,400 $2,450 Balcony

13 201 623 1+1 $1,700 $1,750 Balcony

14 202 623 1+1 $1,700 $1,750 Balcony

15 203 227 1+1 $1,700 $1,750 16 204 706 2+1 $2,000 $2,050 Balcony

17 205 623 2+1 $2,000 $2,050 18 206 623 2+1 $2,000 $2,050 19 207 623 2+1 $2,000 $2,050 20 208 623 2+1 $2,000 $2,050 21 209 706 2+1 $2,000 $2,050 Balcony

22 210 418 1+1 $1,700 $1,750 23 211 623 1+1 $1,700 $1,750 Balcony

24 212 623 1+1 $1,700 $1,750 Balcony

25 213 623 1+1 $1,700 $1,750 Balcony

26 TBD A 581 Single ADU $1,575 $1,625 27 TBD B 581 Single ADU $1,575 $1,625 28 TBD C 588 Single ADU $1,575 $1,625 29 TBD D 588 Single ADU $1,575 $1,625 30 TBD E 478 1+1 ADU $1,700 $1,750 31 TBD F 505 1+1 ADU $1,700 $1,750

Total $56,500 $58,050

v

Rent Roll

16

Annualized Operating Data Projected Rent - Low Projected Rent - High

Scheduled Gross Income: 679,800 698,400

Less Vacancy Rate Reserve: (54,384) 8.0% (55,872) 8.0%

Gross Operating Income: 625,416 642,528

Less Expenses: (180,661) 26.6% (193,346) 27.7%

Net Operating Income: 444,755 449,182

Less Reserves: (6,200) (6,200)

Less Debt Service: (209,138) (209,138)

Total Return Before Taxes: 229,417 10.1% 233,845 10.3%

Scheduled Income Projected Rent - Low Projected Rent - High

No. of Units Unit Type Approx SF Mo. Rent/Unit

Monthly Income

Mo. Rent/Unit

Monthly Income

4 Single ADU 581-588 $1,575 $6,300 $1,625 $6,500

2 1+1 ADU 478-505 $1,700 $3,400 $1,750 $3,500

12 1+1 418-640 $1,700 $20,400 $1,750 $21,000

12 2+1 623-706 $2,000 $24,000 $2,050 $24,600

1 3+2 833 $2,400 $2,400 $2,450 $2,450

Total Scheduled Rent: $56,500 $58,050

Laundry $150 $150

Monthly Scheduled Gross Income: $56,650 $58,200

Annual Scheduled Gross Income: $679,800 $698,400

Financials*

*Financials are projections post renovation and ADU additions, taking into account expected renovation costs and market rents based on a rent survey in the area.

18

Expenses Current ProForma

Taxes: 1.17% $76,050 $76,050

Insurance $6,369 $6,369

Utilities $27,900 $27,900

Management Fee: 4% $25,017 $25,701

Repairs & Maintenance $15,500 $15,500

Waste Removal $10,123 $10,123

Landscape $2,400 $2,400

Pest Control $900 $900

On-Site Manager $8,400 $20,400

Direct Assessment $2,403 $2,403

License & Fee's $2,500 $2,500

Marketing & Promotion $3,100 $3,100

Total Expenses: $180,661 $193,346

Per Net Sq. Ft.: $11.35 $12.14

Per Unit: $5,827.79 $6,236.97

Pricing

Sale Price: $6,500,000

Down Payment: $2,275,000

Number of Units: 31

Cost per Legal Unit: $209,677

Cost per Unit Including ADU’s

$209,677

Projected GRM - Low: 11.05

Projected GRM - High: 10.76

Projected CAP - Low: 5.92%

Projected CAP - High: 5.98%

Approx. Age: 1979

Approx. Lot Size: 27,660

Approx. Gross SF: 15,922

Financing

New First Loan: $4,225,000

Interest Rate: 4.95%

Loan Term 30 Years

Interest & Occupancy Reserve

$200,000-$300,000

Renovation Cost

Renovations Estimated Cost Total Per Unit Notes

Interior Unit Renovations $462,500 25 $18,500 existing

Unit Conversions $136,000 17 $8,000 converting to additional bedroom

ADU Conversions $300,000 6 $50,000 additions in garage area

Exterior/Systems $115,000 paint, plumbing, roof, windows etc.

Total $1,013,500

Financing quote provided by: Anita Paryani RiceSenior Vice President of IPA Capital Markets(310) [email protected]

19

Address6844 Woodman Avenue, Van Nuys

Sales Price $5,650,000

Bldg SF 15,720

Lot Size 11,813

Price/Unit $376,667

CAP Rate 3.99%

Date Sold 9/18/2019

Year Built 2017

Unit MixSix 1+1 Five 2+2 Four 3+2

Address14949 Roscoe Boulevard,Panorama City


Bldg SF 15,922 SF

Lot Size 27,660 SF

Price/Unit $209,677

CAP Rate 5.92%

Date Sold -

Year Built 1979

Unit Mix 31 Units

Address9001-9009 Burnet Ave, North Hills


Bldg SF 71,306

Lot Size 54,629

Price/Unit $377,907

CAP Rate 5.86%

Date Sold 10/31/2019

Year Built 2009

Unit Mix17 2+2 25 3+3 One 4+3

0201Subject Property

Sales Comparables

20

Address6941 Hazeltine Avenue, Van Nuys


Bldg SF 25,174

Lot Size 43,512

Price/Unit $214,423

CAP Rate -

Date Sold 6/25/2020

Year Built 1989

Unit Mix

One Single Fourteen 1+1 One 2+1 Twelve 3+2

Address7326 Haskell Avenue, Van Nuys


Bldg SF 7,962

Lot Size 8,712

Price/Unit $236,364

CAP Rate 2.40%

Date Sold 10/11/2019

Year Built 1985

Unit MixFive 1+1 Seven 2+2

Address15216 Nordhoff Street, North Hills


Bldg SF 15,326

Lot Size 13,077

Price/Unit $256,579

CAP Rate 4.11%

Date Sold 1/8/2019

Year Built 1985

Unit MixEight 1+1 11 2+2

03 0504

21

Sales Comparables

Address9413 Van Nuys Boulevard, Panorama City


Bldg SF 13,298

Lot Size 13,251

Price/Unit $278,125.00

CAP Rate 5.53%

Date Sold 7/2/2019

Year Built 1987

Unit MixFour 1+1 Nine 2+2 Three 3+3

06

22

1

2

3

4

5

6

23

Rent Comparables

Subject Property # Address Unit Type SQ. FT. $/per SF Rent

14949 Roscoe Boulevard, Panorama City, CA 91402

Single 581-588 N/A $1,575

1+1 478-640 N/A $1,700

2+1 623-706 N/A $2,000

3+2 800 $3.00 $2,400

Singles # Address Unit Type SQ. FT. $/per SF Rent

115454 Sherman Way, Van Nuys, CA 91406

Single 450 $3.62 $1,628

28525 Tobias Ave, Panorama City, CA 91402

Single 525 $3.13 $1,645


Single 500 $3.25 $1,625

24

1+1 # Address Unit Type SQ. FT. $/per SF Rent

414611 Vincennes St, Panorama City, CA 91402

1+1 745 $2.36 $1,760

516915 Napa St, Northridge, CA 91343

1+1 700 $2.54 $1,775

615230 Parthenia St, Los Angeles, CA 91343

1+1 843 $2.13 $1,795


1+1 780 $2.24 $1,750

88525 Tobias Ave, Panorama City, CA 91402

1+1 585 $2.99 $1,750

25


914955 Saticoy St, Van Nuys, CA 91405

2+1 915 $2.25 $2,055

1014941 Roscoe Blvd, Panorama City, CA 91402

2+2 850 $2.47 $2,100

1115534 Chase St, North Hills, CA 91343

2+1 1167 $1.88 $2,195

128935 Orian Ave, North Hills, CA 91343

2+1 1060 $2.07 $2,195


1314611 Vincennes St, Panorama City, CA 91402

3+2 1243 $2.14 $2,660

1413610 Strathern St, Panorama City, CA 91402

3+2 1200 $2.08 $2,495

159301 Van Nuys Blvd, Panorama City, CA 91402

3+2 1290 $1.90 $2,450

168935 N Orion Ave, North Hills, CA 91343

3+2 1374 $1.96 $2,695

Rent Comparables

26

1

2

3

4

56

7

9

1011

12

13

14

15

8

27

Area OverviewPanorama CityPanorama City is one of the youngest communities in the San Fernando Valley and one of the best-known planned communities in Los Angeles County. In an area originally part of one of the largest dairy and sheep ranches in Southern California, Panorama City was developed in the late 1940s by developer Fritz Burns and Associates for Kaiser Homes, Inc. (owned by industrialist Henry J. Kaiser). Panorama City’s master plan, by architectural firm Wurdeman and Becket, called for over 4,000 houses, setting aside thirty-one acres for commercial development and twenty-five acres for parking. The houses combined thoughtful modern designs (mostly in the Ranch and Minimal Traditional styles) with technological innovations perfected during World War II, all for under $10,000.

ENTERTAINMENT• Panorama City Branch

Library• Regency Theatres

HOSPITALS• Mission Community Hospital• Kaiser Permanente

Panorama City

SCHOOLS• Vista Middle School• Panorama City Elementary

School• Michelle Obama Elementary

School

RETAIL• Panorama Mall• Plant Shopping Center• Walmart• Home Depot• Living Spaces

Nearby Amenities

28

San Fernando ValleyThe San Fernando Valley is a region of Los Angeles County in Southern California, nestled to the northwest of the Los Angeles Basin. The San Fernando Valley includes the northern half of the city of Los Angeles; two-thirds of the Valley’s area is within Los Angeles’ city limits. Other cities in the Valley include Van Nuys, Sun Valley, Valley Glen, North Hollywood & Panorama City. The majority of the Valley is laid out in a grid pattern with streets running east-west and north-south. The car is the main method of transportation in the Valley, as well as all of the Los Angeles area, but Metro buses and Metro Rail, and Metrolink commuter trains can help you get around. The Metro Orange Line is actually a busway that runs east-west from the North Hollywood Metro Rail station to the Warner Center business district in Woodland Hills then north-south up to its terminus in Chatsworth. Several bike paths and bike lanes can be found. Walking can be an option in denser neighborhoods such as Downtown Burbank, the NoHo Arts District, and along Ventura Boulevard. For sheer length and diversity, Ventura Blvd in the San Fernando Valley would satiate any shopping need in its 10-mile stretch.

Van Nuys Airport is one of the world’s busiest general aviation airports. It averages more than 217,000 takeoffs and landings each year.

29

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on

their own projections, analyses, and decision-making.)

30

NEEMA AHADIANSenior Managing Director of InvestmentsTel: (310) [email protected]: CA 01346750

EXCLUSIVELY LISTED BY:

1494914949 roscoe boulevard 25-unit apartment building located in panorama city delivered 100%...

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