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14
<br /> SECTION V
<br />RESIDENTIAL PROJECTS PROPOSED IN THE SPECIFIC PLAN
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<br />Related Bristol at 3600 South Bristol Street September 2023
<br />Draft Market Study Report
<br />
<br />www.FinanceDTA.com
<br />Below is a list of apartments and selected metrics for available products within the 2-Mile Zone. This list only includes properties with 200 or more
<br />units since small complexes are not proposed in the Specific Plan.
<br />Table 4: Existing Multifamily Projects in the 2-Mile Zone
<br />Property Address Property Name Year
<br />Built
<br />Avg Unit
<br />SF
<br />No. of
<br />Units
<br />Avg Asking
<br />Rent/Unit
<br />Avg Asking
<br />Rent/SF
<br />Parking
<br />Spaces per
<br />DU
<br />Vacancy % Studio
<br />Rent
<br />1-Bdrm
<br />Rent
<br />2-Bdrm
<br />Rent
<br />3-Bdrm
<br />Rent
<br />400 Enclave Cir The Enclave at South Coast 2008 874 890 $3,086 $3.53 1.300 2.27% $0 $2,802 $3,388 $0
<br />3400 Avenue of the Arts 3400 Avenue of the Arts Apts 1987 937 770 $2,852 $3.04 1.560 2.69% $2,199 $2,597 $3,282 $0
<br />1601 W Macarthur Blvd The Aspens South Coast 1976 896 642 $2,634 $2.94 1.090 7.94% $0 $2,344 $3,078 $0
<br />655 Baker St South Pointe 1942 720 440 $2,674 $3.71 1.480 6.36% $0 $2,382 $2,926 $3,890
<br />3700 Plaza Dr Versailles On The Lake Apts 1973 830 364 $2,573 $3.10 1.790 3.41% $2,002 $2,530 $3,174 $3,815
<br />15 MacArthur Pl Essex Skyline at MacArthur Place 2008 1,547 350 $5,265 $3.40 1.000 5.35% $0 $3,825 $5,442 $14,759
<br />3124 S Main St Reserve at South Coast 1974 767 349 $2,628 $3.42 1.290 2.01% $1,996 $2,344 $2,851 $0
<br />100 E MacArthur Blvd The Marke 2014 941 300 $3,131 $3.33 1.500 0.75% $0 $2,655 $3,608 $4,149
<br />1000 S Coast Dr The Cape Apartments 1987 738 296 $2,724 $3.69 1.180 9.29% $0 $2,415 $3,007 $3,690
<br />3400 S Main St 3400 South Main 1969 967 288 $2,397 $2.48 1.150 10.07% $0 $2,250 $2,629 $0
<br />550 Paularino Ave Park Mesa Villas 1976 682 276 $2,331 $3.42 1.270 0.72% $0 $2,271 $2,549 $0
<br />635 W Baker St Newport Village 1972 658 276 $2,243 $3.41 1.450 4.35% $2,129 $2,091 $2,936 $0
<br />555 Paularino Ave Eaves South Coast 1973 805 258 $2,614 $3.25 1.250 4.39% $0 $2,361 $3,120 $0
<br />1101 W Stevens Ave South Coast Racquet Club 1972 806 256 $2,453 $3.04 1.440 4.74% $0 $2,137 $2,980 $0
<br />31 E MacArthur Crescent Dr Pinnacle at MacArthur Place 2002 1,059 253 $2,932 $2.77 3.160 6.63% $0 $2,482 $3,266 $0
<br />580 Anton Blvd 580 Anton 2018 867 250 $3,232 $3.72 6.80% $2,396 $2,887 $3,996 $0
<br />1142 Buckingham Dr Wimbledon Glen 1985 929 244 $2,883 $3.10 1.640 7.36% $2,330 $2,780 $3,298 $0
<br />805 W Stevens Ave Park Plaza Apartments 1972 955 243 $2,636 $2.76 0.620 6.32% $0 $0 $2,307 $3,028
<br />125 Baker St E Baker Block 2018 919 240 $3,349 $3.64 1.940 2.92% $2,699 $3,085 $3,765 $4,580
<br />651 Sunflower Ave Bloom 2023 811 226 $3,116 $3.84 4.35% $2,590 $2,847 $3,793 $0
<br />3600 Aspen Village Way Aspen Village 1984 1,004 200 $3,271 $3.26 1.500 5.00% $0 $2,775 $3,576 $0
<br />Average/Total 892 7,411 $2,910 $3.28 1.33 4.70% $2,187 $2,536 $3,399 $3,505
<br />*Note: Blank spaces indicate that data was not available.
<br />This listing includes 21 multifamily projects in the 2-Mile Zone, totaling 7,411 rental units, an average of 350 units per property. Since DTA does
<br />not have a specific breakdown of the proposed unit sizes nor bedroom counts in the Specific Plan, we have chosen to use composite data in
<br />forming our conclusions.
<br />Exhibit 10
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<br />
<br />City Council 22 – 537 9/17/2024
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