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Warner Center - Development Opportunity 6819 Variel Ave Woodland Hills, CA 91303 LEOLA Commercial, Inc. | 26575 Ruether Ave 2nd Floor | Santa Clarita, California 91350 | www.leolacommercial.com

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Page 1: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

LEOLA Commercial, Inc. | 26575 Ruether Ave 2nd Floor | Santa Clarita, California 91350 | www.leolacommercial.com

Page 2: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

LEOLA Commercial, Inc. | 26575 Ruether Ave 2nd Floor | Santa Clarita, California 91350 | www.leolacommercial.com

Future RocketdyneDevelopment Site

Vanowen Street

Variel Avenue18 Unit Condo Development

Under Construction

Canoga Avenue

Subject PropertyWC Development6819 Variel AveWoodland Hills, CA 91303

Page 3: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Tabl

e of

Con

tent

s

1. Executive Summary Property Details Income Schedule Financial Indicators Expense Summary CAP Rate Analysis Land Development Analysis

2. Property Information Subject Property Map Parcel Map Property Photos

3. Market Indicators

Lease Market Sales Market

Contact Information

Page 4: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

The information contained herein is strictly confidential. It is intended for the sole party receiving it directly from LEOLA Commercial, Inc., and should not be made available to any other person without the direct consent of LEOLA Commercial, Inc. This marketing proposal has been prepared to provide information to the prospective sellers. It does not, however, purport to present all material information regarding the subject property and it is not a substitute for a thorough investigation by the sellers. LEOLA Commercial, Inc. has not made any investigation, and makes no warranty or representation with respect to the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue or renew its occupancy of the subject property. All market analysis projections are provided for reference purposes only and are based on assumptions relating to general market conditions, competition, and other various market indicators. The information contained in this proposal has been obtained from sources we believe to be reliable; however LEOLA Commercial, Inc. has not conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided herein.

Con

fiden

tialit

y an

d C

ond

ition

s

Page 5: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

1Property DetailsFinancial IndicatorsExpense ReportCAP Rate Analysis

Section 1 Executive Summary

Page 6: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Address Warner Center Development6819 Variel AveWoodland Hills, CA 91303

Ownership Elder Forest Property

APN 2138-022-016

Year Built 1959Building SF 4,380

Lot SF 9,003

No. of Buildings 1

Property Type Multi-Family, LAR3

Parking Open / Tuck Under Secured1x1 4 - approx 625 SF2x1 1 - approx 825 SF3x2 1 - approx 975 SF

Roof Flat RoofConstruction Wood Frame Stucco

Laundry Rooms 1 Entrance Open

Rent Control Yes

Prop

erty

Det

ails

Disclosure

• Property is being sold “As, Is” No credits or concessions shall be given.

• Property has "Soft Story", Sellers plans for the retrofit have been approved by the City with work nearing completion.

• The Property is the TOC area and is a TOC 2 which gives a developer 60% more units.

Page 7: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

ProF

orm

a In

com

e Sc

hed

ule

Count Unit Type No. Units / Type Average Rent Total Rental

Income Market Rent Total Market Rent Sqft Rent / SF Market Rent/SF

1 1x1 4 $1,163 $4,650 $1,275 $5,100 675 $1.72 $1.892 2x1 1 $1,248 $1,248 $1,650 $1,650 825 $1.51 $2.003 3x2 1 $1,965 $1,965 $2,200 $2,200 975 $2.02 $2.26

Total Monthly Rent: 6 $7,863 $8,950 Annual Rental Income: $94,356 $107,400 12.15% Potential Rental Upside

Page 8: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Fina

ncia

l Ind

icat

ors

Current

Price $2,500,000 Down Payment $875,000 35.00%

Units 6 Year Built: 1959Price/Unit $416,667

Current GRM 26.53Current CAP 1.60%

Proforma GRM -Proforma CAP -

Bldg SF 4,380 Cost/Bldg/SF 9,003

Lot SF $570.78 Cost/Lot/SF $277.69

Annual Rental Income $94,356 Vacancy: $2,831 3%

Laundry Income: $2,708

Effective Gross Income $94,233 Less Estimated Expenses $54,209 57.53%

Net Operating Income $40,025

Financing Buyer shall obtain a new loan at market rate and terms.

Fina

ncing

Indicators Financing: N/A

Rate: -Amortization: -DSCR: -

Page 9: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Expe

nse

Repo

rt

Estimated Expenses % of GOI Per Unit Price / SF

Property Tax (based on a new sales price): $31,250 33.16% $5,208 $7.13Off-Site Manager: $1,700 1.80% $283 $0.39Maintenance: $1,440 1.53% $240 $0.33Advertising: $600 0.64% $100 $0.14Water & Power: $2,000 2.12% $333 $0.46Gas: $5,000 5.31% $833 $1.14Landscapping: $1,728 1.83% $288 $0.39Rubbish: $1,536 1.63% $256 $0.35Insurance: $2,831 3.00% $472 $0.65Total: 57.53% $54,209 6.50% $1,021 $1.40Per Net Square Feet: $12.38 Per Unit: $9,035

Page 10: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Development Analysis

Page 11: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Land Cost: $2,500,000 Land SF 9,003 60% TOC Total Proposed # of Units: 23 14 37Relocation Fees: 120,000 Assumption: $20K / tenants, acutal number may differ.Land Cost /SF $277.69

Proposed Units Unit Type No of Units Estimated SF Total SF Estimated Rent / Unit Rent / SF2/2 22 1,150 25,392 $2,750.00 $2.39 1/1 15 900 13,248 $2,100.00 $2.33

37 38,640

Common Area 2,000Estimated Buildable SF: 40,640

Estimated Land SF: 9,003

Estim

ated

Dev

elop

men

t Ana

lysis

- Pr

opos

ed U

nits

Page 12: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Rental StructureUnit Type No of Units Estimated Rent Monthly Rent

2/2 22 $2,750.00 $60,720 1/1 15 $2,100.00 $30,912

Total Monthly Rent: $91,632

Annual Schedule Gross Rental Income: $1,099,584 Vacancy Factor: 3.00% $32,988 Laundry Income: $18,000 Gross Operating Income: $1,084,596 Proforma Expenses: 35.00% $379,609 NOI: $704,988

Development Indicators:Development Cost: $6,228,798 Land Cost: $2,500,000 Relocation Fees: $120,000

Total Cost to Build: $8,848,798

Cost/Unit: $240,456 Price/SF $217.74 Price/Land SF $982.87 GRM: 8.05 CAP Rate Development Cost: 7.97%

Estim

ated

Dev

elop

men

t Cos

t & A

naly

sis

Page 13: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

2Subject PropertyParcel MapProperty Photos

Section 2 Property Information

Page 14: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Subj

ect P

rope

rty M

ap

Subject PropertyWC Development6819 Variel AveWoodland Hills, CA 91303

Page 15: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Parc

el M

ap

Page 16: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Page 17: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Prop

erty

Pho

tos

Page 18: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Page 19: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Page 20: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Page 21: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

3The Rental MarketThe Sales Comparable

Section 3 Market Indicators

Page 22: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Rent Comparables Summary6819 Variel Ave

17 $2,257 $2.55 4.0%No. Rent Comps Avg. Rent Per Unit Avg. Rent Per SF Avg. Vacancy Rate

RENT COMP LOCATIONS

RENT COMPS SUMMARY STATISTICS

Unit Breakdown Low Average Median High

Total Units

Studio Units

One Bedroom Units

Two Bedroom Units

Three Bedroom Units

147

0

58

58

0

407

28

185

168

26

362

0

171

159

20

883

442

343

438

84

Property Attributes Low Average Median High

1968Year Built

Number of Floors

Average Unit Size

Vacancy Rate

Star Rating

2

613 SF

1.2%

1995

3

885 SF

4.0%

2003

3

891 SF

4.1%

2015

5

1,144 SF

9.6%

3.6

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 7

Page 23: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Rent Comparables Summary6819 Variel Ave

Property Name/Address Rating Yr Built Units Avg Unit SF Studio 1 Bed 2 Bed 3 Bed Rent/SF

Property Size Asking Rent Per Month Per Unit

-eaves Woodland Hills

883 612 $1,586 $1,897 $2,266 - $2.9622122 Victory Blvd

1 1971

-Triana at Warner Center

362 976 - $2,471 $3,020 $4,079 $2.896250 Canoga Ave

2 2008

-Malibu Canyon Apartments

698 810 - $2,004 $2,331 $3,078 $2.835758 Las Virgenes Rd

3 1986

-Avalon Warner Place

210 843 - $2,115 $2,569 $3,225 $2.7121050 Vanowen St

4 2008

-City Vue at Warner Park

147 839 - $1,913 $2,423 $2,800 $2.7021530 Califa St

5 1979

-Avalon Woodland Hills

663 846 - $2,043 $2,494 - $2.6720544 Ventura Blvd

6 1989

-eaves Warner Center

227 872 - $2,172 $2,357 $2,815 $2.675727 Canoga Ave

7 1979

-The Enclave at Warner C…

195 856 $1,885 $2,033 $2,475 - $2.576710 Variel Ave

2009

-Alta Warner

298 916 - $2,075 $2,606 - $2.556701-6733 Eton Ave

8 2013

-AMLI Warner Center

522 882 - $2,030 $2,436 $3,220 $2.5121200 Kittridge St

9 2006

-Carillon Apartment Homes

264 890 - $2,023 $2,634 - $2.496301 De Soto Ave

10 2008

-Oceano at Warner Center

244 913 - $2,026 $2,629 - $2.486355 De Soto Ave

11 2012

-Reveal

438 945 - $2,042 $2,517 $3,190 $2.4721201 Kittridge St

12 2010

-Warner Pines

266 829 $1,610 $1,774 $2,214 $2,650 $2.4321601 Erwin St

13 1977

-Bella Vista At Warner Rid…

579 1,066 - $2,011 $2,743 $3,128 $2.306150 De Soto Ave

14 2003

-The Reserve at Warner C…

477 926 $1,823 $1,956 $2,293 $2,745 $2.2922100 Erwin St

15 1968

-Versailles Apartments

253 1,062 - $1,888 $2,351 $2,766 $2.2323100 Avenue San Luis

16 1991

-The Motif

395 1,144 - $2,152 $2,557 $3,051 $2.1721021 W Erwin St

17 2015

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 8

Page 24: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Rent Comparables by Bedroom6819 Variel Ave

$1,591 $2,037 $2,493 $3,013Studio Comps One Bed Comps Two Bed Comps Three Bed Comps

Subject

$1,885

Subject

$2,033

Subject

$2,475

Subject

-

1 Bedroom 2 Bedroom 3 BedroomCurrent Conditions in Rent Comps Studio

Total Number of Units 479 3,143 2,855 449

Vacancy Rate 3.7% 4.2% 3.7% 5.1%

Asking Rent Per Unit $1,591 $2,037 $2,493 $3,013

Asking Rent Per SF $3.60 $2.77 $2.35 $2.34

Effective Rents Per Unit $1,591 $2,029 $2,484 $3,000

Effective Rents Per SF $3.59 $2.76 $2.34 $2.33

Concessions 0.1% 0.4% 0.4% 0.4%

Changes Past Year in Rent Comps Studio 1 Bedroom 2 Bedroom 3 Bedroom

Year-Over-Year Effective Rent Growth 4.3% 4.7% 1.7% 3.7%

Year-Over-Year Vacancy Rate Change

12 Month Net Absorption in Units

0.5%

-8

0.3%

-24 -16

0.2% 0.6%

-5

EXISTING UNITS VACANT UNITS

ASKING RENT PER UNIT PER MONTH 12 MONTH NET ABSORPTION IN UNITS

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 42

Page 25: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Studio Rent Comparables6819 Variel Ave

Property Name/Address Rating Studio Rent Per Unit YearQuarterRent/SF

Change in Rent

6710 Variel Ave

The Enclave at Warner Center…6.5%-2.1%$3.10

$1,885

22100 Erwin St

The Reserve at Warner Center-0.4%-4.0%$2.92

$1,823

21601 Erwin St

Warner Pines3.3%0.5%$2.95

$1,610

$1,557 $1,612

22122 Victory Blvd

eaves Woodland Hills4.5%-6.8%$3.67

$1,586

$1,555 $1,617

$800 $1,200 $1,600 $2,000 $2,400

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 43

Page 26: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

One Bedroom Rent Comparables6819 Variel Ave

Property Name/Address Rating One Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

6250 Canoga Ave

Triana at Warner Center20.5%0.0%$3.23

$2,471

$1,905 $2,769

5727 Canoga Ave

eaves Warner Center9.1%-3.7%$3.15

$2,172

$1,960 $2,806

21021 W Erwin St

The Motif-2.2%0.3%$2.54

$2,152

$2,070 $2,226

21050 Vanowen St

Avalon Warner Place6.9%2.0%$2.95

$2,115

$1,970 $2,336

6701-6733 Eton Ave

Alta Warner1.2%-0.4%$2.86

$2,075

$1,880 $2,515

20544 Ventura Blvd

Avalon Woodland Hills9.2%2.2%$3.00

$2,043

$1,981 $2,098

21201 Kittridge St

Reveal4.2%-5.7%$2.69

$2,042

$1,961 $2,109

6710 Variel Ave

The Enclave at Warner Center…6.1%1.8%$2.86

$2,033

$1,910 $2,074

21200 Kittridge St

AMLI Warner Center3.5%2.0%$2.80

$2,030

$2,003 $2,542

6355 De Soto Ave

Oceano at Warner Center-6.8%-5.0%$2.56

$2,026

$1,833 $2,319

6301 De Soto Ave

Carillon Apartment Homes0.3%-1.1%$2.62

$2,023

$1,814 $2,146

6150 De Soto Ave

Bella Vista At Warner Ridge A…0.8%-2.4%$2.62

$2,011

$1,880 $2,308

5758 Las Virgenes Rd

Malibu Canyon Apartments-1.0%1.1%$3.36

$2,004

$1,900 $2,047

22100 Erwin St

The Reserve at Warner Center7.0%3.0%$2.33

$1,956

21530 Califa St

City Vue at Warner Park0.7%2.5%$3.06

$1,913

$1,799 $2,000

22122 Victory Blvd

eaves Woodland Hills10.7%-2.5%$2.85

$1,897

$1,849 $1,945

23100 Avenue San Luis

Versailles Apartments0.5%-7.1%$2.39

$1,888

$1,849 $2,068

21601 Erwin St

Warner Pines-0.3%0.5%$2.37

$1,774

$1,773 $1,825

$1,000 $1,750 $2,500 $3,250 $4,000

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 44

Page 27: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Two Bedroom Rent Comparables6819 Variel Ave

Property Name/Address Rating Two Bedroom Rent Per Unit YearQuarterRent/SF

Change in Rent

6250 Canoga Ave

Triana at Warner Center9.3%-0.3%$2.66

$3,020

$2,752 $3,065

6150 De Soto Ave

Bella Vista At Warner Ridge A…1.2%-0.1%$2.12

$2,743

$2,536 $2,984

6301 De Soto Ave

Carillon Apartment Homes1.0%1.1%$2.30

$2,634

$2,521 $2,724

6355 De Soto Ave

Oceano at Warner Center-1.7%9.0%$2.38

$2,629

$2,338 $2,849

6701-6733 Eton Ave

Alta Warner0.9%-2.3%$2.34

$2,606

$2,415 $3,530

21050 Vanowen St

Avalon Warner Place0.6%2.7%$2.38

$2,569

$2,445 $2,657

21021 W Erwin St

The Motif-6.7%0.7%$2.03

$2,557

$2,210 $2,781

21201 Kittridge St

Reveal0.7%-1.6%$2.37

$2,517

$2,446 $2,636

20544 Ventura Blvd

Avalon Woodland Hills5.0%-0.2%$2.43

$2,494

$2,456 $2,583

6710 Variel Ave

The Enclave at Warner Center…3.2%0.2%$2.27

$2,475

$2,452 $2,510

21200 Kittridge St

AMLI Warner Center0.7%-4.9%$2.21

$2,436

$2,428 $2,438

21530 Califa St

City Vue at Warner Park1.9%0.5%$2.59

$2,423

$2,280 $2,999

5727 Canoga Ave

eaves Warner Center5.6%-2.2%$2.45

$2,357

$2,240 $2,545

23100 Avenue San Luis

Versailles Apartments5.7%1.1%$2.18

$2,351

$2,327 $2,470

5758 Las Virgenes Rd

Malibu Canyon Apartments-5.5%3.5%$2.66

$2,331

$2,185 $2,638

22100 Erwin St

The Reserve at Warner Center6.2%1.4%$2.18

$2,293

22122 Victory Blvd

eaves Woodland Hills1.2%-9.8%$2.29

$2,266

$2,207 $2,324

21601 Erwin St

Warner Pines11.2%0.5%$2.42

$2,214

$1,950 $2,232

$1,000 $1,875 $2,750 $3,625 $4,500

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 45

Page 28: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Changes in Rent Comparables6819 Variel Ave

VACANCY CHANGES PAST QUARTER & YEAR

Past QtrLast YearLast QtrNow

Vacancy Levels Change

Property Name - Address Rating Units Past Year

3.4% 0.1%-0.1%3.4%579 3.5%Bella Vista At Warner Ridge Apartments - 6150…

4.1% 0.1%-0.1%4.0%522 4.1%AMLI Warner Center - 21200 Kittridge St

5.3% 1.1%0%4.3%477 5.4%The Reserve at Warner Center - 22100 Erwin St

3.0% -5.0%0%8.0%298 3.0%Alta Warner - 6701-6733 Eton Ave

9.6% 6.2%0%3.4%210 9.6%Avalon Warner Place - 21050 Vanowen St

2.4% -0.9%0%3.3%663 2.4%Avalon Woodland Hills - 20544 Ventura Blvd

4.6% 0%0%4.6%264 4.6%Carillon Apartment Homes - 6301 De Soto Ave

7.9% 3.0%0%4.9%227 7.9%eaves Warner Center - 5727 Canoga Ave

3.5% 0.4%0%3.1%883 3.5%eaves Woodland Hills - 22122 Victory Blvd

3.8% 1.8%0%2.0%438 3.8%Reveal - 21201 Kittridge St

3.2% -0.9%0%4.2%195 3.2%The Enclave at Warner Center Apartment Homes

4.1% -1.1%0%5.2%395 4.1%The Motif - 21021 W Erwin St

6.5% 0.7%0%5.8%373 6.5%Triana at Warner Center - 6250 Canoga Ave

3.4% 0.4%0%3.0%253 3.4%Versailles Apartments - 23100 Avenue San Luis

4.8% 1.8%0%3.0%266 4.8%Warner Pines - 21601 Erwin St

1.2% 0.2%0.1%1.0%698 1.1%Malibu Canyon Apartments - 5758 Las Virgenes…

2.7% 0.1%0.1%2.6%147 2.6%City Vue at Warner Park - 21530 Califa St

6.7% -1.0%0.2%7.7%244 6.4%Oceano at Warner Center - 6355 De Soto Ave

ASKING RENT CHANGES PAST QUARTER & YEAR - STUDIO

Past QtrLast YearLast QtrNow

Rents Levels Change

Property Name - Address Rating Units Past Year

$1,586 4.5%-6.8%$1,518442 $1,703eaves Woodland Hills - 22122 Victory Blvd

$1,823 -0.4%-4.0%$1,8308 $1,899The Reserve at Warner Center - 22100 Erwin St

$1,885 6.5%-2.1%$1,7708 $1,925The Enclave at Warner Center Apartment Homes

$1,610 3.3%0.5%$1,55929 $1,602Warner Pines - 21601 Erwin St

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 46

Page 29: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

Changes in Rent Comparables6819 Variel Ave

ASKING RENT CHANGES PAST QUARTER & YEAR - ONE BEDROOM

Past QtrLast YearLast QtrNow

Rents Levels Change

Property Name - Address Rating Units Past Year

$1,888 0.5%-7.1%$1,87865 $2,032Versailles Apartments - 23100 Avenue San Luis

$2,042 4.2%-5.7%$1,960220 $2,164Reveal - 21201 Kittridge St

$2,026 -6.8%-5.0%$2,173148 $2,132Oceano at Warner Center - 6355 De Soto Ave

$2,172 9.1%-3.7%$1,99088 $2,255eaves Warner Center - 5727 Canoga Ave

$1,897 10.7%-2.5%$1,713265 $1,945eaves Woodland Hills - 22122 Victory Blvd

$2,011 0.8%-2.4%$1,994256 $2,061Bella Vista At Warner Ridge Apartments - 6150…

$2,023 0.3%-1.1%$2,018180 $2,045Carillon Apartment Homes - 6301 De Soto Ave

$2,075 1.2%-0.4%$2,049150 $2,083Alta Warner - 6701-6733 Eton Ave

$2,459 20.1%-0.2%$2,048178 $2,464Triana at Warner Center - 6250 Canoga Ave

$2,152 -2.2%0.3%$2,200150 $2,144The Motif - 21021 W Erwin St

$1,774 -0.3%0.5%$1,779107 $1,765Warner Pines - 21601 Erwin St

$2,004 -1.0%1.1%$2,025204 $1,982Malibu Canyon Apartments - 5758 Las Virgenes…

$2,033 6.1%1.8%$1,916110 $1,997The Enclave at Warner Center Apartment Homes

$2,030 3.5%2.0%$1,962318 $1,991AMLI Warner Center - 21200 Kittridge St

$2,115 6.9%2.0%$1,978143 $2,073Avalon Warner Place - 21050 Vanowen St

$2,043 9.2%2.2%$1,871343 $1,999Avalon Woodland Hills - 20544 Ventura Blvd

$1,913 0.7%2.5%$1,90058 $1,866City Vue at Warner Park - 21530 Califa St

$1,956 7.0%3.0%$1,828277 $1,899The Reserve at Warner Center - 22100 Erwin St

9/11/2019Copyrighted report licensed to Leola Commercial Inc. - 128399.

Page 47

Page 30: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

The

Sale

s Com

para

ble

Comparable Address Price Price/Unit Land Size Price Land /SqFt. Zoning

1. Erwin Development $3,194,802 - 14,304 $223.35 WC21050 Erwin Street Built: 1957Woodland Hills, CA 91367 Days on Market: 110 Days

Close of Escrow: Dec.12, 2017

2. Variel Development $8,582,345 - 52,721 $162.79 WC6130-6140 Variel Ave Built: 1954Woodland Hills, CA 91367 Days on Market: 106 Days

Close of Escrow: July 24, 2018

3. Variel Development $4,162,000 - 24,394 $170.62 WC6233 Variel Ave Built: 1978Woodland Hills, CA 91367 Days on Market: 30 Days

Close of Escrow: October 12, 2018

4. El Dorado Business Park $15,250,000 - 94,817 $160.84 WC6253-6279 Variel Ave Built: 1976Woodland Hills, CA 91367 Days on Market: 480

Close of Escrow: October 1, 2018

5. Variel Development $31,000,000 - 124,560 $248.88 WC6636 Variel Ave Built: SeveralCanoga Park, CA 91303 Days on Market: 365

Close of Escrow: March 8, 2019

Page 31: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

The

Sale

s Com

para

ble

Price Price/Unit Land Size Price Land /SqFt. Zoning

SP Warner Center Development Proposed Units: 36 $2,500,000 $69,444 4,380 $277.69 WC6819 Variel Ave Built: TBDCanoga Park, CA 91303 Days on Market: TBD

Close of Escrow: TBD

Comps Summary No Units Year Built Price Price/Unit Build SF Price/SF GRM

Averages: - 1973 $12,437,829 - 62,159 $193.29 WC

2019 Indicators: 36 1959 $2,500,000 $67,935 4,380 $277.69 WC

Page 32: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

The

Sale

s Com

para

ble

1 2 3 4 5 Avg SubjPrice $3,194,802 $8,582,345 $4,162,000 $15,250,000 $31,000,000 $12,437,829 $2,500,000

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

Sales Price Comparison

1 2 3 4 5 Avg SubjPrice/SF $223.35 $162.79 $170.62 $160.84 $248.88 $193.29 $277.69

$0.00

$50.00

$100.00

$150.00

$200.00

$250.00

$300.00

Price Per Land Sqft. Comparison

Page 33: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

The

Sale

s Com

para

ble

Map

3

2

1

Sales Comparable Legend1. Erwin Development 21050 Erwin Street Woodland Hills, CA 913672. Variel Development 6130-6140 Variel Ave Woodland Hills CA 913673. Variel Development 6233 Variel Ave Woodland Hills, CA 913674. El Dorado Business Park 6253-6279 Variel Ave Woodland Hills, CA 913675. Variel Development 6636 Variel Ave Woodland Hills, CA 91367

4

5

Subject PropertyWC Development6819 Variel AveWoodland Hills, CA 91303

Page 34: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

5The Marketing ScheduleMarketing Platform

Section 5 Marketing Approach

Page 35: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

The

Mar

ketin

g Sc

hed

ule

Month: 1 2 3 4 5 6Week: 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4

MARKETING START-UP XPrepare Marketing Brochure XPhoto/Slides X

FORUMSFaceBook Post XInstagram Post XTwitter Post XLinkedin Post X

ELECTRONIC MARKETINGAcitive Owner Email Campaign 12,500 Buyers X X X X XLoopnet Email Campagin XProperty Line Email Campaign X X X XRCM1 National Email Campagin 6,000 X XPostcards Mailed to Brokers and Principals X

CONTACTSContact Active Buyers and Sellers X X X X XContact Exchange Buyers X X X X XContact Owners of Similar Properties X X X X XFollow Up on All X X X X X

NEWSPAPER/INTERNET ADVERTISINGLocal/Regional Advertising X X X XLEOLA Commercial Website XLoopnet.com XMLS XPropertyline.com X

FEEDBACKWritten Communication XVerbal Update X X X X X XMeetings (as needed) X X X X X X

CLOSE ESCROW X

Page 36: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Warner Center - Development Opportunity6819 Variel Ave Woodland Hills, CA 91303

Extensive Email & Texting Campaigns

The

Mar

ketin

g Pl

atfo

rm

Page 37: Warner Center - Development Opportunity · 6819 Variel Ave Woodland Hills, CA 91303 The information contained herein is strictly confidential. It is intended for the sole party receiving

LEOLA Commercial, Inc. makes no warranty, express or implied, is made as to the accuracy of the information contained herein. This information is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and is subject to any special listing conditions imposed by our principals. Cooperating brokers, buyers, tenants and other parties who receive this document should not rely on it, but should use it as a starting point of analysis, and should independently confirm the accuracy of the information contained herein through a due diligence review of the books, records, files and documents that constitute reliable sources of the information described herein.

Con

tact

Info

rmat

ion

Jesus H. HenaoManaging Principal

26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 570 3301f 818 900 0703m 818 445 [email protected]

CA DRE: 01254076

Gabriel J. ChipeInvestment Associate

26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 482 3666f 818 900 0703m 818 482 [email protected]

CA DRE: 02056431

Andrew Powell IIIInvestment Anaylsis

26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 646 4943f 818 900 0703m 770 895 [email protected]

CA DRE: 02081556

Andre J. HenaoInvestment Analyst

26575 Ruether Ave 2nd Floor Santa Clarita, California 91350d 818 235 9250f 818 900 0703m 818 235 [email protected]