2823 LEEWARD AVENUE...Real Estate Taxes [2] $31,118 Insurance $3,411 Utilities $12,364 Repairs &...
Transcript of 2823 LEEWARD AVENUE...Real Estate Taxes [2] $31,118 Insurance $3,411 Utilities $12,364 Repairs &...
2823 LEEWARD AVENUELOS ANGELES, CA 90005
Located in the Epicenter of Development Boom
Walkable to Two Metro Stations - 95 Walk Score
Transit Oriented Community Tier 3
Qualified Opportunity Zone
Potential for Approximately 40 Unit Development
Rental Income During Pre-Development
CONFIDENTIALITY & 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.
NON-ENDORSEMENT NOTICE
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 ON LY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to
square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment
Services, Inc. © 2019 Marcus & Millichap. All rights reserved.
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially
given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any
prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment
professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax,
regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and,
given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.
Activity ID ZAB0380025
2823 LEEWARD AVENUEDEVELOPMENT OPPORTUNITY
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EXECUTIVE SUMMARYInvestment Highlights • Proposed Scenario •
Offering Details
FINANCIAL ANALYSISRent Roll • Operating Data
MARKET OVERVIEWLocation Overview • Regional Map • Local
Developments
EXCLUSIVELYLISTED
COMPETITIVE COMPARABLESSales Comparables • Rent Comparables
DEMOGRAPHIC REPORTDemographics
JAYNE SONG 송지현Direct (310) 909-5409
Cell (213) 222-6270
License CA 02098774
LAURA ALICE SCATURRO
Direct ( 310) 909-5472
Cell (310) 482-0422
License CA 01942167
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to present 2823 Leeward Ave., Los Angeles CA 90005. The two-story building is a 6-unit* apartment located just south of Wilshire Blvd and west of Hoover Street in the prime Koreatown market of Los Angeles. The subject property is positioned close to two major metro stations at Westlake/MacArthur Park and Wilshire Vermont and within blocks from Wilshire Boulevard Business Center. This centrally located property is less than 5 miles from Downtown LA and less than 2 miles from the Historic Wiltern Theatre in Los Angeles. Built in 1922, this apartment contains 7,136 gross SF and is situated on 9,514 SF of land. The apartment features a unit mix of (2) one bed / one bath and (4) two bed / two bath units. All units are fully occupied with month-to-month leases.
Identified as an ideal development area to address chronic shortage of housing in the City of Los Angeles, the Leeward Avenue Project qualifies for high density Transit Oriented Community (TOC) Tier 3 building incentives in a Qualified Opportunity Zone to build up to 41 units. The sale includes unapproved schematics for a 39-unit apartment with a total of 99 bedrooms including a co-living space. The proposed plan consists of (4) 2-bed penthouses, (28) 2-bed and (7) 5-bed, co-living units as well as a rooftop open air deck and parking. This is an excellent opportunity to purchase a property that enables a savvy developer to offset their costs with in-place cash flow while the entitlement process is underway.
Koreatown is one of LA's hotspots for new residential development, with approximately 3,000 units under construction. Just one building away a six-story condominium featuring 46 residential units is under construction, and a short walk west along Leeward Avenue, an 80-unit condominium complex was recently completed. Three blocks away, a 25-story apartment tower with 644-unit, 1,100-car parking garage and a 15,000 square feet of ground-floor retail space is projected to finish in 2021. This is a great opportunity for an investor looking for a high-density development site.
*Some units may be non-conforming. Buyer to verify.
► Walking Distance to Two Metro Stations at Westlake/MacArthur Park
and Wilshire/Vermont – 95 Walk Score
► Central Location – Easy Access to Employers in DTLA and Hollywood
► Blocks from Major Signalized Corner of Wilshire Blvd and Hoover St
► Located in the Epicenter of Development Boom
► Koreatown / MacArther Park
► Large 9,514 SF Lot Zoned LAR4
► Qualified Opportunity Zone
► Transit Oriented Community Tier 3
► Development Opportunity for Approximately 41 Units
► Rental Income During Pre-Development
95 WALK SCORE
WALKER’S PARADISEDaily Errands Can Be Accomplished on Foot
81 TRANSIT SCORE
EXCELLENT TRANSIT
Transit is Convenient for Most Trips
INVESTMENT HIGHLIGHTS
PROPOSED DEVELOPMENT
SCENARIOMULTIFAMILY
Although not entitled, the sale will include schematics
for a proposed development. Advantageous by-right
zoning allows for a 6:1 FAR with no height limitations.
Additional incentives for TOC guidelines permit
increase FAR and decrease parking requirements.
UNIT COUNT
PROPOSED RENTABLE SF
COMMON AREA SF
STORIES
PARKING
39 Total
32,530
4,400
9
26 Stalls
THE OFFERING
Offering PricePrice/Buildable Unit*Price/SF
$2,550,000$62,195$268/SF
Existing Building Size 7,136 SF
Year Built 1922
Parking 4 Garages
Occupancy 100%
Utilities: Water Owner Pays
Utilities: Electric / Gas Tenant Pays
Total Lot Size 0.22 Acres / 9,513 SF
Assessor Parcel # 5077-015-014
Zoning LAR4-2
Additional Information TOC Tier 3, Opportunity Zone
Development Standards No Height Restrictions
6:1 FAR
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*Buyer to conduct own due diligence and verify development information. Marcus & Millichap and the Seller have not made any investigation and makes no warranty or representation with respect to the development potential. The information contained inthis Marketing Brochure has been obtained from sources we believe to be reliable, however the information contained herein isnot a substitute for a thorough due diligence investigation.
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RENT ROLL
Current Potential
# of Avg Sq Average Average Monthly Average Average MonthlyUnit Type Units Feet Rent Rent / SF Income Rent Rent / SF Income
2 Bed / 2 Bath 1 $1,685 $2,037
2 Bed / 2 Bath 1 $1,462 $2,037
2 Bed / 2 Bath 1 $1,583 $2,037
2 Bed / 2 Bath 1 $1,986 $2,037
1 Bed / 1 Bath 1 $662 $1,441
1 Bed / 1 Bath 1 $1,081 $1,441
Totals/Weighted Averages 6 1,189 $1,410 $1.19 $8,459 $1,838 $1.55 $11,030
Gross Annualized Rents $101,506 $132,360
Note: Some units may be non-conforming. Buyer to verify.
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OPERATING EXPENSES
Notes to Operating Statement
[1] 3% Market Vacancy Variance Used. Currently, 100% Occupied.
[2] Estimated Tax.
[3] Estimated Expense, 5% of Gross Scheduled Rent.
Operating Data
Income Current
Gross Scheduled Rent $101,506
Less: Vacancy/Deductions [1] $3,045
Total Effective Rental Income $98,461
Other Income $4,398
Effective Gross Income $102,859
Less: Expenses 55.85% $57,451
Net Operating Income $45,408
Total Return 1.71% $45,408
Expenses Current
Real Estate Taxes [2] $31,118
Insurance $3,411
Utilities $12,364
Repairs & Maintenance $2,777
Landscaping $4,620
Management Fee [3] $5,075
Total Expenses $59,365
Expenses/Unit $9,894
Expenses/SF $8.32
KOREATOWN |
MACARTHUR PARK
Koreatown and MacArthur Park are attractive, growing
submarkets located in Central Los Angeles that lies 3 miles west
of Downtown, 4 miles southeast of Hollywood, 12 miles east of
Santa Monica Beach and 16 miles northeast of Los Angeles
International Airport (LAX). The area was once the epicenter of
Golden Age Hollywood, home to the Ambassador Hotel, the
Brown Derby and the Coconut Grove. Today, Asian and Latino
populations contribute to the neighborhood’s rich cultural diversity.
The community is the most densely populated area in Los Angeles
County, with over 42,600 residents per square mile.
Urban renewal continues to drive high-end development and change the landscape in this
neighborhood. Modern apartments are spring up along the Wilshire Boulevard corridor, and
development is starting to push into the southern portion of this historically affordable section of Los
Angeles. The area is one of L.A.’s hotspots for new residential development, with over 3,000 units
under construction.
In late 2008, the City of Los Angeles designated Koreatown as a special graphic district, allowing
digital signage and electronic billboards allowed in Time Square. Koreatown has become a
commercially driven area, with an estimated $1 billion invested since the early 2000s. With
projects by firms including Jamison Services, Trammell Crow Company and CIM Group, this
neighborhood continues to ride the growth wave.
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PROXIMITY TO
LOS ANGELES
ATTRACTIONS
LAX
AIRPO
RT17.9
Miles
BEVER
LY
HILLS7.6 Miles
HOLLYWO
OD4.6 Miles
DTLA2.9 Miles
UNIVERSAL
CITY9.5 Miles
Metro Rail & BuswayProjects Under Construction
$300M Apartment Tower
2900 Wilshire Blvd
644-Unit Mixed-Use
Mixed-Use
2938-2972 W. 7th St
228-Unit 7-Story Building
Apartment Complex
2783-2801 Francis Ave
50-Unit 6-Story Building
$300M Office Complex
Vermont and 6th St
20-Story Building
Mixed-Use
900 S. Vermont
193-Unit 6-Story Building
Mixed Used
8th and Berendo St
98-Unit 7-Story Building
Condo Development
2841-2853 Leeward Ave
46-Units 6-Story Building
Mixed-Use
3525 W 8th St
364-Unit
Mixed-Use
2525 Wilshire Blvd
152-Unit Mixed-Use
LOCAL DEVELOPMENTS
PROPERTY NAME LOT SIZE PROPOSED DEVELOPER
2841- 2853 Leeward Ave. 0.43AC
(18,556SF)
46-Unit Who’s It For LLC –
Private Investors
2938-2972 W. 7th St.
NEXEN
1.23AC
(53,505SF)
228-Unit Jamison Services, Inc. &
City Century MVE
2900 Wilshire Blvd.
KURVE
2.30AC
(100,397SF)
644-Unit Jamison Services, Inc. &
Hankey Capital
2783-2801 Francis Ave. 0.48AC
(20,256SF)
50-Unit DPK Group Investments, LLC –
Private Investors
Vermont and 6th St.
VERMONT CORRIDOR
7 Parcels LA DMH HQ &
Senior/Affordable
Housing 172-Unit
LA County &
Trammell Crow Company
2525 Wilshire Blvd
WILCO
0.51AC
(22,412SF)
152-Unit Somerset Group
900 S. Vermont Ave. 1.03AC
(44,902SF)
193-Unit Jamison Services, Inc.
8th and Berendo St. 0.65AC
(9,496SF)
98-Unit Jamison Services, Inc.
3525 W. 8th St.
THE RISE
2.18AC
(94,961SF)
364-Unit Cal-Coast &
Rescore Hollywood LLC
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SALES COMPARABLES – SUMMARY
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PROPERTY NAME ZONING LOT SIZE SALE DATE PRICE/SF COMMENTS
2938-2972 W. 7th St. C2-Tier 3 1.23AC
(53,505SF)
Jul 2019 $291.32/SF 50% sale of land to be
developed into mixed used.
825 Irolo St. Unentitled
R4-Tier 3
0.15AC
(6,534SF)
Mar 2020 $257.12/SF Existing SFR.
2859-2877 Francis Ave Unentitled
R4-Tier 3
0.62AC
(27,000SF)
Mar 2020 $287.06/SF Existing 9-unit was
delivered vacant.
203 N Oxford Ave Unentitled
R4-Tier 3
0.16AC
(7,161SF)
May 2020 $230.41/SF No plans in place. SFR on
site with rental income.
700 S New Hampshire Ave Unentitled
R4-Tier 3
0.19AC
(8,276SF)
Oct 2020 $275.25/SF Will be delivered vacant.
AVG. PRICE/SF $268.23/SF
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THE KODO2867 Sunset Pl, Los Angeles, CA, 90005
LEEWARD AVENUE PROJECT2823 Leeward Ave, Los Angeles, CA, 90005
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RENT COMPARABLES
UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
2+2 660 $705 - $3,600 $1.07 - $5.45 0+1 466 - 608 $2,150 - $2,650 $4.35 - $4.61
5-Bed Co-Living 1,630 $6,000 - $7,500 $3.68 - $4.60 1+1 585 - 639 $2,250 - $3,210 $3.85 - $5.02
2+2 875 - 974 $3,350 - $4,190 $3.82 - $4.30
Notes: Lounge, Outdoor Space, Controlled Access, Garage Parking, Co-Living Unit Option, Affordable Units Availble
Notes: Fitness Center, Business Center, Lounge, Outdoor Space, Controlled Access, Pet Friendly Building, Garage Parking, Maid Service Option, Furnished Unit Option
39TOTAL UNITS
ProposedYEAR BUILT
60TOTAL UNITS
2018YEAR BUILT
BERKSHIRE K2LA685 S New Hampshire Ave, Los Angeles, CA, 90005
THE VERMONT3150 Wilshire Blvd, Los Angeles, CA, 90010
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UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
0+1 768 $2,405 - $2,865 $3.13 - $3.73 0+1 404 - 637 $1,642 - $2,200 $3.45 - $4.06
1+1 606 - 660 $2,205 - $3,095 $3.63 - $4.69 1+1 636 - 915 $2,149 - $3,250 $3.38 - $3.55
2+2 963 - 1,007 $2,925 - $3,962 $3.04 - $3.93 2+2 1,018 - 1,042 $3,285 - $3,835 $3.22 - $3.68
Notes: Fitness Center, Pool, Clubhouse, Lounge, Security System, Pet Friendly Building, Garage Parking
Notes: Fitness Center, Pool, Business Center, Clubhouse, Lounge, Outdoor Space, Controlled Access, Pet Friendly Building, Garage Parking
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464TOTAL UNITS
2014YEAR BUILT
177TOTAL UNITS
2016YEAR BUILT
RENT COMPARABLES
FRANCIS BLISS2840 Francis Ave, Los Angeles, CA, 90005
RADIUS KOREATOWN680 S Berendo St, Los Angeles, CA, 90005
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UNIT TYPE SQFT RENT RENT/SF UNIT TYPE SQFT RENT RENT/SF
0+1 403 - 665 $1,701 - $1,713 $2.58 - $4.22 2+2 1,085 $2,818 $2.60
1+1 522 - 900 $1,874 - $2,173 $2.41 - $3.59
2+2 966 - 1,268 $2,819 $2.22 - $2.92
Notes: Fitness Center, Pool, Clubhouse, Business Center, Outdoor Space, Pet Friendly Building, Garage Parking
Notes: Fitness Center, Balcony Patio, Controlled Access, Pet Friendly Building, Garage Parking
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301TOTAL UNITS
2014YEAR BUILT
28TOTAL UNITS
2015YEAR BUILT
RENT COMPARABLES
RENT COMPARABLES –SUMMARY
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PROPERTY NAME 0+1 1+1 2+2
The KODO - 2867 Sunset Pl,
Los Angeles, CA, 90005$2,150 - $2,650 $2,250 - $3,210 $3,350 - $4,190
The Vermont - 3150 Wilshire Blvd, Los
Angeles, CA, 90010$2,405 - $2,865 $2,205 - $3,095 $2,925 - $3,962
Berkshire K2LA - 685 S New
Hampshire Ave, Los Angeles, CA,
90005
$1,642 - $2,200 $2,149 - $3,250 $3,285 - $3,835
Radius Koreatown - 680 S Berendo St,
Los Angeles, CA, 90005 $1,701 - $1,713 $1,874 - $2,173 $2,819
Francis Bliss - 2840 Francis Ave, Los
Angeles, CA, 90005 $2,818
DEMOGRAPHICS HIGHLIGHTS
142,678POPULATION STATISTIC
$35,526INCOME STATISTIC
$466,675HOUSING STATISTIC
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DEMOGRAPHICS
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POPULATION 1 Miles 3 Miles 5 Miles
▪ 2025 Projection
Total Population 145,277 632,783 1,313,696
▪ 2020 Estimate
Total Population 142,678 619,589 1,285,917
▪ 2010 Census
Total Population 135,811 585,602 1,225,611
▪ 2000 Census
Total Population 139,883 599,414 1,234,777
▪ Daytime Population
2020 Estimate 119,321 780,710 1,416,977
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
▪ 2025 Projection
Total Households 53,977 238,978 483,729
▪ 2020 Estimate
Total Households 52,375 229,959 467,670
Average (Mean) Household Size 2.70 2.57 2.64
▪ 2010 Census
Total Households 49,173 212,894 436,867
▪ 2000 Census
Total Households 47,589 200,677 420,063
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
▪ 2020 Estimate
$250,000 or More 1.11% 2.93% 3.75%
$200,000 - $249,999 0.50% 1.59% 2.01%
$150,000 - $199,999 1.89% 3.70% 4.20%
$125,000 - $149,999 2.03% 3.61% 4.20%
$100,000 - $124,999 4.88% 6.27% 7.04%
$75,000 - $99,999 7.99% 9.97% 10.64%
$50,000 - $74,999 16.09% 15.18% 15.91%
$35,000 - $49,999 16.18% 12.82% 12.47%
$25,000 - $34,999 13.67% 10.94% 10.28%
$15,000 - $24,999 16.71% 13.68% 12.30%
Under $15,000 18.95% 19.31% 17.21%
Average Household Income $51,308 $68,645 $76,657
Median Household Income $35,526 $41,440 $46,753
Per Capita Income $19,116 $26,485 $28,503
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population by Age
0 to 4 Years 6.73% 5.61% 6.02%
5 to 14 Years 11.23% 9.96% 10.86%
15 to 17 Years 3.14% 3.01% 3.26%
18 to 19 Years 1.96% 2.67% 2.43%
20 to 24 Years 7.29% 8.42% 7.67%
25 to 29 Years 11.53% 10.86% 10.49%
30 to 34 Years 10.61% 9.81% 9.72%
35 to 39 Years 8.98% 8.30% 8.39%
40 to 49 Years 13.56% 13.68% 13.88%
50 to 59 Years 10.86% 11.85% 11.64%
60 to 64 Years 4.17% 4.74% 4.64%
65 to 69 Years 3.17% 3.57% 3.48%
70 to 74 Years 2.46% 2.73% 2.68%
75 to 79 Years 1.76% 1.94% 1.89%
80 to 84 Years 1.22% 1.37% 1.37%
Age 85+ 1.34% 1.48% 1.59%
Median Age 33.77 34.81 34.75
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
▪ Population 25+ by Education Level
2020 Estimate Population Age 25+ 99,383 435,719 897,064
Elementary (0-8) 20.88% 15.11% 14.48%
Some High School (9-11) 11.98% 11.20% 11.07%
High School Graduate (12) 20.98% 20.00% 19.47%
Some College (13-15) 12.48% 14.43% 15.88%
Associate Degree Only 4.35% 4.96% 5.10%
Bachelors Degree Only 19.14% 21.44% 20.92%
Graduate Degree 4.89% 8.14% 8.75%
Source: © 2019 Experian.
DEMOGRAPHICS
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Source: © 2019 Experian.
Income
In 2019, the median household income for your selected geography is
$35,526, compare this to the US average which is currently $62,990.
The median household income for your area has changed by 76.78%
since 2000. It is estimated that the median household income in your
area will be $38,605 five years from now, which represents a change
of 8.67% from the current year.
The current year per capita income in your area is $19,116, compare
this to the US average, which is $34,935. The current year average
household income in your area is $51,308, compare this to the US
average which is $90,941.
Population
In 2019, the population in your selected geography is 142,678. The
population has changed by 2.00% since 2000. It is estimated that the
population in your area will be 145,277.00 five years from now, which
represents a change of 1.82% from the current year. The current
population is 52.64% male and 47.36% female. The median age of the
population in your area is 33.77, compare this to the US average
which is 38.21. The population density in your area is 45,408.85
people per square mile.
Households
There are currently 52,375 households in your selected geography.
The number of households has changed by 10.06% since 2000. It is
estimated that the number of households in your area will be 53,977
five years from now, which represents a change of 3.06% from the
current year. The average household size in your area is 2.70
persons.
Employment
In 2019, there are 49,857 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
37.50% of employees are employed in white-collar occupations in this
geography, and 62.80% are employed in blue-collar occupations. In
2019, unemployment in this area is 6.05%. In 2000, the average time
traveled to work was 38.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
27.21% White, 4.33% Black, 0.13% Native American and 26.17%
Asian/Pacific Islander. Compare these to US averages which are:
69.84% White, 12.88% Black, 0.20% Native American and 5.75%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 65.35% of the current year
population in your selected area. Compare this to the US average of
18.38%.
Housing
The median housing value in your area was $466,675 in 2019,
compare this to the US average of $221,068. In 2000, there were
2,069 owner occupied housing units in your area and there were
45,520 renter occupied housing units in your area. The median rent at
the time was $498.
EXCL USI VE LY L I ST ED BY
2823 LEEWARD AVE
JAYNE SONG
Direct (310) 909-5409
Cell (213) 222-6270
License CA 02098774
LAURA ALICE SCATURRO
Direct (310) 909-5472
Cell (310) 482-0422
License CA 01942167