1943 19th Street - LoopNet...Mtv Networks 5,001 Greater Los Angeles Health 5,000 Team One 5,000...

SANTA MONICA, CA

1943 19th Street

OFFERING MEMORANDUM

CONFIDENTIALITY AND DISCLAIMER

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.

SANTA MONICA, CA

1943 19th Street

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.

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

NON-ENDORSEMENT NOTICE

Section 1 PRICING AND FINANCIAL ANALYSIS

Section 2 PROPERTY DESCRIPTION

Section 3 RECENT SALES

Section 4 RENT COMPARABLES

Section 5 MARKET OVERVIEW

Section 6 DEMOGRAPHIC ANALYSIS

TABLE OF CONTENTS

1943 19th Street

1943 19th StreetSANTA MONICA, CA

PRICING AND FINANCIAL ANALYSIS

Price $2,250,000

Down Payment 100% / $2,250,000

Price/Unit $750,000

Price/SF $747.51

Number of Units 3

Rentable Square Feet 3,010

Number of Buildings 2

Number of Stories 2

Year Built 1999

Lot Size 8008

Vital Data

CAP Rate - Current 3.58%

GRM - Current 21.22

Net Operating Income - Current $80,654

CAP Rate - Pro Forma 3.41%

GRM - Pro Forma 20.18

Net Operating Income - Pro Forma $76,801

Unit Mix

No. of

Units

Unit

Type

Approx.

Square

1 3 Bdr 2 Bath House 1,330

1 2 Bdr 1 Bath 840

1 2 Bdr 1 Bath 840

3 Total 3,010

Major Employers

Company Local

Employees

Ucla Health System Auxiliary 17,000

Ucla Medical 8,000

West Los Angeles V A Med Ctr 5,400

Mtv Networks 5,001

Greater Los Angeles Health 5,000

Team One 5,000

Electronic Arts Inc 4,040

Sony Pictures Entertainment 3,500

University Cal Los Angeles 2,942

Centinela Frman Rgonal Med Ctr 2,590

Santa Monica Cmnty College Dst 2,411

Professional Security Cons 2,301

Demographics

1



1-Mile 3-Miles 5-Miles

2014 Total

Population

32,557 259,901 505,378

2019 Total

Population

33,072 264,546 516,807

2014 Total

Households

15,578 131,616 238,804

2019 Total

Households

15,943 134,329 245,445

Median HH Income $54,727 $66,533 $68,959

Per Capita Income

(based on Total

Population)

$43,391 $55,392 $55,425

Average (Mean) HH

Income

$89,238 $108,831 $115,889

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Z0100102 Marcus &Millichap. All rights reserved.

OFFERING SUMMARY

Existing Financing

Loan Amount $1,239,000

Loan Type Assumption

Interest Rate 4.250%

Amortization 30

Original Term 9/18/2015

Due Date 8/18/2025

Current Monthly Payment 4,388.00

Lender Name Banc of Calif

2




FINANCING

3B2B: 33%

2B1B: 67%

No. of

Units

Unit

Type

Approx.

Square Feet

Current

Rents

Rent/

SF

Monthly

Income

Pro Forma

Rents

Rent/

SF

Monthly

Income

1 3 Bdr 2 Bath House 1,330 $4,523 $3.40 $4,590 $5,000 $3.76 $5,000

1 2 Bdr 1 Bath 840 $1,044 $1.24 $1,044 $1,092 $1.30 $1,092

1 2 Bdr 1 Bath 840 $3,200 $3.81 $3,200 $3,200 $3.81 $3,200

3 TOTAL 3,010 $8,834 $9,292

Unit Mix Unit Rent & Rent/SF

$0.00

$0.40

$0.80

$1.20

$1.60

$2.00

$2.40

$2.80

$3.20

$3.60

$4.00

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,500

$5,000

3B2B 2B1B 2B1B

3




UNIT MIX

Unit

Number

Unit

Type

Unit

SF

Current

Rent

Rent/

SF

Asking

Rent

Rent/

SF

Parking Storage

1 3 Bdr 2 Bath House 1,330 $4,523 $3.40 $5,000 $3.76 Yes

1 2 Bdr 1 Bath 840 $1,044 $1.24 $1,092 $1.30 Yes

1 2 Bdr 1 Bath 840 $3,200 $3.81 $3,200 $3.81 Yes

TOTAL VACANT $0 $0

3 TOTAL OCCUPIED 3,010 $8,767 $9,292

3 TOTAL 3,010 $8,767 $9,292

4




RENT ROLL

Income Current Per Unit Pro Forma Per Unit

GROSS POTENTIAL RENT $106,008 $35,336 $111,504 $37,168

Other Income

Miscellaneous $347 $116 $347 $116

Total Other Income $347 $116 $347 $116

GROSS POTENTIAL INCOME $106,355 $35,452 $111,851 $37,284

Vacancy/Collection Allowance (GPR) 1.5% / $1,550 $517 1.4% / $1,550 $517

Concessions (GPR) 0.0% / $0 $0

EFFECTIVE GROSS INCOME $104,805 $34,935 $110,301 $36,767

Expenses

Real Estate Taxes (1.1600%) $21,675 $7,225 $29,000 $9,667

Insurance $1,107 $369 $1,550 $517

Utilities $420 $140 $550 $183

Landscaping $700 $233 $1,500 $500

Repairs & Maintenance $249 $83 $900 $300

Other/Pest $0 $0 $0 $0

TOTAL EXPENSES $24,151 $8,050 $33,500 $11,167

Expenses per SF $8.02 $11.13

% of EGI 23.0% 30.4%

NET OPERATING INCOME $80,654 $26,885 $76,801 $25,600

Total Number of Units: 3

Total Rentable Area: 3,010 SF

5




INCOME & EXPENSES

No. of

Units

Unit

Type

Approx.

Square Feet

Current

Rents

Rent/

SF

Monthly

Income

Pro Forma

Rents

Rent/

SF

Monthly

Income

1 3 Bdr 2 Bath House 1,330 $4,523 $3.40 $4,590 $5,000 $3.76 $5,000

1 2 Bdr 1 Bath 840 $1,044 $1.24 $1,044 $1,092 $1.30 $1,092

1 2 Bdr 1 Bath 840 $3,200 $3.81 $3,200 $3,200 $3.81 $3,200

3 Total/Wtd. Avg. 3,010 $8,834 $9,292

Annualized Operating Data

Income Current Pro Forma

Gross Potential Rent $106,008 $111,504

Other Income $347 $347

Gross Potential Income $106,355 $111,851

Less: Vacancy/Deductions (GPR) 1.5% / $1,550 1.4% / $1,550

Effective Gross Income $104,805 $110,301

Less: Expenses $24,151 $33,500

Net Operating Income $80,654 $76,801

Net Cash Flow Before Debt Service $80,654 $76,801

1943 19th Street

Santa Monica, CA 90404

Price $2,250,000

Down Payment 100% /

Number of Units 3

Price/Unit $750,000


Price/SF $747.51

CAP Rate - Current 3.58%

CAP Rate- Pro Forma 3.41%

GRM - Current 21.22

GRM- Pro Forma 20.18

Year Built 1999

Lot Size 8008

Type of Ownership Fee Simple

Location

Expenses

Real Estate Taxes $21,675 $29,000

Insurance $1,107 $1,550

Utilities $420 $550

Landscaping $700 $1,500

Repairs & Maintenance $249 $900

Other/Pest $0 $0

Total Expenses $24,151 $33,500

Expenses/unit $8,050 $11,167

Expenses/SF $8.02 $11.13

% of EGI 23.04% 30.37%

Scheduled Income

6




FINANCIAL OVERVIEW


PROPERTY DESCRIPTION

Marcus & Millichap is pleased to present for sale this three- unit investment opportunity located at 1943 19th Street, Santa Monica, CA.

The subject property is located in very desirable Santa Monica. The property was built in 1999 and has an excellent unit mix of one three-bedroom/two-bathroom house and two two-bedroom/one-bathroom rear units.

The house and one of the two bedroom/one bath units both feature in-unit washer/dryers. This property provides an opportunity for an investor to be in desirable Santa Monica with potential to raise rents and increase value.

Located in Santa Monica, this property is conveniently located near Santa Monica College, major freeways, as well as to shopping, dining and entertainment hot spots. This two building offering is situated on a large lot and features seven gated parking spaces.

Investment Highlights

■ Prime Santa Monica Location

■ Strong Rental Market

■ Upside Potential

■ Close Proximity to Major Freeways

■ Close To Santa Monica College

■ Close to Popular Retail and Dining

■ Within blocks of the Pacific Ocean

8




INVESTMENT OVERVIEW

The Offering

Property Address 1943 19th Street


Assessor's Parcel Number 4274-019-043

Zoning SMR2

Site Description

Number of Units 3

Number of Buildings 2

Number of Stories 2

Year Built 1999


Lot Size 8008

Type of Ownership Fee Simple

Parking 7

Parking Ratio 2:1

Landscaping Lush

Topography Flat

Utilities

Water Individual Metered

Phone Tenant Responsibilty

Electric Individual Metered

Gas Individual Metered

Construction

Foundation Concrete

Framing Wood

Exterior Stucco

Parking Surface Concrete

Roof Spanish Tile

9




PROPERTY SUMMARY

Common Area Amenities

Unit Amenities

■ Beautifully Landscaped Front Yard

■ Outside Dinning Area

■ House and Lower Unit Feature Private Fenced SideYards

■ Remote-Controled Gated Parking

■ Granite Counter Tops

■ Stainless Steel Appilances

■ Hardwood Floors

■ In-Unit Washer/Dryer

10




AMENITIES

11




PROPERTY PHOTOS

12




PICTURE PAGE 4

13




PICTURE PAGE 4

14




PICTURE PAGE 4

Local Map Regional Map

15




AREA MAPS

16




AERIAL PHOTO


RECENT SALES

0.00

0.30

0.60

0.90

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1.50

1.80

2.10

2.40

2.70

3.00

3.30

3.60

Subject 26033rd.

Street

1171FranklinStreet

Average GRM

0.00

2.00

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18.00

20.00

22.00

Subject 26033rd.

Street

Average Cap Rate

18

RECENT SALES



CAP RATE AND GRM

Average Price per Square Foot

Average Price per Unit

0.00

100.00

200.00

300.00

400.00

500.00

600.00

700.00

800.00

900.00

1,000.00

1,100.00

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Subject 26033rd.

Street

35ArcadiaTerrace

1610Broadway

1025EuclidStreet

1171FranklinStreet

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

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1,100,000

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Subject 26033rd.

Street

35ArcadiaTerrace

1610Broadway

1025EuclidStreet

1171FranklinStreet

19

RECENT SALES



PRICE PER SF AND PRICE PER UNIT

1)

2)

3)

4)

5)

1943 19th Street

2603 3rd. Street

35 Arcadia Terrace

1610 Broadway

1025 Euclid Street

1171 Franklin Street

20

RECENT SALES



RECENT SALES MAP

No. of Units: 5 Units Unit Type

Year Built: 1912 3 1 Bdr 1 Bath

Sale Price: $4,250,000 2 2 Bdr 2 Bath

Price/Unit: $850,000

Price/SF: $1,115.49

CAP Rate: N/A

GRM: N/A

2603 3rd. Street

Santa Monocia, CA 90405


Year Built: 1904 / 2017 1 Studio


Price/Unit: $910,000 1 2 Bdr 1 Bath

Price/SF: $1,160.71

CAP Rate: 1.60%

GRM: 16.56

Close of Escrow: 6/23/17


1943 19th Street



Year Built: 1999 1 3 Bdr 2 Bath House


Price/Unit: $750,000 1 2 Bdr 1 Bath

Price/SF: $747.51

CAP Rate: 3.58%

GRM: 21.22

Subject Property

1

235 Arcadia Terrace


21

RECENT SALES



RECENT SALES

Close of Escrow: In Escrow




Price/Unit: $1,095,000

Price/SF: $718.98

CAP Rate: 2.30%

GRM: N/A


Year Built: 1989 / 2008 5 2 Bdr 2 Bath

Sale Price: $8,950,000 1 2 Bdr 2.5 Bath

Price/Unit: $1,278,571 1 3 Bdr 3 Bath

Price/SF: $798.32

CAP Rate: N/A

GRM: N/A

1610 Broadway


1025 Euclid Street


1171 Franklin Street





Price/Unit: $875,000

Price/SF: $1,127.21

CAP Rate: N/A

GRM: N/A



3

4

5

22

RECENT SALES



RECENT SALES


RENT COMPARABLES

Average Occupancy

0

10

20

30

40

50

60

70

80

90

100

Subject 1834EuclidStreet

4320San

VincentBoulevard

1367SunsetPark

142624th

Street

9502nd.

Street

18505th

Street

2 Bdr 3 Bdr

0

1,000

2,000

3,000

4,000

5,000

6,000

Subject 1834EuclidStreet

4320San

VincentBoulevard

1367SunsetPark

142624th

Street

9502nd.

Street

18505th

Street

Average Rents - 2 and 3 Bedrooms

24

RENT COMPARABLES



OCCUPANCY AND AVERAGE RENTS

1)

2)

3)

4)

5)

6)

1943 19th Street

1834 Euclid Street

4320 San Vincent Boulevard

1367 Sunset Park

1426 24th Street

950 2nd. Street

1850 5th Street

25

RENT COMPARABLES



RENT COMPARABLES MAP

Subject Property

1

No. of Units 3

Occupancy:

Year Built: 1999

1943 19th Street


No. of Units 1

Occupancy: 100%

Year Built: 1973

No. of Units 1

Occupancy: 100%

Year Built: 1956

1834 Euclid Street


4320 San Vincent Boulevard


Unit Type Units SF Rent Rent/SF

3 Bdr 2 Bath House 1,303 $4,995 $3.83

Total/Wtd. Avg. 1,303 $4,995 $3.83


3 Bdr 2 Bath House 1,410 $5,760 $4.09

Total/Wtd. Avg. 1,410 $5,760 $4.09

26

2

RENT COMPARABLES




3 Bdr 2 Bath House 1 1,330 $4,523 $3.40

2 Bdr 1 Bath 1 840 $1,044 $1.24

2 Bdr 1 Bath 1 840 $3,200 $3.81

Total/Wtd. Avg. 3 3,010 $2,922 $2.93

RENT COMPARABLES

No. of Units 1

Occupancy: 100%

Year Built/Renovated: 1964

1367 Sunset Park


No. of Units 1

Occupancy: 100%


No. of Units 1

Occupancy: 100%


1426 24th Street


950 2nd. Street



2 Bdr 1 Bath 1,000 $4,795 $4.80

Total/Wtd. Avg. 1,000 $4,795 $4.80


3 Bdr 1.5 Bath House 1,350 $4,750 $3.52

Total/Wtd. Avg. 1,350 $4,750 $3.52


2 Bdr 2 Bath 1,100 $3,765 $3.42

Total/Wtd. Avg. 1,100 $3,765 $3.42

5

4

27

RENT COMPARABLES


3


RENT COMPARABLES

No. of Units 1

Occupancy: 100%


1850 5th Street



2 Bdr 2 Bath 1,243 $3,850 $3.10

Total/Wtd. Avg. 1,243 $3,850 $3.10

7

28

RENT COMPARABLES


6


RENT COMPARABLES


MARKET OVERVIEW

30

MARKET OVERVIEW


Los Angeles County

Market Highlights

Economic center

■ Los Angeles is a leading international trade and

manufacturing center and is considered the capital of

the entertainment world.

Infrastructure

■ The region has well-established and interconnected

transportation systems.

Desirable climate

■ The average temperature rarely rises above 85

degrees or falls below 40 degrees.


Geography

Los Angeles County covers 4,752 square miles and

includes the islands of San Clemente and Santa

Catalina. It is bordered on the east by San Bernardino

and Riverside counties, on the north by Kern and

Ventura counties, on the west by the Pacific Ocean and

on the south by Orange County. Nearly every type of

climate is represented in Los Angeles, ranging from

desert and mountain to coastal. The Los Angeles

coastline stretches along 81 miles of world-famous

beaches. The Santa Monica and San Gabriel mountains

are located in the county, with the highest point at

Mount San Antonio reaching more than 10,000 feet.

LOS ANGELES

31

Metro

The Los Angeles-Long Beach metro is located entirely

within Los Angeles County. The metro’s population is

one of the largest in the nation at more than 13 million

and is expected to grow at an annual rate of 0.5 percent

over the next five years. Approximately one-quarter of

California’s population lives in Los Angeles county,

which encompasses 88 incorporated cities and

numerous unincorporated areas.

MARKET OVERVIEW

Infrastructure

Los Angeles has one of the most extensive freeway

systems in the country. The Alameda Corridor

facilitates activity at the Los Angeles ports. The corridor

is the first step in accommodating rail traffic and will

eventually link all major rail lines in Southern

California. The region’s growing population and

heightened role in the burgeoning Pacific Rim trade are

driving growth in container traffic at the ports of Los

Angeles and Long Beach. Freight rail service in the

county is provided by Union Pacific and Burlington

Northern Santa Fe railroads; Amtrak and Metrolink

lines offer passenger service and the Los Angeles Metro

is the area’s light rail.

In addition to Los Angeles International Airport, one of

the busiest in the nation, the county is served by

commercial airports in Long Beach, Burbank and

Palmdale. There are also nine general aviation airports

in the county.


Largest Cities in Metro by Population

Los Angeles 3,926,000

Long Beach 477,800

Glendale 197,400

Santa Clarita 182,000

Lancaster 161,700

Palmdale 158,100


Airports

■ Los Angeles International Airport■ Three commuter airports■ Nine general aviation airports

Major Roadways

■ Interstates 5, 10, 15, 110, 210, 215, 405 and 710

Rail

■ Freight - Union Pacific and BNSF■ Passenger - Amtrak, Metrolink■ Light rail - Metro

Ports

■ Port of Los Angeles■ Port of Long Beach

Los Angeles is:

■ 30 miles from Anaheim■ 120 miles from San Diego■ 150 miles from Tijuana■ 380 miles from San Francisco

* ForecastSources: Marcus & Millichap Research Services, U.S. CensusBureau, Experian

LOS ANGELES

32

MARKET OVERVIEW


* ForecastSources: Marcus & Millichap Research Services, Bureau ofEconomic Analysis, Moody's Analytics, U.S. Census Bureau,Fortune

Economy

Long recognized as the financial, commercial and

industrial capital of Southern California, the sprawling

Los Angeles metropolitan area is one of the nation’s

leading urban-industrial hubs. There are 15 Fortune

500 companies headquartered in the county. Tourism,

trade, manufacturing, entertainment, healthcare and

defense provide a foundation for the local economy.

Los Angeles is home to two of the busiest ports in the

world: the Port of Los Angeles and the Port of Long

Beach. The two ports generate more than $10 billion in

U.S. Customs revenues and taxes. Together, the ports

account for related employment for nearly l.3 million

people in Southern California and receive more than 40

percent of all U.S. container traffic.

Aerospace is still a significant employment force. The

metro’s aerospace employers, including Boeing,

Northrop Grumman and Lockheed Martin, have

benefited from new defense and homeland security-

related contracts.

The motion picture/entertainment industry is one of

the most high-profile sectors of the local economy. Los

Angeles is known as the entertainment capital of the

world, with most of the major motion-picture studios

located in the county; much of the music recording and

production industry is centered is Los Angeles as well.


LOS ANGELES

33

MARKET OVERVIEW


Labor

The Los Angeles metro has one of the largest labor forces in the United States. With more than 4.3 million

positions, local employment ranks third nationally, behind New York City and Chicago. For the last five years,

nonfarm employment growth averaged 2.2 percent annually, outpacing the national average of 1.8 percent. Over

the next five years, employment growth will average 1.4 percent annually, slightly above the U.S. rate of 1.3

percent.

Through 2020, all local employment sectors are expected to expand, most by more than 1 percent. Education and

health services, which currently comprises 18 percent of area jobs, is posed to register an impressive gain of 2.3

percent annually to meet the demands of a growing population. Professional and business services will record the

highest growth rate in the county at 2.9 percent annually.

The trade, transportation and utilities sector is the largest local employment sector, hiring 18.9 percent of area

employees, or nearly 823,600 people. Growth in this sector is expected to average 0.4 percent annually through

2020.

The entertainment industry remains a sizable and vital component to the local labor market, generating high-

paying jobs for camera operators, producers, engineers and high-tech equipment operators and others in movies,

television and music. The industry also propels ancillary employment growth in many other sectors that provide

services to the industry.


* ForecastSources: Marcus & Millichap Research Services, BLS, Moody's Analytics

LOS ANGELES

34

MARKET OVERVIEW

Major Employers


Employers

Los Angeles has made significant strides in diversifying

its employer base. In addition to the city’s strong

aerospace sector, numerous financial firms have

corporate headquarters in Los Angeles, as does a

contingent of telecommunications, entertainment,

technology and telecommunications companies.

The prominence of Los Angeles’ ports makes the metro

a major player in transportation and the global shipping

trade. The Port of Los Angeles and the Port of Long

Beach contribute a combined $105.2 billion in

California trade value annually. Additionally, the size of

Los Angeles International Airport (LAX), one of the

busiest airports in the world, also provides many jobs in

the transportation industry.

Kaiser Permanente is one of the most significant private-

sector employers in the metro; it has more than 36,000

local employees. Providence Health & Services and

Cedars-Sinai Medical Center each contribute roughly

10,000 healthcare jobs.

Northrop Grumman is the largest aerospace employer

in the region, with roughly 18,000 employees. The

company’s Aerospace Systems division manufactures

defense electronics and constructs the Joint Strike

Fighter. As Northrop wins more bids on federal

contracts, the firm will likely expand hiring. The Boeing

Co. also provides more than 11,000 aerospace jobs in

the area.

Kaiser Permanente

Northrop Grumman Corp.

The Boeing Co.

Kroger Co.

Cedars-Sinai Medical Center

University of Southern California

Target

Bank of America Corp.

The Home Depot

Providence Health & Services


* ForecastSources: Marcus & Millichap Research Services, BLS, Moody'sAnalytics, Experian

LOS ANGELES

35

MARKET OVERVIEW


Demographics

Los Angeles County is one of the most populated

metropolitan areas in the nation, containing more than

13 million inhabitants. Population gains in Los Angeles

preceded and created economic expansion, rather than

followed it, which was the case in most other U.S.

metros. Since 2010, the local population expanded by

more than 452,500 residents. Most of the growth came

from foreign immigration, rather than natural increases

or domestic migration. A population gain of 0.5

percent annually is expected during the next five years.

Diminished growth will stem from smaller household

sizes and declining affordability, trends that already

have pushed housing development outward into

surrounding counties.

The population of Los Angeles County is younger than

the nation, with a median age of 35.8 years compared

with the U.S. median of 37.5 years. The cohort ages 25

to 44 is much larger than that of the country, as many

people come to the area seeking employment.

More metro residents are going to college. The number

of people age 25 and older who have obtained a

bachelor’s degree or higher has risen to 31.3 percent.

Educational achievement contributed to the local

median household income rising considerably since

2000, reaching $57,900 last year. Even though incomes

are rising, Los Angeles is still a renter’s market as only

49 percent of households own their homes.


* ForecastSources: Marcus & Millichap Research Services, AGS, Experian,Moody's Analytics, U.S. Census Bureau

LOS ANGELES

36

MARKET OVERVIEW

The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.


Quality Of Life

The Los Angeles region enjoys pleasant weather, with

sunshine reigning throughout the year. Bounded by

mountains and the Pacific Ocean, the temperature

rarely rises above 85 degrees or falls below 40 degrees

and rainfall is minimal. The mild Los Angeles climate

enables people to enjoy outdoor recreation during

much of the year, and a variety of landscapes foster

many outdoor activities. It is possible to swim in the

ocean and ski on the mountains on the same day. The

region is home to the Los Angeles Zoo and Botanical

Gardens and the 4,100-acre Griffith Park, one of the

largest urban parks in the nation.

There are 27 institutes of higher learning in the county,

including three campuses of the University of

California, seven campuses of California State

University and private institutions such as Caltech, the

Claremont Colleges, Occidental College and the

University of Southern California. A number of

community colleges also are situated in the county.

Several professional and college teams are located in the

area for sports enthusiasts. Cultural venues include

Walt Disney Concert Hall, Dorothy Chandler

Pavilion, the Hollywood Bowl, Warner Bros. Studios,

Huntington Library, the Museum of Art and the

Natural History Museum of Los Angeles County.


* ForecastSources: Marcus & Millichap Research Services, NationalAssociation of Realtors®, Moody's Analytics, U.S. CensusBureau

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MARKET OVERVIEW


Record Operations Induce Multidecade Supply Growth; Investors Unfazed

Tightening apartment operations sponsor widespread multifamily development. Robust job creation andeconomic growth in Los Angeles County are creating vigorous demand for multifamily housing. As metroresidents find work, they are overwhelmingly choosing to rent over homeownership, driven primarily by theextreme cost of a single-family house. As a result, vacancy rates have fallen to the lowest levels of the current cycle.Recent economic conditions have fostered a wave of development over the past few years as builders respond totightening conditions in the metro. In particular, the revitalization of downtown Los Angeles has introduced asurge of mixed-use projects. Rising rents are also bringing supply to the coveted Westside Cities, although thepipeline of additional units remains constrained due to its infill nature. Farther south, corporate lease expansion inthe South Bay has intrigued builders, elevating planned completions in the area. Meanwhile, operations aresurging in the San Fernando Valley as tenants shift toward more affordable rents amid increasing prices. Theresulting environment will bring a multidecade increase to supply, triggering a short-term increase in vacancy.However, this will have little effect on rental rate increases due to the lack of alternatives for metro tenants,sponsoring rent gains above inflation.

Investors broaden focus as cap rates keep falling. Plummeting metro vacancy rates and positive operating leverageamid a low interest rate world are encouraging a focus on Los Angeles County multifamily assets. Access tocommercial credit remains relatively stable, helping investors add additional properties to their portfolios amidimproving operations. While institutional buyers have focused on marquee neighborhoods in the Westside Citiesand downtown Los Angeles, smaller syndicates and buyers have shifted their focus toward value-add and suburbanassets in search of greater cap rates. Although supply pressure is mounting, structural impediments tohomeownership in the metro are diminishing investor concerns about operations from a longer-term perspective.Overall, cap rates will average in the mid-4 percent range, although institutional-quality transactions will reach thehigh-3 percent range. Suburban deals can stretch into the low-5 percent range. The balance of risk and reward isshifting to favor sellers, which is likely to increase transaction activity in 2016.

Employment: Over the past year, organizations in Los Angeles County produced 114,100new jobs, expanding payrolls by 2.7 percent. This year, slower global growth and worldtrade will foster the creation of 65,000 new positions, a 1.5 percent growth rate.

Construction: After completing nearly 5,200 units in 2015, builders will ramp up deliveriesconsiderably this year as 11,600 rentals are brought to market. More than half of the totalwill target downtown Los Angeles, while activity is rising in all portions of the county.

Vacancy: A multidecade high in apartment construction will foster a 40-basis-point rise inthe metro vacancy rate to 3.4 percent. In the previous year, vacancy contracted 20 basispoints as supply growth fell short of net absorption.

Rents: Robust demand for rentals amid surging operations sponsored a 6.1 percent lift inaverage effective rents to $1,892 per month metrowide in 2015. This year, the pace ofimprovement will moderate somewhat to 3.7 percent, placing average rents at $1,962 permonth.


2016 Multifamily Forecast

1.5% increasein total

employment

11,600 unitswill be completed

40 basis pointincrease in

vacancy

3.7% increasein effective rents

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MARKET OVERVIEW


Economy

■ A steady pace of economic growth motivated Los Angeles organizations to acquire 114,100 new workers overthe past four quarters, a 2.7 percent rate of expansion. In the previous year, the local labor force swelled 1.4percent as 57,700 jobs were created in the metro.

■ Labor market strength has been increasingly broad-based over the last year, with several sector payrolls rising.Tourism spending drove 25,300 new jobs in leisure and hospitality professions, while community stapleprofessions in education and healthcare also jumped 32,600 spots.

■ While tourism and basic healthcare and education services took the top spots in payroll growth over the prior12 months, professional and trade workers were also in high demand, with headcounts rising 14,700 and15,600 spaces, respectively, as asset prices and construction sponsor an uptick in activity.

■ Outlook: A slower pace of global growth will lead to the creation of 65,000 new positions in the metro thisyear, a 1.5 percent expansion.


Housing and Demographics

■ Homebuilders and multifamily developers are adding to the pipeline of future projects, with permitting up30.3 percent for single-family houses and 16.7 percent for multifamily complexes.

■ The median price of an existing single-family residence tacked on 4.4 percent year over year to $465,500 ashigh demand continues to outpace supply. Meanwhile, median household income ticked up 2.8 percent tonearly $58,000 annually, well below the minimum qualifying income of $107,000 per year needed for amortgage.

■ Monthly mortgage payments, assuming 20 percent down with insurance and taxes on a median-priced home,are approximately $2,400 per month. Effective rents, however, are well below this rate, averaging $1,892 permonth metrowide.

■ Outlook: This high cost of a single-family home, coupled with necessary qualifying incomes that are more than84 percent above the metro average, will keep most residents in multifamily housing. In addition, the commutetimes required for an affordable home will keep many possible homebuyers on the sidelines.

* ForecastSources: Marcus & Millichap Research Services; BLS; Economy.com; NAR

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MARKET OVERVIEW


Construction

■ After completing more than 10,600 rentals in 2014, builders reduced their ambitions last year as deliveries fellto just over 4,800 units. The most popular development areas were downtown Los Angeles, the South Bay andthe San Fernando Valley.

■ Following the slowdown last year, deliveries will accelerate again in 2016. The vast majority of this year’s stockwill come online in downtown Los Angeles as builders focus on the metro core revitalization. A doubling ofsupply additions will also occur in the San Fernando Valley.

■ This year’s supply growth will consist almost entirely of market-rate multifamily offerings, with only a handfulof units slated as affordable or senior housing. There are three projects underway containing more than 700rentals: Eighth & Grand in downtown Los Angeles and Playa del Rey and the Villas at Playa Vista III in theSouth Bay.

■ Outlook: Builders will more than double completions this year as 11,500 units are delivered metrowide.


* ForecastSources: Marcus & Millichap Research Services; MPF Research

Vacancy

■ A slower pace of construction, coupled with robust net absorption that surpasses supply increases, fostered a20-basis-point drop in the county vacancy rate to 3 percent. Aside from downtown Los Angeles, whichrecorded the highest supply growth, the vast majority of submarkets recorded occupancy gains.

■ Throughout the metro, all vintages registered vacancy declines, led by the 90-basis-point reduction in 2000s-era assets. Assets in the downtown Los Angeles submarket were most in demand, with vacancy falling 80 basispoints to 2.8 percent. Despite the gains, the newest properties in the county still hold the highest vacancy rates,with an average of 4 percent.

■ More affordable rental rates are driving investors toward the San Fernando Valley area as vacancy rose 60 basispoints to 3.3 percent. Results were more bifurcated, with vacancy up 180 basis points to 4.5 percent in theBurbank/Glendale/Pasadena submarket.

■ Outlook: The quickest pace of deliveries in more than 16 years will create a period of transition in the market,sponsoring a 40-basis-point rise in vacancy to 3.4 percent.

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MARKET OVERVIEW


Rents

■ Tightening operations and vigorous net absorption fostered a 6.1 percent increase in average effective rents to$1,892 per month. All core areas of the county recorded expansion, with the lowest pace of improvement inthe Downtown Los Angeles market, which added 5.4 percent to $2,230 per month.

■ The Burbank/Glendale/Pasadena and Brentwood/Westwood/Beverly Hills submarkets posted rentadvancement in excess of 9.5 percent, the strongest performance in the metro, as a slow pace of developmentand heightened tenant interest flowed through to rent growth.

■ Struggling with the highest average effective rents in the county, the Santa Monica/Marina del Rey submarketposted just 4 percent growth to $3,083 per month. Meanwhile, the more affordable Van Nuys/Northeast SanFernando Valley recorded an 8 percent acceleration to $1,458 per month.

■ Outlook: Average effective rents increases will slow to 3.7 percent to $1,962 per month this year as deliveriesoverwhelm demand.

Sales Trends

■ Transaction velocity vaulted 25 percent as buyers deployed additional capital into the metro. Dollar volumealso advanced 20 percent to top $4.5 billion, indicating a growing number of market participants asmultifamily real estate values continue to improve.

■ The average price per unit on closed transactions jumped 11.0 percent to nearly $330,000, boosted by intensedemand in the Westside Cities. The downtown Los Angeles area also posted impressive results, with prices upnearly 6.0 percent on a 38.5 percent surge in activity.

■ Cap rates slipped 30 basis points to 5.2 percent over the past year as investor demand remains piqued. Class Aproperties can sink into the low-4 percent range, while value-add deals in more suburban locales can trade intothe high-5 percent range.

■ Outlook: The bifurcation of asset performance over the coming year will produce a more measured approachto capital allocation as investors seek out properties with barriers to competition.


* ForecastSources: Marcus & Millichap Research Services; MPF Research; CoStar Group, Inc.; Real Capital Analytics

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MARKET OVERVIEW


Greater Downtown Los Angeles Market

■ Over the past year, builders delivered 1,922 units to the market in downtown Los Angeles. Nearly all of theunits were conventional. The only exception was Level at 888 Olive Street, a corporate housing facility.

■ Construction firms will more than triple deliveries this year as tight operations and rising rents encourage anexpansion in the project pipeline. Two of the largest projects underway include Eighth & Grand with 700rentals and Sixth & Bixel with 606 units.

■ Demand for apartments in the urban core of the metro remains robust, with the average vacancy rate falling to2.8 percent, down 80 basis points year over year, to end the fourth quarter of 2015. The Mid-Wilshiresubmarket was the only portion that posted a vacancy rise, up 40 basis points to 2.7 percent.

■ Outlook: One of the most aggressive development years of the past decade will contribute to a 60-basis-pointrise in average vacancy to 3.4 percent by year end. During this period, downtown Los Angeles submarkets willreceive in excess of 7,000 new units, the greatest number of completions in more than 16 years.

* ForecastSource: MPF Research


■ Over the past year, tightening operations allowed a 5.4 percent advancement in average effective rents to$2,230 per month, with widespread growth across all vintages and segments.

■ The Hollywood submarket was the best performer in the area, with rents climbing 7.4 percent to $2,255 permonth. Rental rates in the Mid-Wilshire submarket also posted impressive growth during this period,advancing 5.7 percent to $2,218 per month.

■ Despite rent reductions in the Downtown Los Angeles submarket in the 2000s vintage, the category deliveredoutstanding results overall in the other submarkets. Mid-Wilshire tacked on 5.7 percent and Hollywood added7.4 percent as renters paid up for newer units.

■ Outlook: The pace of rent growth will moderate over the coming year as supply pressures engender a greaterlevel of competition for tenants in the area. However, average effective rents will still tick up 2.2 percent to$2,280 per month.

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MARKET OVERVIEW


■ Sales volume surged over the past year as interest in downtown Los Angeles apartment revitalization intensified.Metrowide, closed transactions jumped more than 30 percent, with dollar volume topping $1.4 billion.

■ Along with heightened volume, average prices per unit on completed transactions approached $290,000, upmore than 12 percent over the past year. Higher prices were paid in Hollywood and West Hollywood.

■ Seeking yield, investors have pushed down cap rates into the mid-4 percent to low-5 percent range, dependingon location and asset quality. Value-add properties, while minimal, will begin with yields in the high-5 percentrange.

■ Outlook: A greater volume of construction will allow more investors an opportunity to deploy capital. Buyerswill focus on the mixed-use assets with ground-floor retail spaces, providing diversification to their revenuestream.


Sources: CoStar Group, Inc.; Real Capital Analytics

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MARKET OVERVIEW


Westside Cities Market

■ In the previous year, developers completed 234 units, with more than half of these deliveries targeting theSanta Monica/Marina del Rey submarket via Alliance Residential’s Sway project at 525 Broadway in SantaMonica.

■ Builder activity will intensify this year as demand continues to accelerate in the area. Completions will morethan double, with a concentration in the Palms/Mar Vista submarket, where four projects are underway. NMSProperties’ Harlow Culver City is the largest complex underway, containing 131 units.

■ Demand for rentals slipped moderately as vacancy ticked up 20 basis points to 3.3 percent. Renters have beenmigrating out of the area toward more affordable rental rates in other portions of the metro. The SantaMonica/Marina del Rey submarket bucked this trend, with vacancy declining 20 basis points.

■ Outlook: Builders will complete 587 units this year, more than doubling supply growth from 2015. However,this is roughly in line with the long-term average. A higher pace of deliveries will foster a 20-basis-point rise invacancy to 3.5 percent.


* ForecastSources: Marcus & Millichap Research Services; MPF Research

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MARKET OVERVIEW


■ The premium associated with the Westside Cities is rising, with average effective rents vaulting 6.4 percent to$2,802 per month over the past four quarters. The prized Brentwood/Westwood/Beverly Hills submarketposted the greatest acceleration, up 9.5 percent to $2,985 per month.

■ The Palms/Mar Vista and Santa Monica/Marina del Rey submarkets also recorded swelling average effectiverents, up 5.1 percent to $2,260 per month and 4.0 percent to $3,083 per month as renters in the area soughtgreater affordability. This was largely driven by occupancy gains in 2000s-era properties, signifying demand atthe top end of the market.

■ Rent levels in the Brentwood/Westwood/Beverly Hills submarket are primarily the result of gains in the 2000sand 1970s vintage, up 15.2 percent and 16.4 percent, respectively, indicating a bifurcation of the market asrenters seek out high-end and low-end offerings.

■ Outlook: Average effective rents will expand 5.3 percent to $2,950 by year end as tenants migrate toward newapartments being constructed in the area.

■ Buyer interest in the Westside Cities markets advanced 14.4 percent in 2015 as investors sought out premiumassets in high-end submarkets. The western portions of Los Angeles and Santa Monica accounted for the bulkof deal volume.

■ Closed prices per unit topped $500,000 over the past 12 months, a 14 percent ascension. Premier assets inMalibu and Playa Del Rey dragged up the average, with the vast majority transacting in the mid-$400,000range.

■ Cap rates are drifting lower as buyer enthusiasm continues to ramp up. As a result, first-year yields in the areawill begin in the high-3 percent range and extend into the mid-4 percent range.

■ Outlook: Healthy operations and some of the best real estate in the nation will continue to bring national andregional buyers into the Westside Cities, supporting greater transaction velocity and higher prices over thecoming year.


* ForecastSources: MPF Research; CoStar Group, Inc.; Real Capital Analytics

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MARKET OVERVIEW


San Fernando Valley/Tri-Cities Market

■ During the past 12 months, developers delivered nearly 1,300 units, down considerably from the previous yearwhen more than 2,160 were constructed. The Burbank/Glendale/Pasadena was the most active market, withmore than 960 rentals brought to market.

■ Construction activity will swell over the coming year as builders ramp up deliveries, particularly in theBurbank/Glendale/Pasadena and Van Nuys/NE San Fernando Valley submarkets. The largest projectunderway is Associated Estates’ Warner Place in Woodland Hills, which will contain 379 units uponcompletion.

■ Over the past year, vacancy rose 60 basis points to 3.3 percent. The Sherman Oaks/North Hollywood/Encinosubmarket was under the most pressure, with vacancy rising 170 basis points to 3.9 percent.

■ Outlook: Builders will accelerate the pace of completions this year, delivering nearly 2,280 rentals. As a result,vacancy will rise 30 basis points to 3.6 percent.

■ Average effective rents strengthened 8.6 percent over the past year to $1,813 per month as tenant demand wasroughly in line with deliveries. The Burbank/Glendale/Pasadena submarket recorded the greatest advancement,up 9.7 percent to $2,102 per month.

■ All submarkets in the San Fernando Valley posted rent increases above 6.0 percent. The Woodland Hills andNorthridge/Northwest San Fernando Valley submarkets lagged the bulk of the market yet still registered rentgrowth of 6.3 percent to $1,964 per month and 6.4 percent to $1,520 per month, respectively.

■ Rental gains were most pronounced in the 1990s-era properties in the Burbank/Glendale/Pasadena submarket,where the vintage recorded a 21.1 percent acceleration to $2,123 per month. The 1980s-era assets in thesubmarket lagged the average, with rents expanding just 4.1 percent to $1,940 per month.

■ Outlook: With the most affordable rents in Los Angeles County, this area will continue to offer metro tenantsa compelling value, allowing growing demand to foster a 6.2 percent increase to $1,925 per month.


* ForecastSource: MPF Research

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MARKET OVERVIEW



■ Sales volume vaulted 19.6 percent as buyer interest expanded dramatically, particularly as new investors enteredthe market. As a result, dollar volume surpassed $1.6 billion, the highest in the market.

■ As transaction velocity increased, the average price per unit topped $230,000 per unit, up 5.4 percent over theprior year. Higher prices were paid in Studio City and Pasadena, while more affordable assets were bought inNorthridge and Van Nuys, near the fringes of the county.

■ First-year yields in the area will range from the mid-4 percent range at the low end for well-located propertiesand extend into the mid-5 percent range in outlying areas and value-add assets.

■ Outlook: Buyer demand for greater yields will continue to attract a growing buyer pool, particularly as initialreturns around the county fall lower. Outlying areas can provide more robust first-year returns.

Sources: CoStar Group, Inc.; Real Capital Analytics

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MARKET OVERVIEW


South Bay/Long Beach Market

■ During the last four quarters, builders finished more than 1,350 new rentals in the South Bay/Long Beachmarket. This represents a remarkable acceleration from 2014, when just 320 apartments were completed.

■ Development activity will expand dramatically over the coming year, with completions set to rise 21 percent.Projects are split evenly between Long Beach and the South Bay, indicating widespread interest amongbuilders. The largest project underway is Equity Residential Altitude on Center Drive in Los Angeles.

■ The rise in construction deliveries was met with boosted demand, leading vacancy to contract 30 basis points to2.5 percent in 2015. While vacancy in the South Bay slipped 10 basis points to 2.4 percent, Long Beachregistered a 40-basis-point decline to 2.6 percent.

■ Outlook: A moderate tick up in completions to 1,630 rentals will trigger a small rise in area vacancy, up 20basis points to 2.7 percent.



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MARKET OVERVIEW


■ Tightening operations were met with average effective rent growth in 2015, which vaulted 7.4 percent to$1,831 per month. Both submarkets recorded positive traction during this period, with advancement above 6.5percent.

■ The Long Beach submarket registered a 6.8 percent gain in average effective rents to $1,612 per month. Allvintages posted an expansion in rents with the exception of 1990s-era product, where rents slipped 3.4 percent.The pre-1970s-era stock offered the largest gains, up 8.5 percent to $1,617 per month.

■ South Bay assets were in high demand among tenants; 1990s-era vintages rents rose 11.3 percent to $1,684 permonth on average. The next highest growth was recorded in 1970s-vintage properties, which swelled 9.3percent to $2,045 per month in the past year.

■ Outlook: Average effective rents will tack on 5.1 percent to $1,925 per month as tenants flock toward SouthBay and Long Beach rentals. The relative affordability and proximity to corporate centers will encourage acontinuation of this trend.

■ Thriving operations in the area encouraged more buyers to bid for assets, leading transaction velocity to soarmore than 30 percent. Investors were active in all portions of the market yet centered their activity in LongBeach.

■ The average price of assets trading in the last 12 months ticked up 3.7 percent to more than $265,000 perdoor. High-end locales such as Manhattan Beach and El Segundo exchanged ownership in excess of $600,000per unit, while more affordable assets were purchased in Gardena and Hawthorne.

■ As the buyer pool widened, cap rates have drifted into the mid-4 percent range, down roughly 30 basis pointsover the past year. Greater initial yields can be found in Long Beach and Gardena, while the lower bound willbe found in marquee areas such as El Segundo and Redondo Beach.

■ Outlook: Strong operational fundamentals and vigorous investor interest in the area will continue this year,causing transactions to rise. Demand outweighs available supply in most neighborhoods.



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MARKET OVERVIEW



Capital Markets

■ Following the first interest rate increase since 2008, the Federal Reserve has promised a measured, patientapproach to future rate hikes. Recently, the mixed picture of U.S. economic data has given several members ofthe bank’s monetary policy committee reason to pause. Robust labor market indicators present positiveevidence of continued expansion, while manufacturing and inflation expectations have weakened due to thestronger dollar. As a result, the central bank will likely weigh the balance of data over the coming monthsbefore enacting additional rate hikes.

■ Multifamily housing trends have continued to accelerate over the past year, with the national vacancy ratefalling 40 basis points to 4.1 percent. Meanwhile, development remains considerable, although generallylimited to primary markets; deliveries in 2015 exceeded 230,000 units for the second straight year, the highestannual total since 2000. However, despite the incredible pace of construction, net absorption surpassed supplygrowth, supporting a 5.6 percent climb in average effective rental rates.

■ Fannie Mae and Freddie Mac are underwriting five-, seven- and 10-year commercial property loans withmaximum leverage of 80 percent. Interest rates for these loans will range from 3.7 percent to 4.2 percent,depending on loan structure and maturity, for loans above $3 million. Portfolio lenders, including commercialbanks and life insurance companies, offer debt at 65 to 75 percent loan to value on 10-year terms at 3.60 to4.25 percent. Floating-rate terms typically carry a maximum LTV of 65 percent for stabilized properties, whilepricing at a 250- to 425-basis-point spread above Libor. CMBS issuance topped $100 billion last year, butwider spreads have curtailed activity thus far in 2016.

Submarket Vacancy Ranking

LOS ANGELES


DEMOGRAPHIC ANALYSIS

1 Mile 3 Miles 5 Miles

2000 Population 30,168 239,388 459,254

2010 Population 31,223 248,661 485,329

2014 Population 32,557 259,901 505,378

2019 Population 33,072 264,546 516,807

2000 Households 14,038 121,014 215,957

2010 Households 14,717 124,278 226,177

2014 Households 15,578 131,616 238,804

2019 Households 15,943 134,329 245,445

2014 Average Household Size 2.00 1.95 2.03

2014 Daytime Population 34,683 176,374 353,355

2000 Owner Occupied Housing Units 27.94% 29.58% 35.04%

2000 Renter Occupied Housing Units 66.77% 64.99% 59.95%

2000 Vacant 5.30% 5.43% 5.01%



2014 Vacant 1.24% 3.33% 3.00%



2019 Vacant 1.03% 3.10% 2.82%

$ 0 - $14,999 15.6% 11.9% 11.7%

$ 15,000 - $24,999 8.9% 8.6% 8.0%

$ 25,000 - $34,999 9.1% 7.2% 7.2%

$ 35,000 - $49,999 13.2% 11.3% 10.6%

$ 50,000 - $74,999 17.2% 16.4% 16.1%

$ 75,000 - $99,999 9.9% 11.4% 11.1%

$100,000 - $124,999 8.3% 9.0% 9.1%

$125,000 - $149,999 4.2% 5.9% 5.9%

$150,000 - $199,999 5.9% 7.0% 7.0%

$200,000 - $249,999 2.8% 4.0% 4.5%

$250,000 + 5.0% 7.5% 8.6%

2014 Median Household Income $54,727 $66,533 $68,959

2014 Per Capita Income $43,391 $55,392 $55,425

2014 Average Household Income $89,238 $108,831 $115,889

Demographic data © 2012 by Experian.

51




DEMOGRAPHIC REPORT

Geography: 5 miles

Population

In 2014, the population in your selected geography is 505,378. The population has changed by 10.04% since 2000. It is estimated

that the population in your area will be 516,807 five years from now, which represents a change of 2.26% from the current year. The

current population is 48.56% male and 51.43% female. The median age of the population in your area is 37.6, compare this to the

Entire US average which is 37.3. The population density in your area is 6,433.75 people per square mile.

Households

There are currently 238,804 households in your selected geography. The number of households has changed by 10.57% since 2000.

It is estimated that the number of households in your area will be 245,444 five years from now, which represents a change of 2.78%

from the current year. The average household size in your area is 2.03 persons.

Income

In 2014, the median household income for your selected geography is $68,959, compare this to the Entire US average which is

currently $51,972. The median household income for your area has changed by 29.32% since 2000. It is estimated that the median

household income in your area will be $82,075 five years from now, which represents a change of 19.01% from the current year.

The current year per capita income in your area is $55,425, compare this to the Entire US average, which is $28,599. The current

year average household income in your area is $115,888, compare this to the Entire US average which is $74,533.

Race & Ethnicity

The current year racial makeup of your selected area is as follows: 69.09% White, 4.10% Black, 0.16% Native American and 14.40%

Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and

5.02% Asian/Pacific Islander.

People of Hispanic origin are counted independently of race. People of Hispanic origin make up 16.87% of the current year

population in your selected area. Compare this to the Entire US average of 17.13%.

Housing

In 2000, there were 79,657 owner occupied housing units in your area and there were 136,299 renter occupied housing units in your

area. The median rent at the time was $855.

Employment

In 2014, there are 353,355 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed

that 81.56% of employees are employed in white-collar occupations in this geography, and 18.38% are employed in blue-collar

occupations. In 2014, unemployment in this area is 7.09%. In 2000, the average time traveled to work was 27.5 minutes.


52




SUMMARY REPORT

Number of people living in a given area per square mile.


53




POPULATION DENSITY

The number of people employed in a given area per square mile.


54




EMPLOYMENT DENSITY

Average income of all the people 15 years and older occupying a

single housing unit.


55




AVERAGE HOUSEHOLD INCOME

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