CASE STUDIES

5684 York Blvd., Los Angeles, CA 90042

INVESTMENT TIMELINE

Purchase Price

$2,150,000

Original Gross Income

Purchase Date:

4/27/2017

Current Gross Income

N/A

Asset Type:

Retail/Restaurant (NNN)

Price/Door:

N/A

Units:

1

Price/Ft:

$383.00

Return on Investment

Initial Equity:

$1,578,000

Current Annual ROE:

N/A

Returned Equity:

$2,838,323.37

Remaining Income Upside:

N/A

Investor Equity Multiple:

1.55X

Investor IRR:

20.16%

Total Profit:

$1,260,323

Description

5684 York Blvd. is a free-standing 5600 square foot restaurant property with on-site parking located on York Blvd., the main retail corridor in the highly sought-after Highland Park neighborhood of Los Angeles. During Escrow, Coda successfully negotiated lease terms with Barcade (barcade.com), a national restaurant/bar operator, at a rental rate that far exceeded original projections. Leases were officially signed with Barcade on August 1, 2017, less than three months from when Coda officially closed escrow on the property. Barcade completed its tenant improvements and stabilized the property. Shortly thereafter Coda sold the property for a price of $4.125M.

927 & 931- 935 ½ Everett Street, Los Angeles, CA 90026

INVESTMENT TIMELINE

Purchase Price

$1,400,000

Original Gross Income

N/A

Purchase Date:

3/30/16

Current Gross Income

N/A

Asset Type:

Multi-Family

Price/Door:

$233,333.33

Units:

6

Price/Ft:

$255.33

Return on Investment

Initial Equity:

$1,875,000

Current Annual ROE:

N/A

Returned Equity:

100%

Remaining Income Upside:

N/A

Investor Equity Multiple:

1.37X

Investor IRR:

15.62%

Total Profit:

$933,544

Description

Everett Investment Properties, LLC purchased two adjacent parcels, 927 Everett St. (Single Family Residence) and 931-935 ½ (5-unit apartment building) in March 2016. 927 Everett St. was sold to a developer due to its favorable C-2 zoning, and Coda was able to renovate the entire 931-935 1/2 apartment building. After an extensive renovation Coda leased all five apartment units for roughly $150,000 of annualized gross income. After lease-up Coda immediately refinanced the 5-units (appraisal valued the five units alone at $1,950,000) and distributed $800,000 back to the investors. Coda disposed of the asset for $2.1M in July 0f 2020.

Cahuenga Noho

INVESTMENT TIMELINE

Purchase Price

$4,450,000

Original Gross Income

$331,000

Purchase Date:

9/22/2017

Current Gross Income

$424,000

Asset Type:

Multi-family

Price/Door:

$158,928.57

Units:

28

Price/Ft:

$251.92

Return on Investment

Initial Equity:

$2,356,813

Current Annual ROE:

6.00%

Returned Equity:

$1,000,000

Remaining Income Upside:

35%

Investor Equity Multiple:

N/A

Investor IRR:

N/A

Total Profit:

N/A

Description

6110-6114 Cahuenga is a 28 unit, rent-controlled multi-family asset consisting of two side-by-side apartment buildings, each containing 14-units with a favorable unit mix. The subject property is in North Hollywood, a rising rental market in close proximity to affluent neighborhoods such as Valley Village, Toluca Lake, and the NoHo Arts district. In addition to its desirable location, Coda purchased the subject property for a few key reasons:
1. In-place rents were 40% below market on average upon close of escrow, creating the potential to achieve a sub 10 GRM at market rents.
2. Each building is on its own parcel, which allows Coda the ability to sell one parcel independently of the other, significantly reducing the partnership’s basis in the investment. Since acquiring the property, Coda has lowered overall expenses while successfully increasing income 30%. Coda has renovated and leased units at top of the market rents far in excess of its pro-forma projections. Furthermore, Coda refinanced the property twice and issued a sizeable refinance distributions to investors.

Sycamore Terrace

INVESTMENT TIMELINE

Purchase Price

$3,375,000

Original Gross Income

$211,008

Purchase Date:

11/29/2017

Current Gross Income

$330,832

Asset Type:

Multi-family

Price/Door:

$210,937.50

Units:

16

Price/Ft:

$275.47

Return on Investment

Initial Equity:

$2,375,000

Current Annual ROE:

6.00%

Returned Equity:

$850,000

Remaining Income Upside:

30.00%

Investor Equity Multiple:

N/A

Investor IRR:

N/A

Total Profit:

N/A

Description

Rent controlled multifamily asset purchased in late 2017 Highland Park located walking distance from new retail and restaurants on prime Figueroa corridor Property reposition includes exterior upgrades including landscape and paint, unit renovations, electric upgrades Average rent increase of 56% Cash out refinance returned 36% of investor capital within the first 18 months of acquisition Good cash on cash position with significant remaining rental upside

Indiana

INVESTMENT TIMELINE

Purchase Price

$1,100,000

Original Gross Income

$78,240

Purchase Date:

11/29/2016

Current Gross Income

$142,000

Asset Type:

Multi-family

Price/Door:

$110,000

Units:

10

Price/Ft:

$258.82

Return on Investment

Initial Equity:

$600,000

Current Annual ROE:

13.50%

Returned Equity:

$340,000

Remaining Income Upside:

10.00%

Investor Equity Multiple:

N/A

Investor IRR:

N/A

Total Profit:

N/A

Description

Non-rent controlled asset purchased in 2016 Border of Boyle Heights and East LA in emerging market Located one block from recently constructed train station, which allows for easy access to downtown Los Angeles Property reposition included upgrades to foundation, interior unit renovations and exterior paint Average rent increased from $655/mos to $1,186/mos Cash out refinances to date have returned 57% of total investor capital with 37% returned within the first 12 months of acquisition. Strong cash on cash position with remaining rental upside