for real-time property information go to: coronadoapts

Untitled| EXCLUSIVE MULTIFAMILY OFFERING
210 South Coronado Street | Los Angeles, CA 90057 10 Units | Built: 1979 | $2,750,000 NON-RENT CONTROLLLED | RARE TRUE VALUE-ADDED OPPORTUNITY
BRENT SPRENKLE Senior Managing [email protected] CA BRE License #01290116
a Berkshire Hathaway and Leucadia National companywww.BerkadiaREA.com
For Real-Time Property Information go to:CoronadoApts.BerkadiaREA.com
BRENT SPRENKLE Senior Managing Director
310.470.4892 [email protected]
Suite 3235 El Segundo, California 90245
Phone: 424.239.5900 Fax: 424.239.5901
Value-Added Opportunity
Ready for a Cosmetic Face-Lift
High Demand Rental Market
For Real-Time Property Information go to:CoronadoApts.BerkadiaREA.com
THE ASSET Property Summary 1 Location Description 2 Location Map 3 Aerial 4 Property Photos 5
VALUATION Financial Analysis 7
MARKET POSITIONING Comparable Sale Properties 9 Comparable Rental Properties 11
APPENDIX Economic & Demographic Overview 14 Demographics 25 Apartment Update 34
CORONADO APARTMENTSCoronadoApts.BerkadiaREA.com
PROPERTY SUMMARY
PROPERTY DESCRIPTION
Parcel Number 5155-034-002
The Coronado Apartments is a non-rent controlled apartment building consisting of nine, one-bedroom with one-bathroom units and one, two-bedroom with one-bathroom unit. The property contains secured open parking accessed through a rear alley. All of the rents are below market providing immediate upside to potential buyers.
Being exempt from rent control, there is an enormous repositioning opportunity to add value to the property by cosmetic upgrades to not only the exterior of the property but the actual apartments. A face lift to the property is long overdue and would vastly change the overall appearance to this high
visibility property. Some units have been lightly renovated, but there is a massive opportunity to fully-renovate vacancies to achieve drastically higher lease rates. In addition, there are three parking spaces that are not being utilized that previously were leased, providing another revenue source for a new owner. The adjacent property, 230 South Coronado Street, has achieved $1,750 for one-bedrooms and $2,100 for two-bedrooms, substantiating immediate rental upsides of over 20%.
CORONADO APARTMENTSCoronadoApts.BerkadiaREA.com 1
LOCATION DESCRIPTION The Westlake area, which includes Pico-Union, is bordered by Downtown Los Angeles on the southeast, Santa Monica Freeway on the south, Koreatown on the west, Virgil Village on the north, and Echo Park on the northeast. One major sub-district includes Lafayette Square.
Principal thoroughfares include Beverly, Wilshire, Olympic and Rampart Boulevards and Alvarado, Temple, Hoover, and Third Streets. The district is served by the Hollywood and Harbor Freeways. Metro Red Line and Purple Line subway trains run through the district on their way to Hollywood and Koreatown, respectively. Both lines include a stop at the Westlake/MacArthur Park Station.
More than $15.6 billion has been invested in the revitalization of the downtown districts, increasing its appeal to tourists (over 14.6 million visitors each year.) The districts include: Jewelry District - the second largest jewelry district in the nation with annual sales of approximately $3 billion and comprised of almost 5,000 businesses; Financial District - dominated by upscale corporate office skyscrapers, hotels and related services as well as banks, law firms, real estate companies, and is home to Fortune 500 companies Reliance Steel & Aluminum and AECOM Technology; South Park - a 50-block area anchored by entertainment and convention venues, including STAPLES Center, LA LIVE & the Nokia Theatre, and the LA Convention Center.
CORONADO APARTMENTS 210 South Coronado Street Los Angeles, CA 90057
FINANCIAL ANALYSIS
The information listed above has been obtained from sources we believe to be reliable, however, we cannot accept responsibility for its correctness. All square footage and project market
rental rates are estimated. Buyer to independently investigate.
210 S Coronado St
Unit # Unit Description Estimated
Rent Per SF Status Notes Parking
1 One Bedroom, One Bath 550 $1,400.00 $2.55 $1,750.00 $3.18 2 One Bedroom, One Bath 550 $1,350.00 $2.45 $1,750.00 $3.18 3 One Bedroom, One Bath 550 $1,400.00 $2.55 $1,750.00 $3.18 4 One Bedroom, One Bath 550 $1,400.00 $2.55 $1,750.00 $3.18 5 One Bedroom, One Bath 550 $1,400.00 $2.55 $1,750.00 $3.18 6 One Bedroom, One Bath 550 $1,450.00 $2.64 $1,750.00 $3.18 7 One Bedroom, One Bath 550 $1,450.00 $2.64 $1,750.00 $3.18 8 One Bedroom, One Bath 550 $1,400.00 $2.55 $1,750.00 $3.18 9 One Bedroom, One Bath 550 $1,395.00 $2.54 $1,750.00 $3.18
10 Two Bedroom, One Bath 750 $2,100.00 $2.80 $2,100.00 $2.80 Vacant Projected
Unit Description Estimated
of Total
Totals: One Bedroom, One Bath 4,950.00 $12,645.00 $2.45 - $2.64 $15,750.00 0.00% 0 $1,350 - $1,450 90.00%
Two Bedroom, One Bath 750.00 $2,100.00 $2.80 - $2.80 $2,100.00 100.00% 1 $2,100 - $2,100 10.00%
5,700 $14,745.00 $17,850.00 10.00% 1
Unit Description Estimated
% Estimated
Upside Averages: One Bedroom, One Bath 550.00 $1,405.00 $2.55 $1,750.00 $3.18 24.56%
Two Bedroom, One Bath 750.00 $2,100.00 $2.80 $2,100.00 $2.80 0.00%
7
Rent/ SF
Est. Total
Net SF
9 1 Bed / 1 Bath 550 $1,350 - $1,450 $1,405 $1,750 $2.55 $3.18 4,950
1 2 Bed / 1 Bath 750 $2,100 $2,100 $2,100 $2.80 $2.80 750
10 570 $1,475 $1,785 $2.59 $3.13 5,700
Gross SF 5,700
Scheduled Market Rent
$600 $600 $600
$0 $1,800 $0
Plus: Est. Misc. Income Plus: Parking Income Plus: Laundry Income
$1,200 $1,800 $1,200
Estimated Expenses Percentage Per Unit
$80 $800 $800 $800
$700 $7,000 $7,000 $7,000
$876 $8,760 $8,760 $8,760
$274 $2,744 $2,400 $2,744
$90 $904 $904 $904
$300 $3,000 $3,000 $3,000
$200 $2,000 $2,000 $2,000
Base Property Taxes
Replacement Reserve
Net Operating Income $107,485 $144,695 $113,373
($91,136) ($91,136) ($91,136)
$16,349 $53,559 $22,237
3.0% 3.0% 3.0%
1.46% 4.80% 1.99%
Less: Debt Service
1.18 1.59 1.24
Current
Listing Price $2,750,000 $275,000 $482.46 3.91% 5.26% 4.12%15.39 12.59
All Financing Total Loan
New First Mortgage (to be originated at purchase)
LTV for this loan Amount Interest Rate Amortization Payment Fees I/O Term (yrs)
60% $1,650,000 3.70% 30 ($7,595) 1.00% 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.
© 2017 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.
PRO FORMA INCOME & EXPENSES
8
PROPERTY INFORMATION SALES DATA Property Units Built Rentable SF Price Price/Unit Price/SF Cap
Rate GRM Sale
2 2218 West Court Street
2218 West Court Street Los Angeles, CA 90026
28 1989 17,220 $8,275,000 $295,536 $480.55 4.85% - 10/16
3 428 South Grand View Street
428 South Grand View Street Los Angeles, CA 90057
27 1986 23,339 $6,000,000 $222,222 $257.08 3.22% 17.47 7/16
Averages $277,586 $365.19 4.19% 17.47
S Coronado Apartments 210 South Coronado Street Los Angeles, CA 90057
10 1979 5,700 $2,750,000 $275,000 $482.46 3.81% 15.65
9
S. Coronado Apartments 210 South Coronado Street Los Angeles CA 1. Carondelet Apartments 227 South Carondelet Street Los Angeles CA 2. 2218 West Court Street 2218 West Court Street Los Angeles CA 3. 428 South Grand View Street 428 South Grand View Street Los Angeles CA
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1. 230 South CoronadoStreet 230 South Coronado Street Los Angeles, CA 90057
Units Built 40 1953
Units Type SF Asking Rent Rent / SF 33 1/1.00 725 $1,750 $2.41
2. 232 South RampartBlvd 232 South Rampart Blvd Los Angeles, CA 90057
Units 8
3. The Lennox 249 - 269 South La Fayette Park Place Los Angeles, CA 90057
Units Built 80 1971
4. 2533 West 4th Street 2533 West 4th Street Los Angeles, CA 90057
Units 4
Units Type SF Asking Rent Rent / SF 4 1/1.00 1,200 $2,000 $1.67
7 2/1.00 900 $2,100 $2.33
11
5. Nob Hill Towers 2430 Ocean View Avenue Los Angeles, CA 90057
Units Built 18 1929
Units Type SF Asking Rent Rent / SF 18 1/1.00 1,100 $1,775 $1.61
6. Carondelet 511 South Carondelet Street Los Angeles, CA 90057
Units Built Occupancy 21 1991 86%
S. Coronado Apartments 210 South Coronado Street Los Angeles, CA 90057
Units Built 10 1979
Units Type SF Current Rent Rent / SF 9 1/1.00 550 $1,405 $2.55 1 2/1.00 750 $2,100 $2.80
10 WeightedAvg. 570 $1,475 $2.59
12
S. Coronado Apartments 210 South Coronado Street Los Angeles CA 1. 230 South Coronado Street 230 South Coronado Street Los Angeles CA 2. 232 South Rampart Blvd 232 South Rampart Blvd Los Angeles CA 3. The Lennox 249 - 269 South La Fayette Park Place Los Angeles CA 4. 2533 West 4th Street 2533 West 4th Street Los Angeles CA 5. Nob Hill Towers 2430 Ocean View Avenue Los Angeles CA 6. Carondelet 511 South Carondelet Street Los Angeles CA
13
One of the world’s most significant economic and cultural centers, Los Angeles County is home to more than 10 million residents, comprising 26% of California’s total population and making it the most populous county in the United States. Known for its coastal location, cultural attractions, educational institutions, and massive economy, Los Angeles County encompasses more than 4,000 square miles and contains 88 cities and 65 unincorporated communities
Los Angeles is one of the world’s leading trade and manufacturing centers, due largely to the Port of Los Angeles and Port of Long Beach, which provide access to major U.S. markets and the Pacific Rim. If Los Angeles County were a nation, its economy would rank 21st among the world’s countries in terms of gross domestic product. Los Angeles County’s GDP of $665.4 billion exceeds those of Sweden, Switzerland, and Saudi Arabia.
International Trade Capital Los Angeles County is the No. 1 “International Trade Capital of America” - The Kyser Center for Economic Research
Manufacturing Hub Los Angeles ranked as the No. 1 “Manufacturing City in the Nation” - The Kyser Center for Economic Research
Best Place to Live The city of Los Angeles is ranked among the top 40 “Best Large Cities to Live In” - NerdWallet
Best City to Launch Career The city of Los Angeles ranked No. 2 among the “Best Cities to Launch Your Career” - Bankrate
14
Health Services sector (Y-o-Y June ‘17)
n Los Angeles County’s population is forecast to grow 3.5% over the next five years, reaching nearly
10.6 million residents
n 29% of residents age 25 and older hold a bachelor’s degree or higher
n Approximately 29% of Los Angeles County households earn $100,000 or more annually, compared
to 24.4% nationally
n 50% of housing units in Los Angeles County are renter-occupied
n The county’s median household income is projected to reach $66,412 by 2022, up 10.4% from 2017
15
down 90 bps annually
y-o-y increase
U.S. Government 46,500
Kaiser Permanente 36,990
University of California, Los Angeles 31,890
State of California 29,400
Northrop Grumman Corporation 16,620
16
n $3.6 Trillion+ Annual Trade Value
Metro Los Angeles is one of the world’s leading trade and logistics centers, due largely to the presence
of the Port of Los Angeles and the Port of Long Beach which provide access to major U.S. markets
and the Pacific Rim. The Los Angeles Customs District ranked first in the nation in terms of total value of
worldwide trade handled in 2016, with a total of more than $3.6 trillion. Combined, the ports
support more than 1.2 million direct and indirect jobs and generate over $58 billion annually in
wages and tax revenues.
n 357,200 Jobs Supported Countywide
With approximately 357,200 jobs supported, Los Angeles County is the top manufacturing center
in the nation. There are approximately 65 manufacturing plants situated along the 605 corridor,
and additional manufacturing hubs are located in nearby Cerritos, Buena Park, and Santa Fe Springs.
Significant manufacturing companies in Los Angeles County include Northrop Grumman, American
Solar Direct, Crocker Motorcycles, and Panavision.
Port of Los Angeles
n 837,000 Jobs Supported
Los Angeles is the world center for the entertainment industry. Top movie studios based in Los Angeles
County include: Disney, Paramount, Sony, Fox, Universal, Warner Brothers, and DreamWorks.
All major U.S. television networks, including ABC, NBC, and CBS have considerable operations in the
area as well. With an estimated total output of $120 billion annually, the entertainment industry in
the region supports over 162,000 jobs directly, nearly 590,000 jobs indirectly, and an additional
85,000 jobs for independent contractors.
BUSINESS SERVICES
n 615,900 Jobs Supported
Los Angeles County is home to 12 Fortune 500 headquarters, including: Amgen, Avery Dennison,
DirecTV, Live Nation Entertainment, Mattel, Occidental Petroleum, and Walt Disney Co. These Fortune 500
companies have combined payrolls exceeding 30,000 employees and have an annual revenue of over
$184 billion. The professional and business services segment represents the third-largest employment
sector in Los Angeles County, supporting approximately 615,900 jobs.
Avery Dennision
Paramount Pictures
CONSTRUCTION AND DEVELOPMENT
n 400,000 Square Feet of Office Space n $1.1 Billion Development
Construction was completed in June 2017 on Korean Air’s
Wilshire Grand Center, a $1.1 billion, 73-story tower
located at Wilshire and Figueroa in L.A.’s Financial District. The
structure is the tallest building in Los Angeles and in the United
States west of the Mississippi River. The Wilshire features nearly
400,000 square feet of Class A office space, a 900-room
luxury hotel operated by the InterContinental Hotels Group,
and over 45,000 square feet of restaurant space. The project
supported 11,500 construction jobs and is anticipated to
generate an additional 1,750 permanent jobs. The project’s
estimated economic impact is approximately $1.0 billion on
the local economy.
WILSHIRE GRAND CENTER
n $14 Billion in Capital Improvements n 121,000+ Construction Jobs
n $2.5 Billion Investment n 1,000 Permanent Jobs
Known as the largest public works program in the history of
the city of Los Angeles, the $14 billion LAX modernization
program began in 2009 and has a projected completion date
of 2023. The Tom Bradley International Terminal (TBIT) 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 taxilanes,
infrastructure upgrades, and renovation improvements to all
terminals. Future projects include the $5.5 billion Landside
Access Modernization Program (LAMP) which will provide
the growing number of airport passengers direct and quick
connections to public transportation from the airport, as well as
additional terminal renovations.
redevelopment of Century Plaza, encompassing 1.5
million square feet of space. The project will include a pair
of 46-story residential towers designed by Pei Cobb Freed, a
100,000-square-foot retail plaza, and a new 394-room hotel
with 63 luxury condos located in the heart of Los Angeles’
Century City neighborhood. The entire project will create
5,000 construction-related jobs and up to 1,000 permanent
jobs. Construction started in March 2016 and is slated to be
completed in early 2018.
Universal’s studio and theme park, located on 391 acres
in Universal City. The plan includes 1.5 million square feet of
new studio and office space, a 327,000-squarefoot addition to
the Universal Studios theme park, and 1,000 hotel rooms. The
entire Evolution project will have an economic impact of
$6.3 billion, supporting 31,000 jobs during construction
and 12,000 new permanent positions. Estimated completion
is 2030.
NBC UNIVERSAL
n $1 Billion Development n 1.4 Million SF of Mixed-Use Space
n 3,000 Workers can be Accommodated n 1.1 Million Square-Foot Building
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.
Plans are underway to renovate the early 20th-century
Broadway Trade Center in Downtown Los Angeles into a
15-story multi-use property. The makeover of this 1.1 million-
square-foot building will feature retail space on the ground
floor, restaurants, multiple bars, spa, private club, office space
capable of accommodating up to 3,000 workers, more
than 150 hotel rooms, rooftop activity area with movie screen
and Olympic-sized swimming pool, and underground parking
for 400 to 600 vehicles. Once work begins on the property,
completion is expected within 24 to 30 months.
CROSSROADS HOLLYWOOD
CONSTRUCTION AND DEVELOPMENT
n 25,000+ Jobs Supported n 5.6 Million Square Feet of Commercial Space
This $2.5 billion sports and entertainment complex, located in the South Park District of Downtown Los Angeles, encompasses more than 5.6 million square feet of retail shops, music venues, night clubs, movie theaters, restaurants, and a 54-story Ritz-Carlton Residences hotel and condominium tower, supporting more than 25,000 jobs. Future plans call for a 600,000-square-foot office tower for nearby creative firms.
L.A. LIVE
n $2.6 Billion Investment n 1.5 Million Square Feet of Commercial Space
An 80,000-seat sport stadium and multi-use development
is currently under construction in Inglewood’s new City of
Champions district. The stadium will be the new home of the
NFL’s Rams and Chargers franchises. The $2.6 billion,
300-acre, multipurpose venue 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 revenues is estimated
to generate $700 million to the region. The new stadium is
expected to be completed in time for the 2020 NFL season.
LOS ANGELES STADIUM IN NEW CITY OF CHAMPIONS DISTRICT
21
3.8% from one year prior
OCCUPANCY RATE
n 95.1% in 2Q17, down 30 basis points annually
The average apartment occupancy rate in the West Los Angeles County apartment submarket was 95.1% at the end
of the second quarter of 2017, down 30 basis points from the same time period one year prior.
Despite a slight dip in occupancy, the average asking rent in this submarket rose to $2,818 per month in the second
quarter of 2017, a 3.8% year-over-year increase.
PERMITS / DELIVERIES / ABSORPTION
NET ABSORPTION
According to Moody’s, permits for approximately 11,270 multifamily apartment units are forecast to be issued in
Los Angeles County in 2017.
Approximately 3,090 apartment units added in the West Los Angeles County submarket through June of 2017, an
annual increase of 14.7%.
As of June 2017, net move-outs in this submarket totaled approximately 280 units, up from the nearly 1,375 net move-outs
recorded one year prior.
22
n 60,000 produced by Metro Los Angeles universities each year
LOS ANGELES COUNTY, CA
HIGHER EDUCATION
The region is a higher education center, with over 120 colleges and universities that support economic growth, provide jobs, attract new residents to the area, and generate 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. Over 140 start-up companies have been created using technology developed at the university. UCLA is one of the largest employers in the region, supporting nearly 32,000 jobs countywide. With an enrollment of 43,240 students at its’ main campus, UCLA generates $12.7 billion in economic impact in the Southern California region.
The University of Southern California (USC) has an enrollment of over 41,000 students and employs more than 18,600 residents. USC has the largest private university graduate program in the nation in science, engineering, and health. The University of Southern California was ranked no. 23 among national universities in 2017 by U.S. News and World Report.
TRANSPORTATION
LAX PASSENGERS
Los Angeles boasts an extensive freeway network, with major
routes including the Santa Ana Freeway (I-5), San Diego Freeway
(I-405), Foothills Freeway (I-210), Santa Monica and San
Bernardino freeways (I-10), Harbor Freeway (I-110), Long Beach
Freeway (I-710), and San Gabriel River Freeway (I-605).
The Metropolitan Transportation Authority (MTA) provides local
bus and rail service, linking communities including Long Beach,
Downtown L.A., Hollywood, Pasadena, and the San Fernando
Valley. MTA offers over 1,500 square miles of service area and
employs more than 9,200 residents.
The Los Angeles International Airport (LAX) supports 408,000
local jobs and has an annual economic impact of $60 billion. LAX
served nearly 81 million passengers in 2016, making it the third-
busiest airport in the nation and seventh-busiest airport in the world.
Los Angeles International Airport
California State University Northridge 41,550
University of Southern California 41,010
California State University Long Beach 35,590
Mt. San Antonio College 34,370
Santa Monica College 31,990
Pasadena City College 26,270
Source: Los Angeles Business Journal 2015 Book of Lists
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Sources: Berkadia; Tetrad; U.S. Census Bureau; U.S. Bureau of Labor Statistics; Apartment Data Services; Moody’s; Wikipedia; Axiometrics; Corelogic;California Association of Realtors; City of Los Angeles 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; California Association of Realtors; 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; Urbanize L.A.; Peterson’s.
BY THE NUMBERS
TOTAL HOUSEHOLDS
2010 3,241,204
2017* 3,388,116
2022* 3,517,569
MEDIA INCOME
2010 $52,983
2017* $60,161
2022* $66,412
MEDIAN AGE
2010 34.9
2017* 36.8
2022* 38.1
Difference $307
*Projected **30-yr fixed; 20% down; 4.15% interest rate; 1.75% property taxes; $1,000 homeowners insurance
24
DEMOGRAPHICS
Site Map 210 S Coronado St, Los Angeles, CA 90057
© Tetrad .
Legend
25
DEMOGRAPHICS
Median Household Income 210 S Coronado St, Los Angeles, CA 90057
Map
Legend
26
DEMOGRAPHICS
27
DEMOGRAPHICS
Calculated using Proportional Block Groups
23-M ay-2017
Lat/Long: 34.06746/-118.2764
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Los Angeles- Long Beach- Anaheim, CA
US Benchmark0 - 1 mi 0 - 3 mi 0 - 5 mi
Po pu
la tio
Est. Population/square mile 36,552 21,278 15,630 2,746 92
2021 Projection 117,085 622,855 1,278,124 13,727,652 339,950,981
2016 Estimate 111,057 593,885 1,224,247 13,314,485 327,042,359
2010 Census 104,592 567,544 1,173,409 12,828,837 312,471,327
2000 Census 107,938 587,784 1,186,667 12,365,353 281,421,872
Growth 2016-2021 5.4% 4.9% 4.4% 3.1% 3.9%
Growth 2010-2016 6.2% 4.6% 4.3% 3.8% 4.7%
Growth 2000-2010 -3.1% -3.4% -1.1% 3.7% 11.0%
H ou
se ho
ld s
2021 Proj. Pop. In Households 114,782 594,178 1,237,335 13,522,152 332,012,885
2016 Est. Pop. In Households 108,763 565,226 1,183,448 13,108,959 319,110,299
2021 Proj. Avg. HH Size 2.80 2.50 2.67 2.96 2.58
2016 Est. Avg. HH Size 2.80 2.52 2.69 2.97 2.58
H ou
si ng
Vacant Housing Units 2,940 7% 17,768 7% 32,655 7% 242,882 5% 14,159,142 10%
Occupied Housing Units 38,887 93% 224,006 93% 440,276 93% 4,410,891 95% 123,684,970 90%
Owner-Occupied 3,799 9% 35,027 14% 95,471 20% 2,226,262 48% 80,619,266 58%
Renter-Occupied 35,089 84% 188,979 78% 344,805 73% 2,184,629 47% 43,065,704 31%
Et hn
ic ity
Population by Ethnicity 111,057 593,885 1,224,247 13,314,485 327,042,359
White 34,805 31% 219,234 37% 499,596 41% 7,104,303 53% 237,773,545 73%
Black 4,768 4% 38,676 7% 114,697 9% 933,164 7% 40,831,494 12%
Asian 24,924 22% 136,663 23% 190,232 16% 1,975,417 15% 15,797,678 5%
Other 46,560 42% 199,313 34% 419,722 34% 3,301,601 25% 32,639,642 10%
Hispanic or Latino 72,841 66% 312,789 53% 675,928 55% 5,900,670 44% 57,121,157 17%
Ed uc
. Less than HS Diploma 30,612 41% 133,935 33% 274,078 33% 1,922,058 22% 30,271,046 14%
HS, Some Col. or Assoc. Deg. 28,819 38% 162,733 40% 329,200 40% 4,133,445 47% 124,021,916 57%
Bach. Degree or Higher 15,591 21% 114,026 28% 222,131 27% 2,764,876 31% 63,813,091 29%
©2016, Tetrad. All rights reserved. -1- Demographic Source: STI PopStats
28
DEMOGRAPHICS
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Total Population 111,057 593,885 1,224,247 13,314,485 327,042,359
Age 0 to 14 21,870 20% 106,038 18% 229,684 19% 2,448,515 18% 57,846,772 18%
Age 14 to 18 4,603 4% 21,316 4% 50,944 4% 664,693 5% 17,058,915 5%
Age 18 to 22 4,773 4% 30,706 5% 66,418 5% 814,041 6% 21,173,358 6%
Age 22 to 25 4,789 4% 25,132 4% 51,793 4% 566,857 4% 12,857,261 4%
Age 25 to 35 19,979 18% 101,339 17% 200,791 16% 1,847,842 14% 41,307,384 13%
Age 35 to 45 19,393 17% 101,137 17% 200,867 16% 1,808,155 14% 40,936,125 13%
Age 45 to 55 14,126 13% 80,301 14% 163,591 13% 1,824,397 14% 43,450,819 13%
Age 55 to 65 10,565 10% 62,257 10% 126,040 10% 1,592,124 12% 42,290,409 13%
Age 65 to 75 6,326 6% 37,978 6% 77,763 6% 1,024,998 8% 29,625,383 9%
Age 75 to 85 3,318 3% 19,839 3% 40,025 3% 514,456 4% 15,013,311 5%
Age 85 and over 1,314 1% 7,844 1% 16,333 1% 208,407 2% 5,482,622 2%
Median Age 34.8 36.2 35.6 36.7 38.2
Average Age 35.6 37.0 36.5 37.7 38.9
Fa m
Families by # of Workers 22,819 116,170 241,214 3,046,572 82,920,636
No workers 3,039 13% 14,594 13% 31,036 13% 354,105 12% 12,511,565 15%
1 worker 9,763 43% 45,852 39% 91,136 38% 1,048,712 34% 27,770,115 33%
2 workers 7,533 33% 42,842 37% 89,491 37% 1,207,379 40% 33,939,645 41%
3 or more workers 2,483 11% 12,881 11% 29,551 12% 436,376 14% 8,699,311 10%
En ro
llm en
t Total Population 111,057 593,885 1,224,247 13,314,485 327,042,359
Pre-High School 14,295 13% 63,750 11% 144,743 12% 1,815,338 14% 45,069,053 14%
High School 6,661 6% 28,599 5% 66,964 5% 817,160 6% 18,267,727 6%
College/Grad/Prof 8,486 8% 57,923 10% 110,922 9% 1,203,135 9% 25,405,909 8%
Not enrolled 81,616 73% 443,613 75% 901,619 74% 9,478,852 71% 238,299,670 73%
Per Capita Income $16,244 $22,356 $23,077 $30,185 $29,140
Em pl
oy m
en t
Total Pop. Age 16+ 86,953 477,334 969,348 10,536,189 260,665,123
Labor Force 59,737 69% 315,788 66% 637,607 66% 6,847,859 65% 166,094,129 64%
In Armed Forces 17 0% 57 0% 135 0% 5,920 0% 1,153,547 0%
Civilian, Employed 55,933 64% 296,563 62% 599,731 62% 6,477,100 61% 155,432,541 60%
Civilian, Unemployed 3,787 4% 19,167 4% 37,741 4% 364,839 3% 9,508,041 4%
Not in Labor Force 27,216 31% 161,546 34% 331,741 34% 3,688,330 35% 94,570,994 36%
Unemployment Rate 6.3% 6.1% 5.9% 5.3% 5.7%
29
DEMOGRAPHICS
23-M ay-2017
Lat/Long: 34.06746/-118.2764
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Agr., forestry, fish & hunt, min., constr.
5,447 10% 21,416 7% 40,365 7% 401,494 6% 12,642,268 8%
Manufacturing 10,734 19% 30,457 10% 62,132 10% 730,821 11% 16,235,636 10%
Wholesale & retail trade 7,315 13% 40,567 14% 83,020 14% 938,021 14% 22,265,191 14%
Transp. and warehousing, and utilities
1,897 3% 8,948 3% 21,355 4% 309,873 5% 7,679,801 5%
Information 1,652 3% 15,032 5% 33,667 6% 242,118 4% 3,303,374 2%
Fin., ins., RE & rental/leasing 2,057 4% 14,907 5% 27,715 5% 442,347 7% 10,260,352 7%
Prof., sci., mgmt, admin, and waste mgmt
6,205 11% 36,437 12% 75,095 13% 820,866 13% 16,922,232 11%
Prof., sci., & technical svcs 2,069 4% 19,083 6% 39,915 7% 483,885 7% 10,196,249 7%
Mgmt of companies & ent. 12 0% 150 0% 289 0% 4,277 0% 118,565 0%
Admin, support & waste mgmt 4,124 7% 17,204 6% 34,891 6% 332,704 5% 6,607,418 4%
Educ., health and soc. svc 8,213 15% 47,435 16% 101,948 17% 1,316,706 20% 36,101,171 23%
Arts, ent., rec., accom. & food 7,243 13% 48,042 16% 90,806 15% 673,303 10% 14,609,227 9%
Other services (except public admin)
4,417 8% 27,444 9% 51,288 9% 392,973 6% 7,710,681 5%
Public Administration 753 1% 5,879 2% 12,340 2% 208,578 3% 7,702,608 5%
Employed Civilian Pop. Age 16 + 55,933 296,563 599,731 6,477,100 155,432,541
White Collar 23,826 43% 156,572 53% 324,892 54% 4,100,261 63% 98,385,749 63%
Blue Collar 32,107 57% 139,991 47% 274,839 46% 2,376,839 37% 57,046,792 37%
W hi
te C
ol la
r Mgmt, Business, and Fin. Op. 4,395 8% 31,799 11% 64,807 11% 961,737 15% 22,643,628 15%
Professional & Related 7,058 13% 55,907 19% 116,716 19% 1,385,197 21% 33,941,334 22%
Healthcare support 1,125 2% 5,534 2% 11,640 2% 125,107 2% 3,891,255 3%
Sales & related 5,464 10% 32,748 11% 63,728 11% 748,099 12% 16,905,794 11%
Office & admin support 5,784 10% 30,583 10% 68,002 11% 880,121 14% 21,003,738 14%
B lu
e C
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Protective service 941 2% 4,736 2% 9,836 2% 121,805 2% 3,514,913 2%
Food prep & serving 4,665 8% 29,336 10% 50,594 8% 357,704 6% 8,841,882 6%
Building & grounds cleaning & maint.
5,447 10% 24,640 8% 45,111 8% 304,016 5% 6,264,990 4%
Personal care & service 2,758 5% 15,361 5% 31,961 5% 301,252 5% 5,677,654 4%
Farming, fishing, and forestry 241 0% 901 0% 2,489 0% 22,781 0% 1,149,885 1%
Constr., Extraction, & Maint. 5,917 11% 24,148 8% 46,557 8% 471,335 7% 12,814,643 8%
Prod., Transp., & Mat. Moving 12,137 22% 40,870 14% 88,291 15% 797,946 12% 18,782,825 12%
30
DEMOGRAPHICS
23-M ay-2017
Lat/Long: 34.06746/-118.2764
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Households by HH Size 38,887 224,006 440,276 4,410,891 123,684,970
1-person household 11,532 30% 79,372 35% 146,145 35% 1,040,264 24% 32,965,312 27%
2-person household 9,409 24% 58,193 26% 112,748 26% 1,193,459 27% 40,453,958 33%
3-person household 6,113 16% 32,004 14% 61,859 14% 719,861 16% 19,938,366 16%
7 or more person household 1,516 4% 6,511 3% 19,108 3% 214,786 5% 2,396,277 2%
H ou
se ho
ld T
yp es
Households by Type 38,887 224,006 440,276 4,410,891 123,684,970
1 Person Households 11,532 30% 79,372 35% 146,145 35% 1,040,264 24% 32,965,312 27%
Family Households 22,819 59% 116,170 52% 241,214 52% 3,046,572 69% 82,920,636 67%
Married-couple family 11,904 31% 66,124 30% 137,063 30% 2,095,216 48% 60,565,694 49%
W/ own children < 18 yrs 5,614 14% 29,260 13% 63,244 13% 969,578 22% 24,487,705 20%
No own children < 18 yrs 6,290 16% 36,864 16% 73,819 16% 1,125,638 26% 36,077,989 29%
Male HHer: no wife present: 3,844 10% 17,044 8% 32,393 8% 287,941 7% 5,943,938 5%
No own children < 18 yrs 2,175 6% 10,043 4% 18,693 4% 169,721 4% 3,103,353 3%
Female HHer: no husband: 7,070 18% 33,002 15% 71,758 15% 663,415 15% 16,411,004 13%
No own children < 18 yrs 2,762 7% 15,721 7% 34,746 7% 335,601 8% 7,326,576 6%
Nonfamily Households 4,537 12% 28,464 13% 52,916 13% 324,055 7% 7,799,022 6%
G ro
up Q
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2016 Est. Group Quarters 2,013 28,793 40,929 205,526 7,932,060
Institutionalized 818 41% 11,803 41% 15,373 41% 82,594 40% 3,993,867 50%
Non-Institutionalized 1,194 59% 16,991 59% 25,556 59% 122,932 60% 3,938,193 50%
College 95 5% 4,603 16% 8,299 16% 61,582 30% 2,522,758 32%
Military 0 0% 0 0% 0 0% 37 0% 338,183 4%
Other 1,099 55% 12,387 43% 17,257 43% 61,313 30% 1,077,252 14%
2010 Census Group Qtrs Pop. 2,076 0% 29,112 0% 41,610 0% 210,917 0% 8,025,278 0%
2016 Est. Group Qtrs Pop. 2,013 0% 28,793 0% 40,929 0% 205,526 0% 7,932,060 0%
2021 Proj. Group Qtrs Pop. 2,013 0% 28,789 0% 40,924 0% 205,500 0% 7,938,096 0%
Ve hi
cl es
Housing by Vehicles Avail. 38,887 224,006 440,276 4,410,891 123,684,970
None 13,097 34% 63,898 29% 101,869 29% 379,457 9% 11,371,892 9%
1 vehicle 16,957 44% 97,585 44% 192,633 44% 1,484,018 34% 41,925,046 34%
2 vehicles 7,072 18% 49,158 22% 108,976 22% 1,618,499 37% 46,298,023 37%
3 vehicles 1,358 3% 9,473 4% 26,111 4% 613,741 14% 16,916,040 14%
4 vehicles 239 1% 2,336 1% 7,122 1% 224,038 5% 5,210,821 4%
5 or more vehicles 163 0% 1,557 1% 3,565 1% 91,138 2% 1,963,148 2%
Avg. # of Vehicles Available 1.0 1.1 1.2 1.8 1.7
31
DEMOGRAPHICS
23-M ay-2017
Lat/Long: 34.06746/-118.2764
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Households by HH Inc. 38,887 224,006 440,276 4,410,891 123,684,970
$0 to $24,999 14,280 37% 77,340 35% 142,773 32% 872,691 20% 27,998,831 23%
$25,000 to $34,999 5,796 15% 29,274 13% 53,672 12% 392,616 9% 12,451,570 10%
$35,000 to $49,999 6,610 17% 32,939 15% 61,929 14% 530,076 12% 16,628,368 13%
$50,000 to $74,999 5,970 15% 33,556 15% 68,708 16% 731,548 17% 22,120,461 18%
$75,000 to $99,999 2,964 8% 18,563 8% 39,742 9% 542,892 12% 15,209,243 12%
$100,000 to $149,999 2,207 6% 17,747 8% 39,076 9% 663,927 15% 16,432,519 13%
$150,000 to $249,999 868 2% 10,345 5% 24,046 5% 483,871 11% 9,823,835 8%
$250,000 or more 193 0% 4,243 2% 10,330 2% 193,270 4% 3,020,143 2%
Median Household Income $ 33,934 $ 37,232 $ 40,245 $ 63,100 $ 54,840
Average Household Income $ 45,624 $ 57,669 $ 62,920 $ 90,223 $ 75,925
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s <2
5 yr
s HHer < 25 yrs by HH Inc. 2,198 12,872 21,010 125,623 4,758,156
$0 to $24,999 1,007 46% 6,283 49% 9,916 47% 51,439 41% 2,233,560 47%
$25,000 to $34,999 401 18% 1,926 15% 3,002 14% 17,283 14% 695,809 15%
$35,000 to $49,999 376 17% 1,959 15% 3,120 15% 18,787 15% 736,790 15%
$50,000 to $99,999 324 15% 2,096 16% 3,823 18% 28,826 23% 894,365 19%
$100,000 or more 90 4% 607 5% 1,149 5% 9,288 7% 197,632 4%
H ou
se ho
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s 25
-4 4
yr s HHer 25-44 yrs by HH Inc. 19,323 104,706 202,182 1,626,426 41,518,149
$0 to $24,999 5,889 30% 27,457 26% 52,512 26% 276,277 17% 7,726,772 19%
$25,000 to $34,999 3,229 17% 14,506 14% 25,340 13% 146,850 9% 3,939,780 9%
$35,000 to $49,999 3,736 19% 16,898 16% 30,446 15% 202,851 12% 5,678,187 14%
$50,000 to $99,999 4,753 25% 28,804 28% 55,656 28% 508,805 31% 13,920,130 34%
$100,000 or more 1,716 9% 17,042 16% 38,228 19% 491,643 30% 10,253,280 25%
H ou
se ho
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s 45
-6 4
yr s HHer 45-64 yrs by HH Inc. 12,024 73,210 148,487 1,772,812 49,091,694
$0 to $24,999 4,182 35% 24,472 33% 44,817 30% 280,799 16% 8,924,237 18%
$25,000 to $34,999 1,728 14% 9,298 13% 17,927 12% 131,809 7% 3,974,290 8%
$35,000 to $49,999 1,953 16% 10,971 15% 21,458 14% 195,557 11% 5,818,708 12%
$50,000 to $99,999 3,090 26% 17,013 23% 37,874 26% 517,066 29% 15,410,961 31%
$100,000 or more 1,071 9% 11,455 16% 26,410 18% 647,581 37% 14,963,498 30%
32
DEMOGRAPHICS
23-M ay-2017
Lat/Long: 34.06746/-118.2764
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rs HHer > 65 yrs by HH Inc. 5,342 33,218 68,597 886,030 28,316,971
$0 to $24,999 3,202 60% 19,128 58% 35,528 52% 264,176 30% 9,114,262 32%
$25,000 to $34,999 438 8% 3,543 11% 7,404 11% 96,674 11% 3,841,691 14%
$35,000 to $49,999 544 10% 3,111 9% 6,905 10% 112,881 13% 4,394,683 16%
$50,000 to $99,999 767 14% 4,206 13% 11,097 16% 219,743 25% 7,104,248 25%
$100,000 or more 391 7% 3,230 10% 7,664 11% 192,556 22% 3,862,087 14%
H ou
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Owner-Occ. Housing Units 3,799 35,027 95,471 2,226,262 80,619,266
$0 to $49,999 44 1% 225 1% 1,000 1% 43,704 2% 6,249,282 8%
$50,000 to $99,999 72 2% 171 0% 607 1% 31,921 1% 9,799,758 12%
$100,000 to $199,999 166 4% 630 2% 1,741 2% 64,860 3% 21,666,885 27%
$200,000 to $499,999 1,347 35% 7,257 21% 24,882 26% 555,303 25% 29,503,256 37%
$500,000 or more 2,170 57% 26,745 76% 67,240 70% 1,530,474 69% 13,400,085 17%
Median Housing Unit Value $ 570,317 $ 765,381 $ 700,834 $ 678,044 $ 215,975
Average Housing Unit Value $ 627,881 $ 852,817 $ 831,043 $ 799,843 $ 316,209
Workplace Establishments 2,131 24,206 38,902 393,206 8,256,926
Workplace Employees (FTE) 28,576 389,538 660,864 6,643,798 143,591,176
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Mortgage by Mort.-Risk Ratio 303 4,047 11,460 265,969 9,795,597
Under 1.0 4 1% 42 1% 72 1% 3,795 1% 537,051 5%
1.0 to 2.0 29 10% 399 10% 773 7% 17,269 6% 2,430,997 25%
2.0 to 3.0 55 18% 986 24% 2,226 19% 54,325 20% 3,333,151 34%
3.0 to 4.0 86 29% 1,247 31% 3,353 29% 81,049 30% 2,174,695 22%
4.0 to 5.0 87 29% 904 22% 3,083 27% 72,072 27% 958,936 10%
5.0 and over 42 14% 469 12% 1,953 17% 37,459 14% 360,767 4%
Average Mortgage Risk 3.6 3.5 3.7 3.7 2.7
33
LOS ANGELES - WEST MULTIFAMILY REPORT SECOND QUARTER 2017
ASKING RENT RISES 3.8% ANNUALLY AMID ELEVATED DELIVERIES
Builders delivered 5,783 apartments in Los Angeles West since June of 2016. Nearly two-thirds of the new inventory was in the
neighboring Central L.A., Downtown, and Wilshire/Westlake submarkets. Signiicant multifamily development was also present
in the Marina Del Rey/Venice/Westchester submarket. Since mid-2016, positive absorption of 3,432 apartments was recorded,
a 40.4% increase from the prior 12-month period. Although apartment demand intensiied, leasing activity trailed deliveries by
40.7% as the number of multifamily completions swelled in the last 12 months. Consequently, apartment occupancy decreased
30 basis points to 95.1% in June of this year. In response to declining occupancy, operators increased concessions to an average
of 0.8% of asking rent by June of this year, 40 basis points higher than one year prior. Apartment rent continued to appreciate
despite greater concessions and the reduction in occupancy. Efective rent rose 3.4% year over year, while average asking rent
reached $2,818 per month in June, a 3.8% annual increase, the same rate of appreciation that occurred countywide. Asking rent
rose in all 10 submarkets in Los Angeles West.
$1,000
$1,500
$2,000
$2,500
$3,000
93%
94%
95%
96%
97%
3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17
OCCUPANCY AND RENT TRENDS
OCCUPANCY RATE
ASKING RENT
Up 3.8% since 2Q16
34
-2,000
0
2,000
4,000
6,000
8,000
DELIVERIES AND DEMAND
UNEMPLOYMENT*2016 2017
EMPLOYMENT*2016 2017
10-YEAR TREASURY**2016 2017
nonfarm jobs in Los Angeles County in May of this
year. Employers added 48,900 workers to payrolls
since May of 2016, a 1.1% year-over-year gain. The
majority of job growth was attributed to aggressive
hiring in the education and health services and the
professional and business services sectors. Education
and health services institutions created 24,200 jobs,
equating to 3.2% annual growth. In the professional
and business services segment, 15,200 workers were
recruited, a gain of 2.5%. The leisure and hospitality
sector expanded 1.6% as companies hired 8,200
workers. The sector was supported by a 4% annual
increase in tourism in the county in 2016. Healthy
employment expansion of 5.1% was recorded in the
construction industry with 6,800 new jobs. Over the
next two years, ongoing development at the $2.5
billion Metropolis in Downtown Los Angeles and
the $1.6 billion international terminal at Los Angeles
International Airport will underpin the construction
industry with thousands of jobs.
-90 BPS CHANGE
APARTMENT UPDATE
© 2017 Berkadia Real Estate Advisors LLC Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC Document sources: Axiometrics; Moody’s; Berkadia Research
SUBMARKET BREAKDOWN
LOS ANGELES - WEST MULTIFAMILY REPORT
SUBMARKET NAME 2Q16 2Q17 2Q16 2Q17 2Q16 2Q17 2Q17 ANNUAL 2Q17 ANNUAL
Beverly Hills/W Hollywood/Park La Brea 95.9% 96.4% 4.2% 0.8% $2,846 $2,869 -102 464 153 223
Central LA 94.2% 94.4% -1.8% 1.8% $2,614 $2,661 621 1,431 856 1,385
Downtown 95.3% 94.4% 5.9% 0.3% $2,480 $2,487 74 1,118 442 1,380
Hollywood/Silver Lake 94.7% 93.9% 3.8% 5.7% $2,516 $2,660 -215 60 381 758
Mar Vista/Palms/Culver City 96.5% 95.4% 3.2% 5.7% $2,223 $2,350 -401 -441 0 0
Marina Del Rey/Venice/Westchester 94.8% 95.4% 0.7% 4.4% $2,993 $3,125 -241 926 0 759
Mid-City/West Adams/Pico Heights 97.7% 96.3% 5.5% 5.1% $2,107 $2,215 -461 -562 27 59
Santa Monica 97.4% 95.3% 3.2% 4.3% $3,442 $3,591 -630 -644 0 53
West LA/Westwood/Brentwood 96.0% 97.1% 1.9% 6.2% $3,050 $3,240 71 800 26 309
Wilshire/Westlake 95.4% 94.7% 4.1% 2.1% $2,096 $2,141 -889 280 274 857
TOTALS 95.4% 95.1% 2.4% 3.8% $2,715 $2,818 -2,172 3,432 2,159 5,783
OCCUPANCY AVG RENT INCREASE
AVG RENT NET ABSORPTION
36
DISCLAIMER & CONFIDENTIALITY AGREEMENT The 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. 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 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 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.
BerkadiaREA 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 recommends, 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 Real Estate Advisors exclusive listings, please call or visit our website atwww.BerkadiaREA.com Berkadia Real Estate Advisors is the nation’s largest real estate firm focused exclusively on the sale of multifamily properties. Allinformation contained herein is from sources deemed to be reliable; however, it is not guaranteed. Printed in the USA. All rightsreserved. Copyright © 2017 Berkadia Real Estate Advisors.
For Real-Time Property Information go to: CoronadoApts.BerkadiaREA.com
2321 Rosecrans Avenue, Suite 3235 El Segundo, California 90245 Phone: 424.239.5900 | Fax: 424.239.5901 BerkadiaREA.com | ApartmentUpdate.com
521 Fifth Avenue
ALBUQUERQUE, NM
AMBLER, PA
ATLANTA, GA
AUSTIN, TX
BAKERSFIELD, CA

for real-time property information go to: coronadoapts

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