Investment Overview

• The Neema Group is pleased to present a development opportunity at 1216 Menlo Ave in the Pico-Union neighborhood of Los Angeles, located between W Pico Blvd & W Olympic Blvd • The lot totals 40,021 SF and is zoned R4-1VL in a Tier 3 TOC; the existing improvements include three structures totaling 22,386 and will be delivered vacant at the close of escrow • There are RTI plans in place for a TOC projected totaling 127 units; plans call for a 105,306 SF building featuring a unit mix of 23 singles, 40 one-bedrooms, 32 two-bedrooms, and 32 three-bedrooms • Alternatively, there is also potential to achieve unlimited density via AB 2345 and expedited entitlement process through Executive Directive 1 if a 100% affordable housing project is pursued; ownership has a feasibility study for 277 affordable housing units • At the asking price, the property is being offered at a low $212 PSF • Rare opportunity to acquire an institutional-sized urban infill project of this scale, located in a desirable location evidenced by a plethora of new developments in the neighborhood • High walk score of 91, walking distance to multiple Metro bus lines at Vermont Ave & Pico Blvd and Westmoreland Ave & Pico Blvd; central location with proximity to Koreatown, Westlake, Mid-City, Hollywood, and Downtown Los Angeles