La Rhonda Apartments 7621 WASHINGTON AVENUE, WHITTIER, CA 90602
Offering Memorandum NON-ENDORSEMENT & DISCLAIMER NOTICE
CONFIDENTIALITY & DISCLAIMER The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Marcus & Millichap. All rights reserved.
NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
Whittier Historic District La Rhonda Apartments 7621 WASHINGTON AVENUE, WHITTIER, CA
EXCLUSIVELY LISTED BY
JOSEPH BERKSON Senior Vice President Investments Director National Multihousing Group CA License #01031951
949-419-3232
OFFICES NATIONWIDE AND THROUGHOUT CANADA WWW.MARCUSMILLICHAP.COM FIRST TIME ON MARKET IN OVER 50 YEARS La Rhonda Apartments 7621 WASHINGTON AVENUE, WHITTIER, CA
TABLE OF CONTENTS
EXECUTIVE SUMMARY PROPERTY OVERVIEW The Offering • Investment Highlights • Property Property Features • Floor Plans • Site Description • 01 Highlights • Market Overview and Economic Drivers • 02 Aerial Views Summary of Terms
FINANCIAL ANALYSIS MARKET COMPARABLES 03 Financial Summary • Income/Expense Detail • Rent Roll 04 Rent Comparables • Sales Comparables
DEMOGRAPHIC ANALYSIS 05 Market Overview • Demographics
EXCLUSIVELY LISTED BY: Premier Uptown Whittier Location
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0000000 EXECUTIVE SUMMARY La Rhonda Apartments LA RHONDA APARTMENTS // EXECUTIVE SUMMARY // LA RHONDA APARTMENTS
1 THE OFFERING LA RHONDA APARTMENTS // EXECUTIVE SUMMARY La Rhonda Apartments
7621 Washington Avenue, Whittier, CA 90602
OFFERING PRICE PRO FORMA GRM $2,050,000 13.87
VITAL DATA
Price $2,050,000
Pro Forma GRM 13.87
Price/SF $382.00
Gross Square Feet 5,362 SF
Lot Size 0.16 Acres
Year Built 1957
Number of Units 8 Units
102 INVESTMENT OVERVIEW
Marcus & Millichap is the exclusive listing agent for the La Rhonda Apartments, a well-located, well-maintained, 8 unit apartment community located at 7621 Washington Avenue in the City of Whitter, California. This offering provides an investor the opportunity to acquire a well maintained apartment community with exceptional value-add upside in a premier location within the city.
Built in 1957, La Rhonda has been cared for by the same family for over 54 years. It has a unit mix that is well suited to the region’s rental demand, consisting of 6 one-bedroom/one-bath units and 2 two-bedroom/one bath units. Despite its age, the property’s units have desirable, open-concept floor plans. Each of the two-bedroom units also offer oversized balconies.
As is common with rental properties that have been owned for multiple generations, the opportunity for a new owner to add value is significant. The result is an income stream that is substantially trailing its market potential. For example, current monthly rents are averaging just $1,099 per month, the tenants receive free cable TV, and the landlord is not collecting RUBS for water, sewer, trash or other common area utilities. With more aggressive management, raising average rents to their pro forma market rent potential of $1,459 per month – and billing tenants for cable TV and utility RUBS – will lead to a 38.60% upside in the Scheduled Gross Income and a corresponding 67.04% upside in the Net Operating Income.
The intrinsic value of La Rhonda as a rental property is its location. It sits
near the southern border of Uptown Whittier, directly across the street EXECUTIVE SUMMARY // LA RHONDA APARTMENTS from the Whittier Center Theater and the Whittier Community Center and less than 0.5 miles to the north is the Public Library, the City Hall and Whittier College. Major nearby retail centers include the Quad at Whittier less than 1 mile south and Whittier Marketplace approximately 1 mile to the west. 3 LA RHONDA APARTMENTS // EXECUTIVE SUMMARY
INVESTMENT HIGHLIGHTS
►► Superior Location at the Southern End of Uptown Whittier. Directly Across from the Whittier Center Theater and Whittier Community Center, and Less than 1/2 Mile from Whittier College
►► 13.87 Pro Forma GRM
►► Value-Add Opportunity by Raising Rents from the Current Average of $1,099 to $1,459, Billing Back Tenants for Cable TV and Collecting a 70% RUBS Reimbursement for Common Utility Expenses
4 ►► Walk Score of 89 (Very Walkable) PROPERTY HIGHLIGHTS
►► Air Conditioning in All Units
►► Dual Pane Windows Throughout
►► Desirable, Open-Concept Floor Plans
►► Gas Appliances
►► Gas Wall Heating
► Ceiling Fans ► EXECUTIVE SUMMARY // LA RHONDA APARTMENTS
►► On-site Laundry
►► Pitched Roof
►► Storage Rooms or Storage Cabinets Available for All Units
►► Covered Parking 5 MARKET OVERVIEW It goes without saying that significant component of successful real estate investing is location, location, location. The La Rhonda Apartments’ desirability as an investment property is clearly linked to this fundamental real estate principle. It is a lifestyle location due to its proximity to Whittier’s Historic District, Uptown Whittier, Whittier Center Theater, Whittier Community Center, Whittier College, and major retail centers. It is also home to a solid and growing job market that is driven by the city’s well-documented business-friendly, pro-growth vision. LA RHONDA APARTMENTS // EXECUTIVE SUMMARY
NEARBY RETAIL, ATTRACTIONS AND SCHOOLS
UPTOWN WHITTIER - THE “HEART” OF THE COMMUNITY
La Rhonda Apartments is ideally situated near the southern border of the historic retail core of the City of Whittier, an area that covers approximately 185 acres and 35 city blocks.
Uptown Whittier is a strategic focus of the city’s City Council. Their objective is for this region to become the “heart” of the community both from a business and cultural standpoint. It has already made great strides towards the city’s Specific Plan and is gaining recognition as a dining destination that attracts local entrepreneurs as well as “foodies” from throughout the region. As noted in last year’s Whittier Daily News, “there’s a revolution going on in Uptown Whittier and the participants are armed with cutlery, grills, spices, pots and pans, and array of original beverages and dishes.”
As stated in the city’s Specific Plan, Uptown has the potential of becoming the jewel of Whittier: a source of pride for its citizens, a sense of identity from its historic roots, and a place of great character and attraction due to its unique urban form and diversity of activities. Uptown possesses a number of valuable assets including:
►► It is highly walkable due to its compact size, mix of land uses, and relatively small scale of its buildings and streets.
►► This region of the city is filled with numerous locally owned stores, restaurants and services.
►► Uptown contains, or is in close proximity to, many churches and civic institutions which serve as anchors of the community.
6 WHITTIER COLLEGE
Less than 1/2 mile to the north is Whittier College, a private liberal arts college founded in 1887 with approximately 1,725 enrolled students. With 60% of its student body described as “students of color”, Whittier College prides itself on being one of the most diverse liberal arts college in the United States. One of its most famous students was the 37th president of the United States - Richard M. Nixon.
NEARBY MAJOR RETAIL CENTERS NEARBY K-12 SCHOOLS
►► The Quad at Whittier. ►► Lydia Jackson Elementary School (Great Schools Rated 7/10).
►► Whittier Marketplace. ►► Walter F. Dexter Middle School (Great Schools Rated 5/10).
►► Whittier High School (Great Schools Rated 7/10). LA RHONDA APARTMENTS // EXECUTIVE SUMMARY // LA RHONDA APARTMENTS
Whittier Historic District 7 ECONOMIC DRIVERS OF A STRONG AND STABLE HOUSING MARKET
LA RHONDA APARTMENTS // EXECUTIVE SUMMARY Whittier’s economy is powered by its own job base – which includes position in educational services (5,111), health and social services (4,959), retail trade (4,396), and a wide array of service oriented businesses – as well as the massive and concentrated economic powerhouse of nearby Santa Fe Springs. As is evident when looking at satellite and aerial photography, the majority of the city of Santa Fe Springs is largely made up of light industrial, construction and warehousing businesses. The limited amount of housing in Santa Fe Springs has served and will continue to serve, as a consistent driver of housing demand within Whittier.
Overall, Whittier’s economy remains strong and our future continues to look bright. In their fiscal year 2017 to 2018 Economic Strategy report, the city stressed that it will look for opportunities to increase sales tax revenue by working to attract new businesses and creating new jobs while collaborating with local partners to ensure we do everything possible for their existing businesses, including many young, up-and-coming entrepreneurs. The city’s focus will remain on proactive economic development and promoting the “business-friendly” culture they have created.
The City of Whittier, which takes pride in its business-friendly environment, is presently experiencing a resurgence of commercial activity. Every one of its former auto dealer sites is currently under construction or open with new uses. In their place now stand Oakmont Senior Living, LA Fitness and luxury apartments at Whittier and Catalina. The Friendly Hills Marketplace, anchored by Orchard Supply Hardware and Home Goods, is now complete along with Grub Burger Bar that opened recently at the new Whittier Crossing. From an even longer-term vantage point, the Lincoln Specific Plan approved by Council would likely yield 150,000 square feet of new retail and commercial uses.
The Whittier housing market continues to post gains and a number of townhome projects are approved and underway including ones at Hadley and Magnolia, Mar Vista at the Greenway Trail and the former Beverly Masonic Lodge. Two of these developments by D.R. Horton, the nation’s largest homebuilder, are nearing completion. In addition, 750 new residential units were approved at the former Fred C. Nelles site under the Lincoln Specific Plan. Further, construction is underway of the 76-unit luxury apartment project at Whittier and Catalina, as well as new units at the former Toyota used car lot, providing a rich balance of residential products for residents to choose.
8 Santa Fe Springs Industrial Quarter
La Rhonda Apartments
Menasha Packaging
FedEx Ship Center
McMaster Carr Suply Co
Norman International
Amerasia Shipping Logistics Trojan Battery Company
S&S Activewear FedEx Ground Mailing Services
Delta Apparel Inc Distribuiton Center
Unified Grocers Mother’s Nutritional Center Warehouse Vans Distribution Center Makita U.S.A. Inc
Southern Wine & Spirits
Pepsi Bottling Group
JC Penny Distribution Center LA RHONDA APARTMENTS // EXECUTIVE SUMMARY SUMMARY OF TERMS
INTEREST OFFERED
Fee simple interest in the La Rhonda Apartments, an 8 unit multifamily community located at 7621 Washington Avenue, Whittier, California.
PROPERTY TOURS
Offering Price: $2,050,000
Seller Carried Financing Option: For a qualified buyer approved by Seller, Seller will carry back a Note and First Trust Deed in the amount of 75% loan-to-value with a 5.25% annual fixed interest rate payable in monthly, interest only installments. The term of the loan shall not exceed eight months. The loan may be pre-payable in full, without penalty, after January 1, 2019.
PROPERTY TOURS
Buyers are encouraged to visit the subject property prior to submitting offers. All property tours must be arranged with the Marcus & Millichap listing agent. At no time shall the tenants or management staff be contacted without prior approval. CALL FOR OFFERS DEADLINE
November 2, 2018.
10 Whittier Central Park Historic District LA RHONDA APARTMENTS // EXECUTIVE SUMMARY // LA RHONDA APARTMENTS
11 89 Walk Score
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0000000 PROPERTY OVERVIEW La Rhonda Apartments LA RHONDA APARTMENTS // PROPERTY OVERVIEW PROPERTY // LA RHONDA APARTMENTS
13 LA RHONDA APARTMENTS // PROPERTY OVERVIEW
PROPERTY FEATURES
►► Large Private Balconies for the Two Bedroom Units
►► Wall Air Conditioning
►► Gas Wall Heating
►► Gas Ranges
►► Ceiling Fans
►► Community Laundry Facility
►► Individual Hot Water Heaters 14 ONE BEDROOM FLOOR PLAN Window Window
Tub Sink Closet Bathroom
Toilet Bedroom
Cabinets Hallway
Fridge Sink
Living Room Stove LA RHONDA APARTMENTS // PROPERTY OVERVIEW PROPERTY // LA RHONDA APARTMENTS
Dining
Window Entrance Window 15 TWO BEDROOM FLOOR PLAN A LA RHONDA APARTMENTS // PROPERTY OVERVIEW
Window Window
Fridge
Dining Bedroom Window Sink
Stove Entrance
Hallway
Cup- Living Room board Toilet Window Bedroom Bathroom Tub
Sink
Patio
16 TWO BEDROOM FLOOR PLAN B
Window Window
Fridge
Window Bedroom Closet Sink
Stove Living Room Patio
Hallway
Window Bedroom Toilet Bathroom
Tub Sink
Entrance OVERVIEW PROPERTY // LA RHONDA APARTMENTS
17 PROPERTY DESCRIPTION
LA RHONDA APARTMENTS // PROPERTY OVERVIEW La Rhonda Apartments
7621 Washington Avenue, Whittier, CA 90602
SITE DESCRIPTION UTILITIES
7621 Washington Avenue, City of Whittier Public Works - Property Water/Sewer Whittier, CA 90602 (562) 567-9530
APN 8141-011-006 Electricity Southern California Edison
One Residential Building with Southern California Gas Buildings Gas One Laundry Room Company
Zoning R-3 RUBS None
City of Whittier Public Works - Year Built 1957 Trash (562) 567-9530 Rental Restrictions None Cable TV Direct TV Units 8 Units All Units are Individually Metered Metering for Gas and Electricity. Water is Building Square Feet 5,362 Square Feet Master Metered
Parcel Size 0.16 Acres
Density 50 Units Per Acre
18 CONSTRUCTION PARKING
Foundation Raised 8 Covered; Some Tenants Tandem Park Behind Their Covered / Tuck Under assigned spaces at the Front Spaces Framing Wood Frame of the Building, Providing an Additional 4 Open Spaces Exterior Stucco 1:1 (1.5:1 if Tandem Open Parking Ratio Spaces are Included) Roof Pitched (less than 5 years old)
Windows Dual Pane
Parking Surfaces Concrete
Topography Mostly Flat CURRENT MANAGEMENT
5 Storage Rooms are Inside the Rear Pabst-Kinney Storage Space Parking Area, 4 Storage Cabinets are Inside Professional Management 13129 Philadelphia Street, the Front Parking Area Whittier, CA 90601
MECHANICAL
HVAC Wall Air Conditioning
In Unit Smoke Alarms and Fire Protection Carbon Monoxide Detectors. Exterior Fire Extinguishers
Individual for Each Unit and for Water Heaters the Laundry Room
Wash Multifamily Laundry Systems. The Property is on a LA RHONDA APARTMENTS // PROPERTY OVERVIEW PROPERTY // LA RHONDA APARTMENTS Laundry Month-to-Month Agreement. There is One Laundry Room with One Washer and One Dryer
Copper Hot and Cold Water Plumbing Lines
Electrical Wiring Copper 19 Market Highlights Map
Whittier Marketplace
Whittier
WHITTIER BLVD La Rhonda Apartments
Quad At Whittier
Friendly Hills Country Club
WHITTIER BLVD
Whittwood Town Center
WHITTIER BLVD LA RHONDA APARTMENTS // PROPERTY OVERVIEW PROPERTY // LA RHONDA APARTMENTS
Whittier Historic District 21 Seller Financing: 75% LTV
38.60% Upside in Scheduled Gross Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0000000 FINANCIAL ANALYSIS La Rhonda Apartments LA RHONDA APARTMENTS // FINANCIAL ANALYSIS // LA RHONDA APARTMENTS
23 PRICING DETAILS
PRICE $2,050,000 RETURNS
Down Payment 25% / $512,000 Cap Rate - Current 2.77% LA RHONDA APARTMENTS // FINANCIAL ANALYSIS
Number of Units 8 Units Cap Rate - Pro Forma 4.63%
Price Per Unit $256,250 GRM - Current 19.22
Rentable Sq Ft 5,362 Square Feet GRM - Pro Forma 13.87
Price Per Sq Ft $382.00
Price Per Acre $12,516,966
Lot Size (Acres) 0.16 Acres
Year Built 1957
Ownership Fee Simple
FINANCING
Loan Name Seller Carry First Trust Deed
Loan Amount $1,537,500
Loan-to-Value 75% LTV
Interest Rate 5.25%
Loan Term 8 Month Term, Interest Only
# OF MONTHLY PRO FORMA MONTHLY UNIT TYPE SQ FT/UNIT CURRENT RENTS AVERAGE RENT AVERAGE RENT UNITS INCOME RENTS INCOME
6 1 Bed / 1 Bath 500 $950-$1,395 $6,245 $1,041 $1,395 $8,370 $1,395
2 2 Bed / 1 Bath 698-848 $1,275 $2,550 $1,275 $1,650 $3,300 $1,650
Totals / Weighted Averages: $8,795 $1,099 $11,670 $1,459
24 OPERATING DATA
INCOME CURRENT PRO FORMA % CHANGE
Gross Potential Rent $105,540 $140,040 Other Income:
Laundry $1,092 $1,092
RUBS Reimbursement $0 $3,564
Cable TV $0 $3,096
Gross Potential Income $106,632 $147,792 38.60%
Less: Vacancy 3.0% / $3,166 3.0% / $4,201
Effective Gross Income $103,466 $143,591
Less: Expenses $46,603 $48,609
Net Operating Income $56,863 $94,982 67.04% Cash Flow Before Debt $56,863 $94,982
Debt Service 5.25% / $80,719 5.25% / $80,719
Cash Flow After Debt -4.69% / -$23,855 2.78% / $14,263
Total Return -4.69% / -$23,855 2.78% / $14,263
Note: Laundry Income is based on 2018 proration of June, 2018 statement. Pro Forma RUBS Reimbursement is based on a 70% recapture of gas, water, electricity and trash. Cable TV revenue herein assumes tenants reimburse the landlord for this expense.
MARCUS & MILLICHAP CURRENT PRO FORMA EXPENSES AMOUNT PER UNIT AMOUNT PER UNIT Property Taxes 1.13660% $23,300 $2,913 $23,300 $2,913 Special Assessments $2,300 $288 $2,300 $288 Property Insurance $2,000 $250 $2,000 $250 Gas $313 $313 $313 $313 Water & Sewer $1,963 $245 $1,963 $245 Electricity $511 $64 $511 $64 Trash $2,298 $287 $2,298 $287 Maintenance & Repairs $3,648 $456 $3,648 $456 Payroll / Management $0 $0 Off-Site Management 5.00% $5,173 $647 $7,180 $897 LA RHONDA APARTMENTS // FINANCIAL ANALYSIS // LA RHONDA APARTMENTS Landscaping $0 $0 $0 $0 Cable TV $3,096 $387 $3,096 $387 Reserves $2,000 $250 $2,000 $250 Total Expenses $46,603 $5,825 $48,609 $6,076 Expenses / Unit $5,825 $6,076 Expenses/SF $8.69 $9.07 % of EGI 43.70% 32.89% 25 NOTES TO OPERATING DATA
CATEGORY COMMENTS Taxes (New) Based on Current Mill Rate Special Assessments Quote from the LA Tax Assessor Property Insurance Broker Estimate of $250 Per Unit Per Year LA RHONDA APARTMENTS // FINANCIAL ANALYSIS Gas 2017 (October through 2018 June Prorated) Water / Sewer 2017 (October through 2018 June Prorated) Electricity 2017 (October through 2018 June Prorated) Trash 2018 (January through June Prorated) Maintenance & Repairs Broker Estimate of $3,648 Payroll / Management No On-Site Manager Required Off-Site Management Broker Estimate of 5% of EGI Landscaping None Cable TV 2017 (October through 2018 June Prorated) Reserves Broker Estimate of $250 Per Unit Per Year RENT ROLL
UNIT UNIT TYPE UNIT SIZE CURRENT RENT POTENTIAL RENT LOSS TO POTENTIAL RENT NUMBER
$1,395 $1,395 A 1 Bed / 1 Bath 500 $0 $2.79/SF $2.79/SF
$950 $1,395 B 1 Bed / 1 Bath 500 $445 $1.90/SF $2.79/SF
$1,050 $1,395 C 1 Bed / 1 Bath 500 $345 $2.10/SF $2.79/SF
$1,275 $1,650 D 2 Bed / 1 Bath - Balcony 698 $375 $1.83/SF $2.36/SF
$950 $1,395 E 1 Bed / 1 Bath 500 $445 $1.90/SF $2.79/SF
$950 $1,395 F 1 Bed / 1 Bath 500 $445 $1.90/SF $2.79/SF
$950 $1,395 G 1 Bed / 1 Bath 500 $445 $1.90/SF $2.79/SF
$1,275 $1,650 H 2 Bed / 1 Bath - Balcony 848 $375 $1.50/SF $1.95/SF
4,546 $8,795 $11,670 $2,875 26 Whittier Historic District LA RHONDA APARTMENTS // FINANCIAL ANALYSIS // LA RHONDA APARTMENTS
27 67.04% Upside in Net Operating Income
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0000000 COMPARABLE PROPERTIES La Rhonda Apartments LA RHONDA APARTMENTS // COMPARABLE PROPERTIES COMPARABLE // LA RHONDA APARTMENTS
29 MARKET COMPARABLES – SUMMARY
PROPERTY ADDRESS GRM PRICE/SF PRICE/UNIT
LA RHONDA APARTMENTS // COMPARABLE PROPERTIES La Rhonda Apartments - 7621 Washington Avenue, Whittier, CA 13.87 (Pro Forma) $382.00 $256,250
6339 Milton Avenue, Whittier, CA - CLOSED 15.48 $147.19 $216,667
7647 Milton Avenue, Whittier, CA - CLOSED 14.53 $281.84 $193,625
12535-12543 Adler Drive, Whittier, CA - CLOSED 15.26 $311.03 $199,000
13625 Franklin Street, Whittier, CA - CLOSED 14.45 $386.56 $207,143
6343 Canobie Avenue, Whittier, CA - CLOSED 25.56 $278.24 $186,111
6308 Milton Avenue, Whittier, CA - CLOSED 14.80 $295.61 $196,875
13429 Camilla Street, Whittier, CA - CLOSED 13.60 $360.46 $220,000
5807 Greenleaf Avenue, Whittier, CA - ON MARKET 15.39 $383.09 $265,000
5453 Norwalk Boulevard, Whittier, CA - ON MARKET 15.26 $264.83 $294,118
8140 Bright Avenue, Whittier, CA - ON MARKET 17.10 $375.25 $297,500
6343 Canobie Avenue, Whittier, CA - IN ESCROW 14.18 $348.01 $232,778
13456 Camilla Street, Whittier, CA - IN ESCROW 16.20 $334.76 $325,000
7825 Duchess Drive, Whittier, CA - IN ESCROW 14.77 $327.64 $265,385
SALES COMPARABLES AT A GLANCE (7) ON MARKET COMPARABLES AT A GLANCE (3)
GRM CAP RATE PRICE/SF PRICE/UNIT GRM CAP RATE PRICE/SF PRICE/UNIT
Low 13.60 1.21% $147 $186,111 Low 15.26 3.80% $265 $265,000
High 25.56 4.61% $387 $220,000 High 17.10 3.88% $383 $297,500
Average 16.24 3.77% $294 $202,774 Average 15.91 3.83% $341 $285,539
IN ESCROW COMPARABLES AT A GLANCE (3)
GRM CAP RATE PRICE/SF PRICE/UNIT
Low 14.18 3.55% $328 $232,778 30 High 16.20 4.41% $348 $325,000 Average 15.05 4.02% $337 $274,387 8 9
6 11 7 1 12 5
4 13 2 LA RHONDA APARTMENTS
3 10 LA RHONDA APARTMENTS // COMPARABLE PROPERTIES COMPARABLE // LA RHONDA APARTMENTS
31 SALES COMPARABLES LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
LA RHONDA APARTMENTS 1 6339 MILTON AVENUE 7621 Washington Avenue, Whittier, CA Whittier, CA
PRICE $2,050,000 PRICE $1,300,000
Down Payment 25% / $512,500 Close of Escrow April, 2018
Units 8 Units Number of Units 6 Units
Year Built 1957 CAP Rate 3.60%
Current CAP 2.77% GRM 15.48
Current GRM 19.22 Price/Unit $216,667
Pro Forma CAP 4.63% Price/SF $147.19
Pro Forma GRM 13.87 Average Income/Unit $1,166
Price/Unit $256,250 Year Built 1924
Price/SF $382.00 Walk Score 78
Price/Acre $12,516,966 NUMBER OF UNITS Unit Type Square Feet Ownership Fee Simple 2 1 Bed / 1 Bath 800 Walk Score 89 4 2 Bed / 1 Bath 900
Units: Gas Kitchen Appliances, Washer/Dryer Hookup, Individual Hot Water Heater. Unit Upgrade: Dual Pane Windows. Parking: Individual Garages, Open Parking. Comments: The buyer purchased the property with the intention of repositioning. 32 Rents were approximately 25% to 30% below market at the time of sale. 2 7647 MILTON AVENUE 3 12535-12543 ADLER DRIVE Whittier, CA Whittier, CA
PRICE $1,549,000 PRICE $1,990,000
Close of Escrow March, 2018 Close of Escrow March, 2018
Number of Units 8 Units Number of Units 10 Units
CAP Rate 4.25% CAP Rate 4.40%
GRM 14.53 GRM 15.26
Price/Unit $193,625 Price/Unit $199,000
Price/SF $281.84 Price/SF $311.03
Average Income/Unit $1,110 Average Income/Unit $1,087
Year Built 1958 Year Built 1957
Walk Score 85 NUMBER OF UNITS Unit Type Square Feet
NUMBER OF UNITS Unit Type Square Feet 1 Studio N/A
7 1 Bed / 1 Bath N/A 7 1 Bed / 1 Bath N/A PROPERTIES COMPARABLE // LA RHONDA APARTMENTS
1 2 Bed / 1 Bath N/A 1 2 Bed / 1 Bath - Cottage N/A
Units: Wall Air Conditioning, Gas Wall Heater, Gas Kitchen Appliances. 1 3 Bed / 2 Bath - House N/A Unit Upgrade: Dual Pane Windows. Common Area: Laundry Facilities. Units: No Air Conditioning, Wall Air Conditioning, Gas Wall Heater, Gas Kitchen Parking: Individual Garages, Carports. Appliances. Comments: Located in a prime area of Uptown Whittier. Many units have been Unit Upgrade: Tile Flooring, Wood Flooring. 33 remodeled. Parking: Individual Garages, Open Parking. Comments: Approximately 30% rent upside. SALES COMPARABLES LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
4 13625 FRANKLIN STREET 5 6343 CANOBIE AVENUE Whittier, CA Whittier, CA
PRICE $1,450,000 PRICE $1,675,000
Close of Escrow January, 2018 Close of Escrow January, 2018
Number of Units 7 Units Number of Units 9 Units
CAP Rate 4.61% CAP Rate 1.21%
GRM 14.45 GRM 25.56
Price/Unit $207,143 Price/Unit $186,111
Price/SF $386.56 Price/SF $278.24
Average Income/Unit $1,195 Average Income/Unit $607
Year Built 1969 Year Built 1960
Walk Score 73 Walk Score 65
NUMBER OF UNITS Unit Type Square Feet NUMBER OF UNITS Unit Type Square Feet
6 1 Bed / 1 Bath N/A 4 1 Bed / 1 Bath 620
1 2 Bed / 1 Bath N/A 5 2 Bed / 1 Bath 650
Units: Wall Air Conditioning, Gas Wall Heater, Gas Kitchen Appliances, Granite Units: Gas Kitchen Appliances. Countertops. Unit Upgrade: Hardwood-Style Flooring. Unit Upgrade: Dual Pane Windows, Hardwood-Style Flooring, Tile Flooring. Common Area: Laundry Facilities. Parking: Carports. Parking: Individual Garages. Comments: The property was upgraded prior to the sale. All interiors were renovated. Comments: Rents were massively below market at the time of sale with income 34 averaging just $607 per unit. Income and expenses herein are based on estimated market income, vacancy and expenses. The buyer plans to raise rents. 6 6308 MILTON AVENUE 7 13429 CAMILLA STREET Whittier, CA Whittier, CA
PRICE $1,575,000 PRICE $2,640,000
Close of Escrow August, 2017 Close of Escrow August, 2017
Number of Units 8 Units Number of Units 12 Units
CAP Rate 3.80% CAP Rate 4.54%
GRM 14.80 GRM 13.60
Price/Unit $196,875 Price/Unit $220,000
Price/SF $295.61 Price/SF $360.46
Average Income/Unit $1,109 Average Income/Unit $1,348
Year Built 1988 Year Built 1963
Walk Score 78 Walk Score 43
NUMBER OF UNITS Unit Type Square Feet NUMBER OF UNITS Unit Type Square Feet
6 1 Bed / 1 Bath 619 1 Studio N/A PROPERTIES COMPARABLE // LA RHONDA APARTMENTS
2 2 Bed / 1 Bath 802 8 1 Bed / 1 Bath N/A
Units: Wall Air Conditioning, Gas Wall Heater, Gas Kitchen Appliances. 3 2 Bed / 1 Bath N/A Common Area: Laundry Facilities. Parking: Carports. Comments: The property appeared to be in good condition at the time of sale. 35 ON MARKET COMPARABLES LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
8 5807 GREENLEAF AVENUE 9 5453 NORWALK BOULEVARD 10 8140 BRIGHT AVENUE Whittier, CA Whittier, CA Whittier, CA
PRICE $2,120,000 PRICE $5,000,000 PRICE $2,975,000
Number of Units 8 Units Number of Units 17 Units Number of Units 10 Units
CAP Rate 3.81% CAP Rate 3.88% CAP Rate 3.80%
GRM 15.39 GRM 15.26 GRM 17.10
Price/Unit $265,000 Price/Unit $294,118 Price/Unit $297,500
Price/SF $383.09 Price/SF $264.83 Price/SF $375.25
Average Income/Unit $1,435 Average Income/Unit $1,607 Average Income/Unit $1,450
Year Built 1959 Year Built 1970 Year Built 1973
NUMBER OF NUMBER OF NUMBER OF Unit Type Square Feet Unit Type Square Feet Unit Type Square Feet UNITS UNITS UNITS 2 Bed / 1 Bath - 6 1 Bed / 1 Bath N/A 16 1,080 10 2 Bed / 1 Bath 750 Townhome 2 2 Bed / 1.5 Bath N/A 1 2 Bed / 1 Bath 1,600
Units: Wall Air Conditioning. Units: No Air Conditioning, Dishwasher, Balcony, Patio, Units: Wall Air Conditioning, Electric Kitchen Appliances. Parking: Carports. Ceiling Fans. Common Area: Courtyard, Gated Entry, Laundry Facilities. Comments: The property is in fair condition. There is Common Area: Swimming Pool, Laundry Facilities, Gated Entry. Parking: Individual Garages, Carports. approximately 7% upside in rent. Parking: Carports. Comments: The property has been well maintained and was Comments: The property is in fair condition. There is “soft story retrofitted”. There is approximately 13% upside approximately 16% upside in rent. in rent. 36 IN ESCROW COMPARABLES
11 6343 CANOBIE AVENUE 12 13456 CAMILLA STREET 13 7825 DUCHESS DRIVE Whittier, CA Whittier, CA Whittier, CA
PRICE $2,095,000 PRICE $3,900,000 PRICE $3,450,000
Number of Units 9 Units Number of Units 12 Units Number of Units 13 Units
CAP Rate 4.11% CAP Rate 3.55% CAP Rate 4.41%
GRM 14.18 GRM 16.20 GRM 14.77
Price/Unit $232,778 Price/Unit $325,000 Price/Unit $265,385
Price/SF $348.01 Price/SF $334.76 Price/SF $327.64
Average Income/Unit $1,368 Average Income/Unit $1,672 Average Income/Unit $1,498
Year Built 1960 Year Built 1963 Year Built 1962
NUMBER OF Unit Type Square Feet NUMBER OF NUMBER OF UNITS Unit Type Square Feet Unit Type Square Feet UNITS UNITS 2 1 Bed / 1 Bath 640 4 1 Bed / 1 Bath 620 1 1 Bed / 1 Bath 650 10 2 Bed / 1 Bath 815 5 2 Bed / 1 Bath 650 11 2 Bed / 2 Bath 800
1 3 Bed / 2 Bath 1,100 PROPERTIES COMPARABLE // LA RHONDA APARTMENTS
Units: Gas Kitchen Appliances. Units: Central Air Conditioning, Forced Air Heating, Gas Units: Wall Air Conditioning, Granite Countertops, Stainless Unit Upgrade: Hardwood-Style Flooring. Kitchen Appliances, Tile Countertops, Washer/Dryer In Unit, Steel Appliances, Microwave Oven, Tile Backsplash, Gas Common Area: Laundry Facilities. Patio, Balcony, Ceiling Fans. Kitchen Appliances, Dishwasher, Ceiling Fans. Unit Upgrade: Renovated Units, Tile Flooring, Dual Pane Parking: Individual Garages. Unit Upgrade: Hardwood-Style Flooring. Windows. Comments: Approximately 8.12% pro forma income upside. Common Area: Laundry Facilities. Common Area: Picnic Area, Laundry Facilities, Courtyard, The property is in fair condition. There is approximately 8% Comments: Approximately -100.00% pro forma income Gated Entry. upside in rent. downside. Located in a good location in Uptown Whittier. Parking: Carports. Comments: Approximately 7.01% pro forma income upside. 37 The property was fully renovated in 2017. There is approximately 7% upside in rent. RENT COMPARABLES – SUMMARY LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
PROPERTY ADDRESS
La Rhonda Apartments - 7621 Washington Avenue, Whittier, CA
Sand Piper Apartments - 14515 Leffingwell Road, Whittier, CA
Colima Villa Apartments - 11442 Colima Road, Whittier, CA
Duchess Terrace Apartments - 7901 Duchess Drive, Whittier, CA RENT COMPARABLES AT A GLANCE (11)
Bright/Wardman Apartments - 7202 Bright Avenue, Whittier, CA UNIT TYPE LOW HIGH AVERAGE
12809 Oak Street, Whittier, CA 1 Bed / 1 Bath $1,175 $1,450 $1,337
6343 Canobie Avenue, Whittier, CA 2 Bed / 1 Bath $1,450 $1,795 $1,614 2 Bed / 1.5 Bath $1,550 $1,550 $1,550 5807 Greenleaf Avenue, Whittier, CA
14149 Mulberry Drive, Whittier, CA
7825 Duchess Drive, Whittier, CA
10006 Ben Hur Avenue, Whittier, CA
8140 Bright Avenue, Whittier, CA
38 7
6
4
9 3 LA RHONDA APARTMENTS
5 11
10 8
2 1 LA RHONDA APARTMENTS // COMPARABLE PROPERTIES COMPARABLE // LA RHONDA APARTMENTS
39 RENT COMPARABLES LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
LA RHONDA APARTMENTS 1 SANDPIPER APARTMENTS 7621 Washington Avenue, Whittier, CA 14515 Leffingwell Road, Whittier, CA
UNITS 8 UNITS UNITS 71 UNITS
Year Built 1957 Occupancy 100%
Survey Date July, 2018 Year Built 1965
Walk Score 89 Survey Date July, 2018
Walk Score 59
SQUARE ASKING UNIT TYPE CURRENT PRO FORMA UNIT TYPE SQUARE FEET RENT RENT/SF FEET RENT 1 Bed / 1 Bath 500 $1,041 $1,125 $1,395 Studio 450 $1,080 $2.40
2 Bed / 1 Bath 698 - 848 $1,275 $1,350 $1,650 1 Bed / 1 Bath 750 $1,410 $1.88
2 Bed / 1 Bath 950 $1,615 $1.70
Units: Wall Air Conditioning, Gas Kitchen Appliances, Refrigerator. Parking: Carports. Utilities: Landlord Pays Water and Trash. Units: Wall Air Conditioning, Gas Wall Heater, Gas Kitchen Appliances, Granite Countertops, Stainless Steel Appliances, Microwave Oven, Patio, Balcony, Ceiling Fans. Unit Upgrade: Hardwood-Style Flooring. Common Area: Swimming Pool, Controlled Entry, Laundry Facilities, Barbecues, Controlled Access. Parking: Carports. Utilities: Landlord Pays Water and Trash. 40 Pet Policy: No Pets Allowed. 2 COLIMA VILLA APARTMENTS 3 DUCHESS TERRACE APARTMENTS 11442 Colima Road, Whittier, CA 7901 Duchess Drive, Whittier, CA
UNITS 45 UNITS UNITS 29 UNITS
Occupancy 100% Occupancy 93%
Year Built 1965 Year Built 1987
Survey Date July, 2018 Survey Date July, 2018
Walk Score 60 Walk Score 67
UNIT TYPE SQUARE FEET RENT RENT/SF UNIT TYPE SQUARE FEET RENT RENT/SF
1 Bed / 1 Bath 800 $1,395 $1.74 1 Bed / 1 Bath N/A $1,450 N/A
2 Bed / 1 Bath 1,000 $1,680 $1.68 2 Bed / 1 Bath N/A $1,680 N/A
2 Bed / 2 Bath 1,200 $1,720 $1.43 Units: Central Air Conditioning, Forced Air Heating, Gas Kitchen Appliances, 3 Bed / 2 Bath 1,400 $1,875 $1.34 Dishwasher, Tile Countertops, Patio, Balcony, Ceiling Fans, Walk-In Closets. Unit Upgrade: Alarm System, Hardwood-Style Flooring. Common Area: Swimming Pool, Laundry Facilities, Barbecues, Gated Entry. Units: Wall Air Conditioning, Gas Wall Heater, Dishwasher, Gas Kitchen Appliances, Parking: Carports, Open Parking. PROPERTIES COMPARABLE // LA RHONDA APARTMENTS Tile Countertops, Patio, Balcony, Ceiling Fans. Utilities: Landlord Pays Nothing. Unit Upgrade: Hardwood-Style Flooring. Utilities: Water, Sewer, Trash. Common Area: Controlled Access, Gated Entry, Laundry Facilities, Barbecues. Pet Policy: Cats and small dogs allowed. Parking: Carports. Utilities: Landlord Pays Nothing. Pet Policy: No Pets Allowed.
41 RENT COMPARABLES LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
4 BRIGHT/WARDMAN APARTMENTS 5 12809 OAK STREET 7202 Bright Avenue, Whittier, CA Whittier, CA
UNITS 14 UNITS UNITS 8 UNITS
Occupancy 93% Occupancy 88%
Year Built N/A Year Built 1955
Survey Date July, 2018 Survey Date July, 2018
Walk Score 92 Walk Score 82
UNIT TYPE SQUARE FEET RENT RENT/SF UNIT TYPE SQUARE FEET RENT RENT/SF
1 Bed / 1 Bath N/A $1,425 N/A 1 Bed / 1 Bath 602 $1,295 $2.15
3 Bed / 1.5 Bath N/A $1,800 N/A Units: Wall Air Conditioning, Gas Wall Heater, Gas Kitchen Appliances, Tile Countertops. Unit Upgrade: Renovated Units, Hardwood-Style Flooring. Units: Air Conditioning, Gas Wall Heater, Gas Kitchen Appliances, Granite Common Area: Laundry Facilities. Countertops. Parking: Open Parking. Common Area: Laundry Facilities. Utilities: Landlord Pays Water and Trash. Parking: Individual Garages. Pet Policy: No Pets Allowed. Utilities: Landlord Pays Water and Trash.
42 6 6343 CANOBIE AVENUE 7 5807 GREENLEAF AVENUE Whittier, CA Whittier, CA
UNITS 9 UNITS UNITS 8 UNITS
Occupancy 100% Occupancy 100%
Year Built 1960 Year Built 1959
Survey Date July, 2018 Survey Date July, 2018
Walk Score 65 Walk Score 47
UNIT TYPE SQUARE FEET RENT RENT/SF UNIT TYPE SQUARE FEET RENT RENT/SF
1 Bed / 1 Bath 620 $1,350 $2.18 1 Bed / 1 Bath N/A $1,300 N/A
2 Bed / 1 Bath 650 $1,450 $2.23 2 Bed / 1.5 Bath N/A $1,550 N/A
Units: Gas Kitchen Appliances. Units: Wall Air Conditioning. Unit Upgrade: Hardwood-Style Flooring. Parking: Carports.
Common Area: Laundry Facilities. Utilities: Landlord Pays Gas, Water and Trash. PROPERTIES COMPARABLE // LA RHONDA APARTMENTS Parking: Individual Garages. Pet Policy: No Pets Allowed. Utilities: Landlord Pays Water and Trash. Pet Policy: No Pets Allowed.
43 RENT COMPARABLES LA RHONDA APARTMENTS // COMPARABLE PROPERTIES
8 14149 MULBERRY DRIVE 9 7825 DUCHESS DRIVE Whittier, CA Whittier, CA
UNITS 26 UNITS UNITS 13 UNITS
Occupancy 100% Occupancy 100%
Year Built 1956 Year Built 1962
Survey Date July, 2018 Survey Date July, 2018
Walk Score 52 Walk Score 67
UNIT TYPE SQUARE FEET RENT RENT/SF UNIT TYPE SQUARE FEET RENT RENT/SF
Studio 453 $930 $2.05 1 Bed / 1 Bath 640 $1,295 $2.02
1 Bed / 1 Bath 680 $1,175 $1.73 2 Bed / 1 Bath 815 $1,495 $1.83
2 Bed / 1 Bath 785 $1,565 $1.99 3 Bed / 2 Bath 1,100 $1,700 $1.55
2 Bed / 1 Bath 785 $1,795 $2.29 Units: Wall Air Conditioning, Granite Countertops, Stainless Steel Appliances, Microwave Oven, Tile Backsplash, Gas Kitchen Appliances, Dishwasher, Ceiling Fans. Units: Wall Air Conditioning, Electric Kitchen Appliances, Ceiling Fans. Unit Upgrade: Renovated Units, Tile Flooring, Dual Pane Windows. Unit Upgrade: Tile Flooring. Common Area: Picnic Area, Laundry Facilities, Courtyard, Gated Entry. Common Area: Swimming Pool, Laundry Facilities. Parking: Carports. Parking: Carports. Utilities: Landlord Pays Gas, Water and Trash. Utilities: Landlord Pays Gas, Water and Trash. Pet Policy: No Pets Allowed. 44 Pet Policy: No Pets Allowed. 10 10006 BEN HUR AVENUE 11 8140 BRIGHT AVENUE Whittier, CA Whittier, CA
UNITS 8 UNITS UNITS 10 UNITS
Occupancy 100% Occupancy 100%
Year Built 1957 Year Built 1973
Survey Date July, 2018 Survey Date July, 2018
Walk Score 56 Walk Score 84
UNIT TYPE SQUARE FEET RENT RENT/SF UNIT TYPE SQUARE FEET RENT RENT/SF
1 Bed / 1 Bath 650 $1,279 $1.97 2 Bed / 1 Bath 750 $1,650 $2.20
2 Bed / 1 Bath 800 $1,595 $1.99 Units: Wall Air Conditioning, Electric Kitchen Appliances. Common Area: Courtyard, Gated Entry, Laundry Facilities. Parking: Individual Garages, Carports. Units: Wall Air Conditioning, Gas Kitchen Appliances, Ceiling Fans. Utilities: Landlord Pays Gas, Water and Trash. Common Area: Laundry Facilities. Pet Policy: No Pets Allowed.
Parking: Open Parking. PROPERTIES COMPARABLE // LA RHONDA APARTMENTS Utilities: Landlord Pays Gas, Water and Trash. Pet Policy: No Pets Allowed.
45 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap ACT ID Z0000000 DEMOGRAPHIC ANALYSIS La Rhonda Apartments LA RHONDA APARTMENTS // DEMOGRAPHIC ANALYSIS // LA RHONDA APARTMENTS
47 LOS ANGELES METRO OVERVIEW
MARKET HIGHLIGHTS LOS ANGELES METRO LA RHONDA APARTMENTS // DEMOGRAPHIC ANALYSIS
Downtown Renaissance Greater Downtown Los Angeles consists of the Downtown, Mid- Wilshire and Hollywood submarkets. The continued revitalization of the market will boost population gains. The population base of The downtown area is undergoing a major renaissance due to 820,000 people will expand as more than 10,600 citizens are added the light rail and mixed-use projects such as L.A. Live attracting » over the next five years, filling new residential projects. Downtown businesses and residents. houses numerous corporations, retail and entertainment venues that draw commuters into the city daily. Rapid Household Growth
Household formation will increase briskly during the next five » years at a level above the national rate. DEMOGRAPHIC HIGHLIGHTS Robust Health Sector
Healthcare provides a large number of jobs in the downtown 2017 2017 » area, employing thousands of workers and supported by public Population: Households: healthcare initiatives. 820,000 348,000 Growth Growth ECONOMY 2017-2022 2017-2022 1.3% 3.6% Major employers in the market include Farmers Insurance, » Kaiser Permanente, Paramount Pictures, Deloitte, Ernst & Young, University of Southern California and Transamerica Insurance.
Building conversions and mixed-use developments that include 2017 2017 Median housing are bringing residents back into the area. Young, Median Age: Household Income: » urban professionals desiring shorter commutes and downsizing households seeking to live near amenities are absorbing these 36.3 $42,500 units. U.S. Median: U.S. Median: A well-educated population provides companies with a skilled workforce. Roughly 38 percent of people age 25 and older hold a 37.8 $56,300 » bachelor’s degree; among those residents, 11 percent also have earned a graduate or professional degree. 48 Friendly Hills Golf Course LA RHONDA APARTMENTS // DEMOGRAPHIC ANALYSIS // LA RHONDA APARTMENTS
49 DEMOGRAPHICS
POPULATION 1 MILE 3 MILES 5 MILES HOUSING UNITS 1 MILE 3 MILES 5 MILES
2021 Projection Occupied Units 31,394 149,287 440,694 LA RHONDA APARTMENTS // DEMOGRAPHIC ANALYSIS Total Population 2021 Owner Projection 29.9% 60.7% 63.9% 2016 Estimate 2021 Renter Projection 70.1% 39.3% 36.1% 31,362 150,802 446,274 Total Population 2021 Vacant 2.2% 1.6% 1.3% 2010 Census 30,307 146,945 433,194 Total Population 2016 Owner Estimate 30.0% 60.8% 64.0% 2000 Census 2016 Renter Estimate 70.0% 39.2% 36.0% 30,996 144,514 426,208 Total Population 2016 Vacant 2.2% 1.6% 1.3% Daytime Population 29,219 144,247 409,285 Total Population 2010 Owner Census 31.8% 62.2% 65.7% 2010 Renter Census 68.2% 37.8% 34.3% 2010 Vacant 5.4% 4.0% 3.6%
2000 Owner Census 30.7% 61.5% 65.1% 2000 Renter Census 66.4% 36.1% 32.8% 2000 Vacant 2.9% 2.4% 2.2%
HOUSEHOLDS 1 MILE 3 MILES 5 MILES HOUSEHOLDS BY INCOME 1 MILE 3 MILES 5 MILES
2021 Projection 2016 Estimate 10,973 45,797 130,187 Total Households $250,000 or More 1.9% 2.9% 2.8% 2016 Estimate $200,000 - $249,999 1.3% 1.9% 1.8% 10,862 45,393 128,953 Total Households $150,000 - $200,000 5.2% 6.8% 6.5% 2010 Census $125,000 - $149,999 5.0% 6.5% 6.5% 10,429 44,053 124,697 Total Households $100,000 - $124,999 7.5% 10.2% 10.4% 2000 Census $75,000 - $99,999 12.3% 15.1% 15.3% 10,499 43,964 124,432 Total Households $50,000 - $74,999 19.4% 19.4% 19.5% $35,000 - $49,999 13.9% 12.9% 12.6% 2016 Average Household Size 2.79 3.25 3.36 $25,000 - $34,999 11.0% 8.4% 8.2% $15,000 - 24,999 11.3% 8.3% 8.5% $14,999 or Less 11.1% 7.6% 8.0%
Average Household Income $72,045 $86,691 $85,552 Median Household Income $53,239 $66,515 $66,107 Per Capita Income $25,397 $26,333 $25,028
50 DEMOGRAPHICS
POPULATION RACE & ETHNICITY In 2017, the population in your selected geography is 446,274. The current year racial makeup of your selected area is as follows: The population has changed by 4.71% since 2000. It is estimated 57.58% White, 1.66% Black, 0.19% Native American and 8.40% that the population in your area will be 440,694 five years from Asian/Pacific Islander. Compare these to U.S. averages, which now, which represents a change of -1.25% from the current year. are: 70.42% White, 12.85% Black, 0.19% Native American and The current population is 48.86% male and 51.14% female. The 5.53% Asian/Pacific Islander. median age of the population in your area is 36.3, compare this People of Hispanic origin are counted independently of race. to the U.S. average which is 37.8. The population density in your People of Hispanic origin make up 72.63% of the current year area is 5,681.40 people per square mile. population in your selected area. Compare this to the U.S. average of 17.88%.
HOUSEHOLDS HOUSING There are currently 128,953 households in your selected geography. In 2017, there were 82,758 owner occupied housing units in your The number of households has changed by 3.63% since 2000. It area and there were 41,674 renter occupied housing units in your is estimated that the number of households in your area will be area. The median rent at the time was $681. 130,187 five years from now, which represents a change of 0.96% from the current year. The average household size in your area is 3.36 persons.
INCOME EMPLOYMENT In 2017, the median household income for your selected geography In 2017, there are 204,864 employees in your selected area, is $66,107, compare this to the U.S. average which is currently this is also known as the daytime population. The 2000 Census $56,286. The median household income for your area has changed revealed that 58.87% of employees are employed in white-collar by 34.97% since 2000. It is estimated that the median household occupations in this geography, and 41.14% are employed in blue- income in your area will be $75,573 five years from now, which collar occupations. In 2016, unemployment in this area is 5.43%. represents a change of 14.32% from the current year. In 2017, the average time traveled to work was 33.0 minutes. The current year per capita income in your area is $25,028, compare this to the U.S. average, which is $30,982. The current DEMOGRAPHIC ANALYSIS // LA RHONDA APARTMENTS year average household income in your area is $85,552, compare this to the U.S. average which is $81,217.
51 The Quad at Whittier
Uptown Whittier
Uptown Whittier The Quad at Whittier
EXCLUSIVELY LISTED BY JOSEPH BERKSON Senior Vice President Investments Director National Multihousing Group CA License #01031951
949-419-3232