July 2020 1401 S MANHATTAN PLACE LOS …...SOUTH BAY LOS ANGELES OFFICE 2321 ROSECRAN AVENUE SUITE #3234 EL SEGUNGO, CA 90245 Brent Sprenkle Senior Managing Director 310.621.8221 [email protected]

a Berkshire Hathaway and Jefferies Financial Group company| OFFERING MEMORANDUM

1401 S MANHATTAN PLACE LOS ANGELES, CA 90019

15 UNITS | BUILT 1962

July 2020

� Great Unit Mix of All One and Two-Bedrooms

� Recent Upgrades and Renovations

� Parking Soft Story Upgrade Completed

� Close to a 4.5% Cap Rate on Existing Income

� Remaining Rental Upside-Long Term Growth

INVESTMENT ADVISORS

SOUTH BAY LOS ANGELES OFFICE 2321 ROSECRAN AVENUE

SUITE #3234 EL SEGUNGO, CA 90245

Brent SprenkleSenior Managing Director

310.621.8221 [email protected]

CA BRE License #01290116

CONTENTSTHE ASSET � � � � � � � � � � � � � � � � � � � � � � 5VALUATION � � � � � � � � � � � � � � � � � � � 19MARKET POSITIONING � � � � � � � �27ECONOMIC AND DEMOGRAPHIC OVERVIEW � � �37DEMOGRAPHICS � � � � � � � � � � � � � �55MULTIFAMILY REPORT � � � � � � � �77

THE ASSET

6 T H E A S S E T

PROPERTY DESCRIPTIONThe Manhattan Place Apartments is a 15-unit apartment building location in the Koreatown area of Los Angeles� The property has a unit mix consisting of nine apartments that are one-bedroom with one-bathroom and six apartments that are two-bedrooms with one-bathroom� There is tuck under and open parking in the rear of the property for approximately 15 vehicles� The seller recently completed the city of Los Angeles required soft story structural retrofitting.

The property is of two-story wood frame and stucco construction with a central courtyard� Units are individually metered for gas and electricity� The property is within a short distance to the intersection of Pico Boulevard and Western Avenue and close the 10 freeway�

PROPERTY SUMMARYUnits 15

Year Built 1962

Parcel Number(s) 5073-008-004

Type of Buildings Two-story, Garden-Style

Exterior Wood Frame and Stucco

Metering Individual for Gas and Electric

7T H E A S S E T

8 T H E A S S E T

The Rise of KoreatownKoreatown is the epitome of a transit-oriented, cultural epicenter filled with diversity, density and new ideas

The changing face of Koreatown is being driven by Millennials and younger people looking for an urban lifestyle and Koreatown provides that lifestyle in spades.

Koreatown’s location in the middle of LA puts residents close to jobs and everything else the city has to offer in terms of entertainment, restaurants and cultural amenities.

The LA Neighborhood Setting Trends

The LINE Hotel: the four-star social hub on Wilshire Boulevard anchored everything new and cool in the neighborhood since opening in 2014Dan Sung Sa: a Korean pub covered in permanent-marker graffiti, the booths encircling a central grill cooking up smoking-hot chicken feet, gooey-crispy rice cakes, and lethal corn cheese.Mama Lion: a dress code and impressive scotch selection have helped secure its place amongst K-town’s most visible venues.The Venue: the Venue is the neighborhood’s first and only VIP underground karaoke experience in townThe Walker Inn: Hidden behind a secret door at the back of The Normandie Club, The Walker Inn is a love letter to the cocktail craft.

LOCATION DESCRIPTION - KOREATOWN

9T H E A S S E T

Metro Comparison

Since 2000, the Los AngelesCounty apartment market hashad 152,512 new units added toits inventory.

Among metros with similardemographics (median age andincome levels), LA boasts the 5th

highest number of new unitstrailing Houston, Dallas, andAtlanta.

84,0

74

98,6

72

99,4

84

119,

410

152,

512

168,

225

178,

844

212,

775

0

50,000

100,000

150,000

200,000

250,000

New Supply Since 2000

*County Only Source: AxioMetrics


10 T H E A S S E T

Koreatown Submarket Pipeline

• The Koreatown Submarketcurrently has 30 projectstotaling over 7,130 units in thepipeline according to YardiMartix.

• Of these projects, 9 arecurrently in Lease Up and 21are in the Planned / ProspectivePhase*

20%

40%

40%

Koreatown

Lease Up / UC

Planned

Prospective

*The Planned phase is defined as an apartment community that is actively moving through the pre-development phase; specifically intended tobe developed as apartments.*The Prospective phase is defined as tentative and subject to entitlement approvals; having been temporarily shelved by the developer; or the

developer is uncertain regarding final status - to continue as apartments or to sell units as condominiums.


1 1T H E A S S E T

12 T H E A S S E T

1401 SOUTH MANHATTAN PLACE NEIGHBORHOOD QUICK FACTS

LO S A N G E L E S, C ADEMAND DRIVER

University of Southern California

FROM THE PROPERTY2.8mi

JOBS SUPPORTED20.9k

STUDENTS ENROLLED48.5k

NEIGHBORHOOD SHOPPING

H&M | Zara | Target


TOTALSTORES

330k SF SHOPPING DESTINATION

30

NEIGHBORHOOD CONVENIENCES

Within a two-mile radius of the property

JOBS SUPPORTED

HOSPITAL BEDS

14.1k

886

DEMAND DRIVER

Cedars-Sinai Medical Center


PRIMARY EDUCATION

Los Angeles ES | Pio Pico MS West Adams Preparatory HS

STUDENTS SERVED673.8k

SCHOOLS AND CENTERS1.4k

JOBS SUPPORTED 66.5k

DEMAND DRIVER

Downtown Los Angeles


JOBS SUPPORTED500.0k

SFOFFICE SPACE68.0m

$956.7kMedian Housing Unit Value (Within Three Miles)

$45.3kMedian Household Income (Within Three Miles)

20.7%*

City Unemployment Rate(*Preliminary for April 2020)

622.3kPopulation (Within Three Miles)

75%Renter Occupied Housing Units (Within Three Miles)

LOCATION DESCRIPTION

13T H E A S S E T

14 T H E A S S E T

LOCATION MAP

15T H E A S S E T

LOCATION MAP

16 T H E A S S E T

AERIAL

17T H E A S S E T

VALUATION

20 V A L U A T I O N

FINANCIAL ANALYSISRent Roll

Unit # Unit DescriptionEstimated

Unit SFCurrent

RateCurrent

Rent Per SFProjected

Market RateProjected

Rent Per SF

1 Two Bedroom, One Bath 700 $1,981.72 $2.83 $2,100.00 $3.00

2 One Bedroom, One Bath 500 $1,768.00 $3.54 $1,800.00 $3.60


4 One Bedroom, One Bath 500 $873.67 $1.75 $1,800.00 $3.60


6 One Bedroom, One Bath 500 $899.91 $1.80 $1,800.00 $3.60










Unit DescriptionEstimated

SFCurrent

RateRent Range

Per SFProjected

Market RateNumber of Units

Percentage of Total

Totals: One Bedroom, One Bath 4,500.00 $14,063.06 $1.75 - $3.54 $16,200.00 9 60.00%

Two Bedroom, One Bath 4,200.00 $9,532.11 $1.56 - $2.86 $12,600.00 6 40.00%

8,700 $23,595.17 $28,800.00 15

Unit DescriptionEstimated

SFCurrent

RateCurrent

Rent Per SFProjected

Market RateProjected

Rent Per SF% Estimated

Upside Rental Range

Averages: One Bedroom, One Bath 500.00 $1,562.56 $3.13 $1,800.00 $3.60 15.20% $874 - $1,768

Two Bedroom, One Bath 700.00 $1,588.69 $2.27 $2,100.00 $3.00 32.18% $1,090 - $2,000

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.

© 2020 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.

21V A L U A T I O N

FINANCIAL ANALYSISUnit Mix & Rent Schedule

Units TypeEstimated

Unit SF Current

Rental RangeCurrent

Avg.Rent Market RentCurrent Rent/SF

Market Rent/SF

Est. TotalNet SF

9 1 Bed/1 Bath 500 $874 - $1,768 $1,563 $1,800 $3.13 $3.60 4,5006 2 Bed/1 Bath 700 $1,090 - $2,000 $1,589 $2,100 $2.27 $3.00 4,200

15 580 $1,573 $1,920 $2.71 $3.31 8,700Gross SF 8,675

IncomeCurrent

Pro FormaMarket

Pro FormaScheduled Market Rent $283,142 $345,600

Less: Vacancy 3.00% ($8,494) ($10,368)Net Rental Income $274,648 $335,232

Plus: Estimated Misc Income $900 $900 Total Operating Income (EGI) $275,548 $336,132

Estimated Expenses Percentage Per Unit

Repairs & Maintenance $700 $10,500 $10,500 Management Fee 4.00% $755 $11,326 $13,824 Utilities (DWP) $1,133 $16,989 $16,989 Contracted Services $563 $8,440 $8,440 Base Property Taxes 1.174% $3,053 $45,797 $45,797 Property Tax Direct Assessments $112 $1,679 $1,679 Insurance $350 $5,250 $5,250 Replacement Reserve $200 $3,000 $3,000

Total Estimated Expenses $102,981 $105,479

% of Scheduled Rent: 36.37% 30.52%Per SF: $11.87 $12.16

Per Unit: $6,865 $7,032

Net Operating Income $172,567 $230,653

Less: Debt Service ($130,043) ($130,043)Projected Net Cash Flow $42,524 $100,610 Total Economic Loss 3.0% 3.0%

Cash-on-Cash Return (Based on Listing Price) 2.69% 6.35%Debt Service Coverage 1.33 1.77

Cap Rate Analysis Price $/Unit $/FCap Rate

CurrentCap Rate

MarketGRM

CurrentGRM

Pro Forma

Listing Price $3,900,000 $260,000 $449.57 4.42% 5.91% 13.73 11.26

INVESTMENT SUMMARY

$3,900,000

$260,000

$449.57

4.42%

Price

Price/Unit

Price/F

Cap Rate Current

ALL FINANCING

Total Loan Amount $2,340,000

Down Payment $1,583,400

LTV 60%

Mo. Payment ($10,837)

Debt Constant 5.6%

NEW FIRST MORTGAGE (to be originated at purchase)

LTV for this loan 60%

Amount $2,340,000

Interest Rate 3.75%

Amortization 30

Payment ($10,837)

Fees 1.00%

I/O Term (yrs) 0

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.

© 2020 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.

MARKET POSITIONING

COMPARABLE RENTAL PROPERTIES

25M A R K E T P O S I T I O N I N G


SUBJECT: 1401 S MANHATTAN PLACE LOS ANGELES, CA 90019

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 15Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1962

1. 1138 S MARIPOSA AVENUELOS ANGELES, CA 90006

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 7Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �1960

UNITS TYPE UNIT SFCURRENT

RENTRENT /

SF9 1 Bedroom / 1 Bath 500 $1,563 $3.136 2 Bedroom / 1 Bath 700 $1,589 $2.27

15 Weighted Average 580 $1,573 $2.71

UNITS TYPE UNIT SFMARKET

RENTRENT /

SF4 1 Bedroom / 1 Bath 600 $1,800 $3.00

Weighted Average 600 $1,800 $3.00

26 M A R K E T P O S I T I O N I N G

2. 2757 SAN MARINO STREETLOS ANGELES, CA 90006

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1925

3. 1216 S LUCERNE BOULEVARDLOS ANGELES, CA 90019

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 2Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1921


RENTRENT /

SFN/A 2 Bedroom / 1 Bath 700 $2,395 $3.42



RENTRENT /

SF2 2 Bedroom / 1 Bath 850 $2,400 $2.822 Weighted Average 850 $2,400 $2.82




4. 1206 3RD AVENUELOS ANGELES, CA 90019

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 4Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1921

5. THE LOVETTA832 S OXFORD AVENUE LOS ANGELES, CA 90005

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �47Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �1928


RENTRENT /

SFN/A 2 Bedroom / 1 Bath 1,200 $2,300 $1.92

Weighted Average 1,200 $2,300 $1.92


RENTRENT /

SF8 1 Bedroom / 1 Bath 721 $1,699 $2.36




6. 1018-1022 S NORTON AVENUELOS ANGELES, CA 90019

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 8Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1941


RENTRENT /

SF8 1 Bedroom / 1 Bath 700 $1,700 $2.438 Weighted Average 700 $1,700 $2.43

7. 1117 S HOBART BOULEVARDLos Angeles, CA 90006

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 5Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1973


RENTRENT /





COMPARABLE RENTAL PROPERTIESCOMPARABLE RENTAL PROPERTIES

8. 2232 W 24TH STREETLOS ANGELES, CA 90018

Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �24Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1963


RENTRENT /




COMPARABLE RENTAL PROPERTIESSubject: 1401 S Manhattan Place Los Angeles, CA 90019

1. 1138 S Mariposa Avenue Los Angeles, CA 90006

2. 2757 San Marino Street Los Angeles, CA 90006

3. 1216 S Lucerne Boulevard Los Angeles, CA 90019

4. 1206 3rd Avenue Los Angeles, CA 90019

5. The Lovetta 832 S Oxford Avenue Los Angeles, CA 90005

6. 1018-1022 S Norton Avenue Los Angeles, CA 90019

7. 1117 S Hobart Boulevard Los Angeles, CA 90006

8. 2232 W 24th Street Los Angeles, CA 90018


COMPARABLE RENTAL PROPERTIESCOMPARABLE SALE PROPERTIES


SUBJECT: 1401 S MANHATTAN PLACELOS ANGELES, CA 90020

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1962Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 15Price / Unit: � � � � � � � � � � � � � � � � � � � $260,000Price / SF: � � � � � � � � � � � � � � � � � � � � � � �$449�57Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 8,675Proposed Price: � � � � � � � � � � � � $3,900,000Cap Rate � � � � � � � � � � � � � � � � � � � � � � � � �4�42%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 13�73

1. 1507 3RD AVENUELOS ANGELES, CA 90019

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1960Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �8Price / Unit: � � � � � � � � � � � � � � � � � � � $225,000Price / SF: � � � � � � � � � � � � � � � � � � � � � � � �$418�51Rentable SF:� � � � � � � � � � � � � � � � � � � � � � �4,301Sold for: � � � � � � � � � � � � � � � � � � � � $1,800,000Closed: � � � � � � � � � � � � � � � � � � � � � 09/04/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � 5�57%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

COMPARABLE SALE PROPERTIES

2. 1330 S WILTON PLACELOS ANGELES, CA 90019

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1960Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 11Price / Unit: � � � � � � � � � � � � � � � � � � � � $268,182Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $359�58Rentable SF:� � � � � � � � � � � � � � � � � � � � � � 8,204Sold for: � � � � � � � � � � � � � � � � � � � � $2,950,000Closed: � � � � � � � � � � � � � � � � � � � � � 06/24/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � �4�38%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A

3. 3960 W 8TH STREETLOS ANGELES, CA 90005

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1956Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 10Price / Unit: � � � � � � � � � � � � � � � � � � � $258,000Price / SF: � � � � � � � � � � � � � � � � � � � � � � � $333�85Rentable SF:� � � � � � � � � � � � � � � � � � � � � � �7,728Sold for:: � � � � � � � � � � � � � � � � � � � � $2,580,000Closed: � � � � � � � � � � � � � � � � � � � � � 04/22/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � �4�49%GRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �14�02


COMPARABLE SALE PROPERTIES

4. 933 S ARDMORE AVENUELOS ANGELES, CA 90018

Built:� � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 1964Units: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � �8Price / Unit: � � � � � � � � � � � � � � � � � � � $225,000Price / SF: � � � � � � � � � � � � � � � � � � � � � � �$290�70Rentable SF:� � � � � � � � � � � � � � � � � � � � � � � 6,192Sold for: � � � � � � � � � � � � � � � � � � � � $1,800,000Closed: � � � � � � � � � � � � � � � � � � � � � � 01/27/2019Cap Rate: � � � � � � � � � � � � � � � � � � � � � � � � � � � N/AGRM: � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � N/A


COMPARABLE SALE PROPERTIESSubject: 1401 S Manhattan Place Los Angeles, CA 90019

1. 1507 3rd Avenue Los Angeles, CA 90019

2. 1330 S Wilton Place Los Angeles, CA 90019

3. 3960 W 8th Street Los Angeles, CA 90005

4. 933 S Ardmore Avenue Los Angeles, CA 90006

ECONOMIC AND DEMOGRAPHIC OVERVIEW

38 E C O N O M I C A N D D E M O G R A P H I C O V E R V I E W

LOS ANGELES | MID-WILSHIRELOS ANGELES | CALIFORNIA

INTRODUCTIONAs 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 north to the San Fernando Valley, south to the port complex, east to the San Gabriel Valley border, and west to the dynamic LAX area.

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 as well as the offices of Wells Fargo, Ernst & Young, AECOM, Gensler, and the Boston Consulting Group.

Construction Boom

Young Professionals

Manufacturing Hub

Entertainment Capital

Approximately 3.9 million square feet of office and retail space under construction downtown, with an additional 5.0 million square feet in the proposal stage- DowntownLA

Mid-Wilshire is ranked one of the “Best Neighborhoods for Young Professionals in Los Angeles”- Niche

Los Angeles ranked as the No. 1 “Manufacturing City in the Nation”- The Kyser Center for Economic Research

Los Angeles County was named the “Entertainment Capital of the United States”- The Kyser Center for Economic Research

39E C O N O M I C A N D D E M O G R A P H I C O V E R V I E W

LOS ANGELES | MID-WILSHIRE

DEMOGRAPHICS - MID-WILSHIRE SUBMARKET

13.0%INCOME GROWTH

PROJECTED FOR THE SUBMARKET (2020-25)

77% OF HOUSING UNITS ARE

RENTER OCCUPIEDCOMPARED TO 31% NATIONALLY

37.8MEDIAN AGE

IN THE SUBMARKET

LOS ANGELES | CALIFORNIA

454.0K 99.5K $1.3M 172.7K $55.6KThe Mid-Wilshire submarket’s population is forecast to grow 4.8%over the next five years, exceeding 454,000 residents

Nearly 34% of thesubmarket’s residents age 25 or older hold a bachelor's degree or higher, compared to 31% nationally

The median home price in ZIP Code 90026 reached $1,262,500 in March 2020, up 32.9%annually

The submarket's number of households is forecast to grow 5.3% over thenext five years, reaching 172,679 households

The Mid-Wilshire submarket’s median household income is projected to reach $55,577 by 2025, up 13.0% from 2020



INDUSTRY BREAKDOWN

AVERAGE ANNUAL WAGE BY OCCUPATION

Source: BLS Occupational Employment Statistics Survey Source: BLS Current Employment Statistics Survey


Construction

3%Education &

Health Services

19%

Financial Activities

5%

Government

13%

Information

5%Leisure & Hospitality

11%

Manufacturing

7%

Other Services

3%

Professional & Business Services

14%

Trade, Transportation, & Utilities

18%

Industry Breakdown

LOS ANGELES, CA, METRO DIVISIONEMPLOYMENT BY

SECTOR

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 41,300 jobs during the 12-month period ending in March 2020, 28,600 of which were in the Education and Health Services sector.

Management

Healthcare Practitioners & Technical

Business & Financial Operations

Education, Training, & Library

Sales & Related

Office & AdministrativeSupport

Transportation & Material Moving

Production

$133.7K

$94.8K

$81.4K

$69.3K

$45.4K

$42.7K

$39.4K

$38.3K

Food Preparation & Serving Related

$27.8K

Personal Care & Service $29.7K



27.3%

44.0%

28.7%

JOB EXPOSURELow Medium High

MARKET RESILIENCY ANALYSIS

INDUSTRY COMPOSITION JOBS EXPOSURE

MARKET RATE 28.7%

of jobs are in high-risk industries

NATIONAL RATE 22.9%

of jobs are in high-risk industries


Risk Level # Employees % of Market National AvgLOW

Agriculture, forestry, fishing and hunting 215 0.3% 1.1%Finance and insurance 2,655 3.6% 4.7%Health care and social assistance 8,870 11.9% 16.0%Information 3,125 4.2% 2.2%Transportation and warehousing 2,879 3.9% 4.4%Utilities 168 0.2% 0.4%Wholesale trade 2,480 3.3% 4.7%Total 20,392 27.3% 33.5%

MEDIUMAdministrative and waste services 4,180 5.6% 7.4%Educational services 3,525 4.7% 2.3%Manufacturing 4,546 6.1% 10.1%Mining, quarrying, and oil and gas extraction 54 0.1% 0.5%Other services, except public administration 6,647 8.9% 3.6%Professional and technical services 5,426 7.3% 7.5%Retail trade 8,500 11.4% 12.2%Total 32,878 44.0% 43.6%

HIGHAccommodation and food services 11,623 15.6% 11.1%Arts, entertainment, and recreation 2,606 3.5% 1.9%Construction 4,889 6.5% 6.1%Management of companies and enterprises 50 0.1% 1.9%Real estate and rental and leasing 2,238 3.0% 1.8%Unclassified 0 0.0% 0.1%

Total 21,406 28.7% 22.9%



(100,000)

(50,000)

0

50,000

100,000

150,000

0%

3%

6%

9%

12%

15%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20*

Employment Trends

City Unemployment Rate Metro Division Jobs Added / Lost*YTD

EMPLOYMENT TRENDS

MARCH2020 6.4%

the city’s monthly unemployment rate was up 190 bps annually

MARCH2020 41,300 jobs

were created in the metro division, a 0.9% annual increase


LOS ANGELES COUNTY, CA

LARGEST EMPLOYERSLos Angeles County 107,400

Los Angeles Unified School District 66,520

City of Los Angeles 61,900

University of California, Los Angeles 48,740

U.S. Government 43,600

Kaiser Permanente 40,310

State of California 29,800

University of Southern California 28,870

Northrop Grumman Corporation 18,000

Providence Health & Services 15,950

Sources: City of Los Angeles CAFR, 2019; Los Angeles Almanac; LAUSD; USC; UCLA



TRADE & LOGISTICS

MANUFACTURING

PORT OF LOS ANGELES

NORTHROP GRUMMAN CORP.

Los Angeles County is home to the Port of Los Angeles and the Port of Long Beach, making it one of the world’s leading trade and logistics centers. The two ports provide access to major U.S. markets and the Pacific Rim. The Port of Los Angeles ranked first in the nation in terms of total value of worldwide trade handled in 2019, with 14% of all U.S. trade. Combined, the ports support more than 1.2 million direct and indirect jobs and generate over $58 billion annually in wages and tax revenues.

Los Angeles’s unique geography, strong infrastructure, and skilled workforce make it an ideal location for manufacturing companies. With approximately 335,200 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.

1.2 millionTotal Jobs Supported by the Two Ports

$371.2 billionWorldwide Trade ValueCombined in 2019

$58 billionAnnual Wages and Tax Revenues

No. 1Manufacturing Center in the Country

335,200Jobs Supported

65I-605 CorridorManufacturing Firms



ARTS & ENTERTAINMENT

PROFESSIONAL & BUSINESS SERVICES

PARAMOUNT PICTURES

AVERY DENNISON

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.

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’s historic Financial District, referred to as the “Wall Street of the West,” is home to corporate skyscrapers, law firms, and real estate companies. Approximately 639,500 jobs are supported by major businesses, including Amgen, Avery Dennison, and Mattel. Of the more than 50 Fortune 500 companies in California, 11 are headquartered in Los Angeles County.

$198 billionEconomic Impact Metrowide

792,600Jobs Supported Metrowide

1,500Theater Productions

11Fortune 500Headquarters

639,500Jobs Supported

$212.2 billionCombined Annual Revenue



CONSTRUCTION AND DEVELOPMENT

CROSSROADS HOLLYWOOD SOFI STADIUM AND ENTERTAINMENT DISTRICT AT HOLLYWOOD PARK

$1 billionRedevelopment Project

$2.6 billionInvestment

1.4 millionSF Mixed-Use Development

1.5 millionSF of Commercial Space

The site of the historic Crossroads of the World complex is set to undergo a major revitalization project. Crossroads Hollywood will be an eight-acre, 1.4 million-square-foot, mixed-use development. The project will be comprised of nine buildings, including up to 308 hotel rooms; 950 residential units, including 84 affordable units; 185,000 square feet of commercial space; 95,000 square feet of office space; and 2,494 underground parking spaces. The proposed realignment of Las Palmas Avenue and Sunset Boulevard will promote pedestrian safety and enhance connectivity. The $1 billion project has an estimated 48-month construction timeline, with expected completion in 2022.

A 70,240-seat sport stadium and the adjacent entertainment district are currently under construction at the former site of Hollywood Park in the city of Inglewood, 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.




METRO PURPLE LINE VERMONT CORRIDOR

$6.3 billionInvestment

$270 millionOffice Tower

22,000Construction Jobs

2,990Jobs Supported

Construction on the Metro’s Purple Line continues. The project’s first phase 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 to complete in 2025. The final section from Century City to the VA campus broke 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.

Along Vermont Avenue in Los Angeles’s 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 six-story 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.




BROADWAY TRADE CENTER LAX MODERNIZATION PROGRAM

1.1 millionSF Renovation

$14 billionInvestment

1,500Jobs Created

121,000Construction Jobs

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 in 2020.

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.

4 8 E C O N O M I C A N D D E M O G R A P H I C O V E R V I E W


COVID-19 is taking its toll on Los Angeles's economy, especially on its entertainment, tourism, and international trade. Fortunately, essential businesses, such as the area's large concentration of manufacturers, have remained open, and many of the area's white-collar workers have been able to work from home. Regardless, apartment demand throughout Los AngelesCounty is expected to persist due to a lack of adequate housing supply.

The Mid-Wilshire apartment submarket's desirable location at the heart of the metro has spurred development and investor interest in recent months, particularly along the submarket’s border with red-hot downtown Los Angeles. In the first quarter of 2020, 289 units were added in the submarket, over two times the number of units during the same time last year.

Demand for multifamily units tends to keep pace with new supply in Mid-Wilshire, helping maintain elevated occupancy rates. The submarket’s central location within Los Angeles provides a fairly easy commute to numerous important employment nodes in the city, including Miracle Mile, Downtown, Century City, and Hollywood. In the first three months of 2020, the Mid-Wilshire apartment submarket noted a 69-unit deficit, up from 270 net move-outs in the first three months of 2019.

With home prices approaching $1.3 million, residents wanting this central location are moving into the newly developed Class A communities in Mid-Wilshire. This is good news for operators and investors, as Mid-Wilshire competes with several other core submarkets with significant new development that boast many of the same demand drivers as Mid-Wilshire.

(500)

0

500

1,000

1,500

2,000

2014 2015 2016 2017 2018 2019 1Q20*

Construction vs. Absorption

Deliveries Absorption*YTD

ABSORPTION / DELIVERIES

MID-WILSHIRE APARTMENT SUBMARKET

NEWDELIVERIES 289 units

in the first quarter of 2020

NETABSORPTION (69 units)

through March 2020




With COVID-19 wreaking havoc on the regional economy, the Mid-Wilshire apartment submarket benefits from its prestigious location in close proximity to local job hubs and abundant retail and entertainment options. Los Angeles County’s stay-at-home order through May 15, 2020, allowed operation of essential businesses, meaning the county’s upsides during this downturn are as numerous as its challenges.

The Mid-Wilshire apartment submarket location brings consistent demand and boasts some of the highest rents in Los Angeles. Rents have grown at a steady annual pace in the Mid-Wilshire apartment submarket, and elevated demand drove gains above the historical average for most of the cycle. In March 2020, average effective rent in the submarket increased 1.5% to $2,484 per month. This speaks to a submarket in transition, as new development driven by growth in adjacent submarkets pushes into what has traditionally been a low-income area.

Mid-Wilshire’s central location and strong transit links to major employment hubs continue to underpin demand. The average occupancy rate in the Mid-Wilshire apartment submarket was 96.4% in the first quarter of 2020, unchanged from one year prior and on par with the preceding five-year average. During the declared state of emergency, the California Judicial Council’s renter eviction protections prohibit eviction under a vast array of circumstances, even where renters can't pay their lease.

$2,0

76

$2,2

19

$2,3

09

$2,3

38

$2,4

13

$2,4

82

$2,4

84

$1,800

$2,000

$2,200

$2,400

$2,600

90%

92%

94%

96%

98%

2014 2015 2016 2017 2018 2019 1Q20*

Occupancy & Ask Rent

Rent Occupancy* YTD

RENT / OCCUPANCY

EFFECTIVE RENT

$2,484in 1Q20, up 1.5% year over year

OCCUPANCYRATE 96.4%

in 1Q20, unchanged from one year prior

MID-WILSHIRE APARTMENT SUBMARKET




EDUCATION

HIGHER EDUCATION 625kstudents metrowide

ANNUAL GRADUATES 60kproduced 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. The universities 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 65,600 jobs countywide. With an enrollment of 44,370 students, UCLA generates $284.4 million in taxes and a $5.7 billion economic impact for Southern California.

The University of Southern California (USC) has an enrollment of over 48,500 students and employs 28,870 residents. USC has the largest private-university graduate program in the nation in science, engineering, and health. In 2019, the University of Southern California was ranked No. 22 among national universities by U.S. News and World Report.

CITY OF LOS ANGELES

HIGHER EDUCATIONLos Angeles Community College District 147,630

University of Southern California 48,500

University of California Los Angeles 44,370

California State University Northridge 39,390

California State University Los Angeles 23,360

Loyola Marymount University 9,680

Mount Saint Mary’s University 2,970

Sources: listed college websites; California Community Colleges Chancellor’s Office



LIFESTYLE AND ENTERTAINMENT

LACMA 140kpieces of art

THE GROVE 60shops & restaurants


Los Angeles’ Miracle Mile neighborhood was named after its swift car-driven rise to prominence in the 1920s. The neighborhood, which spans a stretch of Wilshire Boulevard between Fairfax and La Brea Avenue, was the first commercial strip designed specifically to cater to car traffic rather than foot traffic. Miracle Mile boasts a concentration of cultural institutions known as Museum Row, home to the Los Angeles County Museum of Art (LACMA), The Petersen Automotive Museum, Craft and Folk Art Museum, George C. Page Museum, and the La Brea Tar Pits and Museum as well as the future Academy Museum of Motion Pictures.

Serving as the anchor of Museum Row, The Los Angeles County Museum of Art (LACMA) is the largest art museum in the western United States. LACMA consists of 140,000 objects that highlight 6,000 years of artistic history from across the world. Attracting more than 1.5 million visitors each year, the museum collects work of art that encompass both history and geography, reflecting Los Angeles’s diverse culture and population.

Featuring an eclectic mix of shopping and dining options, The Grove is one of the premier lifestyle centers in Los Angeles. Located on the site of the historic Farmer’s Market, The Grove features over 600,000 square feet of retail space for brands like Nordstrom, Nike, Coach, and Crate & Barrel.

The neighborhood’s centrality provides a fairly easy commute to numerous important business / employment nodes in metro Los Angeles, including Downtown, Century City, and Hollywood. Also within a reasonable distance are the tech-heavy “Silicon Beach” areas of Santa Monica, Venice Beach, and Playa Vista, as well as entertainment-industry hubs in Burbank and Culver City.

THE GROVE



Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; CoreLogic; Wikipedia; Axiometrics; California Association of Realtors; City of Los Angeles CAFR; State of California Employment 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

TRANSPORTATION

MTAPASSENGERS 370.5m

rail and bus passengers in 2019

LAXAIRPORT 88.1m

passengers served in 2019


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 of Long Beach, Downtown L.A., Hollywood, Pasadena, and the San Fernando Valley. MTA provided service to 370.5 million rail and bus passengers in 2019.

Los Angeles International Airport (LAX) supports 408,000 local jobs and has an annual economic impact of $60 billion. LAX served over 88.1 million passengers in 2019, making it the second-busiest airport in the nation and among the ten busiest airports in the world.

LOS ANGELES INTERNATIONAL AIRPORT (LAX)



BY THE NUMBERS - MID-WILSHIRE SUBMARKET

*Projected**30-yr fixed; 20% down; 4.0% interest rate; 0.77% CA propertytaxes; $1,000 annual homeowner’s insurance; ZIP Code 90026

*ProjectedAnnual Rent / Median Household Income


TOTAL POPULATION2010 414,491

2020* 433,341

2025* 454,035

Growth Rate (2020 - 2025) 4.8%

TOTAL HOUSEHOLDS2010 156,734

2020* 164,010

2025* 172,679

Growth Rate (2020 - 2025) 5.3%

MEDIAN INCOME2010 $38,029

2020* $49,168

2025* $55,577

Growth Rate (2020 - 2025) 13.0%

MEDIAN AGE2010 34.5

2020* 37.8

2025* 39.6

MEDIAN HOME PRICEMarch - 2019 $950,000

March - 2020 $1,262,500

Growth Rate Y-o-Y 32.9%

ZIP Code: 90026

RENT VS. OWNAverage Mortgage Payment** $5,715

Effective Rent $2,484

Difference $3,231

EMPLOYMENT GROWTH (MD)March - 2019 4,555,900

March - 2020 4,597,200

Growth Rate Y-o-Y 0.9%

RENT SHARE OF WALLETNational - 2020* 29.0%

Mid-Wilshire Submarket - 2020* 60.6%

National - 2025* 29.4%

Mid-Wilshire Submarket - 2025* 56.6%

DEMOGRAPHICS

66 D E M O G R A P H I C S

Site Map1401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

Legend Map

Powered by Sitewise Pro

67D E M O G R A P H I C S

Study Area Map1401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

Legend Map

Powered by Sitewise Pro


Demographic Report1401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

Key Demographics 1 miles 3 miles 5 miles Los Angeles Los Angeles-LongBeach et al, CA National

Count % Count % Count % Count % Count % Count %PO

PULA

TIO

N

2000 Census 7 8 ,7 6 2 5 9 5 ,6 2 0 1 ,2 6 5 ,3 6 1 9 ,5 1 9 ,0 6 1 1 2 ,3 6 5 ,3 5 3 2 8 1 ,4 2 1 ,8 7 2

2010 Census 7 4 ,6 4 7 5 8 9 ,2 1 6 1 ,2 6 3 ,0 4 0 9 ,8 1 8 ,6 0 5 1 2 ,8 2 8 ,8 3 7 3 1 2 ,4 7 1 ,3 2 7

2020 Estimate 7 4 ,9 5 0 6 2 2 ,3 0 7 1 ,3 2 5 ,9 1 3 1 0 ,1 0 5 ,2 2 8 1 3 ,3 0 3 ,2 5 5 3 3 3 ,7 6 3 ,8 6 4

2025 Projection 7 8 ,7 0 9 6 6 9 ,8 3 7 1 ,4 2 1 ,1 3 6 1 0 ,6 8 8 ,1 7 0 1 3 ,9 5 4 ,5 4 6 3 4 9 ,4 7 1 ,2 1 2

Population Growth 2000-2010 -5 .2 % -5 .2 % -5 .2 % 3 .2 % 3 .8 % 1 1 .0 %

Population Growth 2020-2010 0 .4 % 0 .4 % 0 .4 % 2 .9 % 3 .7 % 6 .8 %

Population Growth 2025-2020 5 .0 % 5 .0 % 5 .0 % 5 .8 % 4 .9 % 4 .7 %

HOUS

EHO

LDS

2000 Census 2 4 ,7 1 7 2 0 1 ,9 3 0 4 5 3 ,8 2 4 3 ,1 3 3 ,6 7 8 4 ,0 6 8 ,9 5 1 1 0 6 ,7 4 1 ,4 0 6

2010 Census 2 5 ,3 0 1 2 0 7 ,9 0 0 4 6 9 ,4 2 8 3 ,2 4 1 ,2 0 4 4 ,2 3 3 ,9 8 5 1 1 8 ,0 9 2 ,8 2 3

2020 Estimate 2 5 ,4 4 5 2 2 1 ,7 5 4 4 9 9 ,4 4 4 3 ,3 4 7 ,7 7 6 4 ,4 0 9 ,3 8 8 1 2 6 ,1 9 3 ,6 3 02025 Projection 2 6 ,7 6 7 2 4 0 ,2 4 6 5 4 0 ,5 3 2 3 ,5 5 1 ,5 1 9 4 ,6 3 9 ,4 1 7 1 3 2 ,0 0 5 ,6 3 3

Household Growth 2000-2010 2 .4 % 3 .0 % 3 .4 % 3 .4 % 4 .1 % 1 0 .6 %

Household Growth 2020-2010 0 .6 % 6 .7 % 6 .4 % 3 .3 % 4 .1 % 6 .9 %

Household Growth 2025-2020 5 .2 % 8 .3 % 8 .2 % 6 .1 % 5 .2 % 4 .6 %

Owner Occupied Housing Units 2 7 ,1 4 6 2 3 9 ,2 2 3 5 3 9 ,7 3 9 3 ,5 4 7 ,3 6 1 4 ,6 6 5 ,5 4 7 1 4 1 ,5 3 4 ,1 6 5

Vacant Housing Units 1 ,7 0 1 6 .3 % 1 7 ,4 6 9 7 .3 % 4 0 ,2 9 5 7 .5 % 1 9 9 ,5 8 5 5 .6 % 2 5 6 ,1 5 9 5 .5 % 1 5 ,3 4 0 ,5 3 5 1 0 .8 %

Occupied Housing Units 2 5 ,4 4 5 9 3 .7 % 2 2 1 ,7 5 4 9 2 .7 % 4 9 9 ,4 4 4 9 2 .5 % 3 ,3 4 7 ,7 7 6 9 4 .4 % 4 ,4 0 9 ,3 8 8 9 4 .5 % 1 2 6 ,1 9 3 ,6 3 0 8 9 .2 %

Owner-Occupied 3 ,9 9 2 1 4 .7 % 4 3 ,3 3 9 1 8 .1 % 1 1 8 ,6 1 2 2 2 .0 % 1 ,5 9 7 ,2 4 3 4 5 .0 % 2 ,2 2 7 ,2 4 6 4 7 .7 % 8 2 ,3 6 9 ,0 2 2 5 8 .2 %

Renter-Occupied 2 1 ,4 5 3 7 9 .0 % 1 7 8 ,4 1 5 7 4 .6 % 3 8 0 ,8 3 2 7 0 .6 % 1 ,7 5 0 ,5 3 3 4 9 .3 % 2 ,1 8 2 ,1 4 2 4 6 .8 % 4 3 ,8 2 4 ,6 0 8 3 1 .0 %

EDUC

ATIO

N

Est. Pop. 25+ by Educational Attainment 5 1 ,1 0 2 4 1 1 ,6 6 0 8 9 7 ,0 7 0 6 ,7 6 1 ,2 8 7 8 ,9 2 1 ,5 1 3 2 2 4 ,6 6 6 ,4 6 3

Less than 9th Grade 1 0 ,2 0 1 2 0 .0 % 8 0 ,7 1 9 1 9 .6 % 1 5 0 ,3 7 6 1 6 .8 % 8 7 3 ,8 4 5 1 2 .9 % 1 ,0 5 5 ,5 3 1 1 1 .8 % 1 2 ,1 6 2 ,1 0 0 5 .4 %

Some High School, No Diploma 5 ,6 4 9 1 1 .1 % 4 5 ,2 5 4 1 1 .0 % 9 1 ,2 4 2 1 0 .2 % 6 0 2 ,8 5 8 8 .9 % 7 4 8 ,8 4 1 8 .4 % 1 5 ,9 5 8 ,0 9 0 7 .1 %

High School Graduate (or GED) 1 2 ,1 4 4 2 3 .8 % 8 5 ,0 2 0 2 0 .7 % 1 7 2 ,0 2 3 1 9 .2 % 1 ,4 0 8 ,5 8 0 2 0 .8 % 1 ,7 7 9 ,0 3 9 1 9 .9 % 6 1 ,0 1 2 ,0 9 6 2 7 .2 %

Some College, No Degree 7 ,7 8 5 1 5 .2 % 6 3 ,6 4 9 1 5 .5 % 1 4 6 ,6 1 5 1 6 .3 % 1 ,2 9 6 ,8 5 5 1 9 .2 % 1 ,7 3 3 ,5 9 1 1 9 .4 % 4 6 ,2 0 7 ,4 0 2 2 0 .6 %

Associate Degree 2 ,4 1 9 4 .7 % 2 1 ,4 5 3 5 .2 % 4 7 ,9 7 3 5 .3 % 4 6 9 ,3 4 3 6 .9 % 6 3 7 ,4 4 5 7 .1 % 1 8 ,9 3 4 ,2 4 3 8 .4 %

Bachelor's Degree 1 0 ,0 8 4 1 9 .7 % 8 2 ,0 2 5 1 9 .9 % 1 9 7 ,4 9 9 2 2 .0 % 1 ,3 7 3 ,5 5 2 2 0 .3 % 1 ,9 2 5 ,0 3 5 2 1 .6 % 4 3 ,4 7 9 ,8 7 9 1 9 .4 %

Graduate/Professional Degree 2 ,8 1 9 5 .5 % 3 3 ,5 4 0 8 .1 % 9 1 ,3 4 2 1 0 .2 % 7 3 6 ,2 5 4 1 0 .9 % 1 ,0 4 2 ,0 3 1 1 1 .7 % 2 6 ,9 1 2 ,6 5 3 1 2 .0 %

Powered by Sitewise Pro Data Source: STI PopStats



0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30


Count % Count % Count % Count % Count % Count %

AGE

Population by Age0 - 4 5 ,5 5 5 7 .4 % 4 6 ,5 9 9 7 .0 % 9 8 ,9 5 5 7 .0 % 7 1 7 ,7 2 0 6 .7 % 9 2 6 ,1 0 0 6 .6 % 2 1 ,1 5 7 ,4 9 8 6 .1 %

5 - 14 9 ,2 6 0 1 2 .4 % 8 8 ,4 2 5 1 3 .2 % 1 9 2 ,9 2 5 1 3 .6 % 1 ,3 1 6 ,2 7 9 1 2 .3 % 1 ,6 9 7 ,5 3 3 1 2 .2 % 3 8 ,2 6 7 ,6 8 9 1 1 .0 %

14 - 18 3 ,2 6 2 4 .4 % 3 2 ,8 5 7 4 .9 % 6 5 ,5 7 7 4 .6 % 5 1 3 ,0 5 1 4 .8 % 6 6 5 ,8 1 3 4 .8 % 1 6 ,9 7 9 ,1 2 4 4 .9 %

18 - 22 3 ,0 8 7 4 .1 % 3 9 ,2 9 0 5 .9 % 6 7 ,8 7 8 4 .8 % 5 3 0 ,1 6 2 5 .0 % 6 9 5 ,0 7 2 5 .0 % 2 0 ,6 3 6 ,8 6 3 5 .9 %

22 - 25 2 ,6 8 4 3 .6 % 2 2 ,2 2 5 3 .3 % 4 4 ,0 7 4 3 .1 % 3 9 5 ,2 6 9 3 .7 % 5 1 9 ,9 1 7 3 .7 % 1 4 ,2 3 9 ,5 7 5 4 .1 %

25 - 35 1 0 ,4 4 2 1 3 .9 % 7 5 ,2 1 7 1 1 .2 % 1 5 4 ,9 6 3 1 0 .9 % 1 ,3 7 3 ,8 8 6 1 2 .9 % 1 ,7 9 5 ,3 5 5 1 2 .9 % 4 4 ,6 9 6 ,6 2 9 1 2 .8 %

35 - 45 1 1 ,7 4 0 1 5 .7 % 1 0 4 ,7 8 4 1 5 .6 % 2 2 3 ,5 6 2 1 5 .7 % 1 ,4 0 8 ,1 9 3 1 3 .2 % 1 ,8 0 9 ,3 9 4 1 3 .0 % 4 1 ,5 9 5 ,6 1 7 1 1 .9 %

45 - 55 1 0 ,1 8 9 1 3 .6 % 9 3 ,6 1 8 1 4 .0 % 2 0 7 ,9 3 3 1 4 .6 % 1 ,3 5 5 ,0 2 2 1 2 .7 % 1 ,7 5 0 ,0 3 4 1 2 .5 % 4 1 ,4 6 6 ,4 8 4 1 1 .9 %

55 - 65 8 ,8 2 3 1 1 .8 % 7 4 ,5 5 8 1 1 .1 % 1 6 4 ,0 6 9 1 1 .5 % 1 ,3 0 9 ,8 5 1 1 2 .3 % 1 ,7 3 6 ,2 1 2 1 2 .4 % 4 3 ,6 8 8 ,6 8 0 1 2 .5 %

65 - 75 6 ,2 0 8 8 .3 % 5 5 ,8 0 4 8 .3 % 1 2 0 ,1 1 9 8 .5 % 1 ,0 5 1 ,4 6 1 9 .8 % 1 ,3 9 3 ,7 8 1 1 0 .0 % 3 8 ,6 2 7 ,6 2 8 1 1 .1 %

75 - 85 2 ,7 6 0 3 .7 % 2 7 ,7 8 3 4 .1 % 6 0 ,9 0 5 4 .3 % 5 4 8 ,1 7 8 5 .1 % 7 3 6 ,4 5 8 5 .3 % 2 1 ,9 6 5 ,1 4 5 6 .3 %85+ 9 3 9 1 .3 % 8 ,6 7 8 1 .3 % 2 0 ,1 7 5 1 .4 % 1 6 9 ,0 9 8 1 .6 % 2 2 8 ,8 7 7 1 .6 % 6 ,1 5 0 ,2 8 0 1 .8 %

INCO

ME

CY Estimated HH by HH Income 2 5 ,4 4 5 2 2 1 ,7 5 4 4 9 9 ,4 4 4 3 ,3 4 7 ,7 7 6 4 ,4 0 9 ,3 8 8 1 2 6 ,1 9 3 ,6 3 0

< $15,000 3 ,7 0 0 1 4 .5 % 3 3 ,6 7 0 1 5 .2 % 7 2 ,5 5 9 1 4 .5 % 3 3 3 ,8 0 0 1 0 .0 % 4 0 3 ,5 7 2 9 .2 % 1 3 ,3 8 8 ,4 2 0 1 0 .6 %

$15,000 - $24,999 3 ,5 6 0 1 4 .0 % 2 8 ,5 2 9 1 2 .9 % 5 7 ,6 7 6 1 1 .5 % 2 8 8 ,7 5 1 8 .6 % 3 5 0 ,2 7 5 7 .9 % 1 1 ,5 8 1 ,4 7 2 9 .2 %

$25,000 - $34,999 3 ,4 6 0 1 3 .6 % 2 5 ,5 9 1 1 1 .5 % 5 0 ,3 5 6 1 0 .1 % 2 7 7 ,3 6 9 8 .3 % 3 4 2 ,7 7 2 7 .8 % 1 1 ,5 6 9 ,9 9 2 9 .2 %

$35,000 - $49,000 4 ,2 4 9 1 6 .7 % 3 2 ,0 7 6 1 4 .5 % 6 3 ,0 7 3 1 2 .6 % 3 8 4 ,5 2 5 1 1 .5 % 4 8 1 ,3 7 0 1 0 .9 % 1 5 ,9 0 2 ,8 9 5 1 2 .6 %

$50,000 - $74,999 4 ,6 4 3 1 8 .2 % 3 7 ,3 2 6 1 6 .8 % 8 0 ,0 6 5 1 6 .0 % 5 3 9 ,7 0 2 1 6 .1 % 6 9 9 ,3 2 1 1 5 .9 % 2 2 ,1 0 9 ,8 9 5 1 7 .5 %

$75,000 - $99,999 2 ,1 0 9 8 .3 % 2 2 ,1 0 5 1 0 .0 % 5 2 ,8 1 2 1 0 .6 % 4 0 8 ,8 0 3 1 2 .2 % 5 4 5 ,8 4 2 1 2 .4 % 1 5 ,9 2 2 ,3 5 1 1 2 .6 %

$100,000 - $149,999 1 ,9 4 2 7 .6 % 2 2 ,3 9 6 1 0 .1 % 6 0 ,3 1 1 1 2 .1 % 5 2 4 ,8 4 8 1 5 .7 % 7 2 4 ,2 8 1 1 6 .4 % 1 8 ,7 2 6 ,7 0 8 1 4 .8 %

$150,000 - $199,999 9 1 9 3 .6 % 1 0 ,1 6 5 4 .6 % 3 0 ,5 4 9 6 .1 % 3 0 8 ,6 7 0 9 .2 % 4 5 1 ,5 7 4 1 0 .2 % 1 0 ,6 6 7 ,6 2 7 8 .5 %

> $200,000 8 6 3 3 .4 % 9 ,8 9 6 4 .5 % 3 2 ,0 4 2 6 .4 % 2 8 1 ,3 0 8 8 .4 % 4 1 0 ,3 8 1 9 .3 % 6 ,3 2 4 ,2 7 0 5 .0 %

2020 Median Household Income $ 4 1 ,7 5 2 $ 4 5 ,2 5 7 $ 5 1 ,7 0 7 $ 6 7 ,2 5 2 $ 7 2 ,0 2 2 $ 6 1 ,1 5 1

2025 Median Household Income $ 4 8 ,5 1 4 $ 5 1 ,9 0 3 $ 5 8 ,7 5 9 $ 7 6 ,9 9 4 $ 8 2 ,0 0 8 $ 6 8 ,8 7 8

2020 Average Household Income $ 5 8 ,2 7 0 $ 6 9 ,9 2 6 $ 8 0 ,8 4 4 $ 9 7 ,9 6 6 $ 1 0 3 ,2 4 0 $ 8 5 ,7 9 1

2025 Average Household Income $ 6 6 ,3 6 1 $ 8 0 ,0 1 8 $ 9 2 ,1 1 9 $ 1 1 1 ,3 3 3 $ 1 1 6 ,7 1 5 $ 9 6 ,5 5 4

LABO

UR F

ORC

E Pop. 16+ by Employment Status 5 8 ,5 6 8 4 8 5 ,5 7 4 1 ,0 3 5 ,7 8 2 7 ,9 7 3 ,3 2 4 1 0 ,5 2 4 ,1 7 3 2 6 7 ,6 4 3 ,2 1 3

Labor Force 3 9 ,6 9 4 6 7 .8 % 3 2 7 ,7 3 7 6 7 .5 % 6 9 3 ,0 9 1 6 6 .9 % 5 ,1 2 2 ,4 3 0 6 4 .2 % 6 ,7 9 3 ,1 3 0 6 4 .5 % 1 6 8 ,8 4 6 ,3 8 9 6 3 .1 %

In Armed Forces 9 0 .0 % 4 3 0 .0 % 2 0 1 0 .0 % 3 ,5 3 9 0 .0 % 5 ,0 9 2 0 .0 % 1 ,1 2 8 ,9 9 7 0 .4 %

Civilian, Employed 3 7 ,8 1 0 6 4 .6 % 3 1 1 ,6 6 0 6 4 .2 % 6 5 7 ,7 3 5 6 3 .5 % 4 ,8 8 3 ,2 1 1 6 1 .2 % 6 ,5 0 3 ,1 3 1 6 1 .8 % 1 6 2 ,5 7 8 ,4 2 2 6 0 .7 %

Civilian, Unemployed 1 ,8 8 4 3 .2 % 1 6 ,0 7 7 3 .3 % 3 5 ,3 5 6 3 .4 % 2 3 9 ,2 1 9 3 .0 % 2 8 9 ,9 9 9 2 .8 % 6 ,2 6 7 ,9 6 7 2 .3 %

Not in Labor Force 1 8 ,8 7 4 3 2 .2 % 1 5 7 ,8 3 7 3 2 .5 % 3 4 2 ,6 9 1 3 3 .1 % 2 ,8 5 0 ,8 9 4 3 5 .8 % 3 ,7 3 1 ,0 4 3 3 5 .5 % 9 8 ,7 9 6 ,8 2 4 3 6 .9 %

Unemployment Rate 4 .7 % 4 .7 % 4 .7 % 4 .7 % 4 .7 % 4 .7 %




0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30


Count % Count % Count % Count % Count % Count %

EMPL

OYM

ENT

Employed Population 16+ by Industry 3 7 ,8 1 0 3 1 1 ,6 6 0 6 5 7 ,7 3 5 4 ,8 8 3 ,2 1 1 6 ,5 0 3 ,1 3 1 1 6 2 ,5 7 8 ,4 2 2

Agriculture/Mining 2 ,9 2 0 7 .7 % 2 3 ,6 1 9 7 .6 % 4 1 ,7 9 6 6 .4 % 3 1 3 ,8 3 0 6 .4 % 4 1 5 ,8 6 9 6 .4 % 1 3 ,5 8 2 ,4 0 7 8 .4 %

Manufacturing 2 ,5 6 6 6 .8 % 2 6 ,8 8 0 8 .6 % 5 3 ,6 1 2 8 .2 % 4 7 6 ,7 6 2 9 .8 % 6 8 2 ,1 6 8 1 0 .5 % 1 6 ,5 9 1 ,4 5 1 1 0 .2 %

Wholesale & Retail Trade 5 ,0 0 4 1 3 .2 % 4 1 ,0 9 5 1 3 .2 % 8 4 ,3 8 1 1 2 .8 % 6 7 4 ,8 0 2 1 3 .8 % 9 0 1 ,9 3 1 1 3 .9 % 2 2 ,6 5 1 ,9 2 5 1 3 .9 %

Transpotation/Utilities 1 ,6 9 8 4 .5 % 1 4 ,0 7 9 4 .5 % 3 0 ,1 7 6 4 .6 % 2 8 7 ,9 5 0 5 .9 % 3 4 4 ,4 9 7 5 .3 % 8 ,4 9 6 ,0 9 4 5 .2 %

Information 1 ,1 3 4 3 .0 % 1 3 ,2 6 4 4 .3 % 4 2 ,0 9 3 6 .4 % 2 0 9 ,1 3 7 4 .3 % 2 4 1 ,7 5 5 3 .7 % 3 ,3 1 4 ,8 9 7 2 .0 %

Finance/Insurance/Real Estate 1 ,7 2 9 4 .6 % 1 5 ,1 6 7 4 .9 % 3 2 ,9 2 0 5 .0 % 2 9 5 ,0 3 4 6 .0 % 4 3 3 ,2 8 5 6 .7 % 1 0 ,6 4 4 ,6 0 1 6 .5 %

Professional/Management/Scientific 4 ,5 6 2 1 2 .1 % 3 9 ,1 7 8 1 2 .6 % 9 0 ,5 7 9 1 3 .8 % 6 2 5 ,0 1 6 1 2 .8 % 8 6 0 ,7 6 8 1 3 .2 % 1 8 ,4 8 8 ,7 9 2 1 1 .4 %

Education/Health/Social Services 6 ,0 9 8 1 6 .1 % 5 4 ,2 5 2 1 7 .4 % 1 1 2 ,7 6 7 1 7 .1 % 1 ,0 0 7 ,6 9 3 2 0 .6 % 1 ,3 1 9 ,2 6 6 2 0 .3 % 3 7 ,5 8 0 ,9 4 9 2 3 .1 %

Arts/Ent./Accomodation/Food Services 7 ,0 1 3 1 8 .5 % 5 0 ,0 2 4 1 6 .1 % 1 0 3 ,2 3 8 1 5 .7 % 5 4 3 ,9 6 4 1 1 .1 % 7 2 0 ,6 6 3 1 1 .1 % 1 5 ,5 6 8 ,9 0 3 9 .6 %

Other Services 4 ,3 1 6 1 1 .4 % 2 8 ,3 0 9 9 .1 % 5 2 ,5 3 4 8 .0 % 2 9 1 ,2 3 1 6 .0 % 3 7 9 ,6 5 2 5 .8 % 7 ,9 3 0 ,6 0 5 4 .9 %

Public Administration 7 7 0 2 .0 % 5 ,7 9 4 1 .9 % 1 3 ,6 3 9 2 .1 % 1 5 7 ,7 9 2 3 .2 % 2 0 3 ,2 7 7 3 .1 % 7 ,7 2 7 ,7 9 8 4 .8 %

Employed Civilian Pop. 16+ by Occupation 3 7 ,8 1 0 3 1 1 ,6 6 0 6 5 7 ,7 3 5 4 ,8 8 3 ,2 1 1 6 ,5 0 3 ,1 3 1 1 6 2 ,5 7 8 ,4 2 2

White Collar 1 7 ,2 0 2 4 5 .5 % 1 5 6 ,7 2 3 5 0 .3 % 3 6 4 ,0 3 5 5 5 .3 % 2 ,8 9 1 ,3 4 0 5 9 .2 % 3 ,9 5 1 ,4 9 2 6 0 .8 % 9 7 ,5 8 4 ,7 4 3 6 0 .0 %

Services 1 2 ,1 2 1 3 2 .1 % 8 3 ,9 1 2 2 6 .9 % 1 5 5 ,6 4 3 2 3 .7 % 9 2 7 ,4 1 3 1 9 .0 % 1 ,2 0 6 ,6 8 8 1 8 .6 % 2 8 ,9 2 2 ,3 5 6 1 7 .8 %

Blue Collar 8 ,4 8 7 2 2 .4 % 7 1 ,0 2 5 2 2 .8 % 1 3 8 ,0 5 7 2 1 .0 % 1 ,0 6 4 ,4 5 8 2 1 .8 % 1 ,3 4 4 ,9 5 1 2 0 .7 % 3 6 ,0 7 1 ,3 2 3 2 2 .2 %

HOUS

ING

VALU

E

Owner-Occupied Housing Units by Value 3 ,9 9 2 4 3 ,3 3 9 1 1 8 ,6 1 2 1 ,5 9 7 ,2 4 3 2 ,2 2 7 ,2 4 6 8 2 ,3 6 9 ,0 2 2

Less than $50,000 4 4 1 .1 % 3 3 3 0 .8 % 1 ,0 3 2 0 .9 % 2 4 ,8 7 1 1 .6 % 3 4 ,4 5 9 1 .5 % 4 ,7 8 5 ,0 6 1 5 .8 %

$50,000 - $99,999 3 1 0 .8 % 2 8 2 0 .6 % 6 6 9 0 .6 % 1 8 ,8 1 4 1 .2 % 2 6 ,0 8 9 1 .2 % 7 ,6 0 0 ,4 3 8 9 .2 %

$100,000 - $199,999 5 0 1 .2 % 5 2 2 1 .2 % 1 ,2 2 4 1 .0 % 2 4 ,6 9 0 1 .5 % 3 5 ,1 1 6 1 .6 % 1 8 ,4 6 5 ,6 3 6 2 2 .4 %

$200,000 - $299,999 2 5 0 .6 % 6 4 2 1 .5 % 1 ,8 5 3 1 .6 % 3 2 ,9 4 3 2 .1 % 4 5 ,3 7 2 2 .0 % 1 4 ,3 9 7 ,3 4 8 1 7 .5 %

$300,000 - $399,999 6 5 1 .6 % 1 ,2 2 1 2 .8 % 4 ,8 7 6 4 .1 % 6 8 ,3 8 1 4 .3 % 8 5 ,9 9 9 3 .9 % 9 ,9 9 5 ,6 3 2 1 2 .1 %

$400,000 - $499,999 7 7 1 .9 % 2 ,3 7 1 5 .5 % 8 ,2 6 5 7 .0 % 1 2 1 ,1 5 6 7 .6 % 1 5 4 ,0 8 2 6 .9 % 7 ,2 2 6 ,8 1 3 8 .8 %

$500,000 - $749,999 5 6 6 1 4 .2 % 8 ,2 8 7 1 9 .1 % 2 4 ,1 2 1 2 0 .3 % 4 2 2 ,9 9 3 2 6 .5 % 5 5 1 ,2 2 4 2 4 .7 % 9 ,6 7 4 ,4 4 8 1 1 .7 %

$750,000 $1,000,000 9 5 3 2 3 .9 % 9 ,6 9 2 2 2 .4 % 2 2 ,1 4 9 1 8 .7 % 3 0 4 ,9 7 7 1 9 .1 % 4 6 6 ,3 1 2 2 0 .9 % 4 ,6 2 8 ,1 8 1 5 .6 %

$1,000,000 or more 2 ,1 8 0 5 4 .6 % 1 9 ,9 9 0 4 6 .1 % 5 4 ,4 2 5 4 5 .9 % 5 7 8 ,4 1 8 3 6 .2 % 8 2 8 ,5 9 3 3 7 .2 % 5 ,5 9 5 ,4 6 5 6 .8 %

Median Housing Unit Value $ 1 ,0 2 8 ,1 4 0 $ 9 5 6 ,6 7 0 $ 9 4 4 ,9 0 5 $ 8 1 9 ,4 9 2 $ 8 4 7 ,1 8 9 $ 2 6 8 ,8 8 7

Average Housing Unit Value $ 1 ,0 6 8 ,2 9 5 $ 1 ,0 5 2 ,6 6 2 $ 1 ,0 5 9 ,8 0 4 $ 9 5 3 ,6 3 2 $ 9 6 2 ,2 0 5 $ 3 8 6 ,8 1 8


7 1D E M O G R A P H I C S


0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30


Count % Count % Count % Count % Count % Count %ET

HNIC

ITY

Estimated Population by Ethnicity 7 4 ,9 5 0 6 2 2 ,3 0 7 1 ,3 2 5 ,9 1 3 1 0 ,1 0 5 ,2 2 8 1 3 ,3 0 3 ,2 5 5 3 3 3 ,7 6 3 ,8 6 4

America 3 6 8 0 .5 % 5 ,3 4 6 0 .9 % 1 6 ,4 8 1 1 .2 % 1 5 3 ,2 8 8 1 .5 % 2 3 5 ,3 6 4 1 .8 % 2 0 ,9 6 6 ,8 5 0 6 .3 %

American 2 3 7 0 .3 % 3 ,9 0 1 0 .6 % 1 3 ,0 3 9 1 .0 % 1 1 0 ,1 5 0 1 .1 % 1 7 6 ,5 5 3 1 .3 % 1 7 ,9 8 8 ,0 1 8 5 .4 %

Native American 9 9 0 .1 % 9 8 2 0 .2 % 2 ,3 9 4 0 .2 % 2 0 ,1 4 3 0 .2 % 2 6 ,8 6 1 0 .2 % 2 ,4 4 5 ,1 7 4 0 .7 %

Hawaiian 3 2 0 .0 % 4 6 3 0 .1 % 1 ,0 4 8 0 .1 % 2 2 ,9 9 5 0 .2 % 3 1 ,9 5 0 0 .2 % 5 3 3 ,6 5 8 0 .2 %

Hispanic 4 2 ,6 8 4 5 6 .9 % 3 3 9 ,7 9 1 5 4 .6 % 6 4 7 ,7 8 5 4 8 .9 % 4 ,8 4 5 ,2 7 1 4 7 .9 % 5 ,9 1 9 ,0 6 4 4 4 .5 % 5 9 ,0 2 9 ,6 7 6 1 7 .7 %

Mexican 2 1 ,4 1 5 2 8 .6 % 1 6 8 ,9 5 8 2 7 .2 % 3 5 9 ,5 3 0 2 7 .1 % 3 ,6 3 5 ,9 7 3 3 6 .0 % 4 ,5 4 5 ,5 4 0 3 4 .2 % 3 4 ,8 7 4 ,5 4 8 1 0 .4 %

Puerto Rican 1 1 8 0 .2 % 2 ,1 6 9 0 .3 % 5 ,4 7 1 0 .4 % 4 4 ,5 4 8 0 .4 % 5 7 ,1 9 1 0 .4 % 8 ,4 5 2 ,9 4 8 2 .5 %

Cuban 1 3 1 0 .2 % 1 ,5 3 1 0 .2 % 3 ,9 0 7 0 .3 % 4 0 ,9 9 0 0 .4 % 4 9 ,8 0 7 0 .4 % 2 ,0 9 4 ,7 0 5 0 .6 %

Dominican 3 2 0 .0 % 3 1 5 0 .1 % 8 2 8 0 .1 % 4 ,7 8 1 0 .0 % 5 ,6 1 9 0 .0 % 1 ,7 4 5 ,2 6 3 0 .5 %

Central American 1 6 ,4 0 2 2 1 .9 % 1 3 3 ,0 4 0 2 1 .4 % 2 1 4 ,4 3 6 1 6 .2 % 7 1 9 ,3 2 0 7 .1 % 7 7 4 ,7 4 7 5 .8 % 4 ,7 1 1 ,2 9 3 1 .4 %

South American 4 6 9 0 .6 % 5 ,2 8 3 0 .8 % 1 1 ,5 3 3 0 .9 % 1 1 8 ,2 5 6 1 .2 % 1 5 3 ,5 6 0 1 .2 % 3 ,2 5 0 ,9 2 2 1 .0 %

Other Hispanic 4 ,1 1 7 5 .5 % 2 8 ,4 9 5 4 .6 % 5 2 ,0 7 9 3 .9 % 2 8 1 ,4 0 3 2 .8 % 3 3 2 ,6 0 0 2 .5 % 3 ,8 9 9 ,9 9 7 1 .2 %

Asian 1 8 ,9 0 3 2 5 .2 % 1 1 6 ,6 8 2 1 8 .7 % 1 7 5 ,2 3 0 1 3 .2 % 1 ,3 9 5 ,9 3 8 1 3 .8 % 1 ,9 9 2 ,5 9 9 1 5 .0 % 1 6 ,4 4 2 ,5 6 3 4 .9 %Chinese 6 8 7 0 .9 % 1 0 ,8 8 5 1 .7 % 2 6 ,7 3 0 2 .0 % 4 3 8 ,9 4 1 4 .3 % 5 4 2 ,6 1 7 4 .1 % 3 ,9 3 0 ,2 7 0 1 .2 %

Japanese 5 2 9 0 .7 % 4 ,1 8 8 0 .7 % 9 ,1 2 5 0 .7 % 1 0 2 ,5 7 0 1 .0 % 1 3 7 ,8 7 9 1 .0 % 8 0 7 ,4 3 6 0 .2 %

Korean 1 5 ,4 5 1 2 0 .6 % 6 5 ,2 8 9 1 0 .5 % 7 7 ,0 5 8 5 .8 % 2 1 4 ,2 8 2 2 .1 % 3 0 4 ,7 6 4 2 .3 % 1 ,4 4 3 ,7 3 6 0 .4 %

SC Asian 1 8 6 0 .2 % 6 ,4 8 9 1 .0 % 1 0 ,7 1 1 0 .8 % 1 0 7 ,5 1 7 1 .1 % 1 6 5 ,6 6 0 1 .2 % 4 ,0 7 1 ,7 5 5 1 .2 %

SE Asian 1 ,7 9 4 2 .4 % 2 7 ,0 4 0 4 .3 % 4 6 ,5 7 0 3 .5 % 4 8 2 ,3 7 4 4 .8 % 7 7 2 ,1 6 8 5 .8 % 5 ,3 4 5 ,8 5 5 1 .6 %

Other Asian 2 5 6 0 .3 % 2 ,7 9 1 0 .4 % 5 ,0 3 6 0 .4 % 5 0 ,2 5 4 0 .5 % 6 9 ,5 1 1 0 .5 % 8 4 3 ,5 1 1 0 .3 %

European 5 4 0 0 .7 % 2 1 ,3 8 7 3 .4 % 1 1 2 ,0 1 0 8 .4 % 1 ,0 5 2 ,2 3 6 1 0 .4 % 1 ,6 3 6 ,5 8 8 1 2 .3 % 1 0 9 ,4 0 9 ,6 6 6 3 2 .8 %

British 8 4 0 .1 % 2 ,9 3 2 0 .5 % 1 4 ,7 8 4 1 .1 % 1 6 4 ,3 8 2 1 .6 % 2 6 9 ,4 5 5 2 .0 % 1 6 ,8 9 3 ,8 5 0 5 .1 %

Dutch 8 0 .0 % 2 9 0 0 .0 % 1 ,6 0 1 0 .1 % 1 9 ,5 6 5 0 .2 % 3 3 ,1 8 4 0 .2 % 2 ,3 2 9 ,1 1 0 0 .7 %

French 2 8 0 .0 % 1 ,0 1 6 0 .2 % 5 ,5 8 6 0 .4 % 4 4 ,1 6 6 0 .4 % 6 8 ,0 6 2 0 .5 % 4 ,6 3 1 ,1 1 8 1 .4 %

German 9 2 0 .1 % 3 ,4 0 0 0 .5 % 1 7 ,0 1 4 1 .3 % 1 9 0 ,3 3 3 1 .9 % 3 1 4 ,2 0 0 2 .4 % 2 8 ,4 5 1 ,3 1 1 8 .5 %

Italian 6 8 0 .1 % 2 ,1 6 8 0 .3 % 1 1 ,2 3 6 0 .8 % 1 0 8 ,9 1 7 1 .1 % 1 6 8 ,0 0 0 1 .3 % 1 0 ,4 8 8 ,0 8 9 3 .1 %

Polish 1 9 0 .0 % 1 ,3 3 1 0 .2 % 6 ,4 8 0 0 .5 % 4 8 ,4 7 9 0 .5 % 6 9 ,1 5 7 0 .5 % 5 ,4 8 7 ,5 8 6 1 .6 %

Scandinavian 2 0 0 .0 % 1 ,1 2 2 0 .2 % 6 ,1 2 7 0 .5 % 7 0 ,4 5 6 0 .7 % 1 1 8 ,0 1 7 0 .9 % 6 ,7 8 1 ,8 0 9 2 .0 %

Scotch/Irish 1 0 7 0 .1 % 3 ,7 0 5 0 .6 % 1 7 ,6 1 9 1 .3 % 1 9 0 ,5 9 8 1 .9 % 3 0 7 ,0 9 7 2 .3 % 2 3 ,7 4 1 ,7 4 2 7 .1 %

Other European 1 1 5 0 .2 % 5 ,4 2 3 0 .9 % 3 1 ,5 6 3 2 .4 % 2 1 5 ,3 4 0 2 .1 % 2 8 9 ,4 1 6 2 .2 % 1 0 ,6 0 5 ,0 5 1 3 .2 %

Middle Eastern 4 3 0 .1 % 2 ,3 4 1 0 .4 % 2 0 ,7 8 1 1 .6 % 2 1 0 ,6 1 1 2 .1 % 2 5 7 ,1 2 3 1 .9 % 2 ,1 1 2 ,4 2 3 0 .6 %

Other Ethnicity 1 1 ,0 4 4 1 4 .7 % 1 1 9 ,2 7 3 1 9 .2 % 2 9 6 ,8 5 5 2 2 .4 % 1 ,9 8 2 ,8 9 2 1 9 .6 % 2 ,5 7 3 ,5 5 5 1 9 .3 % 7 6 ,8 5 8 ,5 2 0 2 3 .0 %

Unclassified 1 ,3 6 8 1 .8 % 1 7 ,4 8 8 2 .8 % 5 6 ,7 7 1 4 .3 % 4 6 4 ,9 9 2 4 .6 % 6 8 8 ,9 6 2 5 .2 % 4 8 ,9 4 4 ,1 6 6 1 4 .7 %



Median Household Income1401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

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Median Housing Value1401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

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Population Density1401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

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% Population Change: 2010-20201401 S Manhattan Pl, Los Angeles, CA 90019

0 - 1 mi, 0 - 3 mi, 0 - 5 mi | 34.046207, -118.3105312020-Jun-30

Legend Map


MULTIFAMILY REPORT

78 M U LT I F A M I Y q U A R T E R LY R E P O R T

LOS ANGELES COUNTY MULTIFAMILY REPORTMARKET AT A GLANCEMARKET IMPACT ANALYSIS

LOCAL HOUSING SHORTAGE WILL PERSIST AFTER PANDEMICLos Angeles County’s stay-at-home order through May 15, 2020, allows operation of essential businesses, meaning the county’s upsides during this downturn are as numerous as its challenges. Those challenges include contraction in the entertainment industry, tourism, and international trade. Productions in the county’s $198 billion entertainment industry are on hold, while the $24 billion tourism industry is mostly idle. The Ports of Los Angeles and Long Beach, already experiencing lower import volumes because of the trade war with China, had further import deterioration in March. This decline was fueled by closed foreign factories that caused supply shortages and cautious consumer spending that quelled demand. On the plus side, the county hosts the largest concentration of manufacturing in the U.S. Most local manufacturers are considered essential operators and are still open. The area also has a sizable share of white-collar workers, and many of them can work at home. Once Los Angeles County starts to return to business as usual, one issue will persist: the inadequate housing supply. It is conceivable any near-term deceleration in net apartment absorption and rent growth might be brief because of the shortage of housing. Apartment owners and investors need to be wary of the California Judicial Council’s renter eviction protections which, during the declared state of emergency, prohibit eviction under a vast array of circumstances, even where renters can pay their lease.

INDUSTRY COMPOSITIONJOBS EXPOSURE

Analysis based on RealPage Market Analytics’ first quarter 2020 data, which sources more than 3 million units across more than 400 U.S. markets in real time. Data maybe be revised in future publications as additional information becomes available after the initial release. Risk level based on the percentage of essential vs. non-essential jobs for that sector, along with work-from-home opportunity and impacted revenue.

35.1%

41.7%

23.2%

METRO JOB EXPOSURELow Medium High Risk Level % of Market National AvgLOW

Agriculture, forestry, fishing, & hunting 0.1% 1.1%Finance & insurance 3.9% 4.7%Health care & social assistance 17.0% 16.0%Information 4.2% 2.2%Mining, quarrying, & oil & gas extraction 0.0% 0.5%Transportation & warehousing 4.1% 4.4%Utilities 0.3% 0.4%Wholesale trade 5.4% 4.7%Total 35.1% 33.9%

MEDIUMAdministrative & waste services 8.1% 7.4%Educational services 2.6% 2.3%Manufacturing 9.2% 10.1%Other services, except public administration 3.7% 3.6%Professional & technical services 7.9% 7.5%Retail trade 10.3% 12.2%Total 41.7% 43.1%

HIGHAccommodation & food services 11.5% 11.1%Arts, entertainment, & recreation 2.8% 1.9%Construction 4.8% 6.1%Management of companies & enterprises 1.9% 1.9%Real estate & rental & leasing 2.3% 1.8%Unclassified 0.0% 0.1%

Total 23.2% 23.0%

DELIVERIES

2,700OCCUPANCY RATE

96.1%Down 20 bps since 1Q19

EFFECTIVE RENT

$2,330Up 1.4% since 1Q19Units YTD

79M U LT I F A M I LY q U A R T E R LY R E P O R T

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DISCLAIMERThe material contained in this document is confidential, furnished solely for the purpose of considering investment in the property described therein and is not to be copied and/or used for any purpose or made available to any other person without the express written consent of Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc� In accepting this, the recipient agrees to keep all material contained herein confidential.

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

Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. and Seller strongly recommend that prospective purchasers conduct an in-depth investigation of every physical and financial aspect of the property to determine if the property meets their needs and expectations. We also recommend that prospective purchasers consult with their tax, financial and legal advisors on any matter that may affect their decision to purchase the property and the subsequent consequences of ownership� All parties are advised that in any property the presence of certain kinds of molds, funguses, or other organisms may adversely affect the property and the health of some individuals� 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 further inspections by a qualified professional�

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

For more information on these and other Berkadia® exclusive listings, please visit our website at www�Berkadia�com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties� Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry�

© 2020 Berkadia Proprietary Holding LLC

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� Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc� Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions� 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� 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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July 2020 1401 S MANHATTAN PLACE LOS …...SOUTH BAY LOS ANGELES OFFICE 2321 ROSECRAN AVENUE SUITE #3234 EL SEGUNGO, CA 90245 Brent Sprenkle Senior Managing Director 310.621.8221 [email protected]