OFFERING MEMORANDUM Summit Apartments PASADENA, CA OFFERING MEMORANDUM KW COMMERCIAL 700 S. Flower Street, Suite 2900 Los Angeles, CA 90017 PRESENTED BY: STEPHEN WATSON Managing Director - KW Commercial DTLA 213.446.3636 swatson@total-realtygroup.com BRE #01187813 MICHAEL FUKUSHIMA Director - KW Commercial DLTA 818.321.6490 mfukushima@total-realtygroup.com BRE #01380445 FRANK GRENNIE Partner Sales Mgr 818.926.8576 fgrennie@total-realtygroup.com BRE #01520428
OFFERING MEMORANDUM Confidentiality & Disclaimer PASADENA, CA All materials and information received or derived from KW Commercial its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty as to completeness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, developability or suitability, financial performance of the property, projected financial performance of the property for any party s intended use or any and all other matters. Neither KW Commercial its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party s active conduct of its own due diligence to determine these and other matters of significance to such party. KW Commercial will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. EACH PARTY SHALL CONDUCT ITS OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE. Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. KW Commercial makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. KW Commercial does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions,vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by Downtown LA in compliance with all applicable fair housing and equal opportunity laws. PRESENTED BY: KW COMMERCIAL 700 S. Flower Street, Suite 2900 Los Angeles, CA 90017 STEPHEN WATSON Managing Director - KW Commercial DTLA 213.446.3636 swatson@total-realtygroup.com BRE #01187813 MICHAEL FUKUSHIMA Director - KW Commercial DLTA 818.321.6490 mfukushima@total-realtygroup.com BRE #01380445 FRANK GRENNIE Partner Sales Mgr 818.926.8576 fgrennie@total-realtygroup.com BRE #01520428 We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction. www.kwcommercial.com 2
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES PROPERTY INFORMATION 1 PROPERTY INFORMATION SUMMIT APARTMENTS PROPERTY INFORMATION 1 EXECUTIVE SUMMARY PROPERTY DESCRIPTION PROPERTY DETAILS COMPLETE HIGHLIGHTS ADDITIONAL PHOTOS www.kwcommercial.com 3
Executive Summary 1 PROPERTY INFORMATION SALE PRICE: $2,500,000 UNITS: 12 PRICE PER UNIT: $208,333 CAP RATE: 3.73% GRM: 17.03 NOI: $93,332 LOT SIZE: 0.45 Acres BUILDING SIZE: 6,018 SF YEAR BUILT: 1928 ZONING: PSR1 PROPERTY OVERVIEW 12 Units Minutes from Old Pasadena and California Institute of Technology! This amazing 1920's twelve unit 6,018 square foot Craftsman style beauty sits on a 19,802 square foot lot in non rent control Pasadena! Property consists of 5 buildings that are each separately metered for gas and electric, individual water heater per unit, and ten garage parking paces plus 6 parking slots. This property also has an excelent unit mix consisting of 4 studios, 6 one bed/ one bath, 2 two bed/ one bath. Good location situated within minutes of Old town Pasadena, Cal Tech, and a short drive to booming Downtown Los Angeles. DO NOT DISTURB TENANTS, DRIVE BY ONLY THOSE WHO DO NOT COMPLY WILL BE DISQUALIFIED FROM SALE!! CROSS STREETS: E Hammond St www.kwcommercial.com 4
1 PROPERTY INFORMATION Property Description LOCATION OVERVIEW The property is located in Northwest Central Pasadena in the North Marengo neighborhood in Pasadena, California. It is bordered by The Banbury Oaks neighborhood to the West, Garfield Heights neighborhood to the East, Villa Park neighborhood to the South, and Raymond neighborhood to the North. www.kwcommercial.com 5
Property Details 1 PROPERTY INFORMATION PROPERTY NAME: Summit Apartments STREET ADDRESS: 1145 N Summit Ave CITY, STATE, ZIP: Pasadena, CA 91103 APN: 5728-002-016 LOT SIZE: 0.45 AC BUILDING SIZE: 6,018 SF BUILDING CLASS: C ZONING: PSR1 PARKING SPACES: 18 YEAR BUILT: 1928 NUMBER OF UNITS: 12 www.kwcommercial.com 6
Complete Highlights 1 PROPERTY INFORMATION PROPERTY HIGHLIGHTS - Non rent control - Ample on Site parking - Easy access to freeway(s) - Quiet tree lined street - +/-30% upside in rents - Great unit mix - Very large lot - Separately metered for gas and electricity - Additional 2,088 Sq. Ft. of building in Garage Space - Washer and Dryer Hookups www.kwcommercial.com 7
Additional Photos 1 PROPERTY INFORMATION www.kwcommercial.com 8
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES LOCATION INFORMATION 2 LOCATION INFORMATION SUMMIT APARTMENTS LOCATION INFORMATION 2 REGIONAL MAP LOCATION MAPS AERIAL MAP
Regional Map 2 LOCATION INFORMATION 1145 N Summit Ave www.kwcommercial.com 10
SUMMIT APARTMENTS 2 LOCATION INFORMATION Location Maps www.kwcommercial.com 11
Aerial Map 2 LOCATION INFORMATION www.kwcommercial.com 12
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES FINANCIAL ANALYSIS 3 FINANCIAL ANALYSIS SUMMIT APARTMENTS FINANCIAL ANALYSIS 3 FINANCIAL SUMMARY INCOME & EXPENSES RENT ROLL UNIT MIX SUMMARY
3 FINANCIAL ANALYSIS Financial Summary INVESTMENT OVERVIEW ACTUAL PROFORMA Price $2,500,000 $2,500,000 Price per Unit $208,333 $208,333 GRM 17.0 12.0 CAP Rate 3.7% 6.1% Cash-on-Cash Return (yr 1) 1.96 % 6.31 % Total Return (yr 1) $45,886 $105,697 Debt Coverage Ratio 1.41 2.31 OPERATING DATA ACTUAL PROFORMA Gross Scheduled Income $146,808 $207,600 Total Scheduled Income $146,808 $207,600 Vacancy Cost $2,936 $3,917 Gross Income $143,872 $203,683 Operating Expenses $50,540 $50,540 Net Operating Income $93,332 $153,143 Pre-Tax Cash Flow $26,920 $86,731 FINANCING DATA ACTUAL PROFORMA Down Payment $1,375,000 $1,375,000 Loan Amount $1,125,000 $1,125,000 Debt Service $66,412 $66,412 Debt Service Monthly $5,534 $5,534 Principal Reduction (yr 1) $18,966 $18,966 www.kwcommercial.com 14
Income & Expenses 3 FINANCIAL ANALYSIS INCOME SUMMARY ACTUAL PER SF PROFORMA PER SF Rental Income $146,808 $24.39 $207,600 $34.50 GROSS INCOME $146,808 $24.39 $207,600 $34.50 EXPENSE SUMMARY ACTUAL PER SF PROFORMA PER SF Insurance $4,189 $0.70 $4,189 $0.70 Water & Sewage $6,026 $1.00 $6,026 $1.00 Electricity (Separately Metered) $374 $0.06 $374 $0.06 Gas (Separately Metered) $0 $0.00 $0 $0.00 Trash Removal $1,981 $0.33 $1,981 $0.33 Pest Control $390 $0.06 $390 $0.06 Gardener/Landscaping $1,300 $0.22 $1,300 $0.22 Maintenance & Reserves $5,000 $0.83 $5,000 $0.83 Cleaning Expenses $800 $0.13 $800 $0.13 Licenses $480 $0.08 $480 $0.08 Property Tax (1.2% of $2,500,000.00) $30,000 $4.99 $30,000 $4.99 GROSS EXPENSES $50,540 $8.40 $50,540 $8.40 NET OPERATING INCOME $93,332 $15.51 $153,143 $25.45 www.kwcommercial.com 15
Rent Roll 3 FINANCIAL ANALYSIS UNIT NUMBER UNIT BED UNIT BATH UNIT SIZE (SF) TENANT RENT SEC 8 LEASE START LEASE END CURRENT RENT SECURITY DEPOSIT 1A 2 1 850 $545 $480 4/1/14 Month-Month $1,025 $1,200 1B 2 1 850 $1125-1/1/14 Month-Month $1,125 $1,064 2 1 1 490 $981-10/18/13 Month-Month $981 $1,256 3 1 1 490 $1050-10/18/13 Month-Month $1,050 $1,259 4 1 1 490 $1185-1/1/16 Month-Month $1,525 $2,334 5 1 1 490 $875-5/1/15 1/1/18 $875 $875 6 0 1 350 $902-1/1/14 4/3/18 $902 $0 7 0 1 350 $213 $637 1/1/14 Month-Month $850 $975 8 0 1 350 $549 $341 1/1/14 Month-Month $890 $800 9 0 1 350 $137 $713 1/1/14 Month-Month $850 $800 10 1 1 490 $81 $1019 1/1/14 Month-Month $1,100 $1,000 11 1 1 490 $1061-1/1/14 Month-Month $1,061 $980 6,040 $12,234 $12,543 www.kwcommercial.com 16
Unit Mix Summary 3 FINANCIAL ANALYSIS UNIT TYPE COUNT % TOTAL SIZE (SF) RENT RENT/SF MARKET RENT MARKET RENT/SF 0+1 4 33.3 350 $873 $2.49 $1,150 $3.29 1+1 6 50.0 490 $1,042 $2.13 $1,525 $3.11 2+1 2 16.7 850 $1,075 $1.26 $1,775 $2.09 Totals / Averages 12 100% 6,040 $11,894 $1.97 $17,300 $2.86 www.kwcommercial.com 17
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES SALE COMPARABLES 4 SALE COMPARABLES SUMMIT APARTMENTS SALE COMPARABLES 4 SALE COMPS SALE COMPS SUMMARY SALE COMPS MAP
SUMMIT APARTMENTS 4 SALE COMPARABLES Sale Comps SUBJECT PROPERTY 1145 N Summit Ave Pasadena, CA 91103 1 Sale Price: $2,500,000 Year Built: 1928 Building SF: 6,018 SF Price PSF: $415.42 No. Units: 12 Price / Unit: $208,333 GRM: 17.03 Cap: 3.73% 677 S. LAKE AVE. 677 S. Lake Ave. Pasadena, CA 91106 2 Sale Price: $2,700,000 Year Built: 1950 Building SF: 5,648 SF Price PSF $478.05 No. Units 10 Price / Unit $270,000 CAP: 3.5% Closed: 12/01/2016 Occupancy: 70% GRM: 15.3 1 815 E. VILLA ST. 815 E. Villa St. Pasadena, CA 91101 3 Sale Price: $2,430,000 Year Built: 1964 Building SF: 8,079 SF Price PSF $300.78 No. Units 12 Price / Unit $202,500 CAP: 2.45% Closed: 07/22/2016 Occupancy: 100% GRM: 16.9 2 789 E VILLA ST. 789 E Villa St. Pasadena, CA 91101 Sale Price: $2,330,000 Year Built: 1963 Building SF: 7,710 SF Price PSF $302.20 No. Units 12 Price / Unit $194,166 CAP: 3.15% Closed: 06/29/2016 Occupancy: 100% GRM: 16.89 NOI: $73,395 3 www.kwcommercial.com 19
4 SALE COMPARABLES Sale Comps 4 497 N. MADISON AVE 497 N. Madison Ave Pasadena, CA 91101 Sale Price: $2,050,000 Year Built: 1921 Building SF: 5,282 SF Price PSF $388.11 No. Units 10 Price / Unit $205,000 CAP: 3.2% Closed: 07/29/2016 4 5 295-305 BARTHE DR. 295-305 Barthe Dr. Pasadena, CA 91103 Sale Price: $3,135,000 Year Built: 1954 Building SF: 8,689 SF Price PSF $360.80 No. Units 16 Price / Unit $195,937 CAP: 4.4% Closed: 05/05/2017 5 www.kwcommercial.com 20
4 SALE COMPARABLES Sale Comps Summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS Summit Apartments 1145 N Summit Ave Pasadena, CA 91103 $2,500,000 6,018 SF $415.42 $208,333 3.73% 17.03 12 SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE 1 2 3 4 5 677 S. Lake Ave. 677 S. Lake Ave. Pasadena, CA 91106 815 E. Villa St. 815 E. Villa St. Pasadena, CA 91101 789 E Villa St. 789 E Villa St. Pasadena, CA 91101 497 N. Madison Ave 497 N. Madison Ave Pasadena, CA 91101 295-305 Barthe Dr. 295-305 Barthe Dr. Pasadena, CA 91103 $2,700,000 5,648 SF $478.05 $270,000 3.5% 15.3 10 12/01/2016 $2,430,000 8,079 SF $300.78 $202,500 2.45% 16.9 12 07/22/2016 $2,330,000 7,710 SF $302.20 $194,166 3.15% 16.89 12 06/29/2016 $2,050,000 5,282 SF $388.11 $205,000 3.2% 23.1 10 07/29/2016 $3,135,000 8,689 SF $360.80 $195,937 4.4% 13 16 05/05/2017 SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS TOTALS/AVERAGES $2,529,000 7,082 SF $357.10 $210,750 3.34% 17.04 12 www.kwcommercial.com 21
SUMMIT APARTMENTS 4 SALE COMPARABLES Sale Comps Map SUBJECT PROPERTY 1145 N Summit Ave Pasadena, CA 91103 677 S. LAKE AVE. 815 E. VILLA ST. 677 S. Lake Ave. Pasadena, CA 91106 815 E. Villa St. Pasadena, CA 91101 1 2 789 E VILLA ST. 497 N. MADISON AVE 789 E Villa St. Pasadena, CA 91101 497 N. Madison Ave Pasadena, CA 91101 3 4 295-305 BARTHE DR. 295-305 Barthe Dr. Pasadena, CA 91103 5 www.kwcommercial.com 22
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES ON MARKET COMPARABLES 5 ON MARKET COMPARABLES SUMMIT APARTMENTS ON MARKET COMPARABLES 5 ON MARKET COMPS ON MARKET COMPS SUMMARY ON MARKET COMPS MAP
5 ON MARKET COMPARABLES On Market Comps SUBJECT PROPERTY 1145 N Summit Ave Pasadena, CA 91103 Sale Price: $2,500,000 Year Built: 1928 Building SF: 6,018 SF Price PSF: $415.42 No. Units: 12 Price / Unit: $208,333 GRM: 17.03 Cap: 3.73% 1 827-835 E WASHINGTON BLVD 827-835 E Washington Blvd Pasadena, CA 91104 Sale Price: $1,988,000 Year Built: 1941 Building SF: 4,410 SF Price PSF $450.79 No. Units 8 Price / Unit $248,500 CAP: 3.5% Occupancy: 95% 1 2 89 HURLBUT ST 89 Hurlbut St Pasadena, CA 91105 Sale Price: $2,700,000 Year Built: 1961 Building SF: 4,661 SF Price PSF $579.27 No. Units 9 Price / Unit $300,000 CAP: 1.1% GRM: 25.4 2 3 777 N. LOS ROBLES AVE 777 N. Los Robles Ave Pasadena, CA 91104 Sale Price: $2,600,000 Year Built: 1910 Building SF: 6,138 SF Price PSF $423.59 No. Units 10 Price / Unit $260,000 CAP: 3.9% GRM: 19.6 3 www.kwcommercial.com 24
5 ON MARKET COMPARABLES On Market Comps 4 103 CATALINA AVE 103 Catalina Ave Pasadena, CA 91106 Sale Price: $1,789,594 Year Built: 1925 Building SF: 3,270 SF Price PSF $547.28 No. Units 8 Price / Unit $223,699 CAP: 0% GRM: 0 4 5 1497-99 N RAYMOND 1497-99 N Raymond Pasadena, CA 91106 Sale Price: $1,100,000 Year Built: 1898 Building SF: 5,373 SF Price PSF $204.73 No. Units 8 Price / Unit $137,500 CAP: 3.25% NOI: $35,750 5 www.kwcommercial.com 25
5 ON MARKET COMPARABLES On Market Comps Summary SUBJECT PROPERTY PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS Summit Apartments 1145 N Summit Ave Pasadena, CA 91103 $2,500,000 6,018 SF $415.42 $208,333 3.73% 17.03 12 SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS CLOSE 1 2 3 4 5 827-835 E Washington Blvd 827-835 E Washington Blvd Pasadena, CA 91104 89 Hurlbut St 89 Hurlbut St Pasadena, CA 91105 777 N. Los Robles Ave 777 N. Los Robles Ave Pasadena, CA 91104 103 Catalina Ave 103 Catalina Ave Pasadena, CA 91106 1497-99 N Raymond 1497-99 N Raymond Pasadena, CA 91106 $1,988,000 4,410 SF $450.79 $248,500 3.5% 21.16 8 On Market $2,700,000 4,661 SF $579.27 $300,000 1.1% 25.4 9 On Market $2,600,000 6,138 SF $423.59 $260,000 3.9% 19.6 10 On Market $1,789,594 3,270 SF $547.28 $223,699 0% 0 8 On Market $1,100,000 5,373 SF $204.73 $137,500 3.25% - 8 On Market SALE COMPS PRICE BLDG SF PRICE/SF PRICE/UNIT CAP GRM # OF UNITS TOTALS/AVERAGES $2,035,519 4,770 SF $426.73 $236,688 2.94% 22.05 8.6 www.kwcommercial.com 26
On Market Comps Map 5 ON MARKET COMPARABLES SUBJECT PROPERTY 1145 N Summit Ave Pasadena, CA 91103 1 827-835 E WASHINGTON BLVD 827-835 E Washington Blvd Pasadena, CA 91104 2 89 HURLBUT ST 89 Hurlbut St Pasadena, CA 91105 3 777 N. LOS ROBLES AVE 777 N. Los Robles Ave Pasadena, CA 91104 4 103 CATALINA AVE 103 Catalina Ave Pasadena, CA 91106 5 1497-99 N RAYMOND 1497-99 N Raymond Pasadena, CA 91106 www.kwcommercial.com 27
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES RENT COMPARABLES 6 RENT COMPARABLES SUMMIT APARTMENTS RENT COMPARABLES 6 RENT COMPS RENT COMPS SUMMARY RENT COMPS MAP
6 RENT COMPARABLES Rent Comps SUBJECT PROPERTY 1145 N Summit Ave Pasadena, CA 91103 Year Built: 1928 Lot Size: 0.45 AC No. Units: 12 Avg. Rent/SF: $1.97 Avg. Size: 503 SF Avg. Rent: $991 1 390 N RAYMOND AVE 390 N Raymond Ave Pasadena, CA 91103 Year Built: 1955 No. Units: 24 Occupancy: 97% Avg. Rent $1,195 1 2 1070 N LAKE AVE 1070 N Lake Ave Pasadena, CA 91104 Year Built: 1973 No. Units: 115 Avg. Rent $1,315 2 3 1255 N HUDSON AVE 1255 N Hudson Ave Pasadena, CA 91103 Year Built: 1982 Lot Size: 41692 AC No. Units: 44 Avg. Rent $1,160 3 www.kwcommercial.com 29
6 RENT COMPARABLES Rent Comps 4 823 N MADISON AVE 823 N Madison Ave Pasadena, CA 91104 Year Built: 1928 No. Units: 4 Occupancy: 75% Avg. Rent $1,695 4 5 1091 N LOS ROBLES 1091 N Los Robles Ave Pasadena, CA 91104 Year Built: 1989 No. Units: 24 Occupancy: 97% Avg. Rent $1,795 5 6 839 N SUMMIT AVE 839 N Summit Ave Pasadena, CA 91103 Year Built: 1989 No. Units: 9 Avg. Rent $1,550 6 7 869 LINCOLN AVE 869 Lincoln Ave Pasadena, CA 91103 Year Built: 1906 No. Units: 4 Occupancy: 75% Avg. Rent $1,650 7 www.kwcommercial.com 30
6 RENT COMPARABLES Rent Comps 8 1166 N RAYMOND AVE 1166 N Raymond Ave Pasadena, AK 91103 Year Built: 1926 Lot Size: 7733 AC No. Units: 4 Avg. Rent $1,850 8 9 271 PARKE ST 271 Parke St Pasadena, CA 91101 Year Built: 1963 Lot Size: 22763 AC No. Units: 22 Avg. Rent $2,100 9 www.kwcommercial.com 31
6 RENT COMPARABLES Rent Comps Summary RENT COMPS UNIT MIX RENT/UNIT 1 2 3 4 5 6 7 8 9 390 N Raymond Ave 390 N Raymond Ave Pasadena, CA 91103 1070 N Lake Ave 1070 N Lake Ave Pasadena, CA 91104 1255 N Hudson Ave 1255 N Hudson Ave Pasadena, CA 91103 823 N Madison Ave 823 N Madison Ave Pasadena, CA 91104 1091 N Los Robles 1091 N Los Robles Ave Pasadena, CA 91104 839 N Summit Ave 839 N Summit Ave Pasadena, CA 91103 869 Lincoln Ave 869 Lincoln Ave Pasadena, CA 91103 1166 N Raymond Ave 1166 N Raymond Ave Pasadena, AK 91103 271 Parke St 271 Parke St Pasadena, CA 91101 Studio $1,195 Studio $1,315 1+1 $1,160 1+1 $1,695 1+1 $1,795 2+1 $1,550 2+1 $1,650 2+1 $1,850 2+1 $2,100 RENT/UNIT TOTALS/AVERAGES $1,590 www.kwcommercial.com 32
Rent Comps Map 6 RENT COMPARABLES SUBJECT PROPERTY 1145 N Summit Ave Pasadena, CA 91103 390 N RAYMOND AVE 1 390 N Raymond Ave Pasadena, CA 91103 1070 N LAKE AVE 2 1070 N Lake Ave Pasadena, CA 91104 1255 N HUDSON AVE 3 1255 N Hudson Ave Pasadena, CA 91103 823 N MADISON AVE 4 823 N Madison Ave Pasadena, CA 91104 1091 N LOS ROBLES 5 1091 N Los Robles Ave Pasadena, CA 91104 839 N SUMMIT AVE 6 839 N Summit Ave Pasadena, CA 91103 869 LINCOLN AVE 7 869 Lincoln Ave Pasadena, CA 91103 1166 N RAYMOND AVE 8 1166 N Raymond Ave Pasadena, AK 91103 271 PARKE ST 9 271 Parke St Pasadena, CA 91101 www.kwcommercial.com 33
OFFERING MEMORANDUM SUMMIT PROPOSAL APARTMENTS FOR COMMERCIAL SERVICES DEMOGRAPHICS 7 DEMOGRAPHICS SUMMIT APARTMENTS DEMOGRAPHICS 7 DEMOGRAPHICS MAP
Demographics Map 7 DEMOGRAPHICS POPULATION 0.5 MILES 1 MILE 1.5 MILES TOTAL POPULATION 12,818 39,947 71,375 MEDIAN AGE 33.3 33.6 34.9 MEDIAN AGE (MALE) 32.1 32.2 33.2 MEDIAN AGE (FEMALE) 35.1 35.3 36.5 HOUSEHOLDS & INCOME 0.5 MILES 1 MILE 1.5 MILES TOTAL HOUSEHOLDS 3,352 11,601 23,040 # OF PERSONS PER HH 3.8 3.4 3.1 AVERAGE HH INCOME $52,987 $56,646 $66,245 AVERAGE HOUSE VALUE $553,545 $528,049 $565,880 RACE 0.5 MILES 1 MILE 1.5 MILES % WHITE 50.4% 49.7% 52.1% % BLACK 21.3% 18.9% 18.5% % ASIAN 4.4% 5.5% 7.4% % HAWAIIAN 0.0% 0.0% 0.0% % INDIAN 0.7% 0.5% 0.4% % OTHER 20.3% 22.1% 18.1% ETHNICITY 0.5 MILES 1 MILE 1.5 MILES % HISPANIC 62.2% 60.6% 51.7% * Demographic data derived from 2010 US Census www.kwcommercial.com 35