4117 E. 7TH STREET

4 1 1 7 E . 7 T H S T R E E T

Stepp16 UNITS IN BELMONT HEIGHTS | LONG BEACH

07 Property Overview

13 Pricing & Financials

17 Market Comparables

23 Long Beach Overview

04 Investment Offering

Stepp

4 1 1 7 E . 7 T H S T R E E TB E L M O N T H E I G H T S

Robert Stepp / 310.774.3740Stepp Commercial

[email protected] DRE #01456379

Michael Toveg / 310.570-6657Stepp Commercial

[email protected] #01867136

O F F E R I N G M E M O R A N D U M

Larry Bustamante / 310.430.4205Coldwell Banker Coastal Alliance


I N V E S T M E N T H I G H L I G H T S

Value-Add Opportunity with over 40% Upside Potential

1960's Construction Provides Favorable Conditions for Renovations

Attractive Mix of One and Two Bedroom Units

Close Proximity to Cal State Long Beach, Providing a Solid Rental Pool

Prime Belmont Heights Location - #3 Best Neighborhood in Long Beach

Near Recreation Park Golf Course, Alamitos Bay and other Recreational Areas

I N V E S T M E N T O F F E R I N G

4117 E. 7th Street is a 16-unit investment property located in the popular Belmont Heights neighborhood of Long Beach. Situated on 11,901 square feet of land, the buildng offers a mix of nine 2 BD / 1 BA units and seven 1 BD / 1 BA units, eight parking spaces and on-site laundry.

TREMENDOUS VALUE-ADD OPPORTUNITYThe property remains largely untouched, presenting a new owner with limitless upgrade opportunities to compete with newer properties in the area and realize over 40% potential upside in rents. The 1960's construction provides favorable conditions for renovations.

#3 BEST NEIGHBORHOOD IN LONG BEACHBelmont Heights is ranked as the #3 Best Neighborhood in Long Beach according to Niche.com, along with the #6 Best Neighborhood to Raise a Family and #9 Best Neighborhood with Young Professionals.

CONVENIENT, DIVERSE AMENITIESTenants also have nearby access to outdoor amenities such as the adjacent Recreation Golf Course, Alamitos Bay, Naples Island and various parks. A number of popular bars, restaurants and coffeeshops A plethora of retail amenities are in close proximity, making daily errands convenient.

CLOSE PROXIMITY TO CALIFORNIA STATE UNIVERSITY, LONG BEACHWith an enrolled population of 37,448 students and an employed faculty of 2,171 instructional employees, nearby CSULB is a consistent source of renters looking to escape from the density of College Estates and Bixby Hill.

4 5Stepp Commercial | Coldwell Banker Coastal Alliance4117 E. 7th Street, Long Beach 90804

PROPERT

Y OVERVIEW

Stepp

RECREATION PARK GOLF COURSENAPLES ISLAND

CAL STATE LONG BEACH37,448 Student Population

BELMONT SHORE

BELMONT PLAZA POOLPublic swimming pool

BELMONT HEIGHTSSUBJECT

PROPERTY

WOODROW WILSON HIGH SCHOOL

ALAMITOS BAYBeach and Marina

COLORADO LAGOONAquatic Park & Wetland Area

SECOND STREET SHOPPING & DINING

APN 7254-021-032

Address 4117 E. 7th StreetLong Beach, CA 90804

Year Built 1962

No. of Units 16

Building Size 10,925 SF

Lot Size 11,901 SF

Unit Mix 9 (2 BD / 1 BA)

7 (1 BD / 1 BA)

Laundry Onsite

Parking 8 spaces

Utilities Separately metered

PROPERTY DATA FINANCIAL INDICATORS BUILDING DETAILS

Price $5,064,000

Price per Unit $316,500

Current Cap Rate 2.73%

Market Cap Rate 4.72%

Current GRM 18.40

Market GRM 13.11


Belmont Heights is a neighborhood in Long Beach, California with a population of 9,301. Living in Belmont Heights offers residents an urban-suburban ambiance and most residents rent their homes. Many young professionals live in Belmont Heights, with its close proximity to the beach, parks and amenities, as well as a good selection of walkable bars, restaurants and coffee shops. Public schools in Belmont Heights are highly rated, contributing to the area's ranking as the #6 neighborhood to raise a family,

Belmont Heights#3 BEST NEIGHBORHOOD IN LONG BEACH*

$96,558MEDIANHOUSEHOLDINCOME

A-PUBLICSCHOOLRATING

#6BEST FAMILYNEIGHBORHOOD

*Data from Niche.com

RECREATION PARK GOLF COURSE


BELMONT SHORE

BELMONT PLAZAPublic Swimming Pool

BELMONT HEIGHTS


WOODROW WILSONHigh School

ALAMITOS BEACH

LONG BEACH AIRPORT

SUBJECTPROPERTY


Stepp

PRICIN

G &

FINA

NC

IALS

Stepp



BELMONT SHORE

BELMONT PLAZA POOLPublic swimming pool


PROPERTY





Pricing & Financials Rent Roll

List Price $5,064,000

Building Data /Financial Indicators

Address 4117 E. 7th Street Long Beach 90804

APN 7254-021-032Number of Units 16Year Built 1962Building Size 10,925 SFLot Size 11,901 SFCurrent Cap Rate 2.73%Market Cap Rate 4.72%Current GRM 18.40Market GRM 13.11Price per Unit $316,500

Loan SummaryDown Payment $3,038,000Loan Amount $2,026,000Interest Rate 3.250%Monthly Payment $8,817Annual Payment $105,807Loan-to-Value 40%Amortization (annual) 30Proposed/Existing ProposedDebt Coverage Ratio 1.30Loan Term 360

Income Current Actual Market Pro FormaScheduled Rental Income $266,580 $373,800Parking Income $6,900 $10,800 Laundry Income $1,754 $1,754 Scheduled Gross Income $275,234 $386,354 Vacancy (5.0%) ($13,762) ($19,318)Gross Operating Income (GOI) $261,472 $367,036

Expenses Per Unit Current Actual Market Pro FormaProperty + Special Assessment Tax (1.20%) $3,969 $63,508 $63,508Insurance $341 $5,463 $5,463Utilities $883 $14,130 $14,130Off-Site Management (4.50%) $735 $11,766 $16,517On-site Management $750 $12,000 $12,000Landscape $75 $1,200 $1,200Pest Control $56 $900 $900License and Fees $56 $900 $900Repairs and Maintenance $600 $9,600 $9,600Replacement Reserves $250 $4,000 $4,000Total Expenses $123,467 $128,217

Per Unit: $7,717 $8,014Per Sq. Ft.: $11.30 $11.74

% of GOI: 47.22% 34.93%Net Operating Income $138,005 $238,819

Units Type SF Total SF Current Rent1 Market Rent Current Rent/SF Market Rent/SF9 2 Bed / 1 Bath 745 6,705 $1,619 $2,100 $2.17 $2.827 1 Bed / 1 Bath 600 4,200 $1,091 $1,750 $1.82 $2.9216 682 10,905 $1,388 $1,947 $2.04 $2.86

Unit # Type SF Current Rent CurrentRent/SF

Market Rent MarketRent/SF

Parking Notes

1 2 Bed / 1 Bath 745 $2,100 $2.82 $2,100 $2.82 $0 Parking #1

2 1 Bed / 1 Bath 600 $1,025 $1.71 $1,750 $2.92

3 2 Bed / 1 Bath 745 $1,500 $2.01 $2,100 $2.82

4 2 Bed / 1 Bath 745 $1,500 $2.01 $2,100 $2.82

5 2 Bed / 1 Bath 745 $1,675 $2.25 $2,100 $2.82 $100 Parking #6

6 1 Bed / 1 Bath 600 $1,025 $1.71 $1,750 $2.92 $150 Parking #4, #5

7 2 Bed / 1 Bath 745 $1,550 $2.08 $2,100 $2.82

8 1 Bed / 1 Bath 600 $1,100 $1.83 $1,750 $2.92

9 2 Bed / 1 Bath 745 $1,500 $2.01 $2,100 $2.82

10 2 Bed / 1 Bath 745 $1,625 $2.18 $2,100 $2.82 $75 Parking #8

11 2 Bed / 1 Bath 745 $1,625 $2.18 $2,100 $2.82

12 2 Bed / 1 Bath 745 $1,500 $2.01 $2,100 $2.82

14 1 Bed / 1 Bath 600 $1,500 $2.50 $1,750 $2.92

15 1 Bed / 1 Bath 600 $990 $1.65 $1,750 $2.92 $75 Parking #3

16 1 Bed / 1 Bath 600 $1,000 $1.67 $1,750 $2.92 $75 Parking #7

17 1 Bed / 1 Bath 600 $1,000 $1.67 $1,750 $2.92 $100 Parking #2

16 Units 9,580 $22,215 $31,150


MA

RKET CO

MPA

RAB

LES

Stepp



BELMONT SHORE

BELMONT PLAZA Public swimming pool


PROPERTY





PROPERTY ADDRESS YEAR BUILT UNITS SALE PRICE $/UNIT CAP RATE GRM COE

1 2104E. Florida Street 1948 11 $4,050,000 $368,182 4.40% 14.73 5/17/2021

2 4108 E. Broadway 1923 6 $2,660,600 $443,433 4.00% 16.1 5/10/2021

3 2111 E. Bermuda Street 1959 9 $3,775,000 $419,444 4.34% 14.71 11/17/2020

4 1685 Loma Avenue 1976 7 $2,340,000 $334,286 3.76% 14.98 8/31/2020

5 394 Coronado Avenue 1963 11 $4,100,000 $372,727 4.01% 15.12 3/10/2020

AVERAGE 1954 9 $3,385,120 $387,614 4.10% 15.13 –

4117 E. 7th Street 1962 16 $5,064,000 $316,500 2.73%/4.72% 18.40/13.11 –

2104 E. Florida Street 4108 E. Broadway 2111 E. Bermuda Street 1685 Loma Avenue 394 Coronado Avenue

2

31

4

5 SUBJECTPROPERTY

Rent ComparablesSales Comparables Sales Comparables Map


1 BD / 1 BA

PROPERTY ADDRESS RENT EST. SF RENT/SF

5 2826 E 4th Street $1,795 518 $3.47

6 425 Coronado Avenue $2,295 840 $2.73

7 3930 E 11th Street $1,875 – –

8 1761 Park Avenue $2,095 725 $2.89

Average $2,015 694 $3.03

4117 E. 7th Street $1,091 600 $1.82

1761 Park Avenue 1108 Termino Avenue

2826 E. 4th Street 425 Coronado Avenue

3930 E. 11th Street 1761 Park Avenue

2 BD / 1 BA

PROPERTY ADDRESS RENT EST. SF RENT/SF

1 1761 Park Avenue $2,295 850 $2.70

2 1108 Termino Avenue $2,295 850 $2.70

3 827 Belmont Avenue $2,200 1000 $2.20

4 3121 E Theresa Street $2,395 650 $3.68

Average $2,296 838 $2.82

4117 E. 7th Street $1,619 745 $2.17

827 Belmont Avenue 3121 E. Theresa Street

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3

1

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5

SUBJECTPROPERTY6

7

Rent ComparablesRent Comparables Rent Comparables Map


Long Beach.With billions of dollars in privately

and publicly-funded development

taking place, Long Beach is in the

midst of a full-scale transformation

into a premier metropolitan

city, attracting an influx of new

businesses, high-quality jobs

and an educated, professional

demographic of residents.

Stepp23

15.2%PROJECTEDPOPULATION GROWTH BY 2040

12.6% JOB GROWTHSINCE 2011

37.1% PROJECTEDJOB GROWTHBY 2030

A PRIME COASTAL COMMUNITYStrategically located between Los Angeles and Orange County, Long Beach is the sixth largest city in the state of California and one of the fastest growing metropolitan economies in Southern California, contributing approximately $92 billion in economic activity. As a prime coastal community, Long Beach has always been appealing to residents seeking a casual,beachaccessible lifestyle near a plethora of employment opportunities within a 30-minutecommute.

Long Beach at a Glance

INVESTMENT & BUSINESS-FRIENDLY ENVIRONMENTIn recent years, a pro economic development has helped to attract billions in private and public capital as investors recognize the city's unique position as the only urban center located on a waterfront between San Diego and San Francisco and the opportunities that provides. The city’s business-friendly efforts have been successful in attracting and retaining world-class corporations, and we have seen an influx of a professional, highly-skilled workforce that is now drawn to high-quality employment opportunities in Long Beach itself.

STRONG EMPLOYMENT GROWTH AND PROSPECTSSince August 2016, Long Beach has seen 4,600 jobs added to the market, bringing its employment base to nearly 231,225. In May 2018, Long Beach reported an unemployment rate of 4.1%, down from 4.4% in 2017 and a 10.5% drop over the last eight years. Job growth is projected to increase 37.1% over the next ten years. Long Beach continues to experience economic expansion, fueled by the ecosystem of businesses, investors and residents who are all attracted to the singular opportunities that only an urban, waterfront economic metropolis can provide.

22%Average Effective

Rent GrowthSince 2011

96.7%Average

Occupancy Rate

54%Housing Units that are Renter

Occupied

RENT GROWTH OUTPERFORMING OTHER COASTAL SUBMARKETSWith an average annual effection rent growth rate of 6% since 2013, Long Beach has outperformed other highly-regarded Southern California coastal submarkets such as Santa Monica, El Segundo and Downtown San Diego, where effective rent growth has averaged sub-3-4% annually.

STRONG OCCUPANCY & RENT GROWTHSince 2013, lease-up absorbtion rates have averaged 221 units per year, maintaining occupancy levels at or above 95%, with rents averaging 4.8% year-over-year growth. As brand-new supply enters the submarket over the next few years, pent up demand is projected to push average lease-up absorbtion rates from 221 units per year to 371 units annually, with 4.5% annual rent growth through 2020.

3.4%2014

Vacancy Rate Forcast

Long Beach Los Angeles

2015 2016 2017 2018 2019 2020 2021 2022 2023

3.6%

3.8%

4.0%

4.2%

4.4%

4.6%

4.8%

5.0%

3.4%2014

Long Beach Absorption & Net Deliveries Forcast

Absorption Net Deliveries

2015 2016 2017 2018 2019 2020 2021 2022 2023

3.6%

3.8%

4.0%

4.2%

4.4%

4.6%

4.8%

5.0%

Long Beach Rental Market at a Glance


Zwift is at the intersection of fitness and gaming, connecting cyclists around the globe through their digital platform. Zwift's gear is paired with each user’s bike and the platform provides structured workouts, virtual routes and even group rides with other users. Zwift has 211 employees and $147 million in total funding.

Siteport is an automated migration solution that simplifies content migrations and platform updates while making the entire process faster. Whether a company is performing an entire site redesign or switching content management systems, Siteport ensures a smooth transition.

LawDeal is a cloud-based platform for creating and printing legal documents crafted by licensed attorneys. Founded in 2014, the company only offers a couple document services at the moment but is expanding to cover more personal and business legal needs.

Curbside M.E. is a digital health platform providing data insights and answers to clinical queries based on physician experiences. Supplying quick and informal information from doctor to doctor, the system is particularly beneficial to physicians and medical students.

iDesign Cafe is a design agency serving enterprises around the world. Focused on helping their clients sell more, iDesign offers branding and creative services as well as hardware and software solutions. Companies and organizations currently working with iDesign include Marriott, Tommy Hilfiger, Cisco and Penn State.

Insteo is a creative company providing custom digital signage and template solutions. Their templates cover a wide variety of needs from digital menus to lobby directories while providing custom solutions for everything in between.

Comfreight is a marketplace for mobile load boards and freight matching. Through the platform shippers, carriers and brokers can receive bids, find trucks and be paid all in the same place. The company has received at least $2 million in Series A funding.

Designory is a full service advertising agency that seeks to transform brands. Clients include Audi, Infinity, Cisco, The Penisula Hotels, and Uber. Founded in a Victorian House in Long Beach in 1983, Designory now has locations worldwide, but is still headquarted in Long Beach.

H OM E TO A G ROWIN G CR E AT I V E A ND T ECHN O LO G Y H U B

Hospitality & Tourism

Retail

Professional, Scientific & Technical Services

Real Estate Rental & Leasing

Other Services

Finance & Insurance

Transportation & Warehousing

Health Care & Social Assistance

Arts, Entertainment & Recreation

Downtown Industry Cluster Breakdown

Source: ISA 2019 Survey of Downtown Business

1,647Businesses

in DTLB

247New businesses

in 2018

15%Increase in

New Businesses

A diversity of business sectors drive the Long Beach economy, some with roots dating back to the city’s origins, and others that have blossomed more recently. The city’s economic strength and stability has been bolstered by this variety; when one sector slows, another is there to pick up the slack.

Downtown Long Beach is home to over 40,000 jobs across all industries, with stalwart firms such as Molina Healthcare, which employs over 1,500 and International City Bank, which holds $7.3 billion in assets and employes 750 in Long Beach and other parts of Southern California.

In recent years, a burgeoning creative and technology hub has been building in DTLB, capitalizing on a highly-educated professional workforce with a higher earning capacity. Workers in DTLB earn 31.3% more than workers citywide, at an average of $67,800 annually.

D OWN TOWN LO N G B E ACH E M PLOYM EN T SN A P SH OT


$520 MILLION LONG BEACH CIVIC CENTER REDEVELOPMENT

$350 MILLION DOUGLAS PARK REDEVELOPMENT

$250 MILLION QUEEN MARY ISLAND DEVELOPMENT

In Downtown Long Beach, the $520 million Long Beach Civic Center project calls for the development of a new library, a new headquarters for both City Hall and the Port of Long Beach, 650 multifamily units, 200 hotel rooms, and an expansion of Lincoln Park. The first phase of the project is currently under construction with completion expected in 2019.

Developed by SARES-REGIS, Douglas Park is a $350 million, 261-acre mixed-use project on the site of the former Boeing campus. The project will ultimately contain up to 4.1 million square feet of office, research/development, and light industrial space, 266,000 square feet of retail space (see LBX), and 10 acres of parks. It is expected to bring over 5,000 jobs to Long Beach and will be home to nearly 30 businesses such as Mercedes-Benz USA West Coast HQ and Virgin Galactic.

Urban Commons has planned a $250 million retail and entertainment complex for the 65-acre waterfront surrounding the Queen Mary, calling it Queen Mary Island. The redevelopment will include restaurants, live music, 700,000 square feet of retail space, a new 200-room hotel and 150,000 square feet allocated for a mini amusement park, Urban Adventure.

C O N T I N U E D D E V E L O P M E N T T H R O U G H O U T T H E C I T Y C O N T I N U E D D E V E L O P M E N T T H R O U G H O U T T H E C I T Y

The $53 million expansion will add a 29,000-square foot wing to the five-acre attraction consisting of a 300-seat immersive theatre, and a 6,000 square foot addition to the existing exhibit gallery space. As one of Long Beach's landmarks, the Aquarium expansion is expected to increase yearly visitors by 200,000 people, totaling two million visitors in the first year. Attractive more visitors to the area will have a positive impact on the city's tourism. The project will support up to 50 construction workers per day, and is slated to be completed in Spring 2019.

The Middle Harbor terminal will be 311 acres, with an annual capacity of 3.3 million TEUs (twenty-foot equivalent units) – which alone would rank it as the nation’s fourth-busiest port. A new 4,200-foot-long concrete wharf with three deepwater berths will support 14 of the most modern gantry cranes – accomm An on-dock rail yard is designed to handle 1.1 million TEUs a year, or about 24 trains a week, to minimize roadway traffic impacts. Construction is generating 1,000 temporary jobs a year through 2020, while 14,000 permanent new jobs will be generated in Southern California by the increase in trade.

This high-end retail and dining development with 244,000 square feet of retail/restaurant space on 11 acres overlooking the Long Beach Marina is expected to create excitement and activity in the area and capture visitors from both Los Angeles and Orange counties. Long in development, the project will be designed to reflect the changing tastes of consumers, with a shift to an emphasis on dining, entertainment and community along with retail. Tenants will include Whole Foods and Sephora.

$53 MILLION AQUARIUM OF THE PACIFIC EXPANSION

$4.5 BILLION PORT INFRASTRUCTURE PROJECT

$100 MILLION 2ND & PCH RETAIL DEVELOPMENT


While the development activity in downtown maintains its brisk pace, Long Beach is seeing a rapid rate of growth and expansion moving inland from the shoreline into all parts of the city. In 2018, 12,495 building permits were issued, with a total construction value of $506 million in Downtown, East and North Long Beach. With the wide separation in asking rents between brand new, modern buildings and existing, older product, owners are seeing a tremendous opportunity to reposition their properties to achieve much higher market rents.

5. The Alamitos / 136 Units

3. Oceanaire / 216 Units

4. Serenade / 95 Units

N E W H O U S I N G D R I V E S R E N T A L I N C R E A S E S

1 Amli Park Broadway - 245 W Broadway • 222 units

2 Ocean View Tower - 200 W Ocean Blvd. • 98 units

3 Oceanaire - 150 W Ocean Blvd. • 216 units

4 Serenade - 432-444 W Ocean Blvd. • 95 units5 The Alamitos - 101 Alamitos Avenue• 136 units

6 The Linden - 424 East 4th Street • 49 units 7 Sonata - 207 Seaside Way • 112 units

8 One Golden Shore - 1 Golden Shore Avenue • 750 units9 600 Broadway - 600 E Broadway • 694 units10 3rd & Pacific - 131 W. 3rd Street • 325 units

11 Shoreline Gateway - 777 E Ocean Blvd. • 315 units 12 7th and Pacific - SEC W 7th Street & Pacific Avenue • 271 units

13 Broadway Block - 200-256 Long Beach Blvd. • 234 units

14 Aster - 125 Long Beach Blvd. • 218 units

15 Broadway & Promenade - 127-135 W Broadway • 172 units 16 The Pacific - 230 W 3rd Street • 163 units 17 Pacific Avenue Condos - 507 Pacific Avenue • 157 units

18 201 PCH - 201-245 W Pacific Coast Hwy. • 154 units

19 Axiom - 1401 Long Beach Blvd. • 142 units

20 Magnolia & Broadway Apartments - 500 W Broadway • 142 units21 1105 Long Beach Boulevard - 1105 Long Beach Blvd. • 120 units

22 110 Pine Avenue - 110 Pine Avenue • 118 units 23 Locust Avenue Apartments - 1112 Locust Avenue • 97 units

24 135 Linden - 135 South Linden Avenue • 82 units 25 The Ocean Center Residences - 110 W Ocean Blvd. • 80 units

26 810 Pine - 810 Pine Avenue • 78 units

27 320 Alamitos - 320 Alamitos Avenue • 77 units

28 LB at 14th - Long Beach Blvd & E 14th Street • 65 units

29 Huxton - 227 Elm Avenue • 40 units

30 Off Broadway - 125 Linden Avenue • 25 units 31 1341-1351 Long Beach Blvd - 1341-1351 Long Beach Blvd. • 24 units

32 Pine Ave & Pacific Coast Hwy Apts - 1814 Pine Avenue • 24 units33 The Place at The Streets - 151 E 5th Street • 20 units

34 825 East 7th Street Apartments - 825 E 7th Street • 19 units

6. The Linden / 49 Units 16. The Pacific / 163 Units 20. Magnolia & Broadway / 120 Units

R E S I D E N T I A L & M I X E D - U S E D E V E L O P M E N T P R O J E C T S


D I S C L A I M E R & C O N F I D E N T I A L I T Y A G R E E M E N T

The material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purposed or made available to any other person without the express written consent of Stepp Commercial. In accepting this, the recipient agrees to keep all material contained herein, cofidential.

This information has been prepared to provide summary information to prospective purchasers and to establish a preliminary level of interest in the property described herein. It does not, however, purport to present all material information regarding the subject property, and it is not a substitute for a thorough due diligence investigation. Stepp Commercial and Seller have not made any investigation of the actual property, the tenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but not limited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning these issues. The information contained in this informational package has been obtained from sources we believe to be reliable; however, Stepp Commercial and Seller have not conducted any investigation regarding these matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarily represent the current or future performance of the property.

Stepp Commercial and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership.

All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals. Stepp Commercial recommends, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct further inspections by a qualified professional.

The Seller retains the right to withdraw, modify or cancel this offer to sell at any time and without any notice or obligation. Any sale is subject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Seller and any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and such obligations of Seller shall only be those in such contract of sale.

Stepp

Robert Stepp / 310.774.3740Stepp Commercial

[email protected] DRE #01456379

Michael Toveg / 310.570-6657Stepp Commercial


Larry Bustamante / 310.430.4205Coldwell Banker Coastal Alliance


Documents

4117 E. 7TH STREET