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INDIO, CA
Permit Ready 60-UnitMulti-Family Site
OFFERING MEMORANDUM
CONFIDENTIALITY AND DISCLAIMER
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein.
INDIO, CA
Permit Ready 60-Unit Multi-Family Site
Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOURMARCUS & MILLICHAP AGENT FOR MORE DETAILS.
NON-ENDORSEMENT NOTICE
Section 1 PROPERTY DESCRIPTION
Section 2 PROJECT DETAILS
Section 3 CITY OF INDIO
Section 4 PRICING AND FINANCIAL ANALYSIS
Section 5 RECENT SALES
Section 6 RECENT SALES - EXISTING MULTI-FAMILY BUILDINGS
Section 7 RENT COMPARABLES - MULTI-FAMILY
Section 8 MARKET OVERVIEW
Section 9 DEMOGRAPHIC ANALYSIS
TABLE OF CONTENTS
Permit Ready 60-Unit Multi-Family Site
Permit Ready 60-UnitMulti-Family Site
INDIO, CA
PROPERTY DESCRIPTION
Marcus & Millichap is pleased to offer for sale the fully entitled and permit ready 60-unit multi-family residential development site located on Avenue 44 just west of Jackson Street in the booming city of Indio. This development opportunity will be delivered with all final city approvals for the construction of 60 residential units in six separate buildings along with a full set of blueprints for the development. Fully entitled “shovel-ready” projects are very difficult to find in Southern California and this property is very well positioned to take full advantage of the exploding Indio multi-family apartment market.
SiteThe site is rectangular in shape with ±836’ of frontage along Avenue 44 with a depth of ±286’. The topography of the site is flat and all of the utilities are to the site. The neighborhood surrounding the subject property is primarily single family residential in nature with a few small retail strip centers and several schools (there are three elementary schools located within blocks of the subject property). There is a large parcel of city-owned vacant land directly to the south of the subject along with a number of well-maintained office/industrial buildings as well. The property is located on Avenue 44 just west of Jackson Street and is only two blocks to the south of the I-10 freeway. Access to the freeway and access to downtown Indio isexcellent.
Unit Mix/AmenitiesAll 60 units in this development are designed to be 2 bedroom - 2 bath units of 1,050 square feet. Twelve of the units are scheduled to be ADA-compliant. Each unit will also have an attached 2-car garage along with either a private patio or balcony. Amenities will include a club house, a gymnasium with shower facilities, a swimming pool with a Jacuzzi, barbeque and play areas with equipment.
City of IndioKnown as the “City of Festivals”, Indio and the Coachella Valley submarket of the Inland Empire is the fastest growing submarket in the State of California, and is also one of the four fastest growing regions in the entire US. The population in the City of Indio has grown by 50% since the year 2000 and the city has the highest projected population growth in the Coachella Valley over the next 10 years with nearly 30,000 additional residents projected to live in the city by 2025. This is a huge advantage for the local apartment market as Indio apartment vacancies currently average in the 2% range with rental rates that are on the rise.
The OpportunityThis is one of those rare opportunities where a builder can almost immediately begin to work on the project. Final approvals have already been granted and the seller just paid $50,000 to obtain the grading permit. This will enable a builder to start working on this development in a very short time period.
Investment Highlights
■ Permit Ready 60-Unit Multi-Family Residential Development Opportunity
■ Final Approvals for the Project have been Granted by the City of Indo - Sellerwill Deliver Full Set of Blueprints
■ Seller Just Paid $50,000 to Obtain Grading Permit
■ All Units are to be 2 Bedroom-2 Bath Units of 1,050 SF
■ ±5.5 Acre Flat Rectangular Site with All Utilities to Site
■ Booming Demand for Multi-Family Housing in Indio with Very Little NewDevelopment to Meet Demand
1
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
INVESTMENT OVERVIEW
2
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
3
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
4
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
5
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PROPERTY PHOTOS
6
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
NEIGHBOR (WEST): RIVER OF LIFE CHURCH
7
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
NEIGHBOR (EAST): INDIO VILLAGE SQUARE
8
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
NEIGHBOR (SOUTH): INDUSTRIAL
Local Map Regional Map
9
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
AREA MAPS
10
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PLAT MAP
11
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
AERIAL PHOTO
12
PROPERTY DESCRIPTION
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
AERIAL PHOTO
Permit Ready 60-Unit Multi-Family Site
INDIO, CA
PROJECT DETAILS
14
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RENDERINGS
15
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RENDERINGS
16
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
SITE PLAN
17
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
SITE PLAN
18
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
SITE PLAN
19
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
BUILDING DETAILS
20
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
ELEVATIONS
21
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
TYPICAL FLOORPLANS
22
PROJECT DETAILS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
CONTACT LIST
ELECTRIC
Southern Cal Edison
1700 E. Tahquitz Canyon Way
Palm Springs, CA 92262
Phone: (800) 655‐4555
GAS
Southern California Gas Company
211 N. Sunrise Way
Palm Springs, CA 92262
Phone: (760) 674‐0290
SANITARY SEWER
Coachella Valley Water District
75‐525 Hovley Lane East
Palm Desert, CA 92260
Phone: (760) 398‐2651
TELEPHONE
Verizon California
295 N. Sunrise Way
Palm Springs, CA 92262
Phone: (800) 483‐1000
WATER
Coachella Valley Water District
75‐525 Hovley Lane East
Palm Desert, CA 92260
Phone: (760) 398‐2651
BUILDING
AGC Design Concept
Valencia, CA
STRUCTURAL
AGC Design Concept
Valencia, CA
PLUMBING/MECHANICAL/ELECTRICAL
Perfect Design and Engineering
Alhambra, CA
LANDSCAPING
George P. Parisi & Associates
Hacienda Heights, CA
SOILS ENGINEER
Geo‐Cal, Inc.
San Bernardino, CA
Permit Ready 60-UnitMulti-Family Site
INDIO, CA
CITY OF INDIO
24
CITY OF INDIO
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
TRADE AREA MAP
25
CITY OF INDIO
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
POPULATION & PROJECTED GROWTH
26
CITY OF INDIO
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
INDIO DEVELOPMENT ZONES
27
CITY OF INDIO
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
CITY OF INDIO ADVANTAGES
28
CITY OF INDIO
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
ONLY IN INDIO
Permit Ready 60-Unit Multi-Family Site
INDIO, CA
PRICING AND FINANCIAL ANALYSIS
30
PRICING AND FINANCIAL ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Summary
Property Permit Ready 60-Unit Multi-
Property Address Avenue 44 at Towne Street
Indio, CA 92201
Price $1,495,000
Down Payment 100% / $1,495,000
Lot Size (SF) 239,580
Price/SF $6.24
Lot Size (Acres) 5.5000
Price/Acre $271,818
Buildable SF 239,580
Price/Buildable SF $6.24
Number Of Units 60
Price/Unit $24,917
Lot Dimensions 836' x 237'
Type of Ownership Fee Simple
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
Site Description
Assessor's Parcel Number 611-125-006 & 007
Frontage 836' on Avenue 44
Utilities To Site
Traffic Counts 7,800 (2010)
Adjacent Development SFR Residential
Financing
FIRST TRUST DEED
Loan Type All Cash
FINANCIAL OVERVIEW
Permit Ready 60-Unit Multi-Family Site
INDIO, CA
RECENT SALES
1)
2)
3)
4)
5)
6)
Permit Ready 60-Unit Multi-Family Site
34th Avenue at Tahquitz Creek
1550 Amado Road
Auto Center Drive at Adams Street
Mirabella Drive at Madera Court
S Palm Canyon at Mesquite Avenue
2355 Cantina Way
32
RECENT SALES
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES MAP
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Subject 34thAvenue
atTahquitz
Creek
1550AmadoRoad
AutoCenterDrive
atAdamsStreet
MirabellaDrive
atMaderaCourt
SPalm
Canyonat
MesquiteAvenue
2355Cantina
Way
AVERAGE PRICE/ACRE
0
100,000
200,000
300,000
400,000
500,000
600,000
Subject 34thAvenue
atTahquitz
Creek
1550AmadoRoad
AutoCenterDrive
atAdamsStreet
MirabellaDrive
atMaderaCourt
SPalm
Canyonat
MesquiteAvenue
2355Cantina
Way
33
RECENT SALES
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
AVERAGE PRICE/SF
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PRICE PER SF AND PRICE PER ACRE
1
2
Comments
This site was entitled with a TTM for 41 detached condiminium units. The land is relatively flat and all utilities are near
the site. Based on 41 condos, this property sold at $50,000 per lot.
34th Avenue at Tahquitz Creek
Palm Springs, CA 92264
1550 Amado Road
Palm Springs, CA 92262
Comments
This property had previously been entitled for 38 units with units ranging from 1,399 SF to 1,604 SF for 2bd/2ba units.
This property sold at a price of $34,210 per unit.
Permit Ready 60-Unit Multi-Family Site
Avenue 44 at Towne Street
Indio, CA 92201
Subject Property
Close of Escrow: 1/9/2015 Lot Size (SF): 331,056
Sale Price: $2,050,000 Price/SF: $6.19
Down Payment: $41,000 Lot Size (Acres): 7.6000
Down Payment %: 2% Price/Acre: $269,737
Zoning: WRGA6 Lot Dimensions: Irregular
34
Close of Escrow: 6/24/2016 Lot Size (SF): 121,968
Sale Price: $1,300,000 Price/SF: $10.66
Down Payment: $1,300,000 Lot Size (Acres): 2.8000
Down Payment %: 100% Price/Acre: $464,286
Zoning: MR Lot Dimensions: Irregular
RECENT SALES
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES
Sale Price: $1,495,000 Lot Size (SF): 239,580
Down Payment: $1,495,000 Price/SF: $6.24
Down Payment %: 100% Lot Size (Acres): 5.5000
Zoning: Price/Acre: $271,818
Lot Dimensions: 836' x 237'
3
4
5
Mirabella Drive at Madera Court
Indio, CA 92203
S Palm Canyon at Mesquite Avenue
Palm Springs, CA 92264
Comments
This sale took place in Indio in 2016 and given that this site was for 81 SFR finished lots this transaction is for a
different product type than the subject property.
Comments
This site was to be developed as 56 single family homes and 25 multi-famiily units.
Auto Center Drive at Adams Street
La Quinta, CA 92253
Comments
This property was purchased by a buyer who intends to entitle the property for a mixed-use development with a
commercial and residential component.
Close of Escrow: 3/22/2016 Lot Size (SF): 310,147
Sale Price: $3,909,000 Price/SF: $12.60
Down Payment: $3,909,000 Lot Size (Acres): 7.1200
Down Payment %: 100% Price/Acre: $549,017
Zoning: RL Lot Dimensions: Irregular
35
Close of Escrow: 6/28/2016 Lot Size (SF): 959,191
Sale Price: $7,250,000 Price/SF: $7.56
Down Payment: $7,250,000 Lot Size (Acres): 22.0200
Down Payment %: 100% Price/Acre: $329,246
Zoning: Regional Lot Dimensions: Irregular
RECENT SALES
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Close of Escrow: 3/13/2014 Lot Size (SF): 472,626
Sale Price: $3,500,000 Price/SF: $7.41
Down Payment: $3,500,000 Lot Size (Acres): 10.8500
Down Payment %: 100% Price/Acre: $322,581
Zoning: R3 Lot Dimensions:
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES
62355 Cantina Way
Palm Springs, CA 92264
Comments
This site was entitled to build 15 condminiums with a price/unit of$33,333 per unit.
Close of Escrow: 11/14/2014 Lot Size (SF): 55,321
Sale Price: $500,000 Price/SF: $9.04
Down Payment: $500,000 Lot Size (Acres): 1.2700
Down Payment %: 100% Price/Acre: $393,701
Zoning: R2 Lot Dimensions: 316' x 175'
36
RECENT SALES
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES
Permit Ready 60-UnitMulti-Family Site
INDIO, CA
RECENT SALES - EXISTING MULTI-FAMILY BUILDINGS
1)
2)
3)
4)
5)
6)
7)
8)
Permit Ready 60-Unit Multi-Family Site
Villa Del Sol Apartments
Desert Oasis Apartments
33350 Cathedral Canyon Drive
73881 Fred Waring Drive
44220 San Pablo Avenue
39950 Bird Lane
Ocotillo Place Apartments
Monta Vista
38
RECENT SALES - EXISTING MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES MAP
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
VillaDelSol
Apartments
DesertOasis
Apartments
33350CathedralCanyon
Drive
73881Fred
WaringDrive
44220San
PabloAvenue
39950BirdLane
Average Cap Rate
39
RECENT SALES - EXISTING MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
CAP RATE AND GRM
Average Price per Square Foot
Average Price per Unit
0.00
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
180.00
VillaDelSol
Apartments
DesertOasis
Apartments
33350CathedralCanyon
Drive
73881Fred
WaringDrive
44220San
PabloAvenue
39950BirdLane
OcotilloPlace
Apartments
MontaVista
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
VillaDelSol
Apartments
DesertOasis
Apartments
33350CathedralCanyon
Drive
73881Fred
WaringDrive
44220San
PabloAvenue
39950BirdLane
OcotilloPlace
Apartments
MontaVista
40
RECENT SALES - EXISTING MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
PRICE PER SF AND PRICE PER UNIT
46211 Jackson Street
No. of Units: 90 Units Unit Type
Year Built: 1974 4 1 Bdr 1 Bath
Sale Price: $11,000,000 28 2 Bdr 1 Bath
Price/Unit: $122,222 48 3 Bdr 2 Bath
Price/SF: $130.86 10 4 Bdr 2 Bath
CAP Rate: 4.75%
GRM:
Villa Del Sol Apartments
43095 Washington Street
Palm Desert, CA 92211
No. of Units: 32 Units Unit Type
Year Built: 1980 32 2 Bdr 2 Bath
Sale Price: $5,400,000
Price/Unit: $168,750
Price/SF: $140.91
CAP Rate: 5.00%
GRM:
Comments
This property qualifies for the Low Income Housing Tax Credit.
Close of Escrow: June 2017
Close of Escrow: April 2017
Permit Ready 60-Unit Multi-Family Site
Avenue 44 at Towne Street
Indio, CA 92201
No. of Units: 60 Units Unit Type
Year Built:
Sale Price: $1,650,000 60 2 Bdr 2 Bath
Price/Unit:
Price/SF:
CAP Rate:
GRM:
Comments
Subject Property
1
2 Desert Oasis Apartments
46211 Jackson Street
Indio, CA 92201
41
Comments
RECENT SALES - EXISTING MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES
Close of Escrow: March 2017
No. of Units: 10 Units Unit Type
Year Built: N/A 8 2 Bdr 2 Bath
Sale Price: $1,275,000
Price/Unit: $127,500
Price/SF: $159.53
CAP Rate: 5.00%
GRM:
Comments
No. of Units: 10 Units Unit Type
Year Built: N/A
Sale Price: $1,220,000
Price/Unit: $122,000
Price/SF: $75.72
CAP Rate: 7.38%
GRM:
33350 Cathedral Canyon Drive
Cathedral City, CA 92234
73881 Fred Waring Drive
Palm Desert, CA 92260
44220 San Pablo Avenue
Palm Desert, CA 92260
Comments
No. of Units: 12 Units Unit Type
Year Built: N/A 12 2 Bdr 2 Bath Twnhs
Sale Price: $2,200,000
Price/Unit: $183,333
Price/SF: $129.12
CAP Rate: 5.05%
GRM:
Comments
Close of Escrow: February 2017
Close of Escrow: February 2017
3
4
5
42
RECENT SALES - EXISTING MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES
No. of Units: 24 Units Unit Type
Year Built: 1980 24 2 Bdr 2 Bath
Sale Price: $4,300,000
Price/Unit: $179,167
Price/SF: $176.52
CAP Rate: N/A
GRM:
No. of Units: 11 Units Unit Type
Year Built: 1989 4 1 Bdr 1 Bath
Sale Price: $1,375,000 5 2 Bdr 1 Bath
Price/Unit: $125,000 2 3 Bdr 2 Bath
Price/SF: $107.84
CAP Rate: 5.51%
GRM:
39950 Bird Lane
Rancho Mirage, CA 92270
Ocotillo Place Apartments
69155 Dinah Shore Drive
Cathedral City, CA 92234
Monta Vista
40235-40255 Harris Lane
Palm Desert, CA 92211
Comments
No. of Units: 135 Units Unit Type
Year Built: 1986 21 1 Bdr 1 Bath
Sale Price: $16,225,000 114 2 Bdr 2 Bath
Price/Unit: $120,185
Price/SF: $105.36
CAP Rate: N/A
GRM:
Comments
Close of Escrow: January 2017
Close of Escrow: January 2017
Close of Escrow: January 2017
Comments
6
7
8
43
RECENT SALES - EXISTING MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RECENT SALES
Permit Ready 60-UnitMulti-Family Site
INDIO, CA
RENT COMPARABLES - MULTI-FAMILY
1)
2)
3)
4)
5)
6)
7)
8)
9)
Permit Ready 60-Unit Multi-Family Site
Indigo Views
Desert Villa
Los Arboles
Sun Gold Apartments
Las Palmas Apartments
Valley Plaza Apartments
Park View Apartments
Ave 44 Apartments
Palo Verde Apartments
45
RENT COMPARABLES - MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RENT COMPARABLES MAP
Average Occupancy
0
10
20
30
40
50
60
70
80
90
100
IndigoViews
DesertVilla
LosArboles
SunGold
Apartments
LasPalmas
Apartments
ValleyPlaza
Apartments
ParkView
Apartments
Ave44
Apartments
PaloVerde
Apartments
0
100
200
300
400
500
600
700
800
LosArboles
SunGold
Apartments
LasPalmas
Apartments
ValleyPlaza
Apartments
ParkView
Apartments
Average Rents - 1 Bedroom
46
RENT COMPARABLES - MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
OCCUPANCY AND AVERAGE RENTS
2 Bdr
0
200
400
600
800
1,000
IndigoViews
DesertVilla
LosArboles
SunGold
Apartments
LasPalmas
Apartments
ValleyPlaza
Apartments
ParkView
Apartments
Ave44
Apartments
PaloVerde
Apartments
Average Rents - 2 Bedrooms
47
RENT COMPARABLES - MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
3 Bdr
0
200
400
600
800
1,000
1,200
SunGold
Apartments
PaloVerde
Apartments
Average Rents - 3 Bedrooms
AVERAGE RENTS
Subject Property
Comments
Comments
1
Comments
No. of Units
Occupancy:
Year Built:
Permit Ready 60-Unit Multi-Family Site
Avenue 44 at Towne Street
Indio, CA 92201
No. of Units 52
Occupancy: 94%
Year Built: 1987
No. of Units 64
Occupancy: 100%
Year Built: 1967
Indigo Views
81162 Fred Waring Drive
Indio, CA 92201
Desert Villa
46695 Desert Villa Street
Indio, CA 92201
Unit Type Units SF Rent Rent/SF
2 Bdr 2 Bath 26 980 $975 - $1,000 $1.01
2 Bdr 2 Bath Villa 26 1,060 $1,050 - $1,075 $1.00
Total/ Avg. 52 $1,024 $1.01
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 32 910 $805 $0.88
2 Bdr 1.5 Bath 32 988 $953 $0.96
Total/Wtd. Avg. 64 $879 $0.93
2
48
RENT COMPARABLES - MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Unit Type Units
60 2 Bdr 2 Bath
Total/Wtd. Avg.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RENT COMPARABLES
No. of Units 80
Occupancy: 100%
Year Built/Renovated: 1974
Los Arboles
81860 Shadow Palm Avenue
Indio, CA 92201
No. of Units 12
Occupancy: 100%
Year Built/Renovated: 1984
No. of Units 37
Occupancy: 100%
Year Built/Renovated: 1981
Sun Gold Apartments
44651 Sun Gold Street
Indio, CA
Las Palmas Apartments
81871 Las Palmas Road
Indio, CA 92201
Comments
Comments
Comments
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 3 650 $650 $1.00
2 Bdr 1 Bath 7 800 $714 $0.89
3 Bdr 2 Bath 2 945 $963 $1.02
Total/Wtd. Avg. 12 $775 $0.94
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 24 730 $700 $0.96
2 Bdr 1 Bath 40 930 $750 $0.81
2 Bdr 2 Bath 36 1,000 $795 $0.80
Total/Wtd. Avg. 100 $748 $0.83
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 12 675 $800 $1.19
2 Bdr 1.5 Bath 25 902 $930 $1.03
Total/Wtd. Avg. 37 $865 $1.07
5
4
49
RENT COMPARABLES - MULTI-FAMILY
3
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RENT COMPARABLES
RENT COMPARABLES
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
50
RENT COMPARABLES - MULTI-FAMILY
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
6
No. of Units 32
Occupancy: 100%
Year Built/Renovated: 1965
Valley Plaza Apartments
46450 Rubidoux Street
Indio, CA 92201
No. of Units 36
Occupancy: 100%
Year Built/Renovated: 1972
No. of Units 12
Occupancy: 95%
Year Built/Renovated: 1975
Park View Apartments
82597 Miles Avenue
Indio, CA 92201
Ave 44 Apartments
83325 Avenue 44
Indio, CA 92201
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Bath 12 850 $900 $1.06
Total/Wtd. Avg. 12 $900 $1.06
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 9 750 $800 $1.07
2 Bdr 1 Bath 25 1,000 $930 $0.93
Total/Wtd. Avg. 34 $865 $0.96
Unit Type Units SF Rent Rent/SF
1 Bdr 1 Bath 16 670 $800 $1.19
2 Bdr 1.5 Bath 16 866 $900 $1.04
Total/Wtd. Avg. 32 $850 $1.11
Comments
Comments
Comments
8
7
Permit Ready 60-Unit Multi-Family Site
INDIO, CA
MARKET OVERVIEW
52
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Riverside-San Bernardino Counties
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
Geography
The Riverside-San Bernardino metro, also referred to as
the Inland Empire, is a 28,000-square-mile region in
Southern California composed of San Bernardino and
Riverside counties. Valleys in the southwestern portion
of the region, adjacent to Los Angeles, Orange County
and San Diego County, are the most populous in the
metro. These areas abut the San Bernardino and San
Jacinto mountains, behind which lies the high desert
area of Victorville/Barstow to the north and the low-
desert Coachella, home of Palm Springs, to the east.
Market Highlights
Strategic location
■ Near LAX and Ontario International airports and
ports in Long Beach and Los Angeles, Riverside-San
Bernardino has vast air, rail and interstate systems.
Dominant industrial market
■ The metro is one of the nation’s leading industrial
markets in terms of sales, construction and
absorption.
Strong demographic trends
■ Jobs, colleges, new home construction and more
affordable housing will draw 372,600 new residents
to the Inland Empire by 2020.
Growing distribution market
■ Many Fortune 500 companies have massive
distribution centers in the area. Available land allows
for further development.
RIVERSIDE-SAN BERNARDINO
53
MARKET OVERVIEW
Largest Cities in Metro by Population
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
* ForecastSources: Marcus & Millichap Research Services, U.S. CensusBureau, Experian
Metro
The Riverside-San Bernardino metro contains a
population of more than 4.4 million. The largest city is
Riverside with 319,500 residents, followed by San
Bernardino. Although population growth has slowed
compared with the previous five years, the metro's
population is still expected to increase by 1.3 percent
annually through 2020, well above the national figure.
Infrastructure
Riverside-San Bernardino features three interstate
freeways, I-10, I-215 and I-15, that form a triangle
around one of the region’s core growth centers.
Additionally, the completion of the 210 freeway
extension made commuting to and from Rialto and San
Bernardino considerably easier.
The Riverside-San Bernardino metro has two major
airports: Ontario International and Palm Springs
International. The region also has a cargo-dedicated
facility, the Southern California Logistics Airport,
located just north of Victorville in the High Desert.
Two rail lines serve Riverside-San Bernardino, and the
region boasts one of the largest and most modern
intermodal facilities in the nation. Amtrak provides
passenger rail service, and MetroLink connects the area
to Orange County and Los Angeles. Local transit
agencies run bus service throughout the area.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
Riverside 319,500
San Bernardino 216,700
Moreno Valley 204,500
Fontana 203,000
Rancho Cucamonga 171,700
Ontario 169,000
RIVERSIDE-SAN BERNARDINO
Airports
■ Ontario International
■ Palm Springs International
■ 33 smaller airports
Major Roadways
■ Interstates 10, 15 and 215
■ Highways 60 , 71, 91 and 210
Rail
■ Freight - BNSF and Union Pacific
■ Passenger - Amtrak
■ Commuter - MetroLink
The Riverside-San Bernardino Metro is:
■ 60 miles from Los Angeles
■ 100 miles from San Diego
■ 113 miles from Tijuana
■ 400 miles from San Francisco
54
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
* ForecastSources: Marcus & Millichap Research Services, Bureau ofEconomic Analysis, Moody's Analytics, U.S. Census Bureau,CoStar
Economy
The Riverside-San Bernardino metro has one of the
largest economies in the United States. While the
region’s economic expansion has been fueled by a
number of factors, robust population growth has been
the primary demand driver. High home prices
throughout much of Southern California leave residents
seeking more affordable options in the Inland Empire.
The resulting increase in population will continue to
heighten the need for housing, retail goods, personal
services and government services.
There has also been exceptional growth in wholesale
trade and warehousing as the area is an important
distribution hub for the Southwest. Riverside-San
Bernardino is the premier location in the Los Angeles
Basin for new distribution facilities. This is because of
its large pool of experienced workers, relatively
inexpensive land and highly efficient intermodal
transportation system that reduces the cost of both
aggregating and distributing shipments. Amazon and
Deckers have huge warehouses in the region, and
growth in the distribution industry is expected to
impact all other sectors.
During the past year, the Riverside-San Bernardino
metro recorded higher industrial absorption than most
other industrial markets in the state. The distribution
system also benefits two major cargo airports: Ontario
International and the Southern California Logistics
Airport in Victorville.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
55
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Labor
The Riverside-San Bernardino metro employment base contains more than 1.3 million workers, and new jobs are
projected to be generated at an annual average pace of 1.7 percent through the next five years, above the national
growth rate of 1.3 percent. Traditionally, area residents who relocated from neighboring Los Angeles County or
Orange County continued to commute to these markets for work. In recent years though, a rise in commercial
development in the Inland Empire has generated more local jobs. As such, the job pool is becoming increasingly
diverse, and many of the metro’s population-serving industries are growing.
The metro’s infrastructure and proximity to the Los Angeles and Long Beach ports attract companies seeking West
Coast distribution hubs. As a result, the trade, transportation and utilities sector accounts for 24 percent of all
metro jobs. Given the prevalence of military installations and numerous cities and municipalities in the region, the
government sector makes up another 17 percent of total employment and is poised to grow by 0.3 percent
annually throughout 2020.
Education and health services is another large sector, with 201,300 employees, equaling 15 percent of the
workforce. Employment in this segment is expected to grow 3.9 percent annually during the coming five years.
Construction will also expand at 3.9 percent annually in that time.
Additionally, freeway improvements providing easier access to the eastern part of the metro and cities, including
Moreno Valley, Palm Springs and Palm Desert, should promote healthy employment growth as companies move
into these areas in the years ahead.
* ForecastSources: Marcus & Millichap Research Services, BLS, Moody's Analytics
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
56
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Major Employers
Employers
Government entities account for some of the largest
employers in the region, including Fort Irwin and
March Air Reserve Base. As the base downsized, unused
land was transformed into the March Inland Port, a
350-acre aviation-based industrial business park. March
Inland Port Airport is a public joint-use airport and its
13,000-foot runway is one of the longest runways on
the West Coast. Another significant employer is
Ontario International Airport. The facility provides
thousands of jobs at the airport and more than 50,000
indirect, off-site positions. Strong growth will continue
at the airport, given the limits to expansion placed on
neighboring airports in Los Angeles and Orange
counties.
Major healthcare providers such as Loma Linda
University Medical Center and Kaiser Permanente also
provide a big portion of the region’s jobs. Demand for
medical services is projected to rise rapidly in the
coming years because of the area’s increasing population
and the baby-boomer generation’s move into its
retirement years.
While Riverside-San Bernardino has a significant share
of large employers, the majority of companies are small.
This emphasis on small firms encourages innovation
and flexibility and is positive for the area’s long-term
outlook, as most of the growth taking place in the
economy is occurring in the small-business sector.
* ForecastSources: Marcus & Millichap Research Services, BLS, Moody'sAnalytics, Experian
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
San Bernardino County
Riverside County
Stater Bros.
Loma Linda University Medical Center
Kaiser Permanente
Wal-Mart Stores Inc.
University of California, Riverside
Fort Irwin
Ontario International Airport
March Air Reserve Base
57
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Demographics
The Riverside-San Bernardino metro consists of nearly
1.4 million households and more than 4.4 million
residents, making it one of the largest metropolitan areas
in the nation. While expansion will slow from earlier in
the decade, the Inland Empire is still on pace to grow
1.3 percent per year during the next five years, above the
national rate of 0.8 percent annually. This population
gain is driving new housing construction.
The majority of recent population growth in the area
was due to in-migration rather than natural increases.
Factors fueling in-migration include the strong local
economy, relatively affordable housing, large parcels of
developable land and a lack of available land in Los
Angeles County. The median existing home price in
Riverside-San Bernardino, at $299,700, also remains
much lower than medians in adjacent counties, allowing
63 percent of households to afford to own their home.
Residents are becoming more educated, as more than 50
percent of the metro’s adults have at least some college
education, and almost 20 percent of those ages 25 and
older have attained a bachelor’s degree or higher.
Increasing education levels have helped to raise
household earnings in the metro. The median
household income rests at $56,100 per year, on par with
the national median.
* ForecastSources: Marcus & Millichap Research Services, Moody'sAnalytics, U.S. Census Bureau
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
58
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
The information contained in the market overview comes from sources deemed to be reliable, however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. The most timely data available at time of production, including estimates and forecasts, were used and may be subject to revision.
Quality of Life
Riverside-San Bernardino offers a diversity of
landscapes, including the palm-tree-lined and pool-
studded Coachella Valley, the mountain communities of
Big Bear and Lake Arrowhead, the rolling hills and
wineries of Temecula Valley and the suburban
communities of the West San Bernardino Valley and
Moreno Valley. A temperate climate offers moderate
winters, warm summers and generally low humidity.
One of the greatest draws of the metro is relatively
affordable housing. The median home price in
Riverside-San Bernardino is nearly 40 percent lower
than in Los Angeles County and nearly 60 percent less
than in Orange County.
The Inland Empire provides a number of cultural
opportunities, including the Riverside Metropolitan
Museum, the Mission Inn Museum and the Museum of
History and Art in Ontario. The California Theatre of
Performing Arts in San Bernardino stages a number of
performances through the year, as does the refurbished
Fox Center for the Performing Arts. The Riverside
County Philharmonic provides classical music concerts
throughout the area.
The region features an impressive offering of more than
20 college campuses, including nine community
colleges, two California State University campuses and
the University of California, Riverside.
* ForecastSources: Marcus & Millichap Research Services, Moody'sAnalytics, National Association of Realtors®
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
59
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Jobs Foster Rental Demand, Encourage Development and InvestmentPopulation and economic gains lead occupancy upward. The Inland Empire grew by nearly 60,000 people, as jobgrowth mounted for a sixth consecutive year in 2015. The creation of new industrial positions remained robust asthe national distribution of retail inventories continued to increase alongside the rise of national retail sales andimports. Overall total employment gains encouraged household formation to a new high and placed it on atrajectory for future growth. Developers responded by obtaining new building permits and initiating construction.Large expanses of land are being dedicated to single-family residential tracts, with built-in schools and amenities.Apartment builders are also developing on a large scale this year, with multiple sites dedicated to complexesconsisting of 300 units or more to meet continually rising tenant demand. This year’s completions will notthreaten existing operations as vacancy remains well below the traditional replacement level. As units fill, rentalrates will expand for the seventh year in a row, securing another year of strong apartment revenues.
Buyer demand rises as apartments become choice residences for households. Investors lifted apartment sales to anelevated level in 2015 compared with previous years as compressed yields in larger Western metros did not meetpro forma return requirements. Sponsored capital groups are capturing many of the institutional-grade propertiesat near 4 percent returns. Individual buyers and private capital clients are driving value appreciation by bidding onassets with first-year yields listed in the low- to mid-5 percent range. As these properties are targeted by severalaggressive investors, a competitive buyer environment compressed cap rates nearly 20 to 50 basis points below thelisted mark. Additionally, some buyers are also providing large amounts of upfront capital at the purchase contractin order to compete. Opportunistic investors continue to focus on value-add assets generally in prime areas such asOntario, Chino/Chino Hills and Rancho Cucamonga at 4 to 5 percent initial yields. Properties farther east andsouth can trade 100 basis points higher. Such assets near new complexes are also drawing additional buyers.
Employment: After tapering slightly to 3.6 percent growth in 2015, employment growthwill pick up again to 3.8 percent annually, or 52,000 jobs, this year. Construction hiringwill be particularly robust as commercial and residential development continue.
Construction: Builders will ramp up completions to 2,400 this year, eclipsing last year’sdeliveries to meet rising tenant demand. This will increase local apartment supply 1.3percent. In 2014, developers added 1,300 units to the market.
Vacancy: After a 40-basis-point trim in 2015, Riverside-San Bernardino’s vacancy willtighten further this year, slipping 20 basis points to 3.7 percent and nearing full occupancy.Tightening will be especially prevalent in western submarkets such as Ontario/Chino andRiverside.
Rents: Compressed vacancy will foster rent advances of 5.6 percent in 2016 that will surpassthe five-year average growth of 3.7 percent. Faster rent growth will be partially mitigateddue to concessions in newer outlying units. In 2015, average effective rent surged 6.0percent.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
2016 Multifamily Forecast
3.8% increasein total
employment
2,400 unitswill be completed
20 basis pointdecrease in
vacancy
5.6% increasein effective rents
RIVERSIDE-SAN BERNARDINO
60
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Housing and Demographics
■ Job growth elevated household formation 2.3 percent in 2015, the fastest pace in a decade. Nearly 31,300 newhouseholds were added to the metro, accelerating from the 1.6 percent growth in 2014.
■ The median home price for the metro increased 6.5 percent last year to approximately $294,600, a 5.4 percentyear-over-year gain. The median household income grew 1.5 percent to $56,100 annually, a deceleration from3.6 percent rise in the prior year.
■ Homeownership isn’t affordable for many residents, as the median household income is $12,800 less than theminimum required for a median-priced home based on traditional financing.
■ Outlook: Permitting activity is projected to ramp up this year, rising approximately 60 percent for single-familyissuances and 180 percent for multifamily units. If the economy continues to grow, many of these permitscould be activated into starts.
Economy
■ The metro added 47,800 positions last year, elevating employment 3.6 percent year over year. Professional andbusiness services jobs slipped 4.7 percent in 2015, though gains overshadowed temporary softening. Thisfollows a 5.4 percent increase in 2014, the highest rate in a decade.
■ The large trade, transportation and utilities sector added nearly 16,000 jobs last year based on 4.9 percentgrowth, as logistics sector hiring was strong in 2015. Relative gains were led by construction and leisure andhospitality positions, which advanced 10.9 and 5.2 percent, respectively.
■ Unemployment fell 100 basis points to 6.4 percent in 2015 amid robust job growth, marking a sixth year ofdrops. The rate is less than half than the 2009 peak level.
■ Outlook: The Inland Empire will add 52,000 headcounts, extending growth by 3.8 percent in 2016. Adiversified economy will support strengthening in multiple employment sectors.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
RIVERSIDE-SAN BERNARDINO
* ForecastSources: Marcus & Millichap Research Services; BLS; Economy.com; NAR
61
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Construction
■ Apartment builders temporarily curbed deliveries to 1,290 units in 2015, nearly half the amount of the prioryear, when 2,400 rentals were completed.
■ Construction activity was concentrated in the Corona, Redlands and Ontario/Chino submarkets, each ofwhich received 280 apartments or more. Of these locations, only the Corona submarket has a vacancy rateabove the metrowide average. Deliveries in this area also included a portion of affordable units, which poselittle risk to current inventory.
■ The inability of many residents to purchase a private home in their desired neighborhood has led manyhouseholds to choose apartments. In return, this demand has pushed rental rates above some tenants’ means.This demand has also motivated apartment developers, including those in the affordable housing segment, tocomplete new projects. Last year, nearly 15 percent of deliveries were designated as low-income housing units.
■ Outlook: Apartment construction will ramp up in 2016 as 2,400 units are brought to market. A majority ofthese will be market-rate offerings with a small portion of affordable housing in the mix, similar to 2015deliveries.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
* ForecastSources: Marcus & Millichap Research Services; MPF Research
RIVERSIDE-SAN BERNARDINO
Vacancy
■ The Inland Empire’s vacancy tightened 40 basis points to 3.9 percent in 2015 as new supply was outpaced bydemand. In the prior period, vacancy dropped 50 basis points.
■ Eight of the 12 local submarkets posted vacancy rates below the metro average. Multiple areas are inchingtoward fully occupancy and will easily absorb this year’s deliveries.
■ The market’s lowest vacancies were the west in the Riverside and Ontario/Chino submarkets at 2.9 and 3.0percent, respectively. These areas are a short commute to Orange County and Los Angeles and have well-established retail and entertainment areas for renters.
■ Outlook: The metro’s vacancy is on target to tighten 20 basis points to 3.7 percent this year. Demand willremain robust from local workers and those commuting to Los Angeles and Orange counties, where rents areout of reach for many area residents.
62
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
Rents
■ Last year, the average effective rent rose 6.0 percent to $1,237 per month, surpassing the prior peak by 10.9percent. In 2014, average effective rent expanded 5.4 percent.
■ Three submarkets recorded rent gains above 7.0 percent last year. Double-digit rent growth was posted in theCorona submarket, escalating 11.6 percent year over year to $1,450 per month. The San Bernardino metrorent grew 9.5 percent to $960 per month; it’s one of three local submarkets where average monthly rent sitsbelow $1,000.
■ The average rent neared the $1,500 per month mark in three submarkets: Rancho/Cucamonga/Upland,Ontario/Chino and Corona. Rancho Cucamonga/Upland had the highest rate of $1,476 per month, thoughgrowth was tempered at 2.9 percent.
■ Outlook: Net absorption has exceeded completions over the past four years, boosting rental rates. Average rentwill complete a seventh consecutive year of gains in 2016, rising 5.6 percent in 2016.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
Sales Trends
■ Transaction velocity in the Inland Empire intensified 12 percent last year, reaching a new elevated level,following a 23 percent surge in 2014. Buyers are competing for available assets, some arriving with an increasedappetite for risk.
■ The average price per door rose 8.8 percent annually to $145,300 in 2015. This is approximately half the costof what can be purchased in Los Angeles and Orange counties. Within the Inland Empire, pricing below theaverage can be found in areas such as Indio and San Bernardino, generally ranging around $60,000 to$120,000 per door.
■ Average initial yields compressed 40 basis points last year to 5.7 percent. Buyers willing to pay a premiuminvested in areas such as Ontario, where returns were 20 to 50 basis points below the metrowide average.
■ Outlook: Buyers desiring to own assets in Southern California are targeting the Riverside-San Bernardinometro for higher returns than are available farther west. Investment activity will remain elevated for a sixthconsecutive year.
RIVERSIDE-SAN BERNARDINO
* ForecastSources: Marcus & Millichap Research Services; MPF Research; CoStar Group, Inc.; Real Capital Analytics
63
MARKET OVERVIEW
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
Capital Markets
■ Following the first interest rate increase since 2008, the Federal Reserve has promised a measured, patientapproach to future rate hikes. Recently, the mixed picture of U.S. economic data has given several members ofthe bank’s monetary policy committee reason to pause. Robust labor market indicators present positiveevidence of continued expansion, while manufacturing and inflation expectations have weakened due to thestronger dollar. As a result, the central bank will likely weigh the balance of data over the coming monthsbefore enacting additional rate hikes.
■ Multifamily housing trends have continued to accelerate over the past year, with the national vacancy ratefalling 40 basis points to 4.1 percent. Meanwhile, development remains considerable, although generallylimited to primary markets; deliveries in 2015 exceeded 230,000 units for the second straight year, the highestannual total since 2000. However, despite the incredible pace of construction, net absorption surpassed supplygrowth, supporting a 5.6 percent climb in average effective rental rates.
■ Fannie Mae and Freddie Mac are underwriting five-, seven- and 10-year commercial property loans withmaximum leverage of 80 percent. Interest rates for these loans will range from 3.7 percent to 4.2 percent,depending on loan structure and maturity, for loans above $3 million. Portfolio lenders, including commercialbanks and life insurance companies, offer debt at 65 to 75 percent loan to value on 10-year terms at 3.60 to4.25 percent. Floating-rate terms typically carry a maximum LTV of 65 percent for stabilized properties, whilepricing at a 250- to 425-basis-point spread above Libor. CMBS issuance topped $100 billion last year, butwider spreads have curtailed activity thus far in 2016.
RIVERSIDE-SAN BERNARDINO
Local Highlights
■ Employment in the Inland Empire has increased by nearly a quarter since 2010. The local economy hasdiversified to include a greater proportion of positions in the professional and business services and theeducation and health services sectors, in addition to the strong industrial employment base. Overall householdgrowth has encouraged development, supporting growth in the construction sector. Leisure and hospitalitysector positions have also been surging, with all sectors supporting unemployment plunging approximately 700basis points in the period to 6.4 percent in 2015.
■ Lewis Cos. is bullish on the metro’s residential market, with apartment and residential sites slated for futurecompletion. Lewis will deliver 499 units this year in the phased Homecoming at the Preserve in Chino. InOntario, its single-family master-planned project of Park Place consists of 287 acres, 1,250 homes, a school andclubhouse.
■ Multi-acre master-planned residential communities aim to serve a variety of residents. A large 55-plus cohorthas driven some developers to initiate projects such as Terramor, which will include 1,443 home sites on nearly1,000 acres. The project will also include both age-restricted and market-rate neighborhoods. These projectsaren’t likely to reduce apartment demand but rather shift homeowner demand from larger Californian metrosto the west.
Permit Ready 60-Unit Multi-Family Site
INDIO, CA
DEMOGRAPHIC ANALYSIS
1 Mile 3 Miles 5 Miles
2000 Population 12,764 53,956 86,709
2010 Population 13,753 79,318 136,195
2014 Population 14,360 84,219 143,897
2019 Population 15,080 94,823 165,019
2000 Households 3,208 14,909 25,432
2010 Households 3,561 23,328 41,438
2014 Households 3,743 24,941 44,057
2019 Households 3,938 28,350 51,033
2014 Average Household Size 3.80 3.33 3.24
2014 Daytime Population 4,403 17,569 31,832
2000 Owner Occupied Housing Units 51.09% 50.75% 54.23%
2000 Renter Occupied Housing Units 45.35% 36.48% 30.48%
2000 Vacant 3.55% 12.77% 15.30%
2014 Owner Occupied Housing Units 51.43% 62.67% 64.40%
2014 Renter Occupied Housing Units 48.57% 37.33% 35.60%
2014 Vacant 5.42% 13.48% 15.14%
2019 Owner Occupied Housing Units 52.23% 64.02% 65.15%
2019 Renter Occupied Housing Units 47.77% 35.98% 34.85%
2019 Vacant 5.99% 13.35% 15.05%
$ 0 - $14,999 16.4% 12.8% 11.7%
$ 15,000 - $24,999 21.9% 14.3% 12.6%
$ 25,000 - $34,999 14.5% 12.1% 11.6%
$ 35,000 - $49,999 14.1% 15.0% 14.4%
$ 50,000 - $74,999 13.0% 18.7% 19.1%
$ 75,000 - $99,999 8.7% 10.7% 10.7%
$100,000 - $124,999 5.6% 7.5% 7.7%
$125,000 - $149,999 2.3% 3.2% 4.0%
$150,000 - $199,999 2.1% 3.1% 3.9%
$200,000 - $249,999 0.6% 1.1% 1.8%
$250,000 + 0.9% 1.6% 2.5%
2014 Median Household Income $33,446 $45,026 $49,656
2014 Per Capita Income $13,332 $18,991 $22,323
2014 Average Household Income $50,093 $63,351 $72,433
Demographic data © 2012 by Experian.
65
DEMOGRAPHIC ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
DEMOGRAPHIC REPORT
Geography: 5 miles
Population
In 2014, the population in your selected geography is 143,897. The population has changed by 65.95% since 2000. It is estimated
that the population in your area will be 165,019 five years from now, which represents a change of 14.67% from the current year.
The current population is 49.31% male and 50.68% female. The median age of the population in your area is 32.1, compare this to
the Entire US average which is 37.3. The population density in your area is 1,832.01 people per square mile.
Households
There are currently 44,057 households in your selected geography. The number of households has changed by 73.23% since 2000.
It is estimated that the number of households in your area will be 51,032 five years from now, which represents a change of 15.83%
from the current year. The average household size in your area is 3.24 persons.
Income
In 2014, the median household income for your selected geography is $49,655, compare this to the Entire US average which is
currently $51,972. The median household income for your area has changed by 30.33% since 2000. It is estimated that the median
household income in your area will be $57,680 five years from now, which represents a change of 16.16% from the current year.
The current year per capita income in your area is $22,323, compare this to the Entire US average, which is $28,599. The current
year average household income in your area is $72,432, compare this to the Entire US average which is $74,533.
Race & Ethnicity
The current year racial makeup of your selected area is as follows: 60.68% White, 1.87% Black, 0.08% Native American and 2.18%
Asian/Pacific Islander. Compare these to Entire US averages which are: 71.60% White, 12.70% Black, 0.18% Native American and
5.02% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 68.16% of the current year
population in your selected area. Compare this to the Entire US average of 17.13%.
Housing
In 2000, there were 16,281 owner occupied housing units in your area and there were 9,150 renter occupied housing units in your
area. The median rent at the time was $495.
Employment
In 2014, there are 31,832 employees in your selected area, this is also known as the daytime population. The 2000 Census revealed
that 43.86% of employees are employed in white-collar occupations in this geography, and 55.95% are employed in blue-collar
occupations. In 2014, unemployment in this area is 11.37%. In 2000, the average time traveled to work was 21.9 minutes.
Demographic data © 2012 by Experian.
66
DEMOGRAPHIC ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
SUMMARY REPORT
Number of people living in a given area per square mile.
Demographic data © 2012 by Experian.
67
DEMOGRAPHIC ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
POPULATION DENSITY
The number of people employed in a given area per square mile.
Demographic data © 2012 by Experian.
68
DEMOGRAPHIC ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
EMPLOYMENT DENSITY
Average income of all the people 15 years and older occupying a
single housing unit.
Demographic data © 2012 by Experian.
69
DEMOGRAPHIC ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
AVERAGE HOUSEHOLD INCOME
Two-way, average daily traffic volumes.Traffic Count data © 2012 by TrafficMetrix. All rights reserved.
70
DEMOGRAPHIC ANALYSIS
Permit Ready 60-Unit Multi-Family SiteINDIO, CA
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as tothe accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for anyinaccuracies. Marcus & Millichap is a trademark of Marcus & Millichap Real Estate Investment Services, Inc. © 2017 Y0100319 Marcus &Millichap. All rights reserved.
TRAFFIC COUNTS
* Traffic Count Estimate
INDIO, CA
OFFERING MEMORANDUM
Permit Ready 60-Unit Multi-Family Site
Offices Throughout the U.S. and Canada
www.MarcusMillichap.com
Exclusively Listed By:
Matthew D. WenzelFirst Vice President Investments
Director, National Multi Housing GroupNewport Beach Office
License: CA: 01198357Tel: (949) 419-3205Fax: (949) 419-3210
[email protected]/MatthewDWenzel