1576 n ave 47 ca 90042 · 13 sales comps 73 subject property 74 summary statistics 74 ... prepared...
TRANSCRIPT
1576 N Ave 47CA 90042
Copyright 2019 Reis, Inc.
Copyright 2019 Reis, Inc.
ContentsInvestment Analysis 2
Rent Comps 6
Subject Property7
Comparable Group Market Summary7
Lease Terms7
Rent Growth Comparisons8
Vacancy Rate Comparisons9
Comparable Group Growth Trends9
Comparable Group Locations11
Comparable Group Listing13
Sales Comps 73
Subject Property74
Summary Statistics74
Comparable Group Locations74
Comparable Group Listing76
Comparable Group Details77
Construction Comps 97
Subject Property98
Comparable Group Listing99
Comparable Group Locations105
Submarket Executive Briefing 106
Submarket Trend Futures 109
Current Submarket Rent Details110
Rent Growth Comparisons110
Current Submarket Vacancy Details110
Vacancy Rate Comparisons111
Submarket Unit Mix Rent Details111
Submarket Unit Mix Inventory Details112
Submarket Inventory Details112
Submarket Area Map113
Metro Executive Briefing 115
Metro Class Cut 118
Sales Trend 120
Activity121
Map121
Most Recent Transactions122
Comparable Group Details123
Copyright 2019 Reis, Inc.
Investment Analysis
1576 N Ave 47Apartment - 3rd Quarter 2019Prepared By Reis, Inc.
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Section 1 - Investment Analysis
Apartment Property Located in the South Glendale/Highland Park Submarket of Los Angeles
Introduction The subject property is situated within the boundaries of Los Angeles's South Glendale/Highland Park submarket. Asking and Effective Rent The average asking rent for the thirty properties selected as comparables to the subject property has increased by 3.5% during the past four quarters, compared to the submarket average gain of 9.0% and the metro average increase of 4.3% over the same period. The current Q3 2019 asking rent level for the comp group is $1,869, which is 3.5% lower than the submarket average of $1,937 and 9.7% lower than the metro average of $2,070. At the same time the comp group's current rent is 36.1% greater than its five year low of $1,373, recorded during Q4 2014. Mean unit prices for the comp group are as follows: studios $1,468, one bedrooms $1,695, two bedrooms $2,092, and three bedrooms $2,957. Marking the lowest asking rent among the set of thirty comparable properties is 441 Riverdale Drive ($1,151), a 28 unit class B/C apartment property. The highest current asking rent among the set is $2,481, observed at 2345 Merton Avenue, a 67 unit property. Reflecting relatively weak demand for apartments in the South Glendale submarket, the current average value of concessions offered on a new lease in the South Glendale/Highland
Park submarket is averaging a relatively wide 5.6%. It should be noted that the current concessions level in the submarket is within 130 basis points of its five-year average of 4.3%. Vacancy During the third quarter of 2019, Reis recorded a vacancy rate of 2.7% for the comp group, a level that is lower than the submarket average of 4.5% and lower than the metro average of 3.8%. Among the thirty properties selected as performance comparables, the highest vacancy level, 9.4%, was observed at 424 South Verdugo Road (Verdugo Plaza Apartments), a 32 unit property. The lowest figure, a fully occupied 28 unit apartment property, was claimed by 441 Riverdale Drive, also in the South Glendale/Highland Park submarket. Sales Comparables Summary The ten class B/C transactions selected for analysis were recorded between February 2019 and October 2019. These ten properties traded at an average price of $218,800 per unit. Proforma analyses developed by Reis's researchers reveal the average cap rate of the selected comparable transactions to be 5.0%, while the metro mean was 4.5%. At the high end on a price per unit basis, with a closing in June of 2019,
we find 1411 W Court St, a four unit property constructed in 1936 that sold for $1.1 million, or $275,000 per unit. At the other end of the spectrum, with a closing in October of 2019, 2506 Johnston St, a six unit property built in 1923, sold for $1,030,000, or $171,666 per unit. Outlook Reis is tracking apartment construction activity that will deliver 215 units to the South Glendale submarket by the end of the year, and net total absorption will be positive 178 units. As a result, the vacancy rate will continue to drift upward to finish the year at 4.6%. During 2020 and 2021, no additional competitive stock is projected to be introduced to the South Glendale/Highland Park submarket inventory. Net new household formations at the metro level during 2020 and 2021 are projected to average 0.8% annually, enough to facilitate an absorption rate averaging 8,584 units per year. The South Glendale/Highland Park submarket will claim an insignificant 2.2% of this demand. This absorption rate is expected to more than offset the effect of newly added inventory, causing the submarket vacancy rate to decline to 3.2% by the end of 2021. Between now and year-end 2019 asking rents are expected to rise 1.4% to a level of $1,965, while effective rents will advance by 1.3% to $1,858. On an annualized basis through 2020 and 2021, asking and effective rents are anticipated to climb by 2.7% and 2.9%, respectively, to finish 2021 at $2,071 and $1,968.
1576 N Ave 47Apartment - 3rd Quarter 2019Prepared By Reis, Inc.
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Subject Property Forecast While the performance of anyparticular property can be influencedpositively or negatively by buildingspecific factors, such as managementeffectiveness, plans for conversion orcapital expenditures, a significantincrease in competitive supply, orsubstantial improvement ordeterioration in the local economy, itis reasonable to observe that if thesubject property were to experiencethe comp group asking rents, and thesame rate of growth as the submarketaverage forecast, its average askingrent as of the end of 2023 wouldreach $2,174 per unit. Similarly, if thesubject property performs at theprojected submarket occupancy rate,then as of year-end 2023 theproperty's stabilized occupancy ratewill be 96.9%. The convergence ofsubmarket supply, demand, and renttrends on the performance of thesubject property suggests that therental income for the subjectproperty's market rate apartmentswould reach $2,174 in that year.
Copyright 2019 Reis, Inc.
Rent Comps
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2 SUBJECT PROPERTY
1576 N Ave 47 CA, 90042(Search Type: Address)
Metro: Los AngelesSubmarket: South Glendale/Highland ParkLatitude: 34.1248300000Longitude: -118.2129900000
Units: 4
3 COMPARABLE GROUP MARKET SUMMARY
30 PROPERTIESLOW MEAN MEDIAN HIGH
Current Asking Rent/Unit $1,192 $1,893 $1,835 $2,565
Current Effective Rent/Unit $1,129 $1,796 $1,738 $2,430
Current Vacancy Rate 0.0% 3.0% 2.8% 10.0%
Property Size (units) 22 44 38 99
Year Built 1940 1976 1974 1992
STUDIO 1BR 2BR 3BR
Current Asking Rent/Unit $1,465 $1,726 $2,114 $2,936
Current Effective Rent/Unit $1,387 $1,636 $2,006 $2,781
Unit Size (SF) 563 681 896 1,373
Units 3 21 20 0
Current Asking Rent/SF $2.64 $2.57 $2.40 $2.14
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4 LEASE TERMS
SUBMARKET FREE RENT TRENDS
0.10
0.20
0.30
0.40
0.50
0.60
0.70
Submarket
3Q 2015 3Q 2016 3Q 2017 3Q 2018 3Q 2019
MO. FREE RENT 0.16 0.61 0.58 0.61 0.64
SubmarketExpense
Ratio
SubmarketFree Rent(Mo./year)
As of 09/30/19 39.3% 0.64
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5 RENT GROWTH COMPARISONS
ASKING RENT GROWTH RATES
QUARTERLY ANNUALIZED
3Q 2019 2Q 2019 YTD 1 YEAR 3 YEAR 5 YEAR
Comp Group 0.9% -0.1% 0.7% 6.9% 7.1% 6.2%
South Glendale 1.7% 1.7% 1.4% 9.4% 7.2% 6.9%
Los Angeles 0.9% 0.9% 1.0% 6.5% 5.9% 5.7%
EFFECTIVE RENT GROWTH RATES
QUARTERLY ANNUALIZED
3Q 2019 2Q 2019 YTD 1 YEAR 3 YEAR 5 YEAR
Comp Group 0.7% -0.1% 0.7% 6.4% 6.4% 5.4%
South Glendale 1.5% 1.7% 1.4% 8.9% 6.5% 6.0%
Los Angeles 0.9% 1.0% 0.9% 6.4% 5.4% 5.3%
*Historical trends include only properties in the Comp Group that have at least five full years ofhistory; aggregated data on rents and vacancies displayed in other tables may therefore not match
precisely.
3Q 2019 = Qtr ending 09/30/19
2Q 2019 = Qtr ending 06/30/19
YTD = Avg over period ending 09/30/19
1, 3 & 5 YEAR = Avg over period ending 12/31/18
6 VACANCY RATE COMPARISONS
QUARTERLY ANNUALIZED
3Q 2019 2Q 2019 YTD 1 YEAR 3 YEAR 5 YEAR
Comp Group 2.7% 2.8% 2.8% 2.6% 2.4% 2.4%
South Glendale 4.5% 3.6% 3.8% 4.7% 5.4% 5.1%
Los Angeles 3.8% 3.7% 3.7% 3.6% 3.5% 3.4%
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7 COMPARABLE GROUP GROWTH TRENDS
ASKING RENT VS VACANCY - QUARTERLY
$0
$500
$1,000
$1,500
$2,000
Asking Rent (Per Unit)
2.7%
2.8%
2.9%
3.0%
3.1%
3.2%
3.3%
Vacancy Rate
Year QtrAsking Rent
(per Unit)Asking RentPct Change Vacancy Rate
VacancyChange (BPS)
2018 3 $1,805 0.9% 3.3% 0
2018 4 $1,832 1.5% 3.3% 0
2019 1 $1,855 1.3% 2.9% -40
2019 2 $1,853 -0.1% 2.8% -10
2019 3 $1,869 0.9% 2.7% -10Historical trends include only properties in the Comp Group that have at least five full years of history;aggregated data on rents and vacancies displayed in other tables may therefore not match precisely.
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8 COMPARABLE GROUP LOCATIONS
PROPERTIES Submarket Units(Unit) Year Class Rent Vacancy
1) Eagle Rock Apartments South Glendale/HighlandPark
99 1988 BC $1,956 0.0%
4323 EAGLE ROCK BLVD, LOS ANGELES, CA 90041
2) Eagle View South Glendale/HighlandPark
64 1985 BC $1,883 3.1%
4124 EAGLE ROCK BLVD, LOS ANGELES, CA 90065
3) Aspen Apartments South Glendale/HighlandPark
67 1979 BC $2,565 3.0%
2345 MERTON AVE, LOS ANGELES, CA 90041
4) 5670 Ash Street South Glendale/HighlandPark
24 1973 BC $1,746 0.0%
5670 ASH ST, LOS ANGELES, CA 90042
5) Villla Imperial South Glendale/HighlandPark
60 1969 BC $1,802 3.3%
407 N AVENUE 50, LOS ANGELES, CA 90042
6) Rockglen Villa South Glendale/HighlandPark
37 1971 BC $1,565 2.7%
1510 Rock Glen Ave, Glendale, CA 91205
7) Moxie Clover South Glendale/HighlandPark
60 1987 BC $2,188 0.0%
5800 Marmion Way, Los Angeles, CA 90042
8) Verdugo Plaza Apartments South Glendale/HighlandPark
32 1954 BC $1,742 9.4%
424 S Verdugo Rd, Glendale, CA 91205
9) Andrita Apartments South Glendale/HighlandPark
35 1982 BC $1,909 2.9%
3367 ANDRITA ST, LOS ANGELES, CA 90065
10) Glen Terrace Apartments South Glendale/HighlandPark
24 1988 BC $1,818 0.0%
3410 DREW ST, LOS ANGELES, CA 90065
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PROPERTIES Submarket Units(Unit) Year Class Rent Vacancy
11) Pasadena Apartments South Glendale/HighlandPark
39 1963 BC $2,227 2.6%
303 S AVENUE 57, LOS ANGELES, CA 90042
12) Woodside Apartments South Glendale/HighlandPark
44 1975 BC $1,536 6.8%
4686 WOODSIDE DR, LOS ANGELES, CA 90065
13) 1010 E Acacia Ave South Glendale/HighlandPark
62 1990 BC $1,976 4.8%
1010 E ACACIA AVE, GLENDALE, CA 91205
14) 374 Shults Apartments South Glendale/HighlandPark
29 1992 BC $1,907 0.0%
374 SHULTS ST, LOS ANGELES, CA 90042
15) 500-504 Hill Drive South Glendale/HighlandPark
30 1963 BC $1,715 0.0%
504 HILL DR, GLENDALE, CA 91203
16) Acre Heights Apartments South Glendale/HighlandPark
40 1990 BC $2,380 5.0%
6311 MONTEREY RD, LOS ANGELES, CA 90042
17) 124 North Adams Street South Glendale/HighlandPark
27 1964 BC $1,785 0.0%
124 N Adams St, Glendale, CA 91206
18) 402 E Palmer South Glendale/HighlandPark
56 1964 BC $1,455 1.8%
402 E PALMER AVE, GLENDALE, CA 91205
19) Villa Monaco South Glendale/HighlandPark
40 1988 BC $2,395 0.0%
1234 E CALIFORNIA AVE, GLENDALE, CA 91206
20) 3811 N Figueroa South Glendale/HighlandPark
30 1988 BC $1,752 10.0%
3811 N FIGUEROA ST, LOS ANGELES, CA 90065
21) Glendale Flats Apartments South Glendale/HighlandPark
75 1986 BC $1,851 5.3%
102 N GLENDALE AVE, GLENDALE, CA 91206
22) 323 E Chestnut St South Glendale/HighlandPark
22 1962 BC $1,983 0.0%
323 E CHESTNUT ST, GLENDALE, CA 91205
23) Casa De Oro South Glendale/HighlandPark
32 1964 BC $1,758 3.1%
120 E Chestnut St, Glendale, CA 91205
24) Acacia Courtyard South Glendale/HighlandPark
24 1956 BC $1,350 0.0%
123 W Acacia Ave, Glendale, CA 91204
25) Gateway Glendale Apartments South Glendale/HighlandPark
34 1940 BC $1,752 5.9%
417 W Los Feliz Rd, Glendale, CA 91204
26) Lomita Apartments South Glendale/HighlandPark
54 1963 BC $2,047 3.7%
207 W LOMITA AVE, GLENDALE, CA 91204
27) Azure Glendale South Glendale/HighlandPark
67 1969 BC $1,923 4.5%
1630 CALLE VAQUERO, GLENDALE, CA 91206
28) 441 Riverdale Drive South Glendale/HighlandPark
28 1964 BC $1,192 0.0%
441 RIVERDALE DR, GLENDALE, CA 91204
29) Harvard Apartments South Glendale/HighlandPark
24 1987 BC $2,071 8.3%
456 W HARVARD ST, GLENDALE, CA 91204
30) Huntington Hacienda 1 EastLA/Alhambra/Montebello/PicoRivera
56 1989 BC $1,561 1.8%
4688 S Huntington Dr, Los Angeles, CA 90032
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9 COMPARABLE GROUP LISTING
1 EAGLE ROCK APARTMENTS - 4323 EAGLE ROCK BLVD, LOS ANGELES, CA 90041
Current Asking Rent: $1,956 Effective Rent: $1,853
Submarket Concessions: $103 Current Vacancy Rate: 0.0%
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Parking Garage, Parking Lot, Pet Friendly, Playground,Pool, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:0.58
FLOORS:4
YEAR BUILT/RENOVATED:
1988/1998
TOTAL UNITS:99
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,640 $1,859 $1,747 700 53 $2.50 $2.36
2BR/2BA $2,058 $2,335 $2,196 970 46 $2.26 $2.14
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1 EAGLE ROCK APARTMENTS - 4323 EAGLE ROCK BLVD, LOS ANGELES, CA 90041
MARKET CONTEXT: The subject property, 4323 EAGLE ROCK BLVD, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1988, the building is one of fourteen properties constructed in the 1980s that account for 3.2% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of eleven newer apartment buildingsintroduced since 1990, totaling 1,560 units, and representing 6.3% of the submarket inventory. That said, 4323 EAGLE ROCK BLVDwas renovated in 1998, improving the property's competitive position. At 99 units, the building is 19.0% larger than the averageapartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #1
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #1 1.0% 0.5% 0.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #1
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #1 0.0% 0.0% 0.0% -2.1% 2.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #1 -0.2% 0.0% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
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2 EAGLE VIEW - 4124 EAGLE ROCK BLVD, LOS ANGELES, CA 90065
Current Asking Rent: $1,883 Effective Rent: $1,784
Submarket Concessions: $99 Current Vacancy Rate: 3.1%
Property Management Company: MONEM CORPORATIONContact Phone Number: (310) 478-7600
Community Amenities: Pool
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:0.81
FLOORS:3
YEAR BUILT/RENOVATED:
1985/2001
TOTAL UNITS:64
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $1,361 400 4 $3.40 $3.22
1BR -- -- $1,746 525 30 $3.33 $3.15
2BR -- -- $2,089 625 30 $3.34 $3.17
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2 EAGLE VIEW - 4124 EAGLE ROCK BLVD, LOS ANGELES, CA 90065
MARKET CONTEXT: The subject property, 4124 EAGLE ROCK BLVD, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1985, the building is one of nineteen properties constructed in the 1980s that account for 3.4% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 4124 EAGLE ROCKBLVD was renovated in 2001, strengthening the property's competitive position. At 64 units, the building is 24.0% smaller than theaverage apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #2
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #2 3.1% 2.7% 2.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #2
Comp Group
South Glendale
Los Angeles
0.0%
5.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #2 0.0% 0.0% -1.6% 0.0% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #2 11.0% 11.8% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
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3 ASPEN APARTMENTS - 2345 MERTON AVE, LOS ANGELES, CA 90041
Current Asking Rent: $2,565 Effective Rent: $2,430
Submarket Concessions: $135 Current Vacancy Rate: 3.0%
Property Management Company: PROPERTIES INTERNATIONALContact Phone Number: (323) 257-6589Property Website: pintl.com/propertyinfo/5/2345-merton-ave
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Parking Garage, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:0.95
FLOORS:2
YEAR BUILT/RENOVATED:
1979/2015
TOTAL UNITS:67
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $2,127 $2,412 $2,266 650 37 $3.49 $3.30
2BR/2BA $2,750 $3,120 $2,934 850 30 $3.45 $3.27
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3 ASPEN APARTMENTS - 2345 MERTON AVE, LOS ANGELES, CA 90041
MARKET CONTEXT: Aspen Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1979, the building is one of eleven properties constructed in the 1970s that account for 3.0% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Aspen Apartments was renovated in 2015,strengthening the property's competitive position. At 67 units, the building is 21.0% smaller than the average apartment property size inthe South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #3
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #3 0.7% 1.1% 1.2%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #3
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #3 0.0% -1.5% 3.0% 0.0% -1.5%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #3 8.4% 8.5% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
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4 5670 ASH STREET - 5670 ASH ST, LOS ANGELES, CA 90042
Current Asking Rent: $1,746 Effective Rent: $1,654
Submarket Concessions: $92 Current Vacancy Rate: 0.0%
Property Management Company: 5670 ASH STREETContact Phone Number: (323) 302-2622
Unit Amenities: Patio/BalconyCommunity Amenities: Parking Lot, Shared Laundry, Storage Room
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.24
FLOORS:2
YEAR BUILT/RENOVATED:
1973/--
TOTAL UNITS:24
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,615 $1,832 $1,721 600 18 $2.87 $2.72
2BR/1BA $1,706 $1,935 $1,820 850 6 $2.14 $2.03
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 20985231
4 5670 ASH STREET - 5670 ASH ST, LOS ANGELES, CA 90042
MARKET CONTEXT: The subject property, 5670 Ash Street, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1973, the building is one of eleven properties constructed in the 1970s that account for3.0% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 24 units,5670 Ash Street is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #4
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #4 0.0% 1.0% 0.7%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Comp #4
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #4 0.0% -4.3% 4.2% 0.0% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #4 7.9% 8.2% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 21985231
5 VILLLA IMPERIAL - 407 N AVENUE 50, LOS ANGELES, CA 90042
Current Asking Rent: $1,802 Effective Rent: $1,707
Submarket Concessions: $95 Current Vacancy Rate: 3.3%
Property Management Company: VILLA IMPERIALContact Phone Number: (323) 274-4201
Community Amenities: Elevator, Pool, Shared Laundry
Most Recent Sale: 16th Aug, 2013Sale Amount: $6,900,000Buyer: Roxbury Lane Lp (310) 358-0989Seller: Stuart & Sandra Breslow
COUNTY:Los Angeles County
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.26
FLOORS:3
YEAR BUILT/RENOVATED:
1969/2010
TOTAL UNITS:60
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR -- -- $1,625 650 32 $2.50 $2.37
2BR -- -- $2,004 825 28 $2.43 $2.30
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 22985231
5 VILLLA IMPERIAL - 407 N AVENUE 50, LOS ANGELES, CA 90042
MARKET CONTEXT: Villla Imperial is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1969, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of the submarket's total inventory ofmarket rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since 1990, totaling3,053 units, and representing 12.0% of the submarket inventory. That said, Villla Imperial was renovated in 2010, improving theproperty's competitive position. At 60 units, the building is nearly a third smaller than the average apartment property size in the SouthGlendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #5
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #5 0.8% 1.3% 1.4%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #5
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #5 0.0% 0.0% 0.0% 1.7% -1.7%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #5 10.4% 5.1% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 23985231
6 ROCKGLEN VILLA - 1510 ROCK GLEN AVE, GLENDALE, CA 91205
Current Asking Rent: $1,565 Effective Rent: $1,482
Submarket Concessions: $83 Current Vacancy Rate: 2.7%
Property Management Company: STATEWIDE ENTERPRISESContact Phone Number: (818) 602-7523
Unit Amenities: DishwasherCommunity Amenities: Parking Garage, Pet Friendly, Pool, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.44
FLOORS:2
YEAR BUILT/RENOVATED:
1971/2019
TOTAL UNITS:37
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR/1BA -- -- $1,274 700 1 $1.82 $1.72
1BR/1BA $1,477 $1,674 $1,573 688 36 $2.29 $2.17
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 24985231
6 ROCKGLEN VILLA - 1510 ROCK GLEN AVE, GLENDALE, CA 91205
MARKET CONTEXT: Rockglen Villa is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1971, the building is one of eleven properties constructed in the 1970s that account for 3.0% of the submarket's total inventoryof market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings erected since 1990,totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Rockglen Villa was renovated in 2017,strengthening the property's competitive position. At 37 units, the building is less than half the average apartment property size in theSouth Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #6
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #6 2.7% 2.7% 3.2%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #6
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #6 2.8% 0.0% 0.0% 0.0% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #6 3.9% 7.7% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 25985231
7 MOXIE CLOVER - 5800 MARMION WAY, LOS ANGELES, CA 90042
Current Asking Rent: $2,188 Effective Rent: $2,072
Submarket Concessions: $116 Current Vacancy Rate: 0.0%
Property Management Company: MOSS & COMPANYContact Phone Number: (310) 817-6378Property Website: moxieclover.com/
Unit Amenities: Patio/Balcony, Washer DryerCommunity Amenities: Parking Garage, Shared Laundry
Most Recent Sale: 13th May, 2016Sale Amount: $14,200,000Buyer: Gelt Inc (818) 676-9362, Skya VenturesSeller: Azusa Pacific University (626) 969-3434
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.52
FLOORS:2
YEAR BUILT/RENOVATED:
1987/--
TOTAL UNITS:60
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR/1BA $1,491 $1,720 $1,603 325 2 $4.93 $4.67
1BR/1BA $1,869 $2,119 $1,991 600 26 $3.32 $3.14
2BR/1BA $2,300 $2,550 $2,385 950 32 $2.51 $2.38
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 26985231
7 MOXIE CLOVER - 5800 MARMION WAY, LOS ANGELES, CA 90042
MARKET CONTEXT: Marimon Royal Rentals is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1987, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 60 units, Marimon RoyalRentals is nearly a third smaller than the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #7
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #7 0.8% 0.4% 0.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #7
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #7 0.0% 0.0% 0.0% 0.0% -1.7%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #7 11.3% 8.2% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 27985231
8 VERDUGO PLAZA APARTMENTS - 424 S VERDUGO RD, GLENDALE, CA 91205
Current Asking Rent: $1,742 Effective Rent: $1,650
Submarket Concessions: $92 Current Vacancy Rate: 9.4%
Property Management Company: PROPERTY MANAGEMENT ASSOCIATESContact Phone Number: (818) 507-8949
Community Amenities: Parking Garage, Pool, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.58
FLOORS:2
YEAR BUILT/RENOVATED:
1954/--
TOTAL UNITS:32
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR/1BA -- -- $1,340 750 1 $1.79 $1.69
1BR/1BA $1,447 $1,641 $1,542 850 15 $1.81 $1.72
2BR/1BA $1,832 $2,078 $1,954 950 16 $2.06 $1.95
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 28985231
8 VERDUGO PLAZA APARTMENTS - 424 S VERDUGO RD, GLENDALE, CA 91205
MARKET CONTEXT: Verdugo Plaza Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1954, the building belongs to a cohort of properties constructed in the 1950s that account for 1.0% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 32 units, VerdugoPlaza Apartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #8
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #8 6.3% 6.3% 6.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp Group South Glendale Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #8 6.8% 4.4% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 29985231
9 ANDRITA APARTMENTS - 3367 ANDRITA ST, LOS ANGELES, CA 90065
Current Asking Rent: $1,909 Effective Rent: $1,808
Submarket Concessions: $101 Current Vacancy Rate: 2.9%
Property Management Company: KENNETH MANAGEMENT GROUPContact Phone Number: (818) 887-7722
Unit Amenities: DishwasherCommunity Amenities: Parking Garage, Shared Laundry
Most Recent Sale: Jul, 2002Sale Amount: $2,125,000Buyer: Marion Tauber, The Edward A TauberTrustSeller: 3367 Andrita LP
Financing Details: Washington Mutual BankFA provided a $1,487,500 loan over a 30-yearterm.
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.64
FLOORS:2
YEAR BUILT/RENOVATED:
1982/--
TOTAL UNITS:35
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
2BR -- -- $1,845 1,000 33 $1.85 $1.75
3BR -- -- $2,957 1,379 2 $2.14 $2.03
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 30985231
9 ANDRITA APARTMENTS - 3367 ANDRITA ST, LOS ANGELES, CA 90065
MARKET CONTEXT: Andrita Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1982, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 35 units, AndritaApartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #9
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #9 7.1% 6.4% 5.2%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #9
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #9 0.0% 0.0% -6.3% 3.0% -3.1%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #9 5.4% 7.8% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 31985231
10 GLEN TERRACE APARTMENTS - 3410 DREW ST, LOS ANGELES, CA 90065
Current Asking Rent: $1,818 Effective Rent: $1,722
Submarket Concessions: $96 Current Vacancy Rate: 0.0%
Property Management Company: J.K. RESIDENTIAL SERVICESContact Phone Number: (323) 205-0190
Unit Amenities: DishwasherCommunity Amenities: Parking Lot, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.66
FLOORS:2
YEAR BUILT/RENOVATED:
1988/--
TOTAL UNITS:24
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
2BR/1BA $1,704 $1,933 $1,818 950 24 $1.91 $1.81
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 32985231
10 GLEN TERRACE APARTMENTS - 3410 DREW ST, LOS ANGELES, CA 90065
MARKET CONTEXT: Glen Terrace Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1988, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 24 units, GlenTerrace Apartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #10
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #10 6.3% 6.3% 9.7%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
Comp #10
Comp Group
South Glendale
Los Angeles
0.0%
5.0%
10.0%
15.0%
20.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #10 -10.5% 13.6% 4.3% 0.0% -4.5%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #10 21.2%† 12.3% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%†For this property, the year-over-year rent growth reported to Reis falls
outside of the expected range.
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 33985231
11 PASADENA APARTMENTS - 303 S AVENUE 57, LOS ANGELES, CA 90042
Current Asking Rent: $2,227 Effective Rent: $2,109
Submarket Concessions: $118 Current Vacancy Rate: 2.6%
Property Management Company: LA APARTMENTSContact Phone Number: (323) 809-8262
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Parking Garage, Pet Friendly, Pool, Shared Laundry
Most Recent Sale: 5th Jan, 2007R
Sale Amount: $4,950,000Buyer: AFHHHV Investments LP, Alisa Abecassis Revocable TrustSeller: AFHHHV Investments LP
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.79
FLOORS:2
YEAR BUILT/RENOVATED:
1963/--
TOTAL UNITS:39
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,690 $1,916 $1,800 700 5 $2.57 $2.44
2BR/2BA $2,146 $2,435 $2,290 788 34 $2.91 $2.75
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 34985231
11 PASADENA APARTMENTS - 303 S AVENUE 57, LOS ANGELES, CA 90042
MARKET CONTEXT: Pasadena Apartments is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1963, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 39 units, PasadenaApartments is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #11
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #11 1.3% 1.3% 2.1%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #11
Comp Group
South Glendale
Los Angeles
0.0%
5.0%
10.0%
15.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #11 2.6% 0.0% 2.6% -2.6% 2.6%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #11 13.6% 7.1% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 35985231
12 WOODSIDE APARTMENTS - 4686 WOODSIDE DR, LOS ANGELES, CA 90065
Current Asking Rent: $1,536 Effective Rent: $1,455
Submarket Concessions: $81 Current Vacancy Rate: 6.8%
Property Management Company: CALVO GROUPContact Phone Number: (323) 221-6240Property Website: calvogroup.com/listings/woodside-apartme
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Parking Garage, Parking Lot, Pool, Shared Laundry, Storage Room
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.81
FLOORS:2
YEAR BUILT/RENOVATED:
1975/2012
TOTAL UNITS:44
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $1,367 490 3 $2.79 $2.64
1BR -- -- $1,497 590 29 $2.54 $2.40
2BR -- -- $1,672 690 12 $2.42 $2.30
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 36985231
12 WOODSIDE APARTMENTS - 4686 WOODSIDE DR, LOS ANGELES, CA 90065
MARKET CONTEXT: Regency Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1975, the building is one of eleven properties constructed in the 1970s that account for 3.0% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Regency Apartments was renovated in 2012,improving the property's competitive position. At 44 units, the building is slightly larger than half the average apartment property size inthe South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #12
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #12 8.0% 6.3% 5.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #12
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #12 -2.4% 0.0% 0.0% -5.0% 2.4%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #12 7.8% 10.5% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 37985231
13 1010 E ACACIA AVE - 1010 E ACACIA AVE, GLENDALE, CA 91205
Current Asking Rent: $1,976 Effective Rent: $1,872
Submarket Concessions: $104 Current Vacancy Rate: 4.8%
Property Management Company: MC CADILLAC PROPERTIES, LLCContact Phone Number: (424) 285-9871
Unit Amenities: DishwasherCommunity Amenities: Parking Garage, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.86
FLOORS:2
YEAR BUILT/RENOVATED:
1990/--
TOTAL UNITS:62
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
2BR -- -- $1,976 949 62 $2.08 $1.97
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 38985231
13 1010 E ACACIA AVE - 1010 E ACACIA AVE, GLENDALE, CA 91205
MARKET CONTEXT: The subject property, 1010 East Acacia Avenue, is located in the SouthGlendale/Highland Park submarket of the Los Angeles metropolitan area. Built in 1990, the building is one ofeleven properties constructed in the last twenty-seven years that account for 6.3% of the submarket's totalinventory of market rate rental apartments. At 31 units, 1010 East Acacia Avenue is less than half the averageapartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #13
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #13 1.6% 0.8% 0.5%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #13
Comp Group
South Glendale
Los Angeles
0.0%
10.0%
20.0%
30.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #13 0.0% 0.0% 0.0% 0.0% -3.3%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #13 29.1%† 7.8% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%†For this property, the year-over-year rent growth reported to Reis falls
outside of the expected range.
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 39985231
14 374 SHULTS APARTMENTS - 374 SHULTS ST, LOS ANGELES, CA 90042
Current Asking Rent: $1,907 Effective Rent: $1,806
Submarket Concessions: $101 Current Vacancy Rate: 0.0%
Property Management Company: GENTRY REAL ESTATE GROUPContact Phone Number: (323) 550-8820
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Parking Garage, Pet Friendly, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:1.90
FLOORS:3
YEAR BUILT/RENOVATED:
1992/--
TOTAL UNITS:29
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
2BR/1.3BA $1,672 $1,897 $1,784 700 24 $2.55 $2.41
2BR/1.5BA -- -- $1,934 750 1 $2.58 $2.44
2BR/2BA $1,909 $2,166 $2,037 750 2 $2.72 $2.57
3BR/2BA $2,311 $2,589 $2,443 1,350 2 $1.81 $1.71
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 40985231
14 374 SHULTS APARTMENTS - 374 SHULTS ST, LOS ANGELES, CA 90042
MARKET CONTEXT: The subject property, 374 Shults Street, is located in the South Glendale/Highland Parksubmarket of the Los Angeles metropolitan area. Built in 1992, the building is one of twenty-one propertiesconstructed since 1990 that account for 12.0% of the submarket's total inventory of market rate rentalapartments. At 29 units, 374 Shults Street is less than half the average apartment property size in the SouthGlendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #14
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #14 1.7% 1.7% 2.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #14
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #14 0.0% 3.4% -3.6% 3.4% -3.6%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #14 0.9% 8.9% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 41985231
15 500-504 HILL DRIVE - 504 HILL DR, GLENDALE, CA 91203
Current Asking Rent: $1,715 Effective Rent: $1,624
Submarket Concessions: $91 Current Vacancy Rate: 0.0%
Contact Phone Number: (818) 546-1212
Community Amenities: Parking Garage, Pet Friendly, Shared Laundry
Most Recent Sale: 2nd Dec, 2008Sale Amount: $2,234,000Buyer: Hill Group LLCSeller: Abstract Holdings Inc (515) 778-3624
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.13
FLOORS:2
YEAR BUILT/RENOVATED:
1963/2011
TOTAL UNITS:30
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,587 $1,800 $1,691 700 17 $2.42 $2.29
2BR/1BA $1,637 $1,857 $1,746 900 13 $1.94 $1.84
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 42985231
15 500-504 HILL DRIVE - 504 HILL DR, GLENDALE, CA 91203
MARKET CONTEXT: The subject property, 504 Hill Drive, is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1963, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildingsintroduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 504 Hill Drive was renovatedin 2011, strengthening the property's competitive position. At 30 units, the building is less than half the average apartment property sizein the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #15
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #15 0.0% 1.7% 1.7%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #15
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #15 3.3% -3.4% 0.0% 3.3% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #15 3.7% 5.1% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 43985231
16 ACRE HEIGHTS APARTMENTS - 6311 MONTEREY RD, LOS ANGELES, CA 90042
Current Asking Rent: $2,380 Effective Rent: $2,254
Submarket Concessions: $126 Current Vacancy Rate: 5.0%
Property Management Company: BA MANAGEMENTContact Phone Number: (626) 354-0669Property Website: bamliving.appfolio.com/listings/detail/f
Unit Amenities: Dishwasher, Patio/Balcony, Security (in Unit), Washer/ Dryer Hook UpsCommunity Amenities: Elevator, Parking Garage, Pet Friendly, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.15
FLOORS:3
YEAR BUILT/RENOVATED:
1990/2005
TOTAL UNITS:40
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,873 $2,123 $1,995 700 2 $2.85 $2.70
2BR/2BA $2,350 $2,450 $2,400 900 38 $2.67 $2.53
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 44985231
16 ACRE HEIGHTS APARTMENTS - 6311 MONTEREY RD, LOS ANGELES, CA 90042
MARKET CONTEXT: Monterry View is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1990, the building is one of twenty-one properties constructed in the last twenty-nine yearsthat account for 12.0% of the submarket's total inventory of market rate rental apartments. That said, Monterry Viewwas renovated in 2005, enhancing the property's competitive position. At 40 units, the building is less than half theaverage apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #16
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #16 0.0% 0.0% 0.0%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp Group South Glendale Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #16 9.5% 5.5% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 45985231
17 124 NORTH ADAMS STREET - 124 N ADAMS ST, GLENDALE, CA 91206
Current Asking Rent: $1,785 Effective Rent: $1,691
Submarket Concessions: $94 Current Vacancy Rate: 0.0%
Property Management Company: STANLEY A SIROTT INVESTMENTSContact Phone Number: (818) 240-2288
Unit Amenities: DishwasherCommunity Amenities: Elevator, Parking Garage, Shared Laundry
COUNTY:Los Angeles County
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.25
FLOORS:4
YEAR BUILT/RENOVATED:
1964/--
TOTAL UNITS:27
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $950 602 2 $1.58 $1.50
1BR -- -- $1,600 733 10 $2.18 $2.07
2BR -- -- $1,950 1,006 14 $1.94 $1.84
3BR -- -- $3,000 1,379 1 $2.18 $2.06
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 46985231
17 124 NORTH ADAMS STREET - 124 N ADAMS ST, GLENDALE, CA 91206
MARKET CONTEXT: The subject property, 124 North Adams Street, is located in the South Glendale/Highland Park submarket ofthe Los Angeles metropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for3.7% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 27 units, 124North Adams Street is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #17
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #17 1.9% 0.9% 0.6%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #17
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #17 0.0% 0.0% 0.0% 0.0% -3.8%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #17 10.8% 2.7% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 47985231
18 402 E PALMER - 402 E PALMER AVE, GLENDALE, CA 91205
Current Asking Rent: $1,455 Effective Rent: $1,378
Submarket Concessions: $77 Current Vacancy Rate: 1.8%
Property Management Company: JP ALLEN COMPANYContact Phone Number: (818) 247-0781
Unit Amenities: DishwasherCommunity Amenities: Parking Garage, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.25
FLOORS:2
YEAR BUILT/RENOVATED:
1964/2008
TOTAL UNITS:56
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,366 $1,548 $1,455 650 56 $2.24 $2.12
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 48985231
18 402 E PALMER - 402 E PALMER AVE, GLENDALE, CA 91205
MARKET CONTEXT: The subject property, 402 East Palmer Avenue, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for 3.7% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 402 East PalmerAvenue was renovated in 2008, strengthening the property's competitive position. At 56 units, the building is more than a third smallerthan the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #18
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #18 0.9% 0.4% 0.9%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #18
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #18 -3.7% 3.6% 0.0% 0.0% -1.8%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #18 4.5% 6.4% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 49985231
19 VILLA MONACO - 1234 E CALIFORNIA AVE, GLENDALE, CA 91206
Current Asking Rent: $2,395 Effective Rent: $2,269
Submarket Concessions: $126 Current Vacancy Rate: 0.0%
Property Management Company: STANLEY SIROTT PROPERTIESContact Phone Number: (818) 956-8531
Unit Amenities: Dishwasher, Fireplace, Patio/BalconyCommunity Amenities: Clubhouse, Elevator, Parking Garage, Pet Friendly, Pool, SharedLaundry
Most Recent Sale: 1st May, 2014Sale Amount: $15,485,000Buyer: Stanley A Sirott TrustSeller: Villa Monaco Ltd
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.27
FLOORS:3
YEAR BUILT/RENOVATED:
1988/2008
TOTAL UNITS:40
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR -- -- $2,005 675 14 $2.97 $2.81
2BR -- -- $2,484 930 21 $2.67 $2.53
3BR -- -- $3,111 1,379 5 $2.26 $2.14
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 50985231
19 VILLA MONACO - 1234 E CALIFORNIA AVE, GLENDALE, CA 91206
MARKET CONTEXT: Villa Monaco is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1988, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of the submarket's total inventoryof market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings introduced since 1990,totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Villa Monaco was renovated in 2008, enhancing theproperty's competitive position. At 40 units, the building is less than half the average apartment property size in the SouthGlendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #19
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #19 1.3% 0.6% 1.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-3.0%
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #19
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #19 0.0% 2.5% 0.0% 0.0% -2.6%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #19 0.2% 10.2% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 51985231
20 3811 N FIGUEROA - 3811 N FIGUEROA ST, LOS ANGELES, CA 90065
Current Asking Rent: $1,752 Effective Rent: $1,659
Submarket Concessions: $93 Current Vacancy Rate: 10.0%
Property Management Company: HANCOCK PROPERTIESContact Phone Number: (310) 873-8748
Unit Amenities: DishwasherCommunity Amenities: Parking Lot, Pet Friendly
Most Recent Sale: Jan, 2003Sale Amount: $2,085,000Buyer: Las Brisas LPSeller: Green Martini LLC
Financing Details: California Federal Bankprovided a $1.45 million loan over a 10-yearterm.
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.35
FLOORS:2
YEAR BUILT/RENOVATED:
1988/2012
TOTAL UNITS:30
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,625 $1,650 $1,638 525 18 $3.12 $2.96
2BR/1BA $1,895 $1,950 $1,923 725 12 $2.65 $2.51
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
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Copyright 2019 Reis, Inc. Page 52985231
20 3811 N FIGUEROA - 3811 N FIGUEROA ST, LOS ANGELES, CA 90065
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #20
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #20 3.3% 1.7% 1.1%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #20
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #20 0.0% 0.0% 0.0% 0.0% -7.1%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #20 5.4% 9.6% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 53985231
21 GLENDALE FLATS APARTMENTS - 102 N GLENDALE AVE, GLENDALE, CA 91206
Current Asking Rent: $1,851 Effective Rent: $1,753
Submarket Concessions: $98 Current Vacancy Rate: 5.3%
Property Management Company: INTContact Phone Number: (818) 423-5216Property Website: glendaleflats.com/
Community Amenities: Elevator, Parking Garage, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.45
FLOORS:5
YEAR BUILT/RENOVATED:
1986/--
TOTAL UNITS:75
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $1,584 602 35 $2.63 $2.49
1BR -- -- $2,085 733 40 $2.84 $2.69
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
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Copyright 2019 Reis, Inc. Page 54985231
21 GLENDALE FLATS APARTMENTS - 102 N GLENDALE AVE, GLENDALE, CA 91206
MARKET CONTEXT: The subject property, 102 North Glendale Avenue, is located in the South Glendale/Highland Park submarket ofthe Los Angeles metropolitan area. Built in 1983, the building is one of nineteen properties constructed in the 1980s that account for3.4% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 75 units, 102North Glendale Avenue is 11.0% smaller than the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #21
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #21 2.7% 5.0% 4.9%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
Comp #21
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #21 1.4% -2.9% -1.4% 8.0% -5.6%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #21 0.0% 5.9% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 55985231
22 323 E CHESTNUT ST - 323 E CHESTNUT ST, GLENDALE, CA 91205
Current Asking Rent: $1,983 Effective Rent: $1,878
Submarket Concessions: $105 Current Vacancy Rate: 0.0%
Property Website: lahotrentals.com
Community Amenities: Parking Garage, Pet Friendly, Pool, Shared Laundry
Most Recent Sale: May, 2008Sale Amount: $3,210,000Buyer: 323 Chestnut Apartments LLCSeller: David Ross Pollock, William U & BettyC Manning, The Manning Family Trust
Financing Details: Far East National Bankprovided a variable rate loan in the amount of$1,960,000 for this transaction.
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.48
FLOORS:2
YEAR BUILT/RENOVATED:
1962/--
TOTAL UNITS:22
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,829 $2,073 $1,948 700 20 $2.78 $2.64
2BR/1BA $2,190 $2,484 $2,336 900 2 $2.60 $2.46
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
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Copyright 2019 Reis, Inc. Page 56985231
22 323 E CHESTNUT ST - 323 E CHESTNUT ST, GLENDALE, CA 91205
MARKET CONTEXT: The subject property, 323 East Chestnut Street, is located in the South Glendale/Highland Park submarket ofthe Los Angeles metropolitan area. Built in 1962, the building is one of thirteen properties constructed in the 1960s that account for3.7% of the submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 22 units, 323East Chestnut Street is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #22
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #22 0.0% 2.3% 2.3%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-5.0%
0.0%
5.0%
10.0%
Comp #22
Comp Group
South Glendale
Los Angeles
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #22 -4.8% -5.0% 9.1% 0.0% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #22 25.7%† 8.6% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%†For this property, the year-over-year rent growth reported to Reis falls
outside of the expected range.
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 57985231
23 CASA DE ORO - 120 E CHESTNUT ST, GLENDALE, CA 91205
Current Asking Rent: $1,758 Effective Rent: $1,665
Submarket Concessions: $93 Current Vacancy Rate: 3.1%
Property Management Company: PROPERTY MANAGEMENT ASSOCIATESContact Phone Number: (818) 507-4461
Community Amenities: Parking Garage, Pool, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.55
FLOORS:2
YEAR BUILT/RENOVATED:
1964/--
TOTAL UNITS:32
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $1,395 602 1 $2.32 $2.19
1BR -- -- $1,595 700 13 $2.28 $2.16
2BR -- -- $1,895 1,006 18 $1.88 $1.78
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 58985231
23 CASA DE ORO - 120 E CHESTNUT ST, GLENDALE, CA 91205
MARKET CONTEXT: Casa De Oro is located in the South Glendale/Highland Park submarket of the Los Angelesmetropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for 3.7% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newerapartment buildings erected since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 32units, Casa De Oro is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #23
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #23 3.1% 4.7% 5.2%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-10.0%
-5.0%
0.0%
5.0%
10.0%
Comp #23
Comp Group
South Glendale
Los Angeles
-10.0%
-5.0%
0.0%
5.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #23 0.0% 0.0% 0.0% 6.3% -6.7%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #23 -9.8% 2.5% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 59985231
24 ACACIA COURTYARD - 123 W ACACIA AVE, GLENDALE, CA 91204
Current Asking Rent: $1,350 Effective Rent: $1,279
Submarket Concessions: $71 Current Vacancy Rate: 0.0%
Property Management Company: MJS INVESTMENTSContact Phone Number: (818) 545-5656
Community Amenities: Pet Friendly, Pool, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.56
FLOORS:2
YEAR BUILT/RENOVATED:
1956/2001
TOTAL UNITS:24
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR/1BA $1,209 $1,395 $1,300 499 20 $2.61 $2.47
1BR/1BA $1,502 $1,703 $1,600 670 4 $2.39 $2.26
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
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Copyright 2019 Reis, Inc. Page 60985231
24 ACACIA COURTYARD - 123 W ACACIA AVE, GLENDALE, CA 91204
MARKET CONTEXT: The subject property, 123 W Acacia Ave, is located in the South Glendale/Highland Park submarket of the LosAngeles metropolitan area. Built in 1956, the building belongs to a cohort of properties constructed in the 1950s that account for 1.0% ofthe submarket's total inventory of market rate rental apartments. It competes against a generation of twenty-one newer apartmentbuildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, 123 W Acacia Avewas renovated in 2001, enhancing the property's competitive position. At 24 units, the building is less than half the average apartmentproperty size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #24
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #24 0.0% 0.0% 1.4%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
Comp #24
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #24 0.0% 4.2% 0.0% 0.0% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #24 5.6% 5.9% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 61985231
25 GATEWAY GLENDALE APARTMENTS - 417 W LOS FELIZ RD, GLENDALE, CA 91204
Current Asking Rent: $1,752 Effective Rent: $1,659
Submarket Concessions: $93 Current Vacancy Rate: 5.9%
Property Management Company: WINSTAR PROPERTIESContact Phone Number: (323) 533-2716
Unit Amenities: Patio/BalconyCommunity Amenities: Shared Laundry
Most Recent Sale: 11th Jun, 2015Sale Amount: $5,250,000Buyer: Gateway Glendale LLCSeller: Los Feliz Road Apartment LLC
Financing Details: Opus Bank provided a 10- year $3,380,000 loan.
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.71
FLOORS:2
YEAR BUILT/RENOVATED:
1940/--
TOTAL UNITS:34
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $1,530 602 17 $2.54 $2.41
1BR -- -- $1,974 733 17 $2.69 $2.55
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
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Copyright 2019 Reis, Inc. Page 62985231
25 GATEWAY GLENDALE APARTMENTS - 417 W LOS FELIZ RD, GLENDALE, CA 91204
MARKET CONTEXT: The subject property, 417 W Los Feliz Rd, is located in the South Glendale/Highland Park submarket of theLos Angeles metropolitan area. Built in 1940, the building is one of two aged properties constructed in the 1940s that account foronly 0.2% of the submarket's total inventory of market rate rental apartments today. It competes against a generation of twenty-onenewer apartment buildings introduced since 1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. At 34units, 417 W Los Feliz Rd is less than half the average apartment property size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #25
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #25 13.2% 8.8% 7.8%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-8.0%
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #25
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #25 0.0% 3.0% -3.1% -6.7% -3.4%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #25 8.2% 1.7% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 63985231
26 LOMITA APARTMENTS - 207 W LOMITA AVE, GLENDALE, CA 91204
Current Asking Rent: $2,047 Effective Rent: $1,939
Submarket Concessions: $108 Current Vacancy Rate: 3.7%
Property Management Company: ANCHOR PACIFICA GROUPContact Phone Number: (818) 242-3352Property Website: anchorpacifica.com/residential-propertie
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Health Club, Parking Garage, Pool, Shared Laundry,Storage Room
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.72
FLOORS:3
YEAR BUILT/RENOVATED:
1963/2001
TOTAL UNITS:54
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,695 $1,922 $1,806 893 20 $2.02 $1.92
2BR/2BA $2,051 $2,327 $2,188 1,081 34 $2.02 $1.92
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
Copyright 2019 Reis, Inc. Page 64985231
26 LOMITA APARTMENTS - 207 W LOMITA AVE, GLENDALE, CA 91204
MARKET CONTEXT: Lomita Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1963, the building is one of thirteen properties constructed in the 1960s that account for 3.6% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-four newer apartment buildings erected since1990, totaling 3,133 units, and representing 11.9% of the submarket inventory. That said, Lomita Apartments was renovated in 2001,strengthening the property's competitive position. At 54 units, the building is more than a third smaller than the average apartmentproperty size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #26
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #26 3.7% 2.3% 2.5%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
Comp #26
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #26 1.9% 1.9% -1.9% -1.9% 0.0%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #26 1.3% 5.7% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Rent CompsApartmentPrepared By Reis, Inc. on: 12/05/2019
Powered By Reis Metro: Los AngelesSubmarket: South Glendale/Highland ParkCustomerID:985231
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27 AZURE GLENDALE - 1630 CALLE VAQUERO, GLENDALE, CA 91206
Current Asking Rent: $1,923 Effective Rent: $1,821
Submarket Concessions: $102 Current Vacancy Rate: 4.5%
Property Management Company: PACIFIC REAL ESTATEContact Phone Number: (818) 242-2928Property Website: azureglendale.com
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Health Club, Parking Garage, Parking Lot, Pet Friendly,Pool, Shared Laundry, Storage Room
Most Recent Sale: 16th Jun, 2015Sale Amount: $20,425,000Buyer: Sikder Family TrustSeller: Imt Capital II Glendale LLC
Financing Details: Jp Morgan Chase Bk Naprovided a $13,300,000 loan.
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.93
FLOORS:3
YEAR BUILT/RENOVATED:
1969/2012
TOTAL UNITS:67
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR -- -- $1,572 600 3 $2.62 $2.48
1BR -- -- $1,800 770 50 $2.34 $2.21
2BR -- -- $2,439 1,132 14 $2.15 $2.04
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27 AZURE GLENDALE - 1630 CALLE VAQUERO, GLENDALE, CA 91206
MARKET CONTEXT: Azure Glendale is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitan area.Built in 1969, the building is one of thirteen properties constructed in the 1960s that account for 3.7% of the submarket's total inventoryof market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings erected since 1990,totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Azure Glendale was renovated in 2012, improvingthe property's competitive position. At 67 units, the building is 21.0% smaller than the average apartment property size in the SouthGlendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #27
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #27 3.7% 2.2% 2.2%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #27
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #27 1.5% 0.0% 1.5% -3.1% -1.6%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #27 3.9% 2.8% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
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28 441 RIVERDALE DRIVE - 441 RIVERDALE DR, GLENDALE, CA 91204
Current Asking Rent: $1,192 Effective Rent: $1,129
Submarket Concessions: $63 Current Vacancy Rate: 0.0%
Contact Phone Number: (818) 240-8575
Community Amenities: Clubhouse, Parking Garage, Parking Lot, Pool, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:2.99
FLOORS:2
YEAR BUILT/RENOVATED:
1964/2011
TOTAL UNITS:28
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
0BR/1BA -- -- $1,006 602 1 $1.67 $1.58
1BR/1BA $1,115 $1,264 $1,188 733 26 $1.62 $1.53
2BR/2BA -- -- $1,478 1,006 1 $1.47 $1.39
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28 441 RIVERDALE DRIVE - 441 RIVERDALE DR, GLENDALE, CA 91204
MARKET CONTEXT: The subject property, 441 Riverdale Drive, is located in the South Glendale/Highland Park submarket of the LosAngeles metropolitan area. Built in 1964, the building is one of thirteen properties constructed in the 1960s that account for 3.6% of thesubmarket's total inventory of market rate rental apartments. It competes against a generation of twenty-four newer apartment buildingsintroduced since 1990, totaling 3,133 units, and representing 11.9% of the submarket inventory. That said, 441 Riverdale Drive wasrenovated in 2011, strengthening the property's competitive position. At 28 units, the building is less than half the average apartmentproperty size in the South Glendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #28
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #28 1.8% 1.8% 1.2%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-4.0%
-2.0%
0.0%
2.0%
4.0%
Comp #28
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #28 0.0% 0.0% -3.7% 0.0% 3.6%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #28 5.0% 4.5% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
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29 HARVARD APARTMENTS - 456 W HARVARD ST, GLENDALE, CA 91204
Current Asking Rent: $2,071 Effective Rent: $1,962
Submarket Concessions: $109 Current Vacancy Rate: 8.3%
Property Management Company: CRYSTAL MANAGEMENTContact Phone Number: (818) 247-6586
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Elevator, Parking Lot, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:South Glendale/Highland
Park
DISTANCE:3.17
FLOORS:3
YEAR BUILT/RENOVATED:
1987/2015
TOTAL UNITS:24
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,600 $1,895 $1,748 600 12 $2.91 $2.76
2BR/2BA $2,245 $2,547 $2,395 825 12 $2.90 $2.75
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29 HARVARD APARTMENTS - 456 W HARVARD ST, GLENDALE, CA 91204
MARKET CONTEXT: Harvard Apartments is located in the South Glendale/Highland Park submarket of the Los Angeles metropolitanarea. Built in 1987, the building is one of nineteen properties constructed in the 1980s that account for 3.4% of the submarket's totalinventory of market rate rental apartments. It competes against a generation of twenty-one newer apartment buildings erected since1990, totaling 3,053 units, and representing 12.0% of the submarket inventory. That said, Harvard Apartments was renovated in 2015,enhancing the property's competitive position. At 24 units, the building is less than half the average apartment property size in the SouthGlendale/Highland Park submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #29
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #29 2.1% 2.1% 1.4%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Comp #29
Comp Group
South Glendale
Los Angeles
0.0%
5.0%
10.0%
15.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #29 0.0% 0.0% -4.3% 4.2% -4.3%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #29 17.1% 7.3% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
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30 HUNTINGTON HACIENDA 1 - 4688 S HUNTINGTON DR, LOS ANGELES, CA 90032
Current Asking Rent: $1,561 Effective Rent: $1,544
Submarket Concessions: $17 Current Vacancy Rate: 1.8%
Property Management Company: EXCEL RESIDENTIAL SERVICESContact Phone Number: (323) 223-8243
Unit Amenities: Dishwasher, Patio/BalconyCommunity Amenities: Clubhouse, Elevator, Parking Garage, Pet Friendly, Playground, Pool,Security - Patrol, Shared Laundry
COUNTY:Los Angeles
METROLos Angeles
Submarket:East
LA/Alhambra/Montebello/PicoRivera
DISTANCE:3.20
FLOORS:3
YEAR BUILT/RENOVATED:
1989/2014
TOTAL UNITS:56
ASSET CLASS:BC
FLOOR PLAN DETAILS
ASKING RENT - PER UNIT STRUCTURALS PER SQUARE FOOT RENT
LOW HIGH AVG AVG UNIT SIZE UNITS CURRENT EFFECTIVE
1BR/1BA $1,193 $1,353 $1,271 700 20 $1.82 $1.80
2BR/2BA $1,614 $1,831 $1,722 800 36 $2.15 $2.13
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30 HUNTINGTON HACIENDA 1 - 4688 S HUNTINGTON DR, LOS ANGELES, CA 90032
MARKET CONTEXT: Huntington Hacienda Apartments Phase I is located in the East Los Angeles/Alhambra/Montebello/PicoRivera submarket of the Los Angeles metropolitan area. Built in 1989, the building belongs to a cohort of properties constructedin the 1980s that account for 2.1% of the submarket's total inventory of market rate rental apartments. That said, HuntingtonHacienda Apartments Phase I was renovated in 2014, enhancing the property's competitive position. At 56 units, the building isless than half the average apartment property size in the East Los Angeles/Alhambra/Montebello/Pico Rivera submarket.
AVERAGE UNIT SIZE COMPARISON (SF) ANNUALIZED VACANCY RATE COMPARISON
0
500
1,000
1,500
Comp #30
Comp Group
Submarket
Metro
1 Year 3 Year 5 Year
Comp #30 2.7% 3.1% 3.6%
Comp Group 2.6% 2.4% 2.4%
South Glendale 4.7% 5.4% 5.1%
Los Angeles 3.6% 3.5% 3.4%
ABSORPTION/OCCUPIED STOCK % COMPOUND ANNUAL RENT GROWTH
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
Comp #30
Comp Group
South Glendale
Los Angeles
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2018
2013 - 2018
- 2013
2015 2016 2017 2018 2019
Comp #30 5.5% -1.9% 0.0% 3.6% -5.7%
Comp Group 0.2% 0.2% -0.1% 0.4% -1.6%
South Glendale 0.4% 0.2% 2.2% 3.1% 3.3%
Los Angeles 0.8% 0.8% 0.9% 0.8% 0.9%
2018 2013 - 2018 - 2013
Comp #30 4.7% 10.6% 0.0%
Comp Group 6.9% 6.2% 0.0%
South Glendale 9.4% 6.9% 0.5%
Los Angeles 6.5% 5.7% 0.8%
Copyright 2019 Reis, Inc.
Sales Comps
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Section 10 - Subject Property
1576 N Ave 47, CA 90042
Search Criteria
Radius 5 miles Sale Price From -- To $1,400,000
Section 11 - Summary Statistics
10 Reis Verified Sales Transactions Low Average High
Number of Units 4 5 6
Number of Floors 1 2 2
Year Built 1903 1926 1949
Time Since Sale (months) 2 6 9
Sale Price $1,000,000 $1,094,000 $1,225,000
Sale Price Per Unit $171,667 $218,800 $275,000
Effective Gross Income Multiplier 7.2x 12.1x 17.6x
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Section 12 - Comparable Group Locations
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Address Distance SubmarketYear
BuiltFloors
Total
UnitsSale Price
Price Per
UnitSale Date
1. 2506 Johnston St 3.39 mi. E LA/Alhambra 1923 1 6 $1,030,000 $171,667 2nd Oct, 2019Los Angeles, CA 90031
2. 4653 La Mirada Ave 4.90 mi. Hollywood 1921 2 5 $1,135,000 $227,000 28th Aug, 2019Los Angeles, CA 90029
3. 1023 Tremont St 4.99 mi. E LA/Alhambra 1927 2 5 $1,000,000 $200,000 24th Jul, 2019Los Angeles, CA 90033
4. 759 N Raymond Ave 4.34 mi. Pasadena 1903 2 5 $1,050,000 $210,000 3rd Jul, 2019Pasadena, CA 91103
5. 1172 N Westmoreland Ave 4.80 mi. Hollywood 1913 2 5 $1,000,000 $200,000 25th Jun, 2019Los Angeles, CA 90029
6. 333 N Union Ave 4.87 mi. Wilshire/Westlake 1925 1 5 $1,200,000 $240,000 13th Jun, 2019Los Angeles, CA 90026
7. 1411 W Court St 4.89 mi. Wilshire/Westlake 1936 1 4 $1,100,000 $275,000 10th Jun, 2019Los Angeles, CA 90026
8. 2526 W Grand Ave 4.01 mi. E LA/Alhambra 1949 2 5 $1,200,000 $240,000 24th May, 2019Alhambra, CA 91801
9. 5035 Stratford Rd 0.46 mi. South Glendale 1916 2 5 $1,225,000 $245,000 10th Apr, 2019Los Angeles, CA 90042
10. 1924 Lincoln Ave 4.82 mi. Pasadena 1949 1 5 $1,000,000 $200,000 28th Feb, 2019Pasadena, CA 91103
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1. 2506 Johnston StLos Angeles, CA 90031 5811925
Sale Date 2nd Oct, 2019
Sale Price $1,030,000 (Reis Verified)
Sale Price Unit $171,667
Property Street View
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket E LA/Alhambra
Distance 3.39 miles
Property Type Market Rate Rental
No. of Buildings / Floors 2 / 1
Year Built / Renovated 1923 / --
Total Units 6
Asset Class BC
Transaction Type Arm's Length
Comments Wood Frame
Parking Space/Comments 7 / On site parking available.
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1. 2506 Johnston St (continued)Los Angeles, CA 90031 5811925
Property Sale Details and Analysis
Sale Date 2nd Oct, 2019
Sale Price $1,030,000 (Reis Verified)
Sale Price Unit $171,667
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 6
Potential Rent Revenue $147,468Vacancy Loss/Rate ($3,230) [2.2%]
$2048.17 Market Rent x 12 Months x 6 Units x 2.2%
Effective Rent Revenue $144,238$2,048 In Place Rent x 12 Months x 6 Units x 97.8%
Free Rent Concessions ($469) [$78 Per Unit]
Credit Loss ($1,475) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $142,295Operating Expenses ($59,725) [40.5%]
Capital Reserve ($2,100) [$350 Per Unit]
Net Operating Income $80,470Estimated Going-in Cap Rate 7.8%
Based on Sale Price of $1,030,000
12-Month Rolling Metro Cap Rate 4.7% (Q4 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Melton G Gee
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name 2216 Griffin LLC
Address 1840 Century Park, Ste 900, Los Angeles, CA90067
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesRecent Taxes
Tax Amount $8,314
Tax Year 2018
Assessed Value
Assessed Total Value $622,068
Assessed Year 2019
Property Additional Details When AvailableSeller's Broker Buyer's Broker Other Broker
Michael A SalernoMiller & Desatnik Realty3627 Motor Ave, Los Angeles, CA 90034(310) 202-9166
Parcel Number 5208-002-001
Deed Reference 1091354
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2. 4653 La Mirada AveLos Angeles, CA 90029 5780652
Sale Date 28th Aug, 2019
Sale Price $1,135,000 (Reis Verified)
Sale Price Unit $227,000
Sale Price PSF $368GBA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 2Q 2019 — thequarter prior to the sale — reveals that the vacancyrate in the Hollywood submarket was 5.1%. Theaverage asking rent was $2,446 per unit, whileeffective rents were 6.7% below that level, at$2,291 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 355 units, compared to theannual average of 474 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket Hollywood
Distance 4.90 miles
Property Type Market Rate Rental
Building Area (SF) 3,081GBA
No. of Buildings / Floors 3 / 2
Year Built / Renovated 1921 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
Parking Space/Comments -- / On site parking available.
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2. 4653 La Mirada Ave (continued)Los Angeles, CA 90029 5780652
Property Sale Details and Analysis
Sale Date 28th Aug, 2019
Sale Price $1,135,000 (Reis Verified)
Sale Price Unit $227,000
Sale Price PSF $368GBA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $82,632Vacancy Loss/Rate ($3,658) [4.4%]
$1377.20 Market Rent x 12 Months x 5 Units x 4.4%
Effective Rent Revenue $78,974$1,377 In Place Rent x 12 Months x 5 Units x 95.6%
Free Rent Concessions ($1,501) [$300 Per Unit]
Credit Loss ($826) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $76,647Operating Expenses ($31,979) [38.7%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $42,919Estimated Going-in Cap Rate 3.8%
Based on Sale Price of $1,135,000
12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Randell Partners LTD
Address 10850 Wilshire Blvd, Ste 825, Los Angeles, CA90024
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name George and Rania Chamoun
Address 606 Hill St S, Ste 1104, Los Angeles, CA 90014
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesRecent Taxes
Tax Amount $70,714
Tax Year 2019
Property Additional Details When Available
Financing Details JP Morgan Chase Bank provided a $505,000loan.
Parcel Number 5542-018-022
Deed Reference 897619
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3. 1023 Tremont StLos Angeles, CA 90033 5797465
Sale Date 24th Jul, 2019
Sale Price $1,000,000 (Reis Verified)
Sale Price Unit $200,000
Sale Price PSF $247NRA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 2Q 2019 — thequarter prior to the trade — indicates that thevacancy rate in the East Los Angeles submarketwas 2.8%. The average asking rent was $1,560per unit, while effective rents were 1.2% below thatlevel, at $1,541 per unit. There was no netabsorption of space in the submarket during thefour full quarters prior to the trade, compared to theannual average of 74 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket E LA/Alhambra
Distance 4.99 miles
Property Type Market Rate Rental
Building Area (SF) 4,051NRA
No. of Buildings / Floors 1 / 2
Year Built / Renovated 1927 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
Amenities Parking Garage
Parking Space/Comments -- / Garage parking available.
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3. 1023 Tremont St (continued)Los Angeles, CA 90033 5797465
Property Sale Details and Analysis
Sale Date 24th Jul, 2019
Sale Price $1,000,000 (Reis Verified)
Sale Price Unit $200,000
Sale Price PSF $247NRA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $123,864Vacancy Loss/Rate ($2,028) [1.6%]
$2064.40 Market Rent x 12 Months x 5 Units x 1.6%
Effective Rent Revenue $121,836$2,064 In Place Rent x 12 Months x 5 Units x 98.4%
Free Rent Concessions ($396) [$79 Per Unit]
Credit Loss ($1,239) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $120,202Operating Expenses ($50,165) [40.5%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $68,287Estimated Going-in Cap Rate 6.8%
Based on Sale Price of $1,000,000
12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Manuel De Jesus Reyes
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name 1023 Tremont Street LLC
Address 1503 S Coast Dr, Ste 313, Costa Mesa, CA92626
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesRecent Taxes
Tax Amount $5,516
Tax Year 2019
Assessed Value
Assessed Total Value $388,380
Assessed Year 2019
Property Additional Details When Available
Financing Details Conventus LLC provided a $1,154,291 loan. Parcel Number 5177-005-042
Deed Reference 20191043973
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4. 759 N Raymond AvePasadena, CA 91103 5746061
Sale Date 3rd Jul, 2019
Sale Price $1,050,000 (Reis Verified)
Sale Price Unit $210,000
Sale Price PSF $351NRA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 2Q 2019 — thequarter prior to the sale — reveals that the vacancyrate in the Pasadena submarket was 5.6%. Theaverage asking rent was $2,076 per unit, whileeffective rents were 4.2% below that level, at$1,991 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 103 units, compared to theannual average of 142 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket Pasadena
Distance 4.34 miles
Property Type Market Rate Rental
Building Area (SF) 2,991NRA
No. of Buildings / Floors 2 / 2
Year Built / Renovated 1903 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
Parking Space/Comments -- / On site parking available.
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4. 759 N Raymond Ave (continued)Pasadena, CA 91103 5746061
Property Sale Details and Analysis
Sale Date 3rd Jul, 2019
Sale Price $1,050,000 (Reis Verified)
Sale Price Unit $210,000
Sale Price PSF $351NRA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $106,656Vacancy Loss/Rate ($3,121) [2.9%]
$1777.60 Market Rent x 12 Months x 5 Units x 2.9%
Effective Rent Revenue $103,535$1,778 In Place Rent x 12 Months x 5 Units x 97.1%
Free Rent Concessions ($1,268) [$254 Per Unit]
Credit Loss ($1,067) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $101,200Operating Expenses ($40,423) [37.9%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $59,028Estimated Going-in Cap Rate 5.6%
Based on Sale Price of $1,050,000
12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Stacy U Kim
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name Califa Street LLC
Address 48 Ranchero Rd, Bell Canyon, CA 91307
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesAssessed Value
Assessed Total Value $735,983
Assessed Year 2019
Property Additional Details When Available
Parcel Number 5725-002-026
Deed Reference 839431
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5. 1172 N Westmoreland AveLos Angeles, CA 90029 5693217
Sale Date 25th Jun, 2019
Sale Price $1,000,000 (Reis Verified)
Sale Price Unit $200,000
Sale Price PSF $933NRA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the Hollywood submarket was5.0%. The average asking rent was $2,384 perunit, while effective rents were 7.0% below thatlevel, at $2,228 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 462 units, compared tothe annual average of 461 units during the fiveyears prior to the transaction. During the twelvemonths leading up to the transaction, the averagecap rate in the Los Angeles metropolitan areaaveraged 4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket Hollywood
Distance 4.80 miles
Property Type Market Rate Rental
Building Area (SF) 1,072NRA
No. of Buildings / Floors 2 / 2
Year Built / Renovated 1913 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
Parking Space/Comments -- / On site parking available.
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5. 1172 N Westmoreland Ave (continued)Los Angeles, CA 90029 5693217
Property Sale Details and Analysis
Sale Date 25th Jun, 2019
Sale Price $1,000,000 (Reis Verified)
Sale Price Unit $200,000
Sale Price PSF $933NRA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $80,760Vacancy Loss/Rate ($3,337) [4.1%]
$1346.00 Market Rent x 12 Months x 5 Units x 4.1%
Effective Rent Revenue $77,423$1,346 In Place Rent x 12 Months x 5 Units x 95.9%
Free Rent Concessions ($1,529) [$306 Per Unit]
Credit Loss ($808) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $75,086Operating Expenses ($31,173) [38.6%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $42,163Estimated Going-in Cap Rate 4.2%
Based on Sale Price of $1,000,000
12-Month Rolling Metro Cap Rate 4.8% (Q2 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Fenn C Kimball
Address 1172 N Westmoreland Ave, Los Angeles, CA90029
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name 1172 WML LLC
Address 9744 Wilshire Blvd, Ste 300, Beverly Hills, CA90212
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesAssessed Value
Assessed Total Value $413,507
Assessed Year 2019
Property Additional Details When Available
Financing Details Lone Oak Fund LLC provided a $650,000 loan. Parcel Number 5542-026-041
Deed Reference 627956
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6. 333 N Union AveLos Angeles, CA 90026 5730436
Sale Date 13th Jun, 2019
Sale Price $1,200,000 (Reis Verified)
Sale Price Unit $240,000
Market Conditions Prior to Sale Property Street View
A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the Wilshire submarket was 5.2%.The average asking rent was $1,712 per unit, whileeffective rents were 5.4% below that level, at$1,624 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 777 units, compared to theannual average of 493 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket Wilshire/Westlake
Distance 4.87 miles
Property Type Market Rate Rental
No. of Buildings / Floors 1 / 1
Year Built / Renovated 1925 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
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6. 333 N Union Ave (continued)Los Angeles, CA 90026 5730436
Property Sale Details and Analysis
Sale Date 13th Jun, 2019
Sale Price $1,200,000 (Reis Verified)
Sale Price Unit $240,000
Other Sales
Sale Date 24th Sep, 2015
Sale Price $1,110,000 (Reis Verified)
Sale Price Unit $222,000
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $81,396Vacancy Loss/Rate ($4,293) [5.3%]
$1356.60 Market Rent x 12 Months x 5 Units x 5.3%
Effective Rent Revenue $77,103$1,357 In Place Rent x 12 Months x 5 Units x 94.7%
Free Rent Concessions ($1,157) [$231 Per Unit]
Credit Loss ($814) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $75,132Operating Expenses ($31,175) [38.3%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $42,208Estimated Going-in Cap Rate 3.5%
Based on Sale Price of $1,200,000
12-Month Rolling Metro Cap Rate 4.8% (Q2 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name MDR 24 LLC
Address 18431 Coastline Dr, Malibu, CA 90265
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name 333 N Union Ave LLC
Address 1252 Keniston Ave, Los Angeles, CA 90019
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesAssessed Value
Assessed Total Value $1,177,940
Assessed Year 2019
Property Additional Details When Available
Parcel Number 5159-004-017
Deed Reference 764915
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7. 1411 W Court StLos Angeles, CA 90026 5781031
Sale Date 10th Jun, 2019
Sale Price $1,100,000 (Reis Verified)
Sale Price Unit $275,000
Market Conditions Prior to Sale Property Street View
A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the Wilshire submarket was 5.2%.The average asking rent was $1,712 per unit, whileeffective rents were 5.4% below that level, at$1,624 per unit. Net absorption of space in thesubmarket during the four full quarters prior to thetrade totaled positive 777 units, compared to theannual average of 493 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket Wilshire/Westlake
Distance 4.89 miles
Property Type Market Rate Rental
No. of Buildings / Floors 4 / 1
Year Built / Renovated 1936 / --
Total Units 4
Asset Class BC
Transaction Type Arm's Length
Parking Space/Comments -- / On site parking available.
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7. 1411 W Court St (continued)Los Angeles, CA 90026 5781031
Property Sale Details and Analysis
Sale Date 10th Jun, 2019
Sale Price $1,100,000 (Reis Verified)
Sale Price Unit $275,000
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 4
Potential Rent Revenue $67,308Vacancy Loss/Rate ($3,111) [4.6%]
$1402.25 Market Rent x 12 Months x 4 Units x 4.6%
Effective Rent Revenue $64,197$1,402 In Place Rent x 12 Months x 4 Units x 95.4%
Free Rent Concessions ($963) [$241 Per Unit]
Credit Loss ($673) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $62,561Operating Expenses ($25,779) [38.3%]
Capital Reserve ($1,400) [$350 Per Unit]
Net Operating Income $35,382Estimated Going-in Cap Rate 3.2%
Based on Sale Price of $1,100,000
12-Month Rolling Metro Cap Rate 4.8% (Q2 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Sola Rentals
Contact Phone (323) 306-4648
Address 8629 S Vermont, Ave, Los Angeles, CA 90044
Type/Percent Private - Regional/Local / 100.0%
2. Name Sola Real Estate Fund 1 LLC
Type/Percent Private - Regional/Local / --
Buyer
1. Name Court Echo Park LLC
Address 11611 San Vicente Blvd, Ste 820, Los Angeles,CA 90049
Type/Percent Private - Regional/Local / 100.0%
Property Additional Details When Available
Parcel Number 5160-009-013
Deed Reference 958585
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8. 2526 W Grand AveAlhambra, CA 91801 5730411
Sale Date 24th May, 2019
Sale Price $1,200,000 (Reis Verified)
Sale Price Unit $240,000
Sale Price PSF $323NRA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 1Q 2019 — thequarter prior to the trade — shows that thevacancy rate in the East Los Angeles submarketwas 2.7%. The average asking rent was $1,529per unit, while effective rents were 1.2% below thatlevel, at $1,512 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 47 units, compared to theannual average of 84 units during the five yearsprior to the transaction. During the twelve monthsleading up to the transaction, the average cap ratein the Los Angeles metropolitan area averaged4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket E LA/Alhambra
Distance 4.01 miles
Property Type Market Rate Rental
Building Area (SF) 3,714NRA
No. of Buildings / Floors 2 / 2
Year Built / Renovated 1949 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
Amenities Parking Lot
Comments Wood Frame
Parking Space/Comments -- / On site parking available.
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8. 2526 W Grand Ave (continued)Alhambra, CA 91801 5730411
Property Sale Details and Analysis
Sale Date 24th May, 2019
Sale Price $1,200,000 (Reis Verified)
Sale Price Unit $240,000
Sale Price PSF $323NRA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $103,560Vacancy Loss/Rate ($3,181) [3.1%]
$1726.00 Market Rent x 12 Months x 5 Units x 3.1%
Effective Rent Revenue $100,379$1,726 In Place Rent x 12 Months x 5 Units x 96.9%
Free Rent Concessions ($376) [$75 Per Unit]
Credit Loss ($1,036) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $98,967Operating Expenses ($41,942) [40.5%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $55,275Estimated Going-in Cap Rate 4.6%
Based on Sale Price of $1,200,000
12-Month Rolling Metro Cap Rate 4.8% (Q2 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Lynn E Semain
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name 523 Santa Rosa LLC
Address 255 E Santa Clara St, Ste 210, Arcadia, CA91006
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesRecent Taxes
Tax Amount $5,353
Tax Year 2018
Assessed Value
Assessed Total Value $308,522
Assessed Year 2019
Property Additional Details When Available
Financing Details First Commercial Bank (USA) provided a$720,000 loan.
Parcel Number 5339-003-010
Deed Reference 766469
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9. 5035 Stratford RdLos Angeles, CA 90042 5636207
Sale Date 10th Apr, 2019
Sale Price $1,225,000 (Reis Verified)
Sale Price Unit $245,000
Sale Price PSF $296NRA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 1Q 2019 — thequarter prior to the transaction — indicates that thevacancy rate in the South Glendale submarket was3.2%. The average asking rent was $1,873 perunit, while effective rents were 5.4% below thatlevel, at $1,776 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 1,124 units, compared tothe annual average of 520 units during the fiveyears prior to the transaction. During the twelvemonths leading up to the transaction, the averagecap rate in the Los Angeles metropolitan areaaveraged 4.8%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket South Glendale
Distance 0.46 miles
Property Type Market Rate Rental
Building Area (SF) 4,140NRA
No. of Buildings / Floors 2 / 2
Year Built / Renovated 1916 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
Amenities Parking Lot
Comments Wood Frame
Parking Space/Comments -- / On site parking available.
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9. 5035 Stratford Rd (continued)Los Angeles, CA 90042 5636207
Property Sale Details and Analysis
Sale Date 10th Apr, 2019
Sale Price $1,225,000 (Reis Verified)
Sale Price Unit $245,000
Sale Price PSF $296NRA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $100,680Vacancy Loss/Rate ($2,232) [2.2%]
$1678.00 Market Rent x 12 Months x 5 Units x 2.2%
Effective Rent Revenue $98,448$1,678 In Place Rent x 12 Months x 5 Units x 97.8%
Free Rent Concessions ($1,526) [$305 Per Unit]
Credit Loss ($1,007) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $95,915Operating Expenses ($39,567) [39.3%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $54,598Estimated Going-in Cap Rate 4.5%
Based on Sale Price of $1,225,000
12-Month Rolling Metro Cap Rate 4.8% (Q2 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Lucero N Separate Property Trust
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name International Investment Trading & Con
Address 600 Lincoln Ave, Ste 93185, Pasadena, CA91109
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesRecent Taxes
Tax Amount $1,668
Tax Year 2018
Assessed Value
Assessed Total Value $99,941
Assessed Year 2019
Property Additional Details When Available
Financing Details PrideCo Private Mortgage Loan Fund LPprovided a $1,195,200 loan.
Parcel Number 5476-012-006
Deed Reference 430012
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10. 1924 Lincoln AvePasadena, CA 91103 5585982
Sale Date 28th Feb, 2019
Sale Price $1,000,000 (Reis Verified)
Sale Price Unit $200,000
Sale Price PSF $407GBA
Market Conditions Prior to Sale Property Street View
A look at market conditions during 4Q 2018 — thequarter prior to the transaction — shows that thevacancy rate in the Pasadena submarket was5.8%. The average asking rent was $2,025 perunit, while effective rents were 4.2% below thatlevel, at $1,943 per unit. Net absorption of space inthe submarket during the four full quarters prior tothe trade totaled positive 133 units, compared tothe annual average of 139 units during the fiveyears prior to the transaction. During the twelvemonths leading up to the transaction, the averagecap rate in the Los Angeles metropolitan areaaveraged 4.9%.
Location and Physical CharacteristicsCounty Los Angeles
Metro Los Angeles
Submarket Pasadena
Distance 4.82 miles
Property Type Market Rate Rental
Building Area (SF) 2,458GBA
No. of Buildings / Floors 1 / 1
Year Built / Renovated 1949 / --
Total Units 5
Asset Class BC
Transaction Type Arm's Length
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10. 1924 Lincoln Ave (continued)Pasadena, CA 91103 5585982
Property Sale Details and Analysis
Sale Date 28th Feb, 2019
Sale Price $1,000,000 (Reis Verified)
Sale Price Unit $200,000
Sale Price PSF $407GBA
Reis Cap Rate Analysis ProformaAll per unit figures are monthly
Total Units 5
Potential Rent Revenue $100,524Vacancy Loss/Rate ($4,068) [4.1%]
$1675.40 Market Rent x 12 Months x 5 Units x 4.1%
Effective Rent Revenue $96,456$1,675 In Place Rent x 12 Months x 5 Units x 96.0%
Free Rent Concessions ($1,182) [$236 Per Unit]
Credit Loss ($1,005) [1.0%]
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $94,269Operating Expenses ($38,099) [37.9%]
Capital Reserve ($1,750) [$350 Per Unit]
Net Operating Income $54,421Estimated Going-in Cap Rate 5.4%
Based on Sale Price of $1,000,000
12-Month Rolling Metro Cap Rate 4.8% (Q1 2019)
Reported Cap Rate None
Buyer and Seller InformationSeller
1. Name Jacqueline E Spears Trust
Type/Percent Private - Regional/Local / 100.0%
Buyer
1. Name Amrit A Singh
Address 449 W Foothill Blvd, Ste 186, Glendora, CA91741
Type/Percent Private - Regional/Local / 100.0%
Valuation and TaxesRecent Taxes
Tax Amount $1,577
Tax Year 2018
Appraised Value
Appraised Total Value $58,617
Appraised Year 2019
Assessed Value
Assessed Total Value $58,617
Assessed Year 2019
Property Additional Details When Available
Financing Details A $800,000 loan was provided. Parcel Number 5825-014-001
Deed Reference 241869
Copyright 2019 Reis, Inc.
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Section 15 - Subject Property
Search Parameters
Address, Market/Submarketor ZIP code(s) 1576 N Ave 47 CA
Reis Metro Los Angeles
Radius (mi) 5
Include Proposed,Planned,Under Constr.,Complete
Size N/A
Expected Completion N/A
Summary Statistics Parameters
Low Average High
Distance from Subject (mi) 0.63 3.55 4.94
Months Until Completion N/A N/A 11
Size 18 140 1,430
Number of Buildings 1 2 7
Floors 2 5 8
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Section 16 - Comparable Group Listing
No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
1
Verdara Apartments124 W Colorado St
Developer Name: RODNEY KHANDeveloper Phone: (818) 507-1605Developer Company: KHANCONSULTING INC
2.75 South Glendale/HighlandPark Apartment 50 1 6 6/2015 11/2017 Complete
2
Oakland at Cordova218 S Oakland Ave
General Contractor Name:JONATHANGeneral Contractor Phone: (310)820-0550General Contractor Company:BRIDGEPORT CONSTRUCTION
4.36 Pasadena Condominiums 21 1 3 12/2015 2/2018 Complete
3
The Harrison Glendale308-318 W Wilson Ave
Developer Name: PamelaDeveloper Phone: (702) 735 - 0155Developer Company: MOLASKYGROUP OF COMPANIES
3.07 South Glendale/HighlandPark Apartment 164 2 6 9/2014 4/2018 Complete
4
The Griffith Los Feliz435 W LOS FELIZ BLVD
Leasing Agent Name: OctovioLeasing Agent Phone: (855)208-2600
2.75 South Glendale/HighlandPark Apartment 220 2 5 6/2018 Complete
5 Eastview327 N BOYLSTON ST
4.80 Wilshire/Westlake Apartment 121 1 6 4/2017 7/2018 Complete
6
Summit Grove106 E ORANGE GROVE BLVD
Owner Name: Anush BayburtyabOwner Phone: (626) 403 - 4663Owner Company: HERITAGEHOUSING PARTNERS
4.34 Pasadena Condominiums 21 1 3 11/2016 7/2018 Complete
7
Fig & Fifty Walk118 S AVE 50
Developer Phone: (562) 596-4770Developer Company: OLSONCOMPANY
1.55 South Glendale/HighlandPark Condominiums 29 5 3 10/2016 7/2018 Complete
8
West Grove123-127 HURLBUT ST
Owner Phone: (626) 584 - 9747Owner Company: Toledo Homes
3.44 Pasadena Condominiums 25 2 6/2016 7/2018 Complete
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No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
9
Da Vinci Bldg B909 W TEMPLE ST
Developer Name: JANELLEDeveloper Phone: (213) 346-9796Developer Company: GH PALMERASSOCIATES
4.68 Downtown Apartment 239 2 8 6/2015 7/2018 Complete
10
The Hudson - East Building177 N HUDSON AVE
Leasing Agent Name: TonyLeasing Agent Phone: (626)795-5688
4.82 Pasadena Apartment 91 1 5 9/2014 7/2018 Complete
11
Next on Lex Bldg A275 W LEXINGTON DR
Leasing Agent Name: JamieLeasing Agent Phone: (818) 740 -1924Leasing Agent Company: Next onLex
3.16 South Glendale/HighlandPark Apartment 143 1 6 3/2016 7/2018 Complete
12 Avila Apartments75 W WALNUT ST
3.88 Pasadena Apartment 201 1 5 11/2016 8/2018 Complete
13
Elysian Fields1313 Sunset Boulevard
Developer Name: ThomasTechentinDeveloper Phone: (213) 362-9200
4.28 Hollywood/Silver Lake Apartment 27 1 4 11/2015 10/2018 Complete
14 The Perch Apartments4247 N EAGLE ROCK BLVD
0.63 South Glendale/HighlandPark Apartment 59 1 4 8/2017 10/2018 Complete
15
TenTen Glendale111 N Louise St
Leasing Agent Name: AnashehLeasing Agent Phone: (818) 536 -7400Leasing Agent Company: TenTenGlendale
2.75 South Glendale/HighlandPark Apartment 66 1 6 11/2018 Complete
16 Dillon 617617 N Dillon St
4.94 Hollywood/Silver Lake Apartment 49 2 4 12/2016 4/2019 Complete
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No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
17 Brio Apartment Homes525 W COLORADO ST
3.26 South Glendale/HighlandPark Apartment 90 1 5 5/2019 Complete
18 Vestalia515 W Broadway
3.35 South Glendale/HighlandPark Apartment 180 1 5 6/2019 Complete
19
Next on Lex Bldgs B & C401 N Orange St/200 W Milford St
Developer Name: KEVIN FARRELLDeveloper Phone: (310) 405-0527Developer Company: CENTURYWEST PARTNERS
3.11 South Glendale/HighlandPark Apartment 378 2 6 3/2016 7/2019 Complete
20 LA Plaza Village - Apartments555 N BROADWAY
4.85 Downtown MixedIncome
355 4 8 3/2017 7/2019 Complete
21
Villas and Terraces atAmbassador Gardens300 W GREEN ST
Developer Name: TracyDeveloper Phone: (310) 691 - 5500Developer Company: ETCOHOMES
3.50 Pasadena Condominiums 78 7 4 3/2016 8/2019 Complete
22
Pacific Lux625 S PACIFIC AVE
Leasing Agent Name: RazmikBoghassianLeasing Agent Phone: (818) 288 -4999Leasing Agent Company: John HartReal Estate
3.08 South Glendale/HighlandPark Condominiums 27 1 5 2/2016 8/2019 Complete
23
Alexan Bahay330 N WESTLAKE AVE
Developer Phone: (310) 363 - 4700Developer Company: TrammellCrow
4.94 Wilshire/Westlake Apartment 200 1 6 2/2018 12/2019 Under Constr.
24 2014-2022 Sunset Boulevard2014-2022 W Sunset Blvd
4.33 Hollywood/Silver Lake Apartment 36 1 4 12/2019 Under Constr.
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No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
25 The Link3901-3915 San Fernando Road
2.63 South Glendale/HighlandPark Apartment 142 1 5 1/2020 Under Constr.
26 4121 Santa Monica Boulevard4121 Santa Monica Blvd
4.57 Hollywood/Silver Lake Apartment 41 1 4 1/2020 Under Constr.
27
Figueroa Terrace Condos957 Figueroa Terrace
Developer Name: HiediDeveloper Phone: (323) 883 - 1800Developer Company: FrostChaddock Developers
4.30 Hollywood/Silver Lake Condominiums 28 1 3 3/2020 Under Constr.
28 Glendale Boulevard Apartments1750 GLENDALE BLVD
3.73 Hollywood/Silver Lake Apartment 70 1 5 5/2020 Under Constr.
29
399 Del Mar399 E Del Mar Blvd
General Contractor Name: KathyGeneral Contractor Phone: (626)372 - 7862General Contractor Company:Giantech Construction
4.22 Pasadena Condominiums 55 1 3 11/2020 Under Constr.
30
The Brine3000 N Main St
Developer Phone: (310) 590 - 4526Developer Company: DecroCorporation
4.09EastLA/Alhambra/Montebello/PicoRivera
Subsidized/LowIncome
97 1 5 Planned
31
Parque Vista2851 Chaucer St
Developer Phone: (314) 621 - 3400Developer Company: McCormackBaron Salazar
2.36 South Glendale/HighlandPark
Subsidized/LowIncome
42 5 3 Planned
32
Rosa De Castilla Apartments4208 Huntington Drive South
Developer Phone: (323) 269 - 4214Developer Company: East LACommunity Corporation
3.41EastLA/Alhambra/Montebello/PicoRivera
Subsidized/LowIncome
85 2 4 Planned
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No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
33
Colorado East2451 Colorado Blvd
Developer Phone: (714) 628 - 1654Developer Company: RiversideCharitable Corp
1.20 South Glendale/HighlandPark
Subsidized/LowIncome
41 1 4 Planned
34Mission Place1020 EL CENTRO ST
Developer Phone: (650) 571-2200
3.33 Pasadena Apartment 91 2 3 Planned
35
Ferrante1000 TEMPLE ST
Developer Name: LYDIADeveloper Phone: (213) 346-9796Developer Company: GH PALMERASSOCIATES
4.87 Wilshire/Westlake Apartment 1,430 3 7 Planned
36
Riverglen 1202600-2750 RIVERSIDE DR
Developer Name: BRYANTBERSELENDeveloper Phone: (949) 553-2020Developer Company: THEHOFFMAN CO
2.87 Hollywood/Silver Lake Condominiums 120 3 4 Planned
37 254 East Union St254 E UNION ST
4.17 Pasadena Apartment 36 Planned
38
Stadium Villas959 Stadium Way
Developer Phone: (310) 845 - 4600Developer Company: Korda Group
4.12 Downtown Apartment 158 1 6 Planned
39
College Station924 N Spring St
Developer Name: GabrielliDeveloper Phone: (212) 554 - 2250Developer Company: Atlas CapitalGroup
4.41 Downtown Apartment 725 6 5 Planned
40 Walnut Family Residential167 E WALNUT ST
4.12 Pasadena Apartment 100 1 5 Planned
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No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
41
Sunset Boulevard Apartments1307 W Sunset Blvd
Developer Phone: (310) 204-3500Developer Company: DANA A.SAYLES
4.25 Hollywood/Silver Lake Apartment 45 1 4 Planned
42
City Lights Los FelizHOLLYWOOD BLVD @HILLHURST AVE
Developer Name: KimDeveloper Phone: (818) 843 - 8644Developer Company: CHANDLERPRATT & PARTNERS
4.63 Hollywood/Silver Lake Apartment 202 Planned
432910 West San FernandoApartments2910 N San Fernando Rd
2.00 South Glendale/HighlandPark Apartment 370 1 5 Planned
44 Paseo Colorado Condos400 East Colorado Boulevard
4.31 Pasadena Condominiums 71 1 7 Planned
45 1332 Colorado1332 Colorado Blvd
1.46 South Glendale/HighlandPark Apartment 26 1 4 Planned
46Adams Street AffordableApartments913-921 S Adams St
1.82 South Glendale/HighlandPark Apartment 18 1 4 Planned
47
Madison Grove Apartments417-419 N Madison Ave
Developer Phone: (626) 787 - 1228Developer Company: PanopticDevelopment
4.67 Pasadena Apartment 35 1 3 Planned
48
3821 W Ave 433821 West Avenue 43
Developer Phone: (424) 245 - 8438Developer Company: Schon TeplerGroup
0.64 South Glendale/HighlandPark Apartment 28 1 4 Planned
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No. Property
Dist.FromSubj.(mi)
Submarket Subtype Size No.Bldgs Floors
Est.GroundBreak
Exp.Comp. Status
49 849 North Bunker Hill849 N Bunker Hill Ave
4.50 Downtown Apartment 37 1 5 Planned
50
708 South New Depot708 New Depot St
Developer Name: DavidMehdyzadehDeveloper Phone: (818) 782 - 3060Developer Company: BunkerHeights LLC
4.47 Downtown Apartment 33 1 6 Planned
Section 17 - Comparable Group Locations
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Section 18 - Executive Briefing on Submarket Conditions
Average Asking Rent $1,937
● Up 1.7% from Q2 2019.
● Has risen for eleven consecutive quarters.
● Expected to finish 2019 at $1,965.
Average Vacancy Rate 4.5%
● Rose by 90 basis points.
● Expected to finish 2019 at 4.6%.
Submarket Overview The South Glendale/Highland Park submarket, one of thirty-seven distinct geographic concentrations within Los Angeles, contains 26,804 market rate rental units, or 3.3% of the metro's total inventory of market rate rental apartments. In the ten-year period beginning with Q4 2009, new additions to the submarket totaled 3,398 units, amounting to an annualized inventory growth rate of 1.4%; over the same period, the metro growth rate has been 0.7%. Asking and Effective Rent During the third quarter of 2019, asking rents rose by 1.7% to an average of $1,937, higher than twenty-three of the metro's thirty-seven submarkets. Mean unit prices in the submarket are as follows: studios $1,502, one bedrooms $1,715, two bedrooms $2,219, and three bedrooms $3,108. This advance extends the submarket's streak of gains to eleven quarters, during which asking rents have advanced by a total of 22.4%. The South Glendale/Highland Park submarket's current asking rent levels are lower than the metro's average of $2,070, while asking rent growth in the third quarter compares favorably
to the metro average of 0.9%. Effective rents, which exclude the value of concessions offered to prospective tenants, rose by 1.5% during the third quarter to an average of $1,835. Competitive Inventory, Household Formations, Absorption Net new household formations in Los Angeles were 9,340 during the third quarter. Of course, not all newly formed households immediately become apartment renters, but an analysis of longer-term economic and demographic trends can be useful in understanding the current quarter's level of demand. Since the beginning of Q4 2009, household formations in Los Angeles have averaged 0.6% per year, representing the average annual addition of 21,000 households. Over the same time period, the metro posted an average annual absorption rate of 6,413 units. During the third quarter, metropolitan absorption totaled 1,330 units, of which the South Glendale/Highland Park submarket captured 96 units. The effect of this demand was countered by a growth in supply, as developers added a net total of 350 units to the competitive submarket stock, 20.4% of the 1,718 units introduced to Los Angeles during the third quarter. Over the last
four quarters, submarket absorption totaled 890 units, more than double the average annual absorption rate of 371 units recorded since the beginning of Q4 2009. As a result of the supply and demand dynamics during the third quarter, the submarket's average vacancy rate increased by 90 basis points to 4.5%, which is 0.2 percentage points lower than the long-term average, but 0.7 percentage points higher than the current metro average. Outlook Reis's new construction analysts report that 215 units of new speculative apartment inventory will be introduced to the submarket by the end of the year, and net total absorption will be positive 178 units. As a result, the vacancy rate will continue to drift upward to finish the year at 4.6%. During 2020 and 2021, no additional competitive stock is expected to be introduced to the submarket inventory. Net new household formations at the metro level during 2020 and 2021 are expected to average 0.8% annually, enough to facilitate an absorption rate averaging 8,584 units per year. The South Glendale/Highland Park submarket will claim an insignificant 2.2% of this demand. This absorption
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rate exceeds the amount offorecasted new construction byenough to place downward pressureon the submarket vacancy rate,reducing it to 3.2% by year end 2021.Between now and year-end 2019asking rents are expected to advance1.4% to a level of $1,965, whileeffective rents will increase by 1.3% to$1,858. On an annualized basisthrough 2020 and 2021, asking andeffective rents are anticipated to climbby 2.7% and 2.9%, respectively, tofinish 2021 at $2,071 and $1,968.
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Section 19 - Current Submarket Rent Details
Asking Rent by Age Asking Rent Distribution Asking Rent Growth Rate Distribution
Year Built Rent
Before 1970 $1,812
1970-1979 $2,108
1980-1989 $1,960
1990-1999 $2,086
2000-2009 $3,693
After 2009 $3,018
All $1,937
As of 09/30/19
Low 25% Mean Median 75% High
$1,228 $1,763 $1,937 $1,972 $2,644 $3,595
3
17
30
1013
5
1 2
Under$1,321
$1,322$1,760
$1,761$2,199
$2,200$2,638
$2,639$3,077
$3,078$3,516
$3,517$3,955
$3,956Over
Num
ber
of P
rope
rtie
sLow 25% Mean Median 75% High
- 4.1% - 1.2% 1.7% 0.3% 1.8% 5.7%
1 1
8
20
27
13
64
Under- 6.1%
- 6.0%- 4.2%
- 4.1%- 2.3%
- 2.2%- 0.4%
- 0.3%1.5%
1.6%3.4%
3.5%5.3%
5.4%Over
Num
ber
of P
rope
rtie
s
30 Negative Growth 50Positive Growth
As of 09/30/19 Qtr Ending 09/30/19
Section 20 - Rent Growth Comparisons
Asking Rent Growth
Quarterly Annualized
3Q19 2Q19 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
South Glendale 1.7% 1.7% 1.4% 9.4% 7.2% 6.9% 3.1%
Los Angeles 0.9% 0.9% 1.0% 6.5% 5.9% 5.7% 3.2%
West 1.0% 1.3% 1.0% 5.6% 5.0% 5.6% 3.3%
United States 1.0% 1.3% 1.0% 5.2% 4.6% 4.7% 3.4%
Period Ending: 09/30/19 06/30/19 09/30/19 12/31/18 12/31/18 12/31/18 12/31/23
Submarket Rank Total Submarket RanksCompared to: Subs
3Q19 2Q19 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
Los Angeles 37 5 6 5 6 8 6 12West 240 30 65 46 25 35 46 100
United States 835 115 231 160 67 86 80 311
2014 2015 2016 2017 2018 2019 2020 2021 2022 20230.0
2.0
4.0
6.0
8.0South Glendale
Los Angeles
West
US
Asking Rent Growth Rate Trends and Forecast%
Period ending 12/31/23
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Section 21 - Current Submarket Vacancy Details
Vacancy Rate By Age Vacancy Rate Distribution
Year Built Vac. Rate
Before 1970 2.6%
1970-1979 1.5%
1980-1989 1.5%
1990-1999 2.1%
2000-2009 1.6%
After 2009 7.3%
All 4.5%
As of 09/30/19
Low 25% Mean Median 75% High
0.0% 0.6% 4.5% 2.3% 3.6% 8.3%
62
16
1 0 0 0 0 2
Under3.6%
3.7%7.3%
7.4%11.0%
11.1%14.7%
14.8%18.4%
18.5%22.1%
22.2%25.8%
25.9%Over
Num
ber
of P
rope
rtie
s
As of 09/30/19
Section 22 - Vacancy Rate Comparisons
Vacancy Rates
Quarterly Annualized
3Q19 2Q19 YTD Avg 1 Year 3 Year 5 Year 5 Yr Forecast
South Glendale 4.5% 3.6% 3.8% 4.7% 5.3% 5.1% 3.5%
Los Angeles 3.8% 3.7% 3.7% 3.6% 3.5% 3.4% 4.3%
West 4.3% 4.2% 4.2% 4.1% 4.0% 3.9% 4.8%
United States 4.7% 4.7% 4.7% 4.7% 4.5% 4.4% 5.1%
Period Ending: 09/30/19 06/30/19 09/30/19 12/31/18 12/31/18 12/31/18 12/31/23
Submarket Rank Total Submarket RanksCompared to: Subs
3Q19 2Q19 YTD 1 Year 3 Year 5 Year 5 Yr Forecast
Los Angeles 37 30 24 26 31 34 35 18West 240 161 109 119 172 198 198 89
United States 835 436 278 306 468 597 566 212
2014 2015 2016 2017 2018 2019 2020 2021 2022 20233.0
4.0
5.0
6.0
7.0
South Glendale
Los Angeles
West
US
Vacancy Rate Trends and Forecast%
Period ending 12/31/23
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Section 23 - Submarket Unit Mix Rent Details
Current Submarket Average Rents and Sizes Asking Rent Growth
3Q 2019 Quarterly Annualized
Rent Avg. SF Avg. Rent PSF 3Q19 2Q19 YTD 1 Year 3 Year 5 Year
Studio/Efficiency $1,502 572 $ 2.62 0.7% 0.7% 5.2% 2.5% 5.4% 3.7%
One Bedroom $1,715 781 $ 2.20 1.3% 0.9% 2.6% 7.0% 6.1% 7.5%
Two Bedroom $2,219 1072 $ 2.07 1.5% 2.2% 4.3% 12.7% 7.8% 6.8%
Three Bedroom $3,108 1421 $ 2.19 3.7% 4.1% 9.2% - 0.2% 7.9% 10.4%
Average over period ending: 09/30/19 06/30/19 09/30/19 12/31/18 12/31/18 12/31/18
Studio 1 BR 2 BR 3 BR
$0
$1,000
$2,000
$3,000
Asking Rent Comparisons
South Glendale/Highland Park Los AngelesStudio 1 BR 2 BR 3 BR
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
Asking Rent Per SF
South Glendale/Highland Park Los Angeles
Studio 1 BR 2 BR 3 BR
South Glendale/Highland Park $1,502 $1,715 $2,219 $3,108
Los Angeles $1,505 $1,872 $2,357 $3,093As of 09/30/19
Studio 1 BR 2 BR 3 BR
South Glendale/Highland Park $ 2.62 $ 2.20 $ 2.07 $ 2.19
Los Angeles $ 2.85 $ 2.54 $ 2.28 $ 2.33As of 09/30/19
Section 24 - Submarket Unit Mix Inventory Details
11.6%
43.8%
42.1%
2.5%
Submarket Unit Mix
Studios1 BR2 BR3 BR +
Studio 1 BR 2 BR 3 BR
0
500
1,000
1,500
Average Unit Size (SF)
South Glendale/Highland Park Los Angeles
As of 09/30/19 As of 09/30/19
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Section 25 - Submarket Inventory Details
Inventory By Building Age Apartment Stock Traits
Year Built Percent
Before 1970 19.0%
1970-1979 11.0%
1980-1989 14.0%
1990-1999 3.0%
2000-2009 5.0%
After 2009 48.0%
All 100.0%
As of 09/30/19
SubmarketLow Mean Median High
Year Built 1948 1987 1986 2019Size (units) 22 88 50 507
Distance to Highway (miles) 0.1 0.2 0.2 0.6Distance to CBD (miles) 4.3 6.1 6.1 7.2
Distance to Landmark (miles) 15.1 16.9 16.8 18.4As of 09/30/19 Landmark =Coast
Average Submarket Lease Terms
Free Rent(mos)
Expenses %(Apartment)
0.64 39.3%As of 09/30/19
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Section 26 - Submarket Area Map: South Glendale/Highland Park
Metro:Los Angeles Submarket:South Glendale/Highland Park
Camino San Rafael Glendale City Limits Glendale Ave
State Hwy 134 Pasadena City Limits Mountain St
State Hwy 110 Los Angeles River Linda Vista Rd
Los Angeles City Limits
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Metro Executive Briefing
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Section 27 - Executive Briefing on Metro Conditions
Average Asking Rent $2,070
● Up 0.9% from Q2 2019.
● Has risen in every quarter since Q2 2010.
● Expected to finish 2019 at $2,097.
Average Vacancy Rate 3.8%
● Tenth lowest in the nation and the fourth lowest inthe West.
● Drifted upward by 10 basis points.
● Highest level since year-end 2011.
Market Overview The Los Angeles apartment market is comprised of 812,596 units in thirty-seven geographic concentrations ranging in size from the 56,389 unit Hollywood/Silver Lake submarket to the Tujunga/La Crescenta/Montrose submarket, which accounts for 5,448 units. In the ten-year period beginning with Q4 2009, the Downtown submarket has experienced the greatest introduction of new inventory, 13,690 units, amounting to 25.8% of all new market rate rentals added to the market. Asking and Effective Rent During the third quarter of 2019, asking rents in California's most populous city climbed by 0.9% to an average of $2,070. Mean unit prices in the metro are as follows: studios $1,505, one bedrooms $1,872, two bedrooms $2,357, and three bedrooms $3,093. This advance extends the market's run of gains to thirty-seven quarters, during which asking rents have climbed by a total of 48.5%. Since the beginning of Q4 2009, the metro as a whole has recorded an annual average increase of 3.9%. Effective rents, which exclude the value of concessions offered to prospective tenants, also
climbed by 0.9% during the third quarter. The identical rates of change suggest that landlords have succeeded in raising rents while maintaining a stable relationship between asking and effective rent values. During the past four quarters, positive movement in asking rent was recorded in thirty-six of the metro's thirty-seven submarkets, with only Claremont/Pomona/La Verne (-0.6%) failing to register an increase. Competitive Inventory, Household Formations, Absorption The third quarter added 9,340 net new households to the Los Angeles MSA. Absorption of market rate rental units may not immediately reflect quarterly total household formations or losses, but it is prudent to consider longer-term economic and demographic performance as influential upon the current demand for apartment units. Since the beginning of Q4 2009, household formations in Los Angeles have averaged 0.6% per year, representing the average annual addition of 21,000 households. This pace of household formations contributed to an absorption rate of 1,330 units during the third quarter, while the metro inventory increased by 1,718 units. Consequently, the metro average
vacancy rate drifted upward by 10 basis points to 3.8%. Over the last four quarters, market absorption totaled 5,604 units, 12.6% lower than the average annual absorption rate of 6,413 units recorded since the beginning of Q4 2009. This vacancy rate matches exactly the metro's long-term average recorded since the beginning of Q4 2009. Outlook Reis is tracking apartment construction activity that will deliver 8,084 units to the metro by the end of the year, and net total absorption will be positive 5,183 units. In response, the vacancy rate will continue to drift upward to finish the year at 4.1%. Construction activity is projected to continue during each of the following two years, during which a total of 19,030 units is expected to be introduced to the market. Net new household formations at the metro level during 2020 and 2021 are anticipated to average 0.8% annually, enough to facilitate an absorption rate averaging 8,584 units per year. Because this amount does not exceed the forecasted new construction, the market vacancy rate will rise by 10 basis points to finish 2021 at 4.2%. Between now and year-end 2019 asking rents are expected to increase
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1.3% to a level of $2,097, whileeffective rents will rise by 1.2% to$2,006. On an annualized basisthrough 2020 and 2021, asking andeffective rents are projected toadvance by 3.3% and 3.2%,respectively, to finish 2021 at $2,236and $2,138.
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Section 28 - Market Data by Building Class - Class B/C Properties
Year Quarter Inventory(Units) Completions Vac % Vacant
StockOccupied
Stock Net Abs AskingRent($)
RentChange
Constr/Abs
Abs/OccStock %
Gr Rev.Unit ($)
2008 Y 524,633 180 3.6% 19,009 505,624 -3,925 $1,254 2.8% 0.0 -0.8 $1,208.56
2009 Y 524,818 185 4.8% 25,048 499,770 -5,854 $1,202 - 4.1% 0.0 -1.2 $1,144.63
2010 Y 525,038 220 4.4% 23,308 501,730 1,960 $1,206 0.3% 0.1 0.4 $1,152.46
2011 Y 525,121 83 3.6% 18,954 506,167 4,437 $1,226 1.7% 0.0 0.9 $1,181.75
2012 Y 525,300 99 2.8% 14,966 510,334 4,167 $1,267 3.3% 0.0 0.8 $1,230.90
2013 Y 525,209 0 2.5% 13,085 512,124 1,790 $1,296 2.3% 0.0 0.3 $1,263.71
2014 Y 525,270 61 2.2% 11,716 513,554 1,430 $1,329 2.5% 0.0 0.3 $1,299.36
2015 1 525,270 0 2.2% 11,529 513,741 187 $1,345 1.2% 0.0 0.0 $1,315.48
2015 2 525,530 260 2.2% 11,720 513,810 69 $1,367 1.6% 3.8 0.0 $1,336.51
2015 3 525,530 0 2.2% 11,427 514,103 293 $1,397 2.2% 0.0 0.1 $1,366.62
2015 4 525,530 0 2.2% 11,494 514,036 -67 $1,422 1.8% 0.0 0.0 $1,390.90
2015 Y 525,530 260 2.2% 11,494 514,036 482 $1,422 7.0% 0.5 0.1 $1,390.90
2016 1 525,530 0 2.2% 11,520 514,010 -26 $1,438 1.1% 0.0 0.0 $1,406.48
2016 2 525,586 56 2.2% 11,742 513,844 -166 $1,459 1.5% -0.3 0.0 $1,426.40
2016 3 525,618 32 2.4% 12,430 513,188 -656 $1,484 1.7% 0.0 -0.1 $1,448.91
2016 4 525,618 0 2.4% 12,583 513,035 -153 $1,498 0.9% 0.0 0.0 $1,462.14
2016 Y 525,618 88 2.4% 12,583 513,035 -1,001 $1,498 5.3% -0.1 -0.2 $1,462.14
2017 1 525,618 0 2.4% 12,844 512,774 -261 $1,513 1.0% 0.0 -0.1 $1,476.03
2017 2 525,618 0 2.4% 12,716 512,902 128 $1,549 2.4% 0.0 0.0 $1,511.53
2017 3 525,639 21 2.5% 12,998 512,641 -261 $1,567 1.2% -0.1 -0.1 $1,528.25
2017 4 525,639 0 2.4% 12,506 513,133 492 $1,578 0.7% 0.0 0.1 $1,540.46
2017 Y 525,639 21 2.4% 12,506 513,133 98 $1,578 5.3% 0.2 0.0 $1,540.46
2018 1 525,639 0 2.3% 12,314 513,325 192 $1,598 1.3% 0.0 0.0 $1,560.56
2018 2 525,639 0 2.2% 11,548 514,091 766 $1,626 1.8% 0.0 0.1 $1,590.28
2018 3 525,672 33 2.2% 11,791 513,881 -210 $1,652 1.6% -0.2 0.0 $1,614.95
2018 4 525,748 76 2.2% 11,503 514,245 364 $1,673 1.3% 0.2 0.1 $1,636.40
2018 Y 525,748 109 2.2% 11,503 514,245 1,112 $1,673 6.0% 0.1 0.2 $1,636.40
2019 1 525,748 0 2.2% 11,314 514,434 189 $1,689 1.0% 0.0 0.0 $1,652.65
2019 2 525,748 0 2.2% 11,766 513,982 -452 $1,708 1.1% 0.0 -0.1 $1,669.78
2019 3 525,748 0 2.2% 11,749 513,999 17 $1,718 0.6% 0.0 0.0 $1,679.61
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3Q 2019 Metro Statistics Metro Statistics - 12 Month RollingMean Median 25th Percentile Mean Median 75th Percentile
Cap Rate 4.8% 4.7% 3.8% 4.9% 4.5% 5.3%Sale Price $10,467,567 $2,400,000 $1,940,000 $7,058,297 $2,895,000 $5,050,000Sale Price Per Unit $344,985 $250,000 $204,318 $319,764 $259,286 $350,833Number of Units 30 10 7 22 10 20Number of Floors 2 2 2 2 2 2Year Built 1979 1959 1947 1971 1959 1968
DollarVolume (M) # Units #
Transactions
Los Angeles $2,387 6,918 228
Phoenix $1,696 9,537 63
Denver $1,065 4,753 56
San Francisco $923 1,490 76
Seattle $918 3,694 61
Oakland-East Bay $747 1,581 34
Portland $699 2,625 29
San Diego $330 1,271 67
San Bernardino/Riverside $307 1,183 19
Sacramento $225 1,235 21
Other West $995 6,265 136
West Total $10,293 40,552 790
$0
$500
$1,000
$1,500
$2,000
$2,500
Dol
lar
Vol
ume
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
0
100
200
300
400
# T
rans
actio
ns
Apartment Transaction Trends
# $M
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
9.5
10.0
10.5
11.0
11.5
12.0
Los Angeles West US
Gross Rent Multiplier Trends
Based on 12 month averages
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
4.80%
5.00%
5.20%
5.40%
5.60%
5.80%
6.00%
Los Angeles West US
Cap Rate Trends
Based on 12 month averages
0
500
1,000
1,500
2,000
2,500
Uni
ts
2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
0
1
2
3
4
Vac
ancy
Rat
e %
Supply and Demand Trends
Vacancy Percent Completions Net Absorption2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19
$140,000
$160,000
$180,000
$200,000
$220,000
$240,000
$260,000
$280,000
$300,000
$320,000
Los Angeles West US
Weighted Average Price Per Unit Trends
Based on 12 month averages
Key Submarket and Pricing Activity
#Transactions # Units Dollar
Volume (M)Price PerUnits
Downtown 7 1,507 $994 $659,671Hollywood 125 2,590 $946 $365,216Wilshire/Westlake 64 2,319 $646 $278,775West LA/Westwood 37 747 $541 $724,066East Long Beach 43 926 $290 $313,205South Glendale 55 1,023 $290 $283,481Beverly Hills 54 688 $276 $400,518
Based on 12 month averagesFor details on individual transactions, please go to the sales comparables section of the Reis website. www.reis.com
Sales TrendApartment - 3Q 2019Prepared By Reis, Inc.
Powered By Reis Metro: Los AngelesCustomerID:985231
Copyright 2019 Reis, Inc. Page 122985231
Submarkets
1. Chatsworth/Canoga Park
2. Granada Hills/Northridge/Reseda
3. Panorama Hills/San Fernando/Pacoima
4. Woodland Hills/Tarzana/101 West
5. Van Nuys/North Hollywood
6. Sherman Oaks/Studio City/N Hollywood
7. Burbank/North Glendale
8. Tujunga/La Crescenta/Montrose
9. Santa Clarita Valley/Canyon Country
10. Palmdale/Lancaster
11. Pasadena
12. South Glendale/Highland Park
13. Downtown
14. Hollywood/Silver Lake
15. Wilshire/Westlake
16. Beverly Hills/W Hollywood/Park La Brea
17. West LA/Westwood/Brentwood
18. Mar Vista/Palms/Culver City
19. Santa Monica
20. Marina Del Rey/Venice/Westchester
21. Mid-City/West Adams/Pico Heights
22. Inglewood/Crenshaw
23. South/Central LA
24. Hawthorne/North Torrance
25. El Segundo/Hermosa Beach/Redondo Beach
26. West Torrance/Ranchos Palos Verdes
27. Carson/San Pedro/E Torrance/Lomita
28. West Long Beach/Signal Hill
29. East Long Beach/Los Altos
30. N Long Beach/Lakewood/Artesia
31. Paramount/Downey/Bellflower/Norwalk
32. Whittier
33. East LA/Alhambra/Montebello/Pico Rivera
34. Arcadia/Duarte/El Monte
35. Azusa/Covina/Glendora
36. Claremont/Pomona/La Verne
37. West Covina/La Puente/Rowland Heights
Most Recent Transactions
City, State Submarket Year Built Floors Price Per Units Range Sale Date
Reis SalesComparables
Number
1. Los Angeles, CA Chatsworth 1977 2 $150,000 - $199,999 Q4 2019 58134392. El Monte, CA Arcadia/Duarte 1963 2 $200,000 - $249,999 Q4 2019 58047013. Sherman Oaks, CA Sherman Oaks 1967 2 $300,000 - $349,999 Q4 2019 58045964. Hawthorne, CA Hawthorne 1960 2 $250,000 - $299,999 Q4 2019 58140685. Long Beach, CA West Long Beach 1913 2 $200,000 - $249,999 Q4 2019 58138996. Monrovia, CA Arcadia/Duarte 1963 2 $300,000 - $349,999 Q4 2019 58138667. Los Angeles, CA Mar Vista/Palms 1970 2 $125,000 - $149,999 Q4 2019 58139788. Culver City, CA Mar Vista/Palms 1990 4 $200,000 - $249,999 Q4 2019 58140289. West Hollywood, CA Hollywood 1957 2 $400,000 - $499,999 Q4 2019 581402910. Paramount, CA Paramount/Downey 1989 2 $300,000 - $349,999 Q4 2019 581877811. Santa Monica, CA Santa Monica 1958 2 $350,000 - $399,999 Q4 2019 580314412. Sherman Oaks, CA Sherman Oaks 1945 2 $250,000 - $299,999 Q4 2019 581422013. Pasadena, CA Pasadena 1920 2 $250,000 - $299,999 Q4 2019 581399514. Long Beach, CA N Long Beach 1960 2 $300,000 - $349,999 Q4 2019 580524415. Los Angeles, CA E LA/Alhambra 1923 1 $150,000 - $199,999 Q4 2019 581192516. Los Angeles, CA Hollywood 2015 2 $700,000 - $849,999 Q4 2019 579752417. Los Angeles, CA E LA/Alhambra 1928 2 $125,000 - $149,999 Q4 2019 581018318. Los Angeles, CA Beverly Hills 1968 2 $350,000 - $399,999 Q4 2019 580458319. Glendale, CA South Glendale 1960 2 $250,000 - $299,999 Q3 2019 581133020. Los Angeles, CA Beverly Hills 1928 2 $300,000 - $349,999 Q3 2019 5797478
For details on the transactions listed above, click on the Sales Comparables number link. For historical transactions ortransactions in another Reis market, please go to the Sales Comparables section of the Reis website. www.Reis.com
Sales TrendApartment - 3Q 2019Prepared By Reis, Inc.
Powered By Reis Metro: Los AngelesCustomerID:985231
Copyright 2019 Reis, Inc. Page 123985231
Property Location and Physical Characteristics
Property Name The Griffin on Spring / The Grace on Spring Property Type Market Rate Rental
Address 732 S Spring St Building Area (SF)
City Los Angeles No. of Bldgs./Floors 2 / 28
State/ZIP/County CA / 90014 / Los Angeles Year Built/Renovated 2018 / --
Metro (Submarket) Los Angeles (Downtown) Total Units/Asset Class 578 / BC
Comments
Sale Details and Analysis
Sale Date Jul 2019 Reis Cap Rate Analysis ProformaSale Price $406,000,000 All per unit figures are monthly
Sale Price/Unit $702,422 Total Units --Sale Price PSF -- Potential Rent Revenue --
Vacancy at Sale -- Vacancy Loss/Rate --
Seller 1. Holland Partner Group / 360.694.7888 / 1111 Main St, Ste 700,Vancouver, WA 98660
Effective Rent Revenue --
Free Rent Concessions --Credit Loss --
Buyer 1. Daydream Apartments Additional Income --
Effective Gross Revenue --Operating Expenses/Ratio --
Capital Reserve --Comments Net Operating Income --
Estimated Going-in Cap Rate --
12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)Reported Cap Rate, This Sale None
Additional Details When Available
Seller's Broker Buyer's Broker
Other Broker
Interest Purchased -- Lot Size 79,389 SF / 1.82 Acres
Parcel Numbers 5144-015-245, 5144-015-248 Number Monthly RentEfficiencies 63 --
1 Bedrooms 227 --
2 Bedrooms 237 --
3 Bedrooms 51 --
Deed Reference 4 Bedrooms -- --
Time on Market Total 578 $0
Financing Details
Other:
Sales TrendApartment - 3Q 2019Prepared By Reis, Inc.
Powered By Reis Metro: Los AngelesCustomerID:985231
Copyright 2019 Reis, Inc. Page 124985231
Property Location and Physical Characteristics
Property Name Sofia Los Angeles Property Type Market Rate Rental
Address 1120 W 6th St Building Area (SF) 651,289GBA
City Los Angeles No. of Bldgs./Floors 2 / 7
State/ZIP/County CA / 90017 / Los Angeles Year Built/Renovated 2017 / --
Metro (Submarket) Los Angeles (Wilshire/Westlake) Total Units/Asset Class 604 / A
Comments
Sale Details and Analysis
Sale Date 26 Sep 2019 Reis Cap Rate Analysis ProformaSale Price $272,500,000 (Verified: Pub Rcrd) All per unit figures are monthly
Sale Price/Unit $451,159 Total Units 604Sale Price PSF $418GBA Potential Rent Revenue $20,876,280
Vacancy at Sale 4.3% Vacancy Loss/Rate ($897,680) [ 4.3%]$2,880 Market Rent x 12 Months
x 604 Units x 4.3%
Seller 1. Holland Partner Group / (360) 694-7888 / 1111 Main St, Ste700, Vancouver, WA 986602. North America Sekisui House LLC / (703) 740-0229 / 2101Wilson Blvd, Ste 1004, Arlington, VA 222013. Nash-Holland 6th & Bixel Project LLC
Effective Rent Revenue $19,978,600$2,880 In Place Rent x 12 Months
x 604 Units x 95.7%
Free Rent Concessions ($299,679) [$496 Per Unit]Credit Loss ($208,763) [ 1.0%]
Buyer 1. The Carlyle Group / 11100 Santa Monica Blvd, Ste 700, LosAngeles, CA 900252. CPI Sofia Owner LLC
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $19,470,158Operating Expenses/Ratio ($7,995,615) [ 38.3%]
Capital Reserve ($151,000) [$250 Per Unit]Comments Net Operating Income $11,323,543
Estimated Going-in Cap Rate 4.2%Based on Sale Price of $272,500,000
12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)Reported Cap Rate, This Sale None
Additional Details When Available
Seller's Broker Buyer's Broker
Other Broker
Interest Purchased -- Lot Size 164,941 SF / 3.79 Acres
Parcel Number 5143-024-017 Number Monthly RentEfficiencies 60 $2,078
1 Bedrooms 331 $2,378
2 Bedrooms 167 $3,130
3 Bedrooms 46 $4,025
Deed Reference 1016038 4 Bedrooms -- --
Time on Market Total 604 $2,682
Financing Details
Other:
Sales TrendApartment - 3Q 2019Prepared By Reis, Inc.
Powered By Reis Metro: Los AngelesCustomerID:985231
Copyright 2019 Reis, Inc. Page 125985231
Property Location and Physical Characteristics
Property Name Next on Sixth Property Type Market Rate Rental
Address 600 S Virgil Ave Building Area (SF)
City Los Angeles No. of Bldgs./Floors 1 / 7
State/ZIP/County CA / 90005 / Los Angeles Year Built/Renovated 2017 / --
Metro (Submarket) Los Angeles (Wilshire/Westlake) Total Units/Asset Class 395 / A
Comments Wood Frame
Sale Details and Analysis
Sale Date 13 Aug 2019 Reis Cap Rate Analysis ProformaSale Price $189,000,000 (Verified: Pub Rcrd) All per unit figures are monthly
Sale Price/Unit $478,481 Total Units 395Sale Price PSF -- Potential Rent Revenue $12,014,316
Vacancy at Sale -- Vacancy Loss/Rate ($1,155,808) [ 9.6%]$2,535 Market Rent x 12 Months
x 395 Units x 9.6%
Seller 1. Century West Partners / (310) 405-0527 / 12121 Wilshire Blvd,Ste 720, Los Angeles, CA 900252. 6th Virgil LLC
Effective Rent Revenue $10,858,508$2,535 In Place Rent x 12 Months
x 395 Units x 90.4%
Free Rent Concessions ($162,878) [$412 Per Unit]Credit Loss ($120,143) [ 1.0%]
Buyer 1. Equity Residential / (312) 474-1300 / 2 N Riverside Plaza, Ste400, Chicago, IL 606062. EQR-Next on Sixth LP
Additional Income $0 [$0 Per Unit]
Effective Gross Revenue $10,575,488Operating Expenses/Ratio ($4,601,483) [ 38.3%]
Capital Reserve ($98,750) [$250 Per Unit]Comments Net Operating Income $5,875,255
Estimated Going-in Cap Rate 3.1%Based on Sale Price of $189,000,000
12-Month Rolling Metro Cap Rate 4.8% (Q3 2019)Reported Cap Rate, This Sale None
Additional Details When Available
Seller's Broker Buyer's Broker
Other Broker
Interest Purchased -- Lot Size 79,923 SF / 1.84 Acres
Parcel Number 5077-007-029 Number Monthly RentEfficiencies 147 $2,267
1 Bedrooms 199 $2,438
2 Bedrooms 49 $3,300
3 Bedrooms -- --
Deed Reference 825040 4 Bedrooms -- --
Time on Market Total 395 $2,481
Financing Details
Other:
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Copyright 2019 Reis, Inc.
About Reis
Reis provides commercial real estate market information and analytical tools to real estate professionals through itsReis Services subsidiary. Reis Services, including its predecessors, was founded in 1980. Reis maintains a proprietarydatabase containing detailed information on commercial properties in metropolitan markets and neighborhoodsthroughout the U.S. The database contains information on apartment, office, retail, warehouse/distribution,flex/research & development, self storage, seniors housing properties and affordable housing, and is used by realestate investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition,Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associatedwith individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides itsinformation services to many of the nation's leading lending institutions, equity investors, brokers and appraisers.