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| EXCLUSIVE MULTIFAMILY OFFERING
220 South Boyle Avenue | Los Angeles, CA 900337 Units | Built: 1928 | $1,495,000
BRENT SPRENKLESenior Managing [email protected] BRE License #01290116
a Berkshire Hathaway and Jefferies Financial Group companywww.BerkadiaREA.com
For R220Seal-BToimylee APrvoepe.Brtye rIknfoadirmaRatiEoAn .cgoo mto:
BRENT SPRENKLESenior Managing Director
CA BRE License #01290116
South Bay Los Angeles Office2321 Rosecrans Avenue
Suite 3235El Segundo, California 90245
Phone: 424.239.5900Fax: 424.239.5901
BerkadiaREA.comApartmentUpdate.com
7-Units in Boyle Heights-100% Vacant6.3% Cap Rate and 10.5 GRM Upon Lease-UpGreat Location Just East of DowntownTwo Structures on a Corner LotAll Units Currently Vacant-Ready for Renovations
Unique Unit Mix in a High-Demand Location
F220Sor RBeaol-yTliemAe vPreo.pBeretyr IknfoadirmaaRtioEn Ag.oc too:m
THE ASSETProperty Summary 1Location Description 2Location Map 4Aerial 5Property Photos 6
VALUATIONFinancial Analysis 7
MARKET POSITIONINGComparable Sale Properties 9Comparable Rental Properties 11
APPENDIXEconomic & Demographic Overview 14Demographics 27Apartment Update 36
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
PROPERTY SUMMARY
PROPERTY DESCRIPTION
Number of Units 7 Year Built 1928
Average SF 514± Site Acreage 0.14±
Parcel Number 5174-018-017
The Boyle Apartments was originally a 5-unitapartment building that is currently being operatedas 7-units (5 units per the certificate of occupancy)with paperwork filed to legalize all 7 units. Theproperty is completely vacant and is situated on acorner lot with parking located from two driveways.The property consists of two structures built in 1928and 1899. The owner recently obtained paperwork from thecity to convert the property to 7 legal units with oneunit being designed affordable. There is also apossibility to make the property 8 legal units.
Prospective buyer’s are to investigate the requirements of converting the property from 5 legal units to 7 or 8 units through thisprogram. The current unit mix consists of two units that are studios with a kitchen and one-bathroom, four one-bedrooms withone-bathroom, and one unit that is currently configured as a two-bedroom with one-bathroom, however, that unit could also beconfigured into a one-bedroom with a den, depending on the new owner’s objectives. The property is master-metered for allutilities. The property will be delivered vacant in as-is condition and all of the units will need to be renovated.
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com 1
LOCATION DESCRIPTION
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
Boyle Heights was once known as Paredón Blanco ("White Bluff"), before the
22-acre community was renamed to honor Andrew Boyle in 1875 by his
daughter and son-in-law. The community is now famous for its rich cultural
history and diverse population of residents. In fact, Boyle Heights ranks among
the top ten neighborhoods in Los Angeles in terms of the number of Latino
residents, with this demographic representing over 94% of the community.
The Boyle Heights community is best known for its eclectic collection of retail
shops and restaurants, especially those along Cesar E. Chavez Boulevard. Many
of the area’s best-known eateries have been in business for over 50 years. The
area is home to a popular and active arts district as well.
Notably, the neighborhood is close by to Downtown Los Angeles. This proximity
connects thousands of residents to the city’s major center for job growth via the
Metro Gold Line.
2
LOCATION DESCRIPTION
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
220 SOUTH BOYLE AVENUE NEIGHBORHOOD QUICK FACTS
LOS ANGELES, CA
69%Renter Occupied Housing Units
(Within Three Miles)
4.4%City Unemployment Rate
(March 2019)
355.9kPopulation
(Within Three Miles)
$40.2kMedian Household Income
(Within Three Miles)
$617.7kMedian Housing Unit Value
(Within Three Miles)
NEIGHBORHOOD SHOPPING
Target | Nordstrom Rack | H&M
FROM THE
PROPERTY3.4miSF SHOPPING
DESTINATION330kTOTALSTORES35
NEIGHBORHOOD CONVENIENCES
Within a three-mile radius of the property
JOBS
SUPPORTED
STUDENTS
ENROLLED
5.6k
27.7k
DEMAND DRIVER
California State University, Los Angeles
FROM THE
PROPERTY3.3mi
PRIMARY EDUCATION
Second Street ES | Hollenbeck MSTheodore Roosevelt Senior HS
STUDENTS
SERVED694kSCHOOLS
AND CENTERS1.3kJOBS
SUPPORTED63.6k
DEMAND DRIVER
L.A. LIVE
FROM THE
PROPERTY4.1miJOBS
SUPPORTED25.0kSF OF
COMMERCIAL
SPACE5.6m
DEMAND DRIVER
Los Angeles County + USC Medical Center
FROM THE
PROPERTY1.2miJOBS
SUPPORTED9.0kHOSPITAL
BEDS600
3
LOCATION MAP
220 SOUTH BOYLE AVENUE220 South Boyle AvenueLos Angeles, CA 90033
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com 4
AERIAL
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com 5
PROPERTY PHOTOS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com 6
FINANCIAL ANALYSIS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
220 S. Boyle Ave
Unit # Unit DescriptionEstimated
Unit SF
ProjectedRate
ProjectedRent Per SF
Status Notes Parking
1 One Bedroom, One Bath 500 $1,800.00 $3.60 Vacant2 One Bedroom, One Bath 500 $1,800.00 $3.60 Vacant3 One Bedroom, One Bath 500 $1,800.00 $3.60 Vacant4 One Bedroom, One Bath 500 $1,800.00 $3.60 Vacant5 Two Bedroom, One Bath 850 $2,400.00 $2.82 Vacant6 Studio, One Bath 375 $695.00 $1.85 Vacant Low Income7 Studio, One Bath 375 $1,500.00 $4.00 Vacant
Unit DescriptionEstimated
SF
ProjectedRate
Rent Range
Per SF
Number
Vacant
Number of
Units
Percentage
of Total
Totals: Studio, One Bath 750.00 $2,195.00 $1.85 - $4.00 22 28.57%
One Bedroom, One Bath 2,000.00 $7,200.00 $3.60 - $3.60 44 57.14%
Two Bedroom, One Bath 850.00 $2,400.00 $2.82 - $2.82 11 14.29%
3,600 $11,795.00 77
Unit DescriptionEstimated
SF
ProjectedRate
ProjectedRent Per SF
% Estimated
Upside
Rental
Averages: Studio, One Bath 375.00 $1,097.50 $2.93 -45.33%
One Bedroom, One Bath 500.00 $1,800.00 $3.60 -50.00%
Two Bedroom, One Bath 850.00 $2,400.00 $2.82 -58.33%
The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market rental rates are estimated. Buyer to independently investigate.
7
FINANCIAL ANALYSIS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
Units Unit TypeEstimated
Unit SF
Current
Rental Range
Projected Avg.
Rent
Market
Rent
Projected
Rent/SF
Market
Rent/SF
Est. Total
Net SF
2 Studio / 1 Bath 375 $695 - $1,500 $1,098 $600 $2.93 $1.60 750
4 1 Bed / 1 Bath 500 $1,800 - $1,800 $1,800 $900 $3.60 $1.80 2,000
1 2 Bed / 1 Bath 850 $2,400 - $2,400 $2,400 $1,000 $2.82 $1.18 850
7 514 $1,685 $829 $3.28 $1.61 3,600
Gross SF 3,615
IncomeProjected
Pro Forma
Market
Pro Forma
Trailing 12 (Tax
Adjusted)
Scheduled Market Rent $141,540 $69,600 $69,600
Less: Vacancy Actual is 100.00% 4.00% ($5,662) ($2,784) ($2,784)
Net Rental Income $135,878 $66,816 $66,816
Plus: Laundry Income $420 $420 $420
Total Operating Income (EGI) $136,298 $67,236 $67,236
Estimated Expenses Percentage Per Unit Estimated Renovation Budget
Administrative $120 $840 $840 $840 $20k per Unit $140,000
Repairs & Maintenance $500 $3,500 $3,500 $3,500 Exterior $20,000
Management Fee 5.00% $1,011 $7,077 $3,480 $7,077 Mechanical $20,000
Utilities (Water, Sewer, Electric & Gas) $1,000 $7,000 $7,000 $7,000 Total $180,000
Contracted Services $300 $2,100 $2,100 $2,100
Base Property Taxes 1.196% $2,554 $17,881 $17,881 $17,881
Property Tax Direct Assessments $78 $544 $544 $544
Insurance $350 $2,450 $2,450 $2,450
Replacement Reserve $100 $700 $700 $700
Total Estimated Expenses $42,092 $38,495 $42,092
% of Scheduled Rent: 29.74% 55.31% 60.48%
Per SF: $11.64 $10.65 $11.64
Per Unit: $6,013 $5,499 $6,013
Net Operating Income $94,207 $28,741 $25,144
Less: Debt Service ($68,475) ($68,475) ($68,475)
Projected Net Cash Flow $25,731 ($39,734) ($43,331)
Total Economic Loss 4.0% 4.0% 4.0%
Cash-on-Cash Return (Based on Listing Price) 5.15% -7.95% -8.67%
Debt Service Coverage 1.38 0.42 0.37
Cap Rate Analysis Price $/Unit $/FootCap Rate
Projected
Cap Rate
Post
Renovations
T-12 Tax
Adjusted
GRM
Current
GRM
Post
Renovations
Listing Price $1,495,000 $213,571 $413.55 6.30% 5.62% 1.68%10.53 11.80
All FinancingTotal Loan
Amount
Down
PaymentLTV
Monthly
Payment
Debt
Constant
$1,005,000 $500,050 67% ($5,706) 6.8%
New First Mortgage (to be originated at purchase)LTC for this loan Amount Interest Rate Amortization Payment Fees I/O Term (yrs)
60% $1,005,000 5.50% 30 ($5,706) 1.00% 0
PRO FORMA INCOME & EXPENSES220 S. Boyle Ave
Los Angeles, CA
IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia® and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia® employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions.
© 2019 Berkadia Real Estate Advisors Inc. Berkadia® is a trademark of Berkadia Proprietary Holding LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. # 843890. Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only.
The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market rental rates are estimated. Buyer to independently investigate.
8
COMPARABLE SALE PROPERTIES
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
PROPERTY INFORMATION SALES DATAProperty Units Built Rentable SF Price Price/Unit Cap
RateGRM Sale
Date1 823 Cleveland Street
823 Cleveland Street Los Angeles, CA 90012
6 1913 6,360 $1,900,000 $316,667 - - 11/18
2 1216 North Soto Street 1216 North Soto Street Los Angeles, CA 90033
9 1929 9,096 $1,957,500 $217,500 - - 9/17
3 1102 Stone Street 1102 Stone Street Los Angeles, CA 90063
8 1928 6,650 $1,795,100 $224,388 6.26% 11.16 8/17
4 2015 Michigan Avenue 2015 Michigan Avenue Los Angeles, CA 90033
6 1924 6,258 $1,400,000 $233,333 3.00% - 6/17
Averages $247,972 4.63% 11.16
S 220 South Boyle Avenue 220 South Boyle Avenue Los Angeles, CA 90033
7 1928 3,615 $1,495,000 $213,571 6.30% 10.53
9
COMPARABLE SALE PROPERTIES
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
S. 220 South Boyle Avenue 220 South Boyle Avenue Los Angeles CA1. 823 Cleveland Street 823 Cleveland Street Los Angeles CA2. 1216 North Soto Street 1216 North Soto Street Los Angeles CA3. 1102 Stone Street 1102 Stone Street Los Angeles CA4. 2015 Michigan Avenue 2015 Michigan Avenue Los Angeles CA
10
COMPARABLE RENTAL PROPERTIES
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
1. 3739 Dozier Street3739 Dozier StreetLos Angeles, CA 90063
Units Built3 1910
Units Type SF Asking Rent Rent / SF1 1/1.00 550 $1,800 $3.27
WeightedAvg. 550 $1,800 $3.27
2. 700 - 704 North HillPlace700 - 704 North Hill PlaceLos Angeles, CA 90012
Units Built30 2009
Units Type SF Asking Rent Rent / SF16 1/1.00 729 $1,887 $2.59 14 2/2.00 965 $2,223 $2.30 30 WeightedAvg. 839 $2,044 $2.44
3. 619 South Soto Street619 South Soto StreetLos Angeles, CA 90023
Units Built6 1924
Units Type SF Asking Rent Rent / SF1 2/1.00 700 $1,900 $2.71
WeightedAvg. 700 $1,900 $2.71
4. 633 Echandia Street633 Echandia StreetLos Angeles, CA 90049
Units Built3 1900
Units Type SF Asking Rent Rent / SF2 2/1.00 700 $2,195 $3.14
WeightedAvg. 700 $2,195 $3.14
5. 3087 Inez Street3087 Inez StreetLos Angeles, CA 90023
Units Built1 1912
Units Type SF Asking Rent Rent / SF1 2/1.00 800 $2,250 $2.81
WeightedAvg. 800 $2,250 $2.81
11
COMPARABLE RENTAL PROPERTIES
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
6. 1102 Stone Street1102 Stone StreetLos Angeles, CA 90063
Units Built8 1928
Units Type SF Asking Rent Rent / SF8 2/1.00 1,000 $1,840 $1.84 8 WeightedAvg. 1,000 $1,840 $1.84
7. Michigan Heights2202-2208 MichiganAvenueLos Angeles, CA 90033
Units Built28 1985
Units Type SF Asking Rent Rent / SF3 0/1.00 500 $1,135 $2.27
24 2/1.00 800 $2,095 $2.62 WeightedAvg. 767 $1,988 $2.59
8. Hollenbeck2302 East 6th StreetLos Angeles, CA 90023
Units Built12 1965
Units Type SF Asking Rent Rent / SF12 1/1.00 750 $1,650 $2.20 12 WeightedAvg. 750 $1,650 $2.20
S. 220 South Boyle Avenue220 South Boyle AvenueLos Angeles, CA 90033
Units Built7 1928
Units Type SF Current Rent Rent / SF2 0/1.00 375 $1,098 $2.93 4 1/1.00 500 $1,800 $3.60 1 2/1.00 850 $2,400 $2.82 7 WeightedAvg. 514 $1,685 $3.28
12
COMPARABLE RENTAL PROPERTIES
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
S. 220 South Boyle Avenue 220 South Boyle Avenue Los Angeles CA1. 3739 Dozier Street 3739 Dozier Street Los Angeles CA2. 700 - 704 North Hill Place 700 - 704 North Hill Place Los Angeles CA3. 619 South Soto Street 619 South Soto Street Los Angeles CA4. 633 Echandia Street 633 Echandia Street Los Angeles CA5. 3087 Inez Street 3087 Inez Street Los Angeles CA6. 1102 Stone Street 1102 Stone Street Los Angeles CA7. Michigan Heights 2202-2208 Michigan Avenue Los Angeles CA8. Hollenbeck 2302 East 6th Street Los Angeles CA
13
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
As one of the world’s most significant economic and cultural centers, Los Angeles is the second-most-populated city in the United States and the largest city in California. The city is seated in Los Angeles County and is an integral part of the Los Angeles-Long Beach-Glendale Metropolitan Division (MD). The city of Los Angeles spans over 80 different communities and neighborhoods, extending from the San Fernando Valley to the north, the port complex to the south, the San Gabriel Valley border to the east, and the dynamic LAX area to the west.
The ongoing evolution of Downtown Los Angeles continues to drive a building boom of historic proportions. Anchored by world-class amenities like The Broad Museum, Disney Concert Hall, and L.A. Live, developers have been constructing millions of square feet of residential, retail, and office space within downtown, enhancing an already thriving live / work / play environment. The district boasts a diverse local economy featuring some of the premier firms in the world. Notable employment centers include the headquarters of CBRE and Reliance Steel & Aluminum, and the offices of Wells Fargo, Ernst & Young, AECOM, Gensler, and the Boston Consulting Group.
Construction BoomApproximately 4.3 million square feet of office and retail space under construction downtown, with an additional 5.4 million square feet in the proposal stage- DowntownLA
Fortune 500Downtown Los Angeles is home to the headquarters of two Fortune 500 firms, CBRE (No. 146) and Reliance Steel & Aluminum (No. 275)- Fortune
Manufacturing HubLos Angeles ranked as the No. 1 “Manufacturing City in the Nation”- The Kyser Center for Economic Research
Entertainment CapitalLos Angeles County was named the “Entertainment Capital of theUnited States”- The Kyser Center for Economic Research
14
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHICS
n From 2018 to 2023, the city of Los Angeles’ population is forecast to grow 4.1%, reaching 4,077,700 residents
n 32% of city residents age 25 years or older hold a bachelor’s degree or higher, compared
to 30% nationallyn 27% of Los Angeles households earn $100,000 or more annually
n 57% of housing units in Los Angeles are renter occupied, compared to 31% nationally
n The city’s median household income is projected to reach $61,136 by 2023, up 11.1% from 2018
DEMOGRAPHICS - TARGET MARKET AREA (TMA)
n From 2018 to 2023, the population of the TMA is forecast to grow 6.7%, compared to 4.0% nationally
n Roughly 26% of residents are in the key renter age group of 18 to 35 years of age,
compared to 23% nationallyn The number of households that earn $100,000 or more annually is forecast to grow by 35% by 2023
n By 2023, the number of households in the TMA is forecast to grow 10.5%, exceeding 121,700 households
n The median household income in the TMA is projected to reach $44,313 by 2023, up nearly 13.3% from 2018
INDUSTRY BREAKDOWN
AVERAGE ANNUAL WAGE BY OCCUPATION
Management $133.7k
Healthcare Practitioners and Technical $94.8k
Business and Financial Operations $81.4k
Education, Training, and Library $69.3k
Sales and Related $45.4k
Office and Administrative Support $42.7k
Transportation and Material Moving $39.4k
Production $38.3k
Personal Care and Service $29.7k
Food Preparation and Serving Related $27.8k
Source: BLS Occupational Employment Statistics Survey
With breakthrough technology companies and research organizations, the home of the largest entertainment industry in the world, and a strong tourism industry, Los Angeles County has one of the most diverse, dynamic economies in the country.
The metro division added approximately 56,100 jobs during the 12-month period ending in April 2019, 20,500 of which were in the Education and Health Services sector.
Source: BLS Current Employment Statistics Survey
Education & Health Services
19%
Trade, Transportation, & Utilities
19%
Financial Activities
5%Professional & Business
Services
14%
Leisure & Hospitality
12%
Government
13%
Information
5%
Other Services
4%
Manufacturing
8%
Construction
3%
LOS ANGELES, CA
METRO DIVISION
EMPLOYMENT BY
SECTOR
15
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
EMPLOYMENT TRENDS
MARCH 2019
n 4.4% the city’s monthly unemployment rate was down
10 basis points Y-o-Y
APRIL 2019
n 56,100 jobs were created in the metro division,
a 1.2% annual increase
(300,000)
(200,000)
(100,000)
0
100,000
200,000
0%
3%
6%
9%
12%
15%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*
Unemployment Rate Jobs Added / Lost*Projected
LOS ANGELES COUNTY
LARGEST EMPLOYERS
Los Angeles County 107,500
Los Angeles Unified School District 63,580
City of Los Angeles 49,500
University of California, Los Angeles 46,200
U.S. Government 45,000
Kaiser Permanente 36,900
State of California 29,900
University of Southern California 27,430
Northrop Grumman Corporation 16,600
Target Corporation 15,000
Source: Los Angeles Almanac; LAUSD; USC
16
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
TRADE AND LOGISTICS
n 1.2 Million Jobs Supported
n $58 Billion Annual Wages and Tax Revenues
n $431.4 Billion Worldwide Trade Value
Los Angeles is one of the world’s leading trade and logistics centers. Based on a recent report, the Los
Angeles Customs District ranked first in the nation in terms of total worldwide trade handled, totaling more
than $431.4 billion. The Port of Los Angeles and the Port of Long Beach provide access to major U.S.
markets and the Pacific Rim, and handle over 40% of all inbound containers for the entire United States.
Combined, the ports support more than 1.2 million direct and indirect jobs and generate over $58
billion annually in wages and tax revenues.
Port of Los Angeles
MANUFACTURING
n No. 1 Manufacturing Center in the Country
n 65 Manufacturing Firms
n 342,700 Jobs Supported
Los Angeles’ unique geography, strong infrastructure, and skilled workforce make it an ideal location for
manufacturing companies. With more than 342,700 jobs supported in the sector, Los Angeles serves as
the top manufacturing center in the country. Approximately 65 plants are situated along the city’s I-605
Corridor, providing easy access to the growing industrial hub. Companies like Northrop Grumman
Corp., Edelbrock LLC, and Belkin International Inc. help make up the industry’s strong focus on
aerospace, fabricated metals, and food processing.
Northrop Grumman Corp.
17
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
ARTS & ENTERTAINMENT
n $198 Billion Economic Impact Metrowide
n 1,500 Theater Productions
n 792,600 Jobs Supported Metrowide
As the “Entertainment Capital of the World,” Los Angeles is home to major production studios including
Disney, Paramount, Universal, and Warner Brothers. Each year, the city boasts more than 1,500
theatrical productions throughout its 225 theaters, making arts and culture major drivers in the region.
Over 792,600 jobs are supported directly and indirectly in the creative economy, helping generate an
economic impact of $198 billion. There are more artists, writers, filmmakers, actors, dancers, and
musicians living in Los Angeles than any other city in the world.
Paramount Pictures
PROFESSIONAL & BUSINESS SERVICES
n 13 Fortune 500 Headquarters
n 624,300 Jobs Supported
n $205.2 Billion Combined Annual Revenue
According to the Global Financial Centres Index, Los Angeles is home to one of the most competitive
financial centers in the world, contributing to one of the most dynamic business economies. Los Angeles’
historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers,
law firms, and real estate companies. More than 624,300 jobs are supported by major businesses
including Amgen, Avery Dennison, and Mattel. Of the more than 50 Fortune 500 companies in
California, 13 are headquartered in Los Angeles County.
Avery Dennison
18
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
CONSTRUCTION AND DEVELOPMENT
n 25,000 Jobs Supported by L.A. Live n 5.6 Million SF of Commercial Space Within L.A. Live
Completed in 2010, L.A. Live is a $2.5 billion sports and
entertainment district that supports over 25,000 jobs and
encompasses more than 5.6 million square feet of retail shops,
music venues, night clubs, movie theaters, restaurants, and a
54-story Ritz-Carlton Residences hotel and condominium tower.
Nearby L.A. Live, construction is underway on Oceanwide
Plaza, a $1 billion project featuring a 600,000-square-
foot office tower, a 360-unit residential building, and a new
parking garage. Upon completion in 2020, the buildings will
be wrapped in a giant LED sign stretching 60,000 square feet
along Olympic, Figueroa, and 11th Street. The project will also
feature retail and commercial space at the base of the buildings
for hotel guests and residents.
L.A. LIVE
n $2.6 Billion Investment n 1.5 Million SF of Commercial Space
A 70,000-seat sport stadium and multiuse development
is currently under construction in Inglewood’s new City of
Champions district, approximately 10 miles north of Torrance.
The stadium will be the new home of the NFL’s Rams and
Chargers franchises. At three million square feet, it will be
the largest stadium in professional football. The $2.6 billion,
300-acre, multipurpose facility will also include a 6,000-seat
performance venue, more than 1.5 million square feet of retail
and office space, 2,500 homes, a 300-room hotel, and 25
acres of parks. Combined team annual revenue is estimated
to generate $700 million to the region. The new stadium is
expected to be completed in time for the 2020 NFL season.
LOS ANGELES STADIUM IN NEW CITY OF CHAMPIONS DISTRICT
n $6.3 Billion Investment n 22,000 Construction Jobs
Construction on the Metro’s Purple Line continues. The
project’s first phase is nearing completion and will open to the
public in 2023. In February 2018, officials broke ground on the
$2.5 billion second phase, which will run 2.5 miles west from
Wilshire Boulevard and La Cienega Avenue to Century City. The
final section from Century City to the VA campus is expected to
break ground in 2019. In total, the Purple Line extension project
will cost about $6.3 billion. At build-out, the nine-mile extension
will add seven more stops, generating 78,000 new daily trips.
With an expected completion date in 2026, the Purple Line will
be fully operational for the 2028 Summer Olympics.
METRO PURPLE LINE
19
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
CONSTRUCTION AND DEVELOPMENT
n $270 Million Office Tower n 2,990 Jobs Supported
Along Vermont Avenue in Los Angeles’ Koreatown, a three-site
development is underway. Site one of the Vermont Corridor
will include a $270 million, 21-story tower that will house
government offices and nearly 2,200 employees. The second
site will be converted into 172 units of residential housing.
Additionally, the building will feature street-level retail and
a rooftop deck. Site three includes demolishing the existing
parks and recreation office and replacing it with a sixstory
structure with senior housing units and a 13,200-square-foot
community center. In total, the sites will support more than
2,990 employees and provide over 2,100 parking spaces. All
three sites are expected to be completed by 2023.
VERMONT CORRIDOR
n 1.1 Million SF Renovation n 1,500 Jobs Created
Plans are underway to renovate the early 20th century Broadway
Trade Center into a 15-story multiuse property in Downtown
Los Angeles. The 1.1 million-square-foot renovation
will feature retail space on the ground floor, restaurants,
multiple bars, a spa, a private club, office space capable of
accommodating up to 3,000 workers, more than 150 hotel
rooms, and underground parking for 400 to 600 vehicles. The
renovated property will showcase a rooftop activity area with a
movie screen and Olympic-size swimming pool. The project is
expected to be completed by late 2019.
BROADWAY TRADE CENTER
n $14 Billion Investment n 121,000 Construction Jobs
Known as the largest public-works program in the history of
the city of Los Angeles, the $14 billion LAX modernization
program began in 2009 and has a projected completion date of
2023. The Tom Bradley International Terminal was completed in
September 2013 and features new aircraft gates and concourses,
retail shops and other amenities. Other projects that were recently
completed include new taxiways and taxi lanes, infrastructure
upgrades, and renovation improvements to all terminals. The
future $5.5 billion Landside Access Modernization Program
(LAMP) will generate additional terminal renovations and provide
the growing number of airport passengers convenient connections
to public transportation from the airport.
LAX MODERNIZATION PROGRAM
20
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DELIVERIES AND ABSORPTION
NEW DELIVERIES
n 1,558 units through the first three months of 2019
NET ABSORPTION
n 1,431 units through March 2019
The revitalization of Downtown Los Angeles has been an encouraging post-recession story. A multitude of world-class
amenities within the district are a key factor driving residential development, resulting in one of the most heavily built
submarkets in the entire United States. An unprecedented number of units have already delivered this cycle, most of them
high-end, and more on the way. Developers added over 1,500 new units into this submarket through the first
quarter of 2019, equating to over half the units delivered in the Los Angeles apartment market over the same
period. Through year-end 2019, an additional 2,489 new units are forecast for delivery, bringing the annual total to 4,407
- the largest number of additions since 2015. As Downtown Los Angeles’ reputation as an up-and-coming live / work /
play community continues to grow, developers will continue to target affluent renters valuing proximity to the world-class
amenities Downtown Los Angeles has to offer.
Drawn by the area’s walkability, vibrant restaurant scene, and burgeoning nightlife, Downtown Los Angeles has become a
popular destination for Millennials. Additionally, empty nesters enticed by Downtown’s cultural offerings, professionals who
want to be closer to their jobs, and other older, affluent renters are helping drive demand in the pricey luxury apartments
that characterize this development cycle. Consequently, absorption trends in this submarket have remained elevated
as more than 2,000 units have been leased each year since 2014. Through the first quarter of 2019, residents newly
occupied 1,431 new units in the submarket, which equates to a 34.2% increase from the same time last year. By year-end
2019, 3,282 new units are slated to be leased in this market, bringing the annualized absorption total to 4,713 - the largest
absorption figure post-recession.
0
1,000
2,000
3,000
4,000
5,000
2013 2014 2015 2016 2017 2018 2019*
Deliveries Absorption*PROJECTED
DOWNTOWN LOS ANGELES
APARTMENT SUBMARKET
21
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
RENT AND OCCUPANCY
EFFECTIVE RENT
n $2,544 in March 2019, up 2.3% annually
OCCUPANCY RATE
n 95.1% in 1Q19, down 40 bps Y-o-Y
$2,234
$2,322
$2,412
$2,465
$2,482
$2,554
$2,589
$1,900
$2,100
$2,300
$2,500
$2,700
92%
93%
94%
95%
96%
2013 2014 2015 2016 2017 2018 2019*Rent Occupancy*PROJECTED
DOWNTOWN LOS ANGELES
APARTMENT SUBMARKET
The frenetic pace of new construction in Downtown Los Angeles continues to weigh on rent growth. Despite the slowdown,
rent rates within the submarket have continued to expand as more residents opt to rent over purchasing a home, especially
with the median home sale price in downtown increasing by nearly 6% annually through March 2019. Over the same
time, average effective rent in this submarket reached $2,544 per month, increasing 2.3% annually. Effective
rent is forecast to reach $2,589 per month by December 2019, up 1.4% year over year. Average rents in Class A and B
communities are nearly $1,000 / month higher than Class C communities. This speaks to a submarket in transformation,
with new construction offering highly amenitized units than existing inventory. Such trends will provide numerous options for
value-add plays in the submarket.
Robust demand for apartment units near the city’s urban core has helped keep occupancy rates healthy despite the record
levels of new supply. Through the year ending in March 2019, the average occupancy rate in this submarket dropped
40 basis points annually, settling at a still-healthy 95.1%. Given the huge amount of product delivering in a relatively
tight window, these softening fundamentals were almost inevitable. However, as absorption is forecast to outpace construction
through the remainder of the year it will bolster an increase in occupancy. Through December 2019, the average occupancy
rate in this submarket is forecast to reach 95.6%, increasing for the fourth consecutive year and outpacing the submarket’s
five-year historic average of 94.7%.
22
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
EDUCATION
HIGHER EDUCATIONn 625,000 students metrowide
ANNUAL GRADUATESn 60,000 produced by metro Los Angeles universities each year
With over 120 colleges and universities that provide jobs and drive economic growth, the region is a hub for higher education and generates sustained demand for off-campus housing. Theuniversities alone produce 60,000 graduates annually, the highest number of any county in the nation.
The University of California Los Angeles (UCLA) is world-renowned for its high-quality academic, research, and athletic programs. UCLA offers over 125 undergraduate majors and 150 graduate degree programs. The university is one of the largest employers in the region, supporting approximately 46,200 jobs countywide. With an enrollment of 45,430 students, UCLA generates $1.8 billion in taxes and a $12.7 billion economic impact in the Southern California region.
The University of Southern California (USC) has an enrollment of over 45,690 students and employs more than 27,430 residents. USC has the largest private university graduate program in the nation in science, engineering, and health. In 2017, the University of Southern California was ranked No. 23 among national universities by U.S. News and World Report.
CITY OF LOS ANGELES
HIGHER EDUCATION
Los Angeles Community College District 152,690
University of Southern California 45,690
University of California Los Angeles 45,430
California State University Northridge 39,820
California State University Los Angeles 28,250
Loyola Marymount University 9,670
Mount Saint Mary’s University 2,270
Source: listed college websites; California Community Colleges Chancellor’s Office
TRANSPORTATION
MTA PASSENGERS
n 440.9m annual rail and bus riders
LAX AIRPORT
n 87.5m passengers served in 2018
Los Angeles boasts an extensive freeway network, with major routes including the Santa Ana Freeway (I-5), San Diego Freeway (I-405), Foothills Freeway (I-210), Santa Monica and San Bernardino freeways (I-10), Harbor Freeway (I-110), Long Beach Freeway (I-710), and San Gabriel River Freeway (I-605).
The Metropolitan Transportation Authority (MTA) provides local bus and rail service, linking communities including Long Beach, downtown L.A., Hollywood, Pasadena, and the San Fernando Valley. MTA offers over 1,500 square miles of service area and employs more than 9,200 residents.
The Los Angeles International Airport (LAX) supports 408,000 local jobs and has an annual economic impact of $60 billion. LAX served over 87.5 million passengers in 2018, making it the third-busiest airport in the nation and seventh-busiest airport in the world.
Los Angeles International Airport
23
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
LIFESTYLE AND ENTERTAINMENT
DINING DESTINATIONS
n 740+ cafes, bars, and restaurants in downtown
CULTURAL VENUES
n 75+ museums, galleries, and theatres in downtown
As the cultural and economic hub of the dynamic Los Angeles Metropolitan Division, Downtown Los Angeles offers various cultural attractions as well as countless shopping, dining, and entertainment venues, boasting boundless entertainment options that are sure to please every type of lifestyle.
L.A. Live is downtown’s most popular entertainment district that features music venues, night clubs, restaurants, museums, and the iconic STAPLES Center, which is home to four professional sports franchises, the NBA’s Los Angeles Lakers and Los Angeles Clippers, the NHL’s Los Angeles Kings, and the WNBA’s Los Angeles Sparks.
Downtown Los Angeles is home to a thriving food and drink scene, thanks to a highly diverse population bringing cuisine from around the world. From Michelin-approved restaurants to popular local diners, Downtown Los Angeles boasts over 740 different diners, restaurants, and bars that are sure to satisfy any palate, making it one of the premier cuisine hubs in the world.
A trip to the urban core is never complete without a visit to one of the area’s nearly 80 museums, galleries, and theatres. Residents will find a plethora of exhibits throughout the area’s numerous museums, such as The Broad Museum, The Natural History Museum of Los Angeles, the California African American Museum, Wells Fargo History Museum, and the Museum of Contemporary Art. With its illustrious history of producing film and music, it’s only natural Los Angeles would boast several state-of-the art theatres hosting performances year round, with some of the most notable including the Orpheum Theatre, Dorothy Chandler Pavilion, the Mark Taper Forum at the Music Center, and the Walt Disney Concert Hall.
The Broad
24
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
BY THE NUMBERS
TOTAL POPULATION
2010 3,792,621
2018 3,918,399
2023* 4,077,700
Growth Rate (2018 - 2023) 4.1%
TOTAL HOUSEHOLDS
2010 1,318,168
2018 1,369,149
2023* 1,431,666
Growth Rate (2018 - 2023) 4.6%
MEDIA INCOME
2010 $47,110
2018 $55,052
2023* $61,136
Growth Rate (2018 - 2023) 11.1%
RENT SHARE OF WALLET
National - 2019 27.2%
Downtown LA Submarket - 2019 54.3%
National - 2019* 27.1%
Downtown LA Submarket - 2024* 54.2%
MEDIAN AGE
2010 34.7
2018 36.7
2023* 38.3
MEDIAN HOME PRICE
March - 2018 $945,000
March - 2019 $999,000
Growth Rate Y-o-Y 5.7%
EMPLOYMENT GROWTH (MD)
April - 2018 4,500,700
April - 2019 4,556,800
Growth Rate Y-o-Y 1.2%
RENT VS. OWN
Average Mortgage Payment** $5,080
Effective Rent $2,544
Difference $2,536
*Projected**30-yr fixed; 20% down; 5.1% interest rate; 0.79% CA property taxes; $1,000 annual homeowner’s insurance
Downtown / Central City Submarket
*ProjectedAnnual Rent / Median Household Income
25
ECONOMIC & DEMOGRAPHIC OVERVIEW
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; Core-Logic; Wikipedia; Axiometrics; California Association of Realtors; City of Los Angeles CAFR; State of California Employ-ment Development Department Forbes; California Division of Tourism; Los Angeles County Metropolitan Transportation Authority; Los Angeles County; Los Angeles Times; Los Angeles Economic Development Corporation; Los Angeles Area Chamber of Commerce; Los Angeles World Airports; Port of Los Angeles; Los Angeles Unified School District; Los Angeles Convention and Visitors Bureau; City of Los Angeles; Los Angeles Business Journal; Los Angeles Daily News; Los Angeles Downtown News; UCLA; USC; CSU-Northridge; CSU-L.A.; Los Angeles Community College District; Mt. St. Mary’s College; Occidental College; Southern California Association of Governments; Airports Council International
BY THE NUMBERS - TARGET MARKET AREA (TMA)
TOTAL POPULATION
2010 328,864
2018 351,187
2023* 374,526
Growth Rate (2018 - 2023) 6.7%
TOTAL HOUSEHOLDS
2010 98,946
2018 110,198
2023* 121,714
Growth Rate (2018 - 2023) 10.5%
MEDIA INCOME
2010 $32,062
2018 $39,115
2023* $44,313
Growth Rate (2018 - 2023) 13.3%
RENT SHARE OF WALLET
National - 2019 27.2%
Downtown LA Submarket - 2019 54.3%
National - 2019* 27.1%
Downtown LA Submarket - 2024* 54.2%
MEDIAN AGE
2010 32.1
2018 34.7
2023* 36.7
MEDIAN HOME PRICE
March - 2018 $945,000
March - 2019 $999,000
Growth Rate Y-o-Y 5.7%
EMPLOYMENT GROWTH (MD)
April - 2018 4,500,700
April - 2019 4,556,800
Growth Rate Y-o-Y 1.2%
RENT VS. OWN
Average Mortgage Payment** $5,080
Effective Rent $2,544
Difference $2,536
*Projected**30-yr fixed; 20% down; 5.1% interest rate; 0.79% CA property taxes; $1,000 annual homeowner’s insurance
Downtown / Central City Submarket
*ProjectedAnnual Rent / Median Household Income
26
DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
Site Map220 S Boyle Ave, Los Angeles, CA 90033
Legend
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DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
Median Household Income220 S Boyle Ave, Los Angeles, CA 90033
Legend
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DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
Traffic Profile220 S Boyle Ave, Los Angeles, CA 90033
Traffic Map
# Street Cross St Dir Vol. Dist (mi) # Street Cross St Dir Vol. Dist (mi)1 Santa Ana Fwy 166,652 0.1 11 E 4th St State St W 21,060 0.2
2 E 1st St S Boyle Ave W 10,189 0.1 12 E 4th St S Pecan St E 29,745 0.2
3 E 1st St S Boyle Ave E 16,567 0.1 13 E 4th St I- 5 SE 21,660 0.2
4 E 3rd St Via Los SantosSt
W 1,547 0.1 14 E 1st St N Gless St E 19,195 0.2
5 E 4th St S Boyle Ave E 19,455 0.2 15 Echandia St PennsylvaniaAve
NE 7,609 0.2
6 Gertrude St E 3rd St N 8,143 0.2 16 E 4th St I- 5 NW 20,927 0.3
7 E 4th St State St E 19,564 0.2 17 S Clarence St E 4th St S 1,325 0.3
8 E 1st St N Gless St W 31,274 0.2 18 E 4th St S Gless St E 29,995 0.3
9 S Pecan St Kolster St N 1,149 0.2 19 I- 5 Golden StateFwy
NE 274,528 0.3
10 E 4th St I- 5 E 35,311 0.2 20 E 1st St Via Nicola St W 14,937 0.3
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DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHIC PROFILE2010 Census, 2018 Estimates & 2023 Projections
Calculated using Proportional Block Groups
2019-Jun-05
Lat/Long: 34.045632/-118.219805
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220 S Boyle Ave, LosAngeles, CA 90033
Los Angeles-Long Beach-Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Popu
latio
n
Area in square miles 3 28 78 4,849 3,537,439
Est. Population/square mile 13,998 12,382 14,231 2,728 93
2023 Projection 42,706 369,400 1,153,167 13,635,161 343,896,855
2018 Estimate 40,973 346,474 1,104,523 13,228,099 330,536,734
2010 Census 38,825 323,984 1,068,955 12,828,837 312,471,327
2000 Census 38,461 311,836 1,074,399 12,365,353 281,421,872
Growth 2018-2023 4.2% 6.6% 4.4% 3.1% 4.0%
Growth 2010-2018 5.5% 6.9% 3.3% 3.1% 5.8%
Growth 2000-2010 0.9% 3.9% -0.5% 3.7% 11.0%
Hous
ehol
ds
2023 Projection 13,083 119,484 355,486 4,529,574 130,010,439
2018 Estimate 12,298 108,088 335,849 4,381,791 125,006,767
2010 Census 11,314 96,672 319,801 4,233,985 118,092,823
2000 Census 10,040 82,260 303,172 4,068,951 106,741,406
Growth 2023-2028 5.0% 6.1% 4.0% 2.8% 3.8%
Growth 2018-2023 6.4% 10.5% 5.8% 3.4% 4.0%
Growth 2010-2018 8.7% 11.8% 5.0% 3.5% 5.9%
Growth 2000-2010 12.7% 17.5% 5.5% 4.1% 10.6%
2023 Proj. Pop. In Households 41,948 350,088 1,118,872 13,429,661 335,958,759
2018 Est. Pop. In Households 40,210 327,173 1,070,222 13,022,573 322,604,973
2023 Proj. Avg. HH Size 3.21 2.93 3.15 2.96 2.58
2018 Est. Avg. HH Size 3.27 3.03 3.19 2.97 2.58
Hous
ing Vacant Housing Units 826 6% 9,386 8% 23,035 6% 253,566 5% 15,220,464 11%
Occupied Housing Units 12,298 94% 108,088 92% 335,849 94% 4,381,791 95% 125,006,767 89%
Owner-Occupied 2,770 21% 26,190 22% 87,340 24% 2,212,498 48% 81,504,469 58%
Renter-Occupied 9,528 73% 81,897 70% 248,509 69% 2,169,293 47% 43,502,298 31%
Ethn
icity
Population by Ethnicity 40,973 346,474 1,104,523 13,228,099 330,536,734
White 20,919 51% 147,931 43% 451,879 41% 7,056,407 53% 240,428,414 73%
Black 778 2% 20,273 6% 57,759 5% 920,529 7% 41,132,753 12%
Asian 3,305 8% 41,616 12% 144,355 13% 1,978,780 15% 16,190,174 5%
Other 15,971 39% 136,654 39% 450,530 41% 3,272,383 25% 32,785,393 10%
Hispanic or Latino 34,682 85% 255,340 74% 806,680 73% 5,871,991 44% 57,911,177 18%
Educ
. Less than HS Diploma 12,900 50% 100,817 44% 298,910 42% 1,853,913 21% 29,225,373 13%
HS, Some Col. or Assoc. Deg. 8,934 35% 85,490 38% 278,874 39% 4,119,258 47% 125,203,357 57%
Bach. Degree or Higher 4,007 16% 40,817 18% 132,067 19% 2,837,423 32% 66,899,258 30%
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DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHIC PROFILE2010 Census, 2018 Estimates & 2023 Projections
Calculated using Proportional Block Groups
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2019-Jun-05
Lat/Long: 34.045632/-118.219805
220 S Boyle Ave, LosAngeles, CA 90033
Los Angeles-Long Beach-Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Age
Total Population 40,973 346,474 1,104,523 13,228,099 330,536,734
Age 0 to 14 8,457 21% 67,250 19% 219,100 20% 2,446,490 18% 58,003,825 18%
Age 14 to 18 2,338 6% 17,366 5% 55,753 5% 638,089 5% 16,918,011 5%
Age 18 to 22 2,367 6% 18,795 5% 69,159 6% 773,771 6% 21,005,631 6%
Age 22 to 25 1,969 5% 15,938 5% 50,659 5% 559,155 4% 13,281,279 4%
Age 25 to 35 6,389 16% 56,523 16% 172,923 16% 1,808,504 14% 41,408,341 13%
Age 35 to 45 6,118 15% 55,077 16% 170,178 15% 1,783,110 13% 41,198,779 12%
Age 45 to 55 5,235 13% 45,094 13% 142,740 13% 1,786,052 14% 42,808,937 13%
Age 55 to 65 3,789 9% 33,560 10% 108,250 10% 1,614,128 12% 43,128,390 13%
Age 65 to 75 2,437 6% 20,758 6% 68,004 6% 1,079,442 8% 31,407,042 10%
Age 75 to 85 1,297 3% 11,277 3% 34,349 3% 532,531 4% 15,856,996 5%
Age 85 and over 577 1% 4,836 1% 13,408 1% 206,827 2% 5,519,503 2%
Median Age 33.4 34.5 34.1 37.1 38.5
Average Age 35.1 35.8 35.5 38.0 39.2
Fam
ily
Families by # of Workers 8,332 63,573 218,447 3,022,760 83,649,135
No workers 1,402 17% 8,275 13% 26,181 12% 348,527 12% 12,649,994 15%
1 worker 2,975 36% 23,050 36% 83,196 38% 1,019,281 34% 27,762,259 33%
2 workers 2,823 34% 22,500 35% 75,543 35% 1,206,060 40% 34,212,622 41%
3 or more workers 1,132 14% 9,749 15% 33,528 15% 448,892 15% 9,024,260 11%
Enro
llmen
t Total Population 40,973 346,474 1,104,523 13,228,099 330,536,734
Pre-High School 6,344 15% 45,950 13% 153,345 14% 1,752,302 13% 44,760,371 14%
High School 3,158 8% 22,726 7% 67,035 6% 778,759 6% 18,134,794 5%
College/Grad/Prof 3,280 8% 28,134 8% 101,693 9% 1,187,443 9% 24,753,220 7%
Not enrolled 28,191 69% 249,665 72% 782,450 71% 9,509,595 72% 242,888,349 73%
Per Capita Income $17,080 $19,186 $18,082 $31,528 $30,556
Empl
oym
ent
Total Pop. Age 16+ 31,360 270,570 857,899 10,466,082 264,107,605
Labor Force 18,599 59% 161,188 60% 541,431 63% 6,760,038 65% 167,090,813 63%
In Armed Forces 0 0% 14 0% 105 0% 5,145 0% 1,127,457 0%
Civilian, Employed 17,761 57% 152,751 56% 513,177 60% 6,466,564 62% 158,435,875 60%
Civilian, Unemployed 838 3% 8,424 3% 28,149 3% 288,329 3% 7,527,481 3%
Not in Labor Force 12,761 41% 109,382 40% 316,467 37% 3,706,044 35% 97,016,792 37%
Unemployment Rate 4.5% 5.2% 5.2% 4.3% 4.5%
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DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHIC PROFILE2010 Census, 2018 Estimates & 2023 Projections
Calculated using Proportional Block Groups
2019-Jun-05
Lat/Long: 34.045632/-118.219805
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220 S Boyle Ave, LosAngeles, CA 90033
Los Angeles-Long Beach-Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Empl
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Pop
ulat
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Employed Pop. Age 16+ 17,761 152,751 513,177 6,466,564 158,435,875
Agr., forestry, fish & hunt,min., constr.
1,516 9% 11,685 8% 40,001 8% 405,090 6% 13,023,235 8%
Manufacturing 1,959 11% 22,860 15% 71,467 14% 706,284 11% 16,449,898 10%
Wholesale & retail trade 3,431 19% 25,623 17% 82,076 16% 922,678 14% 22,507,391 14%
Transp. and warehousing,and utilities
959 5% 7,423 5% 25,850 5% 321,673 5% 7,957,667 5%
Information 402 2% 4,975 3% 16,424 3% 243,954 4% 3,323,357 2%
Fin., ins., RE & rental/leasing 571 3% 5,870 4% 19,503 4% 437,469 7% 10,423,337 7%
Prof., sci., mgmt, admin, andwaste mgmt
1,887 11% 17,076 11% 55,978 11% 840,399 13% 17,650,344 11%
Prof., sci., & technical svcs 1,001 6% 8,949 6% 25,584 5% 499,298 8% 10,720,774 7%
Mgmt of companies & ent. 5 0% 27 0% 189 0% 4,845 0% 136,437 0%
Admin, support & waste mgmt 882 5% 8,100 5% 30,205 6% 336,256 5% 6,793,133 4%
Educ., health and soc. svc 3,063 17% 24,512 16% 84,682 17% 1,305,394 20% 36,640,989 23%
Arts, ent., rec., accom. & food 2,626 15% 19,634 13% 68,842 13% 700,057 11% 15,150,611 10%
Other services (exceptpublic admin)
982 6% 9,293 6% 37,059 7% 384,930 6% 7,785,202 5%
Public Administration 363 2% 3,801 2% 11,295 2% 198,636 3% 7,523,844 5%
Employed Civilian Pop. Age 16 + 17,761 152,751 513,177 6,466,564 158,435,875
White Collar 8,561 48% 75,783 50% 246,991 48% 4,082,623 63% 100,275,351 63%
Blue Collar 9,200 52% 76,967 50% 266,186 52% 2,383,941 37% 58,160,524 37%
Whi
te C
olla
r Mgmt, Business, and Fin. Op. 1,166 7% 13,327 9% 42,572 8% 982,750 15% 23,607,729 15%
Professional & Related 2,678 15% 24,641 16% 77,687 15% 1,396,351 22% 34,993,969 22%
Healthcare support 350 2% 2,622 2% 10,143 2% 119,265 2% 3,847,008 2%
Sales & related 2,070 12% 16,608 11% 54,982 11% 728,928 11% 16,953,896 11%
Office & admin support 2,298 13% 18,585 12% 61,607 12% 855,329 13% 20,872,749 13%
Blue
Col
lar
Protective service 388 2% 2,626 2% 10,041 2% 118,276 2% 3,492,138 2%
Food prep & serving 1,337 8% 11,134 7% 39,891 8% 368,787 6% 9,063,630 6%
Building & grounds cleaning& maint.
1,206 7% 9,231 6% 35,673 7% 295,122 5% 6,279,823 4%
Personal care & service 713 4% 6,720 4% 25,561 5% 311,256 5% 5,871,896 4%
Farming, fishing, and forestry 86 0% 902 1% 2,601 1% 22,340 0% 1,153,185 1%
Constr., Extraction, & Maint. 1,689 10% 13,319 9% 46,955 9% 464,475 7% 13,002,361 8%
Prod., Transp., & Mat. Moving 3,783 21% 33,036 22% 105,465 21% 803,685 12% 19,297,491 12%
Powered by Sitewise Pro -3- Demographic Source: STI PopStats
32
DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHIC PROFILE2010 Census, 2018 Estimates & 2023 Projections
Calculated using Proportional Block Groups
2019-Jun-05
Lat/Long: 34.045632/-118.219805
This
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220 S Boyle Ave, LosAngeles, CA 90033
Los Angeles-Long Beach-Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Hous
ehol
d Si
ze
Households by HH Size 12,298 108,088 335,849 4,381,791 125,006,767
1-person household 2,974 24% 34,633 32% 85,257 32% 1,033,517 24% 33,272,015 27%
2-person household 2,673 22% 22,486 21% 73,944 21% 1,185,410 27% 40,904,809 33%
3-person household 1,734 14% 13,581 13% 50,425 13% 715,002 16% 20,152,255 16%
4-person household 1,808 15% 13,120 12% 48,210 12% 667,632 15% 16,851,348 13%
5-person household 1,338 11% 10,200 9% 34,104 9% 377,539 9% 8,112,604 6%
6-person household 809 7% 6,138 6% 19,557 6% 189,304 4% 3,294,898 3%
7 or more person household 962 8% 7,928 7% 24,352 7% 213,387 5% 2,418,838 2%
Hous
ehol
d Ty
pes
Households by Type 12,298 108,088 335,849 4,381,791 125,006,767
1 Person Households 2,974 24% 34,633 32% 85,257 32% 1,033,517 24% 33,272,015 27%
Family Households 8,332 68% 63,573 59% 218,447 59% 3,022,760 69% 83,649,135 67%
Married-couple family 4,401 36% 36,576 34% 120,829 34% 2,091,889 48% 61,159,188 49%
W/ own children < 18 yrs 2,349 19% 17,430 16% 57,282 16% 935,051 21% 24,256,518 19%
No own children < 18 yrs 2,052 17% 19,145 18% 63,548 18% 1,156,838 26% 36,902,670 30%
Male HHer: no wife present: 1,221 10% 8,623 8% 32,494 8% 286,047 7% 6,093,889 5%
W/ own children < 18 yrs 484 4% 3,454 3% 13,417 3% 113,680 3% 2,881,911 2%
No own children < 18 yrs 737 6% 5,169 5% 19,077 5% 172,367 4% 3,211,978 3%
Female HHer: no husband: 2,709 22% 18,375 17% 65,124 17% 644,824 15% 16,396,058 13%
W/ own children < 18 yrs 1,674 14% 9,675 9% 34,585 9% 302,240 7% 8,850,469 7%
No own children < 18 yrs 1,036 8% 8,700 8% 30,538 8% 342,584 8% 7,545,589 6%
Nonfamily Households 992 8% 9,881 9% 32,144 9% 325,514 7% 8,085,617 6%
Gro
up Q
uart
ers
2018 Est. Group Quarters 534 19,277 34,257 205,526 7,931,761
Institutionalized 206 39% 10,481 54% 13,009 54% 82,589 40% 3,993,848 50%
Non-Institutionalized 328 61% 8,796 46% 21,248 46% 122,937 60% 3,937,913 50%
College 1 0% 130 1% 8,591 1% 61,585 30% 2,522,776 32%
Military 0 0% 0 0% 0 0% 37 0% 337,872 4%
Other 328 61% 8,666 45% 12,657 45% 61,315 30% 1,077,265 14%
2010 Census Group Qtrs Pop. 550 19,400 34,725 210,917 8,025,278
2018 Est. Group Qtrs Pop. 534 19,277 34,257 205,526 7,931,761
2023 Proj. Group Qtrs Pop. 534 19,273 34,252 205,500 7,938,096
Vehi
cles
Housing by Vehicles Avail. 12,298 108,088 335,849 4,381,791 125,006,767
None 3,005 24% 28,633 26% 75,214 26% 362,512 8% 11,270,806 9%
1 vehicle 4,918 40% 42,220 39% 132,482 39% 1,451,446 33% 42,026,100 34%
2 vehicles 3,105 25% 25,762 24% 87,363 24% 1,616,340 37% 46,647,898 37%
3 vehicles 918 7% 8,405 8% 28,218 8% 620,122 14% 17,421,054 14%
4 vehicles 225 2% 2,019 2% 8,164 2% 232,393 5% 5,510,497 4%
5 or more vehicles 126 1% 1,048 1% 4,407 1% 98,978 2% 2,130,412 2%
Avg. # of Vehicles Available 1.3 1.2 1.3 1.8 1.8
Powered by Sitewise Pro -4- Demographic Source: STI PopStats
33
DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHIC PROFILE2010 Census, 2018 Estimates & 2023 Projections
Calculated using Proportional Block Groups
2019-Jun-05
Lat/Long: 34.045632/-118.219805
This
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220 S Boyle Ave, LosAngeles, CA 90033
Los Angeles-Long Beach-Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Hous
ehol
d In
com
e
Households by HH Inc. 12,298 108,088 335,849 4,381,791 125,006,767
$0 to $24,999 4,498 37% 37,678 35% 109,967 33% 839,295 19% 27,149,584 22%
$25,000 to $34,999 1,533 12% 12,538 12% 42,181 13% 374,327 9% 12,136,353 10%
$35,000 to $49,999 1,797 15% 14,352 13% 50,819 15% 513,114 12% 16,432,919 13%
$50,000 to $74,999 1,821 15% 16,594 15% 52,819 16% 715,821 16% 22,193,184 18%
$75,000 to $99,999 942 8% 9,488 9% 30,028 9% 526,180 12% 15,447,201 12%
$100,000 to $149,999 984 8% 10,021 9% 28,708 9% 681,099 16% 17,295,774 14%
$150,000 to $249,999 568 5% 5,837 5% 16,882 5% 571,038 13% 11,741,377 9%
$250,000 or more 154 1% 1,579 1% 4,445 1% 160,917 4% 2,610,375 2%
Median Household Income $ 35,884 $ 38,640 $ 39,196 $ 65,333 $ 56,975
Average Household Income $ 54,837 $ 59,157 $ 58,173 $ 94,223 $ 79,436
Hous
ehol
ders
<25
yrs HHer < 25 yrs by HH Inc. 403 4,003 15,042 115,886 4,603,109
$0 to $24,999 206 51% 2,046 51% 7,476 50% 46,872 40% 2,035,156 44%
$25,000 to $34,999 94 23% 446 11% 2,012 13% 15,211 13% 672,440 15%
$35,000 to $49,999 32 8% 398 10% 2,203 15% 17,744 15% 733,604 16%
$50,000 to $99,999 56 14% 905 23% 2,646 18% 26,487 23% 933,898 20%
$100,000 or more 15 4% 207 5% 703 5% 9,572 8% 228,011 5%
Median Household Income $ 24,629 $ 24,520 $ 25,225 $ 32,336 $ 28,790
Average Household Income $ 31,911 $ 36,921 $ 34,538 $ 49,452 $ 41,059
Hous
ehol
ders
25-
44 y
rs HHer 25-44 yrs by HH Inc. 5,552 47,739 145,392 1,565,191 41,137,313
$0 to $24,999 1,729 31% 12,824 27% 40,841 28% 255,733 16% 7,262,245 18%
$25,000 to $34,999 640 12% 5,417 11% 19,180 13% 135,077 9% 3,749,211 9%
$35,000 to $49,999 863 16% 6,684 14% 23,025 16% 190,346 12% 5,461,795 13%
$50,000 to $99,999 1,236 22% 12,899 27% 38,495 26% 478,443 31% 13,736,144 33%
$100,000 or more 1,084 20% 9,915 21% 23,851 16% 505,592 32% 10,927,918 27%
Median Household Income $ 41,981 $ 47,277 $ 42,571 $ 68,036 $ 62,363
Average Household Income $ 58,235 $ 62,730 $ 57,174 $ 94,983 $ 83,136
Hous
ehol
ders
45-
64 y
rs HHer 45-64 yrs by HH Inc. 4,310 37,377 119,424 1,775,188 49,160,014
$0 to $24,999 1,430 33% 11,747 31% 33,563 28% 271,138 15% 8,693,080 18%
$25,000 to $34,999 595 14% 4,652 12% 14,973 13% 127,821 7% 3,799,300 8%
$35,000 to $49,999 683 16% 5,435 15% 19,000 16% 189,652 11% 5,628,053 11%
$50,000 to $99,999 1,110 26% 9,470 25% 32,274 27% 508,464 29% 15,152,605 31%
$100,000 or more 492 11% 6,074 16% 19,613 16% 678,113 38% 15,886,976 32%
Median Household Income $ 37,193 $ 40,858 $ 43,353 $ 76,522 $ 68,595
Average Household Income $ 49,755 $ 55,095 $ 57,148 $ 104,863 $ 90,521
Powered by Sitewise Pro -5- Demographic Source: STI PopStats
34
DEMOGRAPHICS
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
DEMOGRAPHIC PROFILE2010 Census, 2018 Estimates & 2023 Projections
Calculated using Proportional Block Groups
2019-Jun-05
Lat/Long: 34.045632/-118.219805
This
repo
rt w
as p
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220 S Boyle Ave, LosAngeles, CA 90033
Los Angeles-Long Beach-Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Hous
ehol
ders
> 6
5 yr
s HHer > 65 yrs by HH Inc. 2,033 18,969 55,992 925,526 30,106,331
$0 to $24,999 1,133 56% 11,061 58% 28,087 50% 265,552 29% 9,159,103 30%
$25,000 to $34,999 203 10% 2,023 11% 6,015 11% 96,218 10% 3,915,402 13%
$35,000 to $49,999 219 11% 1,835 10% 6,590 12% 115,372 12% 4,609,467 15%
$50,000 to $99,999 362 18% 2,808 15% 9,432 17% 228,607 25% 7,817,738 26%
$100,000 or more 115 6% 1,242 7% 5,868 10% 219,777 24% 4,604,621 15%
Median Household Income $ 21,856 $ 19,942 $ 24,896 $ 47,998 $ 40,919
Average Household Income $ 35,594 $ 34,785 $ 41,862 $ 78,138 $ 62,113
Hous
ing
Valu
e
Owner-Occ. Housing Units 2,770 26,190 87,340 2,212,498 81,504,469
$0 to $49,999 29 1% 333 1% 1,011 1% 38,460 2% 5,576,034 7%
$50,000 to $99,999 11 0% 206 1% 737 1% 29,462 1% 8,741,369 11%
$100,000 to $199,999 14 1% 351 1% 1,384 2% 45,794 2% 20,422,902 25%
$200,000 to $499,999 777 28% 7,934 30% 22,585 26% 367,972 17% 30,463,978 37%
$500,000 or more 1,938 70% 17,366 66% 61,624 71% 1,730,810 78% 16,300,186 20%
Median Housing Unit Value $ 620,682 $ 607,771 $ 653,273 $ 766,662 $ 237,269
Average Housing Unit Value $ 629,299 $ 640,480 $ 713,212 $ 898,614 $ 347,220
Workplace Establishments 911 16,919 31,845 394,808 8,361,211
Workplace Employees (FTE) 24,943 308,611 581,173 6,521,524 148,739,541
Mor
tgag
e Ri
sk
Mortgage by Mort.-Risk Ratio 270 2,748 9,183 278,640 11,742,446
Under 1.0 2 1% 23 1% 45 0% 3,278 1% 522,954 4%
1.0 to 2.0 25 9% 204 7% 490 5% 16,226 6% 2,692,711 23%
2.0 to 3.0 48 18% 483 18% 1,532 17% 50,720 18% 3,980,280 34%
3.0 to 4.0 66 24% 708 26% 2,497 27% 84,577 30% 2,741,972 23%
4.0 to 5.0 74 28% 734 27% 2,554 28% 80,438 29% 1,281,356 11%
5.0 and over 54 20% 595 22% 2,065 22% 43,401 16% 523,173 4%
Average Mortgage Risk 3.8 3.8 3.9 3.7 2.8
Powered by Sitewise Pro -6- Demographic Source: STI PopStats
35
APARTMENT UPDATE
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
a Berkshire Hathaway and Jeferies Financial Group company
FIRST QUARTER 2019
MARKET AT A GLANCE
OCCUPANCY AND RENT TRENDS
LOS ANGELES - SOUTHMULTIFAMILY REPORT
LOS ANGELES SOUTH EFFECTIVE RENT GROWTH RATE IS HIGHEST IN COUNTY
Monthly efective rent in Los Angeles South rose 5.3% year over year to $1,889 in March 2019. The rate of increase outpaced the
countywide rent growth of 4.3%. Despite the higher rate of rent growth, efective rent in Los Angeles South was 15% less than
the average rent across Los Angeles County, which made the area an appealing option when compared to many of the higher-
rent parts of the county. Operators recorded net positive absorption of 1,770 apartments in Los Angeles South in the last 12
months. A majority of the net apartment leasing activity took place in the neighboring South Bay and Long Beach submarkets,
where numerous major developments and capital expenditures are driving employment. Metrowide absorption overtook new
deliveries by a wide margin since March 2018. The healthy apartment demand resulted in a 30-basis-point annual increase in
occupancy to 97.1% by the end of the irst quarter of this year. A surge of approximately 2,260 new apartments is anticipated
during the next four quarters. The heightened increase in multifamily inventory will not pose a shock to occupancy as long as
demand remains robust.
$1,450
$1,550
$1,650
$1,750
$1,850
$1,950
93%
94%
95%
96%
97%
98%
2Q14 4Q14 2Q15 4Q15 2Q16 4Q16 2Q17 4Q17 2Q18 4Q18
OCCUPANCY AND RENT TRENDS
Occupancy Rate Effective Rent
OCCUPANCYRATE
EFFECTIVERENT
TOTAL INVENTORY
97.1%
$1,889
355,375
Up 30 bps since 1Q18
Up 5.3% since 1Q18
36
APARTMENT UPDATE
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
BERKADIAFIRST QUARTER 2019
DELIVERIES AND DEMAND
ECONOMIC TRENDS
LOS ANGELES - SOUTHMULTIFAMILY REPORT
-1,200
0
1,200
2,400
3,600
2014 2015 2016 2017 2018 2019*
DELIVERIES AND DEMAND
Deliveries Demand*Year to date
UNEMPLOYMENT*2018 2019
EMPLOYMENT*2018 2019
EXISTING SFH SALES**2018 2019
MEDIAN SFH PRICE**2018 2019
10-YEAR TREASURY**2018 2019
4.7%
4.50m
63.8k
$581.6k
2.84%
4.7%
4.53m
60.8k
$598.9k
2.57%
Several major developments are transforming Los
Angeles South, heralding economic expansion that is
expected to beneit the local apartment market. The
education and health services sector was the leader in
countywide job growth with 16,700 new workers in the
12-month period ending in January 2019, a 2.0% annual
increase. Hiring in the health care and social assistance
subsector accounted for virtually all growth in that
sector. Nonfarm gains totaled 31,000 jobs countywide,
a 0.7% annual increase. In the professional and business
services sector, 7,100 new jobs were illed, a 1.2% gain.
Another high-growth segment was the construction
industry, which was underpinned by major projects
including development of the world’s most expensive
stadium complex at the Los Angeles Stadium and
Entertainment District in Inglewood; the $520 million,
22-acre, Long Beach Civic Center Project; and the
245,000-square-foot 2nd and PCH retail development
in Long Beach. Approximately 4,500 specialty trade and
general labor positions were created in the construction
industry since January 2018, a 3.1% annual increase.
0 BPSCHANGE
0.7%CHANGE
-4.7%CHANGE
3.0%CHANGE
-30 BPSCHANGE
U.S.ANNUAL RENT
27.2%share of wallet
METROANNUAL RENT
39.3%share of wallet
*January; **March
DELIVERIES
Units YTD
LA - SOUTH
250
DELIVERIES
Units YTD
LA - METRO
3,272
NETABSORPTION
LA - SOUTH
Units YTD123
NETABSORPTION
LA - METRO
1,090Units YTD
37
APARTMENT UPDATE
220 SOUTH BOYLE AVENUE220SBoyleAve.BerkadiaREA.com
BERKADIA FIRST QUARTER 2019
© 2019 Berkadia Real Estate Advisors LLCBerkadia® is a registered trademark of Berkadia Proprietary Holding LLCDocument sources: Axiometrics; Berkadia Research; Federal Reserve Bank of St. Louis; Moody’s
SUBMARKET BREAKDOWN
LOS ANGELES - SOUTHMULTIFAMILY REPORT
SUBMARKET NAME 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 1Q19 ANNUAL 1Q19 ANNUAL
East Los Angeles 95.7% 97.1% 8.0% 5.5% $1,498 $1,581 -345 689 0 0
Long Beach 95.7% 96.3% 5.7% 4.3% $1,867 $1,948 172 527 105 105
South Bay 95.6% 96.3% 5.7% 4.0% $2,471 $2,569 -65 782 130 352
South Los Angeles 98.3% 98.1% 8.3% 7.2% $1,580 $1,693 363 -242 0 0
South San Gabriel Valley 97.0% 97.2% 2.7% 4.2% $1,547 $1,612 22 22 0 0
Southeast Los Angeles 97.2% 97.0% 5.1% 4.5% $1,678 $1,753 -25 -8 15 72
TOTALS 96.8% 97.1% 6.6% 5.3% $1,795 $1,889 123 1,770 250 529
OCCUPANCY AVG RENTINCREASE
AVG RENT NETABSORPTION
DELIVEREDUNITS
38
DISCLAIMER & CONFIDENTIALITY AGREEMENTThe material contained in this document is confidential, furnished solely for the purpose of considering investment in the propertydescribed therein and is not to be copied and/or used for any purpose or made available to any other person without the expresswritten consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In accepting this, the recipient agrees tokeep all material contained herein confidential.This information package has been prepared to provide summary information to prospective purchasers and to establish apreliminary level of interest in the property described herein. It does not, however, purport to present all material informationregarding the subject property, and it is not a substitute for a thorough due diligence investigation. In particular, Berkadia RealEstate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not made any investigation of the actual property, thetenants, the operating history, financial reports, leases, square footage, age or any other aspect of the property, including but notlimited to any potential environmental problems that may exist and make no warranty or representation whatsoever concerning theseissues. The information contained in this information package has been obtained from sources we believe to be reliable; however,Berkadia Real Estate Advisors LLC, Berkadia Real Estate Advisors Inc. and Seller have not conducted any investigation regardingthese matters and make no warranty or representation whatsoever regarding the accuracy or completeness of the informationprovided. Any pro formas, projections, opinions, assumptions or estimates used are for example only and do not necessarilyrepresent the current or future performance of the property. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospectivepurchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the propertymeets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legaladvisors 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 affectthe property and the health of some individuals. Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc.recommend, if prospective buyers have questions or concerns regarding this issue, that prospective buyers conduct furtherinspections 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 issubject to the sole and unrestricted approval of Seller, and Seller shall be under no obligation to any party until such time as Sellerand any other necessary parties have executed a contract of sale containing terms and conditions acceptable to Seller and suchobligations of Seller shall only be those in such contract of sale.For more information on these and other Berkadia© exclusive listings, please visit our website at Berkadia.comAll information contained herein is from sources deemed to be reliable; however, it is not guaranteed. Printed in the USA. All rightsreserved.Copyright 2019 © by Berkadia Proprietary Holding LLC. Berkadia© is a trademark of Berkadia Proprietary Holding LLCInvestment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and BerkadiaReal Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by BerkadiaCommercial Mortgage LLC and Berkadia Commercial Mortgage Inc. In California, Berkadia Real Estate Advisors Inc. conductsbusiness under CA Real Estate Broker License #01931050; Vincent B. Norris, CA BRE Lic. #843890. Berkadia CommercialMortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701; and Berkadia Commercial Mortgage Inc.under CA Real Estate Broker Lic. #01874116. This proposal is not intended to solicit commercial mortgage loan brokerage business in Nevada.For state licensing details visit: http://www.berkadia.com/legal/licensing.aspx
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