2104 bacon st - loopnet...the complex is composed of ten, 325 square foot studio / 1-bath apartments...
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2104 BACON ST
Offering Memorandum
Ocean Beach, CA 92107
1
2104 BACON ST
San Diego, CA
ACT ID Z0090835
N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E
Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any
corporation's logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or
subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information
about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.
PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.
DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has
been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References
to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus &
Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
2
P R E S E N T E D B Y
3
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Property Overview
Regional Map
Local Map
Aerial Photo
FINANCIAL ANALYSIS 02Rent Roll Summary
Rent Roll Detail
Operating Statement
Notes
Pricing Detail
Proposal Price
MARKET COMPARABLES 03Sales Comparables
Rent Comparables
MARKET OVERVIEW 04
Market Analysis
Demographic Analysis
2104 BACON ST
4
2104 BACON ST
5
INVESTMENT
OVERVIEW
PROPERTY OVERVIEW
2104 BACON ST
PROPERTY OVERVIEW
Marcus and Millichap is pleased to present 2104-10 Bacon Street, a rare apartment investment in one San Diego's most
gentrifying beach communities. The property consists of two buildings resting on a 7,813 square foot lot two blocks from the
ocean. The complex is composed of ten, 325 square foot studio / 1-bath apartments and one 1,100 square foot 3-bedroom / 2-
bath unit with a double garage and 8 off-street parking spots. The exterior and courtyard of the property have been newly
redesigned with a contemporary spanish style, featuring wood accents, stucco exterior and outdoor tile walkways. Substantial
upgrades have been made to the property including solar panels, a security camera system with dvr, a bike rack, flood pumps and
drainage system, flood gates, courtyard WIFI, fencing, tile work, grilling area, railings, laundry and interior renovations to select
units. All units have been well maintained and feature wood cabinets and tile flooring. The complex has a primarily gravel and
succulent landscaping, keeping grounds maintenance costs and water usage to a minimum.
This complex sits just two blocks from the water and four streets away from the heart of Ocean Beach's eclectic downtown area.
Ocean Beach offers an array of entertainment with shops, restaurants, beaches and attractions all within walking distance. Ocean
Beach is one of the closest beach communities to Downtown San Diego that has recently begun a visible transformation with new
complexes, residences and stores flourishing across the neighborhood. 2104-10 Bacon Street would be ideal for the investor
seeking a strong-performing asset in a rapidly appreciating, supply constrained market near the beach.
PROPERTY OVERVIEW
Prime Ocean Beach Location Two Blocks From The Water
Solar Panels Providing Low Utility Costs
Alluring Tile Courtyard with Grilling Amenities
Owner/Investor Occupancy Opportunity
Double Garage and 8 Off-Street Parking Options
Low Maintenance Landscape
6
REGIONAL MAP
2104 BACON ST
7
LOCAL MAP
2104 BACON ST
8
AERIAL PHOTO
2104 BACON ST
9
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
2104 BACON ST
10
PROPERTY PHOTO
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
2104 BACON ST
11
PROPERTY PHOTO
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
2104 BACON ST
12
PROPERTY PHOTO
Marcus & Millichap closes
more transactions than any
other brokerage firm.
12
2104 BACON ST
13
PROPERTY PHOTO
2104 BACON ST
14
FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
2104 BACON ST
RENT ROLL SUMMARY
15
FINANCIAL ANALYSIS
2104 BACON ST
16
RENT ROLL DETAIL
FINANCIAL ANALYSIS
2104 BACON ST
OPERATING STATEMENT
17
FINANCIAL ANALYSIS
2104 BACON ST
PRICING DETAIL
18
2104 BACON ST
19
MARKET
COMPARABLES
2104 BACON ST
SALES COMPARABLES MAP
20
2104 BACON ST
5037 Narragansett Avenue
5101 Narragansett Avenue
4819 Santa Cruz Avenue
4941 Cape May Avenue
4850 Muir Avenue
4842-48 Pescadero Avenue
SALES COMPARABLES
1
2
3
4
5
6
21
PROPERTY NAME2104 BACON ST
SALES COMPARABLES
Avg. 3.87%
0.0
0.6
1.2
1.8
2.4
3.0
3.6
4.2
4.8
5.4
6.0
2104
Bacon St
5037-45
Narragansett
Avenue
5101-5107
Narragansett
Ave
4819 Santa
Cruz Avenue
4941-4952
Cape
May Ave
4850 Muir Ave 4842-48
Pescadero
Ave
Average Cap Rate
Avg. 17.72
0.00
2.30
4.60
6.90
9.20
11.50
13.80
16.10
18.40
20.70
23.00
2104
Bacon St
5037-45
Narragansett
Avenue
5101-5107
Narragansett
Ave
4819 Santa
Cruz Avenue
4941-4952
Cape
May Ave
4850 Muir Ave 4842-48
Pescadero
Ave
Average GRM
SALES COMPARABLES SALES COMPS AVG
22
PROPERTY NAME2104 BACON ST
SALES COMPARABLES
Avg. $533.80
$0.00
$80.00
$160.00
$240.00
$320.00
$400.00
$480.00
$560.00
$640.00
$720.00
$800.00
2104
Bacon St
5037-45
Narragansett
Avenue
5101-5107
Narragansett
Ave
4819 Santa
Cruz Avenue
4941-4952
Cape
May Ave
4850 Muir Ave 4842-48
Pescadero
Ave
Average Price Per Square Foot
Avg. $337,721
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
$500,000
2104
Bacon St
5037-45
Narragansett
Avenue
5101-5107
Narragansett
Ave
4819 Santa
Cruz Avenue
4941-4952
Cape
May Ave
4850 Muir Ave 4842-48
Pescadero
Ave
Average Price Per Unit
SALES COMPARABLES SALES COMPS AVG
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
23
SALES COMPARABLES
Units Unit Type
Offering Price: $3,150,000 1 3-Bdr 2-Bath
Price/Unit: $286,364 10 Studio 1-Bath
Price/SF: $724.14
CAP Rate: 3.85%
GRM: 16.58
Total No. of Units: 11
Year Built: 1953
Underwriting Criteria
Income $188,099 Expenses $66,907
NOI $121,192 Vacancy ($5,701)
2104 BACON ST2104 Bacon St, San Diego, CA, 92107
1
Units Unit Type
Close Of Escrow: 7/12/2017 7 Bdr Bath
Sales Price: $4,250,000 8 1 Bdr 1 Bath
Price/Unit: $250,000 1 2 Bdr 1 Bath
Price/SF: $688.59 1 3 Bdr 1 Bath
CAP Rate: 5.07%
GRM: 12.42
Total No. of Units: 17
Year Built: 1958
Underwriting Criteria
Income $342,023 Expenses $116,288
NOI $215,475 Vacancy $10,260
5037-45 NARRAGANSETT AVENUE5037 Narragansett Ave, San Diego, CA, 92107
Units Unit Type
Close Of Escrow: 5/22/2018 1 3 Bdr 2.5 Bath
Days On Market: 122 6 2 Bdr 1 Bath
Sales Price: $6,750,000 4 1 Bdr 1 Bath
Price/Unit: $421,875 5 Studio 1 Bath
Price/SF: $555.97
CAP Rate: 2.89%
GRM: 18.79
Total No. of Units: 16
Year Built: 1973
Underwriting Criteria
Income $359,233 Expenses $122,139
NOI $226,316 Vacancy $10,777
2
5101-5107 NARRAGANSETT AVE5101 Narragansett Ave, San Diego, CA, 92107
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
24
SALES COMPARABLES
Units Unit Type
Close Of Escrow: 6/21/2018 2 1 Bdr 1 Bath
Days On Market: 84 6 2 Bdr 1 Bath
Sales Price: $3,300,000
Price/Unit: $412,500
Price/SF: $467.42
CAP Rate: 3.75%
GRM: 16.80
Total No. of Units: 8
Year Built: 1969
Underwriting Criteria
Income $196,428 Expenses $66,786
NOI $123,750 Vacancy $5,892
3
4819 SANTA CRUZ AVENUE4819 Santa Cruz Ave, San Diego, CA, 92107
4
Units Unit Type
Close Of Escrow: 6/21/2018 9 2 Bdr 1 Bath
Sales Price: $3,000,000
Price/Unit: $333,333
Price/SF: $485.20
CAP Rate: 2.77%
GRM: 21.15
Total No. of Units: 9
Year Built: 1950
Underwriting Criteria
Income $141,843 Expenses $48,226
NOI $89,361 Vacancy $4,255
4941-4952 CAPE MAY AVE4949-4952 Cape May Ave, San Diego, CA, 92107
Units Unit Type
Close Of Escrow: 8/8/2018 8 1 Bdr 1 Bath
Sales Price: $4,532,000 3 2 Bdr 1 Bath
Price/Unit: $348,615 2 2 Bdr 2 Bath
Price/SF: $470.86
CAP Rate: 5.24%
GRM: 19.08
Total No. of Units: 13
Year Built: 1969
Underwriting Criteria
Income $241,040 Expenses $81,953
NOI $161,496 Vacancy $7,231
5
4850 MUIR AVENUE4850 Muir Ave, San Diego, CA, 92107
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
SALES COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
25
SALES COMPARABLES
Units Unit Type
Close Of Escrow: 11/30/2017 5 1 Bdr 1 Bath
Sales Price: $1,300,000
Price/Unit: $260,000
Price/SF: $534.76
CAP Rate: 3.48%
GRM: 18.05
Total No. of Units: 5
Year Built: 1960
Underwriting Criteria
Income $72,022 Expenses $24,487
NOI $45,373 Vacancy $2,160
6
4842-48 PESCADERO AVE4842 Pescadero Ave, San Diego, CA, 92107
8
2104 BACON ST
RENT COMPARABLES MAP
2104 BACON ST
4971 W. Point Loma Blvd
2145 Spray Street
4975 Del Monte Avenue
5050 Niagara Avenue
4882 Cape May Ave
4847 Lotus Street
5025 Niagara Avenue
4968 Long Branch
4
7
8
9
11
20
12
14
15
16
17
13
18
10
4
7
8
1
2
3
5
6
26
PROPERTY NAME2104 BACON ST
RENT COMPARABLES
27
AVERAGE RENT - MULTIFAMILY
$0
$400
$800
$1,200
$1,600
$2,000
$2,400
$2,800
$3,200
$3,600
$4,000
2104
Bacon St
4847 Lotus
Street
5025
Niagara
Avenue
4968 Long
Branch
3 Bedroom
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
2104
Bacon St
4971 W.
Point Loma
Blvd
2145 Spray
Street
4975 Del
Monte
Avenue
Surfcaster 4882 Cape
May Ave
Studios
PROPERTY NAME2104 BACON ST
RENT COMPARABLES
28
AVERAGE RENT/SF BY UNIT
$0.00
$0.40
$0.80
$1.20
$1.60
$2.00
$2.40
$2.80
$3.20
$3.60
$4.00
2104
Bacon St
4847 Lotus
Street
5025
Niagara
Avenue
4968 Long
Branch
3 Bedroom
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
2104
Bacon St
4971 W.
Point Loma
Blvd
2145 Spray
Street
4975 Del
Monte
Avenue
Surfcaster 4882 Cape
May Ave
Studios
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
29
rentpropertyname1
rentpropertyaddress1
Unit Type Units SF Rent Rent/SF
3-Bdr 2-Bath 1 1,100 $2,895 $2.63
Studio 1-Bath 10 325 $1,294 $3.98
Total/Avg. 11 395 $1,440 $3.64
2104 BACON ST2104 Bacon St, San Diego, CA, 92107
1
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 1 375 $1,795 $4.79
Total/Avg. 1 375 $1,795 $4.79
4971 W. POINT LOMA BLVD4971 W Point Loma Blvd, San Diego, CA, 92107
2
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 1 550 $1,500 $2.73
Total/Avg. 1 550 $1,500 $2.73
2145 SPRAY STREET2145 Spray St, San Diego, CA, 92107
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
30
3
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 1 450 $1,545 $3.43
Total/Avg. 1 450 $1,545 $3.43
4975 DEL MONTE AVENUE4975 Del Monte Ave, San Diego, CA, 92107
4
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 1 357 $1,600 $4.48
Total/Avg. 1 357 $1,600 $4.48
SURFCASTER5050 Niagara Ave, San Diego, CA, 92107
5
Unit Type Units SF Rent Rent/SF
Studio 1 Bath 1 450 $1,400 $3.11
Total/Avg. 1 450 $1,400 $3.11
4882 CAPE MAY AVE4882 Cape May Ave, San Diego, CA, 92107
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
RENT COMPARABLES
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
rentpropertyname1
rentpropertyaddress1
31
6
Unit Type Units SF Rent Rent/SF
3 Bdr 2 Bath 1 1,200 $3,295 $2.75
Total/Avg. 1 1,200 $3,295 $2.75
4847 LOTUS STREET4847 Lotus St, San Diego, CA, 92107
7
Unit Type Units SF Rent Rent/SF
3 Bdr 2 Bath 1 1,100 $3,145 $2.86
Total/Avg. 1 1,100 $3,145 $2.86
5025 NIAGARA AVENUE5025 Niagara Ave, San Diego, CA, 92107
8
Unit Type Units SF Rent Rent/SF
3 Bdr 2 Bath 1 1,200 $3,700 $3.08
Total/Avg. 1 1,200 $3,700 $3.08
4968 LONG BRANCH4968 Long Branch Ave, San Diego, CA, 92107
2104 BACON ST
32
MARKET
OVERVIEW
MARKET OVERVIEW
SAN DIEGOOVERVIEW
33
The San Diego-Carlsbad metro is located in the southwestern portion
of the state of California. Comprising San Diego County, it sits
adjacent to the Mexican border, extending north to the southern edge
of Orange County and Riverside County. From west to east, it is
situated between the Pacific Ocean and Imperial County.
San Diego is the most populous city in the county with 1.4 million
residents, followed by Chula Vista with 270,000 and Oceanside with
181,000 people. A diverse economic base includes military, finance,
tourism and real estate. Employment in these industries coupled with a
strong retail base draw many job seekers to the region.
MARKET OVERVIEW
METRO HIGHLIGHTS
WHITE-COLLAR JOBS
The professional and business services sector
accounts for a larger share of total employment than
the U.S. average.
POPULATION GROWTH
A gain of approximately 100,000 residents in the
metro over the next five years will increase the need
for basic health and education services.
HIGHLY AFFLUENT POPULATION
San Diego’s median household income of $70,800
per year is well above the national median.
2104 BACON ST
MARKET OVERVIEW
ECONOMY The San Diego metro is maintaining economic growth. Gross Metro Product (GMP) grew
3.4 percent last year versus 2.5 percent for the nation.
The U.S. Department of Defense has a significant impact on the local economy. The largest
employer in the county is the U.S. Navy at the Naval Base Coronado, which includes the
North Island Naval Air Station. Camp Pendleton is also a significant employer.
Tech firms are proliferating. Major technology and research companies include Leidos,
General Dynamics NASSCO, Qualcomm and BAE Systems.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Djo Finance Llc.
General Dynamics Nassco
Kaiser Permanente
Palomar Medical Center
Scripps Health
Rady Children's Hospital
Seaworld San Diego
Sharp Memorial Hospital
Sony Electronics Inc.
Tyco Health Care* Forecast
34
MANUFACTURING
7%GOVERNMENT
HEALTH SERVICES
EDUCATION AND
+
OTHER SERVICES
4%
LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES
15%
AND UTILITIES
TRADE, TRANSPORTATION CONSTRUCTION
PROFESSIONAL AND
BUSINESS SERVICES
2%INFORMATION
16%
6%
17% 13% 5%
14%
2104 BACON ST
MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
The metro population consists of almost 3.3 million people and will expand to 3.5
million residents through 2022. During this time, 59,000 households will be added.
A median home price of $609,000 is more than double the U.S. median, resulting in
a homeownership rate of 53 percent, which is below the national rate of 64 percent.
Residents are more educated than the nation. Roughly 35 percent of the people age
25 and older have a bachelor’s degree, compared with 29 percent for the U.S.
San Diego is California’s oldest community. A large harbor, miles of beaches and
exceptional weather attract businesses, residents and tourists. San Diego still houses a
number of buildings and facilities from its past, including two missions, Old Town San
Diego, Balboa Park and the Hotel del Coronado. San Diego County has grown into a
sophisticated, urban region. Its downtown area has undergone a renaissance in the past
decade or so. Petco Park, home of the San Diego Padres, spurred redevelopment that
spread to the mid-city communities and attracted residents to the urban core. San Diego’s
major tourist attractions are the San Diego Zoo, San Diego Wild Animal Park, SeaWorld
San Diego and Legoland.
* Forecast
Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s
Analytics; U.S. Census Bureau
QUALITY OF LIFE
35
2017 Population by Age
0-4 YEARS
7%5-19 YEARS
18%20-24 YEARS
8%25-44 YEARS
29%45-64 YEARS
24%65+ YEARS
13%
2104 BACON ST
35.5
2017MEDIAN AGE:
U.S. Median:
37.8
$70,800
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
3.3M
2017POPULATION:
Growth2017-2022*:
2.9%
1.2M
2017HOUSEHOLDS:
5%
Growth2017-2022*:
36
Higher-paying job growth encourages relocations. San Diego employers added an
average of 32,000 positions annually during the past five years, attracting thousands
of new residents. Many of these transplants have been young professionals, as the
county’s 20-to-34-year-old cohort has grown by 6,800 people on average since 2013.
An expanding younger populace with a high propensity to lease has supported a rise
in household formations, increasing demand for available apartments while home
prices remain out of reach for most. Responding to an extended span of sub-4
percent vacancy, developers complete more than 5,000 units this year, the largest
annual total in the past two cycles. As a result, softening conditions should occur in
Downtown San Diego along with the northwest and northeast portions of the city.
New residents presented with limited options. Single-family home prices continue to
escalate at a faster pace than rents, rising by more than 9 percent over the past year.
Despite median household income increasing to $74,000 annually, many households
are unable to afford the county’s median-priced home of $633,000, in the first
quarter. This barrier to homeownership maintains strong apartment demand this year,
supporting another period of 5-percent-plus rent growth.
Homeownership Rate, Tight Vacancy
Warrant Cycle-High Development
SAN DIEGO METRO AREA
* Cap rate trailing 12-month average through 1Q; Treasury rate as of March 29th
Sources: CoStar Group, Inc.; Real Capital Analytics
2104 BACON ST
Investment Trends
Multifamily 2018 Outlook
5,130 units
will be completed
5.3% increase in
effective rents
80 basis point
increase in vacancy
Construction:
Rents:
Vacancy:
Delivery volume eclipses the 3,700 rentals
finalized last year. A 416-unit property in San
Marcos is the largest completion slated for
the remainder of 2018.
Tight Class C vacancy and development
drive a third year of 5 percent-plus rent
growth, boosting the average market rate to
$1,980 per month.
Heightened construction places upward
pressure on vacancy, elevating the metro’s
rate to 4.4 percent despite the absorption of
nearly 2,500 rentals.
• Potential regulatory changes surrounding the repeal of the Costa-Hawkins
Act are weighing on investor sentiment, adding another level of concern to
transactions in front of a possible shift in the legal framework surrounding
rent control. While the potential changes would likely take years to fully
implement, the possible impact of this regulation in the marketplace is being
felt today.
• The Class C cohort witnessed the largest increase in listings, translating to a
nearly 30 percent rise in year-over-year sales activity. Well-located
complexes trade at sub-3 percent minimum yields. Investors seeking higher
returns for comparable assets target El Cajon, Vista and Chula Vista, home
to low-4 percent initial cap rates.
• Chances to acquire higher-quality rentals have dwindled for local buyers
amid a decline in Class A and B listings and an influx of Bay Area-based
buyers willing to pay top dollar for assets.
37
• Employers added 25,000
positions over the past 12
months after expanding staffs by
35,800 workers during the
previous period. Recent hiring
reduced the metro’s
unemployment rate to 3.5
percent.
• The creation of nearly 8,700
professional and business
services positions, along with the
addition of 4,800 education and
health workers, steered overall
job growth.
EMPLOYMENT
• Completions surpassed 4,100
units for a second straight 12-
month period, with deliveries
primarily concentrated in
Downtown San Diego, Carmel
Valley and Far North San Diego.
• Developers are underway on
7,800 apartments with delivery
dates extending into 2021. More
than 40 percent of this pipeline
will be finalized in the next three
quarters.
CONSTRUCTION
• Vacancy held at 3.9 percent
over the past year on net
absorption of 3,950 units,
negating the short-term impact
of new supply. A 20-basis-point
increase was recorded during
the prior period.
• Downtown San Diego’s rental
stock grew by nearly 1,200 units
over the past four quarters, yet
vacancy declined by 140 basis
points, falling to 4.8 percent.
VACANCY
• The average effective rent rose
at an accelerated pace during
the past 12-month span,
reaching $1,908 per month in
March. Rent gains were most
pronounced at Class C
properties, where the average
monthly rate rose by 7.7 percent
to $1,346.
• Carlsbad-Encinitas-Del Mar,
Oceanside and Northwest San
Diego all witnessed above-
average boosts in rent.
RENTS
SAN DIEGO METRO AREA
increase in effective
rents Y-O-Y7.1%basis point change in
vacancy Y-O-Y0units completed
Y-O-Y4,120increase in total
employment Y-O-Y1.7%
* Forecast
2104 BACON ST
1Q18 – 12-Month Period
38
Renter Demand for Affordable Units Reinforces Investors’
Confidence in Value-Add Space
Outlook: The delivery of 20,000 units over
a five-year span could present more
opportunities for regional and institutional
investors seeking newer-built properties
at a slight discount to their home markets.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketEffective
Rent
Y-O-Y%
Change
Mid-City-National City 2.1% -30 $1,549 5.8%
El Cajon-Santee-
Lakeside3.1% 30 $1,488 4.3%
Escondido 3.1% 0 $1,537 6.9%
La Mesa-Spring Valley 3.3% -20 $1,670 5.6%
Far North San Diego 3.5% -70 $2,008 5.7%
Carlsbad-Encinitas-Del
Mar3.6% -40 $2,403 9.4%
Chula Vista-Imperial
Beach3.8% 0 $1,722 6.0%
La Jolla-University City 3.8% -70 $2,287 5.2%
Northwest San Diego 3.8% 50 $1,893 7.9%
Oceanside 4.0% 90 $1,722 8.0%
Northeast San Diego 4.6% -60 $2,170 5.4%
Overall Metro 3.9% 0 $1,908 7.1%
Submarket Trends
Lowest Vacancy Rates 1Q18
Sales Trends
SAN DIEGO METRO AREA
• Heightened Class C deal flow supported a 13 percent rise in overall transaction
velocity during the past 12 months. Outside the city of San Diego, most sales were in
East County and along the 78 Corridor.
• Steady rent growth and a prolonged span of sub-4 percent vacancy increased the
value of available apartments, pushing the average sales price to $247,500 per unit, a
year-over-year gain of 8 percent.
* Trailing 12 months through 1Q18
Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
2104 BACON ST
*Mortgage payments based on quarterly median home price with a 30-year fixed-rate conventional mortgage, 90%
LTV, taxes, insurance and PMI. **2017-2022 Annualized Rate
39
2104 BACON ST
SAN DIEGO METRO AREA
• Fed raises benchmark interest rate, plots path for additional increases. The Federal
Reserve increased the federal funds rate by 25 basis points, lifting the overnight lending rate
to 1.5 percent. While the Fed noted that the inflation outlook had moderated in recent months,
an upgraded economic forecast factoring in recent tax cuts and a rollback in regulation
strengthened growth projections for the next two years. As a result, the Fed has guided
toward two additional rate hikes this year, while setting the stage for as many as four
increases in 2019.
• Lending costs rise alongside Fed rate increase. As the Federal Reserve lifts interest rates,
lenders will face a rising cost of capital, which may lead to higher lending rates for investors.
However, in an effort to compete for loan demand, lenders may also choose to absorb a
portion of the cost increases. While higher borrowing costs may prompt buyers to seek higher
cap rates, the positive economic outlook should provide rent growth that outpaces inflation
over the coming year. As a result, sellers remain committed to higher asking prices, which has
begun to widen an expectation gap as property performance and demand trends remain
positive.
• The capital markets environment continues to be highly competitive. Government
agencies continue to consume the largest share, just slightly over 50 percent, of the
apartment lending market. National and regional banks control approximately a quarter of the
market. Global markets and foreign central banks are keeping pressure down on long-term
interest rates. Pricing resides in the 4 percent realm with maximum leverage of 75 percent.
Portfolio lenders will typically require loan-to-value ratios closer to 70 percent with interest
rates in the high-3 to mid-4 percent range. The passage of tax reform and rising fiscal stimulus
will keep the U.S. economy growing strongly and rental demand will remain high with the
national apartment vacancy rate at 5 percent at the end of 2017.
Include sales $2.5 million and greater
Sources: CoStar Group, Inc.; Real Capital Analytics
Capital Markets
MARKET OVERVIEW
2104 BACON ST
40
* 2007-2017 Average annualized appreciations in price per unit
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics
2018 PRICING & VALUATION TRENDS
Yield Range Offers Compelling Options for Investors; Most Metros Demonstrate Strong Appreciation Rates
MARKET OVERVIEW
2104 BACON ST
41
** Price per unit for apartment properties $1 million and greater
Sources: Marcus & Millichap Research Services; CoStar Group, Inc.; Real Capital Analytics
AVERAGE PRICE PER UNIT RANGE**
(Alphabetical order within each segment)
MARKET OVERVIEW
2104 BACON ST
42
2018 NATIONAL MULTIFAMILY INDEX
U.S. Multifamily Index
Coastal Markets Top National Multifamily Index;
Several Unique Markets Climb Ranks
Trading places. Seattle-Tacoma leads this year’s Index after moving up one notch, driven by robust
employment in the tech sector and soaring home prices that keep rental demand ahead of elevated
deliveries. The metro outperforms last year’s leader, Los Angeles (#2), which slid one spot. Midwest metro
Minneapolis-St. Paul (#3) rose one notch as its diverse economy generates steady job growth and robust
rental demand, maintaining one of the lowest vacancy rates among larger U.S. markets. San Diego (#4)
jumped five spots as deliveries slump while household formation proliferates, resulting in sizable rent growth.
Portland (#5) inches up a slot to round out the top five markets. East Coast markets fill the next two positions:
Boston (#6) moves down three slots as rent growth slows while vacancy ticks up, and New York City (#7)
rises three places as stout renter demand holds vacancy tight.
Index reshuffles with big moves. Sacramento (#8) posted the largest increase in the Index, vaulting 12
positions to lead a string of California markets that fill the next five slots. Robust rent growth and low vacancy
pushed the market up in the ranking. Other double-digit movers were Orlando (#17) and Detroit (#28), which
each leaped 10 places. Employment gains and in-migration are generating the need for apartments in
Orlando, maintaining ample rent advancement. In Detroit, steady employment and a slow construction
pipeline keep demand above supply, allowing rents to flourish. The most significant declines were registered
in Austin, Nashville and Baltimore. Austin (#31) tumbled nine spaces as elevated deliveries overwhelm
demand slowing rent growth. Nashville (#35) and Baltimore (#45) each moved down six steps as demand has
yet to absorb multiple years of elevated inventory gains. Although Kansas City (#46) retains the bottom slot,
there is greater change in the lower half of the NMI as more Midwest markets rise.
MARKET OVERVIEW
2104 BACON ST
43
Growth Cycle Invigorated by Confidence;
Tax Laws Could Transform Housing
U.S. ECONOMY
Tight labor market restrains hiring as confidence surges. The steady economic tailwind benefiting apartment
performance is poised to carry through 2018 as a range of positive factors align to support growth. Consumer
confidence recently reached its highest point since 2000 while small-business sentiment attained a 31-year
record level, both reinforcing indications that consumption and hiring will be strong. The total number of job
openings has hovered in the low-6 million range through much of 2017, illustrating that companies have
considerable staffing needs, but with unemployment entrenched near 4 percent, companies will continue to
face challenges in filling available positions. These tight labor conditions should place additional upward
pressure on wages, potentially boosting inflationary pressure in the coming year. The strong employment
market, rising wages and elevated confidence levels could unlock accelerated household formation,
particularly by young adults. Last year, the number of young adults living with their parents ticked lower for the
first time since the recession, signaling that these late bloomers may finally be considering a more
independent lifestyle.
Housing preferences may change under new tax laws. The new tax laws could play a significant role in
shaping both the economy and housing demand in 2018. Reduced taxes will be a windfall for corporations,
potentially sparking invigorated investment into infrastructure. The rise in CEO confidence over the last year
already boosted companies’ investment by more than 6 percent, accelerating economic growth. However, the
tax incentive-based stimulus will likely offer only a modest bump to GDP in 2018 because corporate
investment comprises just 12 percent of economic output. One factor that could weigh on economic
expansion under the new tax laws is the housing sector, which added just 3 percent to the economy last year,
about two-thirds of normal levels. The increased standard deduction and restrictions on housing-related
deductions will reduce some of the economic incentive to purchase a home, further sapping the strength of
the housing sector. Nonetheless, the increased standard deduction could benefit apartment investors,
encouraging renters to stay in apartments longer and reducing the loss of tenants to homeownership.
* Forecast
** Through 3Q
MARKET OVERVIEW
2104 BACON ST
44
2018 National Economic Outlook
U.S. ECONOMY
Labor force shortage weighs on job creation. The economy has added jobs every month for more than
seven years, the longest continuous period of job creation on record. The trend will continue in 2018, but
the pace of job additions will moderate, falling below 2 million for the year as the low unemployment rate
restricts the pool of prospective employees.
Wage growth poised to accelerate. Average wage growth has been creeping higher in the post-recession
era, with compensation gains in construction, professional services and the hospitality sectors outpacing
the broader trend. The tight labor market will continue to pressure wage growth, potentially sparking
inflation in the process.
Tax laws could invigorate apartment demand. Since 2011 household formations have outpaced total
housing construction, a key ingredient in the tightening of apartment vacancies. The new tax laws could
cause homebuilders to reduce construction while shifting a portion of the housing demand from
homeownership to rentals, and a rental housing shortage could ensue. If this behavior change occurs in
conjunction with additional young adults moving out of their own, apartment demand could dramatically
outpace completions.
* Forecast
** Through 3Q
MARKET OVERVIEW
2104 BACON ST
45
Demand Outlook Sturdy as Pace
Of Construction Begins to Retreat
U.S. APARTMENT OVERVIEW
* Forecast
Investors wary of apartment construction. The wave of apartment completions entering the market in recent
years has permeated the investor psyche, raising concerns of overdevelopment and escalating vacancy rates,
but numerous demand drivers have held this risk in check. Steady job creation, positive demographics,
above-trend household formation and elevated single-family home prices have converged to counterbalance
the addition of 1.37 million apartments over the last five years, at least on a macro level. Though a small
number of markets have faced oversupply risk, the affected areas tend to be concentrated pockets, with
upper-echelon units facing the greatest competition. For traditional workforce housing, Class B and C
apartments, the risks stemming from overdevelopment have been nominal, and in most metros, even the
Class A tranche has demonstrated sturdy performance. In the coming year, rising development costs, tighter
construction financing and mounting caution levels will curb the pace of additions from the 380,000 units
delivered in 2017 to approximately 335,000 apartments. However, the list of markets facing risk from new
completions will stretch beyond the dozen metros that builders have concentrated on thus far. This will
heighten competition, requiring investors to maintain an increasingly tactical perspective integrating vigilant
market scrutiny and strong property management.
Competitive nuances increasingly granular. Although the pace of apartment completions will moderate in
2018, additions will still likely outpace absorption. This imbalance will most substantively affect areas where
development has been focused, such as the urban core where vacancy rates have risen above suburban rates
for the first time on record. Nationally, Class A vacancy rates have advanced to 6.3 percent in 2017 and will
continue their climb to the 6.8 percent range over the next year. Vacancy rates for Class B and C assets will
rise less significantly in 2018, pushing to 5.0 percent and 4.7 percent, respectively. Although vacancy levels
are rising, three-fourths of the major metros have rates below their 15-year average. Still, the magnitude of
new completions coming to market and the high asking rents these new units command will spark increased
competition for tenants, generating a more liberal use of concessions in 2018 as landlords attempt to entice
move-up tenants.
MARKET OVERVIEW
2104 BACON ST
46
2018 National Apartment Outlook
U.S. APARTMENT OVERVIEW
** Estimate
Rent growth tapers as concession use edges higher. Average rent growth will taper to 3.1 percent in 2018
as concessions become more prevalent, particularly in Class A properties. Rent gains in the Class C
space, which were particularly strong last year, will face greater challenges as affordability restrains
demand. Although job growth has been steady for seven years, wage growth has been relatively weak,
particularly for low-skilled labor.
Congress may nudge apartment demand. The new tax laws could reinforce apartment living as the larger
standard deduction reduces the economic incentive of homeownership. Previous tax rules encouraged
homeownership with itemized deductions for property taxes and mortgage interest that often surpassed
the standard deduction. These advantages have largely been eliminated, particularly for first-time buyers.
Are millennials finally moving out on their own? The 80 million-strong millennial age cohort, now pushing
into their late 20s, may finally be showing independence. Since the recession, the percentage of young
adults living with their parents increased dramatically, but last year that trend reversed. Should the share
of young adults living with family recede toward the long-term average, an additional 3 million young adults
would need housing.
MARKET OVERVIEW
2104 BACON ST
47
Fed Normalization Portends Rising Interest Rates;
Capital Availability for Apartments Elevated
U.S. CAPITAL MARKETS
* Through December 12
** Through December 6
Fed cautiously pursues tighter policies. Investors have largely adapted to the modestly higher interest rate
environment, and most anticipate additional increases in 2018 as the Federal Reserve normalizes both its
policies and its balance sheet. The Fed is widely expected to continue raising its overnight rate through 2018
as it tries to restrain potential inflation risk and create some dry powder to combat future recessions. The Fed
will, however, be cautious about pushing short-term rates into the long-term rates, which would create an
inverted yield curve. The spread between the two-year Treasury rate and the 10-year Treasury rate has
tightened significantly, and if the Fed is too aggressive in its policies, the short-term interest rates could climb
above long-term rates. This inversion is a commonly watched leading indicator of an impending recession.
The new chairman of the Fed, Jerome Powell, will likely make few changes to the trajectory of Fed policies,
and he is widely expected to continue the reduction of the Fed balance sheet. Powell may consider
accelerating the balance sheet reduction to ensure long-term rates move higher. That said, Powell is widely
perceived to be a dovish leader who will advance rates cautiously.
Readily available debt backed by sound underwriting. Debt availability for apartment assets remains
abundant, with a wide range of lenders catering to the sector. Apartment construction financing has
experienced some tightening, a generally favorable trend for most investors. Fannie Mae and Freddie Mac will
continue to serve a significant portion of the multifamily financing, with local and regional banks targeting
smaller transactions and insurance companies handling larger deals with low-leverage needs. In general,
lenders have been loosening credit standards on commercial real estate lending, but underwriting standards
remain conservative with loan-to-value ratios for apartments in the relatively conservative 66 percent range.
An important consideration going forward, however, will be investors’ appetite for acquisitions as the yield
spread between interest rates and cap rates tightens.
MARKET OVERVIEW
2104 BACON ST
48
2018 Capital Markets Outlook
U.S. CAPITAL MARKETS
Yield spread tightens amid rising interest rates. Average apartment cap rates have remained relatively
stable in the low-5 percent range for the last 18 months, with a yield spread above the 10-year Treasury of
about 280 basis points. Many investors believe cap rates will rise in tandem with interest rates, but this has
not been the case historically. Given the strong performance of the apartment sector, it’s more likely the
yield spread will compress, reducing the positive leverage investors have enjoyed in the post-recession
era.
Inflation restrained but could emerge. Inflation has been nominal throughout the current growth cycle, but
pressure could mount as the tight labor market spurs rising wages. Elevated wages and accelerating
household wealth could boost consumption, creating additional economic growth and inflation. The Fed
has become increasingly proactive in its efforts to head off inflationary pressure, but the stimulative effects
of tax cuts could overpower the Fed’s efforts.
Policies likely to strengthen dollar and could pose new risks. One wild card that could create an economic
disruption is the strengthening dollar. The economic stimulus created by tax cuts together with tightening
Fed monetary policy place upward pressure on the value of the dollar relative to foreign currencies. This
could restrain foreign investment in U.S. commercial real estate, but it could also weaken exports and
make it more difficult for other countries to pay their dollar-denominated debt, which in turn weakens
global economic growth.
* Through December 12
Estimate
MARKET OVERVIEW
2104 BACON ST
49
Apartment Investors Recalibrate Strategies;
Broaden Criteria to Capture Upside Opportunities
U.S. INVESTMENT OUTLOOK
* Through 3Q
** Trailing 12 months through 3Q
Appreciation flattens as buyers recalibrate expectations. The maturing apartment investment climate has
continued its migration from aggressive growth to a more stable but still positive trend. Investors have reaped
strong returns in the post-recession era through significant gains in fundamentals and pricing, but the growth
trajectory has flattened as the market has normalized. The pace of apartment rental income growth has moved
back toward its mid-3 percent long-term average and investor caution has flattened cap rates, moderating
appreciation. With much of the gains created by the post-recession recovery absorbed and most of the value-
add opportunity already extracted, it has been increasingly difficult for investors to find opportunities with
substantive upside potential. At the same time, apartment construction has finally brought macro-level
housing supply and demand back toward equilibrium, restraining upside potential in markets with sizable
deliveries. These challenges have been compounded by a widened bid/ask gap, with many would-be
apartment sellers retaining a highly optimistic perception of their asset’s value. It will take time for investor
expectations to realign, but buyers and sellers are discovering a flattening appreciation trajectory. Still, a
range of opportunities remain.
Investors broaden criteria as they search for yield upside. Investors are recalibrating strategies, broadening
their search and sharpening their efforts to find investment options with upside potential. They have expanded
criteria to include a variety of Class B and Class C assets, outer-ring suburban locations, and properties in
secondary or tertiary markets. The yield premium offered by these types of assets has drawn an increasing
amount of multifamily capital. In the last year, nearly half of the dollar volume invested in apartment properties
over $1 million went to secondary and tertiary markets, up from 42 percent of the capital in 2010. This influx of
activity has caused cap rates in tertiary markets to fall from the high-8 percent range in 2010 to their current
average near 6 percent. During the same period, national cap rates of Class B/C apartment properties have
fallen by 200 basis points to the mid-5 percent range. Considering the low cost of capital, these yields have
remained attractive to investors with longer-term hold plans.
MARKET OVERVIEW
2104 BACON ST
50
2018 Investment Outlook
U.S. INVESTMENT OUTLOOK
New tax laws could shift investor behavior. Additional clarity on taxes should alleviate some of the
uncertainty that held back investor activity over the last year while helping to mitigate the expectation gap
between buyers and sellers. Reduced tax rates on pass-through entities could spark some repositioning
efforts, bringing additional assets to market and supporting market liquidity.
Tighter monetary policy could narrow yield spreads. Prospects of a rising interest rate environment could
weigh on buyer activity as the yield spread tightens. Cap rates have held relatively stable over the last two
years, and the sturdy outlook for apartment fundamentals is unlikely to change substantively in the coming
year. As a result, investors’ pursuit of yield will likely push activity toward assets and markets that have
traditionally offered higher cap rates.
Transaction activity retreats from peak levels. Apartment sales continued to migrate toward more normal
levels last year as investors’ search for upside and value-add opportunities delivered fewer candidates.
Markets with a limited construction pipeline but with respectable employment and household formation
growth will see accelerated activity, while markets facing an influx of development could see moderating
investor interest.
* Through 3Q
** Trailing 12 months through 3Q
MARKET OVERVIEW
2104 BACON ST
51
* Forecast
REVENUE TRENDS
Five-Year Apartment Income Growth by Metro
Percent Change 2013-2018*
FIVE-YEAR TREND:
Outperforming Through
Development Cycle
2013-2018*
U.S. creates 11.8 million jobs over five years
Developers add 1.5 million new apartments
Absorption totals 1.4 million apartments
U.S. vacancy rate to match 2013 at 5.0 percent
U.S. average rent rises 23.2 percent
MARKET OVERVIEW
2104 BACON ST
52
Sources: Marcus & Millichap Research Services; MPF Research
2018 NATIONAL INVENTORY TREND
Five-Year Development Wave Transforms Rental Landscape
Inventory Growth 2013-2018
Inventory Change by Market
2013 to 2018
MARKET OVERVIEW
2104 BACON ST
53
Sources: Marcus & Millichap Research Services; MPF Research
2018 NATIONAL INVENTORY TREND
Largest Growth Five-Year Inventory Change Five-Year Rent Growth
Austin 23.6% 22%
Charlotte 22.9% 30%
Nashville 21.7% 31%
Salt Lake City 20.9% 31%
Raleigh 19.5% 27%
San Antonio 18.7% 20%
Denver 17.9% 41%
Seattle-Tacoma 15.9% 41%
Orlando 15.3% 35%
Dallas/Fort Worth 15.3% 30%
U.S. 9.8% 23%
Top 10 Markets by Inventory Change
Smallest Growth Five-Year Inventory Change Five-Year Rent Growth
Cincinnati 6.6% 24%
Chicago 6.2% 21%
Oakland 5.8% 40%
Riverside-San Bernardino 5.6% 36%
St. Louis 5.5% 14%
Los Angeles 5.4% 31%
New York City 4.6% 15%
Cleveland 4.6% 15%
Sacramento 3.8% 48%
Detroit 2.9% 25%
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
DEMOGRAPHICS
Source: © 2017 Experian
Created on August 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 20,435 75,269 187,615
2017 Estimate
Total Population 20,392 74,062 185,096
2010 Census
Total Population 19,169 69,685 173,667
2000 Census
Total Population 18,796 66,543 168,159
Daytime Population
2017 Estimate 12,099 98,975 253,643
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 10,757 35,184 87,269
2017 Estimate
Total Households 10,707 34,610 85,698
Average (Mean) Household Size 1.87 2.04 2.03
2010 Census
Total Households 9,940 32,141 79,407
2000 Census
Total Households 9,929 31,716 78,569
Growth 2015-2020 0.47% 1.66% 1.83%
HOUSING UNITS 1 Miles 3 Miles 5 Miles
Occupied Units
2022 Projection 10,757 35,184 87,269
2017 Estimate 11,011 36,119 88,238
Owner Occupied 2,446 12,834 33,955
Renter Occupied 8,261 21,776 51,743
Vacant 305 1,509 2,540
Persons In Units
2017 Estimate Total Occupied Units 10,707 34,610 85,698
1 Person Units 41.53% 38.03% 38.46%
2 Person Units 39.85% 37.32% 37.61%
3 Person Units 11.17% 12.60% 12.59%
4 Person Units 5.36% 8.56% 7.64%
5 Person Units 1.57% 2.53% 2.52%
6+ Person Units 0.50% 0.95% 1.19%
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$200,000 or More 3.92% 9.11% 9.38%
$150,000 - $199,000 5.16% 6.90% 7.97%
$100,000 - $149,000 15.46% 15.79% 16.33%
$75,000 - $99,999 14.43% 14.60% 14.65%
$50,000 - $74,999 19.73% 17.93% 17.22%
$35,000 - $49,999 13.26% 11.17% 11.19%
$25,000 - $34,999 7.92% 6.79% 7.04%
$15,000 - $24,999 10.26% 8.49% 7.42%
Under $15,000 9.86% 9.23% 8.79%
Average Household Income $78,933 $101,688 $105,106
Median Household Income $61,519 $70,081 $72,559
Per Capita Income $41,590 $49,247 $50,427
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2017 Estimate Total Population 20,392 74,062 185,096
Under 20 10.87% 15.86% 15.86%
20 to 34 Years 42.54% 35.45% 35.16%
35 to 39 Years 11.05% 8.04% 8.13%
40 to 49 Years 12.32% 10.94% 11.22%
50 to 64 Years 15.40% 16.54% 15.88%
Age 65+ 7.83% 13.16% 13.72%
Median Age 33.85 34.35 34.50
Population 25+ by Education Level
2017 Estimate Population Age 25+ 16,363 54,770 137,687
Elementary (0-8) 0.96% 1.42% 1.63%
Some High School (9-11) 2.45% 2.33% 2.79%
High School Graduate (12) 11.79% 12.24% 12.44%
Some College (13-15) 21.33% 20.91% 19.70%
Associate Degree Only 9.43% 7.56% 6.98%
Bachelors Degree Only 37.49% 34.12% 34.22%
Graduate Degree 16.30% 21.16% 21.76%
Population by Gender
2017 Estimate Total Population 20,392 74,062 185,096
Male Population 53.04% 52.05% 52.69%
Female Population 46.96% 47.95% 47.31%
54
Income
In 2017, the median household income for your selected geography is
$61,519, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 60.42%
since 2000. It is estimated that the median household income in your
area will be $69,634 five years from now, which represents a change
of 13.19% from the current year.
The current year per capita income in your area is $41,590, compare
this to the US average, which is $30,982. The current year average
household income in your area is $78,933, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 20,392. The
population has changed by 8.49% since 2000. It is estimated that the
population in your area will be 20,435.00 five years from now, which
represents a change of 0.21% from the current year. The current
population is 53.04% male and 46.96% female. The median age of
the population in your area is 33.85, compare this to the US average
which is 37.83. The population density in your area is 6,491.93 people
per square mile.
Households
There are currently 10,707 households in your selected geography.
The number of households has changed by 7.84% since 2000. It is
estimated that the number of households in your area will be 10,757
five years from now, which represents a change of 0.47% from the
current year. The average household size in your area is 1.87 persons.
Employment
In 2017, there are 3,643 employees in your selected area, this is also
known as the daytime population. The 2000 Census revealed that
66.77% of employees are employed in white-collar occupations in
this geography, and 33.20% are employed in blue-collar occupations.
In 2017, unemployment in this area is 3.24%. In 2000, the average
time traveled to work was 24.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
86.51% White, 1.65% Black, 0.21% Native American and 2.69%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 11.73% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
2104 BACON ST
Housing
The median housing value in your area was $591,929 in 2017,
compare this to the US average of $193,953. In 2000, there were
2,457 owner occupied housing units in your area and there were
7,471 renter occupied housing units in your area. The median rent at
the time was $727.
Source: © 2017 Experian
DEMOGRAPHICS
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2104 BACON ST
DEMOGRAPHICS
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